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Developer Greaton has awarded the stage one build contract for its $300 million West Franklin residential project to Built Environs.
Stage one of West Franklin, on the corner of Elizabeth and Franklin Streets in Adelaide, will feature 272 residential apartments spread across two towers sized 18 and 20 storeys.
The contract is worth $90 million.
Nicho Teng, managing director of Greaton said they will be using an innovative construction methodology, bubble deck, which will result in a shorter construction phase.
Construction is expected to start in April and stage one is due to be completed early 2019. Over 140 sales have been secured in stage one.
Residential facilities include a 20 metre lap pool, gym, spa, sauna, resident dining rooms, BBQ facilities, cinema, golf simulator and roof top bar.
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j.ballantyne1990-6AQqhLzZaK

Developer Greaton awards stage one West Franklin build

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A three bedroom apartment styled by Newstead Interiors fronting the Brisbane River sold within a week.
The apartment, located on the podium level of Brisbane's Waters Edge, in the West End is sized 220sqm with a 62sqm wrap-around terrace and 13 metres of river frontage.
The residential development features a 25 metre heated infinity pool, barbecue terrace, gymnasium and private residents' lounge. 
Virginia De Luca, director of Newstead Interiors, says the apartment has been 'themed' to suit its surroundings.
"The Brisbane lifestyle is centred around the river, so we wanted to extend the apartment's connection to the river through the use of different colours, textures and materials," she said.
"The end result is an abode that is classic yet contemporary, with earthy tones throughout to match new Limed Oak American floors, enhanced by splashes of blue hues as a visual reminder that this apartment is framed by the water.
"The styling of the apartment was guided by how we imagined the new owner would want to experience their home, which led us to include soft touches like additional seating and throws to encourage 'rest and retreat' areas throughout the property.
"We have opted to keep the overall palette of the apartment neutral, light and fresh to allow the buyer to put their own stamp on the apartment."
Kim Pradella, director of developer Pradella said they wanted to redefine the concept of a riverfront home. 
"The apartment is elevated to ensure privacy and to provide spectacular 180 degree panoramic views across the river, while allowing residents direct private access to surrounding parklands, riverfront pathways and exclusive resort-style amenities.
"This apartment is truly one of a kind and it has been finished by Newstead Interiors to a standard befitting the final podium riverfront residence at Waters Edge."
<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/2017/03/07/700_interior.jpg" alt=""> 
A second apartment (above) is now on the market.
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Rare Brisbane riverfront residence sold

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Nearly 15,000sqm of developable land in Perth’s southern suburbs has been listed for sale with expectations of around $2.1 million.
The land, 535 Millar Road, Wellard, is 38km south of Perth and fronts the Kwinana Freeway. 
Ryan McGinnity from CBRE said the opportunity came at time when Western Australia’s residential market had received a considerable boost with changes to the First Home Owners Grant.
“Given the State Government’s recent decision to increase the First Home Owners Grant to $15,000 for new builds, residential development opportunities in high growth suburbs such as will be of strong interest to developers,” he said.
“With development approval to accommodate 22 green title lots, this property presents an attractive opportunity to undertake a residential project in a proven growth area.”
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Residential development land in Perth's Wellard growth zone listed

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A second two bedroom display suite at Parramatta's 20 storey residential development V by Crown Group has been opened.
The new display suite is located on level 20 and features two bedrooms, a study, a living and dining area and views across Parramatta Square to Sydney’s CBD.
It also includes LED strip lighting, SMEG appliances, mirrored splashbacks, LED strip ‘accent’ lighting and stone bench tops.
When completed, V by Crown Group will have 590 apartments, pool, gym, sauna, conference facilities, music room, theatrette, a library and a retail and restaurant precinct.
The development, designed by Sydney-based Allen Jack + Cottier and Koichi Takada Architects, won the Five Star Award for Residential High Rise Architecture Australia at the 2016-2017 Asia Pacific Property Awards.
<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/2017/01/17/VBC_Display_1_Apartment_009_LowRes.jpg" width="700" height="425">
Display apartments at V by Crown Group are available for inspection seven-days-a-week from 10am - 4pm.
For more information please visit <a href="https://www.crowngroup.com.au" target="_blank">www.crowngroup.com.au</a>.
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Parramatta’s V by Crown Group opens second display suite

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House and land packages at Sovereign Pocket, Deebing Heights, 10 minutes from Ipswich CBD, are on the market from between $150,900-$472,900.
The Stockland development has a range of land sizes available over 700sqm.
Surrounded by homes built by Queensland’s best builders residents will be able to enjoy the central park, its play equipment and BBQ facilities.
Great shopping and public transport are just around the corner.
Six homes, such as the one above, have already been built and are available on the on-site display village.
One home, <a href="https://www.realestate.com.au/property-house-qld-deebing+heights-124362482" target="_blank">50 Currawong St Deebing Heights</a> (above), is built by Bold and is on 498 sqm. It is on the market for $449,000.
Lot 557, Gem 138, is a <a href="https://www.realestate.com.au/property-house-qld-deebing+heights-124886890" target="_blank">three bedroom home</a> (below) on 280sqm and is on the market for $328,917.
<img src="https://www.urban.com.au/images/2017/03/3/Screen%20Shot%202017-03-03%20at%208.15.17%20AM.png" alt="">
CorelLogic estimate the median price of a home in Deebing Heights in 2016 was $385,000.
For more information, <a href="https://www.stockland.com.au/residential/qld/sovereign-pocket/life-at-sovereign-pocket" target="_blank">click here</a>.
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Affordable house and land in Deebing Heights now available

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Former Brisbane Lion triple premiership captain Michael Voss and wife Donna are selling their Coorparoo home, Nu Haven.
The couple paid $2.55 million for the five bedroom family entertainer in 2009 when Voss took over as head coach at the Lions.
The residence on a 1303 square metre corner parcel is designed in a U shape, focused around a swimming pool.
A grand entertaining space with a wood fireplace, arched French windows and a chandelier overlook the manicured front gardens.
The master suite includes a lounge and bar area, dressing room, ensuite and private deck.
It became a $1,200 a week rental at the end of 2015.
The home goes to auction March 23 through Place Bulimba agents James Curtain and Warren Walsh.
Voss, the 1996 Brownlow Medal winner, had a disappointing four years at the helm of Brisbane, then returning to AFL coaching as Port Adelaide's midfield manager.
He now lives in Glenelg in a $1,200 a week rental.
This article first appeared in The Weekend Australian.
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Lions legend Michael Voss lists Coorparoo home

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The results of The Wealth Report Attitudes Survey, which this year are based on responses from almost 900 of the world’s leading private bankers and wealth managers, offer an window on the issues that are influencing UHNWI investment and lifestyle decisions, according to Knight Frank’s latest report.
According to the Attitudes Survey, only 15 percent of UHNWIs use private aviation for the majority of their business and personal flights.
However, the pattern varies widely around the world.
Latin America’s wealthy residents, perhaps worried about the risk of kidnapping, are the biggest users, with 40 percent opting to go private.
Just 4 percent of Australasian UHNWIs regularly choose to take a private jet, and in Asia their usage still lags behind the region’s rapid rise in wealth creation – only 9 percent of UHNWIs routinely travel on non-commercial flights.
<a href="https://www.propertyobserver.com.au/images/2017/03/1/Screen%20Shot%202017-03-01%20at%201.26.30%20pm.jpg" target="_blank">Click to enlarge</a>
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In-depth data supplied by industry analysts JETNET and WINGX, confirm these broad patterns, but also reveal some striking emerging trends.
While the US (12,717), Mexico (950) and Brazil (786) are the top three nations by some margin when it comes to fleet size, JETNET’s figures show numbers are rising fast in Asia.
Hong Kong (+535 percent), Taiwan (+367 percent), China (+347 percent) and Macau (+300 percent) all feature in the top 10 list of locations where growth has been fastest over the past 10 years. China, with 277 jets, now claims eighth position in overall ownership levels.
In terms of flight numbers America dominates – over 75 percent of the world’s 1,000 busiest routes are within the US.
“Business aviation is deeply embedded as a complement to and in some cases a replacement for scheduled airline services,” says Richard Koe, Managing Director of WINGX.
“It wouldn’t be unusual for a firm with a turnover of US$50m to have its own plane,” confirms Hardy Sohanpal of international operator Global Jet Concept.
<a href="https://www.propertyobserver.com.au/images/2017/03/1/Screen%20Shot%202017-03-01%20at%201.26.43%20pm.jpg" target="_blank">Click to enlarge</a>
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As our data shows, geopolitics can have a major impact on private aviation. Traffic between Cuba and the US, for example, has taken off sharply since 2012, while the opposite is true of flights between Russia and Ukraine.
Looking ahead, the Chinese market is set to see strong growth, says Mr Koe.
“The government is starting to see the importance of business jets as a competitive tool to support corporations in pursuit of regional trade opportunities.”
There is also the potential for growth in the US depending on how the new administration’s policies play out, adds Mr Sohanpal.
“We have had a number of enquiries recently from construction and finance companies.”
But growth in Latin America is likely to be more muted, particularly in oil-dependent countries like Venezuela, he notes.
“There are a lot of aircraft being put up for sale at the moment and now is the perfect opportunity to trade up or buy first time.”
<a href="https://www.propertyobserver.com.au/images/2017/03/1/Screen%20Shot%202017-03-01%20at%201.26.58%20pm.png" target="_blank">Click to enlarge</a>
<img src="https://www.urban.com.au/images/2017/03/1/Screen%20Shot%202017-03-01%20at%201.26.58%20pm.png" alt="">
Globally, however, private jet numbers are likely to rise as the desire to travel efficiently with maximum privacy becomes more of a priority for corporations and private individuals, says Mr Sohanpal.
“The introduction of new apps and charter models that are competing to become the Uber of the airways is also likely to attract those who shuttle frequently between cities travelling first or business class.”
Definition: UHNWI: Ultra-high-net-worth individual – someone with a net worth of over US$30m excluding their primary residence and HNWI: High-net-worth individual – someone with a net worth of over US$1m excluding their primary residence.
 
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Private jet numbers likely to soar for corporations and private individuals: Knight Frank

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Bankwest Curtin Economics Centre (BCEC), in collaboration with the Workplace Gender Equality Agency (WGEA) today released a report revealing top tier female managers in Australian organisations earn on average $93,000, or 26.5 percent, less per year compared to their male counterparts.
Gender Equity Insights 2017: Inside Australia’s Gender Pay Gap, the second in the BCEC|WGEA Gender Equity Insights series, also outlines a measurable link between a gender-balanced leadership team and reduced gender pay gaps.
The analysis of WGEA’s world leading data by the BCEC explores gender pay gaps across over 12,000 reporting organisations that capture more than 4 million Australian employees.
The report explores how gender pay gaps vary across industries and occupations, and also includes special investigations on gender pay gaps for graduate program participants, workforce gender segregation and the impact of changing the gender balance in senior leadership over time.
Key findings of the report include: 
<ul>
<li>Increasing the representation of women in senior leadership positions is associated with lowering gender pay gaps.</li>
<li>Gender pay gaps for organisations with a balanced representation of women in senior leadership roles, at 10 per cent on average, are half the size of those with the least representation of women in leadership.</li>
<li>Once the management environment becomes heavily dominated by women – beyond 80 per cent, the gender pay gap among mangers increases from 8 to 17 per cent.</li>
<li>The median gender pay gap among graduates is 2.9 per cent on base salary and 2.1 per cent on total remuneration.</li>
<li>Women are consistently under-represented in the highest graduate salary bands, with some 18 per cent fewer women paid over $80,000 compared to their share of the graduate workforce.</li>
<li>For part time employees, non-managerial women out-earn men on average by 7.8 per cent, or around $4,000 a year. This pattern reverses at senior levels where part-time female managers earn on average 27.1 per cent less than their male peers.</li>
<li>Mining, Australia’s most male-dominated industry, awards the highest average pay to women. Women employed full-time in the industry earned on average $139,053 in total remuneration in 2015-16.</li>
<li>The gender pay gap grows with seniority, climbing to 26.5 per cent for top-tier managers, an annual difference of more than $93,000 in total remuneration.</li>
<li>Pay gaps among managers are exacerbated by the greater share of discretionary pay, including bonuses, awarded to men. For top-tier managers, nearly $40,000 of the annual difference in pay is made up of additional remuneration including bonuses.</li>
</ul>
Report author and BCEC Principal Research Fellow Associate Professor Rebecca Cassells said the report outcomes were a stark indicator of the different ways women and men engaged with the workforce, and how their respective contributions are valued.
<a href="https://www.propertyobserver.com.au/images/2017/03/02/Chart-1.jpg" target="_blank">Click to enlarge</a>
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“Not only do female-dominated organisations tend to be lower paid, but this analysis shows that in workplaces with heavily female-dominated management teams there are large gender pay gaps in favour of men,” Associate Professor Cassells said.
“It seems that where the men are few, they are more highly valued.”
Report co-author and BCEC Director Professor Alan Duncan said the findings present some of the strongest empirical evidence to date that improved gender pay outcomes are driven by companies promoting greater gender equity in senior leadership roles.
“Organisations that increased the share of women in executive leadership roles by more than 10 per cent between 2015 and 2016 recorded a reduction in the organisation-wide gender pay gap of 3 percentage points over the course of a single year,” Professor Duncan said.
WGEA Director Ms Libby Lyons said it was time to challenge the way we think about work. 
“This report shows that regardless of the industry they choose to work in, women are worse off than men when working full-time,” Ms Lyons said.
“The analysis is clear, gender-balanced workplaces and gender balanced leadership teams lower the gender pay gap.
“We must address the stereotypes dictating the work women and men ‘should’ do, if Australia is to meet the social and economic challenges in the decades ahead.”
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Gender pay imbalance in real estate industry one of the highest

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The movement of private wealth across the world is critical in driving the performance of asset markets and, in particular, property, according to Knight Frank’s latest Wealth Report.
Some movements in wealth take the form of temporary investments while others, like migration, are more permanent.
And as these shifts grow in both frequency and magnitude, so too do their impacts and the extent of the reaction to them.
As with most global trends these days, if you want to understand the scale of wealth flows there is no better place to start than China, where a heady mix of stellar wealth creation and political and economic volatility has led to rising capital movement.
Capital outflows from China have been a constant since early 2014, prompted by a slowdown in the domestic economy, instability in local asset markets, a desire for diversification and the need for a hedge against depreciation as China sells dollars to support the yuan.
Property remains a substantial target for this outbound capital.
This is borne out by the findings of The Wealth Report Attitudes Survey, which confirm that 32% of UHNWIs will invest in offshore real estate in the next two years.
Chinese investment in US residential property, for example, has risen from barely US$300m in 2006 to over US$30bn in 2015, and now accounts for nearly one in every five foreign purchases.
As money moves at a faster rate, so government efforts to control its movement also gain momentum.
Once again, by way of illustration we need look no further than China where wealthy investors – officially limited to US$50,000 a year in offshore transfers – have become adept at maximising opportunities for converting money into other currencies.
The Chinese government reacted in 2016 by regulating access to casinos in Macau, a classic route for moving money, and limiting credit for card- holders travelling abroad.
In 2017 the authorities went further by tightening the rules regarding acceptable investments for offshore transfers – with property explicitly excluded.
Further restrictions seem likely, either formally via policy announcements, or informally through administrative processing.
But China is not unique in its efforts to restrict movement. Examples abound.
Foreign companies with direct property holdings in Russia are now obliged to file details with the authorities.
Since the start of 2016, Brazil has required the identification of natural persons who are the ultimate beneficial owners of newly registered entities.
And, as The Wealth Report went to press, the UK government was consulting on similar moves for foreign companies, mirroring rules introduced in 2016 for UK registered companies.
<a href="https://www.propertyobserver.com.au/images/2017/03/1/Screen%20Shot%202017-03-01%20at%201.07.39%20pm.jpg" target="_blank">Click to enlarge</a>
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This growth in regulatory activity based on understanding where private wealth sits globally will surge further in 2017, ahead of the introduction of the OECD’s Common Reporting Standard (CRS).
The CRS is set to have a critical impact on wealth migration, heralding as it does the sharing of unprecedented amounts of financial data on foreign citizens between governments.
As we explore overleaf, this new reality is raising some searching questions on data and personal security and even potential investment and residency patterns.
Even money already held in offshore centres is not immune from greater oversight.
These are significant wealth pools: at the end of 2016, the store of private wealth held in offshore financial centres totalled around US$10 trillion.
Although only 1% and 6% of private wealth from the US and UK respectively is held in these centres, for the Middle East and Latin America the total is closer to 25%.
While the rate of growth in wealth held in centres such as Hong Kong and Singapore has averaged 10% annually in recent years, a rash of tax amnesties in preparation for CRS is persuading some investors to repatriate funds.
The Indonesian tax authorities’ amnesty on undeclared tax liabilities arising from foreign assets ran from July 2016 until March 2017, and is predicted to result in an outflow from Singapore in particular.
The Greek government has put forward plans for a tax amnesty covering funds held in Switzerland which would tax, legitimise and potentially lead to the repatriation of hitherto undeclared funds.
The Greek proposal comes in the wake of a similar amnesty announced by Italy in 2015, and is intended to discourage the flow of funds from Switzerland to other offshore jurisdictions ahead of the introduction of the CRS.
The past 12 months have also seen a rash of new rules that aim to control the destination of investment flows.
Three Australian states – Victoria, New South Wales and Queensland – have introduced an additional stamp duty surcharge for foreign buyers of residential property, in addition to the new 10% withholding tax on sales by foreign residents of high-value Australian property.
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Elsewhere, we see a new capital gains tax for short-term property investments in New Zealand, the additional rate of stamp duty on high-value property purchases in the UK, and a new empty homes tax in Vancouver.
Clearly, the expansion of so-called “cooling measures” designed to control international wealth flows into property shows no sign of easing.
As The Wealth Report confirmed in 2016, migration of wealth can also take more enduring forms, with 16% of UHNWIs considering a permanent move overseas.
The latest data from Henley &amp; Partners indicates that the world’s wealthy spend over US$2.4bn each year acquiring new nationalities.
Demand is highest from China, Russia and the Middle East, with around four-fifths of US EB-5 visas going to Chinese nationals.
The cost varies considerably, from a few hundred thousand dollars in some Caribbean islands to US$1m and more for citizenship in Cyprus and other European locations.
In the context of continued rising demand for overseas property, the fact that such schemes offer property as an investment route is a powerful draw.
Even here though, pressure from regulators is for rule change to reduce or even prohibit demand for property altogether (see reforms in the UK and Singapore by way of example).
Inevitably, this will have a dampening effect on demand for these particular schemes.
The overriding impression left by any analysis of global wealth flows is one of flux.
Nevertheless, there are two constants: first, ever growing demand from the wealthy to move their money into safe havens; and second, the corresponding determination of governments to exercise control over that process.
Evidence to date suggests that while wealth flows can successfully be corralled and redirected, they will not be curbed.
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Movement of wealth becoming crucial in the property market: Knight Frank

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The value of the world’s leading prime residential markets recorded slower growth in 2016, according to Knight Frank’s unique Prime International Residential Index (PIRI), which tracks the value of luxury homes in 100 key locations worldwide.
On average, values rose by 1.4 percent in 2016, compared with 1.8 percent in 2015.
However, the PIRI 100 also reveals a huge gap of 49 percentage points between the top and bottom ranking, up from 45 in 2015.
The top tier is dominated by cities in China, New Zealand, Canada and Australia, while oil-dependent markets such as Moscow and Lagos bring up the rear.
Of the locations tracked by PIRI, 61 percent recorded flat or rising prices in 2016, down from 66 percent the year before.
Along with the slight drop in average price growth already noted, this suggests a marginal slowdown in the performance of global luxury residential markets.
That said, there are several outstanding performers that will raise an eyebrow among even the most experienced investors.
China’s cities have catapulted themselves up our rankings with Shanghai, Beijing and Guangzhou claiming the top three slots, all exceeding 26 percent year-on-year growth.
Last year’s front-runner, Vancouver, was once again a top performer, but it was a year of two halves for Canada’s third most populous city.
Sales volumes grew ever higher leading up to the summer, before cooling off and then retreating after British Columbia imposed a 15 percent tax on foreign buyers in August.
Prime prices ended the year 15 percent higher, notably lower than the 25 percent increase recorded in 2015.
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London, where many of the world’s super-rich have a home, slipped down the PIRI rankings with prime prices declining by 6.3 percent year-on-year.
The data shows it was the 3 percent hike in stamp duty for additional homes, introduced in April 2016, rather than the UK’s decision to leave the EU that helped to rein in demand.
But the tail end of 2016 saw an uptick in sales volumes and improved sentiment as the market readjusted to the new tax burden.
And what of the world’s other big-hitting financial hubs? New York had its challenges in 2016.
The strong US dollar negated some overseas interest and the delivery of a large number of new luxury projects helped inflate supply. But while volumes slowed, prices proved resilient.
With President Trump expected to embark on a programme of fiscal stimulus, reduced regulation and infrastructure investment, there is potential for stronger growth in 2017.
For its part, Hong Kong, which has languished in the bottom half of our PIRI rankings since 2014, has started to drift upwards, recording annual growth of 2.1 percent in 2016.
The increase would be higher were it not for the extension of a 15 percent rate of stamp duty that now brings Hong Kong residents (who previously paid 8.5 percent) in line with non-residents.
This latest tax change is just one of a raft of measures introduced since 2010 to keep a lid on price inflation in one of the world’s least affordable housing markets.
Given Hong Kong’s currency peg to the US dollar, some further relief may be proffered by the Federal Reserve if it restarts its rate-lifting campaign in 2017.
However, it will have to go some way to counter the demand from buyers based in mainland China, eager to hold a US dollar-linked asset.
Over the coming months, all eyes will be on policymakers in China as they attempt to reign in prices in the largest cities.
The wider mainstream market, where price growth of 30 percent year-on-year is not uncommon, continues to overshadow the luxury sector.
New cooling measures, including higher deposit rates and home purchase restrictions, have already been introduced in some cities in the hope of both slowing the rate of growth and deterring speculative demand.
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By the final quarter of 2016, these were beginning to take effect.
While some of our strongest performers, such as Auckland, Sydney and Berlin, appear to have become permanent fixtures at the top of the rankings, a number of our newer prime movers, such as Guangzhou, Seattle and Amsterdam, can attribute their sudden ascent to the fact that their prime prices are rising from a low base.
Guangzhou, for example, now finds itself sitting alongside Shanghai in the rankings, having recorded 27 percent annual price growth.
Yet in real terms, prime prices here are half those found in China’s financial capital. Seattle and Amsterdam are also rising from a low base, but in both cases this can be considered a price correction following falls of 29 percent and 18 percent respectively post-Lehman.
Meanwhile, Europe continues to send out mixed messages. Of those locations recording a fall in prices in 2016, 50 percent were located in Europe.
A year earlier this figure was 65 percent, suggesting that the continent’s recovery is gaining traction. Amsterdam, Gstaad, Munich, Berlin and Barcelona were Europe’s top performers in 2016, but second home markets such as Ibiza, Mallorca, the Western Algarve and Lake Como also rose up the rankings.
A breakdown of the PIRI 100 by world region shows that Australasia (+11.4 percent), Asia (+5.1 percent) and North America (+4.5 percent) are the key engines of growth.
Europe and the Caribbean sit firmly “mid table”, recording moderate shifts of 0.5 percent and -0.3 percent respectively. Latin America (-2.7 percent), the Middle East (-3.3 percent), Africa (-3.4 percent) and Russia/CIS (-5.5 percent) all recorded negative growth, due to a combination of weak currencies, slowing economies, rising inflation, low oil prices and growing political risk.
Wealth creation and resulting cross-border flows have continued to shape prime property markets in 2016, with security concerns, currency movements, education and even healthcare also emerging as influential market drivers.
However, this year’s PIRI results highlight two key points.
<a href="https://www.propertyobserver.com.au/images/2017/03/1/Screen%20Shot%202017-03-01%20at%202.25.42%20pm.jpg" target="_blank">Click to enlarge</a>
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First, local economic activity has a strong bearing on price performance (all of this year’s top 10 rankings report 3 percent or more in annual GDP growth).
And second, economic growth is firmly concentrated in the world’s cities (22 of the top 25 PIRI rankings are occupied by cities).
A breakdown of the PIRI results by property type also confirms this latter point.
Based on results from 2016, the value of a city-based luxury home increased by 2.4 percent on average, a ski home by comparison saw 1.9 percent growth, and a beach or coastal property slipped marginally by 0.5 percent.
The long-held “safe haven” narrative still has its place, but with strong capital growth eluding the world’s top financial capitals, we expect secondary markets across Europe and the US to come under the spotlight.
Cities that offer the potential for attractive margins, where prices are rising from a low base and where any risk is tempered by a level of transparency and good governance (Paris, Berlin, Madrid, Dublin, Chicago and Seattle) look likely to perform well.
Definition: UHNWI: Ultra-high-net-worth individual – someone with a net worth of over US$30m excluding their primary residence and HNWI: High-net-worth individual – someone with a net worth of over US$1m excluding their primary residence.
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Sydney out of top 10 leading prime residential markets: Knight Frank Wealth Report

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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