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There is still strong support for Australian office markets with Sydney and Melbourne experiencing strong leasing and investment demands, says Australian Unity Office Fund fund manager Grant Nichols.
Nichols said Sydney and Melbourne's metropolitan markets are performing particularly well which has positive implications for AOF, as 56 per cent of their portfolio is weighted to those markets.
"More broadly, investment demand in Australia remains very strong and it appears that current pricing levels will be sustained for at least the short to medium term,” Nichols said.
"Canberra and Brisbane's vacancy rates look to have stabilised while tenant demand remains tepid in Adelaide."
Adelaide's market however remains comparatively attractive from a price point prospecting for both investment and accommodation. 
AOF has completed around 4,400 sqm of leasing since listing in June, with around 4,300 sqm subject to signed heads of agreement.
Combined, this equates to nearly nine per cent of the portfolio over the last five months.
“AOF is well positioned to deliver on its specified objectives, given the leasing completed to date, prevailing market conditions and its strong lease expiry profile.” Nichols said.
Peter Day, independent chairman of Australian Unity Investment Real Estate Limited, said their strategy is to maintain a portfolio diversified by geography, tenants and lease expiry profile through investment into existing property.
“The team has been actively seeking opportunities to help deliver sustainable and growing income returns for investors, by investing in quality Australian office assets in metropolitan and CBD markets."
Talking on the listing, Peter said they raised $152 million through an initial public offering of units and reduced gearing to approximately 30 percent.
The 2016 financial year delivered several highlights for AOF, including:
- Leasing approximately 30 percent of the portfolio
- Providing an average distribution yield of 8.6 percent for the year to 30 June 2016 based on AOF’s net asset value
- Achieving a $14.4 million valuation uplift compared to 30 June 2015
- Successfully refinancing the $140 million debt facility via three and five year tranches.
 
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j.ballantyne1990-6AQqhLzZaK

Commercial property demand to remain strong in 2017

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A Darlinghurst investment property occupying one of the most prominent corners in Sydney is for sale.
Currently leased to Coco Cubano on the corner of Oxford and Flinders Street, <a href="https://www.propertyobserver.com.au/https://search.knightfrank.com.au/3256204" target="_blank">191 Oxford Street </a>comprises 661 sqm and features indoor and outdoor space.
It comes with a staggered lease expiry profile although it has multiple value-add opportunities available.
Located on the gateway to the eastern suburbs, it is estimated eight million cars pass the property per year.
Knight Frank agents Jonathan Vaughan and Dominic Ong have the listing.
Oldtimers will recall it as part of the collapsed property empire of the late Theo Morris, who sold it for $3,725,000 in 1993.
He had owned it for over two decades, having paid $125,000 in 1971.
It then traded for $7.75 million in 2002 before selling to the current owners for $11.58 million in 2013.
Expressions of interest closed two weeks ago and no public price guidance has been given.
 
  
 
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Darlinghurst Eastern Suburbs gateway boutique investment for sale

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A freehold office building at South Melbourne is for auction.
Located at <a href="https://www.realcommercial.com.au/property-offices-vic-south+melbourne-502172590" target="_blank">33 Tope Street</a> the two level property is currently vacant and has high levels of natural light.
It has a prominent corner location providing 360 sqm of office space and 193 sqm of land with a Commercial 2 zone land.
Fully fitted the office is ready to be occupied and includes a kitchen, meeting room, partitioned offices and open plan work area.
Cafes, bars, corporate headquarters and Albert Park Lake are in close proximity providing the perfect environments to set up a business or attract tenants.
The auction is December 15 through CBRE agents Tim Last and Nick Lower and Dgi Properties agents Tony Gargaro and David Gargaro.
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Freehold office building at South Melbourne for auction

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A development site at McKinnon in Melbourne's inner south-eastern suburbs has sold for $4.2 million.
It has been bought by a local developer and came with a permit for residential and retail development that includes 39 apartments and six shops.
The 1402 sqm site at <a href="https://www.realcommercial.com.au/property-land+development-vic-mckinnon-502114690" target="_blank">236 Jasper Road</a> has a combined frontage of 74 metres and is zoned commercial 1.
It's located in the within the McKinnon Road retail shopping precinct.
Teska Carson marketing agents Matthew Feld and Tom Maule secured the sale.
"This is a superb property for such a development in that it takes advantage of a generous site with excellent access and the exceptional demand for apartments in this area, and the price, at a rate per unit of $108,000, reflected that,’’ Tom said.
They fielded more than 120 calls for the property.
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McKinnon development site sold for $4.2 million

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A stationery business have leased a mixed-use commercial property in the heart of Camberwell.
The retail/office space at <a href="https://www.realcommercial.com.au/property-retail-vic-camberwell-501905062" target="_blank">638 Burke Road</a> is situated in a prime location offering dual street frontages, according to Teska Carson selling agent Tom Maule.
"The premises was a good fit for a tenant which required a prime location with a flexible space and room for expansion,’’ he said.
He said the tenant had required a spacious retail area with office and storage areas in a location which offered first rate exposure to prospective clients. 
The dual street frontage sees a high level of foot traffic and there is ample on-site parking at the rear.
The 145 sqm premises, which includes ground floor retail and a first floor office, was let for three years at $120,000 per annum at a rate of $827 per sqm
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Mixed-use Camberwell site leased by stationery business

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A landmark property at Point Cook is for sale.
The Brook, located at <a href="https://www.realcommercial.com.au/property-retail-vic-point+cook-502176942" target="_blank">215-221 Sneydes Road</a>, has a 20 year lease to Geelong Football Club until 2029 with opportunities to increase it to 2059.
It has a fixed 3% annual rent increases with ‘ratchet’ provisions at market review ensuring guaranteed rental growth with a net income of $1,200,527 per annum and an attractive taxation depreciation benefits.
The Brook is 1.079 ha with 204 at grade car spaces and expensive triple street frontages of over 302 meters.
The property is an unrivalled high-traffic community services and commercial destination.
It is integrated with premium medical complex and meters from the busy Woolworths anchored Shopping Centre.
It features a modern hotel and gaming complex incorporating restaurant, function rooms, bistro, sports bar and gaming rooms with 84 EGM’s.
Recently the lessee has undertaken a significant capital upgrade with a growing population in the area.
Expressions of interest close December 8 through Burgess Rawson agents Shaun Venables and Adam Thomas.
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Point Cook property, The Brook, for sale

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A Melbourne based investor has paid $865,000 on a 6 percent yield for a strata retail property at Essendon in Melbourne’s inner north.
Sold through Teska Carson, the property comprises a modern retail space of 78 square metres.
It has exposure to high levels of traffic on Mt Alexander Road at its intersection with Bulla and Keilor roads.
It was sold subject to an eight year lease at $53,000 per annum net
Teska Carson’s Anthony Choi said shop 5, 1142 Mt Alexander Road property drew strong enquiry being located in a tightly held strip with a low vacancy rate "in an area likely to see strong capital growth."
The sale price was a 20 per cent premium over the last comparable transaction in the vicinity.
The vendor was a local private investor.
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Retail property at Essendon sold for $865,000

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A Tae Kwon Do group have spent $5.1 million on a prominent Sydenham corner shop.
The competitor martial arts group, Tae Kwon Do Australia, missed out the last time <a href="https://www.realcommercial.com.au/property-land+development-nsw-sydenham-502167422" target="_blank">47-51 Unwins Bridge Road</a> was for sale. It had sold for $730,000 in 1998.
Identified under the Bankstown to Sydenham Draft Strategy as 'Main Street Top Housing', the property came with a strong income and future redevelopment. 
Five residential floors have been allowed for the redevelopment.
There is over 1240 sqm of building area on the 645 sqm corner parcel that is located 140 metres from Sydenham train station and five kilometres south of the Sydney CBD.
The tenanted investment with a gross income of $202,000 comes with a new record yield of 3.53 percent.
The property is currently leased to Pacific Brands with a BONDS factory outlet on the ground level and the School of Self Defence on the floor above.
Richardson &amp; Wrench Pyrmont Glebe selling agent Nick Countouris issued 24 contracts and fielded interest from investors and developers.
Bidding started at $4 million and went up in $100,000 increments until the final bid at $5.1 million.
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Sydenham corner property sold to Tae Kwon Do group for $5.1 million

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Industrial vacancy rates in Perth are starting to stabilise according to Colliers International, however it is still hard going for WA landlords.
The latest report from Colliers International into the Perth market found vacancy for assets over 2,000sqm increased to 9.1 per ent over the six months to September 2016, with a total of 831,333sqm available for lease.
Colliers said an increase in larger assets over 5,000sqm coming to market and remaining vacant for an extended period drove face rents lower during the 2015-16 financial year.
"The supply of smaller stock sub 2,000sqm has also increased and this is where most of the pain is being felt," the report said.
"Tenants are taking advantage of the soft conditions to secure rent reductions at lease expiries and market rent reviews, which has impacted investment returns.
"Despite softer rents, demand remains the underlying issue and assets are still difficult to lease.
"Typical industrial leases tend to range between three and seven years, with the most common being five years.
"Due to the timing of lease commencement and reviews, some tenants have been locked into boom-time rents, despite trading and economic conditions moderating for the past two years.
"This has, in some cases, severely impacted on the tenant’s bottom line over the past financial year."
The report noted reduced business turnover and the ability to absorb higher rental charges have been impacted by moderating economic activity and slower population growth.
"Perth’s residential construction sector is slowing alongside population growth," it said.
"The flow-on effects of this to the rest of the economy in terms of economic activity and employment are expected to further impact industrial space demand.
"The moderation in commercial and residential construction activity has had a significant impact on direct employment in the sector, with the latest statistics from the Australian Bureau of Statistics indicating 36,400 less employees in the construction sector for the year to September 2016.
"This has had a flow-on effect in ‘Transport and Storage’, ‘Manufacturing’ and ‘Property and Business Services’ employment with falls of 6,200, 1,400 and 700 employees respectively.
"We predict prime warehouse rents will bottom out in 2016, with the market then likely to remain stable for the short to medium term. Vacancy looks to be stabilising based on the early months of the 2016-17 financial year.
"With net face rents now 25 to 30 percent below peak, landlords can expect more stability in subsequent quarters.
"However, demand looks likely to be soft for a little while longer, with vacancy remaining steady. Hence landlords are likely to continue competing vigorously for tenants with plenty of space still on the market.
"It appears the worst of this investment boom downturn may have unfolded and we are now expecting a positive development in the form of less large vacant space coming to market.
"As economic stability establishes following the transition, prospects for a return to growth should improve.
"Despite lacklustre economic conditions, design and construct activity continues to occur, albeit at a lower volume. Although slower, WA’s population continues to grow, and businesses servicing the population base continue to experience demand.
"There is approximately 103,400sqm of space under construction, and scheduled for completion in the next 12 months in the Perth Metropolitan area.
"The most recent major projects include the 30,000sqm Bunnings warehouse and distribution facility in Maddington and a 10,000sqm Cleanaway facility in South Guildford.
"In addition to this a new 24,190sqm Swan Brewery distribution facility is planned for Canning Vale on land that had been subdivided from its former factory.
"The impacts of lower tenant demand are continuing to flow into industrial land demand, where we have seen a general fall in pricing over the past 12 months.
"Developable industrial land supply increased post GFC and this has also negatively impacted land value growth since.
"Looking ahead, we expect land values to stabilise around current levels for core precincts where land availability is limited. For fringe locations, some further moderation is possible, as demand remains weak in the short-term.
"Major transactions in the Greater Perth area declined over the financial year 2015-16. In the twelve months to the end of June 2016, 62 transactions over $3 million were settled for a total value of $712.4 million. This was down 26.2 percent from the 2014-15 financial year result of 84 transactions with a total value of $870.4 million.
"The historically low interest rate environment, combined with yield compression evident across other property sectors and investment classes, is in turn likely to result in increased tolerance of lower or firmer internal rates of return in the industrial market."
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Perth industrial property on the improve, still difficult to lease

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Saturday saw the Greaton development group securing 40 sales valued at over $35 million within a two hour period for its Oxford Central Vista tower.
Sales ranged in price from $585,000 for a one bedroom to $1.6 million for a two bedroom.
Local buyers represented over 90 per cent of purchases coming from Epping, Carlingford, Chatswood, Beecroft, Macquarie Park and Marsfield.
Five weeks ago the $260 million Oxford Central project was launched with over 140 sales valued at over $130 million within the period for the Marchese Partners-designed complex.
Cameron Porter, National Sales Manager for Greaton noted the offering was "considered very affordable compared to neighboring suburbs like Macquarie Park.
"Two bed apartments in Macquarie Park are priced approximately $200,000 more than Epping prices for smaller apartments.”
Oxford Central’s position was earmarked due to its strategic location in the epicentre of the state government’s plans to invest millions in re-developing Epping Town Centre.
Significant employment hubs including Macquarie Park, Chatswood and North Ryde are within a 10 kilometre commute from Epping.
There are also direct train, bus and M2 motorway links to these hubs.
Situated at 30 - 42 Oxford Street, the project comprises 252 apartments spread across two 17 storey towers, 292 car spaces and 625 sq m of retail on the ground level.
A two storey heritage building located on the site will also be retained as part of the retail precinct.
A state of the art display suite is located on site at 30 Oxford St. It is open seven days from 1pm until 4pm.
Viewing outside these times is available by appointment only.  For further information visit: <a href="https://www.oxfordcentral.com.au/" target="_blank">www.oxfordcentral.com.au</a>.
Greaton expects to start construction early in 2017.  
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Oxford Central, Epping off the plan sales continue

<h3 data-end="19" data-section-id="1dvgwoe" data-start="0">Summary</h3>

<ul data-end="634" data-start="21">
	<li data-end="170" data-section-id="1o77v31" data-start="21">Walker Corporation has lodged plans for a second major residential development in the Maroochydore City Centre, a 29-storey tower known as Celeste.</li>
	<li data-end="327" data-section-id="1lb0y6t" data-start="171">The Plus Studio-designed proposal at Lot 30 Sunshine Coast Parade would deliver 208 apartments, including four four-bedroom sub-penthouses and penthouses.</li>
	<li data-end="487" data-section-id="za720" data-start="328">The application comes as Walker doubles down on Maroochydore following the strong sales campaign at SOL by Walker, where the first tower is nearing sell-out.</li>
	<li data-end="634" data-section-id="5sovec" data-start="488">Walker is a key partner in the transformation of the Maroochydore City Centre, which is expected to ultimately deliver at least 4,000 new homes.</li>
</ul>

Walker Corporation is doubling down on Maroochydore following the successful sales campaign at its first residential project in the emerging CBD.

The national developer has filed plans for <a href="https://www.apartments.com.au/new-apartments/celeste-30-sunshine-coast-parade-maroochydore-qld-4558">Celeste</a>, a new 29-storey apartment tower at Lot 30 Sunshine Coast Parade, just metres from its under-construction SOL by Walker development.

The plans, prepared by Plus Studio, would see 208 apartments delivered across a 100-metre tower on the 2,376 sqm site, which fronts Sunshine Coast Parade, First Avenue and Future Way within the Maroochydore Priority Development Area.

<img alt="Walker" data-entity-type="file" data-entity-uuid="17038209-6fea-4ed2-855d-fd4df65b3d02" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-10%20at%2010.24.16%E2%80%AFAM.png?VersionId=iZD.oVXcQn.aLpUytDAW.CWjxP4puWMy" />

The proposed apartment mix comprises 36 one-bedroom apartments, 48 two-bedroom apartments, 72 two-bedroom apartments with an additional multipurpose space, and 48 three-bedroom apartments.

The upper levels would be capped by two four-bedroom sub-penthouses and two four-bedroom penthouses, taking the total apartment count to 208. The preliminary yield study also provides 262 car spaces, 114 resident bicycle spaces and storage for each apartment.

It represents Walker's next major residential move in the new Maroochydore CBD after the success of SOL by Walker, its $220 million two-tower project nearby.

SOL launched to market in early 2025 and has since seen strong demand, particularly from local owner-occupiers. By February this year, Walker said the first SOL tower was nearing sell-out, with a strong waitlist also emerging for its recently released penthouse collection.

Construction is already underway on SOL, with the first tower expected to be completed in late 2027 and the second to follow in early 2028.

[smartcode_project:default project_id=147777 project_image_fid=319846]

<h2 data-end="2518" data-section-id="1b2dyo5" data-start="2459">Celeste to rise 100 metres over Maroochydore City Centre</h2>

Celeste would take a different form to the twin 19-storey buildings at SOL.

Plus Studio has designed a single 100-metre tower above an activated podium, with the architecture responding to the site's prominent position and three street frontages.

The podium would incorporate commercial tenancies and public art, with sweeping façade elements wrapping the street edges. The scalloped concrete podium has been inspired by the patterns created in sand at low tide, while extensive landscaping would continue vertically through the tower.

The ground level plans show three commercial tenancies addressing Sunshine Coast Parade alongside the residential lobby and landscaped public realm. The podium would then accommodate several levels of car parking before the residential tower rises above.

<img alt="Celeste" data-entity-type="file" data-entity-uuid="121f77b1-71c5-46d7-9b36-0a7d474211ca" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-10%20at%2010.24.47%E2%80%AFAM.png?VersionId=MGrg9Hb7HgzLN0Lelq_xrXNAruVl77ia" />

Plus Studio said the tower had been designed to maximise views from each apartment, taking in the Maroochy River, Sunshine Coast hinterland, Cotton Tree and Maroochydore Beach and ocean.

Those views have also shaped one of the project's key features, with Walker proposing to put the primary resident amenity on Level 29 rather than lower within the building.

The rooftop would feature a 284.9 sqm pool area with an infinity edge, along with a cold pool, spa, sauna, 93.2 sqm gym, sunset lounge, BBQ and dining areas, pool deck and private dining space. Cabanas and day beds are also shown across the recreation level.

The two penthouses would extend across the upper levels and each feature private terraces and plunge pools.

<h2 data-end="4202" data-section-id="v5f4ix" data-start="4160">Walker's growing Maroochydore footprint</h2>

Celeste further reinforces Walker's commitment to the transformation of Maroochydore City Centre.

Walker is one of the key partners delivering the new CBD alongside Sunshine Coast Council and SunCentral Maroochydore, with the broader 62-hectare Priority Development Area occupying the former Horton Park Golf Course and surrounding land.

The precinct is ultimately expected to accommodate at least 4,000 new homes as Maroochydore evolves into the Sunshine Coast's principal commercial and residential centre.

When SOL secured approval in February 2025, Walker Managing Director and CEO David Gallant described it as the "first of many residential projects" the company planned for the Maroochydore City Centre.

Celeste now provides the clearest indication yet of what comes next.

The site sits immediately within the new CBD, with the design report identifying Sunshine Plaza and surrounding parkland within walking distance and Maroochydore Beach around a five-minute drive away.

For Walker, the timing of the application comes as its first residential bet on the new CBD appears to have been vindicated.

SOL has progressed from planning approval to construction while its first release has approached sell-out, giving Walker confidence to push ahead with another 208 apartments and take its residential pipeline in the Maroochydore City Centre to around 450 dwellings across the two projects.

Celeste remains subject to planning approval, with the architectural material describing the scheme as a preliminary yield study that may change through the assessment process.

Joel Robinson

Walker doubles down on Maroochydore with 29-storey Celeste apartment tower

For most Australians, buying an apartment is one of the biggest financial decisions they'll ever make

The location, floorplan and price are often the first considerations, but in recent years another question has become increasingly important: who is actually delivering the project?

A series of high-profile builder collapses, construction delays and defect concerns have fundamentally changed how many Victorians approach buying off the plan. The collapse of Porter Davis in 2023, which reportedly left around 1,700 homes unfinished, became one of the most visible examples of the risks that can emerge when a construction company fails. <a href="https://www.equifax.com.au/sites/default/files/lpassets/pdf/Final-Business-Market-Pulse-June-Sector-Deep-Dive-Report-2.pdf">Similar challenges across the broader construction sector</a> have left buyers asking more questions before signing a contract.

As Victoria continues encouraging higher-density housing to address supply shortages, transparency is becoming just as important as location or price.

One tool increasingly entering the conversation is the <a href="https://icirt.com/">Independent Construction Industry Rating Tool (iCIRT)</a>, an independent assessment framework designed to help buyers better understand the developer or builder behind a project. Originally developed by Equifax in consultation with government and industry as part of NSW's Construct NSW reforms, the system has since expanded nationally.

<h2 data-end="1519" data-section-id="7nmx3" data-start="1492">What is an iCIRT rating?</h2>

Most Australians are familiar with independent ratings in everyday life.

We compare ANCAP safety ratings before buying a car. We look at Health Star Ratings in supermarkets. Banks rely on credit assessments when lending money.

Until recently, however, there has been very little independent information available to help apartment buyers assess the business responsible for delivering a residential project.

That gap is what iCIRT was designed to address.

Builders, developers and other construction professionals with an iCIRT rating have demonstrated high-trust characteristics through an independent, evidence-based assessment across six criteria: Character, Capability, Conduct, Capacity, Capital and Counterparties. This involves a rigorous review of financial health, past project track record, and ethical conduct. Crucially, an iCIRT rating could help provide property buyers with confidence that they are working with a professional who has demonstrated the capability, capacity, and willingness to return and rectify issues.

Importantly, iCIRT is not a recommendation to purchase a particular property, nor is it a traditional credit rating. It is an independent assessment framework designed to provide objective information about a construction business using a <a href="https://icirt.com/sites/default/files/2025-08/iCIRT-Methodology-Issue1-May-2021.pdf">published methodology</a>.

The system has been widely adopted in New South Wales, where more than one-third of medium and large residential builders and developers now hold an iCIRT rating, representing over two-thirds of the state's residential building market by value as of 2025/26.

<h2 data-end="3126" data-section-id="h6ohtj" data-start="3084">Why buyers are doing more due diligence</h2>

For many buyers, particularly those purchasing off the plan, the biggest risk isn't whether they'll like the kitchen finishes.

It's whether the project will be delivered on time, to the expected quality, and by a company capable of completing the development.

<a href="https://icirt.com/sites/default/files/2026-07/iCIRT%202025%20Consumer%20Survey%20Report%20v05.pdf">Consumer research commissioned by iCIRT</a> found more than half of respondents believed current protections do not adequately safeguard buyers from builder insolvencies or defective projects. Other research found 88 per cent of prospective buyers would seek independent ratings or due diligence before purchasing, while 90 per cent said trust in construction professionals is essential.

That doesn't mean buyers should rely on a single rating alone.

Independent legal advice, understanding the contract, and seeking financial advice all remain important parts of the due diligence process.

However, an independent assessment can provide another source of information alongside those traditional checks.

<h2 data-end="4138" data-section-id="pquzxc" data-start="4094">Trust is becoming a competitive advantage</h2>

The conversation isn't only changing for buyers.

Developers are also recognising that trust has become an increasingly important part of the sales process.

Five years ago, purchasers typically asked about floorplans, finishes and settlement dates.

Today, sales teams are increasingly being asked about the developer's experience, financial stability, previous projects and construction partners.

For companies with strong governance and established delivery records, an independent iCIRT rating provides another way to demonstrate those credentials before buyers even visit a display suite.

According to Equifax, the assessment can also help businesses drive sales and <a href="https://icirt.com/resources-for-business/icirt-rating-helps-scion-secure-high-value-projects">secure high-value projects</a>, as well as identify operational improvements and <a href="https://icirt.com/resources-for-business/mirvac-reinforces-brand-trust-and-quality-independent-icirt-rating">attract top talent</a>.

<h2 data-end="4962" data-section-id="1j54ng5" data-start="4912">Beyond buyers: lenders are paying attention too</h2>

The influence of independent construction ratings is also extending beyond consumers.

According to Stamford Capital's Real Estate Debt Capital Markets Survey, an increasing number of lenders now incorporate iCIRT ratings into their due diligence processes when assessing residential development finance applications.

The survey found lender adoption has continued to rise, with many respondents saying independent assessments provide additional insight into governance, counterparties and delivery capability beyond traditional financial analysis. Some lenders also reported declining funding applications where businesses had poor or no ratings.

As construction costs remain elevated and access to development finance becomes more selective, demonstrating credibility is becoming increasingly valuable.

<h2 data-end="5801" data-section-id="1qazuxs" data-start="5772">What it means for Victoria</h2>

Victoria's apartment market is entering a new phase.

The state is seeking to accelerate higher-density housing while simultaneously introducing reforms aimed at improving confidence in residential construction.

For buyers, that means there are more tools available than ever before to research the businesses behind a project.

For developers, it signals that transparency is becoming another point of differentiation in an increasingly competitive market.

Buyers are asking more questions than ever before and increasingly expecting independent information, not just marketing material, before making one of the biggest financial commitments of their lives.

Find out how to get iCIRT rated <a href="https://www.icirt.com/sites/default/files/2025-08/iCIRT-Infographic-Assessment-Process-Final.pdf">here</a>.

<hr data-end="6469" data-start="6466" />
The information contained in this article is general in nature and does not constitute personal, financial, legal or tax advice. It does not take into account your personal objectives, financial situation or needs. Therefore, you should consider whether the information is appropriate to your circumstances before acting on it and, where appropriate, seek independent professional advice.

This article contains links to third-party websites. These links are provided for convenience only. Equifax Australia does not control and is not responsible for the content, accuracy or privacy practices of external sites.

Copyright © 2026 Equifax Australia Information Services and Solutions Pty Ltd. All rights reserved.

Buying off-the-plan in Melbourne? How independent iCIRT ratings are set to change Victorian property

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;

[smartcode_project:default project_id=111820 project_image_fid=344699]

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.

[smartcode_project:default project_id=136442 project_image_fid=374084]

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.”

[smartcode_project:default project_id=134954 project_image_fid=4553]

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>
	<li>Proven at scale:&nbsp;Decennial cover has operated in NSW since 2022, protecting thousand of apartments.</li>
	<li>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>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>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>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>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>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>
	<li>Resilience Latent Defects Insurance (LDI):&nbsp;Covers major structural defects for 10 years from completion.</li>
	<li>Consumer-first:&nbsp;Direct claim access, no need for lengthy legal action.</li>
	<li>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>Market leader:&nbsp;&nbsp;Resilience Insurance originated LDI in Australia and is the national market leader.</li>
</ul>

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.

Staff reporter

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