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“Minister Chanthivong and his team have shown real leadership in replacing an outdated two-year bond with cover that matches the lifespan of the buildings people are buying into.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]

Brisbane's next apartment price record? Pikos unveils Skye's exclusive penthouse collection

Sydney’s property market is known for high prices, competitive bidding, and mounting pressure on first home buyers. But change is on the horizon.

From late 2025, eligible first home buyers in New South Wales will have access to a new federal government initiative aimed at addressing affordability: the Help to Buy Scheme.&nbsp;

<h2>What is the Help to Buy Scheme?</h2>

The program introduces a shared equity model intended to reduce the upfront cost of entering the property market, particularly in high-demand urban areas such as Sydney.

The scheme operates under a shared ownership structure in which the federal government takes an equity stake of up to 40 per cent for new homes, or 30 per cent for existing dwellings. This arrangement allows eligible buyers to significantly reduce their loan size and avoid the added cost of Lenders Mortgage Insurance (LMI).

Under this model, purchasers can enter the property market with as little as a two per cent deposit, well below the traditional 10 to 20 per cent usually required. The government’s contribution is not a loan but a co-ownership stake in the property. As such, there is no interest or rent charged on its portion.

Because the government’s equity combined with the buyer’s deposit typically meets or exceeds the 20 per cent threshold, LMI does not apply. The remaining balance, generally between 60 and 70 per cent of the property’s value, is financed through a standard home loan with a participating lender.

The government's equity in the property remains in place until the buyer chooses to repay it voluntarily or until the property is sold. Buyers can buy back the government’s share over time, in increments of at least five per cent, depending on their financial situation.

There is no fixed repayment timeline, but the amount to be repaid will be based on the property's market value at the time of repayment, not the original purchase price.

<h2>How do you qualify for the&nbsp;Help to Buy Scheme?</h2>

To qualify for the Help to Buy Scheme, applicants must meet the following conditions:

<ul>
	<li>Be an Australian citizen at least 18 years of age.</li>
	<li>Be a first-home buyer who does not currently own property.</li>
	<li>Intend to live in the property as their primary residence.</li>
	<li>Earn less than $100,000 per year for individuals, or $160,000 for couples.</li>
	<li>Purchase a property within the regional price caps, currently $950,000 in Sydney, though this is expected to rise to approximately $1.3 million ahead of the program’s launch.</li>
</ul>

While the Help to Buy Scheme does not solve affordability challenges across the board, it does offer a more accessible pathway for a defined segment of the market, particularly younger buyers with moderate incomes who have been priced out of traditional lending routes.

The scheme is expected to commence in NSW in late 2025, as part of a national rollout.

Under the new model, purchasers can enter the property market with as little as a two per cent deposit, well below the traditional 10 to 20 per cent usually required

Help to Buy Scheme: What first home buyers in NSW need to know

The First Home Owners Grant (FHOG) is a government initiative designed to help eligible first-time home buyers by offering financial assistance towards the purchase or construction of a new home.

While the FHOG is a nationwide program, it is administered separately by each state and territory, meaning the eligibility criteria, grant amounts, and property requirements can vary depending on your location. This means that the amount available and the conditions attached to the grant will differ, so it is important to check the specific guidelines for your state or territory.

It’s important to note that the FHOG is just one of several incentives available to first home buyers. In most states and territories, the grant is not linked to stamp duty exemptions or concessions, with the exception of the Australian Capital Territory (ACT). The FHOG is typically a one-off payment, reducing the overall cost of purchasing or building a new home before any stamp duty concessions are applied.

Below, we provide a breakdown of the First Home Owner Grants available across Australia, outlining the specific details for each state and territory.

<h2>New South Wales First Home Owner Grant</h2>

First Home Owner Grant: Offers a $10,000 grant for new homes valued up to $600,000. For land purchases and owner-builders, the threshold extends to $750,000.

Stamp Duty Benefits: Provides full stamp duty exemption for homes valued up to $800,000, with concessions available for properties up to $1 million.

<h2>Victoria South Wales First Home Owner Grant</h2>

First Home Owner Grant: Provides a $10,000 grant for first-home buyers purchasing or building new homes valued up to $750,000.

Stamp Duty Benefits: Offers full stamp duty exemption for properties up to $600,000, with concessions available up to $750,000.

<h2>Queensland First Home Owner Grant</h2>

First Home Owner Grant: Offers $30,000 for contracts signed between 20 November 2023 and 30 June 2025. The FHOG applies to new homes valued up to $750,000.

Stamp Duty Concessions: Provides additional concessions for properties valued up to $800,000.

<h2>Western Australia First Home Owner Grant</h2>

&nbsp;

First Home Owner Grant: Offers a $10,000 grant for new homes valued up to $750,000 in the southern regions and up to $1 million in the northern regions.

Stamp Duty Concessions: Available for homes valued up to $600,000 for transactions entered into on or after 9 May 2024.

<h2>Australian Capital Territory First Home Owner Grant</h2>

First Home Owner Grant: Replaced by the Home Buyer Concession Scheme, offering full stamp duty concessions for eligible buyers.

<h2>South Australia First Home Owner Grant</h2>

First Home Owner Grant: Provides up to $15,000 for new homes, including houses, apartments, and townhouses. As of 6 June 2024, there is no property value cap for eligibility.

Stamp Duty Relief: Available for new homes and vacant land purchases.

<h2>Tasmania First Home Owner Grant</h2>

First Home Owner Grant: Offers a $10,000 grant for new homes and off the plan purchases.

Stamp Duty Exemption: Between 18 February 2024 and 30 June 2026, first home buyers of established homes valued up to $750,000 receive a full exemption on property transfer duty.

<h2>Northern Territory First Home Owner Grant</h2>

First Home Owner Grant: The Northern Territory provides a $10,000 grant for new homes only. Additional government grants and concessions are available for first home buyers.

Stamp Duty Exemption: The only stamp duty exemption available to property buyers is the House and Land Package Exemption (HLPE).

Eligibility criteria and application processes differ across states. Prospective buyers should refer to their respective state revenue offices for full details on grant availability, conditions, and additional concessions.

Every First Home Owner Grant for new property by state

In the ever-evolving landscape of sustainable architecture and environmentally conscious design, systems and ratings in place can help determine the energy efficiency of residential buildings in Australia.

Australia has multiple building rating systems that evaluate energy efficiency and sustainability in existing and new building designs.

Some systems assess individual building components, while others provide an overall rating for the entire structure.

A rating system ensures that homes are comfortable and energy-efficient, whether you are buying, renovating, or building.

NatHERS (Nationwide House Energy Rating Scheme) is a common way for new homes to meet energy efficiency requirements.

As new developments continue to shape the urban environment, understanding NatHERS ratings becomes essential for developers and homeowners. This article delves into the concept of NatHERS ratings, their significance, and how they contribute to creating energy-efficient homes.

<h2>What is NatHERS?</h2>

NatHERS is a national initiative implemented by the Australian government to promote energy efficiency in residential buildings. The scheme aims to provide a standardised method for assessing the thermal performance of homes, considering factors such as insulation, orientation, ventilation, and building materials.&nbsp;

NatHERS ratings are the most common way new homes meet the National Construction Code's (NCC's) minimum energy efficiency requirements.&nbsp;

NatHERS assessments provide thermal and whole-home ratings for new homes, townhouses, and apartments.

The rating helps evaluate the energy performance of buildings, guides homeowners and developers to make informed decisions about the energy efficiency of their properties, and encourages the construction of more sustainable, comfortable, and cost-effective homes.

<h2>How NatHERS Ratings Work</h2>

NatHERS ratings are determined through four accredited software tools (AccuRate, BERS Pro, FirstRate5, HERO) using a calculation engine CSIRO developed to predict building temperature based on various factors.

The tools can model complex effects of building mass, insulation, window size, and other elements.

The outcome is a star rating that reflects the building's overall thermal efficiency, indicating how well it can maintain a comfortable indoor temperature without excessive reliance on heating or cooling systems.

The star rating scale ranges from 0 to 10, with a 6-star rating being the minimum requirement for compliance with the National Construction Code (NCC).&nbsp;

Achieving a higher star rating demonstrates a commitment to energy efficiency and sustainability, as the building is better equipped to minimise its environmental impact and reduce long-term energy costs.

Anyone can use NatHERS tools, but accredited assessors can provide certified ratings and professional advice.

<h2>Benefits of Higher NatHERS Ratings</h2>

Energy Efficiency: Buildings with higher NatHERS ratings are more energy-efficient, requiring less heating and cooling energy. This reduces the structure's carbon footprint and lowers occupants' energy bills.

Cost Savings: Homes with higher NatHERS ratings are generally more energy-efficient, resulting in reduced energy consumption for heating and cooling. This translates to lower energy bills for homeowners, making sustainable living environmentally friendly and economically viable in the long run.

Environmental Impact: Lower energy consumption directly translates to a reduced environmental impact. Buildings with higher NatHERS ratings contribute to the overall goal of mitigating climate change by lowering greenhouse gas emissions associated with heating and cooling systems.

Improved Comfort: Buildings with high NatHERS ratings offer better thermal comfort to occupants. Proper insulation, well-designed ventilation, and optimal orientation maintain a consistent and comfortable indoor temperature, providing occupants with a more enjoyable and healthier space.

Market Value and Desirability: Higher NatHERS ratings can enhance the market value of a property. As energy efficiency becomes a more significant consideration for homebuyers, a well-rated building may attract a premium price and stand out in the real estate market.

Compliance with Building Codes: NatHERS ratings are a vital component of the National Construction Code (NCC), and compliance with these ratings is often a mandatory requirement for new developments. Local councils and planning authorities may set minimum energy efficiency standards that must be met to obtain development approval.

The Nationwide House Energy Rating Scheme (NatHERS) is a crucial initiative shaping the future of energy-efficient, resilient, and cost-effective homes. With its recent upgrades, NatHERS has evolved into a world-leading tool for the building sector, supporting the global commitment to achieving net-zero emissions by 2050.

Staff Writer

What is a NatHERS rating in new off the plan apartment developments?

Mixed-use developments have gained significant popularity across Australia in recent years due to their unique blend of residential, commercial, and recreational spaces.

Unlike traditional single-purpose developments, mixed-use projects offer a harmonious integration of various functions within a single locale.

Residential units seamlessly coexist with commercial establishments, retail outlets, dining venues, entertainment hubs, and recreational facilities, with the combination not only enhances convenience but also fosters a vibrant lifestyle and a sense of community.

<h3>Convenience and accessibility</h3>

Mixed-use developments are designed with convenience in mind. They often integrate residential units with commercial spaces, retail outlets, restaurants, and recreational facilities, creating a self-contained community.

[smartcode_project:default project_id=114215 project_image_fid=204874]

The proximity allows residents to enjoy the convenience of having essential amenities and services within walking distance. Whether it's grabbing a cup of coffee, going grocery shopping, or accessing healthcare services, everything is conveniently located, saving residents time and effort.

<h3>Vibrant lifestyle and community</h3>

One of the major advantages of mixed-use developments is the vibrant lifestyle they offer. With a diverse range of amenities and communal spaces, residents have ample opportunities to interact, socialise, and build a sense of community.

[smartcode_project:default project_id=107714 project_image_fid=214122]

The presence of parks, community centres, and shared spaces fosters a lively atmosphere, encouraging residents to engage in various activities and events. The vibrant lifestyle within these developments creates a unique sense of belonging and camaraderie among the residents.

<h3>Potential for higher rental yields and property value appreciation</h3>

Mixed-use developments tend to attract a broad range of tenants and buyers due to their versatile nature. This high demand can result in higher rental yields for investors and potentially lead to property value appreciation over time.

[smartcode_project:default project_id=139989 project_image_fid=212887]

The integration of commercial and retail spaces attracts businesses, which can provide a stable rental income stream. Additionally, the popularity of mixed-use developments often drives up property values, making them a potentially lucrative investment in the long term.

<h3>Enhanced security and maintenance</h3>

Mixed-use developments typically have comprehensive security measures in place. With controlled access points, CCTV surveillance, and professional security staff, residents can enjoy enhanced safety and peace of mind.

[smartcode_project:default project_id=108019 project_image_fid=212658]

Additionally, these developments often have dedicated maintenance teams responsible for the upkeep of common areas, landscaping, and infrastructure. This ensures that the overall appearance and functionality of the development are well-maintained, creating a pleasant living environment for residents.

<h3>Live-work-play balance</h3>

One of the key attractions of mixed-use developments is the ability to achieve a desirable live-work-play balance. The integration of residential and commercial spaces allows residents to live closer to their workplaces, reducing commuting time and improving work-life balance.

The proximity to various amenities and recreational facilities encourages an active and healthy lifestyle. Residents can easily access fitness centres, parks, restaurants, and entertainment options, all within the same development, leading to a more fulfilling and convenient way of life.

alisonwarters@gmail.com

The top five reasons to buy in a mixed-use development

When buying a property, everyone needs to be aware of the additional costs that come as part of the buying process.

Often the largest outlay, after the deposit which goes to the bank, is stamp duty.

<h2 style="line-height: 1.38;">What is Stamp Duty?</h2>

Stamp duty is an extra tax to pay the government when you buy land, a property, and other certain assets.

It happens when the legal ownership is transferred. It can also be known as property transfer duty or transfer duty.

<iframe allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="415" src="https://www.youtube.com/embed/C32BWkB5--c" title="YouTube video player" width="660"></iframe>

<h2>Who pays Stamp Duty?</h2>

In some circumstances, you may get an exemption. For some states, you won’t have to pay for stamp duty if you are a first home buyer or a pensioner for houses under a particular price. There are also stamp duty concessions, where you may be entitled to a discount.

<h2>How much does Stamp Duty cost?</h2>

Each state has different rules which affect how much you need to pay. These rules can affect the rate you pay, and the timeframe you will need to pay in. Before you buy land or a property, make sure you check the up-to-date information for your state’s stamp duty.

You can use a free stamp duty calculator online to see approximately how much you’ll need to pay. Find out if you’re eligible for an exemption by enquiring on a project via Urban!

Overall, the stamp duty you need to pay will depend on:

<ul>
	<li aria-level="1">How much your land/property is worth</li>
	<li aria-level="1">Where your land/property is located</li>
	<li aria-level="1">What type of land/property it is</li>
</ul>

Want to find out more? <a href="https://www.youtube.com/@UrbanAustralia?utm_source=YouTube&amp;utm_medium=Video&amp;utm_campaign=Subscribe&amp;utm_id=Subscribe">Subscribe to our YouTube channel</a> for more property videos.

Ellen Walker

Off-the-plan property explained: What is stamp duty?

Prominent New Zealand apartment and hotel operator, <a href="/developers/safari-group">Safari Group</a>, is offering up a prime investment opportunity for Australians to purchase off the plan in one of the world’s most popular ski destinations.

They recently took to market Mountain Oak Queenstown Apartments, in the growing precinct of Remarkables Park in Frankton, near the airport and at the foot of The Remarkables - the mountain range the locals like to call “The Remarks”.&nbsp;

Sydney investors have shown interest in the one, two and three-bedroom apartments that secure high-season occupancy six months over the year, primarily over summer and winter months.

They average 90 per cent occupancy across their portfolio over January, February, March, August, November and December, while shoulder season months of April, July, September and October are still occupied 70 per cent of the time, with the growing appeal of Queenstown becoming not just a hotspot for the snow, but a lifestyle destination.

Even in the low seasons of May and June, occupancy levels reach around 40 per cent.

<img alt="Safari Group’s Mountain Oak Apartments brings new investment potential to Queenstown" data-entity-type="" data-entity-uuid="" src="https://res.cloudinary.com/dz9xllyip/image/fetch/f_auto,c_limit,w_1440,q_auto/https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/field/image/Ext_Cam15_Sunny.jpg?VersionId=SJAROUM_1s.Tr5ciMk4EEj5oAt_Vewmv" />

Safari’s Safari Hotels arm can also manage the holiday letting for an investor, from the listing on holiday accommodation websites such as Airbnb and Booking.com to the cleaning and maintenance of the investment. They’ve been in the short stay management business for 15 years and offer 24/7 support for investors, an important convenience benefit for any overseas investor

Another major drawcard for Australians is that New Zealand doesn’t have a stamp duty policy - so the entry price of NZ$639,000 (AU$586,000), is all that is payable on completion.

<img alt="Safari Group’s Mountain Oak Apartments brings new investment potential to Queenstown" data-entity-type="" data-entity-uuid="" src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,dpr_2.0,q_auto:good/https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/313_Livingv2_WEB.jpg?VersionId=nV229fM0ZeYpoxOrX372HyGjfwY_LR8c" />

Safari is starting construction of the 141 apartments in Q2 this year, with a two-year build estimated to complete in mid-to-late 2027.<img alt="" data-entity-type="" data-entity-uuid="" height="15" src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXczFpFAb7WuA6f4f9TtKWcqXyNwR8qqtakWv352ERkpqNlP3KwIo8YKxw67jZNHfpjEGIZGv5MQTbnvLZwNt8iu9IVdOrswOjCvBZ4zhSoOOLrpt6etVEZTN1gkBho0r_R72zdHNA?key=yq3daOanqHSb88QFd8jGYKdb" title="Click and drag to move" width="15" />​

The apartments will feature modern amenities and contemporary designs with expansive windows capturing sweeping views of The Remarkables mountain range.&nbsp;

Interiors are equipped with modern finishes, premium appliances, and secure electronic key-locked doors, ensuring a comfortable living experience for residents and guests alike.

With its strategic location near Coronet Peak and Cardrona Alpine Resort, as well as key retail and dining precincts such as Market Street, Five Mile Shopping Centre, and Remarkables Market, Mountain Oak offers a strong proposition for investors seeking high rental yields and capital appreciation in one of New Zealand’s most sought-after locations.&nbsp;

Queenstown’s sustained demand for visitor accommodation and rental properties is underpinned by a shortage of housing options, attracting both local and international buyers.

Safari Group offers low-touch investment proposition in Queenstown’s popular ski fields district

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While there is no great growth spurt in the property market, Sydney is performing at its best in 20 years says Residex chief executive John Edwards.
Sydney house prices are up 7.37% over the past 12 months to June with a median house price of $715,000 according to Residex calculations.
RP Data-Rismark has a Sydney median house value of $645,000 as of the end of July but almost identical year-on-year growth to July of 7.3%.
“That is the largest rate of growth we have seen in Sydney over the last 20 years and even over the last decade,” Edwards told Peter Switzer on Sky Business.
“You’ve got an 80% clearance rate [in Sydney],” added Edwards.
Sydney's annual growth is more than double the overall market performance with Residex recording 3.48% growth in national house prices over the year to June.
Residex figures show Perth performing even better with an 8.23% rise in its median house price over the past 12 months to $505,500.
RP Data-Rismark figures are similar, recording an 8.8% rise in Perth house values and with an almost identical median of $510,000.
Edwards attributed the rise in Perth to the resources boom and also to miners in the northern regional areas of Western Australia heading back to buy in the capital as the investment boom peaks – Residex records a 3.92% adjustment in regional WA house prices over the past quarter to $335,500 and a 2% fall over June.
Overall, WA mining towns are up just 1.2% over the past year – well below inflation.
Edwards says he expects a “period of adjustment in WA country areas”.
Residex has Melbourne house prices up 4.82% over the year to June to $582,500 with Edwards saying he was a little bit bemused as to the Melbourne performance.
“I don’t know quite what is going on there,” he told Peter Switzer.
RP Data-Rismark records similar annual growth for Melbourne, up 4.4% to July with a median house value of $530,000.
He has Brisbane up 6.37% over the past year to a median house price of $439,000 – out of synch with RP Data-Rismark which records annual growth to July of just 1% though with a similar median of $450,000
Edwards said the major regional cities in Queensland are doing rather well as are those more reliant on tourism such as Cairns, given the fall in the dollar.
“Mackay is suffering because the mining boom has come off, but it suffers less than Gladstone, because it has some offset through tourism,” he says.
Residex has the unit market not doing as well as houses up just 1.26% over the past year to June with Perth strongest at 5.43% and a median of $444,000 with more modest growth in Sydney (2.29%) and Melbourne (1.87%).
Brisbane unit prices fell 0.85% over the past 12 months but are up 0.8% over the June quarter, with Edwards suggesting the market may be “starting to come out of its slump”.
The relatively poor performance of units, says Edwards, is a function of supply “being brought too easily on to the market”
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Sydney housing market strongest in last 20 years: Residex

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Property investment is not something you should enter into lightly. But for some reason, that’s what a lot of people who have dreams of making millions with real estate do.
They think, “I can go out, buy a house somewhere, stick in some tenants to pay the mortgage and make a killing! How hard can it be?”
Fact is most property investor’s fail! The stats show that around 50% of people who buy an investment property sell up in the first five years and of those who stay in the game, 90% never get past owning one or two properties.
So if you’re looking to get into property or move up to the next rung of the property ladder, here are some words of advice:
Knowledge is property investment power!
Firstly, you need to understand what makes a good property investment and recognise that not just any old digs will do.
You can profit from real estate in one of four ways, and if you get the combination right you’ll make money from bricks and mortar. They are:
<ol>
<li>
Capital growth – to build yourself a sound asset base your properties will need to appreciate in value at wealth-building rates (in other words, above average capital growth.) This will come from strong demand from owner-occupiers (who push up property values) and tenants (who help you pay your mortgage.)
</li>
<li>
Cash flow – in other words your rent.
</li>
<li>
Tax benefits – while you should never invest solely for this reason; a good tax strategy can help you manage your cash flow, decrease your tax obligations and increase your bottom line.
</li>
<li>
Accelerated growth – getting your hands a little dirty (metaphorically speaking) by investing in a property that needs a bit of cosmetic TLC through renovations, or a major facelift through property development, is a great way to manufacture capital growth.
</li>
</ol>
 
<hr class="system-pagebreak">
Property cycles
While timing the market is not the be-all and end-all, it certainly helps to understand how the property market moves in cycles.
Following the herd and buying when everyone else is on the property bandwagon doesn’t always work. That’s often when the market is near its peak.
On the other hand you have more chance of nabbing a good deal in a buyer’s market, when property is out of favour. That’s why Warren Buffett said, “Be fearful when others are greedy and be greedy when others are fearful.”
Currently many of the property markets in Australia are in the early upturn stage of their cycles, creating good medium-term investment opportunities.
Location
Location can make or break a property investment. But what is the right location?
I look for areas that will have strong ongoing demand from a wealthy demographic of owner-occupiers who can afford to and are prepared to pay a premium to live in good locations. Some of the major drivers of this type of capital growth are:
<ul>
<li>
Proximity to the city
</li>
<li>
Proximity to the sea
</li>
<li>
Adjacent to a prime suburb
</li>
<li>
Proximity to amenities such as a train station, large shopping centre, within the zone of a highly sought after public high school.
</li>
<li>
Suburbs that contain period style homes e.g. Californian bungalows, Federation, Victorian, Edwardian style homes.
</li>
</ul>
I also like buying in areas going through gentrification – a suburb that is relatively cheap now but has the potential for capital growth in the future as a wealthy demographic of people move in.
One way to find this type of location is to drive through the streets and look for some of the obvious indicators that people with money are moving in:
<ul>
<li>
Are people spending large amounts of money on renovating/extending their homes?
</li>
<li>
Are there small black (or maybe now it’s white – the new black) BMWs and Audis parked in the driveways or are they old Ford Falcons and Holden utes?
</li>
<li>
Is the nature of the shops changing – more cafés and deli and lifestyle shops.
</li>
</ul>
Money, money, money
A sound financial strategy is as important as a sound investment strategy when it comes to property.
Without a well-rounded understanding of how to maximise your borrowing power, use equity as a leverage to build your portfolio and maintain a financial buffer to see you through the difficult times that we all ultimately face, you are setting yourself up to fail financially.
It’s important to set aside a cash flow buffer in a facility such as an offset account or line of credit, to cover you for a rainy day.
 
<hr class="system-pagebreak">
Financial fluency
While you could make lots of money through property investment, you could also easily lose it.
If you are financially illiterate when it comes to managing money, budgeting and even balancing the books at home, how do you think you’ll go when it comes to a multi-million dollar property portfolio?
You may need to learn the ins and outs of taxation and the financial advantages you can enjoy as an investor, as well as the best structures to own your investments in, such as personal, company and trust set-ups.
Rather than trying to learn it all yourself and wear numerous hats, it’s worth surrounding yourself with a good team of professionals who can guide you with their knowledge and expertise. An independent property strategist, a finance broker and an accountant should all be people you rely on to support you in the journey to real estate riches.
If you’re the smartest person on your team, you’re in trouble!
Some final words of advice (or warning) for investors
<ol>
<li>
Formulate a plan – understand what you want to achieve and then make investment decisions accordingly.
</li>
<li>
Be cautious –you’ll find everyone is happy to give you advice. Rather than listening to well meaning friends, it’s important to only listen to people who have achieved the financial independence you’re looking for and who have maintained it for a period of time.
</li>
<li>
Understand the difference between a salesperson and an advisor. Many salespeople are cloaked as advisors and suggest they are representing you, the buyer, when in fact they are representing the seller or a property developer.
</li>
<li>
Be prepared to pay for advice – it’s much cheaper than learning from your mistakes.
</li>
<li>
Not everything that glistens is gold – often when you start out it can be tempting to see opportunities everywhere. The problem is you don’t yet have the perspective to decide what is a good investment and what is not.
</li>
</ol>
Property doesn’t discriminate; it doesn’t care who owns it. Today the residential property market is worth $4.68 trillion, according to RPData, and over the next decade it will increase in value by billions and billions of dollars. If you get it right, you can have your share.
Michael Yardney is a director of <a rel="nofollow" href="https://www.metropole.com.au/">Metropole Property Strategists</a>.
Housing ladder image courtesy of Andrew Michaels / flickr.
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Tips to move up the property investment ladder: Michael Yardney

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Home buyer confidence has rebounded significantly and is now at its highest level since lenders mortgage insurance (LMI) provider Genworth began surveying mortgage holders in 2007.
The latest Homebuyer Confidence Index, based on a survey of 2,124 mortgage holders, jumped from an index reading of 93.4 in March 2013 to 100.1 at the end of July 2013.
What this means is that confidence about the housing market has rebounded to what it was before the 2008 global financial crisis.
"The spike in consumer confidence recorded since March was driven by a 37% decrease in the proportion of surveyed borrowers who expected to experience mortgage stress over the next 12 months,” said Genworth’s chief commercial Officer, Bridget Sakr.
<img alt="GENWORTH_TRENDS" height="181" width="470" src="/images/stories/2013/larry_uploads/GENWORTH_TRENDS.jpg">
“It appears that consumers are becoming more confident about making repayments, with the index showing that 29% of homeowners expected interest rates to decrease over the next 12 months – compared to 12% who held this expectation in March."
The index is compiled based on mortgage holders responses to questions about  the proportion of monthly income used to service debts, the maximum loan-to-valuation ratio they are comfortable borrowing at, their repayment history over the last 12 months, their repayment expectations for the next twelve months, and whether they believe that now is a good time to buy a home.
It found that 32% of mortgage holders are comfortable with borrowing more than 80% of the value of the property they are purchasing – the point at which lenders mortgage insurance is usually payable – compared with 28% in the March quarter.
Only 17% of respondents expect to experience mortgage stress over the next 12 months compared with 27% in the last quarter, while the proportion who said they were currently experiencing mortgage stress fell from 23% to 17%.
Mortgage stress fears are greatest in WA (21%) and South Australia (19%) and lowest in NSW (15%) which also experienced the largest fall of the quarter with a reading of 29% three months ago.
“The latest Genworth Homebuyer Confidence Index suggests that homeowners realise that current market conditions – particularly historically low interest rates – make buying property and servicing a mortgage a more attractive proposition than it’s been for a number of years,” says Sakr.
“However, affordability remains a challenge for those yet to enter the market, with 70% of non-property owners believing the dream of homeownership to be unrealistic.”
There was no change in the proportion of respondents who believe now is a good time to buy at 47%, but improvements in NSW (up from 43% to 46%), Queensland (53% to 54%) and South Australia (40% to 46%).
Only 43% of WA mortgage holders believe now is a good time buy – down from 49% from March, a sign of the impact of the mining investment reaching its peak.
Australian suburb picture courtesy of Orin Zebest.
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Home buyer confidence among borrowers at highest level for six years: Genworth

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Driving for show and putting for dough, Bayside City Council will next month choose from a shortlist of tenders to run the popular Sandringham Golf Driving Range on the corner of Wangara Road and George Street.
An evaluation panel has shortlisted three of five tenders who entered expressions of interest through Richard Lyons, formerly of Kevin Nixon estate agents.
The winner will be chosen by the council at its August 27 meeting.
The range comes with a new 10-year term with no option for renewal, a market review after five years, and 5% rent increases per annum, says Sally Naughton, coordinator, commercial services (leasing). Other rental details are commercial-in-confidence.
The range, established in 1987, is near several of the famed sandbelt golf courses, including Royal Melbourne and Victoria, on the site of an old tip. Its creator is long-time Royal Melbourne pro Bruce Green, who has partnered every lessee since then.
Retendering is the incumbent, Ian Wood, who has run the range with Green for the past 10 years. He says the 30 bays attract 50,000-70,000 golfers per annum.
The <a target="_blank" href="https://sandringhamdrivingrange.com.au/">Sandringham Golf Driving Rang</a><a target="_blank" href="https://sandringhamdrivingrange.com.au/">e</a>, set on 60,000 square metres, is open every day. It has floodlit practice facilities to suit golfers of all skill levels. It has a putting rink, several bunkers and a licensed cafe, Birdies. Members of the Sandringham Golfing Academy train onsite.
Other activities include demo nights, corporate golf days and social events.
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Five offers for Sandringham Driving Range rights being considered

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Lend Lease will develop Docklands’ last major parcel of uncontracted land to create a $1.6 billion precinct linking central Melbourne to Docklands.
The Batman’s Hill redevelopment on Collins Street and Flinders Street is proposed to include more than 100,000 square metres of net lettable area office space, retail space and about 600 apartments. The company will also provide public open space and infrastructure.
“This site has enormous strategic importance, linking the old and the new parts of Melbourne’s CBD,” planning minister Matthew Guy says.
“This site will be the first developed link between the CDB and Docklands and, once completed, will allow the removal of the bridge over Wurrundjeri Way to give pedestrians a sense of the natural continuation of Collins Street.
“As the last major development site in Docklands to be contracted to the market, the site will, over the next decade, bring a diverse range of public spaces, new residential and office accommodation, retail amenity and potentially a hotel.”
Guy says the 2.5 hectare site, diagonally across from Southern Cross Station, will benefit from its prestigious Collins Street address and Flinders Street frontage. It has air rights above the Wurundjeri Way road reserve adjacent to the rail corridor.
“Practically all 140 hectares of Docklands’ developable land is now contracted for development. To date, 50% of that land has been developed into the newest part of Melbourne’s CBD.’’
Lend Lease managing director Steve McCann is suitably impressed by its appointment. “The execution of a development agreement reflects our strong capabilities in mixed use inner-urban development, and the success we have demonstrated at Victoria Harbour in collaboration with Places Victoria.
“The project leverages our integrated model, including development, construction and funds management and further builds on our Victorian commercial office and residential backlog.”
Guy says Docklands is becoming a waterfront destination in line to have 20,000 residents and 60,000 workers when completed in about 2025.
“The proposed development has the potential to contribute enormous economic benefits providing around 10,000 construction jobs over the life of the project.”
Subject to planning approval and market demand, construction will begin next year with the project to be delivered in several stages over 10 years.
The proposed development includes:
·   commercial space of 100,000 square metres that equates to a net lettable floor area across four buildings for about 10,000 workers
·   600 houses
·   1000 square metres of community spaces
·   covered public square flanked by a community building and commercial towers
·   a public realm design that reinterprets the history of Batman’s Hill
·   a north-south laneway resembling the scale of those in the CBD connecting Southern Cross station and Collins Street to Flinders Street, the Northbank precinct and Yarra River.
Commercial buildings with 6-Star Green Star ratings will front Collins Street and residential developments with 5-Star Green Star ratings will be along Flinders Street.
Places Victoria CEO Peter Seamer says the Docklands master developer has attracted $8.8 billion of private sector investment and secured up to 3000 construction industry jobs annually since the urban renewal project began in 2000.
“There is currently $1.02 billion worth of construction activity under way across seven projects that will deliver 741 apartments and office space for more than 3630 workers, helping to grow Docklands’ current population from 8000 residents and 38,000 workers,” Seamer says.
Minister Guy has overseen the approval of 11 commercial developments in Docklands.
“Docklands continues to make a valuable contribution to the Victorian economy and this last link complements the $300 million community infrastructure plan announced in 2012,” he says.
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Lend Lease secures 2.5 hectare Docklands site with Collins and Flinders Street frontage

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Share houses, bachelor pads, white picket fences and retirement villages all cater to the needs of certain age demographics within our society.
Yesterday, Property Observer reported that <a target="_blank" href="https://www.propertyobserver.com.au/developments/transition-apartments-to-tempt-sydney-north-shore-empty-nesters/2013073063590">a new type of apartment known as transition apartments </a>and developed by Moore Devleopment Group  – have been created in North Sydney to tempt empty nesters and baby boomers from their larger family homes.
Designed by Smart Design Studio, the apartments are part of  <a target="_blank" rel="nofollow" href="https://www.theheritagenorthsydney.com.au/">The Heritage</a> development.
So today we ask:
{module Has the property development industry overlooked the needs of empty nesters downsizing? }
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Has the property development industry overlooked the needs of empty nesters downsizing?

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 Australia’s population increased by close to 400,000 new people last year.  That’s like tacking on another Canberra or Newcastle to the Australian land mass.  

Most of the growth took place on the eastern seaboard, with Perth chipping in with its 83,000. Victoria grew by 100,000 new residents.  Queensland and New South Wales grew by about 90,000 each.  
More births than deaths, made up for about 40% of the increase.  Just under two-thirds of our growth (235,000 last year) now comes from overseas migration.  
I think we handle our population growth quite well. 
We need more, not less of it. 
Our population and economy, for mine, are way too small.  We need to build some serious economies of scale.  
Australia’s vital organs and circulatory system are outside its body.  What I mean by this is that what really matters to us, economically, is some distance from our shores and we have very little influence or control over much of it. We seem to lurch from boom to boom – wheat, wool, coal, iron ore, now gas etc. 
What happens in China/Asia and America’s sphere of influence (in many ways) greatly affects our prosperity.  This will remain such for generations to come.  But we also start to create our own larger markets.  
We are on our way. 
Did you know that Australia’s population has increased by 30% in just 20 years? 
We have added the equivalent of Sydney’s population since the early 1990s.  Queensland’s population has increased by 50%; Western Australia’s and the Northern Territory’s by about 40%.  Half of the growth over this period came from natural increase.  
Big Australia?  Well maybe not, and I don’t want to give Kevin Rudd anymore oxygen.  But sadly there is no conversation, not a pip, regardless of party, about population targets, urban matters and regional planning.  Serious policies (not politics) about such matters are long overdue.  
Our current rate of population growth is up 25% on two years ago.  
The big winner in this overall lift in more bums on seats includes Western Australia, with population growth up 50% (or 28,000 more people each year) on the 2010 trough and Queensland plus Victoria, both with lifts in excess of 30% or more than 23,000 new people per annum. 
Victoria equals population growth.  Well I’ll be damned.  Bloody great place to visit.  But living there?  
Those urban places that saw over 4,000 new heads (above ground) during 2012 include:  
Melbourne (77,000 increase); Perth (65,000); Sydney (62,000); Brisbane (43,000); Adelaide (14,000); Gold Coast (11,000); Canberra (7,000); Sunshine Coast (5,000); Newcastle (5,000) and Townsville (4,000).  
These top ten growth cities hold four-fifths of Australia’s population growth. 
Our eight capital cities combined make up 70% of the country’s population growth and whilst Queensland is the most decentralised state or territory, two-thirds of its population growth takes place between Noosa, Ipswich and the NSW border.  
 
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Not only has there been an increase in the proportion (and number) of overseas migrants as part of the total population mix in recent times, where these migrants come from has changed too.  
Yes, New Zealand (29,000 last year), the Old Dart (12,000) and South Africa (5,000) still add considerably to our long-term permanent inflow, but many new migrants come from elsewhere abroad. 
Just over 35,000 new migrants settled here from China and India last year (17,500 apiece).  A lot also have also come from the Philippines (7,000), Malaysia and Vietnam (4,000 each), Sri Lanka (3,500) and Iraq (2,500).  
Remember these figures are for long-term permanent residents. Our 235,000 overseas increase, whilst a net result (includes incoming and outgoing migrants), does include those arriving on a short-term basis. 
The ABS estimates that about half of our net overseas migration is temporary, whether it is on work or student visas.  
Also changed of late is the level and distribution of interstate migration across the country.  
Queensland is the best case study in this regard.  Twenty years ago two out three new residents in Queensland moved from interstate.  Ten years ago it was close to half.  Five years ago it was a quarter.  Last year it was just one eighth.  
Today half of Queensland’s population growth comes from overseas migration and another third (actually 37%) from natural increase.  
Queensland’s overseas migration profile is very similar to Australia’s overall. 
Half of those who still come to Queensland from interstate originate from New South Wales and especially from western Sydney.  One in four come from Victoria, again mostly from the western flank of Melbourne, 10% come from Perth.  
We are, and it looks like we will remain, quite urbanised.  
Capital cities and a select few major regional centres attract most of the population growth. 
Increasing demand, tempered with limited new housing supply, is a positive for property investors.  If managed well, it is also a bonus for the local residents, as size often brings better services, wider choice and deeper markets.  And yes, sadly, more fast food outlets – but you don’t have to eat there!  
Household size is also increasing. 
We have been writing about such for some time (enter ‘household size’ in the Missive’s search area for a fun evening’s reading) and what this means is less overall new housing demand than has historically been the case.  
The cause of this rise isn’t low affordability, as is often spruiked, but demographics – more babies are being born and more migrants are coming from countries with traditionally larger families.  Also, the Chinese who move here want to have more children than allowed (afforded) in China.  
Limiting new housing demand is the GST on new construction and stamp duties.  Both are forcing many to age in place.  Stamp duties, in particular, hinder local moves.  This is why we are now seeing more money spent in Australia on renovations than new builds.  
The resurgence of the ‘granny-flat’ and ‘man-cave’ or shed is also seeing demand being increasingly satisfied on existing premises rather than on new sites.  
When Kevin McCloud has a TV show about his new shed, you just know it is a popular trend.  
When it comes to actually building new housing and despite the increase in household size, attached product is increasingly popular and the smaller product, therein, is becoming more prevalent.  
A lot of this has to do with price (and the Australian investment model) but also we are importing transience. 
If half of our net overseas intake is coming here on a less than permanent basis and those numbers are rising, surely the need for temporary accommodation or housing that suits a more ‘living out not in’ visitor lifestyle must also be on the rise.  
In a country with as much land as Australia, one might shake one’s head and wonder why.  I still live on acreage.  We haven’t moved that far from our first place. 
Increasingly I feel like the odd man out, but  I don’t think I am alone.
Michael Matusik is the founder of <a style="font-size: 14px;" rel="nofollow" target="_blank" href="https://www.matusik.com.au/">Matusik Property Insights</a>, which has helped over 550 new residential projects come to fruition.  Read <a style="font-size: 14px;" rel="nofollow" target="_blank" href="https://www.matusikmissive.com.au/">Michael’s Blog</a> or follow him on <a style="font-size: 14px;" rel="nofollow" target="_blank" href="https://www.facebook.com/ThinkMatusik?fref=ts">Facebook</a> and <a style="font-size: 14px;" rel="nofollow" target="_blank" href="https://www.twitter.com/michaelmatusik">Twitter</a> or connect via <a rel="nofollow" href="https://www.linkedin.com/in/michaelmatusik">LinkedIn</a>.
Construction photo courtesy of creative commons/flickr.
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We need to think about how we deal with a rapidly expanding population: Michael Matusik

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A slowing economy and shrinking white collar jobs market has pushed the national office vacancy rate into double figures for the first time since July 1999.
The national office vacancy rate increased from 8.4% to 10.1% over the first six months of 2013 with an additional 126,000 square metres of CBD office space becoming vacant over this period, according to the latest Property Council of Australia office market report.
Including fringe office markets - some of which performed better than their CBD counterparts - total net absorption (the amount of space leased minus the amount of space vacated) was negative 172,000 - the lowest since July 2009.
<img alt="office_market" src="/images/stories/2013/larry_uploads/office_market.jpg" width="470" height="201">
“There is no surprise that weak office space demand mirrors Australia’s lacklustre economic fundamentals,” says PCA chief executive Peter Verwer.
“Stubbornly low business and consumer confidence is impeding job growth and new investment, which translates into dwindling demand for office space.
“The decline in white collar jobs growth to a third of the level experienced prior to the GFC has severely blunted demand and business expansion plans.”
However, according to Colliers International's director of office leasing, Simon Hunt, there is no need to hit the panic button with a low supply environment forecast post 2013 due to a shift in global economic sentiment which will flow through to Australian office markets.
"The forecast for the next 12 months is for just over 93,000 square metres of new supply added to Australia’s CBD office markets (of which approximately 66,000 square metres or 71%, is pre-committed), and only 152,000 square metres (approxiametely)  for the whole of 2014 (of which 95,760 square metres, or 63%, is pre-committed). 
“To put this in perspective, during the first six months of 2013, Melbourne added a substantial 165,000 square metres of which approximately 140,000 square metres was pre-committed.
"In comparison, Sydney had just 54,000 square metres (of which 97%, or just over 52,000 square metres, was pre-committed).
“Long term trends indicate that in cycles when we see limited supply, a decline in vacancy is also observed.”
The biggest spike over the first half of the year was in the Brisbane CBD where the office vacancy rate increased from 9.3% to 12.8% and with the city accounting for more than half (64,000 square metres) of the negative net absorption of CBD office space over the half year.
<img alt="office_market_pca" src="/images/stories/2013/larry_uploads/office_market_pca.jpg" width="470" height="294">
PCA chief executive Peter Verwer attributed the rise in the Brisbane vacancy rate due to “slowing population growth, an inert resource sector and competition from the Brisbane Fringe market”.
Vacancy in Brisbane’s fringe market also increased from 9.6% to 11.8%, largely the result of supply additions of 52,182 square metres – but is now a full percentage point below that of the CBD market.
The vacancy rate in Chermside in Brisbane north is around 7% with many fringe markets performing better than their big CBD counterparts.
The Sydney CBD vacancy rate increased from 7.2% to 8.9% over the first six months of the year with the premium end of the market, the only grade of assets to record positive demand.
The vacancy rate is below 8% in Parramatta and North Ryde, at or just above 10% in Chatswood and North Sydney, with the highest vacancy rate in Crow’s Nest at just below 12%.
Melbourne was the strongest office market over the first half of the year with a negative net absorption of less than 4,000 square metres despite 168,000 square metres of new office space becoming available to lease.
More than 72,000 square metres of office space was taken up in the Melbourne CBD over the six month period.
“During the first half of 2013, supply additions grew by more than two and a half times the historical average at 167,621 square metres leading to a modest rise in Melbourne’s vacancy rates. Yet despite this, Premium and A Grade stock experienced positive demand,” says Victorian executive director of the Property Council, Jennifer Cunich.
“North Eastern and Docklands precincts also performed strongly leading the way with a vacancy rate less than a third of the Melbourne CBD average. These results reflect the strong fundamentals unpinning Melbourne’s expanding office market.”
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National office vacancy rate hits 10% for first time since 1999: PCA

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It's well known that some commentators have been going on and on (and on) about the risk that Australia will sink into recession.
Australia's GDP growth is bumbling along at a trend of 2.6% per annum or a seasonally adjusted 2.5% p.a.
The bearish excitement reached fever pitch when in the last quarter Australia's GDP was again reported at just 0.6% for the 3 months to March, suggesting a possible forthcoming downward trend.
GDP growth:
<img alt="Graph: GDP growth rates, Volume measures, quarterly change" src="https://www.abs.gov.au/ausstats/abs@.nsf/a866861f12e106e0ca256a38002791fa/52afa5fd696482caca25768d0021e2c7/Body/0.18FC!OpenElement&amp;FieldElemFormat=gif" width="249" height="320">
Source: ABS
Not a great result, but monetary policy takes time to see its full results, and, after all, 0.6% is still growth, even if it is not considered to be strong growth.
The March GDP result of 0.6% was quite some way lower than had been initially forecast, but I remarked at the time that there remains every chance that the figure could be revised upwards. And if that were to be combined with a half-decent result for the June quarter, we could yet come in at closer to 3% per annum than 2.5% for the year to June 2013, thus leaving us wondering what all the fuss was about.
Furthermore, last week's inflation figures revealed one piece of gratifying news - the mining construction boom has not left Australia with an inflation problem, such as has been the case when booms have been experienced.
Strip out the effect of the carbon price, and annualised inflation actually sits below the targeted 2-3% range (and thus ultra-low interest rates may be maintained).
 
<hr class="system-pagebreak">
And so to the building activity figures released this month.
Again, not a great set of results, although dwelling units commenced increased over the past year for both houses (+5%) and units (+21%) implying that the Reserve Bank's stated plan to stimulate dwelling construction may be beginning to take some sort of shape.
Dwelling units commenced:
<img alt="Graph: Dwelling units commenced" src="https://www.abs.gov.au/ausstats/abs@.nsf/a866861f12e106e0ca256a38002791fa/4fb5acfc0074529eca2576b00017c434/Body/0.4B10!OpenElement&amp;FieldElemFormat=gif" width="250" height="320">
Source: ABS
In all the excitement of highlighting the soft year-on-year building activity figures, very little weight was given to the following note in the Building Activity release.
Significant revisions to this issue:
<ul type="square">
<li>
the total value of work done in Australia during December quarter 2012 has been revised upwards by $582.1m or 2.8%.
</li>
<li>
the total value of work commenced in Australia during December quarter 2012 has been revised upwards by $1,790.9m or 8.8%. This was driven by revisions to non-residential commencements ($844.4m) and new other residential commencements ($621.5m).
</li>
<li>
the number of dwelling unit commencements in the December quarter 2012 has been revised upwards by 3326 dwellings or 8.4%.
</li>
</ul>
All revisions to the December 2012 quarter's figures and all of them in one direction: upwards.
It's also interesting to note that actual capital expenditure undershot expectations in the March quarter in falling by 4.4%, so it will be very interesting to see what is reported for the June quarter on August 29.
There may be implications for GDP growth which could result in upward revisions.
 
<hr class="system-pagebreak">
The Reserve Bank will have been heartened by a major correction to the currency, with the Aussie dollar having devalued markedly against the US dollar since the middle of April, as well as a decent rebound in the iron ore price.
Detailed research by the Reserve Bank shows that over the past 15 years, Australia, just like our buddies from across the Tasman, has a tendency to revise its GDP figures in an upwards direction.
<a href="https://3.bp.blogspot.com/-74gNS2tXxlc/UfVAtCM-46I/AAAAAAAAJ6E/tK3ve_g0HrU/s1600/GDP+revisions.jpg" imageanchor="1"><img style="display: block; margin-left: auto; margin-right: auto;" border="0" src="https://3.bp.blogspot.com/-74gNS2tXxlc/UfVAtCM-46I/AAAAAAAAJ6E/tK3ve_g0HrU/s320/GDP+revisions.jpg" width="320" height="273"></a> 
Source: RBA
While the biggest absolute revisions to GDP tend to be driven by the highly unpredictable inputs such as change in inventories (by its very nature an "extremely volatile series") and corporate profits (ditto), the RBA's research shows that drivers of revisions in the past have also included household consumption, dwelling investment, engineering and construction, and non-residential building.
The RBA has highlighted that its real time GDP prints can be subject to significant revisions and that early estimates of GDP tend to undershoot the 'final' results to some degree.
"Revisions to early estimates of GDP growth have tended to be sizeable and in an upwards direction, though these characteristics are not unusual by international standards."
Of course, some will continue to highlight every risk facing our economy and every negative angle they can possibly find until the day they drop off: it's their job; after all, gloom-peddling is a mini-industry in itself these days.
But keep any eye out for what happens over the next six weeks, especially now that we have seen building activity figures for previous periods revised upwards.
Could we end up with GDP for the financial year of closer to 3% than 2.5% when the National Accounts are released in early September?
There may yet be a surprise to the upside.
Pete Wargent holds a range of finance and property qualifications and is the author of <a href="https://petewargent.blogspot.com.au/" rel="nofollow" target="_blank">Get a Financial Grip – a simple plan for financial fr</a><a href="https://petewargent.blogspot.com.au/" rel="nofollow" target="_blank">eedom.</a>
 
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ABS building activity data revisions point to positive signs for the economy: Pete Wargent

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Capital city dwelling values have risen 3.5% over the past two months with RP Data-Rismark recording a further 1.6% rise in July on top of a 1.9% rise in June.
It follows a mid-year slip with a 1.7% decline recorded over April and May.
This takes the cumulative recovery in residential home values to 6.5% since the market bottomed out in May last year with a national median dwelling value now at $488,000.
Melbourne was the strongest performer among the big city markets with a 2.3% rise in dwelling values to $492,000 followed by Sydney (up 2% to $570,000) and Perth (up 1.6% to $494,600).
Adelaide’s property market continued to slowly decline with dwelling values falling 1.5% over July to $382,000 making it the weakest performing market over the quarter with a 3.1% fall.
Another weak market is Brisbane with almost no change in dwelling values over July (up 0.1%) and little change over the past year (up 0.8%) with a median of $429,000.
“Despite the strong headline, the market remains somewhat of a mixed bag,” says RP Data research director Tim Lawless.
“The housing market is being buoyed by very positive conditions in Sydney, Perth and to a lesser extent Melbourne.
“At the other end of the scale you have cities like Adelaide, Brisbane and more recently Darwin where conditions are more sedate with dwelling values slipping lower over the past quarter,” he says.
Perth is the best performing capital city for the July quarter (up 4.4%) and over the past year (up 8.3%).
Sydney dwelling values are up 4.4% for the quarter and 6.5% year-on-year with Melbourne up 4.3% year-on-year.
Perth is also delivering the strongest returns to investors with a total gross return - capital gains and gross rental yields – of 13.3% - followed by Sydney (11.2%) Canberra (9.1%) and Melbourne (8.2%).
“By including rental yields in our assessment of the housing market, some clarity is provided as to why investors are becoming so active,” says Lawless.
“The RP Data-Rismark Accumulation Index, which factors in both capital gains and gross rental yields, is up 9.4% over the past year.
“As noted by RBA Governor Glenn Stevens earlier this week, with an easing in monetary policy one of the expected and intended effects will be that people start to shift their portfolios away from the less risky assets such as cash and in the direction of holding equities and physical assets such as property,” he says.
Among the smaller capital city markets, Canberra recorded a 2.5% rise with its median dwelling value recorded at exactly $500,000 while Darwin recorded a 2% rise to $490,000.
Lawless notes that each of the vendor metrics published by RP Data-Rismark has continued to strengthen over the month.
“A typical capital city dwelling is selling in just 45 days compared with 59 days at the same time a year ago.
“Vendors are discounting their prices less and clearance rates remain close to 80% in Sydney and slightly lower in Melbourne.
“With the housing market once again showing solid capital gains and rents also rising, the issue of housing affordability is likely to begin attracting more attention.
“The recent housing market correction which bottomed in May 2012, where values were down 7.4% from peak to trough across the combined capital cities, together with mortgage rates moving to historically low levels, delivered substantial affordability improvements for Australian housing.
“However, with Sydney, Perth and Canberra values now back at record high levels and some other capital cities not far off their previous peaks, there are likely to be a growing number of households who find it challenging to enter the housing market,” he says.
The index is calculated using recent sales data combined with information about the attributes of individual properties such as the number of bedrooms and bathrooms, land area and geographical context of the dwelling.
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