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“Minister Chanthivong and his team have shown real leadership in replacing an outdated two-year bond with cover that matches the lifespan of the buildings people are buying into.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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One in every 10 men living in a same-sex relationship in Australia in 2011 lived within two kilometres of Taylor Square in Sydney.
This statistic emerges from an <a href="https://www.abs.gov.au/AUSSTATS/abs@.nsf/Lookup/4102.0Main+Features10July+2013" target="_blank">Australian Bureau of Statistics study</a> which found that Darlinghurst, Potts Point and Surry Hills historically have the highest proportions of male same-sex couples.
The study also found that, generally, same sex couples earn higher incomes, have more discretionary spending power, are less religious, are better educated and are more likely to be managers or professionals than mixed gender couples.
This makes them more likely to have money to invest in property.
The study found they are very likely – 51% as opposed to 15% of opposite-sex couples – to live in a unit, apartment or terrace house.
Perhaps not surprisingly, the study found that while NSW had just under a third (32%) of Australia's total population, it had 41% of Australia's male same-sex couples, and 34% of Australia's female same-sex couples.
The study acknowledged that many Sydney suburbs with high numbers of same-sex couples have historically been the social centre of Australia's gay community – hence the strong support for the Gay Pride March along Oxford Street.
While same-sex couples are more likely to live in the inner suburbs of large cities or towns than in rural and regional areas, the top 10 suburbs for male and female same-sex couples are all in inner Sydney.
CAPITAL CITY SUBURBS (a) WITH THE HIGHEST PERCENTAGE OF SAME-SEX COUPLES (b) - 2011
<table width="100%" cellpadding="0" cellspacing="0" border="0"><tbody>
<tr>
<td valign="top" colspan="5" width="100%">
 
<hr align="left" width="100%" size="2">
 
</td>
</tr>
<tr>
<td valign="top" colspan="2" width="49%">
Male same-sex couples
</td>
<td valign="top" width="4%"></td>
<td valign="top" colspan="2" width="47%">
Female same-sex couples
</td>
</tr>
<tr>
<td valign="top" colspan="2" width="49%">
 
<hr align="left" width="100%" size="2">
 
</td>
<td valign="top" width="4%"></td>
<td valign="top" colspan="2" width="47%">
 
<hr align="left" width="100%" size="2">
 
</td>
</tr>
<tr>
<td valign="top" width="34%"></td>
<td valign="top" width="16%">
% of couples
</td>
<td valign="top" width="4%"></td>
<td valign="top" width="29%"></td>
<td valign="top" width="18%">
% of couples
</td>
</tr>
<tr>
<td valign="top" colspan="2" width="49%">
 
<hr align="left" width="100%" size="2">
 
</td>
<td valign="top" width="4%"></td>
<td valign="top" colspan="2" width="47%">
 
<hr align="left" width="100%" size="2">
 
</td>
</tr>
<tr>
<td valign="top" width="34%">
Darlinghurst, NSW
</td>
<td valign="top" width="16%">
17.9
</td>
<td valign="top" width="4%"></td>
<td valign="top" width="29%">
St Peters, NSW
</td>
<td valign="top" width="18%">
6.0
</td>
</tr>
<tr>
<td valign="top" width="34%">
Potts Point, NSW
</td>
<td valign="top" width="16%">
17.8
</td>
<td valign="top" width="4%"></td>
<td valign="top" width="29%">
Newtown, NSW
</td>
<td valign="top" width="18%">
5.7
</td>
</tr>
<tr>
<td valign="top" width="34%">
Surry Hills, NSW
</td>
<td valign="top" width="16%">
17.3
</td>
<td valign="top" width="4%"></td>
<td valign="top" width="29%">
Erskineville, NSW
</td>
<td valign="top" width="18%">
5.4
</td>
</tr>
<tr>
<td valign="top" width="34%">
Elizabeth Bay, NSW
</td>
<td valign="top" width="16%">
16.3
</td>
<td valign="top" width="4%"></td>
<td valign="top" width="29%">
Enmore, NSW
</td>
<td valign="top" width="18%">
5.3
</td>
</tr>
<tr>
<td valign="top" width="34%">
Redfern, NSW
</td>
<td valign="top" width="16%">
14.5
</td>
<td valign="top" width="4%"></td>
<td valign="top" width="29%">
Lewisham, NSW
</td>
<td valign="top" width="18%">
4.2
</td>
</tr>
<tr>
<td valign="top" width="34%">
Erskineville, NSW
</td>
<td valign="top" width="16%">
11.0
</td>
<td valign="top" width="4%"></td>
<td valign="top" width="29%">
Alexandria, NSW
</td>
<td valign="top" width="18%">
3.6
</td>
</tr>
<tr>
<td valign="top" width="34%">
Alexandria, NSW
</td>
<td valign="top" width="16%">
10.4
</td>
<td valign="top" width="4%"></td>
<td valign="top" width="29%">
Tempe, NSW
</td>
<td valign="top" width="18%">
3.5
</td>
</tr>
<tr>
<td valign="top" width="34%">
Chippendale, NSW
</td>
<td valign="top" width="16%">
10.3
</td>
<td valign="top" width="4%"></td>
<td valign="top" width="29%">
Chippendale, NSW
</td>
<td valign="top" width="18%">
3.4
</td>
</tr>
<tr>
<td valign="top" width="34%">
Darlington, NSW
</td>
<td valign="top" width="16%">
10.3
</td>
<td valign="top" width="4%"></td>
<td valign="top" width="29%">
Marrickville, NSW
</td>
<td valign="top" width="18%">
3.2
</td>
</tr>
<tr>
<td valign="top" width="34%">
Rushcutters Bay, NSW
</td>
<td valign="top" width="16%">
10.1
</td>
<td valign="top" width="4%"></td>
<td valign="top" width="29%">
Stanmore, NSW
</td>
<td valign="top" width="18%">
3.0
</td>
</tr>
</tbody></table>
While male same-sex couples make up less than 0.4% of all couples across Australia the chart shows they make up 10%-18% of all couples in the 10 suburbs with the highest proportion of people in male same-sex couples.
NSW and Victoria have high rates of male same-sex couples in their capital cities - Sydney 0.7% and Melbourne 0.5%.  
The highest proportions of female same-sex couples tend to be in the inner west of Sydney, such as St Peters, Newtown, Erskineville, and Enmore.  
Female same-sex couples tend to be more geographically dispersed than male same-sex couples. In St Peters female same-sex couples make up 6% of all couples.
 
 
<hr class="system-pagebreak">
The 2011 Census found there were around 33,700 same-sex couples in Australia, with 17,600 male and 16,100 female.  
Same-sex couples represent about 1% of all couples in Australia. The pattern of more male than female same-sex couples has been consistent since 1996, when data first became available, although the degree of difference has decreased in each Census.  
Although the overwhelming majority of same-sex couples described themselves on the Census form as de facto partners, in 1300 same-sex relationships one person was described as the husband or wife of the other.
PERCENTAGE OF ALL COUPLES THAT WERE SAME-SEX, BY POPULATION OF CITY OR TOWN - 2011
<img src="/images/stories/2013/07/samesaexjuly25graph11.gif" width="470" height="274" alt="samesaexjuly25graph11">
Source: 2011 Census of Population and Housing
Consistent with its predominant urban character and more highly educated population, the Australian Capital Territory has the highest rates of both male (0.5%) and female (0.6%) same-sex couples of any state or territory.
PERCENTAGE OF ALL COUPLES THAT WERE SAME-SEX, BY STATE OR TERRITORY - 2011
<img src="/images/stories/2013/07/samesaexjuly25graph22.gif" width="470" height="274" alt="samesaexjuly25graph22">
Source: 2011 Census of Population and Housing
While there are more male same-sex couples than female overall, there are more female same-sex couples in all states other than NSW and Victoria (which have high rates of male same-sex couples in their capital cities). In Sydney, 0.7% of all couples are male same-sex, and in Melbourne 0.5%.
MALE SAME-SEX COUPLES AS A PERCENTAGE OF ALL COUPLES, INNER SYDNEY - 2011
<img src="/images/stories/2013/07/samesaexjuly25graph3.jpg" width="470" height="369" alt="samesaexjuly25graph3">
FEMALE SAME-SEX COUPLES AS A PERCENTAGE OF ALL COUPLES, INNER SYDNEY - 2011
<img src="/images/stories/2013/07/samesaexjuly25graph4.jpg" width="470" height="368" alt="samesaexjuly25graph4">
While smaller towns and cities tended to have lower proportions of same-sex couples, certain towns have high rates, particularly of female same-sex couples. These include Daylesford-Hepburn Springs in Victoria (where female same-sex couples 4.5% of all couples), and Alice Springs in the Northern Territory (female same-sex couples 1.2% of all couples).
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staylor-63KgDrKwoY

Inner city suburbs popular with same sex couples: ABS

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Listed commercial property trust Dexus has acquired a 14.9% investment in the Commonwealth Office Property Fund.
The fund holds prime-grade office assets worth $3.7 billion, including a 50% share of  the premium grade 5 Martin Place office tower in Sydney, due for completion in 2015, with law firm Ashurst to occupy 44% of the 31,000 square metres of office space.
Dexus says the investment is consistent with its investment in high quality Australian office properties.
The investment comes <a target="_blank" href="/news">one day after the Commonwealth Bank</a> announced that it had submitted non-binding proposals to internalise the management rights of the Commonwealth Office Property Fund, the CFS Retail Property Trust and the Kiwi Income Property Trust.
All three are managed by the banks’ wealth management arm, Colonial First State Global Asset Management.
This is believed to be as part of plans by the bank to exit the real estate funds management business.
The Australian Financial Review reports that Dexus and GPT are mulling a possible takeover bid for the office fund. They may also bid for the management rights.
Both have strong ties to the funds management business - Dexus chief executive Darren Steinberg was previously managing director of property for Colonial First State Global Asset Management while Carmel Hourigan, head of investment management at GPT, is a former fund manager of the Commonwealth Property Office Fund.
The AFR also names Mirvac, Investa Property, Brookfield and Blackstone as possible bidders for the office fund.
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lschlesinger-FZcF9M3vE6

Dexus acquires 14.9% of Commonwealth Office Property Fund as big players circle

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The activist lawyer <a href="https://twitter.com/chrismurphys" target="_blank">Chris Murphy</a> is a big Twitter user. He has fired off 36,000 plus tweets. He follows just the five, and has 8150 followers.
Today he tweeted about Sydney eastern suburb prestige real estate.
<a href="https://twitter.com/chrismurphys" target="_blank"><img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/stories/2013/07/tweetofthedayjuly25two.jpg" alt="tweetofthedayjuly25two" width="470" height="74"></a>
Property Observer wonders which listing or sale has prompted Murphy's tweet.
 
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po-LsXgBTHBmX

Houses of the bourgeois aren't worth that much anymore: Chris Murphy

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Melbourne was the strongest performing capital city housing market over the June quarter with house prices rising 5% to $553,447 to sit just 1.4% below their previous peak recorded in June 2010, according to figures compiled by Australian Property Monitors (APM).
Sydney, Perth and Canberra all recorded record-high median house prices over June.
However, the results suggest a two-speed housing market. with little momentum in house prices recorded for Brisbane, Adelaide and Hobart.
The “volatile” Darwin housing market fell by 2.1% in the June quarter – the only capital city housing market to record a fall in its median house price over this period.
The overall result was a 2.8% rise in the national house price over the June quarter - the best result since March 2010.
It was also the third consecutive quarterly rise in the national house price, which at $564,325 is now at an all-time high and according to APM, and has "clearly fully recovered from the correction phase of 2011".
<img alt="APM_june_quarter" src="/images/stories/2013/APM_june_quarter.jpg" width="470" height="275">
APM has Melbourne house prices up 5% to a median of $553,447 from $527,245 in the March quarter and up 6.1% year-on-year.
This follows substantial downward revisions of the previous March quarter Melbourne median house price of $538,922.
Had the figure not been revised, Melbourne house prices would have gained around 2.6% over the quarter.
It follows the Real Estate Institute of Victoria (REIV) recording a much more modest 2.4% rise in Melbourne house over the same time frame, but also only possible due to a preliminary March median house price being revised down sharply from $561,500 to $549,000.
However, the REIV has a stronger annual gain of 8.4% for Melbourne house prices compared with 6.1% rise recorded by APM.
Perth was the next strongest performer over the quarter with its median house price rising 3.2% to $584,487 andis  also the strongest performer over the year with a 7.5% gain.
There was a small upward revision in the Perth March quarter median from $565,152 to $566,601.
APM has Sydney house prices up 2.7% over the quarter and 6.1% over the year to a median of $694,064 from $672,209 in the March quarter, slightly down on an earlier March figure of $673,681.
Canberra was the only other capital city to record a noteworthy rise in its median house price – up 1.8% from $565,969 in March to $576,248 in June. APM had advised a previous March quarter median of $567,768.
“Australian housing markets have recorded significant rises in house prices over the June quarter, propelled by the lowest interest rates in decades, rising confidence and continued generally solid economic performances,” says Andrew Wilson, senior economist at APM.
“Buyer activity in most capital city housing markets is now charging towards record levels with the fastest prices growth since the government-stimulated house price boom of 2009 and 2010.”
He notes that buyer activity in Melbourne is “consistently solid through most price brackets, buyer types and suburban regions”.
“The results in Sydney and Melbourne are not surprising and are in line with previous forecasts and analysis, particularly with reference to price growth correlation with auction clearance rate data which has proven to be an accurate guide to the general level of house and unit prices growth in those markets.
“Other indicators including ABS housing loan data also provided solid guides to the June quarter house price outcomes,” he says.
“The Brisbane market continues to consistently record quarterly house price growth albeit at a slow pace with buyer activity impeded by a still underperforming local economy.
Wilson says Perth’s housing market continues to surge on the back of “high levels of immigration and a still strong local economy”.
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Revisions help Melbourne house prices rise 5% in June quarter as Sydney, Perth and Canberra record new peaks: APM

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The capital city unit market rose 2% over the June quarter with the median price of an apartment rising from $419,090 in March to $427,573.
The results reveal a patchy, fragmented unit market with four cities – Melbourne, Sydney, Perth and Adelaide - recording gains over June, but three – Brisbane, Canberra and Hobart - recording falls with no change in Darwin, according to Australian Property Monitors (APM) data.
There was a small upward revision to the March quarter median from a previously reported $417,723.
A notably weak market over the quarter was Brisbane with unit prices falling 2.4% over the quarter from $355,589 to $346,964 to be down 4.4% year-on-year.
<img height="276" width="470" src="/images/stories/2013/larry_uploads/apm_units.jpg" alt="apm_units">
It is the third successive quarter that Brisbane unit prices have fallen.
APM senior economist Andrew Wilson says the “significant” fall in the June quarter in Brisbane “may indicate an emerging oversupply of new inner-city apartments”.
The weakest unit market was Hobart with prices falling 7.3% over the quarter from $271,776 in March to $252,050 in June.
Canberra unit prices fell by 1.3%.
In line with its strong detached housing market performance, Melbourne was also the strongest unit market over the quarter with APM recording Melbourne unit prices up 3.7% over the quarter to a median of $411,714 from $395,015 to be up 4.2% year-on-year.
This follows the previous March quarter median being strongly upwardly revised from $402,197.
Year-on-year, Darwin has been the strongest performer with a 10.3% rise in its median unit price to $425,949 followed by Perth (up 9.3% to $387,798) , Sydney (up 4.9% to $491,845) and Melbourne (up 4.2% to $411,714).
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Possible oversupply of inner Brisbane units push prices down 2.4% in June quarter: APM

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My paternal grandfather fought for Britain in the War, and on his return he took up business as a shopkeeper. He always seemed like a fairly rational fellow.

And indeed, rationed! – for food and petrol rationing continued for half a decade after the War ended. The wartime generation was fairly conservative and risk averse in its attitude to private debt.
His wife (my grandmother) was a successful dentist (imagine – a dentist in a country of Brits with all those bad teeth!) and when she retired she deposited 75£ in a post office savings account for me and an equivalent amount for each of my brothers.
75£ was a heck of a lot of money back then and it seemed an unthinkably large sum for a child. My brothers and I used to calculate how many lollies we could theoretically buy with it when we were old enough (hmm, what was I saying about bad teeth?).
When we were teenagers my father allowed us to spend the money as we saw fit (libertarian), on the proviso that we bought something of lasting value and not just lollies (paternalism).
He let us do what we wanted with it but just gave us a nudge in the right direction. My older brother went inter-railing around Europe with his windfall. I bought some new cricket gear with mine.  
Economics for many years has suffered from one glaring shortcoming: its underlying assumption that we as humans act rationally.
But we don’t. We all learned at school that fatty foods are bad for us, cigarettes can cause illnesses, alcohol is bad for our livers and so on. We should all exercise daily and eat our five fruit and veg.
In a rational world, if we put on weight, you’d think that we would take immediate corrective action, but as a nation, it seems to be otherwise.
I previously blogged about Adam Smith’s 'invisible hand' theory which was based largely on the assumption that people act as rational profiteers, and neoclassical economics was founded on the principals of rational human behaviour.  
Over recent decades, these failings were gradually realised, and a new field of behavioural economics sprung up in the 1970s, which studied the relationship between mind and body and what drives us to act as we do.
The pioneers of behavioural economics understood that humans do not act rationally and instead frequently use mental shortcuts in order to make decisions, perhaps at various times based upon past experiences, a bias towards favouring the status quo, following a herd mentaility or sometimes based upon how a situation is ‘framed’. We can be influenced by many biases.  
 
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 Anchoring is a cognitive bias which causes us to rely heavily upon the first piece of information we encounter when making decisions. The first piece of information is known as “the anchor”.  
Those with higher digits on their social security cards indicated that they would pay more, on average, for the bottle of wine. Similar tests continued to yield similar results. For example, in one test a group of people was asked to write the last two digits over their social security numbers. And then they were asked how much they would pay for a bottle of wine.  
The initial price offered for a car tends to have an unnatural bearing on the remainder of the negotiation, regardless of what the seller initially believed a fair market value for the car to be.
The most common anchor in share investment is the price which investors buy a parcel of shares at. Logically, once you own a parcel of shares intended for a long-term investment – tax issues aside – the price you paid for the shares should be irrelevant.
Instead, periodically the investor should consider the future prospects for the company and determine whether the shares held still represent good value by comparing to the market price last traded to the calculated value of the company.
Does this happen? Not often enough. Instead, most amateur investors become transfixed with the price which they paid for the shares.
If the share price has gone down since they bought in, they swear blind that they will not sell until the parcel of shares is showing an investment profit.
Unfortunately this is very often what catches amateur investors out. They allow the market value to fall and fall…and fall, until finally they can take it no more and sell out at the very bottom of the market.
By anchoring themselves to the price paid for the shares, they stop looking at the investment rationally by asking “would I buy shares in this company today?” and instead say “I’ll sell when I’ve made my money back”.
They delude themselves that a loss is not real until it is crystalised and thus jeopardise their entire investment account through this one act.
Think back to the example of the car I referred to earlier. It’s very similar when it comes to property negotiations. The first offer made for the property very often becomes the anchor for the remainder of the negotiation process.  
 
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The realisation that people do not act rationally is vitally important. It is no good for governments and central banks to set policies which work on assumptions of rational behaviour, such as, for example, allowing individuals to take on as much debt as possible. A rational person would not take on more debt than they could afford to pay back, and yet, people are not rational.
The implication of this is that we can expect policy makers to gently nudge us in a certain direction. Free markets are a great idea in theory, but in reality, policies will be put in place to manage consumer and individual behaviour.
The posh phrase for this is ‘libertarian paternalism’, more commonly known as ‘nudge economics’.
An example? Through the 1980s it was gradually realised that Australia was undergoing a major demographic shift and that our pension system was in need of reform.
In 1992, Keating’s Labor government introduced the Superannuation Guarantee legislation, which made contributions to pensions compulsory. It was considered to be in the best interests of the population to force contributions to be made.
Nudge economics is a delicate balancing act and dangerous in the wrong hands – where should governning bodies stop? Should they tell us how to spend our income and how much to save?
Should they tell us when and where we should buy a house? Should we be allowed to decide whether to give blood or should healthy individuals be compelled to do do? Should organ donation be compulsory? What about our health? Marriage? Our education?  
Our investment markets will be heavily impacted by policy decisions in the coming decades so it will pay to understand the motivations behind and the consequences of policy-making.
Central banks overseas have been engaged in heavy ‘printing’ of money which distorts share and commodity markets.
Australia’s property markets will be manipulated by central bank policies. The RBA will use low interest rates to stimulate dwelling construction, yet the Reserve will not turn a blind eye to asset price bubbles.
Meanwhile, APRA will keep a close eye on deposit growth and bank lending practices and ensure than standards are maintained. At the state level, first home owners grants will be used to ‘help’ buyers into the market.
When markets next weaken once more, rules restricting foreign ownership may be relaxed, and so on.
All of these issues distort the markets and ‘nudge’ vested interests and individuals in the desired direction. Now, if you’ll excuse me I’m off to calculate how many lollies I could buy for $10,000…
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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Economics has suffered from one glaring shortcoming, its assumption that we act rationally: Pete Wargent

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The Australian residential property market has recently been showing signs of improvement.
Investors and changeover buyers are being drawn back to the market following interest rate cuts and the positive outlook for housing.
Unfortunately, first-home buyers are missing out on the favourable environment due to  a number of reasons – stamp duty, the size of deposit required and ability to save for it, unemployment and underemployment concerns.
Recent changes to the first-home owner grant in all states and territories (except for Western Australia and the Northern Territory) have added to the uncertainty and impacted on the activity of first-home buyers in the market.
As part of the inter-governmental agreement (IGA) on the reform of Commonwealth/States financial relations signed in June 1999, all states and territories agreed to provide uniform financial assistance to Australians who are buying their new or established first-home through the introduction of the first-home Owner Grant.
According to the recently released QBE Lenders’ Mortgage Insurance’s (QBE LMI) 2013 Mortgage Barometer Report, 84% of first-home buyers believe property prices are close to reaching or are above what they can afford and 69% worry they will neverbe able to afford their own home (compared to 24% of all respondents).
Unfortunately, governments of most states and territories have made it much harder for first-home buyers to see their dreams realised. Table 1 (below) shows recent changes to the first-home owner grant.
<img alt="hawthornejuly25table1" height="328" width="470" src="/images/stories/2013/07/hawthornejuly25table1.jpg" style="display: block; margin-left: auto; margin-right: auto;">
As a result of the new policies, the Australian Bureau of Statistics’ figures for March 2013 show that first-home buyers are becoming an endangered species. 
Figure 1 (below) shows that in Australia, only14.2% of owner-occupier housing finance commitments in March were from first-home buyers – the lowest level seen since May 2004.
<img alt="hawthornechart2" height="226" width="470" src="/images/stories/2013/07/hawthornechart2.jpg">
Housing finance figures for April show that in New South Wales and Queensland (both below), where the grant ended in Octobe rlast year, first-home buyers made uponly 7.3% and 10.3% of the owner occupier market respectively with both states significantly decreasing their share in the total number of first-home buyers in Australia.
<img alt="hawthornechart3" height="212" width="470" src="/images/stories/2013/07/hawthornechart3.jpg">
<img alt="hawthornechart4" height="203" width="470" src="/images/stories/2013/07/hawthornechart4.jpg">
Two out of three first-home buyers in NSW and Queensland surveyed by the QBE LMI’s indicated the new policies made an impact on their purchase intentions.
With new arrangements aiming to stimulate building activity, it is too early to expect substantial positive results on the industry. REIA has been lobbying hard against the breach o fthe IGA, however we are still to hear what the Commonwealth will do.
Evgeniya Hawthorne is Research Officer for the <a target="_blank" href="https://www.reia.com.au/">Real Estate Institute of Australia</a>.
 
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First-home buyers left out as residential market improves: Evgeniya Hawthorne

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For many years now, I have suspected that I may well suffer from a very modern affliction. In fact, I think it’s so contemporary that no-one – not even drug companies which is highly unusual – have classified it yet. You see, I think I am suffering from OPSA – or Online Property Search Addiction.
Looking back, I think the first signs that I had developed OPSA were about seven years ago which also happened to coincide with a rather major event in my life. It also corresponded with the start of my employment at the REIQ, but I believe that’s just a happy accident rather than a situation that allows me to feed my OPSA and get paid at the same time too, which you have to admit is really a rather fabulous state of affairs to be in.
But the initial stages of OPSA were developed back in early 2007 when I was starting to search for my first home.  As is quite usual for a first-time property hunter, I spent hours trawling online for potential purchases before bothering to actually inspect any in real life.
Back then, though, my budget was very limited and I was also cognisant via working at the REIQ that the Brisbane, actually the majority of the Queensland, market was on cusp of a very serious up-turn. Needless to say I knew that time was of the essence.
Alas, it appears my reading of the market was known by most other buyers as well, because at every open home I turned up too there were queues, yep I said queues, of people waiting for the inspection to begin. Many potential first-homes were sold overnight.  Indeed many were gone before I’d even had a chance to ring the agent.
Given these extreme circumstances, my OPSA grew rapidly as I found myself searching online for more and more properties that might be suitable, let alone still available.
Then a change in circumstances meant my potential budget increased significantly thanks to my brother deciding he wanted in on the first home buyer action as well.
What that meant though was that I was soon exposed to a whole new variety of properties to merrily search through – I must admit my OPSA was very happy about that turn of events indeed.
Within a few weeks, we had finally found our first home but between that time and my next purchase some five years later I must admit my OPSA never really went away.
I would often find myself searching through online listings just for fun – even properties that were far too big or too small and especially those that I could never afford to buy unless I married Bill Gates.
But the reason why today I am admitting so publicly that I have OPSA, after seven long years of kind of hiding it from most people, is that over the last day or two I have noticed that it has reared its head most ferociously and the timing of such a re-emergence is curious to say the very least.
On Tuesday, July 16, my off-the-plan investment property finally settled some 18 months after I signed the contract for its purchase.
I must admit it has been an interesting, sometimes overwhelming, experience and the first I have completed on my own so my stress levels have been very unhelpful especially over the last two or so months.
I have said to all of my friends over recent weeks: “That’s it. I’m not interested in buying another property ever again” but I think I was actually trying to convince myself and not really them. And then, I found myself – almost daze-like – back on <a href="https://www.reiq.com/">reiq.com</a> searching for that elusive cottage, or perhaps even a two-bed apartment overlooking the river and I knew the time had at last arrived to come clean about my affliction.
I’m not too sure how I am supposed to treat OPSA (since it doesn’t actually exist) short of cutting off my access to any type of technology whatsoever and that’s really not an option at all.
No, what I think I’ll do after today’s momentous admission is recognise that OPSA doesn’t necessarily have to be a bad thing.
In fact, I think it allows us to daydream about the future, and to work steadily towards that Great Australian Dream of home ownership – perhaps just multiplied by two or maybe three.
Nicola McDougall is the <a href="https://reiqblog.com/" target="_blank" rel="nofollow">REIQ</a>’s executive manager of corporate affairs.
Image courtesy of Ronin McR and has been digitally altered.
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My name is Nicola, and I am an online property search addict: Nicola McDougall

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RP Data has researched the entry point price for the top 1 percent of apartments across the capital cities.
1. Sydney's top 1 percent of units begins at $2.11 million
2. Perth's was $1.63 million.
3. Melbourne's top 1 percent of units was $1.57million.
4. Darwin's top 1 percent of units was $1.5 million.
5. Brisbane's top 1 percent starts at $1.45 million.
5 Canberra's was $1.1 million.
7. Adelaide's was $1.08 million.
8. Hobart's top 1 percent of units kicks off at $1.03 million.
Source: RP Data News Ltd papers
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The top 1% of apartment sales across capital cities: RP Data

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More than a quarter of space (26%)  in Australand’s flagship Melbourne CBD office development, 357 Collins Street, remains vacant with the property group reporting an overall rise in its $1.1 billion office portfolio vacancy rate from 5.1% in December to 8.4% as of July.
The rise in the office vacancy rate was revealed as part of half-year results to June 30 with Australand after tax profits down 1%.
It is in line with CBD  office vacancy rates rising across Melbourne and othe capital cities with Jones Lang LaSalle recorded negative net absorption of -191,900 square metres in the June quarter and<a target="_blank" href="https://www.propertyobserver.com.au/office/national-cbd-office-vacancy-rates-rises-to-109-chart-of-the-week/2013071663287"> a rise in the national CBD office market vacancy rate to 10.9%.</a>
JLL recorded a 10% vacancy rate for Melbourne over the June quarter, the first time the city's CBD office market has moved above 10%  in the current cycle.
357 Collins Street, the redeveloped former stock exchange building, which stood empty for nearly two decades as the tallest vacant building in the city, was completed late last year.
It offers 30,000 square metres of office space plus a retail arcade and makes up 8.4% of Australand total investment assets, and around 17% of the total $1.1 Australand office portfolio.
Its major tenants are the Commonwealth Bank and specialist telecoms construction firm Service Stream, involved in a National Broadband Network joint venture project.
The office tower has a book value of $195 million and is 100% owned by Australand.
Other office building within the  Australand portfolio that have vacant space include the 17,000 square metre A grade building ‘F’ on Homebush Bay Drive in Rhodes, which has more than a third of its office space (37%) available for lease. It was completed earlier this year.
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