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“Minister Chanthivong and his team have shown real leadership in replacing an outdated two-year bond with cover that matches the lifespan of the buildings people are buying into.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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Anything other than an orderly correction in Australian house prices could spell trouble for Australia’s banks, an economist has warned.
Moody’s Analytics managing director and economist Tony Hughes says Australian housing “appears overvalued” and has warned of the experience in the US where the property downturn brought the “country’s banks to their knees”.
Hughes tempered his remarks, telling the Australian Financial Review that his report showed Australian house prices appeared “modestly, but not excessively” overvalued.
However, he warned against complacency given that Australia’s banks have the heaviest weighting to the local property market via home loans than any other banking sector in the world.
Home loans make up nearly two-thirds of the total lending undertaken by Australian banks compared to an exposure of around 35% among American banks.
The latest APRA banking figures for May provide a stark reminder of the extent to which the big four banks dominate the mortgage lending landscape.
Top of the pile is the Commonwealth Bank with a mortgage book worth $320 billion followed by Westpac ($297 billion), NAB ($196 billion) and ANZ ($178 billion).
By comparison, the fifth biggest mortgage lender, ING Direct, has a home loan book worth only $37 billion.
Hughes warns that this high exposure to home lending represents a “major concentration risk for banks and the Aussie economy”.
And while local analysts remain complacent in his view about this concentration risk, Hughes says international investors are concerned.
“When trends in Australian house prices are compared globally, the signs look worrying,” Hughes says.
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Australian banks at risk to “fickle” and “modestly overvalued” housing sector: Moody’s economist

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A new financial year begins this month and for some lucky people, it may bring a handsome income tax return along with it. If you are expecting a nice return and intend to add this to, or make a start to, a deposit for your first property purchase, well done!
Whether it be that first home purchase that you hope will leapfrog you into an investment career, or making that first property buy an investment, as you save for your deposit over the years leading up, you’ll have plenty of time on your hands to prepare. As you get within a few months of your target property purchase time; the due diligence and research you need to conduct ramps up considerably.
But what if you are still a year, two years, or further, away from purchasing? Other than saving the money in your bank account, there is plenty that can be done, so today I’ll cover off some basics that you should really be doing in this slow build-up. <a imageanchor="1" href="https://1.bp.blogspot.com/-zwd_PXqYuuE/Uc6Nf3c9l2I/AAAAAAAAAf8/ijz839PsA4g/s850/Buying+your+first+property+home+investment+in+Australia+tips+to+help+you+save+more+deposit.jpg"></a> Credit history – Sort out those credit cards and personal loans Though you may be more than twelve months away from applying for a mortgage, it is important you start to build a positive credit rating, and for two reasons:
-          Firstly, if you have several credit cards, a personal loan, and any outstanding unpaid debts or bill, you can imagine how poorly this reflects on your credit history, and restricts your borrowing capacity if you still have all these overheads when you make your application. Against some popular belief though, sometimes having just one or two personal debts (like a single credit card or modest personal loan) that features a diligent (never late; and where possible; beyond making the ‘minimum repayment’) and sterling payment history. This can be good evidence of a committed repayment-maker, and may work favourably for some applicants.
-          More importantly though; if your property goals are very ambitious and you perhaps have not formed good spending and saving habits, now is a good time to reign that in and take stock of your self-discipline and self-restraint. Having entered my thirties recently, I have become a much more disciplined and well-budgeted individual compared to my early twenties. These days though, it is not uncommon for young Australians in their late teens and early twenties to develop property ambitions early on. I purchased my first property when I was twenty-five and I can tell you, in the two years or so leading up to that achievement, I really had to take stock of credit card debts and begin showing an evidenced savings approach. It is important to do this to avoid future disappointment.
 
Mortgage Broker – Get one to do a borrowing capacity check now, even if you do not use them Most mortgage brokers effectively work ‘for free’ to their client. Like some ‘no win, no fee’ solicitors, mortgage brokers typically only get paid for their service as a commission from the lender once you are unconditionally approved for, and take up, a mortgage with a lender.
However, lenders offer so much more than just helping with the process and finding you the best rates/package features in the market.
Lenders have access to software that allows them to do a run across dozens and dozens of lenders, using your personal data, to give a pretty precise ‘maximum lend capacity’ for each of the lenders. Also, they will identify which lenders, after considering your current (or future-predicted) financial situation, will flat-out refuse to lend to you (or lend to you an amount or a product that does not work for you).
So contact a broker now, give them either your current financial situation/current deposit amount, or a future-predicted situation in twelve or more months’ time and have them run their report on who will lend to you, and by how much. Sometimes the results are startling – and this can be positive or negative.
If the amount you had in mind is nowhere near the reality of even the most generous lender’s maximum lend rate, it could be a time to reassess your goals or rethink your first purchase strategy. Conversely, if your aspirations are more conservative, you may be pleasantly surprised by how much various lenders will give you, assuming a certain set of personal circumstance variables.  <a imageanchor="1" href="https://3.bp.blogspot.com/-3JLIr19tu-8/Uc6NfuN6SuI/AAAAAAAAAgA/zmQLdN9t-RU/s500/Saving+for+your+first+house+purchase+Australia+research+how+to+save+for+your+first+property+and+tips+and+tricks+to+do+this.jpg"></a> Develop a ‘property needs assessment and usage over time’ document This does not need to be ‘War and Peace’. Rather it should simply be a bullet-pointed word document that forms the plan for how you intend to you use this property over time and what the ‘must-haves’ for this property are. This is really just to ensure you form a plan and stick to it.
It is no good saving up for a modest apartment to use solely as an investment property; then twelve months down the track when your savings goal is achieved, you throw the plan out the window and decide you want to by a lavish home to live in instead. This will throw back to the drawing board, right at the time when you should be ready to act/execute on all of the planning and due diligence you’d done.
This could see you making hasty or foolish buying decisions in light of an inconsistent or poorly kept-to plan.
This comes back to what I mentioned earlier about developing self-discipline. It is important to have goals and stick to them. The other element of this plan is how the property will be used over time. Though I am a big advocate of purchasing property for a single use (say, home or investment) and not detouring from that usage, I have made exceptions to this for a couple of property purchases over the years too.
So this plan will look very different depending on whether it is bought as a home or as an investment. Here is a shortlist of questions to consider answering, in writing your list:
Home purchase: -          Is it a starter home? I.e. something modest that you’ll have for just a few years, then upgrade when you have the means to move into a bigger/more expensive home. -          Will it always be a home? I.e. will you sell it to move to a bigger home, or keep it as an investment, thereby changing the property usage? If so, have a think about what the ramifications of this will be, before you buy. -          Are you looking for a home that is established, renovated already, with not a thing to do? Or, are you looking at taking something on that requires a bit of work over the first few years, to bring up to scratch?
Investment property: -          What is your risk profile? Identify how much risk you are willing to take on and this will usually dictate the area, type of dwelling, and overall investment you pursue. -          Is this the only one? Do you just want one investment that you can keep over the years and pay off over time, so you have it as a revenue-stream when you retire? Or is this the first of what you want to be many investment properties? Think about the consequences. -          Depending on how you answer the above question; what are you seeking most from this investment – capital growth (the property increasing in overall potential sale value over time), or rent return (where the monthly rent more than pays for all expenses and produces you positive income each month).
In a utopian world, we’d all be buying properties that can do both; but this is often a challenge to find! Particularly for your investment property you may be better off pursuing on type of return initially.
Investors who are content with buying one property only typically focus more on capital growth over time. Portfolio-builder on the other hand will sometimes value rental return more; as it can enable them to have good enough cash-flow to progress to their second purchase and beyond.
 
Educate yourself – You need to do this proactively; wisdom is rarely imparted, rather it is requested You have plenty of time up your sleeve while you are saving, so it is time to school up! Be like an interrogator with information that comes to you. Some would-be buyers take a passive approach to this, casually overhearing conversations with friends, or flipping through a magazine and a story on property happens to come up.
Whilst this can be nice to get a feel for the climate, this is not proactive research. Proactivity means you need to seek out independently, the answers that matter to you, rather than being influenced by other people’s casual conversations or news-grabbing dramatic headlines about the property market/industry.
Even as you read this article; ask yourself – ‘did I casually stumble upon it and read it because I was bored?’ Or were you actively Google-searching something like ‘how to buy your first house’ or something similar? Once you have written your word document above, you’ll have lots of questions you’ve created for yourself.
Pursue these answers proactively and independently; and do not be afraid of being taken on a tangent every time you learn something new (I.e. you open a second browser window to search about something you read in the first browser window!).
As I say above, I believe that wisdom is rarely imparted, rather it is requested. In the end though, the key to planning a successful first property buy – be it home or investment – is to remain active.
Do not become passive and do not push out all of your pre-purchase tasks as ‘things I can do later’. Instead of using your feet to toe-tap and wait for information and opportunities to come to you, use your feet to hit the pavement and start preparing. The key to a successful purchase – and especially to a successful property investment – lies in proactivity and planning, so get started now!
Cameron McEvoy is a NSW-based property investor and maintains a blog, <a target="_blank" rel="nofollow" href="https://propertyspectator.blogspot.com.au/">Property Correspondent.</a>
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Taking the first steps towards your first home: Cameron McEvoy

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The role of human sentiment in the economy is important – it creates market momentum, but the sentiment itself doesn’t always stick to the data.
In 2011 and 2012, consumer confidence was low and in most cities house prices dropped. But our unemployment was the envy of the developed world, interest rates were falling, inflation was tame and exports were booming.
The data said ‘boom’ but Australians didn’t have the confidence to buy houses.
In the most recent surveys, we’re again seeing a mismatch of sentiment and data.
Take house prices. In the June RP Data-Rismark Home Value Index, the average capital city house price rose a healthy 1.9% in the month, and recorded a financial year rise in house prices of 3.8% across the eight capital cities.
It’s not a boom, but the trend shows confidence.
In the NAB Monthly Business Survey, confidence among business owners actually rose in June so there are now as many optimists as there are pessimists.
However, while consumer and business owner confidence was fairly good in June, the business data in the survey was terrible.
In terms of forward orders, prices and unused capacity, Australian businesses went backwards in June. Business conditions were at their lowest since May 2009 and the sectors hurting the most were retail, mining and manufacturing.
In other words, sentiment was picking up while the economic data started going backwards, just as in 2011-12 sentiment was low during solid economic data.
What are households and business owners supposed to do with this clash of information?
My advice is to always control the controllable things and stay informed about the big picture, rather than be overwhelmed by it.
For instance, if you own a manufacturing business and the news is all about how energy prices and the collapsing mining boom is hurting your industry, there is not much you can do about it.
But you can cut costs in your business and use historically low interest rates to finance new technology, fund an expansion or refinance expensive debt.
In your household you may be reading about a coming period of economic pain and the recent rise in unemployment.
You can’t alter the information but you can put some savings aside, ensure security for your job and pay down debt. Work with what you’ve got, and that includes some very low fixed mortgage rates.
There’s also your attitude, which is another thing you can control: beware of the exuberance of optimism and the panic of fear. Both will lure you into bad decisions, and bad decisions will bring you undone faster than any economic data.
As I write this, the International Monetary Fund has downgraded global economic growth. At the same time, Wall Street booms: the Dow Jones Industrial Average is currently 1,000 points higher than it was at the height of the boom in 2007.
So, does human confidence hang-on in spite of economic predictions? I would love to know what you think.
Mark Bouris is executive chairman of <a target="_blank" rel="nofollow" href="https://www.ybr.com.au/">Yellow Brick Road</a>, a financial services company offering home loans, financial planning, accounting and tax, and insurance.
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It’s not a property boom, but the trend reflects confidence: Mark Bouris

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Nearly three out of five Australians expect house prices to rise by just under 10% over the next 12 months as optimists continue to significantly outnumber pessimists on the short term outlook for the property market.
The results are part of the quarterly Westpac-Melbourne Institute Consumer House Price Expectations Index, which fell from 53.9 in April to 46.9 in July.
The latest  index records a small drop in the proportion of respondents expecting house prices to rise over the next 12 months from 62% in April to 58.6% in July.
Nearly a third of respondents (30%) expect house prices to remain stable over this time period with the proportion of people expecting house prices to fall, rising slightly from 8% in April to 12% in July.
Expectations are strongest in NSW with over two thirds of consumers expecting prices to rise.
The chart below shows how the house price expectations index correlates with and anticipates to a degree actual changes in house prices, as well as the recent softening in outlook.
<img src="/images/stories/2013/larry_uploads/westpac_house_price_index.jpg" width="470" height="215" alt="westpac_house_price_index">
The results are published in the Westpac Red Book and follows the<a target="_blank" href="https://www.propertyobserver.com.au/economy/consumer-sentiment-downbeat-compared-to-same-time-last-year-westpac-index/2013071063147"> monthly consumer sentiment survey</a> which found overall sentiment unchanged in July with optimists just outnumbering pessimists.
However, the sub-index tracking views on “time to buy a dwelling” fell sharply by 8.4% in July, foreshadowing the drop in house price expectations.
Despite the small downward adjustment in expectations over the  July quarter, Westpac Red Book author and senior economist Matthew Hassan says the ‘up: same: down’ mix of '58:30:12' is signi?cantly more positive than the '47:32:21' reading averaged in 2012.
“Although there is a clear consensus that prices will rise, few expect double-digit price growth with just 8% expecting a 10% plus rise," says Hassan.
“Dwelling prices often surprise though.
Prices rose 3.9% in the year to June – a gain over half of consumers did not anticipate.
“Conversely prices were weaker than expected in 2011-12 with only 22% of consumers correctly picking the 2.6% decline."
The Westpac index found some notable shifts in state sentiment with house price expectations taking a big knock in WA, falling from a “very bullish” +82 in Apr to a much lower but still positive +41 in July.
<img src="/images/stories/2013/larry_uploads/westpac_house_price_index2.jpg" width="470" height="222" alt="westpac_house_price_index2">
In WA, a less positive view on house price outlook, may see some cooling in WA’s housing market which outperformed in 2012-13, notes Hassan.
“This looks to be more than just a mining story with expectations in Queensland tracking in the opposite direction (up 15 points).
“Price expectations are now closely clustered with little separating consumer expectations in Queensland, Victoria and WA.
“Only NSW stands out as more bullish on prices, with over two thirds of consumers in NSW expecting prices to rise,” says Hassan
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Optimists outnumber pessimists on house prices despite drop in sentiment: Westpac Red Book

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You’d be hard pushed to find a first home buyer shopping in our largest capital cities, who had not been outbid by an investor over recent times.
The ABC has been running an interesting and somewhat anecdotal study on the <a href="https://www.propertyobserver.com.au/https://www.abc.net.au/news/2013-07-08/cost-of-living-weighs-on-minds-of-australians/4804728">cost of living</a> pressures for a range of ‘typical’ household types across Australia, assessing how they perceive and experience the current headwinds facing our population, in what’s broadly considered to be one of the most expensive countries to live in the world.
According to the IMF, we sit within the top ten of per capita GDP data and PPP (purchasing power parity) data making us officially ‘very well off’ – and whilst both are pretty poor in appraising what’s really happening compared to the perceived on paper analysis which dictates what we should be feeling, ask any economist and they’ll relate a similar story.
Ben Phillips from the National Centre for Social and Economic Modelling (NATSEM), has been studying cost of living pressures over the last decade and concluded Australian households are doing exceptionally well, and any poll boosting political speak suggesting we’ve never had it tougher is a furphy.
His analysis is based on our golden years of growth during which strong and growing incomes have outpaced the official inflation data which has stayed within the RBAs preferred range of 2 to 3 per cent over the past 10 or 20 years, leaving Australian’s ‘a long way ahead of their cost of living’ – which is a lot different from the rhetoric we commonly hear expressed, he concludes.
According to the study, we just ‘think’ the cost of living has increased. 
And here’s the Roy Morgan graph <a href="https://www.propertyobserver.com.au/https://www.abc.net.au/news/2013-07-08/household-expenses-graph/4802030">to prove it</a>.  
No doubt, for a proportion of Australians this is a reality.
However, it’s more likely to be the proportion of our population that entered the property market early and have subsequently offloaded much of their housing costs whilst still earning and investing - or higher wage family units living within their means.
Because, not surprisingly, by far the largest complaint from the ABC study and other such reports assessing similar concerns, is the escalating cost of accommodation and the lack of suitable well located options for those who have a view to entering the property market should they be able to achieve the relatively mammoth task of saving a deposit on the median disposable household income which is around $43,000 for a single person.
(For those wanting a deeper analysis of typical household incomes, I highly recommend Mat Cowgill’s blog <a href="https://mattcowgill.wordpress.com/2013/05/13/what-is-the-typical-australians-income-in-2013/">What is the typical Australian’s income in 2013?</a> or <a href="https://grogsgamut.blogspot.com.au/2013/04/what-is-median-australian-income">Grog’s Gamut</a> which follows a similar line and sheds light on the broadening gap between the different income percentiles.)
One mistake made when assessing affordability, is to concentrate only on the principle cost of the home – calculating the percentage of income needed to service the repayments – which is usually appraised next the widely considered 30 per cent of disposable income manageable bench mark.
 
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However I sometimes think a better assessment would be to take into account what’s left over post housing costs, and whether it’s enough to afford the actual non Consumer Price Index cost of living which all would agree has escalated considerably.
It’s not only commodity prices that have spiked such as gas and electricity but an overload of other essentials such as insurance premiums, housing maintenance costs or owner corporation fees, school fees and child care for working mothers, medical and dental expenses and so forth - transport costs are substantial for those commuting daily as are the needs’ of a modern generation who enter commission/performance based jobs which expect them to have 24 hour access to mobile phones and email.
Obviously, for a lower income individual, there’s far less in the pot once the 30 per cent has been extracted than would be the case for higher income workers. But once the bank has taken their share of principle and/or interest repayments, or tenants have paid their rent, which the ABS assess to be a similar percentile income proportion to accommodation costs serviced by mortgage holders, it’s the remainder that’s needed to service the other ‘not so cheap’ requirements of modern day living that’s an increasing area of concern, as cited by organisations such as <a href="https://www.shelter.org.au/">Shelter.</a>
For duel income households, the expenses can be shared, however single buyers would need at least $350,000/$360,000 to purchase within commutable distance of our major capitals – the job hubs of Australia, and even in our current low interest rate environment with variable rates around 5.5 per cent, on a median income of around $40,000, buyers are priced out unless they have additional assistance from friends or family.
From the participants surveyed as part of the ABC report, a range of comments reflected these concerns, yet one prominent cry which I hear expressed from many first home buyers, is resentment towards investors – or as the ABC case study put it, “people” that;
“have three or four homes who are going into that market because they're earning money and getting a lot more profit on it..” leaving a “lot of my friends say(ing) that they think 'I'll never own a house, I'll never be a home owner, it's too expensive”
If you ask any non home owner if they would like own a property, 9 out of 10 would say yes – yet most accept they will need a period of renting prior to purchasing, so you could ask – Why the resentment against the investor, the majority of which, only own one or two investment properties, not the 3 or 4 cited above?
To answer the question, we need to assess whether investment into the property market has aided the first home buyer, or hampered their journey into ownership – the latter of which is this demographics’ majority view.
To date, house price increases have been primarily fuelled by households taking on an increasing proportion of mortgage debt – debt which outpaced both wage rises and inflation for the same period.  
At the same time investment into property was broadly encouraged through various government incentives, such as negative gearing and reductions in capital gains tax – and most recently, the ability to borrow and buy real estate as part of a SMSF.
Currently, investors make up a little over 40 per cent of Australia’s buying market with scant information on the percentage of foreign acquisitions.
The number of landlords lodging a tax return in 1991 was 750,000 – compared to the latest data of 1.8 million in 2011.
The increase in outstanding investor mortgage credit since May 1993 is 1970% compared to 837% for owner occupied housing (Macro Business.)
Yet with all our initiatives to boost the share of private investment into the property market under the misleading concept that it would somehow lower demands for social housing and provide a greater array of options for renters, the shameful fact remains that it has done little - if anything - to increase supply.
Loans to investors for the purchase of new property come in at less than 5 per cent – which essentially means, the vast majority of Australia’s buying market – over 90% - competes for a reducing pool of second hand dwellings.
Apartments are generally considered the ‘foot through the door’ property type that attracts a younger ‘first home buyer’ demographic. However, the bulk of inner city established unit and apartment stock is investor owned, (close to 70% in some localities.) Therefore, both typically compete for the same property types within a similar price bracket.
 
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Most investors are speculating on capital gains and employing a negative gearing strategy which promotes speculation into established terrains and a ‘hold for the long term’ mentality.  As a consequence, unit holding periods over the past decade have increased 39 per cent (RP Data) which further promotes a ‘bottle neck’ of demand.
And we’re not alone, a recent study in the UK by the <a href="https://www.strategicsociety.org.uk/">Strategic Society Centre</a> notes similar figures - with the number of private landlords as a proportion of the population more than doubling between 1991 and 2008.
The study has caused an outcry due to the large disparity between owners and renters, which they cite as an ‘enormous financial gulf’ with calls for a massive increase in additional supply to attract new owners.
Unfortunately, the only option considered has been an injection of easy credit by way of the UK’s Help to Buy scheme which will produce inflationary elements into the market and further hamper affordability.
First home buyers in the USA are also struggling, with reports of cash only investors soaking up large swathes of affordable family homes in city locations.
As just one example, close to a third of all homes purchased in LA during the first quarter of 2013 went to cash only buyers, compared to just 7% in 2007. First home buyers and families simply can’t compete.
In Sydney, investors make up roughly 50% of the buying market – and with the level of residential property listings falling to 2009 lows which accounts for a 23.1% yearly decrease in stock (SQM), it’s no wonder that the proportion of first home buyers in NSW sits below 5% – a shameful statistic.
I still regularly hear industry professionals talking up property investment to their clients, speculating on an 8% to 10% annual return as was the case for those that purchased prior to the spending spree which spurred accommodation costs to an all time 2010 peak.
However to continue on such a trajectory would take the average nominal apartment price in our two major capitals close to, and over a million. If you think getting a foot into the housing market is tough now – it will be nigh on impossible if the wishes of those benefitting from swelling property prices get their way.  In all honesty – if anyone spruiks this mantra to you – walk the other way.
Of course it’s not just investment into property that has played a part in prices being as high as they currently remain – a comprehensive study would bring many other issues to light, with significance given to reducing the inflationary elements around the limited supply of established accommodation whilst at the same time, exploring new ideas to massively boost infrastructure investment into regional and fringe locations which would aid an increase of demand in the construction sector.
Yet it remains, that the capital cost of property for initial owners in areas where they are feasibly able to live whilst servicing a combination of other essential necessities is out of bounds for a significant proportion and as far as perceptions go, you’d be hard pushed to find a first home buyer shopping in our largest capital cities, who had not been ‘outbid’ by an investor over recent times.
Despite the higher interest rates, for those who purchased in the late 90s or start of the 2000s, a cheaper capital cost although not easier to service, allowed the principle to be paid down at a faster rate than the longer mortgage terms required for the higher nominal capital prices which sit at peaks in today’s market and over the course of the loan, require the borrower to pay back substantially more.
The risks of taking on a higher proportion of private debt despite our low interest rate environment should not be discounted simply because the serviceability of those expenses is assessed to be ‘affordable’ – yet to get into the market, this is precisely what we are asking first home buyers to do.
Investors are an important sector of any residential property market – and should not be blamed for making efforts to secure their financial future.  Instead, we need to look towards our Governing powers that have the political clout to level the playing field.
As those who have their heads out the sand are aware – Australia faces some significant headwinds over the next decade and even with modest improvement of first home buyer figures in the latest ABS finance data – no doubt buoyed by the rush to enter prior to grant withdrawals – it remains to be seen whether we can start producing any long term sustainable solutions for this sector.
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Property investors should not be blamed for the housing unaffordability: Catherine Cashmore

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Historically real estate markets never over–perform during elections so it comes as no surprise consumers are confused and frustrated as Australia endures the longest election period ever seen before.
Given September 14 has now been ruled out (following its February announcement) it is anyone’s guess when Australia is headed to the polling booths.
This was confirmed by the Melbourne Institute and Westpac this week when they announced consumer sentiment had edged down by 0.05 % in July from June, when it rose 4.7%.
There is a very strong and loud argument that the upcoming election must be held sooner rather than later, given such delays historically impact consumer sentiment and furthermore stall the economy from natural growth.
The unemployment figures were released this week to reveal that the rate rose to 5.7 % from an upwardly revised 5.6% in May which is the highest level since September 2009. The true unemployment figure is actually 13% which was also revealed by the Australian Bureau of Statistics (ABS) this week.
This new analysis combines the official unemployment rate with “discouraged” jobseekers, the “underemployed” and those who want to start work within a month, but cannot begin immediately. This new analysis is much more accurate than counting people as employed should they work more than one hour a week.
The ABS report shows the labour under – utilisation rate fell steadily between 2001 and 2008 but “increased sharply” when the global financial crisis hit in 2009, from 10.6 % to 14.3%.
So it would be fair to assume that in 2013/14 the Australian economy won’t be setting any growth records given it’s becoming very clear that the mining industry has peaked and our economy adjusts. The Fairfax Media half–year economic survey identified that the Australian economy is unlikely to reach its official growth forecasts. The survey was compiled from the views of 27 economists.
<a href="https://www.rwm.com.au/wp-content/uploads/2013/07/6-07-2013-10-35-21-AM.jpg"><img height="264" width="470" src="https://www.rwm.com.au/wp-content/uploads/2013/07/6-07-2013-10-35-21-AM.jpg" alt="6-07-2013 10-35-21 AM"></a>
 
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Here are the findings:
<ul>
<li>
The panel is far less optimistic about export prices. While Treasury predicts that the terms of trade – the ratio of export prices to import prices – will largely hold its ground in the next 12 months, declining only 0.8 per cent.. The panel predicts it will fall by 4.9%, implying further pressure on Australia’s high – cost mines.
</li>
<li>
The budget assumed that the peak of the mining boom is still ahead, tipping business investment to rise a further 4.5% in 2013-14, generating an extra $12.5 billion of output. Since then, the March – quarter national accounts have shown business investment peaked last September, making the panel far more pessimistic On average, the panel forecast business investment to decline by 0.6 %in 2013 – 14, cutting $1.5 billion off the nation’s output. After a decade in which business investment grew on average by more than 10% a year, that would be a dramatic change, especially in the resource states.
</li>
<li>
Treasury budget forecasts assumed that lower interest rates would reignite consumer spending, which it predicted would grow by 3% in 2013 – 14. Again, recent data suggests the ‘green shoots' celebrated in January and February have withered since. The panel is less sanguine than the budget, on average tipping consumers to buy only 2.4% more in 2013 – 14 than they did last year.
</li>
</ul>
Interesting to see what happened to Mosman apartments for the period 1 January 2013 to 30 June 2013 then compare the results to the same period in 2012. Only a minimal change which confirms our previous predictions that prices overall remain in a holding pattern.
<ul>
MOSMAN APARTMENT SALES TO 30 JUNE 2013
<li>
Total Number of Sales – 191
</li>
<li>
Total Value Sold – $181,629,964*
</li>
<li>
Median Price – $722,500*
</li>
<li>
Average Price – $950,942*
</li>
<li>
Auction Clearance Rate – 66%
</li>
<li>
Adjusted Clearance Rate – 58%
</li>
MOSMAN APARTMENT SALES TO 30 JUNE 2012
<li>
Total Number of Sales – 216
</li>
<li>
Total Value Sold – $186,321,820
</li>
<li>
Median Price – $661,500
</li>
<li>
Average Price – $862,601
</li>
<li>
Auction Clearance Rate – 37%
</li>
<li>
Adjusted Clearance Rate – 26%
</li>
</ul>
*Denotes this figure will increase as Confidential Prices are recorded.
Who would have thought that Mosman houses would for the very first time since we started recording this data drop below 60 houses on the market? Again, (I keep saying this) it will be interesting to see how low this figure goes as we don’t anticipate to see increased stock levels until early – mid August.
Source: Australian Property Monitors
<ul>
MOSMAN – 2088
• Number of houses on the market this time 2012 – 70 • Number of houses on the market last week – 63 • Number of houses on the market this week – 59 • Number of apartments on the market this time 2012 – 83 • Number of apartments on the market last week – 54 • Number of apartments on the market this week – 54
CREMORNE – 2090
• Number of houses on the market this time 2012 – 9 • Number of houses on the market last week – 7 • Number of houses on the market this week – 7 • Number of apartments on the market this time 2012 – 18 • Number of apartments on the market last week – 14 • Number of apartments on the market this week – 15
NEUTRAL BAY – 2089
• Number of houses on the market this time 2012 – 14 • Number of houses on the market last week – 9 • Number of houses on the market this week – 5 • Number of apartments on the market this time 2012 – 54 • Number of apartments on the market last week – 36 • Number of apartments on the market this week – 34
</ul>
It’s that time of the year where I take a couple of week’s break so hopefully Steve and Richard will write the weekly editions in my absence. Hopefully, early next week we will roll out our latest media platform which has some amazing new technologies. I must admit one of the most exciting parts of running a big online platform is reinvesting into smarter and newer technologies.
After all – media platforms are all about pleasing and enticing the consumers.
Robert Simeon is a director of <a target="_blank" rel="nofollow" href="https://www.rwm.com.au/" title="RWM">Richardson  Wrench Mosman and Neutral Bay </a>and has been selling residential real estate in Sydney since 1985. He has also been writing real estate blog <a target="_blank" rel="nofollow" href="https://www.rwm.com.au/news/" title="Virtual Realty News">Virtual Realty News</a> since 2000. The RWM real estate model has sold in excess of $1 billion in database sales globally.
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robertsimeon-hRNTwJyXkQ

Consumers frustrated by the longest election period ever seen: Robert Simeon

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RP Data has researched the entry point price for the top 1% of homes across the capital cities.
<img src="/images/stories/2013/07/NUMBERS/numberonejuly11.jpg" width="35" height="44" alt="numberonejuly11"> Sydney's top 1% of homes begins at $3.3 million
<img src="/images/stories/2013/07/NUMBERS/numbertwojuly11.jpg" width="35" height="41" alt="numbertwojuly11"> Melbourne's top 1% of homes was $2.3 million.
<img src="/images/stories/2013/07/NUMBERS/numberthreejuly11.jpg" width="35" height="46" alt="numberthreejuly11"> Perth's was $2.29 million.
<img src="/images/stories/2013/07/NUMBERS/numberfourjuly11.jpg" width="35" height="45" alt="numberfourjuly11"> Darwin's top 1% of homes was $1.73 million.
<img src="/images/stories/2013/07/NUMBERS/numberfivejuly11.jpg" width="35" height="38" alt="numberfivejuly11"> Canberra's was $1.7 million.
<img src="/images/stories/2013/07/NUMBERS/numbersixjuly11.jpg" width="35" height="41" alt="numbersixjuly11"> Brisbane's top 1% starts at $1.57 million.
<img src="/images/stories/2013/07/NUMBERS/numbersevenjuly11.jpg" width="35" height="42" alt="numbersevenjuly11"> Adelaide's was $1.45 million.
<img src="/images/stories/2013/07/NUMBERS/numbereightjuly11.jpg" width="35" height="37" alt="numbereightjuly11"> Hobart's top 1% of homes kicks off at $1.03 million.
Source: RP Data News Ltd papers
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po-LsXgBTHBmX

The top 1% of house sales across capital cities: RP Data

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Cute as a small button, but likely to be bulldozed.
There was a $1.26 million sale at North Curl Curl amid the weekend auctions of a classic two bedroom, one bathroom beach cottage.
The 76 square metre house that sits on a 310 square metre <a href="https://www.propertyobserver.com.au/https://www.raineandhorne.com.au/deewhy/properties/287055" target="_blank">6 Surf Road </a>block was listed by Lauren Haines at Raine &amp; Horne Dee Why.
It has views over the adjacent Flora Reserve towards the beach and ocean.
The revamped classic beach house sits on 311 square metres of level land.
"Move straight in and plan your next home, rent it out, or just enjoy this beach house in this magical position as it is," the marketing said.
The<a href="https://www.google.com.au/maps?q=&amp;layer=c&amp;z=17&amp;iwloc=A&amp;sll=-33.763072,151.296099&amp;cbp=13,280.0,0,0,0&amp;cbll=-33.763113,151.296381&amp;ei=kKXgUcCaMOuwiQehy4HoAQ&amp;ved=0CCsQxB0wAA" target="_blank"> Google streetview </a>shows what's likely to come by way of second floor.
There were eight registered bidders at the on-site auction.
It last sold at 385 pounds in 1954.
There had been sales along Surf Road of up to $1.8 million in previous years.
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jchancellor-FAypfDUnLy

Classic North Curl Curl beach house sells for $1.26 million

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There are 305 scheduled weekend auctions across Sydney this weekend, up from last weekend’s 289, according to Australian Property Monitors.

The numbers are even higher than the 262 auctioned over the same weekend a year ago. 

Sydney’s south will be the busiest region with 59 scheduled auctions including five in Sans Souci and Bexley.

The inner west has quitened down a little with 43 auctions scheduled, compared to the 62 properties last weekend.

The city and east has 34 auctions scheduled with the upper north shore having 27.

Hurtsville with seven auctions is the busiest suburb this weekend, followed by six in Surry Hills.

Last weekend’s strong auction clearance rate in Sydney was 77.5%, almost identical to the previous week at 77.4%, the APM senior economist Dr Andrew Wilson noted.

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Sydney’s south will be Sydney's busiest weekend auction region

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The development of the airspace above Sydney's central station has been proposed by the NSW Government continuing the State Government's asset sales program.
The NSW Minister for Planning, Brad Hazard has <a href="https://www.planning.nsw.gov.au/StrategicPlanning/CentraltoEveleighcorridor/tabid/669/language/en-US/Default.aspx" target="_blank">unveiled a concept plan</a> shows a cluster of high-rise buildings over Central station platforms stretchingthe corridor between Central and Eveleigh and along the Belmore Park perimeter.
Click to enlarge
<a title="Click to enlarge" href="/images/stories/2013/07/centralstationjuly12one.gif" rel="shadowbox"><img src="/images/stories/2013/07/centralstationjuly12onethumb.gif"></a>
They will have high rise buildings above the tracks emulating previous localities including Edgecliff, Chatswood and Kogarah.
"This is a golden opportunity Sydney can offer up," he said.
It was dead space which could become a new heart of Sydney over the next 10 to 15 years, he added.
Brad Hazzard said it was an urban renewal opportunity unrivalled anywhere in Australia.
Click to enlarge
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"We believe there is the opportunity for a world class redevelopment of the corridor on a scale that reflects Sydney’s global city status," he said.
"Similar models have been successfully implemented in New York, Paris and London.
"By building above the rail lines and on underutilised land we can potentially make available more than one million square metres of new floor space - double the size of Barangaroo."
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