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“Minister Chanthivong and his team have shown real leadership in replacing an outdated two-year bond with cover that matches the lifespan of the buildings people are buying into.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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Property developer Greg Shand has purchased the NSW Leagues Club building in the Sydney CBD for $15.5 million.
The building runs between Phillip and Elizabeth streets and will retain current tenant, Travelodge until 2050, with a 49-year option.
The club originally took two strata to the market, floors six to nine and levels B1, B2, three, four and five and had intended to retain Ground Elizabeth Street, Ground Phillip Street and levels one and two.


Due to strong interest it sold the entire building and leased back Ground Elizabeth, Ground Phillip and levels one and two for a term of three years. 

Collier’s International agent Jon Chomley said they faced many challenges in the sale of the building.

 
“The marketing process was challenging due to the long term lease back to the Travelodge, the club wanting to remain in the premises and preferably own their floors and the issues around the age of the building,” he said.

The club received four offers for the strata and five for the entire building, with two bids being false starts as the groups could not support their prices.


Greg Shand is chief executive of the Barana Group real estate and investment company, which currently has an investment portfolio of $450 million, with investments in Australia, the UK, Japan and Continental Europe.
  

<a target="_blank" href="https://www.propertyobserver.com.au/leisure/novotel-st-kilda-snapped-up-by-greg-shand-s-barana-group/2012090656449">In September last year</a> the group purchased the Novotel St Kilda hotel in Melbourne for $55 million, at a yield of 8%.
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Property developer Greg Shand's Barana Group makes $15.5m Sydney CBD purchase 

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Highlighted by the increased proportion of homes selling for more than double their initial purchase price, a survey of First National estate agents has found that 48% expect property prices to rise.
However it is unlikely there will be any solid upturn in house prices before 2015, due to cautious spending and borrowing behaviour, the survey found.
The First National Real Estate 2013 Property Market Outlook Mid Year Outlook, released today, surveys the 400-plus member network and draws on their experience at a grass roots level, providing insight to what they anticipate the market will do in their area for the rest of the year.
‘’Our members are expecting the second half of the year to strengthen even further, with the revival experienced in the first half continuing,” says First National CEO Ray Ellis.
“Although pockets of our membership anticipate soft trading conditions for the next few months, a clear majority is optimistic that the federal election will bring a change of government as well as a positive change in their property markets.”
Interest rates are expected to remain low for some time, with 51% of members expecting them to fall further.
The report highlights the impact of ongoing low interest rates on fixed rate mortgages, which are expected to become more popular with home owners over the coming six months, according to 86% of members, with some saying home buyers may hold off longer, expecting rates to fall further still.
“The challenge of low interest rates is that they could lead to a quicker than expected rise in house prices as households take on higher levels of debt,” Ellis says.  “The associated boost to wealth and sentiment could, in time, generate stronger than expected consumption growth.”
House prices across the nation are slowly trending upwards, the agents say.
But price growth is expected to be modest, according to Ellis, and nowhere near the 5% to 7% predicted by some economists.
At the state level, first home buyers are expected to be the most active market segment in Western Australia and the Northern Territory. However, in New South Wales, South Australia, Victoria, the Northern Territory and Queensland, people upgrading their properties or buying investments are anticipated to be the most active.
Property sales volumes should remain at current levels, but for some states such as New South Wales, Victoria and the Northern Territory, they will begin to trend upwards.
“There is potential for the number of homes for sale to drop off at election time, but volumes should increase once the federal government has been decided,” Ellis says
The number of homes for sale is trending downwards, which may be partially responsible for the current high auction clearance rates in the leading indicator states of Victoria and New South Wales.
“Auction clearance rates have been consistently higher than 60 per cent nationally, and around the 70% mark in the key Melbourne and Sydney markets,” Ellis says.
“This is placing additional upward pressure on prices.”
Almost 80% of First National Real Estate members expressed confidence their agency business would grow in the second half of the year.
Some 37% of First National agencies expect they might employ additional staff members.
 
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Half of First National agents expect prices to rise, but nowhere near the 5% to 7% predicted by some economists

Friends and frenemies&nbsp;of celebrity businesswomen and Celebrity Apprentice contestant, Roxy Jacenko, can&nbsp;get a glimpse into her world.

Her&nbsp;investment cottage, and former home, at 12 Nelson Street, Woollahra has been listed for auction.

It&#39;s&nbsp;chic and contemporary&nbsp;with mirrored wall features. Of course there&#39;s&nbsp;requisite&nbsp;video surveillance and&nbsp;intercom security.

&ldquo;I have decided to list my investment property for sale as I am looking to purchase a commercial property to house Sweaty Betty PR,&rdquo; says&nbsp;Roxy Jacenko.

&ldquo;As far as reports that our family home is for sale - that&rsquo;s incorrect,&rdquo; the Daily Telegraph&#39;s Jonathan Moran reported recently.

The&nbsp;329 square metre&nbsp;property, in Sydney&#39;s high-flying eastern suburbs,&nbsp;&nbsp;has been listed by&nbsp;<a href="https://www.ballardproperty.com.au/Buying/Search/residentialresult/residentialdetail.aspx?id=WOOLLAHRA%202012160&amp;wlid=d6109402-3e32-4f65-8606-b2a93faf28c1" target="_blank">Clint Ballard of Ballard Property Group</a>.

The 33 year old mother, and wife of stockbroker Oliver Curtis, and mother&nbsp;to Pixie Rose and founder of Sweaty Betty PR, bought the two-bedroom, two-bathroom cottage in 2006 for $2.8 million.

Roxy Jacenko is now hoping to receive a sale price of $3.5 million.

The Woollahra home was available for rent in August 2011 through Farquharsons Executive Rentals Double Bay for $1,800 a week.

The current median asking price for rent in Woollahra is $1,200 a week, which reflects a 3.5% yield.

Interior designer and architect for high end hotels, and residential and commercial projects, Blainey North,&nbsp;fitted out&nbsp;the double fronted residence.

The home has been refreshed internally. There&nbsp;is&nbsp;development approval&nbsp;to extend it into four&nbsp;bedroom family home.

The one story, residential home was previously up for sale in&nbsp;2011 with&nbsp;a $3 million price tag.

The average time on market for a home in Woollahra NSW is around 76 days, with its&nbsp;$1.8 million, down&nbsp;1.1% over the past year, according&nbsp;to RP Data.

The home is located a short walk from Queen Street village and in close proximity to the city.

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Nelson Street Woollahra listed by Roxy Jacenko

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Sarah Curran is the entrepreneur behind online fashion retail dynamo my-wardrobe.com. Seven years ago, the then French-based Curran sold her house to fund the start-up of her company.
Now, my-wardrobe.com is on target to hit £20 million ($33 million) in sales this year, which is up 40% on the year before. The company has offices in London and Nottingham, as well as in Sydney, New York and Norway, and employs close to 100 staff.
Curran was interviewed from Istanbul, where she was a keynote speaker at the Dell Women’s Entrepreneurship Network conference.
My passion for keeping connected with the customer comes from having originally had my boutique in North London. When I launched my-wardrobe, I really wanted to retain that personal element. Online, you’re faceless, and it’s very easy for a customer not to relate with you and to shop without that emotional touchpoint. That’s been a real challenge, but I love a challenge. It was an opportunity to solve the problem.
The way we do it is we have our events, which we host in every territory where we have an office. They’re a way of letting a customer see the trends of the season, and of allowing the customer to feel part of the community. They’ve proved very successful.
It’s not about selling on the night. I remember when we did our first one in London. A woman came up to me and said it was really amazing that she didn’t feel pressured to buy something. I said: ‘It’s not about shopping.’ It’s about seeing the trends and thinking about how to wear them, and about being connected to the my-wardrobe brand.
In growing the business, our biggest challenge has been marketing. We didn’t have the cash to invest in customer acquisition. We grew organically. Once we get a customer, our retention is extremely high. We’re sitting at 65%, most sit on 30-40%. We do invest heavily in our team that supports customers and makes sure they’re loyal to us. We just didn’t have the cash to get more of them.
Events and partnerships helped with that. That’s how we started our relationship with Dell. We partnered with people who were much bigger than us, but not in fashion. We thought about the brands our customers were engaged with, in terms of beauty, lifestyle, health and technology. We used partnerships to bring us new audiences.
Australia is our second largest market. Our Australian customers have a higher average order, and they spend more time browsing. Our statistics are very high and very positive with regards to the Australian market.
I don’t believe in just going into a territory, taking market share, and not giving back. Having an office in Australia, and participating in things like the Melbourne Fashion Festival, are our way of adding value. We believe in doing things like finding and selling new Australian designers. The relationship has to go both ways. I’m not comfortable otherwise. It’s a moral obligation.
All our customer sales girls come from a fashion background. All have been trained on the key products and seasons, as well as the new designers. Those sorts of things are really important.
We think it’s important to be flexible about how we show a product online. So when you go to a product, you can scroll and see it in different ways. No other site does that. It was important for me to make the item as relevant to as many people as possible. So, a woman might say, ‘oh, I’d wear it like that instead’.
Myriam Robin travelled to Istanbul as a guest of Dell, which paid for her flights and accommodation.
This article originally appeared on <a target="_blank" href="https://www.smartcompany.com.au/">SmartCompany</a>.
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How to grow a business when you can't afford marketing: my-wardrobe.com's Sarah Curran

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Over the last two weeks I have looked at <a href="https://www.propertyobserver.com.au/residential/a-snapshot-of-young-city-dwellers-peter-chittenden/2013070162865" target="_blank">some of the key demographics</a> driving our CBD residential markets.
While a city apartment is not a new idea, Sydney’s Astor dates back to 1923, it has only been over the past two decades that CBD living has attracted big numbers of residents.
That growth is going to continue as CBD markets evolve to offer ever more clearly defined precincts, neighbourhoods and project diversity.
And just like other areas spread across a major metropolis these various sub-markets present rich marketing opportunities.
How we label these sub-markets as: villages, neighbourhoods or burrows, does not really matter, but what does matter is what aspects attract buyers. Then over time how the ‘locals’ fashion these areas to create their own rich local communities.
There’s a Lot Going On
Because many of us find ourselves marketing projects in these CBD markets, I wanted to get an appreciation of how buyers are adapting to their new homes, including an impression of how new developments are fitting into the wider goals of city planners and simply, do people enjoy this evolving lifestyle. As a result what can we learn?
I was not setting out to produce any sort of research paper, no the idea was more about a series of personal conversations to get a handle on the experience of buyers. And all the time of course reflecting on the marketing that might have been used to engage these same buyers, as a counter-balance to some of the published statistics I have looked at over the past few weeks.
My first view is that the most shared experiences have a lot in common, and these include location, convenience, design, facilities, views, prestige and the general feeling that there is still some way to go before CBD living ‘matures’. I also have to acknowledge here that all of the buyers I spoke to were in Sydney.
Location
At first glance I suspect that in the widest definition of location it might be seen as a simple point, after all we are talking about the CBD – that’s the location. The question of location is however very complex, there is a vast difference and some distance between many locations in the Sydney CBD or for that matter in Melbourne, Brisbane or the Gold Coast.
Location really has everything to do with position, it’s the place that people see as making up the key benefits of where they live. In the CBD a ‘great position’ is made up of a big list of characteristics, and as the market continues to grow and mature, it is clear that buyers appreciate even the most subtle differences of position/location.
While there were a number of comments from the buyers I spoke to, which included transport, public amenity, a rail link to the airport and access to parks, cafes, shops, restaurants, there was a general feeling that a desirable location had to have, what was frequently referred to as a ‘buzz’ – a feeling of activity, excitement, animation and life.
While I was not really surprised to hear this feedback, what I did find interesting was that some parts of the Sydney CBD failed this test by comparison to an area like Potts Point. It appears that buzz might need time and diversity and community to nurture this important aspect of CBD living.
So I think it’s worth ticking off the reality that you might not visit the Sydney Opera House or Art Gallery of NSW every day, but a choice of coffee shops and a much loved pizza shop count for a lot.
Design – It’s all in the detail
CBD buzz is great it appears, but sooner or later every buyer in my conversations turned their comments to what they liked or did not like about their own apartments, how they were designed and finished and how different building facilities influence where they purchased.
Also over many years I have always collected and stored away in my own mind the varied comments my team and I hear about apartment design. In this area of marketing, design decisions are critical and they need to be because buyers are very much in tune to what they are looking for.
My group of buyers was happy enough with their choices but they did feel there was room to improve the fine details.
But firstly some of the most common factors were storage, ceiling heights, cross ventilation and light, separate living and bedroom zones and how noise could be managed.
There was also general agreement that security was very important, the idea of a low maintenance lifestyle, the ability to lock-up and go away for the weekend or several months was seen as key and somewhat aligned to the possible investment appeal of the apartment and building.
Another design issue that popped up was the design and function of balconies. They need to be a reasonable size – not a football field but also not a window shelf, safe and private enough to use and there are concerns, which I share, about what is sometimes called ‘balcony blight’.
Balcony blight can happen in high rise buildings where because so much glass is used in the balustrade design this restricts privacy and so washing, stored furniture, assorted boxes and exercise equipment are all visible. When spread over 10 or 20 levels of a building this creates a somewhat hectic look.
While I am not suggesting a repeat of the idea that only one type of outdoor furniture should be used, as was notoriously the case with The Republic building in Darlinghurst, a building’s exterior design appeal are important to any buyer or resident.
Design to Meet a Lifestyle Change
During most of the conversations I had with recent buyers, many had experienced a change in lifestyle, while some had moved from an existing apartment, others were experiencing CBD apartment living for the first time.
This was one of the reasons storage was important, along with parking. If you have moved from a larger home adjusting to a smaller space will almost always involve buyers having to transition personal possessions and storage can become an ‘emotional’ issue. It is possible to buy strata car parks and storage, but if these are not in your building it’s very often not a practical option.
Another key design feature that most buyers were looking for, in particular buyers who may have downsized was a zoned interior layout.
Comments like ‘it’s great to have a different area for the grand kids or visitors to use, where they have their own private space’ were a frequent observation.
While this feedback might not be all that surprising I think it is always very valuable from a marketing perspective to keep in mind what buyers want, to remind ourselves that long after the glossy brochures are forgotten – how apartments and buildings function should be our concern.
Next week I will finish off this topic with more interesting buyer feedback.
Peter Chittenden is managing director for residential of <a target="_blank" rel="nofollow" href="https://www.colliers.com.au/Colliers%20Corporate/Residential.aspx">Colliers International.</a>
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The importance of functional design in CBD residential markets: Peter Chittenden

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The former Olympic swimmer Giaan Rooney, and the Channel 7 weather presenter, had her Port Melbourne cottage up for weekend auction.
It is now under contract, athough the agent won't disclose the post-auction negotiations.
The home was tipped to fetch more than $1.08 million when offered through Brett Hallan at Greg Hocking Real Estate Albert Park.
Brett Hallan marketed the weatherboard as "impressively renovated and intelligently extended."
The Victorian terrace has three bedrooms and two bathrooms with an indoor-outdoor focus at the rear.
With polished floors and high ceilings, the main bedroom is upstairs with a walk-in robe and ensuite.
It last traded at $770,000 in 2006.
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Former Olympic swimmer Giaan Rooney secures Port Melbourne cottage offer

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Mike Baird, the NSW Treasurer is working towards an expeditious $700 million plus sale of the Port of Newcastle, appointing advisors to sell the port after foregoing a wider tender process.
The latest addition to Premier Barry O’Farrell’s privatisation plans was announced in the June 18 state budget with legislation passing through the upper house late last Wednesday.
Mike Baird has appointed Morgan Stanley, accountants PwC and law firm Minter Ellison to prepare the scoping study for its  sale.
The move suggests that Baird wants a sale by next June’s state budget, the Australian Financial Review is reporting.
Due to the port’s world number one steaming coal trade status and its potential for further growth, there are suggestions the sale could be as high as $1 billion.
The AFR's Street Talk column says Mike Baird's decision surprised rival investment banks, accountancy and law firms.
But the trio had all previously handled the $5.1 billion Port Botany and Port Kembla sales.
The Port of Newcastle is expected to be offered as a 99-year lease, similar to the terms of Kembla and Botany.
Members of the coal industry, such as Asciano and Adani, may battle with the group of infrastructure investors who fought over Kembla and Botany for the lease to Australia’s largest coal port.
As previously reported in Property Observer, <a target="_blank" href="https://www.propertyobserver.com.au/new-south-wales/newcastle-port-to-be-sold-off-with-boost-to-local-infrastructure-from-proceeds-nsw-budget/2013061862377">about $340 million of the funds raised will be directed towards revitalising central Newcastle</a>.
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Advisory firms appointed for Port of Newcastle sale 

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Builders of infrastructure – such as roads and buildings – have been hoping for priority listing after submitting plans for works to Infrastructure Australia.
This year, 34 submissions met the body’s priority criteria. They are worth a reported $27 million.
The projects are ranked in order of priority:  from ‘early stage’ to ‘ready to proceed’.  Tax breaks are received by investors whose projects qualify as meeting the priority threshold or are judged ‘ready to proceed’.
NSW, Queensland and Victoria each have 11 projects on the priority lists, WA eight, South Australia four, Tasmania three and the Northern Territory one.
A list of major works includes upgrades for:
Pacific Highway between Sydney and Brisbane
Monash Freeway  and Warrigal Road in Victoria
Great Northern Highway in the Wheatbelt, Leach Highway in East Fremantle and the Pilbara.
Also on the list are:
National Broadband Network
At a threshold level are:
Eastern Busway in Queensland
National Ports Strategy
Below is a full list of submitted projects:
Early stages
Capacity Improvements and Expansion of the Metropolitan Commuter Rail Network (NSW; $795m)
Melton Rail Line Duplication and Electrification (Vic, $1300m)
Gold Coast Rail (Qld SE QLD Mayors; $2,875m)
Hobart: A World Class, Liveable, Waterfront City (Tas; $120m)
North West Sydney Public Transport Strategy – North West Rail Link (NSW; $7,500m - $8,500m)*
South Road (SA $tbc)
South Australia National Managed Motorways Project – South Eastern Freeway, Stirling to Crafers (SA; $4.57m)
Tram Route 86 Demonstration Project, Stages B and C (Vic; $tbc)*
Port Hedland Inner Harbour – Capacity Enhancements (WA; North West Iron Ore Alliance; Hancock; $500 - $1000m)
Transforming the Pilbara: Pilbara Cities (WA; $2900m)*
Port of Hastings (incl. Peninsula Link rail freight corridor) (Vic; $tbc)
Eyre Peninsula Port Proposals (SA, Centrex; $tbc)
Port Botany and Sydney Airport Transport Improvement Plan (NSW; $tbc)*
Northern Sydney Road Freight Access - F3-M2 (NSW; $4,750m – ($2008))
Australian Digital Train Control System (Australasian Railways Association; $20m)
Mount Isa - Townsville Rail Corridor Upgrade (QLD; $333m)
Transcontinental Rail Link - Mildura to Menindee (Mildura Development Corporation; $400m)
Bruce Highway Upgrade Strategy (Qld; $22,500m including Cooroy to Curra)
Bruce Highway - Cooroy to Curra Section A (Qld; $852m)*
Warrego highway Upgrade Strategy – Helidon to Morven (Qld; $670m)*
Tasmanian Rail Revitalisation Program (Tas; $240m)*
Hobart to Launceston Transport Strategy (Tas; $1,662m)*
An Innovation Strategy for Tasmania: Focus on Food Bowl Concept (Tas; $tbc)
 
<hr class="system-pagebreak">
Projects with real potential
Integrating Sydney’s Motorway Network
Melbourne Metro Stage 2 (Vic; tbc)*
Dandenong Rail Capacity (Vic; $tbc)*
Queensland National Managed Motorways – Bruce Highway, Beams Road to Caboolture Road (Qld; $202m)*
Queensland National Managed Motorways – Pacific Motorway, Gateway to Logan (Qld; $4.6m)*
Abbot Point Multi-Purpose Harbour (Qld; $3,300m ($2010 real)
Smart Port ICT (Vic; $16m)
South West (Bunbury) Infrastructure (WA; $605m)
Freight Access to Port of Brisbane Airport - Gateway Motorway North (Qld; $1,159m - $2,710m)
Freight Access to Port of Adelaide - Northern Connector (SA; $1,191m)
Melbourne International Freight Terminal (Vic; $tbc)
Bell Bay Intermodal Expansion Project (Tas; $150m) 
Western Interstate Freight Terminal (Vic; $tbc)
North South Rail Freight Corridors including Northern Sydney Freight (Australian Rail Track Corporation and NSW; $n/a)
Advanced Train Management System (Australian Rail Track Corporation; $500m)
East West Rail Freight Corridor (Australian Rail Track Corporation; $n/a)
Green Triangle Freight Transport Project (SA/Vic; $112m)
East West Link (Vic; $tbc)
Tasmanian Water and Sewerage Reform (Tas; $1000m)
Mid-West Energy – Stage 2 (WA; $280m)  
Threshold
Eastern Busway (Stages 2b and 3) (Qld; $825m)
National Ports Strategy – 30 year plans for ports and landside connections
Oakajee Port (potential equity injection) (WA; c.$4500m ($2010 real)
Darwin East Arm Port Expansion (potential equity injection) (NT; $336m)
National Land Freight Strategy
Tasmanian Water and Sewerage Reform (Tas; $1000m)
Mid-West Energy – Stage 2 (WA; $280m)
Ready to proceed
Brisbane Cross River Rail – core project (Qld; BCR 1.34; $5311m)*
Victorian National Managed Motorways – Monash Freeway, High Street to Warrigal Road (Vic; BCR 11.5; $14.3m)*
Victorian National Managed Motorways – Monash Freeway, Warrigal Road to Clyde Road (Vic; BCR 6.9; $100.7m)
Melbourne Metro Stage 1 (Vic; BCR = 1.3; $tbc)*
Pacific Highway Corridor upgrades (NSW, BCR = 1.5; $6400m ($2010 real))
An infrastructure policy framework is being developed for essential Indigenous infrastructure. As this is progressed, Infrastructure Australia’s Indigenous Infrastructure Sub-Committee will work with stakeholders to identify potential projects.
Infrastructure Australia proposes reforms around planning for water security, independent pricing, competition in bulk supply and consumer choice over levels of reliability
Infrastructure Australia supports proposed reforms to regulatory provisions regarding connection of remote renewable energy generation and electricity transmission connections between states.
National Broadband Network
 
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The 34 Infrastructure Australia projects that might interest property investors: List of the day

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It's not something that Scottie or Keith are likely to rave about, but Property Observer spotted that the The Block Sky High has received its formal strata approval.
The paperwork (pictured) shows the floor layout and unit entitlement at 142 Park Street. Interestingly all units have the same allocation on the strata, so there are no clues as to the actual differences in values that one would think would occur in real life appraisals especially when it came to the highest apartment penthouse.
<img alt="blockstratajuly10one" height="233" width="470" src="/images/stories/2013/07/blockstratajuly10one.jpg">
Other legalistic issues are contained within - all that potential buyers and their solicitors will no doubt be casting an eye over before the July 27 auction.
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jchancellor-FAypfDUnLy

The Block Sky High gets strata approval

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Steve Keen recently commented that housing grants are a <a href="/news">“poisoned chalice” that inflate house prices leaving first-home buyers worse off</a>, not better off.
{module Do you agree with Steve Keen that housing grants are a poisoned chalice?}
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