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“Minister Chanthivong and his team have shown real leadership in replacing an outdated two-year bond with cover that matches the lifespan of the buildings people are buying into.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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I last wrote about the prospect of lower growth rates, lower demand for higher-value properties and higher demand for lower-value properties in the residential sector in the next decade relative to the previous decade.
I also spoke about the need for more cost-conscious specification, smaller size and higher density housing for Australia’s growing population.
In this more competitive and potentially lower growth environment, how will residential property investors and developers prosper?
All of the usual rules about location, proper due diligence, efficient procurement and risk mitigation hold true, however one aspect of residential property that has often been neglected in previous decades, and which will become increasingly important in the coming decade is ‘good design’.
In this article I discuss how Charter Keck Cramer views the value of good design and why it’s important to consider when making an investment and undertaking development in the residential sector.
Let’s start with the question, what is good design?
In general terms, good design provides for outcomes that function, that feel right, that are striking, that last the test of time and are cost-effective to use and maintain.
In specific terms, good design includes high ceilings, flexible spaces, high-quality fixtures and fittings, good natural light access, cross-flow ventilation, double glazing, low-energy lighting, a high level of insulation, a high level of sound separation, non-toxic building materials and robust and low-maintenance surface materials.
There are many more aspects to good design, and too many to list here, however in summary good design is as much about what you cannot see, as it is about what you can see.
In saying this, what I also mean by good design, is that it must be accompanied with good construction in order to be effective.
So why are we not as critical about the design of our homes as we are about the design of our cars?
In cars we look for safety, fuel efficiency, reliability, acceleration, serviceability and looks – all measured through ratings and reviews that everyday consumers can access through reputable sources.
Surely we should know at least as much, if not more, about the home in which we live? While we might not know as much about the design of our homes as our cars, occupiers are becoming more sophisticated in their understanding of design and investors and developers will therefore need to respond in order to prosper in this increasingly competitive residential sector.
So, what is the value of good design for investors?In the next decade, investors will no longer be able to rely on riding the wave of strong returns that we saw in the residential sector in previous decades. Capital growth will still be available, however it will be harder to achieve.
 
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Along with selecting a location with good fundamentals, the design of residential property will be a key factor in determining return prospects for the following reasons.
1. Increasing sophistication of demand: As has been the case for many other industries, such as fashion, hospitality, cars and technology, the demand for residential property is becoming increasingly sophisticated. As the population continues to grow, the preference for inner city living persists and the affordability of detached dwellings in the inner city decreases, occupiers will be increasingly looking for apartments and townhouses that are well designed and can address their functional and lifestyle needs in a smaller footprint.
2. Large supply of homogenous product: Despite the increasing sophistication in demand, the supply of new residential property has been largely homogenous. In the off the plan (OTP) apartment sector, the homogeneity of the product is largely a result of a combination of two reasons. Firstly, the composition of demand has been roughly 70 per cent investors over the history of the market. Secondly, the relative strength of the residential property market over this period, has allowed investors to enjoy strong returns, without needing to invest in better quality product. A consequence of this has been developers have not had the incentive to supply better quality product and they have therefore, in the majority, followed a similar formula to deliver investor-grade product project after project.
3. Growing awareness of maintenance and running costs: Investors are becoming more aware of the higher maintenance costs associated with poorly designed residential property. For example, delaminating cupboard doors, replacement of cheap fittings and fixtures, faulty appliances and repair of building façades are common and expensive maintenance items in poorly designed apartment buildings that can be avoided if an investment in good design is made from the outset. Similarly, occupiers are becoming more aware of the higher costs of running poorly design apartments.
For example, an instantaneous electrical hot water system is cheaper to install than a gas hot water system, however is significantly more expensive to run. Another common example is poorly insulated walls which result in higher heating costs during winter. Logically, as awareness of these issues grows, occupiers will be prepared to pay higher rents for residential property with lower running costs relative to those with higher running costs. This will particularly be the case in a market with higher vacancy.
 
<hr class="system-pagebreak">
4. Changing market dynamics: If there continues to be investor fatigue as we approach the end of the current cycle in the OTP apartment sector, could owner-occupiers comprise a higher proportion of demand in the next cycle? If this happens to be the case, consider the next question. While you might be an investor in today’s market, who will buy your property when you decide to sell? Will it be another investor or an owner-occupier?
Keep in mind that there are fewer incentives for investors to buy established apartments and indeed most foreign investors are prohibited from doing so. For these reasons, owning a property that appeals to owner occupiers is a sound approach, particularly in the current climate.As a consequence of these four trends, we expect to see lower vacancy rates, higher rents, better capital growth and, therefore, better returns, for well- designed residential property relative to lesser designed residential property.
Accordingly, this is why we think there is value in good design for investors in the residential sector. And, what is the value of good design for developers? In a market where investors are increasingly seeing the value in good design, and where owner-occupiers are likely to comprise a higher proportion of demand than they have previously, we think it will make sense for developers to supply well-designed product to the market for the following reasons
1. Higher prices and/or faster sales: Selecting the right design team that can deliver good design which is differentiated and caters to the needs of occupiers will benefit developers through either higher pricing or faster sales when compared to homogenous product. These benefits justify the additional investment in the right design team and the right design process upfront. More than just higher prices and/or faster sales, and particularly in the current OTP apartment market, where there are concerns about oversupply and fatigue in investor demand, good design can in fact be the difference between a project succeeding or failing, and there are many recent examples of this.
2. Better planning outcomes: Councils and the broader public are becoming more design literate, and as a result, the quality of design is increasingly an important factor in the planning process. When one proposes a design that is larger than the preferred site outcome set by council, the justification for increased yield shifts to the quality of design, environmentally sustainable design outcomes and the contribution the development proposal makes to the urban context. Clever design can result in improved yield by shifting the debate away from height to articulation and material design. Evidence of the increasing importance of design to councils, can be seen in the issuing of ‘conditional permits’ that require developers to retain the architect for the life of the project. The intention of these conditional permits is to mitigate the risk, which often eventuates, of the built outcome being inferior to the design specified in the original planning permit.
3. Cost-effective design solutions: There is a common misconception that good design always equates to more expensive construction costs. While this can be the case, it does not need to be. A high quality design team can deliver creative solutions throughout the design, documentation and construction phases, resulting in a building which meets the highest design standards, while also being cost effective. Poor results often arise when default and generic solutions and materials are introduced to reduce costs, rather than exploring solutions that work with the design while also being cost effective.
4. Mitigating construction risk: High quality and detailed documentation prior to tender is the best way to assess the scope of works for a project and manage the expectations and competing interests of the client and the contractor. The alternative, of going to tender with only design development or partially documented drawings, often results in either expensive variations or dilution of quality, depending on how well the construction contract is structured and drafted. More often than not, this results in the client ending up with a building that costs more than what was budgeted and/or a building of lower quality than was expected.
 
<hr class="system-pagebreak">
5. Focusing the design team: A high quality outcome does not necessarily constitute good design if it is not aligned to market demand and project feasibility drivers. The design team needs to be well briefed about what to design. Then the process needs to be managed and constantly focused on designing the product to fit the specifics of the relevant market segment. With good property advice and information about the target market, along with constant management and review of the design against project feasibility and value drivers, the design process will be most efficient and the outcome optimised.
In summary, we would like to share with you a quote from Paul King, Chief Executive of the Green Building Council UK that articulates the value of good design and summarises our perspective on the matter: “A green building is simply a better quality building. All too often we get hung up on what is green and what is sustainable, but actually, if you think of it as a better quality building, a more efficient building, a better day-lit building, better ventilated, a healthier, nicer place to live, to work or to play – it’s not difficult to make the link between that and a building being worth more to people.
Across Charter’s Development Management team, we have executives qualified as architects. By the nature of Charter’s business, we also work very closely with and are exposed to the ideas and design of a variety of architects and consultants, and place a high priority on ensuring that our clients have the benefit of our experience and understand both the importance and therefore consequence of good design.
Our daily professional challenge involves the review of many development proposals for suitability, market acceptance and ultimate viability and we recognise good design as a fundamental that equally, as much as any other influence, determines the degree of success that any particular project will enjoy.
It is of course preferable to have the right design team involved from the outset, but it is never too late for review and if necessary the introduction of alternative consultants.
Scott Keck is executive chairman at <a href="https://www.charterkc.com.au/" rel="nofollow" target="_blank">Charter Keck Cramer</a>
 
 
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skeck-irsd56phZ9

Property investors increasingly seeing the value in good design: Scott Keck

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Kevin Rudd’s first-home buyer housing initiative – the first-home saver account (FHSA) incentive – has topped 40,000 savings accounts with a surge in new accounts over the first three months of the year.
In total $416.8 million is held in 40,200 accounts equating to average savings per account of around $10,300.
The scheme, which was slow to gain traction when launched is still no where near the planned 750,000 savings accounts the government hoped would be opened by 2012.
There were 1,200 new savings accounts opened over the first three months of the year, more than double the 500 opened in the final quarter of 2012, according to APRA figures.
First home saver accounts
<img src="/images/stories/2013/larry_uploads/fhs_accounts.png" width="470" height="84" alt="fhs_accounts">
Source: APRA
The scheme aims to help first-time buyers save for a deposit for their first homes. 
Under the FHSA, the government contributes 17% on the first $5,500 of individual contributions made each year. Account holders are required to keep savings in the FHSA for four financial years before they can use the funds to buy a home.
The government amended the scheme last May to allow savings in an account to be paid into an approved mortgage at the end of the minimum four-year qualifying period, if they saver bought a home earlier, rather than require that the money be paid into a superannuation account.
However, should a saver decide not to buy a home (for example they may decide to head overseas), the money must still be transferred into the saver's super fund and can only be accessed when they retire.
<a href="/news">In February last year </a>Property Observer noted the scheme was gaining traction among first-home buyers, despite the abandonment of the scheme by the Commonwealth and ANZ banks.
According to APRA, the savings accounts are offered through 17 institutions the bulk of which are credit unions and building societies, but also the Commonwealth Bank and AMP.
ANZ pulled out of the scheme in October last year.
A spokesperson for the Commonwealth Bank said it was no longer offering new accounts.
The main features of these accounts are:
<ul>
<li>The interest you earn on the account is only taxed at a rate of 15%.</li>
<li>You have to save at least $1,000 each year over at least 4 financial years before you can withdraw the money. These 4 years do not need to be consecutive.</li>
<li>The maximum account balance is capped at $90,000 but this cap will be indexed in future years. After your savings reach this level, only interest and earnings can be added to the balance.</li>
<li>The money has to be used for your first home. If it is not, it is added to your super and you can't access it until you are retired or can meet another <a target="_blank" title="condition of release" href="https://www.moneysmart.gov.au/glossary/c/condition-of-release">condition of release</a>.</li>
<li>If you buy your first home before the 4 year period is up, you can withdraw the money in your account at the end of the 4 year period to put towards your mortgage. You will not be able to make any more deposits once you have built or bought a property.</li>
</ul>
Source: ASIC
<ul></ul>
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lschlesinger-FZcF9M3vE6

Kevin Rudd’s first-home saver account scheme gathers pace with $417 million set aside for future home purchases

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No need for Julia and Tim to depart The Lodge immediately.
The renewed Prime Minister Kevin Rudd and wife Therese Rein could possibly bunk down nearby as they have yet to sell their their home in leafy Yarralumla, Canberra which cost $2.175 million in 2010.
It could even serve as his temporary bolthole, if after a suprise Federal election win, he decided to undertake the requisite renovations needs at The Lodge. 
It was listed for sale at $2.25 million through Shane Killalea of the Peter Blackshaw agency last month, but remains for sale.
<a href="https://www.propertyobserver.com.au/https://www.allhomes.com.au/ah/act/sale-residential/35-mueller-street-yarralumla-canberra/1316859916511" rel="nofollow" target="_blank">Set behind electric gates, with double lock up car accommodation, the house (pictured below) is described as sophisticated and luxurious</a>.
The contemporary Mueller Street house was bought after departing The Lodge so as their son, Marcus, could finish his schooling.
The family home was leased at the end of 2011.
{yoogallery src=[images/stories/2013/05/may31rudd]}
“The current tenants have indicated they would like to purchase another house and therefore it is an appropriate time to put the put the house on the market,” a spokesperson for Kevin Rudd said. The tenants vacated the home earlier this month.
The five-bedroom, four bathroom house is set on 936 square metres with a separate study, in-built sound system and pool.
While Yarralumla’s median house price is up over the past year by 7% to $1.07 million, according to RP Data Canberra’s housing market has slowed due to inpart to uncertainty around public service employment after the September federal election.
There is typically <a href="/news">a required 11.7% discount </a>among private treaty listings to secure a sale.
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jchancellor-FAypfDUnLy

Kevin Rudd yet to sell Yarralumla, Canberra bolthole

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A liquor store in the Tasmanian north west coast rural town of Wynyard has sold for $2.105 million soon after being passed in as part of a Burgess Rawson portfolio auction.
The Woolworth’s leased BWS branded store was the only non-Victorian commercial property to be auctioned <a target="_blank" href="https://www.propertyobserver.com.au/retail/geelong-water-facing-cafes-sell-on-strong-yields-at-auction/2013062662731?utm_source=po&amp;utm_medium=aida&amp;utm_campaign=newsplus">among 25 retail properties</a> spread across Melbourne, Sunbury and Geelong.
Woolworths pays net rent of $178,888 per annum equating to a yield of around 8.5%.
The 500 square metre liquor store on a 1,983 square metre site with a drive-thru and two street frontages was acquired by Woolworths in December 2011, modernised and rebranded as a BWS store in 2012.
Woolworths has a 10 year lease on the 1950s-built property with renewal options to 2041.
It includes an agreement for turnover rent of three cents for every dollar in gross sales generated by Woolworths.
According to auctioneer David Scholes from Auctionworks, turnover is up 20% since Woolworths took over the lease and rebranded the store as BWS.
The long-standing liquor business adjoins the Wynyard Hotel.
It last sold for $1.6 million in June 2007, according to RP Data, equating to an annual capital gain of 4.68% per year.
Bidding started at $2 million with two bidders competing.
It passed in on a vendor’s bid of $2.2 million.
The property was marketed ahead of its auction by David Webster of Knight Frank Tasmania along with Shaun Venables and Billy Holderhead.
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Tasmanian liquor store leased to Woolworths sells on 8.5% yield after failing to attract a buyer under the hammer

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Swanky residential apartments or perhaps a hotel could grace a prime St Kilda Road office building that goes to the market via a July 25 expressions of interest campaign.
The prime location at 450 St Kilda Road is in the Domain precinct about 200 metres from Toorak Road towards Commercial Road backing onto Queens Lane.
<img height="331" width="470" src="/images/stories/2013/06/stkildajune26one.jpg" alt="stkildajune26one">
Agent Nick Rathgeber, of Colliers International, says he expects the 2323 square metre site to fetch around $20 million.
‘’Pricing is hard to predict and most buyers price more aggressively than vendors so it’s possible that this price point will be breached.’’
The Melbourne-based Carter group has put the five-level office building on the market after buying it for $8.2 million in 2002. The group reportedly owns No. 448 next door and is in partnership to develop the soon-to-be completed Albert Tower in South Melbourne.
<img height="708" width="470" src="/images/stories/2013/06/stkildajune26two.jpg" alt="stkildajune26two">
Established in 1946, the second generation Carter family business has expanded over seven decades from a single electrician into a property development, investment and management firm with operations in several states. It owns and operates holiday accommodation in Queensland and has designed and developed residential property from Port Melbourne and throughout Melbourne’s eastern suburbs.
Mr Rathgeber says he expects the building to be demolished and completely rebuilt as prime residential apartments to take advantage of its prestige position near the Royal Botanic Gardens and parklands. Concept plans are for a high rise residential apartment tower over 18 storeys, however, a more ambitious scheme may be possible, subject to council approvals.
“Increasingly, Melbourne developers are successfully securing permits for highly ambitious residential towers that continue to push the envelope of conventional high density apartment living. This site provides another potential opportunity for someone to take it to the next level.”
Residential developments along this stretch of St Kilda Road are rare, he said, with active developers wanting to be as close to the city and botanic gardens as possible.
‘’This property offers the luxury of a valuable holding income throughout the design and approval process.’’
Mr Rathgeber said existing concept plans for residential development were available, but other uses could be a hotel, commercial redevelopment or owner occupation.
The building is tenanted until 2016 with vacant possession achievable by then. The current return is $708,822 per annum.
Co-selling agent Tess Elliot said:  “Melbourne’s inner city population experienced exceptional growth of 6.3 per cent between the years of 2006 and 2011. By comparison, Greater Melbourne experienced growth of just 2.86%and Victoria as a whole only 2.65% in the same period, indicating an increasing level of acceptance around inner city apartment living.”
The trend is expected to continue, with the inner city Melbourne population set to experience strong growth of 3.73% until 2016 and 4.96% between 2016 and 2021, according to DPCD Victoria in Future 2012.
Colliers International expects a limited apartment supply for St Kilda Road in the next five years.
“There are currently no apartment completions forecast from 2016 onwards in this precinct, making 450 St Kilda Road an ideal proposition for developers wishing to capitalise on the limited supply situation,” Mr Rathgeber said.
The existing office building of 4360 square metres comes with 59 car parks.
 
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Prime St Kilda road office building listed with $20 million hopes

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Commercial property investors have shrugged off concerns about the Geelong economy and job market with two cafes close to the waterfront snapped up by investors on attractive yields at a Burgess Rawson portfolio auction today.
The Beside the Point Café below a seven story residential development at 100 Western Beach Road sold for $462,000.
The café, which adjoins Deakin University and according to auctioneer David Scholes from Auctionworks, benefits from “students nipping out for a coffee” brings in annual net rent of $35,000 equating to a strong yield of around 7.6%.
Bidding started at $400,000 and quickly rose to $450,000 before two bidders competed with $1,000 increases.
The second property to sell was the Steakhouse and Mila Café also at 100 Western Beach Road, which sold for $1.365 million. It brings in net annual rent of $85,000 equating to a yield of around 6.2%.
Both premises were marketed by Wayne Thompson and Andrew Lewis from Colliers International and Raoul Holderhead and Shaun Venables of Burgess Rawson.
The sales suggest investors have not been spooked by the <a target="_blank" href="https://www.propertyobserver.com.au/victoria/target-jobs-uncertainty-throws-spotlight-back-on-geelong-property-market-targetaus/2013060662031">recent spate of job closures</a> announced by Target and Ford with possible further loss of jobs from possible closures of the Shell Refinery and Alcoa's Point Henry aluminium smelter.
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Geelong seaside cafes sell on strong yields at auction

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Two Melbourne suburban Salvos Stores have sold at auction today as part of a successful Burgess Rawson portfolio auction with 20 out of 25 properties changing hands.
In a packed room at Crown casino, bidders wore their poker faces but generally showed healthy appetite for retail strip premises tied to secure tenants on long leases.
The 407 square metre Bayswater Salvos Store at 716 Mountain Highway sold under the hammer for $1.465 million.
Bidding started at $1 million but quickly rose as a number of bidders competed vigorously for the asset.
Encouraging them to bid, auctioneer David Scholes from Auctionworks said Salvos were now “bona fide retailers” with more than 300 stores across Australia selling “recycled, quality stock”.
The Bayswater store brings in annual net rent of $80,730 equating to a yield of around 5.5%.
The store is leased by Salvos Stores, the retail arm of the Salvation Army, on a five year lease commencing in April 2012 with three renewal options of five years to 2032.
A second 470 square metre Salvos Store on Emerald Road in Beaconsfield in Melbourne's south east, sold for $1.45 million. The store brings in net rent of $98,000 representing a yield of around 6.7%.
Bidding started at $1.2 million. The store is on a renewed lease to 2020 with a further five year renewal option.
The Bayswater store was marketed by Shaun Venables and Jamie Perlinger from Burgess Rawson and Fred Nucara and Brendan Goss of Bellet TBM Commercial.
The Beaconsfield store was marketed by Sam Newton and Jamie Perlinger from Burgess Rawson.
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The top price achieved at the auction was for a KFC in Carrum downs currently undergoing a $350,000 refurbishment, which sold to a Springvale family for $3.82 million.
Other notable sales included a 7-Eleven in Hawthorn which sold for $2 million (5.9%) a new Foodworks in Pascoe Vale which sold for $1.015 million (yield of 5.91%), a corner retail property at 565-567 Church Street in Richmond which sold for $2.05 million (5.05% yield) and a Nando's restaurant in Ferntree Gully, which sold for $830,000, a yield of 6.5%.
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Investors find ‘salvation’ under the hammer on Melbourne retail strips

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A corner retail building in Melbourne’s CBD has sold to a local investor for $7.15 million. 
 More than 150 people attended the auction for the property, located on the corner of Lonsdale Street and Drewery Lane, but it was not sold until shortly after the auction. It last sold for $4.1 million in 2008.
<img src="/images/stories/2013/06/lonsdalejune26one.jpg" width="470" height="311" alt="lonsdalejune26one">
The 498-square metre, 4-storey building (pictured below) is freestanding and in an ideal location with triple street frontage and situated next to Melbourne Central QV complex and opposite the new Emporium Melbourne complex.
<img alt="lonsdalejune26two" height="262" width="470" src="/images/stories/2013/06/lonsdalejune26two.jpg"> 
  CBRE agents Josh Rutman, Ed Wright and Mark Wizel handled the properties sale and say that it’s success is part of a larger trend in investor interest in the Melbourne CBD.   “The sale… illustrates the confidence of investors, and more importantly their banks, in this up and coming retail precinct,” Mr Rutman says.   A recent CBRE review highlighted strong investor demand for Melbourne CBD properties priced between $2 million and $10 million.   It also noted that only 4 notable transactions of this kind were completed in the second quarter of 2013, showing a lack of opportunities to purchase in this market.   The Lonsdale property returns a yearly rental income of $195,806. CBRE said it translated to a yield of 2.58%.   CBRE Melbourne City sales division says it has potential to be developed as retail, office or residential space, subject to council approval.   Recent low interest rates and Melbourne’s strong population growth have contributed to a renewal of local investor demand, but Mr Wright says it is rare to find a property of this kind.   “Very rarely does an opportunity to purchase a freehold property in the retail core become available, let alone a corner property with triple street frontage, which is directly opposite what is mooted to be Melbourne’s most prestigious retail centre,” he says.
The building was home in the mid-1990s to the retailer, Fax &amp; Typewriter City.
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Lonsdale Street, Melbourne building sells at 2.58% yield

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A number of property heavyweights are reportedly bidding for the assets or the management rights of an Australand unlisted property fund.
The Australian Financial Review’s StreetTalk column names Charter Hall, GPT and the asset management arm of investment bank Investec as bidding for a collection of assets worth around $250 million that make up the Australand Wholesale Property Fund No.6 (AWPF6).
The fund is a portfolio of eight commercial and industrial properties located in NSW, Victoria and South Australia.
It comes as majority shareholder Singapore-based CapitaLand is still seeking to sell its stake in the listed property trust following <a href="/news">GPT pulling out </a>of a $2.8 billion bid for the non-residential parts of the Australand business.
The column names Charter Hall, already an investors in the unlisted fund as “one of the most aggressive bidders” but its proposal to take over the management rights was reportedly rebuffed by stakeholders.
Australand holds a 28% stake in the fund, which was established in 2007.
The sale of the assets and management rights are being handled by CBRE, says StreetTalk.
The sale will strengthen Australand balance sheet, but according to StreetTalk indicates a “hardening attitude” among institutional investors to the purchase of wholesale real estate managers.
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Charter Hall, GPT among bidders for unlisted Australand property fund: StreetTalk

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The long lead time to the federal election is creating uncertainty in the minds of prospective buyers with more than one in two delaying purchasing decisions until after the September 14 federal election.
Around 56% of the 1,107 people surveyed by QBE LMI for its latest Mortgage Barometer Report said they would delay purchasing until after the election.
Around 30% said they want to see what economy is like post-election while nearly one in five (18%)  wanted to see who would win before buying – this despite only 14% of those surveyed expecting a Labor victory.
Other questions asked around the election, revealed that nearly three in four respondents (72%) believe the election will have no impact on the official cash rate.
However, perhaps signalling expectations around a more conservatively minded Coalition government, of the majority of respondents who think the Liberal National Party (LNP) will win, 21% say rates will rise after the election and only 8% say they’ll drop.
For those who think the Australian Labor Party (ALP) will win, 8% say rates will rise after the election, 20% say they’ll drop.
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