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“Minister Chanthivong and his team have shown real leadership in replacing an outdated two-year bond with cover that matches the lifespan of the buildings people are buying into.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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The drummer for indie punk band The Meanies, Mark Hobbs, has decided to make a sea change to Williamstown.
He and wife Bridget Monro-Hobbs have put their four year old Yarraville home on the market.  
Marty Rankin of Village Real Estate expects the <a target="_blank" href="https://www.domain.com.au/Property/For-Sale/House/VIC/Yarraville/?adid=2010477933">Brooks Place</a> home, which was renovated by Hobbs four years ago, to fetch $870,000 plus.  
Strikingly designed by Santo Architects, the 264-square-metre European style property features three bedrooms and two bathrooms.  
The land was bought in 2005 for $200,000.
The house is still under builders warranty and has a certified five-star energy rating.
The auction is scheduled for June 15.
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Meanies drummer Mark Hobbs lists Yarraville home

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An upturn in the building of new houses and apartments is now “well entrenched” in NSW and WA, says Westpac senior economist Matthew Hassan.
There is a more gradual upturn in Queensland, but approvals are still trending down in Victoria, he says.
<img alt="westpac_building_approvals" height="322" width="470" src="/images/stories/2013/may23abelesauction/westpac_building_approvals.jpg">
Hassan's comments follow <a target="_blank" href="https://www.propertyobserver.com.au/residential/dwelling-approvals-rise-by-a-stronger-than-anticipated-91-in-april-abs/2013053061786?utm_source=po&amp;utm_medium=aida&amp;utm_campaign=news">yesterday’s ABS dwelling approvals data</a>, which showed a greater than expected 9.1% bounce in approvals in April following a 5.5% fall in March.
Hassan points out that total building approvals in NSW rose 33% led by a 57% jump in unit approvals but with a strong 6.6% rise for private sector house approvals as well.
“Victoria also posted a strong 9.3% gain with a more evenly balanced mix (private sector house approvals up 8.2%).
“Queensland approvals fell overall but led by units with private sector house approvals up 8.8%.
“Approvals rose 4.3% in WA although private sector house approvals were down 10%,” he says.
“Stepping back from the monthly volatility, the upturn is well entrenched in WA and NSW but coming through more gradually in Queensland with trend approvals still falling  1% per month in Victoria,” he says.
Renovation activity is also improving with the value of renovation approvals rising 1.5% in April "continuing its improvement from a soft run earlier in the year".
Overall, Hassan says the housing construction recovery, “which began early last year but seemed to lose its way in late 2012 and early 2013 is showing signs of regaining momentum”.
“After trending lower through the first three months of the year, dwelling approvals rose 9.1% in April, well above market expectations of a 4% rise,” he says. Hassan adds that the strong 18% rise in private sector units in April – a traditionally less reliable number often skewed by the launch of new high rise and medium density projects – “showed fairly broad gains”.
“Both 'high rise' and 'low to mid-rise' sub-categories drove the rise. The more granular geographic detail also shows a broad gain rather than one driven by individual projects,” he says.
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Housing construction recovery “well entrenched” in WA and NSW: Westpac’s Matthew Hassan

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Toni Collette ordered to pay $814,000 difference, plus lose deposit, after dumped Paddington property purchase: Title Tattle

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Victoria’s Supreme Court has awarded an interim injunction to Melbourne wholesale fruit and vegetable stallholders preventing the Melbourne Market Authority from forcing them to sign new leases at the new market being built at Epping by May 31.
An interim injunction has been awarded until June 18.
It prevents traders having their stall allocations stripped and orders that the two parties seek a mediated solution, reported The Australian Financial Review.
It follows <a href="https://www.propertyobserver.com.au/https://www.propertyobserver.com.au/victoria/west-melbourne-wholesale-fruit-and-veg-stallholders-seek-lease-injunction-over-site-relocation-growers-market-wholesale/2013052961754" target="_blank">The Melbourne Market Authority </a>preparing to relocate the Footscray Road market to a new site in Cooper Street, Epping but with tenants facing rents almost double what they are currently paying.
Prior to the interim injunction, the Melbourne Market Authority required that traders sign new leases by May 31 or risk losing their stall allocation when the leases go to national tender in June.
Supreme Court judge Peter Vickery in his judgement said the authority “has placed the stallholders in an invidious position where they cannot make a rational commercial decision between the two choices on offer”.
The tenants, represented by Nunzio Lucarelli QC, accused the Melbourne Market Authority of “unconscionable conduct” under consumer law by pressuring them to sign at much higher rents, The Australian Financial Review reported.
They told Justice Peter Vickery rents will rise from $273 per square metre annually to $478 per square metre annually and tenants who also require warehouse space are being asked to sign leases without knowing the details of the storage space.
But the MMA, represented by Michael Wyles SC, said the dispute was not open for the court to decide as the market was implementing government policy.
He said even a short injunction could delay the market opening until 2015.
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West Melbourne fresh produce traders win lease signing injunction until June 18

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Hi Margaret, 
I have a brand new property settled in early June 2012. I have lived in it since settlement and claimed it as my principal place of residence until Jan 2013 after which I moved out and rented it out. 
I have also obtained a depreciation report and am trying to decide if I should depreciate or not this financial year. 
Since I’m claiming this property as my PPOR, if I sell within the six-year rule, what are the CGT implications caused by me depreciating? Will I still be fully exempt from paying CGT? 
Furthermore, my depreciation report lists a maximum I can claim every year. Since my property was settled early June 2012 (i.e. in the 2011-2012FY) does this mean this year I would only be able to claim a pro-rated amount on the year 2 figure on the report?
Thanks,
Min
Hi Min,
You have a number of questions here so I will deal with them one at a time:  
<ol>
<li>
As you probably know, you have a six-year window from Jan 2013 to either move back in, or sell, to avoid CGT.  Be aware though, that this is only possible as long as you do not own another property in which you live and on which you wish to claim the principal place of residence exemption.  The rule is that only one property can have the exemption – so if you have bought something else to live in, that may be the one you apply the exemption to, therefore losing this six-year window on the one you moved from.
</li>
<li>
Your depreciation report should show you the amount of depreciation available for the remainder of the year and then for each of the subsequent 9 years.  There is no real reason not to claim the depreciation in this FY as it does not roll over or accumulate – therefore not claiming it will not result in a better outcome next year.  Often, due to low value pools and items under $300, there are immediate write-offs for some items which can boost the amounts claimed.
</li>
<li>
There is no CGT impact, as far as I am aware. If we assumed that you bought an item, or the quantity surveyor specified the items and you subsequently write them off each year (as you would from your report) your accountant will most likely treat the depreciable assets as sold at written down value, so there is no write back of depreciation.  My tax expert tells me that the majority of contracts do not specify a value of these items, so the treatment of writing down the value is in accordance with the general rules around depreciation.
</li>
<li>
If you obtained the report when you bought it, rather than when you rented it for the first time, then an adjustment must be made for days rented/days not rented.  If it’s only just been prepared then this report should make allowances for when it first became income producing and provide a figure to be used from that date (therefore the report amount is the full amount which can be claimed).  If you are not sure you should go back to the quantity surveyor and ask them to give you an exact amount calculated from the date it was first rented until the end of the FY.
</li>
</ol>
Remember, I am not a tax accountant or a quantity surveyor and this general information is provided based on my experiences.  You really should consult both of those professionals who can accurately establish your true position in relation to tax.
Margaret Lomas is a best-selling author and writes and hosts the popularProperty Success With Margaret Lomas and heads up the panel onYour Money, Your Call, both on Sky News. She is the founder of <a href="https://destiny.com.au/dotnetnuke/en-au/home.aspx" target="_blank" rel="nofollow">Destiny</a>.
Have a property question? <a href="mailto:askmargaret@propertyobserver.com.au" target="_blank">Ask Margaret!</a>
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Ask Margaret: what are the tax implications of depreciating my principal place of residence?

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Capping off Sydney’s strongest autumn home auction market for three years, Sydney's weekend clearance rate was a 75% success rate, based on its preliminary results. 
Sydney recorded seven consecutive weekends of clearance rates above 70%, Australian Property Monitor's Dr Andrew Wilson advised.
The auction market tracked at around 20% higher than the same time last year although interestingly listing numbers remained at around last year’s levels. No rush to the exits or to upgrade it seemed.
Autumn finished with a slight pick up in the volume of the prestige market from its low base with nine homes reportedly sold over Autumn's last weekend at $2 million plus – another year-high result.
Sydney’s inner west produced an 87% success rate on Saturday and an average sale price of $1.1 million from its 58 listings.
The city and east also produced a strong result with an 80% clearance rate. It too had an average sale price of $1.1 million.
The most expensive property reported sold at the weekend was a six bedroom, four bathroom house at <a target="_blank" href="https://www.georgesellis.com.au/real-estate/buy/nsw/strathfield/ge00lt/">87 Chalmers Road Strathfield</a> (pictured below) sold by Georges Ellis and Co for $2,942,000. It was last sold in 1999 for $675,000 but with a knock-down rebuild done around 2004.
{yoogallery src=[images/stories/2013/05/may31strathfield]}
Six bedrooms are hard to come by - but highly desired by multi-generational families.
Dr Wilson dubbed the standout performer in the inner west as a six bedroom 1860s house at 98 Darling Street, Balmain East which sold for $2.9 million. However it actually last sold at $2.85 million in 2010, so reflected growth of just $50,000 over the past three years.
The most affordable Sydney property reported sold last weekend was a two bedroom unit at Leumeah sold by Richardson &amp; Wrench Campbelltown for $261,500. It had last sold for $275,000 in 2008, so another example of the cheapest becoming cheaper - an almost weekly occurance over the past few months.
A Mount Druitt unit with two bedrooms and one bathroom sold for $230,500 through Ben Price Estate Agents. The Hythe Street unit previously sold in 2003 for $250,000.
A four bedroom, one bathroom Charmhaven home sold through Raine and Horne Charmhaven for $245,000. The Pacific Highway house last sold in 2010 for $285,000.
The decline is in part because of the absence of first home buyers seeking established properties given government grants seeking to channel their interest into new houses and apartments.
None the less Dr Wilson suggests there’s "almost almost irresistible market momentum set to continue into the normally quieter winter selling season."
But RP Data have noted Autumn brought with it a cold wind blowing through the property market.
 
<hr class="system-pagebreak">
With just a few days to go until the end of the month, the RP Data daily index suggests house values will decline by about 1% in May following a <a target="_blank" href="/news">0.5% drop in April.</a>
“RP Data's capital city dwelling index looking soft for May, likely to be down nearly 1% for month (-0.9% past 28 days),” tweeted RP Data national research director Tim Lawless yesterday.
This follows dwelling values posted a solid 2.8% gain over the first three months of 2013.
Its been described as a modest and bumpy recovery that began around  November last year.
But Sydney's sale pace has picked up as the time on market cut by half, according to the RP Data advisory.
With the fastest sales rate in the country, Sydney private treaty house stock is rushing out the door in just 35 days average time on market with vendors required to typically offer a 6% discount for houses.
For Sydney private treaty established unit stock is even quicker selling in just 32 days average time on market with vendors required to typically offer a 4.1% discount. The data covers the week ending May 26.
Just three months ago Sydney houses were also spending the least time on average on the market, but it was taking 70 days. Sydney units in late February were typically take 59 days to sell, <a target="_blank" href="/news">also the quickest sale type in the country</a>.
So effectively what's happened is that vendor's and buyers are now pretty much on the same page, but in most cases it's the vendor's who've had to give ground. 
 
 
 
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Price growth didn't emerge amid stellar Sydney autumn auction results and speedy private treaty sales

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Australians seem to have lost their mojo! For much of the last few years we were an unhappy lot, then just when confidence seemed to be returning earlier this year, it took a slump again.
So what does it take to make us happy?
Obviously, it's more than money because we're already the world's richest people.
Now, before you shoot me down, let me explain that I certainly realise that to be truly wealthy you need more than just money. Of course I realise that money is important in those aspects of your life where it is important (like paying the bills and the school fees) and money is not important in those areas of our lives where it is not important.
But many of us are still worrying about getting more money so we don't have to worry about money anymore.
Back to the point I was starting to make – we're already wealthy
Yes, we're already wealthy. This was confirmed in the <a href="/news">Credit Suisse 2012 Global Wealth Report</a>, which showed that Australians are now comfortably the richest population in the world with a median wealth per adult of $US194,000.
This is more than double that of second-placed Switzerland with $US87,000.
Interestingly, the report states that Australians comprised some 1,571,000 people in the top 1% of the planet’s wealthiest people.
By the way, in order to be in the world’s top 1% you need a net wealth of $US710,000 and if you have net assets of over $US71,000 you are in the richest 10% of global wealth holders.
<img src="/images/stories/2013/05/yardneymay30one.jpg" width="470" height="285" alt="yardneymay30one">
Source: <a href="/news">credit-suisse.com</a>
The fact that the proportion of Australians with wealth above $US100,000 is the highest of any country, and eight times the world average, is mainly thanks to Australia being sparsely populated, our high levels of natural resources and our high real estate prices.
How many millionaires?
America still has the largest number of millionaires – more than 11million – three times higher than its nearest rival Japan and Australia boasts more than 905,000 millionaires.
Better yet, the report forecasts that the number of millionaires in Australia will jump to 1.6 million over the next five years. That’s a staggering 82% increase!
<img src="/images/stories/2013/05/yardneymay30two.jpg" width="368" height="215" alt="yardneymay30two">
Source: <a href="/news">credit-suisse.com</a>
What's ahead?
The report suggests that total world household wealth is expected to increase by almost 50% in the next five years, with the United States retaining the top spot with wealth of US$89 trillion.
China is expected to add US$18 trillion to global wealth and overtake Japan as the second-wealthiest country in the world.
This bodes well for Australia – we just happen to be in the right spot at the right time.
As China transforms from an industrial economy into a consumer-driven society, this will offer abundant opportunities for Australia.
Not only will China and other developing Asian countries require our resources, but we can supply them with health services, education, food and technology. If we play our cards right, we can be the tourism playground for a new generation of middle-class Chinese, just like we were for the Japanese in the 1980s.
Yes, there’s some good reasons for our mojo to return!
Michael Yardney is a director of <a rel="nofollow" href="https://www.metropole.com.au/" target="_blank">Metropole Property Strategists</a> who create wealth for their clients through independent, unbiased property advice and advocacy. Subscribe to his <a rel="nofollow" href="https://propertyupdate.com.au/category/property-investment/" target="_blank">Property Update</a> blog.
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Australia is at the top of the wealth pyramid and our future is bright: Michael Yardney

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The former Prime Minister Kevin Rudd and wife Therese Rein paid $2.175 million for their home in leafy Yarralumla, Canberra in 2010.
It has now been listed for sale at $2.25 million through Shane Killalea of the Peter Blackshaw agency.
<a target="_blank" href="https://www.propertyobserver.com.au/https://www.allhomes.com.au/ah/act/sale-residential/35-mueller-street-yarralumla-canberra/1316859916511">Set behind electric gates, with double lock up car accommodation, the house (pictured below) is described as sophisticated and luxurious</a>.
{yoogallery src=[images/stories/2013/05/may31rudd]}
The difference was virtually eroded by their stamp duty acquistion costs that totalled around $130,000, along with estate agency commission and annual land tax of around $10,800 a year. 
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.
“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 told the Australian Financial Review.
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 target="_blank" href="/news">a required 11.7% discount </a>among private treaty listings to secure a sale.
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Kevin Rudd and Therese Rein list Yarralumla, Canberra home with no profit hope

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Australia has moved from fifth to fourth most overvalued global property market but the overall risk of a housing bubble has subsided, according the very debatable The Economist magazine's 2013 global housing index.  
On a personal income housing affordability measure, <a target="_blank" href="https://www.propertyobserver.com.au/news/australia-moves-up-to-fourth-most-overvalued-housing-market-but-bubble-risk-subsides-the-economist/2013051761451">Australia ranks fourth</a> behind France (34%), the Netherlands (33%) and Canada (32%) while on a rents measure, Australia ranks third behind Hong Kong (81%) and Singapore (57%).  
The Economist calculates that Australian house prices are overvalued 24% (28%per cent last year) against average personal disposable income and 44% (38%per cent last year) against rents.  
What a load of rubbish!  Read <a target="_blank" href="https://matusikmissive.com.au/2011/12/07/house-of-horrors/">here</a> what we wrote about this stuff last time around.  
I believe The Economist has an issue with the Australian property market because we hadn’t experienced a substantial housing bust (or correction) here like most countries in the developed world.
For mine, due to our different lending practices here (full recourse loans etc) and high level of owner-occupier property, we were extremely unlikely to see the massive housing corrections that they experienced abroad, regardless of what Steve Keen believes!  
Also, most economists struggle forecasting things like actual economic growth and interest rates let alone property markets. Generally speaking, economists have a pretty poor understanding of the real dynamics and influences of property markets.  
Some economists (among others) have criticised me of late as being “too close to the market” i.e. that is involved in marketing and some very select selling - and therefore not somehow capable of independent thought or the tenacity the share it. The irony is that it is this very coalface contact with the market that is the most important when it comes to better property analysis.  
And as for an international economist – using a bunch of bland, internet-based, third party data sources – to speculate on Australia’s property markets, please give me a break! It is real estate after all. You must do a site visit. Walk the turf, kick the tyres, eyeball the vendor and quiz (interrogate) the salesperson.  
Australia, also, has a culture built on doing whatever is required to protect the family home – when things get a bit tough overseas they put the keys in an envelope and post them to the bank!  
Finally you cannot make comparisons between property and share markets. They are completely different.  
But maybe The Economist knows what it is doing.  It needs to sell its magazine and online advertising after all.  Well, if it ‘bleeds it leads’ and sadly telling us that our housing is going (again) to ‘hell in a hand basket’ must increase the magazine’s circulation.
Michael Matusik is the founder of <a href="https://www.matusik.com.au/" target="_blank" rel="nofollow">Matusik Property Insights</a>, which has helped over 550 new residential projects come to fruition.  Read <a title="blocked::https://www.matusikmissive.wordpress.com /" href="https://www.matusikmissive.com.au/" target="_blank" rel="nofollow">Michael's blog</a>or follow him on <a href="https://www.twitter.com/michaelmatusik" target="_blank" rel="nofollow">Twitter</a> or connect via <a href="https://www.linkedin.com/in/michaelmatusik" rel="nofollow">LinkedIn</a>.
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The Economist is wrong to argue that Australia's property market is overvalued: Michael Matusik

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Australia has ranked as the sixth most overvalued OECD housing market behind Belgium, Norway, Canada, New Zealand and France, but with prices falling.
It is the only non-European country included in a category “where houses appear overvalued but prices are falling” released as part of the OECD's latest global economic update.
“This category is the largest as it includes many European countries where the post-crisis housing market correction is still ongoing, most notably Spain, but also the United Kingdom, Belgium, Denmark, Finland, the Netherlands and one non-European country, Australia,” says the OECD.
“While price corrections in these countries are necessary, they are also concerning as they weaken households’ financial health and potentially fragilize banking sectors.”
It follows The Economist magazine ranking <a target="_blank" href="https://www.propertyobserver.com.au/news/australia-moves-up-to-fourth-most-overvalued-housing-market-but-bubble-risk-subsides-the-economist/2013051761451">Australia the fourth most overvalued housing market behind France, the Netherlands and Canada</a> earlier this month.
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The OECD determines the fair value of a housing market based on two measures: the price-to-rent ratio (a measure of the profitability of owning a house) and the price-to-income ratio (a measure of affordability).
If the two measures are above their long-term averages, house prices are said to be overvalued, and vice-versa.
On a price-to-rent ratio Australian house prices are about 35% overvalued while on a price-to-income ratio they are about 20% overvalued.
The figures were released as part of the OECD’s latest global economic update, where it said the global economy was moving forward but with divergence between countries and regions reflecting “the uneven progress made toward recovery from the economic crisis”.
It projects Australian GDP growth of 2.6% in 2013 rising to 3.2% in 2014 outperforming other OECD countries with GDP projected to rise by 1.2% this year and by 2.3% in 2014.
“The expected weakening of the boom in mining investment will be only gradually offset by the sector’s increasing export capacity and the strengthening of the non-mining sector,” notes the OECD in its May economic forecast summary.
“The persisting high exchange rate and still fragile confidence are inhibiting the emergence of new drivers of growth. “In the absence of inflationary pressures, monetary policy should remain accommodative in order to underpin activity.
“The authorities need to gradually balance the public budget so as to restore fiscal leeway. Should activity worsen significantly, however, there is scope for fiscal policy to be relaxed to support demand. A tax reform to improve the effectiveness of housing taxation and lower corporation tax by means of an increase in VAT would enhance efficiency.”
The OECD anticipates the world real gross domestic product (GDP) is projected to increase by 3.1% this year and by 4% in 2014.
Across OECD countries, GDP is projected to rise by 1.2% this year and by 2.3% in 2014, while growth in non-OECD countries will rise by 5.5% this year and 6.2% in 2014.
In the US, activity is projected to rise by 1.9% this year and by a further 2.8% in 2014.
GDP in the euro area is expected to decline by 0.6% this year and then rebound by 1.1% in 2014, while in Japan GDP is expected to grow by 1.6% in 2013 and 1.4% in 2014.
“The global economy is strengthening gradually, but the upturn remains weak and uneven,” said OECD secretary-general Angel Gurría.
“Supportive monetary policies, improving financial market conditions and a gradual restoration of confidence are at the root of the recovery. Also, the fiscal adjustment of the last few years is beginning to pay off. Several countries are close to stabilising their government debt-to-GDP ratios and ensuring a gradual decline in indebtedness over the longer term,” he said.
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