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“Minister Chanthivong and his team have shown real leadership in replacing an outdated two-year bond with cover that matches the lifespan of the buildings people are buying into.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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Peninsula Riverside, a 15-storey apartment tower is slated for construction in Kangaroo Point as Tom Dooley Developments (TDD) has emerged as an $11 million Thorn Street development site project buyer.
It's one of the sites that Property Observer reported in <a target="_blank" href="https://www.propertyobserver.com.au/news/shafston-house-listed-by-keith-lloyd/2013013158998">February</a> has having been listed by Brisbane businessman Keith Lloyd.
The tower will replace a 31-unit apartment complex currently operated as student accommodation.
"There are 31 old flats we are knocking down for the new building," TDD managing director Tom Dooley told Property Observer.
The site’s original development approval allowed for a 20-level mixed use building, which will be amended by Dooley. 
TDD plans to build a 168-apartment block on the site, overlooking the landmark Shafston House, with north-easterly views of the river.
The <a target="_blank" href="https://www.tdd.com.au/">TDD development group </a>has previously completed three other projects in Kangaroo Point. These include 19 Thorn, a 28-unit apartment block on 19 Thorn Street; Story, an apartment complex located at 89 Lambert Street, and luxury development Mon Rêve, at 98 Thorn Street.
Story comprised 72 apartments and six two-storey townhouses when completed in January 2007. It was awarded the 2007 regional commendation from the Royal Australian Institute of Architects.
Mon Rêve is an award-winning luxury development of 43 apartments spread across two towers on the north-eastern reach of the Brisbane River. It was completed in 2004.
“There has been a lack of new apartments in Kangaroo Point due to the shortage of development sites and the fact that the Kangaroo Point Peninsula is landlocked by the river,” Mr Dooley said.
The new development will be priced from $370,000, offering one and two-bedroom apartments.
Mr Dooley told Property Observer that marketing for the new development began last Friday with its first release.
Work is expected to start on the development, to be named Peninsula Riverside, in August.
Property Observer reported in <a target="_blank" href="https://www.propertyobserver.com.au/industry-news/australand-profits-up-5-in-interesting-times-with-strong-demand-for-melbourne-apartments/2013020659199">February</a> that property developer Australand’s Kangaroo Point developments The Promontory, The Linc, and The Residences were showing strong sales.
The apartments at Kangaroo Point Peninsula are currently <a target="_blank" href="https://www.realestate.com.au/property-apartment-qld-kangaroo+point-113431615">listed for sale</a>. <a target="_blank" href="/news">RP Data gives the suburb's median unit price as $470,000</a>.
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Tom Dooley returns to Kangaroo Point with fourth residential project

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I often get asked by my investor clients about whether they should furnish their investment properties.
The answer to this really depends on your market and current demand.
For example, over the past few years in inner city Sydney, I have seen a growth in the number of investors who choose to furnish their apartments not just for a higher financial return but also for practical reasons – with many choosing to live in the property between tenancies.
Overall, there is much more interest in unfurnished properties in this market; around 75% of my clients who are looking for a lease property will ask for an unfurnished place that can be fitted out to suit their taste and style. Generally, unfurnished tenancies are longer-term leases with minimal vacancy and wear and tear.
However, good quality unfurnished apartments available for lease in the inner city are getting harder to come by with close to 85% of apartments sold in this market over the past year have been to owner-occupiers.
If you do decide to furnish your property to lease, there are a few key things you will need to consider:
<ul>
<li>
Furnished properties generally have a shorter lease term – usually between 3-12 months – so you need to factor in a higher turnover of tenancies, which means increased possibility of vacancy and more frequent leasing fees.
</li>
<li>
If you are going to do it, it needs to be done well! Your apartment needs to be beautifully styled and warm and inviting. It also needs to be fully equipped; it’s easy to forget the smaller details like kitchen utensils, vacuum cleaners, linen, and so on.
</li>
<li>
Monitor all your furnishings and ensure that your entire inventory is well maintained. Items should be replaced promptly if they are not working. Most properties need an update of furnishings or restyling every 3–5 years
</li>
</ul>
When furnishing an investment, you need to be aware that although you may receive a premium of between $100-$250 a week for the furniture; once you have factored in the probable vacancy due to the shorter-term leases, the maintenance of inventory items and extra agency fees – you’re likely to achieve a better return on an unfurnished property.
In saying this, if your investment is more of a lifestyle choice and you’re able to use your city pad in between tenancies, then enjoy!
Carlie Ziri is the director of <a target="_blank" href="https://www.lifestylepropertyagency.com/" rel="nofollow">Lifestyle Property Agency.</a>
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cziri-avMho78xfG

The pros and cons of furnishing your investment property

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Well, where to start today?
Firstly we have got the China data. GDP growth of 7.7% y/y may sound very strong, but the market was expecting better, and the quarterly result of 1.6% growth implies that perhaps future growth may be lower.
This was a bit of a kick in the guts for the market, and Australian stocks got a reality check, falling sharply by 1.6% before recovering a little, and the dollar fell sharply too to 104.3 cents.
As margin calls are activated gold prices continued to get hammered by a further 3%. The share price of gold miner Newcrest (NCM) got crucified falling by more than 8% today to below $17.92 from its high of recent years of above $40.
All looking a bit shaky, which will renew calls for a further <a href="?option=com_googlesearch_cse&amp;q=interest%20rate%20cut" target="_blank">interest rate cut</a>.
<img src="/images/stories/2013/04/wargentapril16onethumb.gif" width="470" height="324" alt="wargentapril16onethumb">
Source: ASX
On the positive side, Australian housing finance data beat expectations with investor demand increasing by 15% y/y and reaching its highest level in more than half a decade as the property market recovery continues. The total value of dwelling commitments continues to grow:
<img src="/images/stories/2013/04/wargentapril16twothumb.gif" width="400" height="502" alt="wargentapril16twothumb">
Source: ABS
In my book <a target="_blank" href="https://www.bigskypublishing.com.au/Books/General-Interest/Get-a-Financial-Grip/968/productview.aspx">Get a Financial Grip</a>, I discussed the trend towards apartment dwelling, and how investors - having been spooked by the brutal stock market crash through 2008 and early 2009 - increasingly look to real estate as a tangible store of wealth which they feel they can better understand.
Capital city property markets were once seen as places to live. Today they are largely investment markets.
RP Data's Weekly Report yesterday showed that the highest auction clearance rates were once again in Sydney, and the fastest selling property type continues to be units in that city. This has been reflected in increasing prices in that sector.
<img src="/images/stories/2013/04/wargentapril16threethumb.gif" width="400" height="244" alt="wargentapril16threethumb">
Meanwhile, the property cycle moves on in Britain with prices up to a five-year high. As noted here before, the south-east of England is where the bulk of the housing shortage is forecast to be, and it is no surprise to see the gains led by London prices (reportedly now 17% higher than their  previous peak).
However, when adjusted for inflation, median UK house prices are below where they were at their peak, so the 'Help to Buy' scheme may well see prices move higher. Foreign investors are particularly attracted to London - especially <a target="_blank" href="https://www.worldpropertychannel.com/asia-pacific-commercial-news/malaysia-funds-investment-london-property-6714.php">Malaysians</a> it seems!
Pete Wargent holds a range of finance and property qualifications and is the author of <a target="_blank" href="https://petewargent.blogspot.com.au/" rel="nofollow">Get a Financial Grip – a simple plan for financial fr</a><a target="_blank" href="https://petewargent.blogspot.com.au/" rel="nofollow">eedom.</a>
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pwargent-M4siyDbqQY

Strong housing finance data and Sydney auctions performance shows market recovery is continuing

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The latest rental report from Australian Property Monitors highlights how much apartments are challenging standalone houses for the hearts and minds of property consumers.  
One of real estate’s dominant paradigms has been that houses out-value apartments because of the greater land content. The land appreciates and the dwelling depreciates, so they say.  
But as more and more buyers and renters opt for apartments, the old dynamic is shifting.  
In Melbourne, the median rent for apartments is the same as that for houses, at $360 per week. In Sydney, there is a narrowing gap: the median house rent is $500 and the median unit rent is $470. There’s also a small difference in Brisbane: $390 for houses and $375 for units.
The popularity of apartments as a lifestyle choice has been rising readily for years. This is seen in the figures for new dwelling construction across Australia: the market share of units and townhouses has risen sharply in the past five years.  
In 2008-09, 30% of new dwellings were units. It rose to 33% in 2009-10 and further to 38% in 2011-12. In the current financial year it will be close to 40% of new dwellings constructed.  
Part of this may be attributed to over-building in places like the Gold Coast and inner Melbourne, but it does tend to confirm the steady rise of attached dwellings as a force in the market.  
This has gathered pace through the preferences of younger buyers, opting to buy or rent closer to the inner-city action, rather than secure a house on land further out, and preferring also the low-maintenance lifestyle offered by units and townhouses.  
Affordability is another part of the choice. While the rental gap between houses and units has narrowed, there is still a considerable difference in price for those opting to buy.  
The <a target="_blank" href="https://www.propertyobserver.com.au/residential/rp-data-rismark-march-1-daily-index/2012030153640">RP Data-Rismark Home Value Indexes</a> indicate that the typical Sydney house costs $620,000 but the standard unit is $488,000. So while houses cost only 6% more than units to rent, they cost 27% more to buy.  
In Melbourne the average house costs 20% more than the typical unit, but there no difference in the rent. In Brisbane, houses cost 33% more than units but the rental differential is only 4%.  
That’s an equation that should make investors sit up straight and pay attention. Units are much cheaper and the rental returns, on average, are much better.  
It’s clear from the planning decisions coming out of state governments around Australia that our political leaders want more of their population growth to be absorbed through infill development, in preference to growing the city footprint through house-and-land urban sprawl.  
We’re seeing councils in our major cities allowing greater densities to be developed in suburbs currently dominated by standalone houses.  
There’s no doubt that the near future holds a vision of more residents living in units and townhouses, preferably close to public transport nodes.  
And, increasingly, this will change the parameters for investing in our major cities.
Terry Ryder is the founder of <a target="_blank" href="https://www.hotspotting.com.au">hotspotting.com.au</a>
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terryryder-YECXbqmri2

Times are changing and apartments are on the rise

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Population growth is an important determinant of housing demand – to put it simply, more people generally equates to a larger requirement for new homes.
I'd like to look at the broad national population growth figures, which were recently released by the Australian Bureau of Statistics, and at the September quarter population change data in more detail, focusing on the state-by-state results.

At a national level, population growth is fuelled by two factors: the rate of natural increase (births minus deaths) and overseas migration.  At a state level interstate migration is also a factor in population growth.

On a state-by-state basis <a href="?option=com_googlesearch_cse&amp;q=population" target="_blank">population</a> growth has been strongest in absolute terms within Victoria (94,837), Queensland (91,389), New South Wales (86,033) and Western Australia (81,694).
These four states have accounted for 92.5% of total population growth over the 12 months to September 2012.
 Click to enlarge
<a title="Click to enlarge" rel="shadowbox" href="/images/stories/2013/04/kusherapril16one.gif"><img src="/images/stories/2013/04/kusherapril16onethumb.gif"></a>

Across the individual states, only Queensland (12,104), Western Australia (11,091), Victoria (1,296) and the Australian Capital Territory (755) have seen a net gain in population from interstate migrants (i.e. more residents arrived over the state/territory border than left for other states/territories).
Over the year to September 2012, the net number of interstate migrants arriving in Queensland was at its highest level since the 12 months to December 2009 and Western Australia’s net interstate migration figure was its highest level on record since the time series began in June 1982.
On the other hand, 18,448 more residents left New South Wales than arrived over the year followed by 2,748 net residents leaving Tasmania, 2,541 net residents left South Australia and 1,509 net residents left the Northern Territory.
 Click to enlarge
<a title="Click to enlarge" rel="shadowbox" href="/images/stories/2013/04/kusherapril16two.gif"><img src="/images/stories/2013/04/kusherapril16twothumb.gif"></a>

As the above chart shows, the resource states are currently the largest beneficiaries of interstate migrants from other states.
 
<hr class="system-pagebreak">
Queensland has always been a significant beneficiary of population growth from other states, particularly New South Wales and Victoria, however, the rise in prominence of Western Australia is a relatively new feature.
This is likely to be a result of the resources sector boom which has occurred in that state over recent years.
 Click to enlarge
<a title="Click to enlarge" rel="shadowbox" href="/images/stories/2013/04/kusherapril16three.gif"><img src="/images/stories/2013/04/kusherapril16threethumb.gif"></a>

The other side of the equation of course is overseas migration and which states reap the benefits of these new arrivals.
Over the past 12 months, 91.8% of all overseas migrants or 209,403 persons have settled in one of New South Wales (59,432), Victoria (53,996), Western Australia (50,613) and Queensland (45,362).
 Click to enlarge
<a title="Click to enlarge" rel="shadowbox" href="/images/stories/2013/04/kusherapril16four.gif"><img src="/images/stories/2013/04/kusherapril16fourthumb.gif"></a>

As the above graph shows, most overseas migrants to Australia have initially settled in either New South Wales or Victoria and based on this you can assume they tend to settle in Sydney or Melbourne.
Given this, the benefits (and costs) of overseas migration are not being felt right across the country but are mainly concentrated in the major population centres of New South Wales, Victoria , Queensland and Western Australia.

Based on all these figures, outside of New South Wales, those states which tend to lose residents to other states (or see a low inflow) also fail to attract a significant proportion of new arrivals to the country.
This has repercussions for the overall economic performance of these states as they lose many of their young and educated to the larger states which arguably have more abundant education and job opportunities.
On the other hand, a number of these states and territories are also failing to attract overseas migrants.
The reason being that these migrants also tend to be more attracted to the areas with better educational facilities and job prospects.
Perhaps some of the smaller states should be looking at ways that they can better attract new migrants to their state, surely factors such as cheaper housing in states like South Australia and Tasmania could be an attractive lure but there must also be the jobs and wages available to both attract and then keep these new settlers.
It may also help to stem the flow of residents that leave these smaller states.
Cameron Kusher is senior research analyst at <a href="https://www.rpdata.com.au/" rel="nofollow" target="_blank">RP Data</a>.
 
 
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ckusher-ujnxiKuFQs

QLD and WA attracting New South Welshmen in droves: RP Data

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Melbourne continues to be the tearaway city when it comes to new listings, although there's been a flurry of new vendors test the Darwin market. Melbourne's new listings total 7918 while 290 represents a similiar boost in the top end. The only other city with an annual increase in total listings over the past year is Adelaide's mild increase, according to<a href="https://www.propertyvalue.com.au/" target="_blank"> RP Data</a>.
<img alt="rpdatacapitalsapril15one" src="/images/stories/2013/04/rpdatacapitalsapril15one.gif" width="470" height="271">
Click to enlarge
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These results are calculated across properties that have been advertised for sale over the past 28 days.
A new listing is one which has not been advertised for sale over the past six months, total listings include new listings and properties which have been previously advertised.
*Please note that rpdata is currently updating the ACT listings database, as a result the ACT figures have been withheld. 
 
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po-LsXgBTHBmX

No stopping Melbourne's new listings: RP Data 

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Election years are always fascinating given it's fair to say that we live in a society based on excuses so let’s wait and see what happens on September 14.
What has become more than obvious post-GFC is that buyers’ profiling has changed dramatically given we have fewer buyers in the top-end markets.
This then becomes indicative when you do a comparative analysis of the market (which we do weekly) where houses in Mosman are thus far in 2013 on average 25% down on last year.
We were doing a session with our <a target="_blank" href="https://www.activategrowth.com.au/index">real estate coach Daniel Spencer</a> this week where we were profiling the Mosman buyers who were placed in four categories – strongest to weakest.
Out of Area – (Passive) – (the strongest). This category is represented by overseas buyers and out of area that have made the decision to buy now and are not persuaded by negative property press.
Local Buyers – (Passive) – not actively looking however prepared to engage immediately should the right property become available. They have specific requirements namely style and location.
Out of Area – (Active) – have been monitoring the market for some time inspecting all properties that meet their buying criteria – have looked at multiple properties.
Local Buyers – (Active) – prior to the GFC our strongest buyer profile however they have experienced first-hand declining markets which has resonated in their overall market confidence – to the extent that they are buyers today only at a price. Previously the number one buyers in this demographic were merchant bankers – which explains why this category has moved from first to last.
The GFC has brought about serious lifestyle and household changes – mainly due to significant changes in the business environment where today the vast majority are working more for less.
For example, in NSW it was reported late last year that the richest suburbs (based on incomes) are <a target="_blank" href="/news">Double Bay</a> – <a target="_blank" href="/news">Bellevue Hill</a> recording an average income of $129,116. <a target="_blank" href="/news">Mosman</a> was next with $126,956, <a target="_blank" href="/news">Hunters Hill</a> – <a target="_blank" href="/news">Woolwich</a> on $123,956 and <a target="_blank" href="/news">Woollahra</a> on $123,869.
The number of bankruptcies in the March quarter of 2013 was the lowest recorded in a quarter since 1996. It is interesting to note that the <a href="/news">Fairfield</a> – <a href="/news">Liverpool</a> suburbs are the worst performing in NSW with a 30-day plus delinquency rate of 2.44% which equates to 16 out of 1,000 borrowers in arrears. Mosman has one of the lowest delinquency rates in Australia which will surprise many.
Australian Property Monitors released last week its Housing Market Report – Australian Capital Cities and Gold Coast residential property market.
 
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Sydney
The Sydney market has commenced 2013 with increased buyer and seller activity.
Weekend auction clearance rates have been impressive, tracking nearly 20% higher than those recorded over the same period last year.
Early season clearance rates have been similar to those recorded during the boom period of autumn 2010 and are a positive indication of rising market confidence. Signs are also emerging of a more generalised lift in Sydney buyer activity, with increased sales in the prestige market.
<img src="/images/stories/2013/04/simeonapril15one.jpg" width="470" height="444" alt="simeonapril15one">
<img src="/images/stories/2013/04/simeonapril15two.jpg" width="470" height="458" alt="simeonapril15two">
Whilst RWM did post the two highest top-end sales for 2013 in the Mosman market last week the market still has a long way to go to returning to the halcyon days of yesteryear.
 
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What is interesting for property markets is actually profiling the buyers – the two top-end sales this week went to Passive Local Buyers.
We are the only Mosman real estate agency profiling buyers. What many are asking (without knowledge) is ‘will the Local–Active buyers make a return?’
Greatly assisting real estate markets is anecdotal evidence that clearly shows declining listings with many vendors opting to delay entering the market until after the federal election on September 14.
The only problem with that strategy is the uncertainty of stock-rush given this strategy could fail due to a surging oversupply.
Despite conflicting opinions consumer confidence still remains the elephant in the room – evidenced with this week’s announcement <a title="jobless rate jumps as economy sheds jobs. " href="https://www.smh.com.au/business/the-economy/jobless-rate-jumps-as-economy-sheds-jobs-20130411-2hmxa" target="_blank">jobless rate jumps as economy sheds jobs.</a>
Australia’s manufacturing industry will continue to decline then disappear as we are no longer competitive. The federal government will stop propping it up as it is a lost cause given we can’t get close to competing with Asian markets.
I would suggest we pay absolutely no attention to property speculation that property markets are rising, simply because it’s a lazy analogy using mammoth markets not individual niche markets. Whilst <a title="caught short: housing sceptics proved wrong" href="https://www.afr.com/p/blogs/christopher_joye/caught_short_housing_sceptics_proved_9N9nULnQzqQtqDVjLjABJJ" target="_blank">caught short: housing sceptics proved wrong</a> promoting a façade of good times ahead is in my view premature and irresponsible.
What's happening in Perth markets has absolutely no relevance to individual Sydney markets.
When markets boom it starts at the top-end and that is not about to start anytime soon.
This time around it is the lower end that is booming. Last week, I wrote that last year Australian companies were involved in 1,037 deals worth $US65.46 billion, a marked decline from 2007, in the peak of the equities boom.
In that year, companies locked in $214.7 billion in mergers and acquisitions in 2,267 deals. In 2013 all reports are that this figure will decline further so top – end markets won’t be booming.
Simply put: they will remain in a holding pattern for quite some time, which explains why we spend so much time profiling the buyers.
Robert Simeon is a director of <a rel="nofollow" target="_blank" href="https://www.rwm.com.au/" title="RWM" style="font-size: 14px;">Richardson  Wrench Mosman and Neutral Bay </a>and has been selling residential real estate in Sydney since 1985. He has also been writing real estate blog <a rel="nofollow" target="_blank" href="https://www.rwm.com.au/news/" title="Virtual Realty News" style="font-size: 14px;">Virtual Realty News</a> since 2000. The RWM real estate model has sold in excess of $1 billion in database sales globally.
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robertsimeon-hRNTwJyXkQ

Big changes in buyer profiles

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The idea that demographically we’re becoming a nation of downsizers is somewhat debatable.
Certainly, affordability constraints are having an effect on the property choice for young home-buying couples, but it doesn’t stop the flow of regular articles suggesting “families are increasingly flocking to high-rise apartments” which was all but stated as fact in a recent ‘ibisword’ newsletter – not to mention mainstream columns regularly delivered through the national press assuring readers we’re all becoming a nation of ‘happy strata dwellers.’
Whilst there’s no doubt we’ll see a future shift into apartment living as density in the capital cities continues to increase, the demographic most are concentrated on are our elderly downsizers. This is the great 'tsunami' many expect will tip not only the Australian property market over the edge with a flood of supply, but also that of the UK and USA – marring any recovery they’ve had to date.
We’re told our baby boomer retirees will all be downsizing en masse - so it’s worth investigating if this is correct, and if so, asking if the relative boom of inner city apartment stock currently being constructed in our inner suburban localities – the majority of which consist of four stories or more and are principally located in both Melbourne and Sydney – is going to suit their needs?
Proportionally we’re growing older as a nation – census data tells us the number of 20 to 44-year-olds has expanded on average by 4.6% per year in the five-year period leading up to the census – however by 2020 it’s expected to slow to 1.2% per annum (a trend clearly demonstrated by the United Nations World Population pyramid which extrapolates the data out to 2050.)
<img alt="cashmoreapril15one" height="238" width="470" src="/images/stories/2013/04/cashmoreapril15one.jpg">
By the time we get to 2051 the elderly population over 65 will have doubled from the figures recorded in 2004, and over 85 year olds will have quadrupled. These are the ‘baby boomers’ who hold roughly half of Australia’s housing stock – a mix of owner-occupied dwellings and investments.
The first group of 65-year-old “baby boomers” started their retirement in 2011 and over the next 20 years, the others will follow suit.  It’s broadly assumed by property commentators and urban policy makers that most will be looking to downsize. With unit and apartment approvals running at an all time high it’s taken for granted that our elderly downsizers will increasingly migrate towards these inner city developments becoming part of the ‘happy strata dwellers’ I cite above.
It’s perhaps worthwhile looking at the definition of downsizing before investigating where the bulk of the next decade’s retirees will head. Whilst moving to a smaller dwelling is what most assume as the definition of downsizing, it can equally encapsulate the demographic that simply locate into cheaper accommodation - perhaps not negotiating on interior space, but moving to an area where they can purchase a similar sized home for less expense.
The only commonality between the two seems to be ‘land size’ – few are able to maintain lavish gardens and therefore opt for ‘low maintenance.’
Late last year the <a href="https://www.ahuri.edu.au/" target="_blank">Australian Housing and Urban Research Institute</a> produced a paper entitled ‘Downsizing amongst older Australians’ – which attempted to address preliminary questions that hang over the accommodation needs of older Australians through an number of surveys, lengthy interviews, community meetings and ‘clues’ contained in ABS data.
Whilst they were able to recognise some broad trends contained in the census results, the research noted a severe lack of ABS information from which to assess the lifestyle needs of downsizers - therefore, despite the growing urgency on urban policy makers to provide adequate accommodation to meet ‘expected’ demand, we have scant details regarding preference of property type, price, and location an elderly retiree would require to successfully navigate the process. Hence why there are now calls for the census questionnaire to address the topic in detail.
Albeit, it was unsurprisingly noted from the ABS data available, that increasing numbers are leaning towards lower density dwellings as they move into their twilight years, and there is also evidence to suggest most retirees who moved in the five-year census interim stayed in the same SD area.  However, without deeper analysis there’s little to suggest apartment living is the preferable option.
The preliminary results from the AHURI survey were presented by Bruce Judd, Catherine Bridge, Hazel Easthope and Edgar Liu at the Australian Housing Researchers Conference in Fremantle earlier this year – the full power point is available <a href="https://www.be.unsw.edu.au/sites/default/files/upload/pdf/cityfutures/publications/presentations/Judd_AHRC_Perth.pdf" target="_blank">here</a> – however I’ll outline the results below.
 
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From the 2815 ‘older people’ surveyed, only 43% had ‘downsized’ and although it’s generally assumed the predominant reason for downsizing would be monetary their survey revealed the biggest motivation for a move later in life is a ‘life event’ such as illness or the children leaving home. Financial gain as a motivator lagged behind ‘death of a partner,’ and this falls in line with previous literature which notes a ‘reluctance to release capital unless ‘non housing wealth’ was close to being exhausted.’  (Faulkner, 2007).
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<a href="/images/stories/2013/04/cashmoreapril15two.gif" rel="shadowbox" title="Click to enlarge"><img src="/images/stories/2013/04/cashmoreapril15twothumb.gif"></a>
With this in mind, it’s no surprise that their preliminary research paper also outlines a common trend for older residents to ‘stay put’ indicating many don’t want to move if they can avoid it.
Downsizing from a four-bedroom house to a two-bedroom unit, for example, would not just compromise living space, but also force the mover to ‘downsize’ their possessions – some items of which no doubt have sentimental attachment and a lifetime’s worth of memories attached.
Furthermore, in a three-bedroom home, children and visitors can come to stay – in a unit, it’s harder to entertain – not to mention negative financial and psychological stress that dissuades older families from upping sticks – such as stamp duty costs and selling fees and the general physical effort.  For these reasons (and others,) it’s well recognised that the majority of older people continue to live in suburban dwellings with three or more bedrooms.
In line with the issues of unexpected expense, one of the participants surveyed commented:
“There are other expenses in selling houses – (Stamp) Duty, Agent’s fees and so on – and then removal fees. ... I paid a monthly fee while the furniture was in storage. So, than was another cost..I wasn’t really prepared for.” (Male, 60-64, single, owner, regional, NSW)
From those who had downsized, there was certainly evidence of a proportional move into apartments – albeit, the larger proportion continue to reside in a separate house.
Click to enlarge
<a title="Click to enlarge" rel="shadowbox" href="/images/stories/2013/04/cashmoreapril15three.gif"><img src="/images/stories/2013/04/cashmoreapril15threethumb.gif"></a>
 
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From those who did downsize, the predominant difficulty seemed to be sourcing appropriate accommodation – with comments such as:
“We're not alone in saying, well where's this suitable smaller place? …That type of dwelling…that's being built within retirement villages where they're two or three bedrooms; they're really quite well set up and…well designed. But their problem is, that's where they are, in a retirement village often on edges of suburbs.” (Female, 60-64, couple, owner, urban, VIC)
And:
“…We'd been looking for about 10 years… for…a block about this size, a dwelling rather like this that we could buy on our own. We couldn't find such a thing. Doesn't exist. We looked as far up the central coast. So…what this retirement village offers was the next best thing.” 
The above data falls in line with my own experience working with elderly downsizers. Most are understandably fussy in their accommodation needs – affordability is a factor – modern apartment owner corporation fees are not modest by any means, and most I deal with, would prefer a small villa unit or town residence to an apartment.
Evidently, in our ‘squeeze as many on the block as possible’ culture, properties fitting the description above are not readily available.  Inner city suburbs lack the space, and outer suburban localities where more appropriate accommodation exists, often lack public transport and adequate infrastructure to meet demand.
Therefore, although it’s assumed there’ll be a downsizer tsunami into the apartment market – there is little evidence to suggest as such – and for those who do downsize, finding suitable stock can present significant difficulties. It’s probably for this reason that high-rise apartments continue to experience inflated vacancy rates coupled with a large proportion of student renters, whilst elderly ‘empty nesters’ choose to stay put.
The AHURI research outlined that between the five-year census interim period, only “one quarter of older Australians 65+ moved,” only 43% of the survey respondents who had moved since turning 50 had downsized, most moved to detached dwellings, with only 24% moving into flat’s or apartments.
Meanwhile, the home  buyer duel income property shoppers, who make up Australia’s largest buyer demographic would no doubt appreciate an extra supply of inner and middle suburban three and four-bedroom houses which are held by the downsizing population – just as first-home buyers would benefit from an increased supply of ‘starter’ one and two-bedroom low-rise established apartments, which unlike high-rise dwellings give a first-home buyer an increased ability to obtain financial approval with lower owners corporation fees, but which have been largely ‘soaked up’ by investors taking advantage of negative gearing tax benefits or purchasing as part of a diversified SMSF portfolio.
It’s clear the property needs of home buyers must be addressed by urban planners if we’re to free up the market stagnation which will increasingly affect city dwellers as the population expands.
Adequately funding infrastructure for our fringe suburbs to boost the construction sector as well as reducing hefty development overlays which are passed onto the buyer, addressing policies to constrain investor and foreign acquisition into the established sector which does little to increase supply, not to mention the recent trend of land banking vacant blocks which could be subdivided into homes ideally suited to both the downsizer, and young family buying demographic.
All of the above have played their part in disproportionally inflating inner and middle ring house prices, stagnating the market and reducing the options for first home buyers who are told to migrate some 30km from the CBD into a ‘nether nether land’ in order to purchase a house in which they can settle for a period of time and adequately raise a family.
Until such a time, we can expect more pain ahead in a property market that fails to cater for home buyers and largely benefits investors.
Catherine Cashmore is a market analyst with extensive experience in all aspects relating to property acquisition.
 
 
 
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catherinecashmore-6LXia3pPQj

There's little evidence to suggest a downsizing rush

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Landlords can expect rents to rise at the same pace as house prices over the next two years, but with wide variance across state markets with WA the strongest and Victoria the weakest rental market.
Overall the expectations are for slightly stronger rental growth over the next two years than forecast three months ago.
Rents are forecast to rise 3.6% over the next two years <a target="_blank" href="https://www.propertyobserver.com.au/residential/house-prices-to-rise-36-over-next-two-years-as-sentiment-rebounds-broadly-nab-index/2013041160305?utm_source=po&amp;utm_medium=aida&amp;utm_campaign=news">matching house price growth expectations,</a> according to the March quarter NAB residential property survey.
Rental expectations for the next 12 months have risen slightly since the December quarter survey.
Survey respondents – a pool of 300 mainly estate agents, property owners and investors – now anticipate rents to rise 2.6% to March 2014 compared with previous expectations of a 2% year-on-year rise.
As with house price expectations, rental growth is likely to be strongest in WA with a rise of 4.2% forecast.
In South Australia/Northern Territory, expectations were revised up sharply to 3.9% (compared with a small decline of 0.5% previously).
However, report author and NAB chief economist Alan Oster, notes that “this series is generally more volatile because of a smaller sample size.
“Upward revisions were also apparent in all other states, led by Queensland (2.4% from 0.6% previously) and NSW (2.4% from 1% previously).
“Rental expectations for the next year were weakest in Victoria at 1.6%, but marginally higher than 1.4% forecast in the December quarter,” Oster says.
Over the next two years, national rents are forecast to grow 3.6%, up slightly from an earlier forecast of a 3.3% rise, “reflecting more bullish results from SA/NT (5.2% from 1.1% previously) and NSW (3.4% from 3% previously).
Expectations were broadly unchanged in WA (5.3%) and Victoria (2.6%), but were downgraded slightly in Queensland (3.3% from 3.6% previously).
The survey found that rental markets are still “generally tight across the country” with national rents growing 1% in the first quarter of 2013.
The rental market was strongest in WA, where rents grew 2.4% in the March quarter compared with 1.9% in the December 2012 quarter “as the resource led surge in population growth supports strong tenant demand”.
Rental growth was slowest in Victoria at 0.3% where the residential vacancy rate was also the highest in the country in February according to SQM Research data, but this was also the first positive result since the December 2011 quarter.
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lschlesinger-FZcF9M3vE6

Rental growth to keep pace with house price growth over next two years led by WA: NAB survey

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Many Australians dream of owning a business, and I am approached often for my opinions on the matter. Here’s a few questions to ask yourself before becoming a business owner:
What is the demand?
A business can only succeed if it meets a demand. So your first job is to ascertain the aggregate demand for your goods and services. You can get information from business intelligence services, government agencies and industry bodies. You must understand demand before opening your doors.
What do I bring?
Can you do the same as your competition, cheaper or faster or better? Will you work for less, do you have better technology, better employees, newer systems, greater innovation etc? Are you meeting excess demand with a me-too idea? All successful business people know what they bring to the market and they capitalise on it. So, you should know exactly why the market will deal with you and not your competitors. Know what makes you different and what it’s worth.
Do I have the money?
There are well defined cash flow dynamics in business – they operate around the average billing cycles and payment cycles. You should be able to chart the peaks and troughs of your cash flow so you can match outgoings to payment cycles and not run out of money. Having charted these dynamics, you can work out when and why you will need outside capital, in the form of a bank loan or other facility. Credit should always be planned in advance and you can get an accountant to do this as part of your planning if you don’t fully understand it. The worst position is to reach a critical point where you drop prices to push sales, thus reducing your profit margin. Advanced planning for capital avoids this disastrous spiral.
Can I build a team?
The idea of the business owner being a lone genius, doing all the thinking, is a dangerous fantasy. All successful business owners have a team of people who can add to their business goals. And these people must be rewarded and given incentives to keep them going. In general, a business owner first needs excellent people to cover the finance, operations and sales roles. That leaves you as the leader.
Am I a business owner?
Ask yourself: can I rise early, work myself to a stand still, spend all night doing paperwork and never take a holiday? Can I carry every decision on my own shoulders? Can I live a life when I’m never off the clock? If you prefer life to be predictable and you like a 40-hour week, perhaps proprietorship is not for you.
The business life is a wonderful challenge and a great way to contribute to society. However, I would advise anyone wanting to go into business to start with one simple rule: know your purpose. Business can be a hard, lonely, exhausting road and you’ll need to know why you’re doing this before you start the journey.
Good luck.
Mark Bouris is executive chairman of <a href="https://www.ybr.com.au/" rel="nofollow" target="_blank">Yellow Brick Road</a>, a financial services company offering home loans, financial planning, accounting and tax, and insurance.
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