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“Minister Chanthivong and his team have shown real leadership in replacing an outdated two-year bond with cover that matches the lifespan of the buildings people are buying into.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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InterContinental Hotels Group will build the first Holiday Inn Express in Australia in the Perth CBD.
 The $35 million development comes as <a target="_blank" href="https://www.propertyobserver.com.au/western-australia/perth-property-prices-just-%247500-shy-of-all-time-peak-david-airey/2013020659194">Perth</a> boasts Australia’s highest CBD hotel occupancy rate of 85.1% according to the Deloitte Access Economics Tourism and Hotel Market Outlook report for the fourth quarter of 2012.
It forecasts the average price of a Perth hotel room is also expected to increase 30% by December 2015 from $199 to $259.
December 2012 quarterly tourist accommodation figures released yesterday by the <a target="_blank" href="https://www.propertyobserver.com.au/commercial/commercial-lending-up-86-in-december-abs/2013021359320">ABS</a> record a 71.6% occupancy rate for Western Australia licensed hotels with 15 rooms or more,  a 69.5% occupancy rate for serviced apartments and a 63.9% occupancy rate for motels and guest houses.
By comparison the hotel occupancy rate in NSW is 76.8%, for services apartments its 74.9% and  for guest houses and motels, 57.8%.
The 224 rooms in the Holiday Inn Express will be spread across 20 floors and will incorporate a circa 1888 heritage house.
It will be located at 257 Adelaide Terrace and overlook the Swan River.
The 1,308-square-metre site was purchased in 2007 for $5.05 million.
Launched in 1991, Holiday Inn Express has more than 2,190 hotels worldwide, targeting the more affordable end of the hotel market.
“There is real investment potential in Perth hotels at the moment, with the mining capital of Australia experiencing soaring room rates and a shortage of guest rooms,” says Ralph Nunis, head of Perth-based developer Sunfire Asset.
“The CBD hasn’t seen a new hotel build for more than a decade, so we’re delighted to be working towards a solution for both business and leisure travellers to the city.”
“Once open, the Holiday Inn Express business model also means we will be able to keep operational costs down and room rates at affordable levels, while meeting the highly competitive demands of the market for comfort, convenience and value,” says Nunis.
Construction is set to commence mid 2013 and has an expected completion date of early 2015.
“As one of Australia’s gateway cities, it is vital that visitors to Perth can access suitable and affordable accommodation,” says Trent Zimmerman, CEO of Industry Body Tourism &amp; Transport Forum.
Holiday Inn Express is one of nine IHG brands, including three brands currently operating in Australia - InterContinental, Crowne Plaza and Holiday Inn. 
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Perth to get first Holiday Inn Express as city hotel occupancy rate hits 85%

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With the exception of a few auctions – half of which are on the Mornington Peninsula – March is largely complete and there are clear indications that the market has moderately improved.
The clearance rate for March is currently 67%, which compares favourably to the 60% recorded in 2012. The clearance rate has come down from 72% in February this year, but given there were 60% more auctions in March, that is a reasonable outcome.
From the perspective of transactions, both auction and private sale, the REIV estimates a 9% lift in sales. Comparing sales volumes in March can often be complicated by when Easter falls and, as it occurred in April last year, it may have overstated the market in March.
This is a very healthy improvement as it shows overall market activity is higher as more people are actively buying and selling.
The improvement is also clear when the financial volume is considered. Last weekend saw $932 million in sales reported. Not only is that higher than any weekend in March last year, it’s the highest since the middle of April in 2010 when there were $936 million in sales.
Incidentally, the first quarter in 2010 saw three weekends with more than $950 million worth of homes transacted.
After Easter, auction volumes will be reduced, with around 500 in the first weekend of April and 550 in the second weekend.
Robert Larocca is communications manager of the <a rel="nofollow" href="https://www.reiv.com.au/" target="_blank">Real Estate Institute of Victoria</a>.
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Clear signs of improvement in Melbourne property market: Robert Larocca

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The $12.5 billion Westfield Retail Trust has reported a modest 2% rise in earnings for the 2012 financial year noting the expansion of international brands in its malls.
The trust comprises 38 Westfield's in Australia and nine New Zealand shopping centres with more than 12,000 shops.
The REIT reported $573 million in distributable earnings for the year ending December 31 2012.
Retail sales reached $20.9 billion with speciality retail sales of $9,852 per square metre in Australia and a portfolio occupancy rate of 99.5%.
The Westfield Retail Trust completed $1.5 billion in developments including Westfield Sydney (completed in April 2012) and the redevelopment of Westfield Fountain Gate (the biggest in the porfolio at 174,000 square metres) with a development pipeline of $1.2 billion.
The portfolio delivered a yield of 6%.
Westfield Retail Trust managing director Domenic Panaccio called it a "strong financial result" noting that several international retailers had entered or expanded their operations" among the portfolio of malls.
The portfolio is home half of all Zara stores in Australia and a third of all Apple stores.
Panaccico says he expects 2013 to continue to present challenges but says the trust's high quality shopping centres "remain the first choice for many domestic and international retailers".
This year the trust will commence redevelopment of Westfield Miranda and Westfield Mt Gravatt.
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Westfield retail trust reports 2% rise in earnings and growth of international brands

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Nearly half (45%) all real estate investment into the Asia Pacific region is flowing into Australian commercial property markets.
This is double the next biggest markets of Japan (19% of investment) and China (18), according to Jones Lang LaSalle, with investors attracted to Australia by its transparent markets, efficient regulatory regimes supported by solid economic fundamentals and relatively high yields.
Offshore buyers of Australian commercial property are now around four times greater than those selling their investments, a trend that commenced in 2007 and which has grown more pronounced in the last three years.
“Australia punches well above its weight in terms of direct investment,” said Jones Lang LaSalle’s head of research and consulting David Rees at a retail outlook breakfast in Melbourne this week.
“Last year 29% of investment came from offshore – an all-time record.”
Rees says that while the big commercial markets of New York, London and Paris continue to attract offshore investors, a significant flow of investments into the Asia Pacific region is underway.
“They are investing in the region because of the long-term growth prospects with a big shift to Australia,” Rees says.
“Capital flows into Australia are expected to continue through 2013,” he says, highlighting that retail and office yields are broadly in line with long-term averages, and very appealing to offshore investors.
Regional shopping centre yields are around 6.32% compared with a 10-year average of 6.39% while sub-regional yields are above the 10-year average of 6.39% at 6.32%.
However, a scarcity of premium assets (sought by offshore investors) should see yields compress by around 25 basis points at the tight end of the market.
Rees says the shift to Australian commercial real estate is part of a global re-weighting to real estate as global investors shift their portfolio weightings from the large equity and bond markets to the much smaller real estate markets.
“A 1% downsizing in global equity portfolios towards non-residential real estate implies a 7.8% increase in global real estate portfolios. A 1% reduction in global bond markets in favour of real estate has a similar impact. A 0.1% re-weighting of global real estate portfolios towards Australia implies an increase of around $9 billion in offshore holdings of Australia real estate,” says Rees.
 
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Australia to continue as commercial property investment hotspot in 2013: Jones Lang LaSalle

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More evidence has emerged of the damaging impact that changes to first-home buyer grants in NSW and Queensland are having on home buyer sentiment.
First-home buyer (FHB) sentiment fell 12.8% according to the latest <a href="/news">Genworth</a> Homebuyer Confidence Index, driving a 5.1% fall in the overall index – its lowest level since 2008.
The bi-annual index, a measure of home buyer and would-be home buyer sentiment, fell from 98.4 to 93.4 over the six-month period while the first-home buyer sub-index fell from 98.5 to 85.9.
Click to enlarge
<a href="/images/stories/2013/03/genworthmarch27one.gif" rel="shadowbox" title="Click to enlarge"><img src="/images/stories/2013/03/genworthmarch27onethumb.gif"></a>
“Changes to incentives in New South Wales and Queensland states may be affecting FHB con?dence more broadly, with New South Wales having the lowest proportion of prospective FHBs who thought now was a good time to buy a home,” the report says.
“New South Wales and Queensland both saw a large fall in the number of FHBs in the market, according to ABS data, of 56% and 66% respectively between September 2012 and January 2013.”
In addition, mortgage stress among FHBs is rising with the report finding that 41% of recent first-home buyers are expecting difficulty with mortgage repayments over the coming year – up from 18% in September 2012. 
The fall in the overall index was primarily driven by a 42% increase in the proportion of borrowers who expect to experience mortgage stress over the next 12 months rising from 18% in September 2012 to 27% in March 2013.
“The sharp rise in the proportion of surveyed FHBs experiencing and anticipating hardship follows the removal of FHB incentives on established dwellings in New SouthWales and Queensland, which went into effect in October 2012.
“Amongst FHBs in Queensland, over-commitment/borrowing was cited as the main reason for expecting mortgage stress," says the report.
Bridget Sakr, chief commercial officer of Genworth, says the changes to government grants led to a bigger drop in first-home buyer confidence compared with the overall decline in the index.
The changes to the FHB grants impacted on the ability of FHBs to purchase the properties they want, Sakr told Property Observer.
She highlighted the findings of the report that fewer than one in four FHBs wanted to buy a new home.
Despite this sharp fall in FHB confidence, time to buy a home sentiment is still higher than it was a year ago, though it too fell from 54% of FHBs to 49% as of March 2013.
“FHBs still aspire to own a home, this has increased from last year, but most want an established home in an area they want to live,” Sakr says.
“The grant removals have hindered them from being able to do that.”
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FHB grant changes drive home buyer confidence to lowest level since 2008: Genworth

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The Melbourne property market is like an incoming tide. It ebbs and flows on the waves of confidence and buyer demand. In some cases the property market slips backwards but it always seems to get back to where it once was.
Over the last couple of years the value of many properties have slipped back by 5% to 10% but we are now seeing the <a target="_blank" href="https://www.propertyobserver.com.au/news/the-10-insights-into-the-2013-property-market-what-why-when-and-where-to-look/2012121658500">market</a> take up that slack very quickly.
For example, in November 2010 a three-bedroom villa unit went to auction at <a target="_blank" href="https://www.realestate.com.au/property-villa-vic-hawthorn-106960682">3/15 Lisson Grove, Hawthorn</a> (pictured below).
<img src="/images/stories/2013/03/armstrongmarch27one.jpg" width="470" height="353" alt="armstrongmarch27one">
At the time, the market was coming to the end of a two-year strong growth phase, but even in such a strong market nobody expected the result that was achieved.
I remember seeing a shocked crowd of onlookers when the property sold for $1.26 million. This result set a new bar for this style of property in Hawthorn and took many people by surprise.
Scarcely six months after this sale the Melbourne market had fallen to its knees and the thought of achieving a similar result again seemed impossible.
However, last weekend a <a href="https://www.realestate.com.au/property-house-vic-hawthorn-113159479" target="_blank">property</a> (pictured below) in a very similar condition and in the same development went under the hammer.
<img src="/images/stories/2013/03/armstrongmarch27two.jpg" width="470" height="348" alt="armstrongmarch27two">
Leading into the auction the agent expected the property to sell in excess of $900,000 and had a reserve around $1 million. The massive result achieved a couple of years earlier was not on the cards as far as the vendor was concerned because ‘that was a different market’.
A large crowd turned up to the auction and when an opening bid of $1 million was placed it was clear the market for this style of property had shifted in the early months of this year. When the five bidders had all been exhausted the final result was a $1.22 million sale. This was just $40,000 short of the 2010 result and $200,000 more than what the vendor would have accepted.
The property market is a unique asset class because it is not primarily an investment. Its main job is to provide shelter. Over time family units grow and fall as we get married, have families, get divorced and eventually die. As a result our living requirements are always evolving.
Over the last couple of years there has been a fear that now is not the right time to buy but the necessity to move has been building in the background.
The market has been slipping back as many buyers opted to wait for the ‘right time’. But while they have been waiting the need for that extra bedroom or smaller home has not gone away. Essentially, even though the market has been weak, the pent-up demand has been growing and now we are seeing that demand flex its muscle.
These buyers are realising that they are in a low and steady interest rate environment and they have not lost their jobs.  The need to do something – in conjunction with the fact many have the capacity to make a move – is driving the market.
Like an incoming tide the market goes through surges. This is a normal part of the market cycle and we are now seeing the market surge back to where it was in 2010.
Mark Armstrong is a director of <a href="https://www.ipropertyplan.com.au/" target="_blank">iProperty Plan</a>, which provides independent analysis and tailored advice to investors and home buyers.
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Melbourne property market bounces back to 2010 levels: Mark Armstrong

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Central, the retail heart of the $2 billion Central Park development in Sydney’s Chippendale being developed by Frasers Property Australia and Sekisui House Australia, will launch this spring. 
The retail precinct will comprise 20,000 square metres of retail area that will be integrated into one of Central Park’s residential buildings, <a target="_blank" href="/news">One Central Park</a>.
The retail area will cover six levels.
The street level will focus on fashion retailers and the inside of the ground floor will house a variety of fashion retailers and homeware stores.
The second and third floors will offer a mix of food outlets, bars and entertainment.
<img alt="centralmarch27one" height="248" width="470" src="/images/stories/2013/03/centralmarch27one.jpg">
Central Park has been architecturally designed by Jean Nouvel and local collaborating architect PTW Architects.
French artist Patrick Blanc and French lighting artist Yanne Kersale will also contribute to the project.
The interiors of One Central Park and Central will be designed by Koichi Takada Architects and Smart Design Studio.
<img src="/images/stories/2013/03/centralmarch27four.jpg" width="470" height="233" alt="centralmarch27four">
A main feature of Central Park will be its plans to be an urban village - with greenery growing up the sides of One Central Park and into the building themselves.
Gardens will line the escalators in Central, from ground level down to lower ground level.
 
<hr class="system-pagebreak">
A heliostat – a device that contains 320 individual mirror panels – will be fixed to the bottom of the cantilevered Sky Garden of One Central Park and will bounce sunlight through Central during the day.
At night, the heliostat will boast 3000 coloured LED lights to create a light display, designed by Kersale.
“The heliostat will become a dramatic beacon on the city skyline as well as providing a dynamic, theatrical night-time experience for Central customers as it is out intention to trade well into the evening,” says Frasers Property's CEO Guy Pahor.
Central's main access point will be via Broadway Street.
<img alt="centralmarch27five" height="516" width="400" src="/images/stories/2013/03/centralmarch27five.jpg">
Broadway experiences approximately 74,000 pedestrians movements per day and ranks in as Sydney’s third busiest pedestrian street – behind Martin Place and Pitt Street.
Pahor said Frasers was attracted to the retail potential of the area due to the youth-biased demographics of the catchment area.
“55% of the catchment comprises of young singles and couples with a higher than average disposable income which will have a major impact on retail expenditure,” says Pahor.
Pahor says the locality to Central Station was also an important component, with 168,000 commuters passing through each day.
Central will offer time flexibility with trading hours from early morning to late in the evening.
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Central Park's retail precinct set to launch this spring

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The former Port Melbourne home of the highly awarded post-production company Soundfirm has been sold by Lemon Baxter for $3.275 million.
“It’s a brilliant corner site location with the potential for future re-zoning,” says Lemon Baxter associate director Nick Bade.
The site, at <a target="_blank" href="https://www.commercialrealestate.com.au/property/2009893055/for-sale/vic/port-melbourne/offices">35 Crockford Street, Port Melbourne</a> (pictured below) is 1,041 square metres with a building area of 1,020 square metres, and currently with parking for 15 cars.
<img alt="lemonbaxtermarch27one" height="272" width="470" src="/images/stories/2013/03/lemonbaxtermarch27one.jpg">
And a few blocks away, <a target="_blank" href="https://www.commercialrealestate.com.au/property/2010124538/for-sale/vic/south-melbourne/offices">35 Market Street, South Melbourne</a> (pictured below) has been sold for $3.75 million also by Lemon Baxter.
<img alt="lemonbaxtermarch27two" height="351" width="470" src="/images/stories/2013/03/lemonbaxtermarch27two.jpg">
“A financial services company has purchased the building that boasts exposed ceilings and timber and concrete floors, a good looking office,” says  Lemon Baxter director Paul O’Sullivan.
“We have definitely noticed a renewed confidence in the commercial market through <a target="_blank" href="/news">South Melbourne</a> and <a target="_blank" href="/news">Port Melbourne</a> over recent weeks.”
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Lemon Baxter secures sales in Port Melbourne and South Melbourne

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Whenever you're looking to acquire a commercial property for $1 million or more you should undertake thorough due diligence on it before making a final commitment.
However, some investors new to commercial property generally find themselves with a dilemma:
1. By carrying out their due diligence before making an initial offer, they could end up missing out on the property and running up unnecessary costs; or
2. By trying to make due diligence a condition of the contract, this may offend the vendor and derail the whole deal.
So, let's explore both of these approaches in a little more detail.
<h3>Due diligence before making your offer</h3>
Apart from incurring costs and running the risk of missing out, there is an even more important reason for not undertaking your due diligence before finalising the commercial terms of any deal.
You see, once you have completed your due diligence study, the vendor will assume your subsequent purchase proposals take account of any "defects" you may have found.
And you are then also making your offers against other buyers, who may not have been as thorough as you have.
Either way, you are at a disadvantage.
Due diligence after agreement is reached
At first glance, achieving this may seem an impossible outcome. But it all comes down to carefully framing your initial purchase proposal.
Anyway, more on that in a moment.
Once you pull it off, a post-agreement due diligence provides you (as the purchaser) with the upper hand:
<ul>
<li>You have already agreed the commercial terms of the deal;</li>
<li>The contract is conditional upon a satisfactory due diligence; and</li>
<li>You are not incurring any unnecessary costs.</li>
</ul>
But most importantly, if you do find any impediments with the property or documentation, you get a second bite at the cherry.
Sometimes, that may be reflected in an adjustment to the purchase price. And other times, the vendor will simply agree to rectify the problems you have uncovered.
Either way, you end up with an improvement to the deal already under contract.
How do you set all this up?
As mentioned earlier, it all comes down to how you frame your initial purchase proposal.
You see, most people view negotiating as an event, without realising that it is actually a process.
But even worse than that, they tend to focus solely upon one aspect: the price. Therefore, you end up with a situation where one party wins while the other loses.
Under those circumstances, to then ask for everything be "subject to due diligence" is clearly fraught with danger.
The secret lies in properly framing your initial proposal to include at least three or four items under negotiation, one of which being the aspect of due diligence.
Bottom line: Top clients are given a copy of this purchase proposal from my swipe files — which you will also receive, as soon as you become part of my <a target="_blank" href="https://howtomastereverynegotiation.com.au/">Negotiating Master Class</a>.
And armed with this, you'll then hold a strategic advantage during all future purchases you make.
Chris Lang is an advisor to commercial property investors, sell-out author and regular speaker on how to invest in commercial property. You can visit his website <a rel="nofollow" href="https://property-edge.com.au/" target="_blank">Property Edge Australia</a> to help you get the most out of your commercial property investing.
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Think carefully about your commercial property purchase due diligence: Chris Lang

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Adelaide retailers will be hoping the $385 million Rundle Place development, six years in the making and which opened this week, will draw more shoppers into the CBD. 
Rundle Place features 85 shops over 22,000 square metres of retail space running between Grenfell Street and Rundle Mall as well as an 11-storey office tower covering 30,000 square metres pre-leased to the Bendigo and Adelaide <a target="_blank" href="companies/bendigo-bank">Bank</a>, scheduled to open in October.
<img src="/images/stories/2013/03/rundlemarch27one.jpg" width="470" height="303" alt="rundlemarch27one">
It has been developed by the Pacific Group and designed by retail architect Andrew Mackenzie, the Melbourne-based director of The Buchan Group.
The main entrance to the new centre is at 81 Rundle Mall.
<img alt="rundlemarch27two" height="298" width="470" src="/images/stories/2013/03/rundlemarch27two.jpg">
It will boast some retail firsts for Adelaide including  <a href="https://www.propertyobserver.com.au/retail/rundle-place-secures-canadian-fashion-tenants/2012120258220" target="_blank">three Canadian retailers</a> as well as Ted Baker, Seduce, Peter Jackson and Vince Camuto stores.
 
<hr class="system-pagebreak">
It will also feature a flagship Harris Scarfe store, a Coles supermarket as anchor tenant, along with a mix of other retailers and a 500-seat food court.
<a target="_blank" href="https://www.propertyobserver.com.au/trends/cbre-embraces-flexible-working-space-in-sydney-office/2013031259832">CBRE</a> reported Rundle Place as being 95% leased late last year, but warned that the Adelaide CBD was likely to see an increase in the vacancy rate during the first half of 2013.
<img alt="rundlemarch27three" height="311" width="470" src="/images/stories/2013/03/rundlemarch27three.jpg">
"There are two reasons for this. Firstly, that there are currently several sites which are being marketed for lease, but are still occupied by the current tenant and they are likely to vacate in the first half of 2013," CBRE says.
"Secondly, there are several tenants which currently occupy space on Rundle Mall which will move to the new accommodation in the Rundle Place development when it is completed in March 2013.
"This is likely to result in very limited growth in rentals in the CBD and depending on how much vacancy eventuates and there will be a increase in the incentives landlords will need to offer to attract a tenant."
CBRE reported Rundle Mall, Adelaide's prime retail strip, as having a vacancy rate 5.3% in October 2012. The vacancy rate had increased from 3.11% in June 2012.
<img alt="rundlemarch27four" height="318" width="470" src="/images/stories/2013/03/rundlemarch27four.jpg">
Rundle Mall is anchored by Myer and David Jones and is located between Pulteney Street and King William Street.
The Myer Centre includes a 35,000-square-metre Myer store as well as 105 specialty shops and the Adelaide Central Plaza houses David Jones and 43 specialty retails.
Annual rents in Rundle Mall range from $2,400 per square metre to $4,000 per square metre, according to CBRE.
The vacancy rate in more affordable Rundle Street remains relatively low, having decreased to 1.94% in February 2013 from 2.91% in the second half of 2012.
Rundle Street, the fashion and food precinct, located between East Terrace and Pulteney Street, is anchored by a two-level Target store and Rundle Street East boasts designer stores such as Sass and Bide, Marcs and Lisa Ho.
Annual rents on Rundle Street range from $400 to $1,200 per square metre.
 
 
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