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“Minister Chanthivong and his team have shown real leadership in replacing an outdated two-year bond with cover that matches the lifespan of the buildings people are buying into.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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Swedish fashion retailer H&amp;M is joining fellow European fashion giants Zara and Topshop by venturing into Australian  retail waters.
It announced the news via its <a href="https://www.facebook.com/hm" target="_blank">Facebook page</a> on Thursday night.
“We are happy to announce that we will open our first H&amp;M store in Australia in 2014! Stay tuned for more details,” the post read.
A February Colliers White Paper <a href="https://www.propertyobserver.com.au/retail/zara-topshop-and-uniqlo-lead-retail-property-push-into-australia/2013021859421" target="_blank">notes</a> that H&amp;M has plans for 10 stores in Australia over the next few years, and is seeking 20,000 square metres of space.
H&amp;M offers affordable fashion for men, women and children.
The first store is likely to be in either Sydney or Melbourne.
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H&M confirms plans for first store in Australia

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Limited expansion of the Australian banking sector relative to other first world countries post-GFC protects it from further possible corrections, says RBA assistant governor Malcolm Edey.
Speaking in Melbourne on Friday, Edey noted that there were "certainly elements of bubble-like behaviour in the few years leading up to the <a target="_blank" href="https://www.propertyobserver.com.au/trends/australia-escaped-the-gfc-through-saving-and-hard-work-not-luck-mark-bouris/2012081956097">GFC</a>" and seen in some countries where the financial sector became too big relative to the size of its economy.
But this had not occured in Australia, where the banking sector funds more than 90% of <a target="_blank" href="https://www.propertyobserver.com.au/news/westpac-lead-the-big-banks-below-5-on-nfixed-home-loans/2013020659208">home loans</a> and where more than 80% of the mortgage market is held by the big four banks.
Edey gave as an example a number of countries decimated by the collapse of their banking sectors (and where property markets collapsed as well) notably, Ireland, where the the total assets of the Irish banking system peaked in 2009 at a ratio of nine times its annual GDP as well as Iceland, where the ratio peaked at seven times its GDP and to a lesser extent, but still above historical norms, the UK, where the peak was around a ratio of five to one, and in France at a ratio of four to one.
"In Australia the banking sector did expand relative to the economy, but it remains significantly smaller than many others. On the rough metric of banking assets to GDP, Australia's ratio is about two, which is well within the international range and well below those in the euro area, the UK and Japan," he said.
"So to the extent that any generalised financial overhang exists, it is less likely to be a problem here than elsewhere.
"That said, attitudes to risk and debt accumulation in the Australian household sector have clearly changed. Saving rates are up, the appetite for new debt is down, and attitudes to both the level and composition of household saving have become more conservative," said Edey.
He presented the following chart, which shows the modest size of the Australian banking sector relative to other countries, but also that corrections have occured in some of the worst-hit economies of Ireland and Iceland.
<img alt="rbamarch25one" height="397" width="470" src="/images/stories/2013/03/rbamarch25one.gif">
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Australia's "small" banking sector protects it from risk of bubble corrections: RBA

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A Gold Coast-based mortgage debenture fund that raised money from small investors and lent it on to residential and commercial developments including the $1 billion Maddison Estate project promoted by celebrity gardener Jamie Durie, two Olympians and a Kelly Slater wave pool company is now in the control of administrators.
The directors of property developer and fund manager LM Investment Management (LMIM) have placed the company in the hands of voluntary <a href="https://www.propertyobserver.com.au/industry-news/administrators-find-%24108-million-black-hole-in-wickham-securities/2013013059033" target="_blank">administrators</a> warning investors it is in “imminent jeopardy of being unable to meet creditor obligations” in a statement which has since been removed from the website.
John Park and Ginette Muller of FTI Consulting were appointed voluntary administrators.
One of its mortgage funds has as its flagship investment project the 800-lot <a target="_blank" href="https://www.maddisonestate.com.au/">Maddison Estate on the Gold Coast,</a> which was set to feature parks and gardens designed by celebrity gardener Jamie Durie, who also fronts the development's marketing website.
The Gold Coast Bulletin reported in January that tree clearing and demolition on the site had been completed with civil construction work set to begin bringing forward the release of 29 lots.
It was designed to eventually cater for 3,500 residents with a mix of townhouses and apartments as well as shops and restaurants.
Land is advertised for sale starting from $205,100 with house and land packages starting from around $430,000 for a four-bedroom on a 320 square metre block.
Home builders assigned to the project are <a href="https://www.propertyobserver.com.au/land/metricon-australia-s-largest-home-builder-for-second-year-running-hia/2012092656811" target="_blank">Metricon</a>, Clarendon Homes, Plantation Homes and Ausbuild.
The project was promoted with other celebrity endorsements including a Sam Riley swim school, a Natalie Cook beach volleyball centre and a Kelly Slater-designed continuous-wave pool.
A creditors meeting is set for April 2 at Sofitel Gold Coast Broadbeach with the administrator expected to investigate the value of the fund's property loans including it's exposure to Maddison Estate.
 
<img src="/images/stories/2013/03/lmimmarch25one.jpg" width="470" height="304" alt="lmimmarch25one">
In barely readable small print at the bottom of the website it says: "Delivered on behalf of investors in the LM Managed Performance Fund" with a link to the LMIM website.
The LMIM website says the fund aims to deliver returns of between 3% and 5% above Central Bank rates - returns of between 6% and 8%.
Investors in the fund have a 60% exposure to Maddison Heights through a $234 million second mortgage with a smaller first mortgage to Suncorp.
The first 29 lots had a September 2013 completion target.
The Prodap report for the fourth quarter of 2012 recorded just 23 vacant land sales in Pimpama with Gold Coast land sales at <a target="_blank" href="https://www.propertyobserver.com.au/land/stockland-exposed-as-gold-coast-house-and-land-activity-falls-to-worst-level-in-30-year-low-prodap/2013020659196">30 year lows.</a>
The site was purchased for $89 million prior to the GFC, when the market was at its peak.
LMIM joins a growing list of mortgage funds that have run into financial trouble including <a href="/news">Victorian-based Banksia</a> (in October) and <a href="https://www.propertyobserver.com.au/residential/provident-capital-receivers-terminate-two-mortgage-funds-with-poor-initial-returns-for-investors/2012121758532" target="_blank">Provident Capital </a>(in July).
Managing director Peter Drank said (in a statement since removed from the website) that LMIM had “responded appropriately to the circumstances it faced” following Trilogy, a property focused fund management group based in Brisbane, taking control of  its LM Wholesale First Mortgage Fund in November last year.
“We have been on the receiving end of Trilogy’s relentless ten month campaign of alarming and misleading statements to our domestic and international advisers and investors. This has impacted the liquidity of our funds, and therefore investors’ interests," said Drake in a statement since removed from the website.
“This campaign has been magnified by the additional impact of the strong Aussie dollar (particularly against Sterling), resulting in excess margin requirements for the funds very recently.”
 
<hr class="system-pagebreak">
“Had we not acted, this perfect storm of impacts meant we may have been unable to meet our obligations, and hence the appointment.”
“The funds will continue to be managed in accordance with their governing documents and the applicable Corporations Act and Trustee Law. The FTI team will be working with LM’s senior investment personnel to optimise outcomes for all stakeholders.
“The ultimate aim of the voluntary administrator is to manage and resolve a solution over a period of time," said Drake.
A further statement on the website that the "proactive approach by the board to officially bring in independent financial advice across the company and the funds" has also been removed with FTI Consulting taking control of the business, reported Fairfax.
In March, the ABC's Four Corners program reported that investors, many of them pensioners had lost around $15 billion over the past five years by investing management investment funds offering high returns.
LMIM operates a number of closed mortgage funds with money from investors invested in a portfolio of Australian registered first mortgages over commercial, residential, industrial, retail and vacant land.
Investments in LMIM mortgage were marketed extensively via financial planners.
The ABC reported that LMIM had borrowed $250 million to fund the Pimpama development with a very large second mortgage making up 62.5% the assets of the LM Managed Performance Fund, which has grown to more than $240 million.
“FTI Consulting will conduct a review of the business and all of the LM funds and will update unit holders as a matter of priority,” said voluntary administrators John Park and Ginette Muller.
LMIM claimed to have $3 billion in funds under management with investors in 73 countries, according to the Gold Coast Bulletin.
Property Observer requested a copy of the LM First Mortgage Income Fund financial report on its website, but received replies saying that it was “experiencing a higher than usual number of queries.”
A second email said: “LM has appointed a Voluntary Administrator.  Until such time as the Administrator has conducted their initial investigation, we are unable to provide you with a copy of this report.” 
 
 
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Jamie Durie's garden designs wilt as Gold Coast mortgage fund manager LM Investment Management placed in voluntary administration

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Labor Party favourite, the Art Deco-inspired <a target="_blank" href="https://www.hotelkurrajong.com.au/HomePage.aspx">Hotel Kurrajong </a>in Canberra’s Parliamentary precinct,  has sold at auction for $7.65 million to Toga Hotels and the NRMA.
The hotel, which has one of its rooms named after Australia’s 16th Prime Minister, Ben Chifley, will retain its name and art deco elegance, Toga Hotels has confirmed.
Now heritage listed, the building situated only one kilometre from Capital Hill was constructed in 1926 and designed by the Commonwealth’s chief architect, John Smith Murdoch, also responsible for designing Parliament House and the Hotel Canberra (now the Park Hyatt).
It stands at 8 National Circuit in Barton.
The sales campaign was led by Michael Heather and Paul Powderly of Collier Internation on behalf of the ACT government's Land Development Agency (LDA).
Faced with closure in the Great Depression, the hotel managed to endure under manageress Isabelle Southwell, and over the years has retained most of its historical architectural features, despite being modernised in 1964 and entirely refurbished in 1995.
The property which sits on a 16,426 square metre block provides 117 rooms with both executive and budget rooms available and additionally comes with a brassiere style restaurant, bar and several conference and function rooms.
As one of the first hotels built to accommodate government staff and officials transferring from Melbourne to Canberra for the new federal parliament, Kurrajong quickly became the hotel of choice for the Australian Labor Party (ALP).
One of the most notable guests was Australia’s 16th Prime Minister, Ben Chifley who preferred to reside at Kurrajong rather than The Lodge during his four year tenure in government. The hotel remained his primary place of residence up until his death in 1951 from a heart attack and the room now known as the Chifley room, has become a major drawcard for guests.
Briefly closing down in 1976 and 1978 due to declining patronage the hotel served as offices for parliamentary staff until the ACT Government secured a 50-year lease re-opening it in 1995 as a four star boutique hotel.
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Former Labor Party favourite the Hotel Kurrajong sells for $7.65 million

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Shopping centre landlords have been placed on notice by retail king Solomon Lew that his Premier Investments group will close more stores in 2013 unless rents are adjusted in line with shopping centre performance.
His warning came as the group, which leases hundreds of stores for brands like Just Jeans, Smiggle and Portmans, announced a defiant 20% rise in net profit to $46.5 million for the six months to January 26.
Premier Investments CEO Mark McInness said this result had been achieved in “challenging” retail conditions and that there remained “severe pressure facing all retailers”.
Premier closed 14 loss-making stores over the reporting period made up of six Jay Jays stores, one Smiggle store, two Portmans stores, three Just Jeans stores and one Jacquie E store.
“Further store closures will occur if the rents expected by the landlords are not in line with the performance of the centre and the market generally,” said McInnes.
He added that store rental negotiations continue to be a focus for improved profitability.
Premier opened six new Peter Alexander stores and 14 Smiggle stores in Australia and New Zealand over the reporting period. It has plans to open between two and five Smiggle stores over 2013 with two confirmed for second half of the year. There are also plans for six new Peter Alexander stores in the second half of 2013.
McInnes’s comments come as shopping centre anchor tenants continue to agitate for lower rents while shopping centre landlords suggests anchor tenants should be doing more to bring in customers.
Department store giant Myer reporting better than expected interim profits last week and that it had successfully renegotiated new leases for a number of stores.
Fellow department store group David Jones, which reported a <a target="_blank" href="https://www.propertyobserver.com.au/retail/david-jones-considers-development-of-flagship-sydney-and-melbourne-stores/2013032059988">13.5% drop in interim profits earlier this week</a>, said it would examine its store portfolio with six store leases in “less robust demographic locations” set to expire in the next five years.
In response to suggestions that shopping centre landlords would come under pressure from department stores to renegotiate leases, <a target="_blank" href="https://www.propertyobserver.com.au/retail/myer-and-david-jones-need-to-pull-their-weight-shopping-centre-council-of-australia/2013031359871">Shopping Centre Council of Australia executive director Milton Cockburn</a> hit back, saying department stores aren’t holding up their end of the bargain as anchor tenants.
"It’s fair to say that over the last few years the department stores haven’t been pulling their weight in attracting foot traffic to shopping centres in the way anchor tenants are supposed to do,” he told Property Observer.
The six month results for Premier Investments suggest Lew and McInnes did a good job keeping rents in check, with just a 1.3% rise in the cost of renting shop space.
The results show that operating lease rental expenses increased from $87.7 million in the first half of 2012 to $88.9 million in the first half of 2013.
Lease costs as a percentage of sales fell marginally from 20.2% to 20%.
Premier also reported a 51% growth in internet sales.
In its investor presentation, Premier highlighted an upgrade program for 50 stores including selected Portman, Jay Jay and Jacqui E.
Its Australian store portfolio has 110 Smiggle stores, 89 Dotti stores, 91 Portmans, 200 Just Jeans stores, 82 Jacqui E stores and 188 Jay Jays stores.
It will pay shareholders a dividend of 19 cents on May 17.
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Solomon Lew and Mark McInnes say landlords must cut rents or more stores will close

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The Industry Superannuation Property Trust has plans for a $70 million retail and office redevelopment on Queen Street Mall to create flagship retail space to lure Zara, Topshop and Forever21 to Brisbane. 
The $70 million-plus development adds to the $500 million it has already spent in the past two years on the <a target="_blank" href="https://www.propertyobserver.com.au/leisure/brisbane-chifley-at-lennons-hotel-acquired-by-singapore-hotel-group-for-%2457-million/2012091756628">mall</a>, which is regarded as the most successful outdoor mall in Australia.
“We have been looking to enhance these assets for some time and we believe this is the right time because there are a number of <a href="https://www.propertyobserver.com.au/retail/zara-opens-in-melbournes-highpoint-mall-as-amancio-ortegas-wealth-hits-%2457-billion/2013031359801" target="_blank">global retailers</a> looking to gain a presence here,” ISPT development director Chris McCluskey told The Australian Financial Review.
“We have enormous faith in south-east Queensland as an economic hub.”
ISPT’s figures suggest about 100,000 people move through the Queen Street Mall every day.
Photo by Nam Nguyen, courtesy of Flicker.
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jchancellor-FAypfDUnLy

ISPT proposes new Queen Street, Brisbane retail to lure Zara and Topshop

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The regional housing market is at its most affordable in almost a decade, according to the latest HIA-CBA Housing Affordability Index.
Overall housing affordability improved by 5.5% over the 2012 December quarter representing an 18.4% advance on the same period of 2011.
Affordability improved in all capital city and state regional housing markets with the biggest regional improvement occurring in NSW, where the affordability multiple improved from 1.43 to 1.31.
The HIA defines the affordability multiple as “the number of full time average incomes required to reach the qualifying income to service a loan on a median priced home”.
Tasmania is the most affordable regional market with a multiple of 1.13 with Hobart also the most affordable capital city market with a multiple of 1.20.
Click to enlarge
<a href="/images/stories/2013/03/hiamarch22.gif" rel="shadowbox" title="Click to enlarge"><img src="/images/stories/2013/03/hiamarch22thumb.gif"></a>
Sydney remains the least affordable capital city housing market with an affordability multiple of 1.75.
Victoria is the least affordable regional housing market with a multiple of 1.55.
Overall, the index improved from 65.3 to 68.9 with the national affordability multiple improving from 1.53 to 1.45.
A year ago it was 1.72.
“This is the eighth consecutive quarter of increase in the index, bringing it close to levels not seen since the depths of the GFC during 2009,” says HIA senior economist, Shane Garrett.
“For regional areas, affordability is at levels last seen during the early 2000’s decade. Affordability is on the increase in every part of the country.
“This has been driven by the weakness of price developments as well as the two cash rate reductions effected by the RBA in the final quarter. Continued growth in earnings has also served to make housing more affordable”.
“It is worth noting that affordability would be even more favourable to householders had recent RBA rate cuts been passed on fully be lenders.”
Despite the continued improvement in housing affordability first-home buyer numbers remain at <a target="_blank" href="/news">near record eight year lows</a> with Garrett noting that “transactions activity on the ground is very sluggish”.
“This underlines the need for stronger interventions from the RBA in terms of interest rates and from the government with regard to the heavy taxation of home purchase,” he says.
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Regional housing affordability at its best since early 2000s: HIA

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Struggling fashion designer Bettina Liano has slammed the high rents charged in the Melbourne CBD after closing her Little Collins Street boutique and opening a new shop in New York’s SoHo district.
In a scathing attack reported in fashion industry magazine Ragtrader, Liano said her rent was over $20,000 a month for the 134-square-metre store - double what she is paying to rent at 246 Mott Street in SoHo. Liano says she also plans to open stores in San Francisco, Los Angeles and Miami.
The empty store at 269 Little Collins Street is vacant and <a href="https://www.realcommercial.com.au/property-retail-vic-melbourne-500634111" target="_blank">listed for lease by Max Cookes and Zelmain Ainsworth of CBRE</a> with a seven- to 10-year lease term.
''What I was paying for the Little Collins Street store was exorbitant,'' she told Ragtrader. "It cost me over $20,000 a month but this store in SoHo is less than $10,000 a month. And there are people here. In Little Collins Street, there's no traffic, it's tumbleweeds."
She had previously closed her store on Chapel Street, where she paid rent of <a target="_blank" href="https://www.propertyobserver.com.au/retail/bettina-liano-closing-australian-stores-and-selling-jeans-in-the-united-states/2013022159492">$25,000 per month.</a>
Her comments come as the Melbourne Fashion Week is underway.
The Age reports that Liano's Little Collins Street store was closed last month due to a breach of her lease after she failed to fulfil her rental obligations.
Melbourne ranked as the <a target="_blank" href="https://www.propertyobserver.com.au/retail/sydney-melbourne-and-brisbane-in-world-s-top-10-priciest-shopping-strips/2012121858568">sixth most expensive prime retail rent market in the world last year </a>at $850 per square foot per annum, falling short of London at $988 per square foot, according CBRE figures.
Other vacant retail spaces on Little Collins Street include a 27-square-metre café and basement space below the Causeway Hotel at <a href="https://www.realcommercial.com.au/property-retail-vic-melbourne-500513571" target="_blank">353 Little Collins Street</a>, which is being marketed for lease by Jeremy Marmur and Michael DiCarlo of Savills Melbourne.
An 80-square-metre retail space at <a href="https://www.realcommercial.com.au/property-retail-vic-melbourne-500257701" target="_blank">347 Little Collins Street</a> is also vacant and available for lease through Savills Melbourne.
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Bettina Liano slams “exorbitant” Melbourne rents as Little Collins shop sits empty

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A property bubble is building in Australia’s commercial property market due to a “wall of money” flowing into the sector from offshore institutional investors, Paul Weightman, chief executive of property trust and fund manager Cromwell, has warned.
Speaking at an RBS Morgans function in Brisbane yesterday, Weightman said the current bubble building was different to that which occurred prior to the GFC when rising rents led to compressed capitalisation rates – the amount of time it takes for a building to pay for itself.
He says the current bubble is compressing rental yields without proper regard to the fundamentals, according to his comments reported by The Australian Financial Review.
Weightman added that it was hard to see where office and retail rental growth would come from in capital city commercial property markets in the eastern states (Sydney, Melbourne, Adelaide, Canberra and Brisbane).
“We have enormous amount of capital from offshore looking to find a home in the Australian market but we have pretty poor underlying property fundamentals," he said.
A recent report from Colliers International anticipated <a href="https://www.propertyobserver.com.au/office/chart-of-the-week-why-2014-will-feature-renewed-growth-in-the-office-market/2013031859780" target="_blank">no growth in the commercial CBD office market in 2013</a>, but renewed growth from 2014.
The most recent<a href="https://www.propertyobserver.com.au/office/sydney-the-only-partial-bright-spot-as-cbd-office-vacancies-rise-with-mining-demand-down-pca/2013020659204" target="_blank"> Property Council of Australia office report</a> for the second half of 2012 said net absorption at 83,685 square metres across Australian CBD office markets was the lowest since the six months to July 2009 and less than half the 20-year historical average.
In anticipation of the bubble bursting, Cromwell will look to sell some of its assets and reduce the amount of debt it carries – as it did in 2006 prior to the market collapsing.
Cromwell was recently included in the S&amp;P/ASX 300 Index.
It reported statutory accounting profit of $29.5 million for the six months to December 2012 compared to a prior year loss of $6.8 million
Cromwell has a $1.9 billion commercial property portfolio comprising a mix of office, industrial and retail assets in east coast markets.
Prominent CBD assets include 321 Exhibition Street, a 20 level office building and the 18 level 320 LaTrobe Street both in Melbourne and the twin office tower complex on Victoria Avenue in Chatswood acquired in 2006.
Cromwell property trusts include the recently closed and oversubscribed Ipswich City Heart Trust comprising the $93 million Ipswich City Heart Building, a 9-storey commercial office/retail building to be constructed in the Ipswich CBD offering investors an 8% return.
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Cromwell to sell assets as commercial property bubble builds: Paul Weightman

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Fairfax Media has put its news printing facilities in NSW and Victoria up for sale with reported hopes of about $90 million.
The two newspaper printing plants will be redundant by mid-2014 with both sites being sold on vacant possession delayed settlement terms.
CBRE and Colliers International have been appointed to conduct the campaign.
CBRE has the <a target="_blank" href="/news">Chullora</a>, Sydney site which includes the existing industrial complex of 37,600 square metres on a land parcel of 10.2 hectares.
Colliers International will be seeking the buyers for The Age Print Centre, <a target="_blank" href="/news">Tullamarine </a>site which includes an existing 24,000?square metre industrial complex on a land parcel of 5.9 hectares.
Meanwhile the entreprenuer Shesh Ghalel is set to shortly start his $40 million redevelopment of Melbourne’s landmark Argus building, after years of abandoned starts on the project.
The 87-year-old heritage-listed building on the corner of La Trobe and?Elizabeth streets has been boarded up, but used for <a href="https://www.propertyobserver.com.au/victoria/argus-building-to-host-melbourne-music-week-before-long-awaited-mit-campus-transformation/2012111457722" target="_blank">music fesitvals</a> after significant structural repairs and asbestos removal.
The building has been in decrepit state for decades. Its first tenant, The Argus daily newspaper, closed in 1956.
The Herald and Weekly Times Group bought the Argus newspaper along with the building in 1957 and later closed the newspaper down and sold the building.
Ghalel, chief executive of the Melbourne Institute of Technology, paid $15 million for the building in 2010, but works were delayed in part because of a downturn in tertiary education.
The fit-out is expected to cost $25?million with another $15 million spent on structural works. 
“I understand the public interest in this property and we hope to rebuild our goodwill with the city, we are also keen to see it brought back to life,” he told The Australian Financial Review.
The six-storey building will have 9,000 square metres of space hosting 5,000 students.
Ghalel said enrolments in MIT’s English language courses had jumped 300%, the bulk of students coming from China and Vietnam.
The Argus building, designed by Godfrey Spowers, is listed on the Victorian heritage register as a major inter-war office building.
It also made the 2012 National Trust list of the country’s top 10 “heritage at risk” sites.
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