Apartment buyers in New South Wales are set to gain a decade of insurance-backed protection against major building defects, after the NSW Parliament passed the Fair Trading and Building Legislation Amendment Bill 2026.&nbsp;

The Bill establishes decennial defect insurance, known in the market as Latent Defects Insurance (LDI), as an alternative to the existing two-year strata building bond. It cleared the Legislative Council with amendments on Tuesday evening (August 4, 2026), with the Legislative Assembly agreeing to those amendments shortly after.

Under the reform, eligible developers can satisfy their statutory bond obligation by taking out an approved decennial-style policy that gives owners 10 years of cover for major structural defects from completion, claimable directly, without first having to pursue developers or builders through costly legal action.&nbsp;

The change forms the final tranche of amendments arising from the 2021 statutory review of the Strata Schemes Management Act 2015 and related legislation.

Resilience Insurance, which originated the cover in Australia and has delivered it in NSW since 2022, welcomed the passage and credited the NSW Government for delivering it.

“This is protection apartment buyers have needed for a long time, and the credit for delivering it belongs to the NSW Government,”&nbsp;said Corey Nugent, CEO of Resilience Insurance.

“Minister Chanthivong and his team have shown real leadership in replacing an outdated two-year bond with cover that matches the lifespan of the buildings people are buying into. Reform like this is what good, evidence-based regulation looks like.”

Resilience has delivered LDI in NSW since 2022, protecting thousands of apartments, giving the State, and now the country, real-world evidence of how decade-long, no-fault protection works in practice.

The reform also places NSW within a wider national shift.

NSW is the third jurisdiction to put decennial cover into law. The ACT legislated for it in 2024, with the scheme taking effect in late 2025, and Victoria passed its own framework on 17 June. Between them, the three cover the majority of Australia's apartment market.

The reform commences once the legislation is proclaimed, which is expected in the coming weeks. From that point, developers of Class 2 residential apartment buildings can meet their statutory obligation with an approved decennial policy in place of the bond.

Buyers who purchased into projects that took out the cover early are among the first in the country to take keys to apartments carrying decade-long structural protection.

“With the legislation passed, the focus now turns to making it work for buyers,”&nbsp;Nugent said.

“There are already thousands of apartments in NSW covered by this insurance, bought by developers who moved early. The question every buyer should be asking in a display suite is a simple one: does this building come with 10-year defect cover, and who stands behind it?&nbsp;

“We look forward to working with the Government and the Building Commission in coming weeks as the framework moves to implementation, and to sharing what we have learned over the past four years so the protection reaches owners as smoothly and quickly as possible.”

Other states are working through their own reform programs. Western Australia has indicated that decennial cover is within consideration a later stage of its reform sequence, and Queensland has been examining the settings as it looks at the development pipeline ahead of the 2032 Olympics.

Resilience Insurance acknowledges the NSW Government’s continued focus on strengthening consumer protection while supporting housing delivery across the State.

Fast Facts: What the reform means

<ul style="color:#222222; font-family:Arial, Helvetica, sans-serif; font-size:small; font-style:normal; font-variant-ligatures:normal; font-weight:400; text-align:start; white-space:normal; background-color:#ffffff; text-decoration-thickness:initial; text-decoration-style:initial; text-decoration-color:initial">
	<li style="margin-left:15px; font-family:Aptos, Arial, Helvetica, sans-serif; font-size:12pt; color:#000000">Proven at scale:&nbsp;Decennial cover has operated in NSW since 2022, protecting thousand of apartments.</li>
	<li style="margin-left:15px; font-family:Aptos, Arial, Helvetica, sans-serif; font-size:12pt; color:#000000">10 years of cover:&nbsp;Protection for major structural defects runs for a decade from completion, claimable directly and with no legal action required.</li>
	<li style="margin-left:15px; font-family:Aptos, Arial, Helvetica, sans-serif; font-size:12pt; color:#000000">An alternative to the bond:&nbsp;Eligible developers can meet their statutory obligation with an approved decennial-style policy in place of the 2% strata building bond.</li>
	<li style="margin-left:15px; font-family:Aptos, Arial, Helvetica, sans-serif; font-size:12pt; color:#000000">Part of a national shift:&nbsp;The ACT has had decennial provisions in force since 2025 and Victoria passed its framework in June. NSW now joins them.</li>
	<li style="margin-left:15px; font-family:Aptos, Arial, Helvetica, sans-serif; font-size:12pt; color:#000000">No-fault, first resort:&nbsp;Owners corporations claim directly from the insurer without first having to establish who is liable for the defect.</li>
	<li style="margin-left:15px; font-family:Aptos, Arial, Helvetica, sans-serif; font-size:12pt; color:#000000">Cost-competitive:&nbsp;At approximately 1.8% of build cost, LDI is typically priced below the 2% bond while offering broader, longer protection.</li>
	<li style="margin-left:15px; font-family:Aptos, Arial, Helvetica, sans-serif; font-size:12pt; color:#000000">Market position:&nbsp;Resilience originated LDI in Australia and has delivered it in NSW since 2022.</li>
</ul>

Fast Facts: What is Resilience LDI?

<ul style="color:#222222; font-family:Arial, Helvetica, sans-serif; font-size:small; font-style:normal; font-variant-ligatures:normal; font-weight:400; text-align:start; white-space:normal; background-color:#ffffff; text-decoration-thickness:initial; text-decoration-style:initial; text-decoration-color:initial">
	<li style="margin-left:15px; font-family:Aptos, Arial, Helvetica, sans-serif; font-size:12pt; color:#000000">Resilience Latent Defects Insurance (LDI):&nbsp;Covers major structural defects for 10 years from completion.</li>
	<li style="margin-left:15px; font-family:Aptos, Arial, Helvetica, sans-serif; font-size:12pt; color:#000000">Consumer-first:&nbsp;Direct claim access, no need for lengthy legal action.</li>
	<li style="margin-left:15px; font-family:Aptos, Arial, Helvetica, sans-serif; font-size:12pt; color:#000000">Cost advantage:&nbsp;At approximately 1.8% of build cost, LDI is typically priced below the traditional 2% Strata Bond while offering broader protection.</li>
	<li style="margin-left:15px; font-family:Aptos, Arial, Helvetica, sans-serif; font-size:12pt; color:#000000">Market leader:&nbsp;&nbsp;Resilience Insurance originated LDI in Australia and is the national market leader.</li>
</ul>

Joel Robinson

NSW parliament passes 10-year defect insurance laws for new apartment buyers

Builder-developer <a href="https://www.apartments.com.au/developers/mcnab-developments">McNab</a> has wasted little time reshaping one of South Brisbane's most significant undeveloped apartment sites after acquiring the property earlier this year.&nbsp;

McNab has lodged plans to scrap an existing approval for two 30-storey towers and instead deliver a single 28-storey residential building, preserving part of the site for a future development opportunity.

The proposal, lodged over <a href="https://www.apartments.com.au/new-apartments/64-peel-street-south-brisbane-qld-4101">64 Peel Street and 9 Cordelia Street</a>, is for a residential-led mixed-use development comprising 124 apartments above a landscaped podium, alongside a boundary realignment that preserves part of the land for a future residential project.

<img alt="First look: McNab resets decade-old South Brisbane approval with 124-apartment tower" data-entity-type="file" data-entity-uuid="743bf564-3f8f-45fc-b8d3-bbf18f5b628f" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/mcnab%20Peel%20st%20podium.png?VersionId=EhCxGrVn_VFH3qTbKnI4WppGwaMnOn0t" />

Designed by <a href="https://www.apartments.com.au/architects/hayball">Hayball</a>, the development will deliver 119 two-bedroom and five three-bedroom apartments across 23 residential levels. A five-level podium will accommodate 135 car spaces, while the ground floor will include a 66 sqm commercial tenancy, an activated residential lobby with work-from-home spaces, and a publicly accessible landscaped plaza linking Cordelia and Peel streets.&nbsp;

Communal amenities will span Level 6 and the rooftop, including indoor and outdoor recreation spaces, a swimming pool, barbecue facilities, kitchen and dining areas, lawn space, sauna, steam room and yoga facilities.

The application also proposes a boundary realignment to create a standalone 1,290 sqm development lot while retaining an adjacent parcel for future redevelopment, allowing the balance of the site to contribute additional housing over time.

Hayball said the architecture has been shaped by the site's elevated corner position at the intersection of Peel and Cordelia streets and Brisbane's subtropical climate.

The design incorporates generous landscaped setbacks, a masonry podium wrapped with planting, large north-facing balconies, and a slender tower profile intended to maximise natural light, cross ventilation and long-range views. The rooftop has been conceived as a wellness-focused retreat overlooking Brisbane, with amenities positioned to capture views towards Mount Coot-tha and the CBD.

<img alt="First look: McNab resets decade-old South Brisbane approval with 124-apartment tower" data-entity-type="file" data-entity-uuid="c5f99e84-6ad8-4a87-82d1-869685b754d2" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/mcnab%20tower%20perspective.png?VersionId=Gw0IuJaSAlk.tvGBxInhZOcQAdIB..2b" />

The planning submission positions the proposal as a response to both changing market conditions and Brisbane's Kurilpa Sustainable Growth Precinct planning reforms.

McNab acquired the site after the previous approval was granted, with the existing scheme no longer reflecting current residential market demands, economic conditions, construction challenges, construction efficiencies or the quality of development outcome now being pursued, the planning report noted.

McNab continues to expand its residential development pipeline across Brisbane and the Gold Coast. The developer recently launched The Tannery in West End, securing more than 60 per cent of apartments before the project's public release. It is also delivering Elements Budds Beach in Surfers Paradise and Lucia Highgate Hill, an eight-apartment boutique development overlooking the Brisbane River.

McNab resets decade-old South Brisbane approval with 124-apartment tower

A steeply sloping Bellevue Hill site is set to accommodate a new mid-rise apartment development, with plans lodged for 20 homes that respond to the site's dramatic topography.

The proposal for the consolidated land at <a href="https://www.apartments.com.au/new-apartments/138a-140-bellevue-road-bellevue-hill-nsw-2023">138A-140 Bellevue Road</a> has been designed by Sydney architecture practice Common Office, which has used the site’s substantial fall to distribute the building’s scale and unlock 20 apartments without presenting the full height to the street.&nbsp;

“The unique design strategy leverages the site’s substantial topographical fall to facilitate increased density, presenting a seven-storey profile to Bellevue Road while rising to 10 storeys at the rear,” Common Office said in its architectural design report.

The apartment mix spans one, two, three- and four-bedroom residences. Four two-bedroom apartments are designated as affordable housing, while the plans also include two adaptable dwellings. The mix is majority three-beds, with the typical three-bed apartment offering around 144 sqm internally, with balconies of around 15 sqm.

The affordable housing component represents 15 per cent of the residential floor area and allows the project to access additional height and floor space under the NSW Government’s in-fill affordable housing provisions. The site also falls within the inner area of the Low and Mid-Rise Housing Policy because it is within 400 metres walking distance of Double Bay Town Centre.

<img alt="First Look: Plans lodged for topography-led affordable housing project in Bellevue Hill" data-entity-type="file" data-entity-uuid="b1230d0f-3bfa-4a11-abaf-0928c66ef345" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Bellevue%20da.png?VersionId=dZeMK3P.OutGjN8ycjsxm8uNsj_QFWQv" />

Common Office has arranged the building around a masonry podium and a lighter upper volume, drawing on two recurring elements of Bellevue Hill’s established architecture: sandstone bases and the vertical proportions of local Inter-war Art Deco apartment buildings.

“The proposal is governed by a holistic design language that reconciles the solid horizontal masonry of the neighbourhood’s podiums with the elegant verticality of its Art Deco heritage,” the architect said.

“The building maintains a consistent rhythmic logic utilising deep recesses and a sophisticated material transition to break down the 10-storey scale into a series of articulated, human-scale volumes.”

<img alt="First Look: Plans lodged for topography-led affordable housing project in Bellevue Hill" data-entity-type="file" data-entity-uuid="0147f503-1af1-4d51-97fb-c2f1cba63a9d" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Bellevue%20bldg.png?VersionId=GoW7q3NlK67OpnePXhk7zvklrlKb72Qc" />

Large-format sandstone tiles will define the lower levels, establishing a robust base that negotiates the change in elevation from Bellevue Road. Above, red-tinted precast concrete frames, recessed balconies, anodised aluminium screens and expanded metal details will create a more vertically expressed façade. Integrated planter beds will introduce greenery across balcony edges and recessed sections of the building.

The elongated northern façade has been divided into three recessed vertical masses to reduce its perceived length. Triangular window elements and metal privacy screens reference the geometry of nearby Art Deco buildings while controlling overlooking toward surrounding homes. The southern elevation will incorporate further privacy screening, landscaped edges and deep balconies to maintain light and ventilation.

<img alt="First Look: Plans lodged for topography-led affordable housing project in Bellevue Hill" data-entity-type="file" data-entity-uuid="e8679cf1-18bc-4447-8a0f-0052b94ab83c" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Bellevue%20da%20rooftop.png?VersionId=5SQqQqRFf76rvE2p1TbxJSweMN70AIbc" />

Private and communal landscaping is distributed throughout the development. A landscaped garden apartment is positioned within the lower portion of the site, while a communal terrace on Level 5 will include a central timber deck, barbecue facilities, resident planting plots and areas for outdoor dining and informal gatherings.

Common Office described the terrace as an elevated sanctuary designed to capture district views and sunlight. Its planting strategy incorporates endemic species associated with the Eastern Suburbs Banksia Scrub, extending the landscape vertically through the building and providing habitat for local flora and fauna.

A second communal outdoor area is proposed at roof level, with built-in seating, paved gathering areas and perimeter planting.

Bellevue Hill is enjoying renewed momentum in the new apartment market, with several boutique developments recently launched and currently under construction. Positive Investment Enterprise is delivering the 16-apartment Kew Palm House on Birriga Road, while Chanine Developments is also under construction at Florian, a 36-apartment project on Banksia Road.

&nbsp;

Bellevue Hill is enjoying renewed momentum in the new apartment market, with several boutique developments recently launched and currently under construction.

First Look: Apartment development pitched for Bellevue Hill, Double Bay fringe

South Brisbane's apartment pipeline continues to build momentum, with <a href="https://www.apartments.com.au/developers/trk-property-group">TRK Property Group</a> lodging plans for a 161-apartment tower on Montague Road as developers accelerate investment across the Kurilpa Sustainable Growth Precinct.

The proposal for 176–186 Montague Road would replace an existing office building with a 20-storey residential tower designed by <a href="https://www.apartments.com.au/architects/cox-architecture">COX Architecture</a>, adding to a growing pipeline of high-density projects reshaping one of Brisbane's fastest-evolving inner-city precincts.

The project has been conceived as a "living building", featuring a flowing tower form, extensive vertical landscaping, and generous communal spaces that respond to the evolving Kurilpa Sustainable Growth Precinct.

TRK Property Group Development Director Matt Kan said the project reflected the confidence developers have in South Brisbane's long-term future.

"South Brisbane is entering an incredibly exciting period, and we see Montague Road sitting right at the heart of that evolution," Kan said.

"With the former Visy site directly opposite us and significant investment planned throughout the broader Kurilpa precinct, there is a real sense of momentum around this part of the city and what it will become over the coming years.

"For TRK, this is an opportunity to be part of that next chapter and deliver a project that responds to where the precinct is heading, while contributing to the continued evolution of Brisbane's river edge."

<img alt="First look: TRK Property joins South Brisbane apartment surge with Montague Road tower plans" data-entity-type="file" data-entity-uuid="590fe1ad-f892-4446-a679-80e33a16d029" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/TRK%20tower%20facade.png?VersionId=uOJStrcKpyHFcPE1w6_9SMAFzVMCcZll" />

The scheme includes a mix of one, two, three and four-bedroom apartments, incorporating multi-purpose rooms in selected residences to provide additional flexibility for home offices or expanded living areas. The proposed mix comprises 15 one-bedroom, 13 one-bedroom plus MPR, 73 two-bedroom, 26 two-bedroom plus MPR, 30 three-bedroom, and four four-bedroom apartments.

Rather than adopting a conventional rectilinear tower, COX Architecture has developed a sculpted form inspired by the movement of the Brisbane River.

"The proposal has been designed by COX Architecture as a 'living building' that responds to the site's riverine setting, floodplain history and evolving urban context within the Kurilpa Sustainable Growth Precinct," the planning report states.

"The architectural form draws from the fluid nature of the Brisbane River, with a curved and undulating tower form that creates a varied architectural edge and avoids a conventional rectilinear tower expression."

The podium has also been designed as an architectural feature rather than a conventional parking structure, with cascading planting, screening and natural-toned materials softening its appearance. Resident parking is elevated above ground level to address the site's flood constraints, while habitable apartments sit above flood planning levels. Upper-level communal facilities are designed to accommodate shelter-in-place arrangements during major flood events.

<img alt="First look: TRK Property joins South Brisbane apartment surge with Montague Road tower plans" data-entity-type="file" data-entity-uuid="01fa15d0-90df-46c7-9555-7941fc45373c" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/TRK%20podium.png?VersionId=mHyua.w1pHGBt9qEdWzrlsv.leztUCwO" />

Communal amenity is a major focus of the proposal. Around 1,815 sqm of shared resident space is proposed across the ground floor, level 19 and the rooftop, including co-working areas, indoor and outdoor recreation spaces, wellness facilities, dining and gathering areas, lawn spaces, a rooftop pool and spa, and extensive landscaping. At street level, a landscaped forecourt and approximately 345 sqm of publicly accessible open space along Montague Road are intended to improve the pedestrian experience while activating the building's frontage.

The development will provide 163 car spaces, including 152 resident bays and 11 visitor spaces, together with 144 bicycle spaces incorporating resident storage, visitor parking, bicycle maintenance facilities and e-mobility charging infrastructure.

The site sits within one of Brisbane's fastest-changing inner-city precincts, less than two kilometres from the CBD and within easy reach of South Bank, West End, the Queensland Cultural Centre and extensive public transport connections. The Kurilpa Sustainable Growth Precinct planning framework is encouraging higher-density residential development to help meet Brisbane's housing supply targets while supporting walkable, transit-oriented neighbourhoods.

TRK Property joins South Brisbane apartment surge with Montague Road tower plans

Article summary

<ul data-end="785" data-start="311">
	<li data-end="459" data-section-id="5hbcyr" data-start="311">Pikos Group has released the five-penthouse collection at Skye Kangaroo Point, headlined by a two-storey sky home spanning more than 1,000 sqm.</li>
	<li data-end="561" data-section-id="1p7lq8n" data-start="460">Early buyer interest suggests the residences could set a new Queensland apartment price record.</li>
	<li data-end="667" data-section-id="1y70z0l" data-start="562">The collection includes four move-in ready penthouses and the highly customised Skye One residence.</li>
	<li data-end="785" data-section-id="yvm0y1" data-start="668">The release caps one of Bri​sbane's most ambitious luxury apartment developments overlooking the Brisbane River.</li>
</ul>

<hr data-end="790" data-start="787" />
Pikos Group has released the five-penthouse collection at its <a href="https://www.apartments.com.au/buildings/skye-residences-by-pikos-kangaroo-point-8-river-terrace-kangaroo-point-qld-4169">Skye by Pikos</a> development in Kangaroo Point, with early buyer interest indicating the flagship residences could eclipse every apartment sale previously recorded in Queensland.

The collection crowns the luxury riverfront development with five residences, including four completed penthouses and Skye One, a two-level sky home spanning more than 1,000 sqm that will be tailored to its eventual owner.

[smartcode_project:default project_id=90059 project_image_fid=374075]

Wanting to offer a fully customisable home, Pikos is offering Skye One as a blank canvas, allowing the buyer to work alongside the developer's design team to customise the home's layout, finishes and internal spaces.

The residence will feature a 247 sqm private rooftop terrace with its own swimming pool, sauna, steam room, outdoor kitchen and multiple entertaining areas overlooking the Brisbane River and CBD skyline.

The remaining four penthouses have been completed and are ready for immediate occupation, each offering four bedrooms, expansive open-plan living areas, soaring ceilings and private lift access.

[smartcode_project:default project_id=90059 project_image_fid=374059]

One of the defining features throughout the project is its use of Roman Classic Travertine, with more than 20,000 sqm of the natural stone imported from Italy after being personally selected by Pikos Group Founder and Executive Director Pedro Pikos, interior designer Julie Williamson and third-generation stone specialist Mario Caucci.

Pikos said the penthouse collection represented the culmination of the company's long-term vision for Skye.

"True legacy isn't measured by what we build today, but by what endures tomorrow," Pikos said.

"Our ambition is to create places that become more valuable with time, enrich the lives of generations, and stand as timeless landmarks long after we've stepped away."

[smartcode_project:default project_id=90059 project_image_fid=374060]

Williamson said the interiors were inspired by the natural character of Kangaroo Point and the Brisbane River rather than international design trends.

"Materiality tells the story of a place," Williamson said.

"We looked to the movement of the Brisbane River, the texture of the cliff face and the warmth of the surrounding landscape to create interiors that feel understated, enduring and unmistakably Brisbane."

Positioned above the Kangaroo Point cliffs, Skye places residents within walking distance of Howard Smith Wharves, South Bank and James Street while offering uninterrupted river and city views.

[smartcode_project_cta:default project_id=90059]

Brisbane's next apartment price record? Pikos unveils Skye's exclusive penthouse collection

Sydney’s property market is known for high prices, competitive bidding, and mounting pressure on first home buyers. But change is on the horizon.

From late 2025, eligible first home buyers in New South Wales will have access to a new federal government initiative aimed at addressing affordability: the Help to Buy Scheme.&nbsp;

<h2>What is the Help to Buy Scheme?</h2>

The program introduces a shared equity model intended to reduce the upfront cost of entering the property market, particularly in high-demand urban areas such as Sydney.

The scheme operates under a shared ownership structure in which the federal government takes an equity stake of up to 40 per cent for new homes, or 30 per cent for existing dwellings. This arrangement allows eligible buyers to significantly reduce their loan size and avoid the added cost of Lenders Mortgage Insurance (LMI).

Under this model, purchasers can enter the property market with as little as a two per cent deposit, well below the traditional 10 to 20 per cent usually required. The government’s contribution is not a loan but a co-ownership stake in the property. As such, there is no interest or rent charged on its portion.

Because the government’s equity combined with the buyer’s deposit typically meets or exceeds the 20 per cent threshold, LMI does not apply. The remaining balance, generally between 60 and 70 per cent of the property’s value, is financed through a standard home loan with a participating lender.

The government's equity in the property remains in place until the buyer chooses to repay it voluntarily or until the property is sold. Buyers can buy back the government’s share over time, in increments of at least five per cent, depending on their financial situation.

There is no fixed repayment timeline, but the amount to be repaid will be based on the property's market value at the time of repayment, not the original purchase price.

<h2>How do you qualify for the&nbsp;Help to Buy Scheme?</h2>

To qualify for the Help to Buy Scheme, applicants must meet the following conditions:

<ul>
	<li>Be an Australian citizen at least 18 years of age.</li>
	<li>Be a first-home buyer who does not currently own property.</li>
	<li>Intend to live in the property as their primary residence.</li>
	<li>Earn less than $100,000 per year for individuals, or $160,000 for couples.</li>
	<li>Purchase a property within the regional price caps, currently $950,000 in Sydney, though this is expected to rise to approximately $1.3 million ahead of the program’s launch.</li>
</ul>

While the Help to Buy Scheme does not solve affordability challenges across the board, it does offer a more accessible pathway for a defined segment of the market, particularly younger buyers with moderate incomes who have been priced out of traditional lending routes.

The scheme is expected to commence in NSW in late 2025, as part of a national rollout.

Under the new model, purchasers can enter the property market with as little as a two per cent deposit, well below the traditional 10 to 20 per cent usually required

Help to Buy Scheme: What first home buyers in NSW need to know

The First Home Owners Grant (FHOG) is a government initiative designed to help eligible first-time home buyers by offering financial assistance towards the purchase or construction of a new home.

While the FHOG is a nationwide program, it is administered separately by each state and territory, meaning the eligibility criteria, grant amounts, and property requirements can vary depending on your location. This means that the amount available and the conditions attached to the grant will differ, so it is important to check the specific guidelines for your state or territory.

It’s important to note that the FHOG is just one of several incentives available to first home buyers. In most states and territories, the grant is not linked to stamp duty exemptions or concessions, with the exception of the Australian Capital Territory (ACT). The FHOG is typically a one-off payment, reducing the overall cost of purchasing or building a new home before any stamp duty concessions are applied.

Below, we provide a breakdown of the First Home Owner Grants available across Australia, outlining the specific details for each state and territory.

<h2>New South Wales First Home Owner Grant</h2>

First Home Owner Grant: Offers a $10,000 grant for new homes valued up to $600,000. For land purchases and owner-builders, the threshold extends to $750,000.

Stamp Duty Benefits: Provides full stamp duty exemption for homes valued up to $800,000, with concessions available for properties up to $1 million.

<h2>Victoria South Wales First Home Owner Grant</h2>

First Home Owner Grant: Provides a $10,000 grant for first-home buyers purchasing or building new homes valued up to $750,000.

Stamp Duty Benefits: Offers full stamp duty exemption for properties up to $600,000, with concessions available up to $750,000.

<h2>Queensland First Home Owner Grant</h2>

First Home Owner Grant: Offers $30,000 for contracts signed between 20 November 2023 and 30 June 2025. The FHOG applies to new homes valued up to $750,000.

Stamp Duty Concessions: Provides additional concessions for properties valued up to $800,000.

<h2>Western Australia First Home Owner Grant</h2>

&nbsp;

First Home Owner Grant: Offers a $10,000 grant for new homes valued up to $750,000 in the southern regions and up to $1 million in the northern regions.

Stamp Duty Concessions: Available for homes valued up to $600,000 for transactions entered into on or after 9 May 2024.

<h2>Australian Capital Territory First Home Owner Grant</h2>

First Home Owner Grant: Replaced by the Home Buyer Concession Scheme, offering full stamp duty concessions for eligible buyers.

<h2>South Australia First Home Owner Grant</h2>

First Home Owner Grant: Provides up to $15,000 for new homes, including houses, apartments, and townhouses. As of 6 June 2024, there is no property value cap for eligibility.

Stamp Duty Relief: Available for new homes and vacant land purchases.

<h2>Tasmania First Home Owner Grant</h2>

First Home Owner Grant: Offers a $10,000 grant for new homes and off the plan purchases.

Stamp Duty Exemption: Between 18 February 2024 and 30 June 2026, first home buyers of established homes valued up to $750,000 receive a full exemption on property transfer duty.

<h2>Northern Territory First Home Owner Grant</h2>

First Home Owner Grant: The Northern Territory provides a $10,000 grant for new homes only. Additional government grants and concessions are available for first home buyers.

Stamp Duty Exemption: The only stamp duty exemption available to property buyers is the House and Land Package Exemption (HLPE).

Eligibility criteria and application processes differ across states. Prospective buyers should refer to their respective state revenue offices for full details on grant availability, conditions, and additional concessions.

Every First Home Owner Grant for new property by state

In the ever-evolving landscape of sustainable architecture and environmentally conscious design, systems and ratings in place can help determine the energy efficiency of residential buildings in Australia.

Australia has multiple building rating systems that evaluate energy efficiency and sustainability in existing and new building designs.

Some systems assess individual building components, while others provide an overall rating for the entire structure.

A rating system ensures that homes are comfortable and energy-efficient, whether you are buying, renovating, or building.

NatHERS (Nationwide House Energy Rating Scheme) is a common way for new homes to meet energy efficiency requirements.

As new developments continue to shape the urban environment, understanding NatHERS ratings becomes essential for developers and homeowners. This article delves into the concept of NatHERS ratings, their significance, and how they contribute to creating energy-efficient homes.

<h2>What is NatHERS?</h2>

NatHERS is a national initiative implemented by the Australian government to promote energy efficiency in residential buildings. The scheme aims to provide a standardised method for assessing the thermal performance of homes, considering factors such as insulation, orientation, ventilation, and building materials.&nbsp;

NatHERS ratings are the most common way new homes meet the National Construction Code's (NCC's) minimum energy efficiency requirements.&nbsp;

NatHERS assessments provide thermal and whole-home ratings for new homes, townhouses, and apartments.

The rating helps evaluate the energy performance of buildings, guides homeowners and developers to make informed decisions about the energy efficiency of their properties, and encourages the construction of more sustainable, comfortable, and cost-effective homes.

<h2>How NatHERS Ratings Work</h2>

NatHERS ratings are determined through four accredited software tools (AccuRate, BERS Pro, FirstRate5, HERO) using a calculation engine CSIRO developed to predict building temperature based on various factors.

The tools can model complex effects of building mass, insulation, window size, and other elements.

The outcome is a star rating that reflects the building's overall thermal efficiency, indicating how well it can maintain a comfortable indoor temperature without excessive reliance on heating or cooling systems.

The star rating scale ranges from 0 to 10, with a 6-star rating being the minimum requirement for compliance with the National Construction Code (NCC).&nbsp;

Achieving a higher star rating demonstrates a commitment to energy efficiency and sustainability, as the building is better equipped to minimise its environmental impact and reduce long-term energy costs.

Anyone can use NatHERS tools, but accredited assessors can provide certified ratings and professional advice.

<h2>Benefits of Higher NatHERS Ratings</h2>

Energy Efficiency: Buildings with higher NatHERS ratings are more energy-efficient, requiring less heating and cooling energy. This reduces the structure's carbon footprint and lowers occupants' energy bills.

Cost Savings: Homes with higher NatHERS ratings are generally more energy-efficient, resulting in reduced energy consumption for heating and cooling. This translates to lower energy bills for homeowners, making sustainable living environmentally friendly and economically viable in the long run.

Environmental Impact: Lower energy consumption directly translates to a reduced environmental impact. Buildings with higher NatHERS ratings contribute to the overall goal of mitigating climate change by lowering greenhouse gas emissions associated with heating and cooling systems.

Improved Comfort: Buildings with high NatHERS ratings offer better thermal comfort to occupants. Proper insulation, well-designed ventilation, and optimal orientation maintain a consistent and comfortable indoor temperature, providing occupants with a more enjoyable and healthier space.

Market Value and Desirability: Higher NatHERS ratings can enhance the market value of a property. As energy efficiency becomes a more significant consideration for homebuyers, a well-rated building may attract a premium price and stand out in the real estate market.

Compliance with Building Codes: NatHERS ratings are a vital component of the National Construction Code (NCC), and compliance with these ratings is often a mandatory requirement for new developments. Local councils and planning authorities may set minimum energy efficiency standards that must be met to obtain development approval.

The Nationwide House Energy Rating Scheme (NatHERS) is a crucial initiative shaping the future of energy-efficient, resilient, and cost-effective homes. With its recent upgrades, NatHERS has evolved into a world-leading tool for the building sector, supporting the global commitment to achieving net-zero emissions by 2050.

Staff Writer

What is a NatHERS rating in new off the plan apartment developments?

Mixed-use developments have gained significant popularity across Australia in recent years due to their unique blend of residential, commercial, and recreational spaces.

Unlike traditional single-purpose developments, mixed-use projects offer a harmonious integration of various functions within a single locale.

Residential units seamlessly coexist with commercial establishments, retail outlets, dining venues, entertainment hubs, and recreational facilities, with the combination not only enhances convenience but also fosters a vibrant lifestyle and a sense of community.

<h3>Convenience and accessibility</h3>

Mixed-use developments are designed with convenience in mind. They often integrate residential units with commercial spaces, retail outlets, restaurants, and recreational facilities, creating a self-contained community.

[smartcode_project:default project_id=114215 project_image_fid=204874]

The proximity allows residents to enjoy the convenience of having essential amenities and services within walking distance. Whether it's grabbing a cup of coffee, going grocery shopping, or accessing healthcare services, everything is conveniently located, saving residents time and effort.

<h3>Vibrant lifestyle and community</h3>

One of the major advantages of mixed-use developments is the vibrant lifestyle they offer. With a diverse range of amenities and communal spaces, residents have ample opportunities to interact, socialise, and build a sense of community.

[smartcode_project:default project_id=107714 project_image_fid=214122]

The presence of parks, community centres, and shared spaces fosters a lively atmosphere, encouraging residents to engage in various activities and events. The vibrant lifestyle within these developments creates a unique sense of belonging and camaraderie among the residents.

<h3>Potential for higher rental yields and property value appreciation</h3>

Mixed-use developments tend to attract a broad range of tenants and buyers due to their versatile nature. This high demand can result in higher rental yields for investors and potentially lead to property value appreciation over time.

[smartcode_project:default project_id=139989 project_image_fid=212887]

The integration of commercial and retail spaces attracts businesses, which can provide a stable rental income stream. Additionally, the popularity of mixed-use developments often drives up property values, making them a potentially lucrative investment in the long term.

<h3>Enhanced security and maintenance</h3>

Mixed-use developments typically have comprehensive security measures in place. With controlled access points, CCTV surveillance, and professional security staff, residents can enjoy enhanced safety and peace of mind.

[smartcode_project:default project_id=108019 project_image_fid=212658]

Additionally, these developments often have dedicated maintenance teams responsible for the upkeep of common areas, landscaping, and infrastructure. This ensures that the overall appearance and functionality of the development are well-maintained, creating a pleasant living environment for residents.

<h3>Live-work-play balance</h3>

One of the key attractions of mixed-use developments is the ability to achieve a desirable live-work-play balance. The integration of residential and commercial spaces allows residents to live closer to their workplaces, reducing commuting time and improving work-life balance.

The proximity to various amenities and recreational facilities encourages an active and healthy lifestyle. Residents can easily access fitness centres, parks, restaurants, and entertainment options, all within the same development, leading to a more fulfilling and convenient way of life.

alisonwarters@gmail.com

The top five reasons to buy in a mixed-use development

When buying a property, everyone needs to be aware of the additional costs that come as part of the buying process.

Often the largest outlay, after the deposit which goes to the bank, is stamp duty.

<h2 style="line-height: 1.38;">What is Stamp Duty?</h2>

Stamp duty is an extra tax to pay the government when you buy land, a property, and other certain assets.

It happens when the legal ownership is transferred. It can also be known as property transfer duty or transfer duty.

<iframe allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="415" src="https://www.youtube.com/embed/C32BWkB5--c" title="YouTube video player" width="660"></iframe>

<h2>Who pays Stamp Duty?</h2>

In some circumstances, you may get an exemption. For some states, you won’t have to pay for stamp duty if you are a first home buyer or a pensioner for houses under a particular price. There are also stamp duty concessions, where you may be entitled to a discount.

<h2>How much does Stamp Duty cost?</h2>

Each state has different rules which affect how much you need to pay. These rules can affect the rate you pay, and the timeframe you will need to pay in. Before you buy land or a property, make sure you check the up-to-date information for your state’s stamp duty.

You can use a free stamp duty calculator online to see approximately how much you’ll need to pay. Find out if you’re eligible for an exemption by enquiring on a project via Urban!

Overall, the stamp duty you need to pay will depend on:

<ul>
	<li aria-level="1">How much your land/property is worth</li>
	<li aria-level="1">Where your land/property is located</li>
	<li aria-level="1">What type of land/property it is</li>
</ul>

Want to find out more? <a href="https://www.youtube.com/@UrbanAustralia?utm_source=YouTube&amp;utm_medium=Video&amp;utm_campaign=Subscribe&amp;utm_id=Subscribe">Subscribe to our YouTube channel</a> for more property videos.

Ellen Walker

Off-the-plan property explained: What is stamp duty?

Prominent New Zealand apartment and hotel operator, <a href="/developers/safari-group">Safari Group</a>, is offering up a prime investment opportunity for Australians to purchase off the plan in one of the world’s most popular ski destinations.

They recently took to market Mountain Oak Queenstown Apartments, in the growing precinct of Remarkables Park in Frankton, near the airport and at the foot of The Remarkables - the mountain range the locals like to call “The Remarks”.&nbsp;

Sydney investors have shown interest in the one, two and three-bedroom apartments that secure high-season occupancy six months over the year, primarily over summer and winter months.

They average 90 per cent occupancy across their portfolio over January, February, March, August, November and December, while shoulder season months of April, July, September and October are still occupied 70 per cent of the time, with the growing appeal of Queenstown becoming not just a hotspot for the snow, but a lifestyle destination.

Even in the low seasons of May and June, occupancy levels reach around 40 per cent.

<img alt="Safari Group’s Mountain Oak Apartments brings new investment potential to Queenstown" data-entity-type="" data-entity-uuid="" src="https://res.cloudinary.com/dz9xllyip/image/fetch/f_auto,c_limit,w_1440,q_auto/https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/field/image/Ext_Cam15_Sunny.jpg?VersionId=SJAROUM_1s.Tr5ciMk4EEj5oAt_Vewmv" />

Safari’s Safari Hotels arm can also manage the holiday letting for an investor, from the listing on holiday accommodation websites such as Airbnb and Booking.com to the cleaning and maintenance of the investment. They’ve been in the short stay management business for 15 years and offer 24/7 support for investors, an important convenience benefit for any overseas investor

Another major drawcard for Australians is that New Zealand doesn’t have a stamp duty policy - so the entry price of NZ$639,000 (AU$586,000), is all that is payable on completion.

<img alt="Safari Group’s Mountain Oak Apartments brings new investment potential to Queenstown" data-entity-type="" data-entity-uuid="" src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,dpr_2.0,q_auto:good/https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/313_Livingv2_WEB.jpg?VersionId=nV229fM0ZeYpoxOrX372HyGjfwY_LR8c" />

Safari is starting construction of the 141 apartments in Q2 this year, with a two-year build estimated to complete in mid-to-late 2027.<img alt="" data-entity-type="" data-entity-uuid="" height="15" src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXczFpFAb7WuA6f4f9TtKWcqXyNwR8qqtakWv352ERkpqNlP3KwIo8YKxw67jZNHfpjEGIZGv5MQTbnvLZwNt8iu9IVdOrswOjCvBZ4zhSoOOLrpt6etVEZTN1gkBho0r_R72zdHNA?key=yq3daOanqHSb88QFd8jGYKdb" title="Click and drag to move" width="15" />​

The apartments will feature modern amenities and contemporary designs with expansive windows capturing sweeping views of The Remarkables mountain range.&nbsp;

Interiors are equipped with modern finishes, premium appliances, and secure electronic key-locked doors, ensuring a comfortable living experience for residents and guests alike.

With its strategic location near Coronet Peak and Cardrona Alpine Resort, as well as key retail and dining precincts such as Market Street, Five Mile Shopping Centre, and Remarkables Market, Mountain Oak offers a strong proposition for investors seeking high rental yields and capital appreciation in one of New Zealand’s most sought-after locations.&nbsp;

Queenstown’s sustained demand for visitor accommodation and rental properties is underpinned by a shortage of housing options, attracting both local and international buyers.

Safari Group offers low-touch investment proposition in Queenstown’s popular ski fields district

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The $2.5 billion Investa Office Fund, in partnership with the Investa Commercial Property Fund, has spent $462 million to buy Leighton's development at 567 Collins Street, Melbourne.
It is expected the deal on the 55,000-square-metre office tower will deliver a 6.7% cash-on-cash yield on its mid-2015 completion.
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<div>
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The office will be the largest PCA premium grade tower constructed in Melbourne in the last 25 years.
Located between Spencer and King Streets, Leighton Properties recently announced a major new lease to Leighton Contractors in the 26 level tower. Leighton Contractors will establish its Victorian head office across 12,700 sqm of the campus component of the building.
They will join leading law firm Corrs Chambers Westgarth, which signed a lease in late 2012 for 8,800 sqm of the building’s skyrise.
Peter Menegazzo, the Investa group executive and fund manager of ICPF, said Leighton had done a wonderful job in designing a very high quality office building.
It is understood that with the tower almost 50% leased there has been an income guarantee given over any vacant space until mid-2019.
</div>
</div>
</div>
The deal was brokered by CBRE’s Rick Butler and Mark Coster, with Jones Lang LaSalle’s James Kaufman and Simon Storry.
It's the biggest central business district property deal since the CFS Retail consortium bought the Myer store for $605 million in 2007.
Another blockbuster office sale in the works has been a 50% stake in 8 Exhibition Street, which The Australian Financial Review reports was struck at $160.05 million on a firm 6.5% cap rate.
GPT’s blue-chip unlisted office fund is acquiring a 50% stake in the $320 million Ernst &amp; Young tower in Melbourne from its owner, Cbus Property.
The 45,000-square-metre office tower rises from the historic five-storey Herald &amp; Weekly Times building, which Cbus redeveloped in 2005.
The AFR says the deal was brokered by Sydney-based Savills agent Ian Hetherington, with contracts exchanged over the weekend.
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jchancellor-FAypfDUnLy

Investa buys 567 Collins Street for $462 million and CBUS sells on Exhibition Street

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<img alt="melbourne" height="159" width="400" src="/images/stories/2013/03/march1rpdata/melbourne.gif">
The median gross rental yield landlords are securing for houses in Melbourne, according to <a href="https://www.myrp.com.au/" target="_blank" rel="nofollow" style="font-size: 14px;">RP Data.</a> The median gross rental yield across Australia's eight capital cities was 4.2% for the quarter ending February 28, 2013.
<img alt="sydney" height="170" width="400" src="/images/stories/2013/03/march1rpdata/sydney.gif">
The median gross rental yield landlords are securing for houses in Sydney, according to <a href="https://www.myrp.com.au/" target="_blank" rel="nofollow" style="font-size: 14px;">RP Data.</a> The median gross rental yield across Australia's eight capital cities was 4.2% for the quarter ending February 28, 2013.
<img alt="adelaide" height="166" width="400" src="/images/stories/2013/03/march1rpdata/adelaide.gif">
The median gross rental yield landlords are securing for houses in Adelaide, according to <a href="https://www.myrp.com.au/" target="_blank" rel="nofollow" style="font-size: 14px;">RP Data.</a> The median gross rental yield across Australia's eight capital cities was 4.2% for the quarter ending February 28, 2013.
<img alt="perth" height="170" width="400" src="/images/stories/2013/03/march1rpdata/perth.gif">
The median gross rental yield landlords are securing for houses in Perth, according to <a href="https://www.myrp.com.au/" target="_blank" rel="nofollow" style="font-size: 14px;">RP Data.</a> The median gross rental yield across Australia's eight capital cities was 4.2% for the quarter ending February 28, 2013.
<img alt="canberra" height="154" width="400" src="/images/stories/2013/03/march1rpdata/canberra.gif">
The median gross rental yield landlords are securing for houses in Canberra, according to <a href="https://www.myrp.com.au/" target="_blank" rel="nofollow" style="font-size: 14px;">RP Data.</a> The median gross rental yield across Australia's eight capital cities was 4.2% for the quarter ending February 28, 2013.
<img alt="brisbane" height="186" width="400" src="/images/stories/2013/03/march1rpdata/brisbane.gif">
The median gross rental yield landlords are securing for houses in Brisbane, according to <a href="https://www.myrp.com.au/" target="_blank" rel="nofollow" style="font-size: 14px;">RP Data.</a> The median gross rental yield across Australia's eight capital cities was 4.2% for the quarter ending February 28, 2013.
<img alt="hobart" height="160" width="400" src="/images/stories/2013/03/march1rpdata/hobart.gif">
The median gross rental yield landlords are securing for houses in Hobart, according to <a href="https://www.myrp.com.au/" target="_blank" rel="nofollow" style="font-size: 14px;">RP Data.</a> The median gross rental yield across Australia's eight capital cities was 4.2% for the quarter ending February 28, 2013.
<img alt="darwin" height="164" width="400" src="/images/stories/2013/03/march1rpdata/darwin.gif">
The median gross rental yield landlords are securing for houses in Darwin, according to <a href="https://www.myrp.com.au/" target="_blank" rel="nofollow" style="font-size: 14px;">RP Data.</a> The median gross rental yield across Australia's eight capital cities was 4.2% for the quarter ending February 28, 2013.
For RP Data figures on yields landlords are securing for units in Australian capital cities, see our story <a target="_blank" href="https://www.propertyobserver.com.au/landlords/melbourne-units-deliver-lowest-rental-yields-rp-data-capital-city-analysis/2013030459690">here</a>.
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po-LsXgBTHBmX

Melbourne houses deliver lowest rental yields: RP Data capital city analysis

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Buying apartments and townhouses off the plan often attracts exemptions or reduced stamp duty for property purchases in states across Australia.
Each Australian state and territory has its own concessions and incentives, but if you are a first-home buyer chances are you are eligible for some sort of stamp duty discount or waiver.
The schemes mostly provide assistance for individuals buying their first homes, but seniors wishing to downsize might be eligible in some places as well.
From time to time, schemes have been unveiled for upgrading buyers aimed at stimulating the construction of new homes. Some schemes have required purchasing off the plan before construction commences, and others subsidise part of the stamp duty after construction commences. The schemes typically have eligibility requirements regarding the top price that precludes consideration.
Some governments require stamp duty payments after exchange documents are signed, but others delay the payment of stamp duty until the registration of the strata plan. A useful website for reference is <a target="_blank" href="http:www.stampdutycalculator.com.au">stampdutycalculator.com.au</a>, which calculates the amount of stamp duty payable on a state-by-state basis depending on whether you are an owner-occupier, investor or first-home buyer.
Also check state government websites for the latest information in your area.
Here is a list of specific off the plan grants available as at March 1, 2013.
NSW
A first-home buyer who purchases a $550,000 new home will get $35,240 in assistance. This includes a $15,000 grant for firsthome owners who purchase or build a new home valued at up to $650,000. The grant is available until December 31, 2013, reducing to $10,000 from January 1, 2014. Non-first-home buyers, including investors, who buy a new home are eligible for $5,000, whether the new home is off the plan or newly built, with a value up to $650,000. The $5,000 grant is also available to buyers of vacant land that is intended to be the site of a new home, valued up to $450,000. First-home owners are also eligible for a maximum stamp duty saving of $20,240 for homes up to a value of $550,000, with duty concessions for new homes valued between $550,000 and $650,000. The transfer duty exemption cap on vacant land is $350,000, with duty concessions for vacant land valued between $350,000 and $450,000.
QLD
A $15,000 first-home owner construction grant (FHOCG) is available. The FHOCG applies to new property bought or built at a value under $750,000. First-home buyers also pay no duty on purchases up to $500,000, with a phasing-out rebate applicable for values up to $600,000.For non-first-home buyers, the Queensland government offers a concessional stamp duty rate of 1% up to a value of $350,000, with stamp duty charged at normal rates for the remaining value of the home purchase. The buyer must occupy the home for a period of 12 months – an applicant may lose the concession if he or she sells or leases part or all of the home before moving in or within a year of moving in.
SA
South Australian first-home buyers buying off the plan have the chance to secure up to $23,500 from the state government, provided they buy or build a new home. The $23,500 handout comprises a doubled first-home owner grant of $15,000 for contracts entered into up to a value of $575,000, plus a further $8,500 housing construction grant (HCG) available until June 30, 2013. The HCG is available to all buyers of new homes for properties valued up to $400,000, phasing out for properties valued up to $450,000 where contracts are entered into between October 15, 2012, and June 30, 2013, inclusive. If you are purchasing a new or substantially refurbished apartment:
• within the area of the Corporation of the City of Adelaide;
• on any land within the area where the Bowden Redevelopment project (Bowden Village); or
• on any land located within the area known as 45 Park, Gilberton;
You may be eligible for an off the plan stamp duty concession of up to $21,330 (capped at stamp duty payable on a $500,000 apartment), if your contract to purchase was entered into between May 31, 2012, and June 30, 2014. This concession is in addition to the first-home owners’ grant. If eligible, no stamp duty will be payable where the apartment has a market value of $500 000 or less. Where an apartment purchased has a market value greater than $500 000, the buyer will be entitled to a stamp duty concession of $21,330. A calculator is available on the RevenueSA.sa.gov.ua website to determine the stamp duty payable and concession that could be applicable. A partial concession will be available for contracts entered into between July 1, 2014, and June 30, 2016. South Australian first-home buyers of established homes are entitled to a $5,000 first home owner grant, which expires on June 30, 2014.
WA
A $7,000 first-home owner grant remains in place for a newly constructed or established home. It does not apply to vacant land purchased to build a new home. The total value of the home must not exceed $750,000 if the property is located south of the 26th parallel of South Latitude, or $1 million if located north of the 26th parallel of South Latitude. First-home buyers eligible for the $7,000 grant pay no stamp duty on homes valued up to $500,000 and up to $300,000 for vacant land.
ACT
A $7,000 first-home owner grant remains in place for both existing and new homes where the price of the property or construction of the home does not exceed $750,000.
TAS
A $7,000 first-home owner grant remains in place for both existing and new homes, with no cap on the value. Tasmanian first-home buyers buying or building a new home (including off-the-plan) are eligible for an additional $8,000 under the First Home Builder Boost Scheme, which applies from January 1, 2013 to June 30 2014 if they qualify for the first-home owner grant.
NT
A $12,000 first-home owner grant is available up to a maximum of $600,000 if the home is an established home in the urban area. An urban area means all land located wholly within the boundaries of:
• the Darwin, Palmerston or Litchfield municipalities;
• Wagait Shire;
• the Darwin Waterfront Precinct;
• the “prescribed area” for the Darwin Rates Act.
Outside of urban areas, the grant amount is $25,000.
VICTORIA
The Victorian state government does not provide any extra incentives for first-home buyers purchasing off the plan.
A $7,000 first-home owner grant is available for those buying established homes or newly-constructed homes, including those bought off the plan. The price of the property or construction of the home must not exceed $750,000.
For great tips on buying off the plan, download Property Observer’s free ebook – <a target="_blank" href="https://propertyobserver.us2.list-manage.com/track/click?u=24bd0766a834290948593f5aa&amp;id=14e9848476&amp;e=7a53fc6dd9">14 tips for buying off the plan: The 2013 guide for investors and owner-occupiers.</a>
Photo by Caleb Roenigk, courtesy of Flickr
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lschlesinger-FZcF9M3vE6

State-by-state incentives for FHBs buying off the plan

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Five of Australia’s eight capital cities have shown continued growth in their housing markets in February, following the mild recovery of 2012, according to February’s RP Data Rismark home value index.
The February 2013 figure shows a slight slowing in the capital dwelling values with a  rise of 0.3% following a 1.2% jump in January.
RP Data says Melbourne, Australia’s second largest housing market, largely drove the monthly result with dwelling values up 1.5% with even stronger growth at Canberra (up 1.9%) and Darwin (up 2.3%).
But Melbourne still remains in negative territory over the year.
There was a limited rise in dwelling values in Sydney, up just 0.1% in February, but up 2.7% over the year.
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Results for the past quarter have shown Hobart to be the best performing capital city with a 4.2% rise in values.
Darwin performed the weakest with a 2.5% decrease in property values, but showed the highest rental yields with a gross rental yield of 6.2% for houses and 6.3% for units.
 Melbourne showed the lowest rental yields with a 3.6% gross rental yield for houses and 4.4% for units.
 Sydney retained its mantle as the most expensive Australian city with a median dwelling price of $540,000, while Hobart proved to be the most affordable capital city with a median dwelling price of $310,000.
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Melbourne assists capital city home values record modest growth in February: RP Data Rismark

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The Coles merchandise director John Durkan and his wife Bernadette have bought Greystones, the 1914 Brighton house.
It was bought from the shoulder and elbow orthopaedic surgeon Simon Bell and his wife Jennifer Coghlan-Bell.
<a target="_blank" href="https://www.propertyobserver.com.au/victoria/greystones-the-1914-brighton-house-listed/2012100356935">Listed with a price guide of $7.3 million plus</a>, it is understood Kay &amp; Burton agents Ian Jackson and Stewart Lopez secured around $7.5 million for the Park Street offering.
Set amid established English gardens, the 1914 six-bedroom, five-bathroom house sits on 2,219 square metres.
It has been home to the Bells for the past 20 years.
The house comes with a large cellar, sauna, studio with a gymnasium and a rooftop retreat that offers views across the bay to the city skyline.
John Durkan was at Safeway before the British shopping industry expert was recruited to Coles by Coles's chief executive, Ian McLeod.
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Greystones at Brighton sells to Coles merchandising boss John Durkan 

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The Lowy family has sold its 7% stake in Westfield Retail Trust worth $664 million as part of a strategy to diversify its investments globally.
Investment bank UBS sought buyers for 214.8 million Westfield Retail Trust units on behalf of Frank Lowy’s investment company, The Lowy Family Group.
The units in the shopping ­centre landlord were being offered at $3.09 each Thursday afternoon, a narrow 2.8% discount to Westfield Retail Trust’s $3.18 closing price.
As the largest shareholder in the Westfield Group, the Lowy family stressed its continuing commitment remained unchanged in the Westfield Group.
Westfield Group created WRT in 2010 with a stake in 47 Australian and New Zealand Westfield shopping centres  now worth around $13.5 billion.
The Lowy family statement said the sale was part of a "broader investment strategy to diversify its investments internationally.”
"As the largest shareholder in the Westfield Group, the Lowy family’s interest and continuing commitment remains unchanged.
"Through WDC, LFG retains a significant investment in Westfield’s superior shopping centre portfolio in Australia and New Zealand.”
The sale comes a day after its results.
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Lowy family secures Westfield Retail Trust buyers

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Lend Lease has confirmed it intends to sell its aged care business for $270 million to Australian Aged Care Partners, which is controlled by funds managed by Archer Capital.
Archer Capital Partner executive Ben Frewin said it had been evaluating investment opportunities in the aged care sector over the past three years.
Lend Lease will receive cash proceeds of $200 million plus a $70 million promissory note by the end of March this year.
Lend Lease’s aged care business owns and manages 30 aged care facilities with 2,338 beds under management across New South Wales, Victoria, Queensland and South Australia.
There is also a development pipeline of 563 additional beds.
The business was acquired in the Primelife acquisition in 2009.
The Lend Lease chief executive officer Steve McCann said the aged care business was more closely aligned to healthcare services than property and was considered non-core for Lend Lease.
Australian Aged Care Partners will retain the current management team and all employees at each of the facilities.
David Armstrong will be appointed to the position of chief executive officer. David Armstrong is formerly the managing director and a founder of DCA Aged Care.
Suzanne Petterson, general manager of Lend Lease Aged Care’s operations, will be appointed to the position of chief operating officer.
 
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Lend Lease sells its aged care business to Archer Capital for $270 million

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A Pommie migrant, I first set foot on Aussie shores in Sydney in 1999, and the hot topics of the day were the invasion of East Timor and… housing affordability. A lot has changed in that time, for me especially as I’m currently living in East Timor. But Sydney’s housing affordability debate drags on in its predictable manner.
One unwelcome change for residents during that time is that property located close to the city, as well as being expensive to buy, is now also expensive to rent. The debate has worn so depressingly thin that it was a welcome change to see some levity breathed into it by SQM’s Louis Christopher last month.
<img alt="wargjan31" src="/images/stories/2013/02/wargjan31.jpg" width="393" height="300">
Of course, there is a serious underlying point here, and Christopher impressed by delivering some decisive but well-chosen words, quoted in this Property Update article <a href="https://propertyupdate.com.au/the-property-affordability-debate-is-back-again/" target="_blank">here.</a>
Sydney market sectors
Economists are forever guilty of taking a necessarily top-down approach to their studies and continually overlook the primacy of the individual. I’ve been guilty of the same thing as I’ve spent much of my time overseas over the past year or two.
The Sydney premium property sector will continue to march to its own drum, little affected by wages growth, rather by swings in confidence in the economy and the extent or otherwise of the share market recovery – buyers in this sector tend to have material levels of equity and investment assets.
The median-priced sector of the market continues to suffer from a shortage of quality, well-located dwellings. Every time I’ve let any of my properties around the eastern suburbs, the city or the inner-west in recent years they've been re-let instantly and sometimes even before being advertised. In such a tight market, it’s small wonder that rents have jumped upwards over the last half decade.
The sector of the market which is inevitably struggling is that of first home buyers. I wouldn’t want to generalise too much but statistics of late seem to imply that first home buyers are increasingly opting out of buying, or simply can’t afford to opt in.
London
Housing affordability issues in popular capital cities are nothing new. I remember when I went to train as a Chartered Accountant in London’s West End on the princely trainee salary of £18,000pa. I rented a flat for £400pcm located precisely 96.4km from the office, condemning me to 3 hours+ a day of travel.
Worse, even after the government swiped its share of my salary, I had to hand over £3,600 of my net pay to Great Eastern Rail and the London Underground just to get me to work! If you’re familiar with the tube I don’t need to tell you about the 'pleasures' of the Central Line from the City to Bond Street in rush hour.
On the day I qualified as a CA, my salary doubled to £35,000 and of course I’d dearly have loved to buy myself a 1 bedroom flat in Marylebone W1 so I could walk to the office.
I might just as well have wished to go for tea with the Queen at Buckingham Palace (actually that’s a terrible example, as I did end up doing that – rather, I might just as well have wished to fly myself to the Milky Way or Planet Zog). Clearly it was never going to happen so when I could afford to do so, I invested my money elsewhere.
 
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The role of immigration
Last month, Britain’s Daily Telegraph ran <a href="https://www.telegraph.co.uk/news/uknews/immigration/9831912/I-feel-like-a-stranger-where-I-live" target="_blank">an article</a> which stated that London has become a city only for immigrants and the very wealthy.
Through a case study, the article noted that whites are being forced out of the city due to the 1 million muslims and many other races having “taken over” the traditional working class suburbs. Although the ‘locals’ have tried to mix with immigrants, the immigrants’ refusal to change their culture (particularly when wearing the niq?b or burqa) has led to racial tensions, the article reports.
Is Sydney heading down a similar route (assuming the article is accurate and in some way reflective of wider trends, that is)? One hopes not, although some of the internet forum comments have been worrying of late.
What I do think is likely is that the Census-reported home ownership rates in Sydney of 67% will fall closer to the significantly lower ownership rates seen in other developed cities such as London and New York.
Embracing the outer suburbs
I’m no town planner and I don’t pretend to have all of the answers to these things, but it's obvious that the city needs more affordable supply and equally obvious that middle-income Sydneysiders are not keen to embrace the western suburbs, which exacerbates the affordability issue.
This is exactly what was alluded to in the tweet to Louis Christopher where he was asked if he would live in Fairfield thereby risking “getting shot”. If we continue to think of the western suburbs in that way, well, yes, the affordability level of Sydney’s inner-suburb housing market is doomed.
The dangers and hardship of living ‘out west’ in Sydney are wildly overstated. Currently I’m living smack in the middle of the Comoro community, one of East Timor’s notorious distrito, and I walk to Timor Plaza through the shacks every day. Sure I could live on a hotel-style resort next to the US Embassy, but I moved to Timor to experience East Timorese culture not to mix with the US paramilitary, decent blokes though they are.
In the past year, we’ve had civil unrest and uprisings, some brutal knife attacks by the beach and slashings, terrifying off-shore earthquakes and, occasionally, people do indeed get shot. Even Nobel Peace Prize winner Prime Minister Ramos Horta was shot in the stomach. But I’m not going to add much by simply avoiding living in the local community, so I live in the heart of the community and take care late at night.
First homebuyers
I’m not unsympathetic to the plight of first home buyers. In fact, I still rent myself and I’m in my mid-30s. I’ll probably buy a residence in the next year or two, but I'm unlikely to be buying in Sydney.
People ask me about shortcuts to home ownership. There aren’t any - unless you are gifted a deposit. There are so many two-income households these days that prices have been forced northwards by other self-interested homebuyers. Capitalism is characterised by individualism and self-interest; we've known that for centuries now.
If you earn the median Sydney household income of $75,000 then to save a deposit you need to find a way to save $13,000 of it per annum to have a chance of save a 10% deposit over 3 years (by no means an easy feat the way rents have been going). That means no holidays to Hawaii. No plasma screen TVs. No Foxtel. No i-Tunes or i-Phone apps. It’s not easy, but since when has life ever been easy?
Even if the much-vaunted house price crash eventuates and Sydney’s prices drop by 20%, 30% or 40%, first homebuyer problems and the housing affordability debate will never – and I do mean never – go away. If a correction does happen, banks won’t be dishing out 100% mortgages: that’s one certainty you can bank on.
Australia versus the world
In East Timor, we’ve experienced a nasty bout of inflation which has pushed prices up sharply, although around half of the population of 1.2 million continues to earn US $1 per day.
I’m certainly no Michael Palin but was lucky enough to travel to 25 countries last year, including Egypt (revolution, violence, massive civil unrest), India (countless millions slum-dwelling), Portugal and Greece (25% unemployment), China (incredible poverty, no freedom of speech under Communist regime), Sri Lanka (human rights abuses, Tamils, too many guns), Vietnam (wide-scale post-Communist impoverishment), Malaysia (seemed quite nice), Thailand (although still mainly agricultural, recovering reasonably well from the Asian crisis and the collapse of its currency - despite illegal immigration issues) and Hong Kong ($1 million+ for an apartment in the sky), among others.
Australia has an amazing quality of life with capital cities that are expensive. I’ve seen a lot of the alternatives, and without exception, they've all been worse. I’ll leave the final word today to none other than <a href="https://www.news.com.au/money/david-and-libby-koch/yes-australia-is-the-best/story-fn7kicty-1226557982973" target="_blank">Mr. David Koch and wife Libby</a>:
"We’re sick of the whingers. This is the best country in which to live, work and play. Financially and economically, we are the envy of the world. Think about it; no economic recession for 21 years, avoided Asian financial crisis in the '90s, avoided global financial crisis in 2008-12, low unemployment, low inflation, solid economic growth and strong financial system."
Pete Wargent holds a range of finance and property qualifications and is the author of <a href="https://petewargent.blogspot.com.au/" target="_blank">Get a Financial Grip – a simple plan for financial freedom.</a>
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Aussie housing is expensive. It's worth it: Pete Wargent

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The film producer turned passionate property developer Rebel Penfold-Russell has listed six prestige apartments in her North Bondi development, Coast.
The six near-beachfront apartments each come with $5.5 million plus asking prices - and there's a video uploaded to <a href="https://www.youtube.com/watch?v=ALUQkmvYjdE" target="_blank">youtube</a> on the construction of the Ramsgate Avenue project with music by her son, Emrys Quin.
Coast, on the Ben Buckler North Bondi headland, has been recently completed, the first new apartment project in 40 years on the iconic Ben Buckler Bondi Headland.
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/stories/2013/02/bondifeb28one.jpg" alt="bondifeb28one" width="470" height="257">
It comes with three-bedroom-plus apartments over four levels to a SJB Architects design. One Bondi Beach regular who witnessed the construction stage from "pull? down slum block to giant hole in the ground to the building phoenix rising" says it is a wonderful building that "salutes Bondi's vision."
''Bondi's buildings all used to be salt-encrusted, rundown old buildings with broken wiring and concrete cancer, with very few good restaurants around,'' Penfold-Russell told Fairfax Media.
''But it's smartening up, not in a pompous exclusive way, but it now has a lot more good property, great retail and fabulous restaurants.
''Bondi is so vibrant and vital, it's exuberant with a youthful feel, it's magnificent.
''There's everything you want to eat there as well as drink, and there's great retail in lovely little enclaves," she said.
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/stories/2013/02/bondifeb28two.jpg" alt="bondifeb28two" width="470" height="255">
The block cost $6.05 million in 2007 inaddition to the initial holding that cost $3.85 million in 2004.
Davis Langdon prepared a 2010 cost estimate which concluded at a total capital investment value of $10,502,989 summarised as follows:
Demolition &amp; Hazardous Materials removal $137,687
Site Preparation (incl Bulk Excavation) $73,510
Site Services $80,000
New Construction $6,097,582
External Works $189,223
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/stories/2013/02/bondifeb28four.jpg" alt="bondifeb28four" width="470" height="256">
Roadworks Excluded
Design Contingency $391,391
Preliminaries &amp; Supervision $1,249,820
Sub-total – Construction Works $8,219,213
Statutory Fees Excluded
Design &amp; Management Fees $650,000
Development Management Fees $150,000
Construction Contingency $391,391
Escalation (to completion – say end 2013) $792,385
Selling &amp; Marketing Costs $300,000
Finance Costs Excluded
Sub-total – Applicable Development Costs $2,283,776
TOTAL ESTIMATED CIV $10,502,989
Its been a <a href="https://www.propertyobserver.com.au/https://www.mcgrath.com.au/rent/apartment-north-bondi-nsw-2026/16625" target="_blank">rental investment in recent years </a>through McGrath who will also be its upcoming sales marketing agents.
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/stories/2013/02/bondifeb28five.jpg" alt="bondifeb28five" width="470" height="256">
The project included the now demolished 160 Ramsgate Avenue, a two storey building containing eight units, with no on-site parking provisions, and on the northern side, 158 Ramsgate Avenue where there was a two and three storey building containing five units and parking for three cars.
The filmmaker, who lived in Double Bay as a teenager, then Potts Point has made her permanent family home at North Bondi since the late 1980s. She'd bought an apartment at Bondi Beach while studying at NIDA in the 1970s for about $52,000.
Property Observer was there at the 1988 auction when the interior decorator Ann Gyngell and advertising executive Jamie Packer, as he was then known, accepted a $1.51 million offer at the W.J.Bridges auction of their Ramsgate Avenue, Bondi Beach, spec investment property which is now a contemporary abode.
The vendors were family friends - her husband Bruce Gyngell and his father, media tycoon Kerry Packer kicked off television in Australia - who had bought it for$1.15 million less than a year prior to the August 1988 auction.
Theo Onisforou and Richard Eskell dropped out of the auction bidding, and the battle emerged between the Double Bay newsagent Allan Stevens and Penfold-Russell, who was represented by Goodhope Realty's John McGrath.
As the price moved to 1988 boom levels, Jamie celebrated with a few chocolate biscuits laid on by the estate agency.
Penfold-Russell triumphed on the day, and has been a passionate advocate for Bondi ever since.
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Film producer turned developer Rebel Penfold-Russell selling six North Bondi apartments for $5.5 million-plus each

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Leighton Properties announced that it had formally signed Leighton Contractors to almost 13,000 square metres of its 567 Collins St building in Melbourne.
It was announced today as the Lord Mayor of Melbourne, Robert Doyle, turned the first sod on the development in the location in the western end of the CBD on the edge of Docklands.
Hamish Tyrwhitt, the Leighton Holdings chief and Mark Gray the Leighton Properties managing director and Peter Hicks, the Leighton Contractors chief financial officer presided over the formal groundbreaking ceremony. Presumably a few lawyers were there too since the other anchor tenants are Corrs Chambers Westgarth.
On its mid-2015 completion, the 567 Collins Street tower with 55,000 square metre space will be the largest PCA premium grade tower constructed in Melbourne in the last  25 years.
<img height="586" width="470" src="/images/stories/2013/02/leightonfeb27one.jpg" alt="leightonfeb27one">
Its will occupy a site of 3,942 square metres with a 74 metre frontage to Collins Street between Spencer and King Streets.
The 26 level tower is about 50% leased following the announcement of a major new lease to Leighton Contractors.
Leighton Contractors will establish its Victorian head office across 12,700 sqm of the campus component of the building.
Leighton bought into the site in 2008, but it remained one of Collins Street's ugliest development sites for another five years.
The site - a former car park - had struggled to attract a tenant initially under the ownership of the Stamoulis family, which bought it from the government for $8.5 million in 2003.
At one point around 2008, its then owner developer, APN Funds Management was close to securing law firm Allens Arthur Robinson (AAR) as a major tenant.
Its had a permit for a high-rise building issued since 1988.
 
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