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“Minister Chanthivong and his team have shown real leadership in replacing an outdated two-year bond with cover that matches the lifespan of the buildings people are buying into.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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James MacKenzie has been re-elected as chairman of Mirvac at today’s AGM in Sydney, but not before copping a bashing from some small shareholders in attendance.
MacKenzie had the unanimous backing of Mirvac board members for his re-appointment as well as from major and institutional shareholders following his decision to sack former managing director and CEO Nick Collishaw and replace him with London-based Susan Lloyd-Hurwitz.
The final vote was 87.8% in his favour with all other board re-appointments also confirmed by shareholders by a similar majority.
Shareholders that attended the meeting accounted for just 0.11% of Mirvac stock with major and institutional shareholders voting by proxy.
Prior to the vote, MacKenzie’s seven year tenure came under fire from a number of small shareholders disgruntled with the performance of the company over this period.
Winston Sammut, founder and managing director of Maxim Asset Management and an agitator for MacKenzie to stand down following the decision to get rid of Collishaw, pointed out that the Mirvac share price was $4.59 when MacKenzie was first appointed as a non-executive director (in January 2005) and were trading at $3.56 when he was appointed chairman in November 2005 and is now currently trading at $1.45.
“After seven years as chairman, Mirvac shares are down 59% - shareholders suffered a fall, while you (MacKenzie) benefited to tune of 105% rise in your salary," he said.
Sammut also pointed out that Collishaw had elected to reduce his salary while the Mirvac board had not.
“I consider it is time for you to move on – how you can you justify these sorts of numbers?” said Sammut, who ended up in a tense exchange with acting chairman Peter Hawkins, while MacKenzie’s re-election was being considered.
Hawkins accused Sammut of interrupting him when he spoke and asked Sammut to sit down.
Sammut said he preferred to stand and then presented a chart comparing Mirvac’s performance against its peers highlighting that Mirvac was the “bottom line” of the graph.
Hawkins claimed Sammut had got the numbers wrong and that MacKenzie’s salary had only risen 3% annually since he became chairman rising from $406,000 in the first year rising to $464,000 in the last financial year.
Another long-standing shareholder said he could note vote in favour of MacKenzie given the deterioration of the share prices.
But he said small investors were powerless against the institutional investors and it was a case of “to hell with the shareholders”.
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lschlesinger-FZcF9M3vE6

Mirvac chairman James MacKenzie re-elected with 87.8% AGM support

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The Brisbane CBD is developing into something of a hotel development hotspot with Malaysian-born mining billionaire Sam Chong reportedly acquiring a parcel of land from property group Devine with plans to build another hotel in the Queensland capital.
The site forms part of scrapped plans by Devine to develop a  $1 billion “French quarter” that was to comprise an apartment and retail complex bounded by Alice, Albert and Margaret streets.
Sunland acquired half of the site in December 2009 with plans to develop an apartment tower.
According to a report in The Australian, Chong acquired his parcel of land for around $18 million. He also own an adjoining property known as the Carrington site.
Chong is currently developing a 32-storey hotel tower on Mary Street that will be leased to Starwood Hotels &amp; Resorts and operate under its luxury Sheraton brand.
The 246 room hotel is due for completion by January 2014 and will be known as the Four Points by Sheraton Brisbane.
It follows the opening of the Four Points by Sheraton Perth in June 2012 with the expansion of the Sheraton brand into Brisbane seen as part of a growing demand for accommodation for cities benefiting from the mining boom.
In September, Singapore-based hotel group SilverNeedle Hospitality acquired the four-star Chifley at Lennons Hotel (also known as the Lennons Plaza hotel) at 66 Queen Street Mall Brisbane CBD for around $57 million.
SilverNeedle will refurbish the hotel and convert the existing commercial office space into hotel accommodation, doubling the room count to 300.
The revamped hotel is set to open in 2014 in time for the G20 summit and will be rebranded as NEXT hotel, a new brand to be launched by SilverNeedle in Australia.
According to the <a target="_blank" href="https://www.propertyobserver.com.au/leisure/perth-surpasses-sydney-as-best-performing-hotel-market-dransfield/2012092556695">most recent Dransfield report</a>, the Brisbane hotel sector performed strongly over the March quarter with revenue per available room (revPAR) up 17% over the quarter. However the Brisbane hotel occupancy rate fell from 82.5% in the December quarter to 77.6%.
 
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Mining billionaire Sam Chong to develop second Brisbane hotel

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<img src="/images/stories/2012/11/1.gif">
Do your homework. Especially when it comes to ascertaining the history of capital growth of the property, in the suburb and even the likelihood of any huge increase in rival housing stock. Overpaying because you haven’t done enough research will be the most telling of factors no matter what happens to the overall economy.
 
<hr>
 
<img src="/images/stories/2012/11/2.gif">
As too many random inspections will only confuse you – and wear your commitment down – make a preliminary, but adaptable, list of what you actually want in an investment. Narrow your aim and search requirements – house or unit, old or new? Price growth or yield?
 
<hr>
 
<img src="/images/stories/2012/11/3.gif">
Research the capabilities of the existing infrastructure and the potential and likelihood for improved infrastructure in the locality.
 
<hr>
 
<img src="/images/stories/2012/11/4.gif">
Make sure you know exactly how much money you reasonably have to buy with and stay under budget, if possible, unless it's a remarkable opportunity. Be aware of just how much of the rental income your bank will take into account when working out your borrowing capability. Pick the right type of mortgage that suits you. Discuss with your accountant the pros and cons of using the equity from your principle place of residence.
 
<hr>
 
<img src="/images/stories/2012/11/5.gif">
Factor in stamp duty, building inspection report price, rates, insurances, and any likely needed repairs so your list of expenditure costs leaves little to chance. Even build in a buffer. Get early advice from your accountant too especially when it comes to the likelihood of depreciation benefits, land tax and capital gains tax.
 
<hr>
 
<img src="/images/stories/2012/11/6.gif">
 Don't let emotion govern your purchasing decision. Have at the top of mind what actually suits the demographics of renters in the location and how much would they typically expect to pay for it.
 
<hr>
 
<img src="/images/stories/2012/11/7.gif">
Don't buy the best property in the block or on the street or the suburb. Ideally buy below the median price so that any improvements take its resale price to just over the median price bracket.
 
<hr>
 
<img src="/images/stories/2012/11/8.gif">
Vary the time of day you inspect the pinpointed property. Take along a friend or family member when you do your final pre-purchase inspection as even untrained eyes might spot flaws you may have missed. Get an official report on the condition of the property.
 
<hr>
 
<img src="/images/stories/2012/11/9.gif">
Bounce the purchase price details with an estate agent unrelated to the property. Or engage a buyer's agent. Remember that property is a long-term investment and you shouldn't rely on rising prices in the short term, especially if you want to cover your purchase and exit costs.
 
<hr>
 
<img src="/images/stories/2012/11/10.gif">
Do not be afraid to make repeated substantially lower offers than the asking price.
 
<hr>
 
<img src="/images/stories/2012/11/11.gif">
Take your time and never sign any contract unless you understand what you are getting into, especially if you are being unduly pressured by the sales person. 
 
<hr>
 
<img src="/images/stories/2012/11/12.gif">
Start your ongoing continuous research into the rental market in the suburb well before you intend to buy, thereby keeping tabs on rental price direction and how long are properties are vacant between tenants. And then check with a local property manager to confirm the potential rent of any property you are about to purchase.</body></html>

po-LsXgBTHBmX

The 12 smart buying tips to secure you first residential investment property

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WBP Property Group chief executive Greville Pabst says property valuers make easy scapegoats in a soft property market but says the vast majority do a good job and are only “interpreting the market”.
Pabst says it is very easy to blame someone when your home is valued less than what you believe it is worth because people form emotional attachments but says valuers “do not set the market”.
“Valuers are the obvious people to blame,” he tells Property Observer.
“But property values have fallen – we are only the messengers.”
Pabst says good valuers base their valuations on a plethora of historical sales data (sales on the same street, the street behind, in the suburb, etc) and by taking into account the features and characteristics of the individual property.
“Our job is to compare apples with apples and then discount for the bruises,” he says.
Pabst says valuations often come in under buyers' expectations with house-and-land packages bought on the fringes of the city as well as off-the-plan apartments, when contracts are exchanged sometimes two years ahead of settlement.
“You might have bought off the plan 18 months ago. It’s a package. You are buying the land, which has been discounted to reduce the stamp duty while the building costs have been maximised so the buyer can take advantage of the maximum rate of depreciation. Plus there is the developer’s profit and risk factored into the price, the marketing cost and in some cases elevated commissions.
“All this is factored into the price, but that is not the real value.
“Price is what you pay – value is what your get.”
 
<hr class="system-pagebreak">
 
He comments follow criticisms of the service provided by property valuers from <a href="https://www.propertyobserver.com.au/residential/property-valuations-a-waste-of-time-and-money-terry-ryder/2012110557626" target="_blank">Property Observer commentator Terry Ryder</a> concerning how valuers determine their valuations and how – in Ryder’s experience – the valuations can be easily changed.
Pabst says buyers should keep in mind that valuations are legally binding documents that can be challenged. 
He does acknowledge that valuers who act on behalf of banks and mortgage insurers are  “conservative beasts” but says they are not in the business of employing “rogue valuers”.
He adds that valuers also have a duty to protect the banks’ interest and ensure that should a bank be forced to sell a property as mortgagee-in-possession they get their money back.
“The whole banking system has changed. Capital is scarce. There are far tighter controls and banks have become far more selective and more focused on managing their risk.
“They are the ones, after all, who are stumping up the money.”
“Banks lend money based on our advice. We act as the ears and eyes of the bank,” he says.
He also questions why so many buyers rely on the word of the estate agent, who is acting on behalf of the vendor.
“From the minute you walk in the door the agent is using every tactic they can to sell you the property.”
He says in most cases valuations  are done because of a statutory requirement: for the purposes of getting a loan, or  if a house has to be sold due to divorce or a business partnership being dissolved.
But he says buyer should consider using a valuer before they purchase to ascertain the true value and he says he is amazed that so many do not get any objective advice before making such a significant purchase.
“You wouldn’t make other investments without first seeking advice, so why not with property?”
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Property valuers just messengers in softer market: Greville Pabst

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 This is a warning to property consumers. You need to be aware that scary creatures are prowling the Australian landscape and blazing a path to wealth and glory. 
These are the (drum roll) “savvy investors”. You need to know that they’re out there, and they’re smarter than you and me, and the only thing we can do is watch what they do and try to imitate them, without treading on their toes or getting in their way. 
I’ve been reading about savvy investors for ages, and at first I thought they were a strange genre of people who were investing money in highly seasoned smoked sausages, otherwise known as saveloys. Why, I wondered, would anyone want to be a savvy investor? 
But then I learnt that a savvy investor is one who is extremely well-informed. Someone who really knows what they’re doing, compared with the unsavvy masses. 
Savvy investors distinguish themselves by their individual behavior. They never buy things, they snap them up (I’ve always wanted to do that but don’t have the talent). Everything they buy is a bargain, and most of what they do results in windfall gains. And journalists always write about them, whereas they never bother with the non-savvy. 
So, having learnt that the best way to get rich is to study rich people, I decided to study what savvy investors were doing. 
And guess what? I discovered that savvy investors are mostly idiots. I didn’t see that coming. 
I read on news.com.au that savvy investors were buying off-the-plan apartments in inner-city Brisbane. This struck me as extremely unsavvy, especially as the stated reason for buying new product was that you get better depreciation benefits. I assumed savvy buyers would make purchase decisions based on the prospects for capital gains – but new apartments in inner-city areas seldom deliver. 
Then I read that savvy investors were snapping up apartments close to the Sydney CBD. As they were buying in suburbs with capital growth records that are among the worst in the nation, that further unsettled my faith in emulating the savvy. 
My confusion grew when I read that savvy investors were “turning to real estate agents for advice”. 
 
<hr class="system-pagebreak">
 
What really floored me was that savvy buyers were snapping up “prime” properties in beachside suburbs on the Gold Coast. That was the clincher. 
Seriously, the endless appetite savvy investors have for losing money on the Gold Coast never ceases to amaze. 
They’re obviously reading different charts to me, because the ones I’m looking at say that the average annual growth in Surfers Paradise apartments over the past five years is minus 2.3%. It’s minus 2.5% per year at <a target="_blank" href="/news">Main Beach</a>. <a target="_blank" href="/news">Mermaid Beach</a> and <a target="_blank" href="/news">Broadbeach</a> are also in negative territory. In other words, property today is worth less than it was five years ago. Sadly, this is all too normal on the Gold Coast. 
Of course, the savvy investors who are doing the snapping up thing are attracted by those low values, on the assumption that they won’t go any lower and things will improve. Therefore, they are fulfilling the job description by snapping up a bargain with a view to future windfall gains. That’s what you do when you’re savvy. 
That’s why I’ve never bought on the Gold Coast. I’m unsavvy. I like my investments to grow in value, and I like them to be in locations with multi-faceted economies where political decisions aren’t based on what’s in the brown paper bag. 
Buying at the current low prices would make sense if you believed there was strong growth on the coastal horizon. I don’t see it that way. There’s still oversupply on the Gold Coast, and the developers who have avoided going broke are building more apartments. The economy remains overly reliant on tourism, never a good basis for growth. 
Property analyst Michael Matusik does see signs of recovery in some of the signals coming out of the Gold Coast but predicts only very moderate growth in values in the next few years. And he thinks notions of a Commonwealth Games-inspired boom are bunkum. As do I. 
So here’s a tip: if you want to grow your wealth in real estate, it’s hip to be square. Avoid savvy.
Terry Ryder is the founder of <a target="_blank" rel="nofollow" href="https://www.hotspotting.com.au/">hotspotting.com.au</a> and can be <a target="_blank" rel="nofollow" href="https://www.twitter.com/hotspotting">followed on Twitter</a>.
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terryryder-YECXbqmri2

Whatever you do, don't become a savvy property investor. Stay square: Terry Ryder

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Xavier Perronnet of iProperty Plan argues:
The federal government’s National Rental Affordability Scheme (NRAS) is being used as a marketing tool to sell property. The scheme was introduced in 2008 and is designed to help meet the social need for affordable rental housing by encouraging investment in residential property through attractive tax incentives.
The scheme provides a substantial financial incentive of a minimum of $9,524 tax-free per house annually to investors who rent approved houses at 20% or more below current market rates to eligible tenants.
However, NRAS is not an investment scheme per se, it is a housing scheme. It aims to provide affordable accommodation and underpins the government’s drive to privatise public housing.
My concern with the scheme is the regulated choice investors have. Asset selection is limited to new approved developments in areas where there is a need for affordable housing. It aims to supply 50,000 new dwellings, and because these are in defined areas where approval is granted, there is a risk of clusters of NRAS properties throughout the market. This has the potential to cause oversupply issues down the track.
Further, these developments tend to be in areas where land is available at low cost, which is generally the case when there is limited demand in the area.  However a key characteristic for capital growth is a high land value and limited supply.
The popularity of NRAS properties is growing as financial planners find ways to market the incentives and make money through their referrals and recommendations. Investors need to be aware that large kickbacks of 5% to 10% of the purchase price are being paid to the advisor who is making the recommendation to purchase, and that these kickbacks are simply built into the purchase price of the investment.
I have come across a number of people promoting these schemes, and the alarm bells have been ringing. In one example an investor was offered a unit backed by the scheme for $356,000. On paper the investment cashflows looked great but when subjected to greater scrutiny, the property was found to have a market value of closer to $300,000. 
Investment schemes that are heavily marketed off the back of cash incentives and tax benefits are nothing new. In recent times we have seen a number of investments that have been sold with a focus on up front benefits only to be a disaster down the track.
In the early 2000s a wave of off-the-plan properties were sold around the country. The lure of stamp duty savings and depreciation benefits were used to attract buyers. Fast-forward five years and many of these properties have been resold at a loss. In one example a Docklands property was purchased in 2001 for $582,000 only to be sold in 2006 for $455,000.
Further, the investment time bombs are not limited to the property market. In 2008 many investors got stung investing in agribusiness managed investment schemes such as Timbercorp and Great Southern. Once again these investments were sold with the enticement of upfront tax deductions. However when the dust settled the Australian Securities and Investments Commission (ASIC) was reported to have identified issues with inadequate disclosure of information to potential investors and poor performance of the investments. Once again these investments were sold through financial planning channels where commissions of around 10% were paid.
It is important to point out I am not criticising the NRAS scheme itself, however investors need to understand the true motivations of the scheme. They should be wary of the marketing machine that uses the scheme to make an investment product look good.
Upfront cash benefits are great, but they must be viewed as a bonus. The quality of an asset should be assessed in isolation of any incentives.  If the investment asset does not grow in value, or worse has the potential to lose money, then why bother? In some cases keeping your money and just going on a nice holiday is a better option.
Xavier Perronnet is a director of <a href="https://www.ipropertyplan.com.au/" target="_blank">iProperty Plan</a>, which provides independent analysis and tailored advice to investors and home buyers.
 
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Michael Sloan of The Successful Investor counters:
There’s an easy trap to fall into when you’re a property commentator or you work in the industry: the lure of the blanket statements. As more and more of our lives get reduced to soundbites, it’s easy to release lines like “only buy houses” or “don’t touch it if it is more than 10 kilometres from the CBD”, then sit back and relax.
Of course, in property investing, like everywhere else, there are many shades of grey to each argument. Your skill and attention as a property investor should be focused on ensuring that you make the right decision for you and your personal circumstances, while our job as industry leaders should be to provide you with enough factual information to make that decision an informed one.
Unfortunately there has been a lot of misinformation from some property commentators or financial planners telling investors to stay away from properties in the National Rental Affordability Scheme.
While I’m obviously in favour of investing in the NRAS system, I should point out from the start that this is not a blanket statement. There are good NRAS investments and bad ones – it’s your job to make sure that you choose an investment that is best for you.
If you are new to NRAS let me explain it very simply:
•             You buy an investment property.
•             You provide a discount on the rent
•             You get tax-free money from the state and federal governments
The scheme is in place to provide affordable rental properties for middle- to low-income earners. However the income threshold is not as low as you may think. For example, tenants qualify with an income below $45,496 for a single person and $93,079 for a couple. If the couple has two children, the eligible income can increase by 25% with no penalty, which takes the threshold to more than $116,000 per year – a figure most would consider as well off.
According to the Australian Department of Families, Housing, Community Services and Indigenous Affairs, which is responsible for administering NRAS, properties in the scheme are typically indistinguishable from other middle-market dwellings. Rigorous criteria is applied to the location, design and amenity of approved dwellings, and investors can expect to benefit from the annual NRAS Incentive, rental yields and capital gain.
If you are a potential property investor what does this mean to you? Let’s say the normal rent is $400 a week. Under the NRAS program you rent it at $300 a week.
This means you lose $5,200 in income each year ($100 per week), although this income would have been taxable, so your actual loss is about $3,800. But you get $9,981 tax free!
As a comparison, we recently sold units in an <a href="/news">Essendon North</a> development where some were under the NRAS allocation and others were sold to either owner-occupiers or investors who did not wish to participate in the scheme.  For those investors, the cashflow was negative $90 a week in year one, $66 in year two and it took 10 years to become positive. But as an NRAS property, it was positive cashflow $54 a week in year one $81 in year two and $239 by year 10. Over the first 10 years this property is cashflow positive by more than $70,000. These figures are based on an income of $65,000 and a 6.5% interest rate.
This money can be used to reduce personal debt, to pay off the investment property or, yes, to have a holiday.
Critics of NRAS are quick to dismiss its tax benefits by likening it to other schemes with so-called ‘tax benefits’ such as timber plantations and olive groves. Of course, the two have nothing to do with each other. The stock-market based tax dodges were marketed for their tax breaks alone, whereas investors in the NRAS scheme have the security of owning quality properties in good locations.
Others have linked it to negative experiences purchasing off the plan properties in large-scale developments such as Melbourne’s <a href="/news">Docklands</a>. Once again, the commentators are attempting to use guilt by association. It would be like a stockbroker warning you not to invest in a particular stock because four years ago an investment in a completely different stock performed badly.
A final criticism is levelled at direct sales companies selling NRAS properties, because of the high commissions they receive. They suggest the commission is being added to the price and the properties sold above their real value. Does that happen? Sure, but it happens with non-NRAS properties as well, so to dismiss all NRAS properties because of it is short sighted.
Besides, it is easy to find out if this is happening: just mystery shop the builder/developer and see if you save money by going direct. If so then drop the marketing group like a hot potato.
So why is the blanket statement “Don’t buy any NRAS property” wrong? Effectively these commentators are saying there is not one single NRAS property worth buying in the whole country. In fact a recent article on this site suggested that NRAS properties were so bad you would be better spending your money on a holiday. Really?! Come on!
Why would these commentators make these negative comments about NRAS? More often than not, these commentators often promote inner-city high-capital-growth properties as the only way to invest. They really can’t understand why an investor would buy an apartment off the plan instead of an older inner-city apartment in a block of 12, or a single-fronted terrace or any other of those beautiful properties.
If buying a property that you can brag about is your main reason to invest, or if money is no object then you should buy one of these properties. But these properties are out of reach of the average investor; typically they will cost $300 a week or more after tax. How many investors can afford that? And for those that can afford it, you need to ask the question: what else could you do with a spare $300 a week?
The choice between these two mindsets (the pro-NRAS and anti-NRAS) can be reduced to this. You could buy a normal investment property and put money towards it every week or buy an NRAS property and enjoy the tax breaks where the tenant not only buys the property for you but also gives you a profit.
One thing is for sure, the cashflow on these properties can be outstanding. A client of mine on a high income recently purchased an NRAS property and it is positive cashflow by more than $100,000 in the first 10 years.
When this scheme finishes I doubt we will ever see cashflow figures like this again without investing in mining areas.
Just before you think I have broken my own rule about making blanket statements, I want to make something clear.
Not all NRAS properties are good investments, just like in the regular investment market some are terrific and some are shockers. Each NRAS property needs to be treated on its merits, instead of dismissing all NRAS properties. What’s the solution to avoiding a bad NRAS property? Don’t buy one.
Also, a word of warning about the risks of allowing a company that is selling you an NRAS property to also arrange the loan (in a one-stop-shop type arrangement). Potentially the property will undervalue, and they won’t tell you (especially if you have plenty of equity, as you’ll find the bank will lend you the money without telling you about the poor valuation).
How do you deal with this issue? Firstly, you should be aware that there is a cost for the builder/developer to get an NRAS allocation and they will usually pass that on to you (the cost is generally around $10,000 to $16,000). While some might baulk at this, you should remember that it’s similar to paying extra for ducted heating so you get higher rent.  If you want to check the valuation, make your offer subject to a satisfactory valuation, then make an allowance for the NRAS loading and decide if it is reasonable. The key is to make sure the broker or lender tells you what the property values at.
Lastly, one more warning: for most investors interested in NRAS, it is now or never. Why?  Because it is unclear how much longer the scheme will last for. For an investor who plans to buy a few investment properties, buy the NRAS-approved property first, because by the time you’re back in the property market the scheme will likely be at an end.
So remember: keep an open mind about the National Rental Affordability Scheme. Don’t buy a property just because it is has an NRAS allocation. And don’t listen to commentators telling you to stay away from every NRAS investment.
Michael Sloan is the founder of The Successful Investor. He regularly writes for NAB about property investing – for further information about NRAS visit <a href="https://moneybasics.nab.com.au/michael-sloan." rel="nofollow">https://moneybasics.nab.com.au/michael-sloan.</a>
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Room for Debate: Do NRAS properties make good investments?

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Putting a rental property on the market can be a disruptive time for tenants.
Open inspections, potential buyers driving by and regular contact from the selling agent to arrange further inspections can significantly interrupt your tenant’s daily routines.
However, waiting for the lease to expire before selling a property is not always an option.
Maintaining a positive relationship with your tenant can help to ensure that they remain cooperative throughout the sale process.
If you are looking to sell your rental property, your tenant’s lease should be the priority.
This can contribute to a smooth and hassle-free sale and reduce the likelihood of the tenant causing malicious damage to the property if they feel as though they have been mistreated.
Tenants who respect the landlord and the property are likely to ensure it is well maintained and tidy for open inspections, which can help to attract possible buyers.
A tenanted property that is clearly well looked after can also be an attractive proposition for potential investors. If they are the successful buyers, they may look to keep the tenants rather than trying to find new ones.
How you manage the situation and what you can request from the tenant depends on the lease agreement that was signed by you and the tenant at the beginning of the tenancy.
If the lease is a fixed term agreement, you must allow the tenant to remain in the property until the end date stated on the agreement.
However, if you would like them to vacate the property prior to this date, you can try to negotiate with them.
 
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If the tenant is on a periodic lease, you are entitled to end the agreement.
The termination notice period and requirements vary from state to state and according to the tenancy agreement, so make sure you are familiar with these details.
It is therefore a good idea to ensure any periodic lease agreement you present to tenants at the beginning of a lease outlines what would happen if you wish to sell the property so they are aware of the process prior to entering the agreement.
There are many things landlords can do to maintain a positive relationship with their tenant while selling their rental property.
Regardless of the type of agreement you and the tenant entered into, you are required to issue the tenant with written notice to inform them of your intention to sell the property before the property is listed for sale.
Giving the tenant as much notice as possible regarding the property being placed on the market will allow them time to plan for the situation and, if necessary, relocate.
Passing as much information as possible from the selling agent onto the tenant and acting as a go-between for each party will reduce the likelihood of surprises down the track.
The selling agent must discuss open inspection times with the tenant and seek their permission to use photographs that contain any of their possessions in marketing materials.
You may wish to ensure that the tenant is happy with the arrangement and that the selling agent obtained the agreement in writing.
If the property is nearly due for a routine property inspection prior to being put on the market, you may also wish to bring the date forward and conduct it before open inspections commence.
This will allow you to identify and action any maintenance issues prior to the property going on the market and limit interruptions for the tenant while the property is up for sale.
Once the property has been sold, it can be a nice gesture to offer your tenants an excellent reference that they could use to apply for their next rental property.
Carolyn Majda is insurance manager at landlord insurance specialist<a target="_blank" href="https://terrischeer.com.au/"> Terri Scheer.</a>
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Your tenants should be your top priority if you are selling your investment property

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Nine months after a tile fell from its façade forcing the closure of retail stores, a protective barrier remains around ISPT’s façade-damaged 447 Collins Street office tower.
The future of the 20-storey Godfrey &amp; Spowers-designed office building, built in 1965, remains uncertain with ISPT committed to repairing the façade but also seeking to redevelop the building.
It remains tenanted in part by Suncorp, which also owns the naming rights to the building on the corner of Collins Street and William Street in the Melbourne CBD. 
However, <a target="_blank" href="https://www.propertyobserver.com.au/office/tenants-yet-to-get-compensation-guidance-after-emergency-closure-of-collins-street-office-building/2012020953323">pedestrian access remains blocked, with barriers erected on three of the four sides.</a>
Daryl Browning, chief executive officer of ISPT, tells Property Observer the building will remain tenanted by Suncorp until mid-2013.
“Some works will be undertaken on the facade over the next six months as agreed with Melbourne City Council,” says Browning.
A spokesperson for Melbourne City Council confirmed that ISPT have applied for a building permit “for the installation of a system that will secure the panels and enable the public protection to be removed”.
“The first stage of the permit will address the western side of the building.  A second stage permit will then be required for the remainder of the building
“The documentation is currently being assessed for compliance with the relevant regulations, codes and standards.  Barriers and traffic management installed to protect the public will remain in place until the works are complete,” says the spokesperson.
Part of the façade has been removed entirely, exposing the grey concrete behind it, while the other parts of the facade are held in place by a steel framework.
The building forms part of ISPT’s Core fund, one of the Australia’s largest unlisted property funds, with a valuation as of September 30 of $6.8 billion.
According to the 2012 ISPT annual report, the building is one of a number that are earmarked for future development.
The report does not provide any information or update regarding the damage to the façade, which forced Melbourne City Council to issue an emergency order and the protective barriers installed.
ISPT has approval to build a Buchan Group-designed 11-storey office block and a two-storey restaurant on the site, with permit due to expire in December 2015.
However, the building was recommended for heritage protection in July 2011 by Melbourne City Council.
The collection of shops at the Collins Street-facing side of the building were forced to close when the tile fell. Two shops on the William Street side of the building – a furniture store and barber – continue to operate.
The ground floor foyer and large plaza forecourt – a popular lunchtime eating spot – have also been closed since the two-metre-by-one-metre marble panel fell into the plaza on January 30.
ISPT bought 447 Collins Street for $81 million from AXA in November 2004.
Browning told Property Observer in February the weather could have affected the adhesive.
“Just as windows can break, adhesions or fixings can be affected by weather, extreme weather. There could be some breakdown in the metal or the adhesive. It unfortunately does happen,” he said.
Tenants affected by the closure of their shops must apply to ISPT for compensation, Browning said in late March.
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Suncorp to remain short-term tenants of ISPT’s façade-damaged Melbourne CBD office building

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Foreign and domestic institutional investors have “dominated” the purchase of prime Sydney industrial assets over the past six months to October, according to the latest report from Colliers International.
GPT, GIC of Singapore, Goodman, Charter Hall, Dexus and Aviva all purchased assets over this  period.
“Secure, long-term leases and competitive yields that prime grade assets offer have driven risk-averse institutional buyers back into the market,” notes Colliers International.
At the same, “consolidation and cost-reduction strategies has seen tenants seek out quality facilities that assist the performance of their businesses”.
Institutional investor acquisitions over the past six months have included Goodman’s acquisition of 105-111 Vanessa Street, <a target="_blank" href="/news">Kingsgrove</a>, measuring 33,200 square metres, the only prime-grade investment sale to take place to date in 2012 within the south Sydney industrial market. The $48.5 million sale reflected a capital value of $1,960 per square metre, making it the biggest industrial purchase over the past six months. GIC of Singapore secured the second biggest purchase of this period, paying $28 million ($1,325 per square metre per annum) for 94-106 Lenore Lane in <a target="_blank" href="/news">Erskine Park</a> on yield of 8.15%. The 21,000-square-metre facility was leased to DB Schenker, one of the world’s leading integrated logistics services providers, in April on a seven-year lease. The vendor was Dexus.
The report notes strong ongoing demand for prime-grade facilities “tightening availability”, with prime-grade rents having increased by as much as 5% in some markets over the past six months.
There is currently around 232,200 square metres of industrial space under construction across Sydney, with only 6,000 square metres more than halfway through the construction process.
Despite the success of a number of speculative developments over the past 12 months, there are a limited number of speculative projects due for completion over the remainder of 2012.
However, there is a strong pipeline of projects planned for the next development phase with 219,500 square metres of projects having already received development approval and 181,000 square metres being tendered for construction.
The most expensive industrial market to rent in Sydney is the northern market (in an arc from <a target="_blank" href="/news">North Sydney</a> to <a target="_blank" href="/news">Hornsby</a>), where prime net face rents range from $160 to $190 per square metre per annum, with prime yields ranging from 8% to 8.75% and secondary yields ranging from 9.5% to 11%.
Click to enlarge
<a rel="shadowbox" href="/images/stories/2012/11/colliersnov14.gif" title="Click to enlarge"><img src="/images/stories/2012/11/colliersnov14thumb.gif"></a>
However, Colliers International notes that stock, on or off market for sale, does not meet institutional investor requirement of a prime asset with a long weighted average lease expiry (WALE).
As a result of the market bottoming out, a number of opportunistic buyers look to acquire secondary grade assets at yields higher than 10%.
These sales include 114-120 Old Pittwater Road, <a target="_blank" href="/news">Brookvale</a>, a secondary-grade asset was purchased by Primewest for $40.5 million, representing a market yield of 10.53%.
“These buyers are looking to take on the leasing risk, re-lease, reposition and sell the asset within a three to five year time frame," notes Colliers International.
The largest industrial pre-commitment over the past six months was Super Retail Group agreeing to lease a 45,000-square-metre prime-grade facility at Lenore Drive, Erskine Park with a lease term of 15 years.
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Local and foreign institutional investors swoop for prime Sydney industrial assets

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The common perception of first-home buyers as 20-somethings may need to be reconsidered, with a new survey showing a declining trend in first-home buyers aged 29 and under and a rising proportion of buyers aged 40 and over.
A Mortgage Choice online survey of 1,000 Australians who plan to buy their first home in the next two years found that the greatest proportion of first-home buyers (41%) are aged between 30 and 39, compared with 39% aged 18 to 29.
The proportion of prospective first-home buyers aged 40 and over was 20%, or one in five.
These results build on earlier online polls that show a trend of first-home buyers choosing to purchase when they are older and a marked decline in younger buyers.
The Mortgage Choice 2011 recent first-home owner survey found that the majority of first-home buyers (55%) were aged between 18 and 29, this itself a fall from a 2010 survey when 63% of respondents were in this age bracket.
The 2011 survey also found that 34% of recent first-home buyers were aged between 30 and 39, and only 11% were aged 40 and over.
Mortgage Choice spokesperson Belinda Williamson says the results of the survey show that “more first-home buyers are saving for longer and purchasing later in life, perhaps when they are in a better financial position”.
Other findings of the 2012 survey tie in with the shift towards older first-home buyers, with the average period to save for a deposit increasing from 1.8 years in the 2011 survey to two years in 2012.
It also found that job security concerns have increased notably since 2011, with 18% of 2012 respondents claiming it to be their biggest concern, compared with 11% last year.
Conversely, fewer buyers are concerned about rising house prices (22% this year compared with 31% in 2011) and even fewer are concerned about the impact of interest rates on their ability to purchase their first home (8% this year compared with 14% in 2011).
“While many of the economic indicators such as rate cuts, lower house prices and improved affordability might suggest now is a good time to buy, people are still nervous about their ability to sustain employment,” says Williamson.
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