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“Minister Chanthivong and his team have shown real leadership in replacing an outdated two-year bond with cover that matches the lifespan of the buildings people are buying into.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 outer-Melbourne region made up the majority of the Victoria's domestic building permits decline, according to the Victorian Building Commission.
The value of domestic building permits issued in outer Melbourne decreased by 17% to $5 billion in 2011-12, and the number issued fell by 15% to 32,914 building permits. Declines in domestic building permits issued in the inner-Melbourne region also contributed to the total decrease. In 2011-12, the value of domestic building permits issued in inner Melbourne fell 4% to $3.5 billion and the number issued fell by 8% to 19,585.
There were 81,089 building permits worth $11.8 billion issued for domestic building work in 2011-12 across Victoria.
Both the value and number of permits declined 10% compared to 2010-11. The number of building permits issued was the lowest since 2000-01. Even domestic owner-builder work activity declined being 8% less than 2010-11.
These permits totalled $1.4 billion worth of building work, 6% lower when compared to 2010-11.
Most of the permits issued were building permits for new buildings ($977.2 million), and extensions and alterations ($373.3 million). This level of domestic owner-builder building permits equated to 27% of all domestic building permits and 12%of the value.
While much of Victoria recorded declines in the number and value the north-west region recorded an increase in the value of permits issued for domestic building permits.
Municipalities in this region are: Ararat, Ballarat, Central Goldfields, Hepburn, Hindmarsh, Horsham, Mildura, Moorabool, Northern Grampians, Pyrenees, West Wimmera and Yarriambiack. The south-west and the north central regions were stable. The total value of domestic building permits consisted of 83% new buildings and 15% extensions and alterations.
The remaining 2% involved demolitions, re-erections and other building permits. The overall decrease in the number and value of domestic building permits issued was largely due to decreases in new building work. The value of domestic new building permits fell 13% to $9.8 billion in 2011-12, while extensions and alterations increased 5% in value to $1.8 billion.
The biggest decline in domestic building permits over 2011-12 was experienced in the $100,000 to $200,000 value range, falling 20% in both number and value of permits issued. Permits valued between $25,000 and $100,000 fell 10% in both number and value, those valued over $200,000 recorded a 9% fall in number issued and an 8% fall in their overall value, and permits valued at less than $25,000 fell by 6% in number and 4% in value.
The Victorian Building Commission defines domestic buildings as one or more buildings that in association constitute:  a single dwelling, being  (i) a detached house; or (ii) one or more attached dwellings, each being a building, separated by a fire-resisting wall, including a row house, terrace house, town house or villa unit, which is not located above or below another dwelling or class of building other than a private garage. A non-habitable building being a private garage, carport, shed or the like. (BCA Class 1, 1a or 10a)
For tips on how to buy your dream Victorian land package, <a href="/news">download our free eBook.</a>
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jchancellor-FAypfDUnLy

DIYs contribute to Victoria's domestic building permits decline

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Receivers have taken charge of the Campbelltown Square shopping complex in Sydney’s outer west, owned by a subsidiary of ASX-listed commercial property group Metroland Australia, which recently exited administration.
The shopping centre at 218-240 Queens Street near the Campbelltown train station was acquired by Metroland in August 2006 for $14.8 million and transferred to its wholly owned subsidiary Global Real Estate Assets Corporation in May 2007 with a loan provided by Colonial First State.
It covers 5,380 square metres of lettable area and was earning gross income of $1.2 million when acquired in 2006. Current real estate listing show<a href="https://www.realcommercial.com.au/property-retail-nsw-campbelltown-500093686" target="_blank"> two retail shops </a>available for lease covering up to 1,065 square metres with no prices given.
It has been placed in the hands of receivers Michael Jones of Jones Partners by Perpetual Nominees Limited acting as custodian for Colonial First State Wholesale Pooled Mortgage Fund (CFS), the mortgagee for the shopping complex.
Metroland was placed in the hands of administrator David Levi at the end of August.
A creditors’ reported issued by Levi on September 26 shows that Metroland had a $10.4 million liability to Perpetual Nominees as custodians of CFS.
Conditional contracts of sale for the shopping centre were exchanged in August at a price of $9.025 million.
The sale of the complex, which is conditional on a subdivision currently in progress, will not satisfy in full the estimated claim of CFS, resulting in a short fall of $1.4 million should the sale proceed to settlement.
In its June 2012 full-year results, Metroland reported an impairment expense of $3.8 million in relation to the condition sale of the shopping centre.
This was to reflect the conditional exchange of contracts at less than the book value to meet the “property financiers repayment demand on the bank loan which is secured over the Campbell town property”.
Metroland reported a net loss of $10.8 million for the financial year ending June 30 and noted with regret that the property market “especially in the retail sector has further deteriorated thus reducing further the values of the assets of the company".
Metroland exited administration on October 8 when it entered into a deed of company arrangement (DOCA) with the company placed back under the control of its directors.
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lschlesinger-FZcF9M3vE6

Campbelltown Square shopping complex placed in hands of receivers over loan shortfall

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Real estate agents in the major cities are rejoicing at what they see as a return of buyer confidence. 
There is a lot of excited chattering about the so-called super Saturday auction events, with an increase in the number of homes offered and better clearance rates than at the same time last year. 
But self-absorbed agents and lazy newspaper journos over-rate auctions as a market barometer. Auctions account for a tiny share of residential property sales and mostly at the upper end. They say nothing about the mainstream market, where the bulk of sales occur. 
Multimillion-dollar sales in the prestige suburbs of Sydney and Melbourne are largely irrelevant to an informed discussion of market trends. 
What does matter is the rising number of indicators of positive movement in markets around Australia. Loans to owner-occupiers are trending steadily upwards, rents are rising in many cities and there is evidence from multiple research sources that prices in the capital cities have stabilised – and in some cases are rising gradually. Many surveys indicate buyer sentiment is improving.
Improved clearance rates, if you can believe the figures, can be added to the growing pile of positive market indicators. In isolation they don’t mean a great deal – perhaps their greatest significance is that they reflect the recent improvement in buyer sentiment. 
Confidence has been the key ingredient missing from our property markets. All of the other factors that underpin real estate – the strength of our economy, low levels of unemployment, rising incomes and falling interest rates – have been firmly in place, but without confidence people won’t buy. 
Now we are perhaps seeing that critical shift in confidence. The latest MFAA House Price Expectations Lead Index finds “a continued rebound in buyer sentiment”. The index rose to 90.6 from 84 in March, and compares with the low of 73.5 in September 2011. 
“House price expectations have improved substantially,” the index report says. “Three-quarters of respondents believe that house prices will remain stable or increase in the December Quarter, up from 67% in March and 53% in the September Quarter in 2011.” 
The most bullish about prices are people in Western Australia and New South Wales. 
The survey found that “the health of mortgagors remains high”, with 78% of respondents “finding it easy to make loan repayments”. 
Those who believe it’s a good time to buy cite affordability and low interest rates. 
 
<hr class="system-pagebreak">
 
This is true also for first-time buyers. “Two-thirds of those who say it’s a good time to buy say it’s because prices are cheap and interest rates are down,” it says. 
Of the “next-time buyers”, 59% are likely to consider buying an investment property, rather than change/upgrade their home. Of those intending to buy an investment property, 78% think now is a good time to buy, and again it’s because of low prices and interest rates, leading to improved affordability.
It’s significant that there is no mention of government assistance like grants or stamp duty concessions. Around Australia there is a raft of incentives from state and territory governments, mostly for the creation of new homes rather than the purchase of existing ones. Some of them are exclusive to first-time buyers while others, such as the new measures in South Australia, are not. 
This reiterates my point, expressed in previous columns, that government grants and concessions are largely irrelevant to buyer motivation because they are poorly conceived and targeted. 
The level of prices and interest rates is far more important. This was the case last time city markets were strong, back in 2009. Many commentators assumed it was inspired by the federal government’s grant to first-home buyers, but multiple surveys at that time found that buyers were motivated first by very low interest rates and secondly by low prices, the combination of the two creating a marked improvement in affordability. 
Affordability rules, which is why the best capital growth rates are found in the cheaper areas of our major cities – the places where auctions are least likely to occur.
Terry Ryder is the founder of <a href="https://www.hotspotting.com.au/" rel="nofollow" target="_blank">hotspotting.com.au</a> and can be <a href="https://www.twitter.com/hotspotting" rel="nofollow" target="_blank">followed on Twitter</a>.
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terryryder-YECXbqmri2

Auction clearance rates largely irrelevant, but confidence perhaps returning to property market: Terry Ryder

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It’s now overwhelmingly clear the government is pinning its hopes on dwelling investment to fuel solid growth into 2014.  The declines in house prices since the peak of the boom in 2010 have obsessed property clock watchers for much of the interim – particularly as we now have a daily “home value index” monitoring “true value of movements” across individual housing markets.  And now the Treasury has weighed in and all but given a cart blanche guarantee that property is in “recovery mode”.
"In a world where mining investment doesn't contribute to growth any more, one of the obvious things is the housing market, given we think there is an under-supply. That's a natural and desirable development and we're seeing early signs of it." (David Gruen – head of the Treasury’s macro-economic division.)
Undersupply – I’m tired of hearing the word.  I’ve written previously, that the only ‘undersupply’ we have in our buying market is the availability of affordable, well-located accommodation – and by “well-located”, I don’t mean accommodation stuck on the fringes of our cities, where essential “infrastructure” extends no further than the single road in and out of the CBD.  The spruiked 25-minute drive buyers were sold when they purchased can now be a three-hour congested headache in peak hour traffic.
The housing shortage debate is one that gains regular media traction yet is rarely understood.  If it’s simply a case of putting every newly formed household prospected to enter the country into a new home, then the short answer is yes, we have a housing shortage – we’re not building enough.
The National Housing Supply Council claims there is a shortage of 230,000 homes based on future population estimates, which is all well and good, however, if you’re going to build more supply to sell to this expected population surge, you have to do so in an atmosphere where there is consumer demand – something both state and federal governments are now hoping to stimulate.
The housing shortage debate is one that gains regular media traction yet is rarely understood.  If it’s simply a case of putting every newly formed household prospected to enter the country into a new home, then the short answer is yes, we have a housing shortage – we’re not building enough.
It would be easy to formulate a long list of reasons why home buyers generally avoid new dwellings when searching for residential property in an incentive-less environment. Some would include the lack of amenities in the areas detached dwellings are located, or the quality of construction, which is overwhelmingly poor, not to mention the restrictive lending practices that deter first-home buyers purchasing high-rise accommodation.
However, the evidence generally underlines that owner-occupiers – and for that matter investors – prefer purchasing established over new, which goes a long way to underpinning prices in this sector of the marketplace.
Over the last decade to 2011, 92% of all borrowing by residential property investors was for established dwellings – slightly higher than the 82% of borrowing by owner-occupiers during the same period.
Obviously every market suffers from inevitable periods of low confidence and downward market cycles – therefore, to maintain underlying demand in the new home sector, it’s essential new homes attract a larger demographic of property buyers – principally family home buyers.  Sensibly speaking, there is only one way to do this – infrastructure in new estates needs to be funded and time lined at the start of a new project. At the moment, land prices are increased disproportionally by development and community costs, yet families moving into outer-suburban areas see little evidence of the ”promised” essential amenities to meet the growing surge in population.
Furthermore, because construction costs are disproportionately inflated, it’s impossible for developers to reduce the capital cost to entice cash-strapped home buyers who would perhaps be willing to compensate on location in order to purchase a bigger property.
As for affordability – well, you only need look at the overall number of home sales, which nationally are at their lowest levels in 25 years  (figures not seen since the late 1990s) to assess activity from buyers is sending a clear message that ‘affordable’ isn’t in abundance. In the new home sector, hefty development overlays and other imposed taxes all but ensure land prices remain above fair market value.
It’s not just a case of low confidence and debt aversion that is pushing greater numbers onto the rental ladder – especially considering our current environment of low rates and flat prices. We’ve all run out of steam, too busy paying down debt while coping with the rising cost of living – as recent surveys have underlined.  Even this weekend’s super Saturday results – which showed a marginal improvement on long-term trends – are still a long way from guaranteeing a period of solid growth in the established sector.
However, the Treasury is adamant – it is looking forward to a “pick-up in construction activity” to meet a prospected surplus, and by hook or crook the government is going to get us there. Of course, to achieve this aim, there has to be demand for new housing, and how does the old saying go?  You can lead a horse to water but you can’t make it drink. At the moment, developers are struggling to give house-and-land packages away – let alone sell them!
 
<hr class="system-pagebreak">
 
As the ABS recently confirmed, the number of housing starts recorded for the June quarter was 13.4% lower than the 10-year average.  Therefore, if the housing market is going to save the government’s stubborn need for a 2013-14 surplus, fresh demand needs to be stimulated – and stimulated quickly. There’s only one way to do it, and that’s falling back onto the old tried and tested first-home owner grant formula.
Nationally construction has been dwindling since 2006 – except for Victoria, that is, which from the start of 2008 to March 2012 underwent a building boom, which accounted for one third of Australia’s total building starts for the same period. The majority of this new housing – 60% – was in the form of detached dwellings in the sparsely facilitated “fringe” locations, however, the boom happened to coincide with the federal and state government first-home buyer boost as well as historical low lending rates.
Consequently a large “interest-rate sensitive” demographic was encouraged to purchase “new” over established. A look back at the sales data during this period reveals that in November 2008 overall sales of new dwellings had increased by 1,764 to 11,695.  Melton, in Melbourne’s west, grew by 8.2%, equating to 7,535 new residents – an all-time high.
Other regions such as <a href="/news">Deer Park</a> (17 kilometres west of Melbourne’s CBD) recorded a 15% rise in its median value. And by January 2009 there had been 530 house sales recorded in <a href="/news">Tarneit</a> (25 kilometres south-west of Melbourne), with prices increasing 21%.
<a href="/news">Werribee</a> (32 kilometres southwest of Melbourne) and <a href="/news">Point Cook</a> (25 kilometres south of Melbourne) attracted the greatest number of grant recipients, with <a href="/news">Werribee South</a> recording a whopping 25% rise in its median house price, which was clearly unsustainable over the long term.
As with all first-home buyer incentives, once the grant was stripped away – prices retracted and demand fell away. First-home buyers encouraged to buy on a whim through short-term cash incentives were consequently stuck in limbo during the inevitable “correction” phase of the market.
The remaining 40% of building activity in Victoria during this period was principally in the form of high-rise dwellings in Melbourne’s CBD and immediate surrounds. As I’ve reported previously, I still come across first-home buyers who purchased during this period, with mortgages in excess of the current valuation on their apartments.
However, the solution remains that to date, the only sure way both state and federal government have been able to fuel an uplift in “new home” demand is by way of first-home buyer invectives, and previous lessons of negative equity and inevitable market retractions are not going to deter their plan to kick-start the second housing boom in a decade.
In Western Australia first-home buyer grants are at their highest levels since the federal boost ended in 2009, and according to information from the REIWA, first-home buyers have made up 30% of sales in Perth during the September quarter.
Other states are also coming to the party, with South Australia offering a $8,500 grant to anyone building a new home while at the same time, various construction companies are also adding on their own sweeteners to the deal.
South Australia plans to spend thousands on TV and print media advertising the incentives, aimed principally at first-home buyers who will see their grants double from $7,000 to $15,000 to sweeten the deal.  However, place a note in your diary for the inevitable market correction, which – if the predicted surge eventuates – should kick in by 2014, after which the grant will be culled completely.
Whether the uplift in demand fuels another bubble is debatable – it could be that the underlying and very fundamental change in consumer behaviour, which is encouraging cautionary sentiment, will continue to deter a majority from heeding the government’s call. With the RBA being “forced” to lower interest rates in an increasingly soft environment, expect housing busts and booms to remain a very real feature of our future housing and “new home” market.
Catherine Cashmore is a market analyst with extensive experience in all aspects relating to property acquisition.
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catherinecashmore-6LXia3pPQj

Infrastructure investment the only way to stimulate the housing market

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<img src="/images/stories/2012/10/21point5percent.gif">
The amount that house rents have increased in Perth in the 12 months to September, according to Residex. The median weekly asking rent for houses is $480 and the median yield is 5%.
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<img src="/images/stories/2012/10/11point8percent.gif">
The amount that house rents have increased in Melbourne in the 12 months to September, according to Residex. The median weekly asking rent for houses is $425 and the median yield is 4%.
 
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<img src="/images/stories/2012/10/10point7percent.gif">
The amount that house rents have increased in Sydney in the 12 months to September, according to Residex. The median weekly asking rent for houses is $570 and the median yield is 4.5%.
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<img src="/images/stories/2012/10/10point6percent.gif">
The amount that house rents have increased in Canberra in the 12 months to September, according to Residex. The median weekly asking rent for houses is $520 and the median yield is 5.2%.
<hr>
<img src="/images/stories/2012/10/10point5percent.gif">
The amount that house rents have increased in Brisbane in the 12 months to September, according to Residex. The median weekly asking rent for houses is $420 and the median yield is 5.2%.
 
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<img src="/images/stories/2012/10/8point4percent.gif">
The amount that house rents have increased in Darwin in the 12 months to September, according to Residex. The median weekly asking rent for houses is $580 and the median yield is 6%.
 
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<img src="/images/stories/2012/10/7point4percent.gif">
The amount that house rents have increased in Hobart in the 12 months to September, according to Residex. The median weekly asking rent for houses is $365 and the median yield is 5.2%.
 
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The amount that house rents have increased in Adelaide in the 12 months to September, according to Residex. The median weekly asking rent for houses is $345 and the median yield is 4.7%.
 
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<img src="/images/stories/2012/10/9point3percent.gif">
The amount that house rents have increased across Australia in the 12 months to September, according to Residex. The median weekly asking rent for houses is $420 and the median yield is 5%.
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Perth house rents up 22% in a year: Residex state-by-state analysis

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Melbourne real estate agents continue to underquote properties selling at auction, according to the latest Property Observer survey on the issue.

An analysis of 74 sales catalogued by National Property Buyers over the last four weeks shows 55 of those properties sold for above the price range indicated by the selling agent prior to auction.

That’s just shy of 75% of properties selling for more than the upper bracket of the quoted price range.

On average, those 55 properties sold for 8.7% above the upper bracket of the price range indicated by the agents.
Property Observer’s <a target="_blank" href="https://www.propertyobserver.com.au/news/underquoting-still-rife-in-melbourne/2012100456988">most recent underquoting survey</a> found 75% of September surveyed properties sold for over price indications. Those that sold above went for an average of 6.5% over.

Prior to that, <a target="_blank" href="https://www.propertyobserver.com.au/auctions/melbourne-auction-listings-typically-selling-at-5-above-upper-end-estimate/2012090956435">an analysis of 220 auction results</a> in the months leading up to spring found 77% of properties were selling above price guides. Those that sold above were going for an average of 5% above expectations.

Just one property sold for below the price range indicated by agents prior to auction.

The properties analysed were only those where a price range was given with a lower and upper price indication.

Buyers’ agent Catherine Cashmore, who compiled the raw data for this survey, says buyers can expect to pay more than the price indicated before auction.

“Price quotes are important to attract buyers in the first place – no buyer likes to play guessing games when it comes to putting a price on an advertised listing.  However, as with any auction, the quote has to be at a level to attract as many potential purchasers as possible, whilst at the same time, not being too far from vendor expectation to achieve a sale,” Cashmore says.

“There are still agencies who quote at a level which we know from our own research to be too low to reasonably achieve a sale within the advertised range – we come across them weekly – and it would be fair to suggest buyers can expect to pay above the advertised price quote in most circumstances, especially when there is competition.

“However, bear in mind, every real estate sales agency quotes differently, so it's always important to do the necessary leg work to avoid wasting time and money inspecting a home, which will only ever achieve a sale price in excess of the advertised figure.”
 
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Cashmore says more owner-occupiers in the market can push up auction prices.

“Stock levels have been plentiful this year, however the 'best of the best' has not been in abundance.  Owner-occupiers have dominated the inner-city market (with numbers of investors reduced due to continual poor consumer confidence), and it's well known that owner-occupiers are the demographic willing to pay an extra 5-10% more to secure the home of their dreams.  Hence why owner-occupiers fuel price growth and hence why 'investment grade' homes are chosen to attract this demographic.

The most extreme case of underquoting, or overly enthusiastic bidding, was a two-bedroom <a target="_blank" href="/news">Collingwood</a> house that sold for $662,500, 50% above the pre-auction indicated price range of $400,000 to $440,000.

A four-bedroom <a target="_blank" href="/news">Fitzroy North</a> house sold for $1,845,000, or 29% above the pre-auction indicated price range of $1.3 million to $1.43 million.

And a two-bedroom <a target="_blank" href="/news">Hawthorn </a>apartment sold for $652,000, 25% above the pre-auction indicated price of $470,000 to $520,000.

The $600,000 to $1 million bracket had the most cases of underquoting. Of the 26 sales in that bracket analysed, 23 or 88% sold for above the pre-auction indicated price range.

Of those 23, 17 sold for more than 5% above. Those 11 properties sold for an average of 11% over the pre-auction indicated price range.

For properties selling under $600,000, 64% sold for above expectations for an average of 5.7% over.

For properties selling over $1 million, 70% sold above expectations, an average of 10.2% over.

The property sales analysed come from National Property Buyers weekly survey of the Melbourne market.

The properties recorded those thought to be investment-grade or cream of the crop properties. They are thought to be properties that hold the best potential for long-term capital growth and rental demand.

The price quotes are received as close as possible to the auction date to avoid step quoting practices.

Cashmore says agents who put their price quotes too high risk scaring away potential clients. While Cashmore agrees price quoting can be frustrating for clients they must realise that more legislation won’t stop the practice.
 

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Sale prices edge 8.7% above estimates of Melbourne agents underquoting at October auctions 

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Over the last few years there have been many well-documented projects that show the transformation of existing buildings through the renewal of plant and controls systems. Now that the Green Building Fund program has ended, large-scale projects are looking less appealing to many owners, especially in the current mood of global economic uncertainty. All is not lost in the drive towards more efficient building stock – we just need to get a bit creative and pay more attention to the fundamentals.
The positive influence of a skilled and engaged facilities manager has long been recognised and was highlighted in The Warren Centre’s “Low-Energy High-Rise Project”. This study showed that buildings could realize up to a 1.3-star improvement in their NABERS energy rating if “the manager reports a higher level of energy efficiency knowledge”. This knowledge must be backed up by regular monitoring and subsequent action to correct irregularities and optimize building operations, which of course requires sufficient time and resources to take action.
A recent CBRE case study documents the benefits that can be realised through a dedicated building management team. CBRE manages a prominent building in Melbourne CBD and in mid-2010 put in place a new strategy to reduce energy and water consumption through operational improvements with no capital cost to the building owner.
The building management team documented the run times of all plant and equipment, analysed the data and adjusted controls strategies for the greatest efficiencies. It was found that a large proportion of the building’s plant had been operating well outside normal business hours due to building management system's controls limitations. Common area lighting had also been left for tenants to turn on and off as needed.
Operational strategies were developed for greater energy and water efficiency. A shut-down procedure was documented to control lighting and manually shut down plant via the building management system at the appropriate time, in line with tenant’s lease agreements. Further efficiencies were gained from adjusting outside air set points, chiller staging, cooling tower staging and primary and secondary chilled water loop temperature settings.
Analysis of the 2011 calendar year showed reductions of 9.2% and 26.5% on electricity and gas consumption respectively, with significant financial benefits as energy costs rise. Most significant is that these improvements were achieved without large-scale capital investment. The building’s strategic improvement plan has now been reviewed allowing investment to be targeted in the knowledge that the “quick wins” have been achieved.
These results would not have been possible without a knowledgeable, motivated and appropriately resourced management team. If you are a facilities manager think about all the variables that could influence your energy efficiency and how you could control them more effectively. If you make decisions about your facilities management team, encourage high performance but remember that you get what you pay for – does your team have sufficient time and resources to be able to manage the detail? Are they empowered to take action and achieve the quick wins? Are their opinions sought when making investment plans?
As the people most likely to understand your building’s operations give them the respect they deserve – love your facilities manager!
Rebecca Pearce is head of sustainability for the Pacific region at <a href="https://cbre.com/" target="_blank">CBRE</a>.
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A creative building manager can significantly reduce energy consumption at no extra cost

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Retail Adventures was finally placed in administration over the weekend, but the company will live on through a new entity by shedding unprofitable stores and operating under a licence from administrators.
The developments <a href="https://www.smartcompany.com.au/retail/052330-retail-adventures-in-dire-straits-as-suppliers-receive-ominous-email">follow weeks of rumours about store closures</a> and entrepreneur Jan Cameron's supposed plans to save the company.
Cameron was not successful. Just three years after buying the company for $85 million after an initial collapse, it was placed in the hands of Deloitte restructuring services over the weekend.
Last week, administrator Vaughan Strawbridge from Deloitte said a licence agreement is now in place between Retail Adventures and Discount Superstores Group to manage the Crazy Clark's and Sam's Warehouse stores.
Deloitte was contacted this morning regarding the restructure, but none of the administrators were available before publication to expand on their statement.
"The licence arrangement is designed to allow the Crazy Clark's and Sam's Warehouse stores to continue to trade under a new management structure," he said, adding this was necessary because Retail Adventures could not be restructured.
"We will immediately begin a detailed review of the financial position of the company and, as part of this, will review the performance of the 32 remaining Crazy Clark's, Go-Lo and Chickenfeed stores."
However, these stores are trading at "significant losses", Deloitte said.
There are plenty of questions left unanswered, such as what happens to the current creditors, and the structure in which Discount Superstores will be "licenced" from Deloitte.
What's clear is that hundreds of jobs are likely to go.
For three of the company's biggest mistakes, see page 2.
 
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It's a disappointing outcome for Retail Adventures. But it's not surprising – the company and Jan Cameron have made significant mistakes along the way. Here's just three to be mindful of:
<h3>1. Paid too much for a troubled asset</h3>
Back in 2009 Jan Cameron handed over $85 million for Retail Adventures. The problem was that this was simply too much.
Of course, it's difficult to blame Cameron for paying that much before retail took a turn for the worst. But it was still a premium for a retail company, and at the time it wasn't as if the industry was at its peak.
The problems with Retail Adventures can be traced over the past three years, but paying $85 million for a collapsed retail group wasn't a great way to start.
<h3>2. Pursuing a discount strategy without understanding it</h3>
It would be hard to avoid discounting when your chain is built on the idea of low prices, but Cameron's mistake was in pursuing a discounted offer at a time when retail was already doing badly.
With margins squeezed thin, there wasn't any room to reduce them. Over the past three years, those margins have simply gotten thinner and thinner, with the company forced to offer even lower prices and make money through moving high volumes of stock.
That obviously hasn't worked, and it's a key sign Cameron didn't understand what she was getting into. Discounting is one thing, but pursuing a strategy of discounting during a period of low sales is disastrous.
<h3>3. Staffing problems</h3>
Jan Cameron made some bizarre claims over the weekend about her staff, saying not only that former Harris Scarfe chief Robert Atkins had a "vendetta" against her and claiming he was sacked for sexual harassment, but that other employees had problems as well.
"Some (staff) had a strange desire to run me out of money, thinking the company would get bought by the next sucker and they could continue on with their cruisy ways," she told The Australian.
Staffing problems will always drag a company down. An inability to complete a major review of all staff and then replace those necessary is a key factor in Retail Adventures' turmoil – and a trend that will be crucial to reverse if it is to survive.
 
This article originally appeared on <a target="_blank" href="https://www.smartcompany.com.au/index.php">SmartCompany.</a>
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Retail Adventures in administration with plans to close stores

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Foreign investment in commercial real estate has increased significantly, according to the latest foreign investment report by Colliers.
Foreign investors accounted for 67% of all commercial property transactions in Australia in the third quarter of 2012, compared with just 30% in the same quarter the year before.
Canada contributed more than half of the $1.88 billion of foreign sales in the quarter with a single transaction – the Canada Pension Plan Investment Board invested $1 billion into Sydney’s Barangaroo development.
Another big player in the quarter was also a pension fund – the Korean-based National Pension Service signed a $360 million joint venture partnership with DEXUS, which will co-invest in a number of industrial properties at Greystanes in NSW and Laverton North and Altona in Victoria.
The $1.88 billion of foreign investment was spread over 32 assets and bought the total amount of foreign commercial property transactions to $6.3 billion for 2012 so far.
Colliers found the largest direct transaction during the third quarter was the $105.1 million sale of the 29-storey B-grade office building at 6-10 O’Connell Street in Sydney. It was bought by the Singapore-based investment firm MGPA, its first foray into the Australian property market.
Office purchases made up 78% of foreign investment in commercial property during the third quarter. Foreign investors spent $1.5 billion on offices over 12 sales – the Baranagaroo deal as well as an additional $470 million of sales, which include the $66 million purchase of 100 Brookes Street in Fortitude Valley by the US-based Hines Global REIT.
After the office market, foreign investors were most active in the industrial sector. Foreign investors, primarily from Asia, spent $180 million over 13 industrial sales, mostly into Victoria.
This was followed by the hotel sector, where offshore buyers spent $152 million across three assets – the Palazzo Versace Gold Coast, the Rendezvous Grand in Melbourne and the Hotel Enterprize in Melbourne. These were by Singaporean and Chinese buyers.
And the fourth biggest sector was in retail where foreign buyers, primarily from Europe spent $85 million over four retail purchases, including Pittwater Place at 10 Park Street, Mona Vale, which was bought for $56.6 million by German investment firm RREEF.
Foreign investment was led by pension funds and investment managers, accounting for 63% and 13% of foreign investment during that period. A number of REITs were also active in the market accounting for 12% of investments, the largest being K-REIT’s funding arrangement with Mirvac while Hines Global REIT also continued to acquire assets.
The report found offshore private investors have increased their level of activity in Australian commercial property with $103 million worth of investment, making up 5% of offshore inflows during the period.
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Foreign investment in Australian commercial real estate up significantly: Colliers 

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Without a shadow of a doubt (in my opinion) the best critique of the Australian economy is the Business Spectator <a target="_blank" href="https://www.businessspectator.com.au/bs.nsf/full-coverage?openview&amp;restricttocategory=ceo+pulse" title="CEO pulse">CEO pulse</a>, where on a quarterly basis Australia’s leading chief executives deliver their (not sugar -oated) thoughts on just exactly how they see the Australian economy. CEOs on the Australian Economy:
<ul>
<li>CEO(s) remain far more optimistic about the prospects for their own organisation than they are about the Australian economy. Optimism about prospects for the Australian economy and their own organisations in the next 12 months have decreased slightly compared with quarter two this year and quarter three last year.</li>
<li>Expectations around employment, capital investment, profit, sales and operating expenditure in the next 12 months are down slightly from last quarter. The proportion of CEOs expecting increased profit over the next 12 months is down significantly to 49% from 64% last quarter.</li>
<li>CEO scorecard for the government’s performance in managing the economy is steady at 2.9 out of 10. While the longer-term trend is downwards, it is not significantly different from the score given at the same time last year.</li>
</ul>
Look at this how you want, however when a government can’t even reach a score of three out of 10 the resonating message is pretty clear. In February 2010, the scorecard peaked at 5.4 out of 10, and this has continued in a downward spiral reaching 2.6 out of 10 in September 2011.
Quote of the Week would have to go to Peter Costello, “Never in budget has history so little been promised so many times.” <a target="_blank" href="https://www.smh.com.au/opinion/politics/on-its-own-measures-labor-falls-well-short-20121023-283af" title="On its own measure Labor falls well short">On its own measure Labor falls well short</a>, an interesting assessment from a previous treasurer, who delivered 12 budgets. <a target="_blank" href="https://afr.com/p/national/swan_grip_on_surplus_gets_slippery_DtZ0lTolFYAQfrBR9Wh2SP" title="Swan’s grip on surplus gets slippery">Swan’s grip on surplus gets slippery</a>, which is exactly what we alluded to a few weeks ago when we suggested <a target="_blank" href="https://www.businessspectator.com.au/bs.nsf/Article/Australia-budget-surplus-government-MYEFO-pd20121024-ZCTTM?OpenDocument&amp;src=sph&amp;src=rot" title="prepare for an early election">prepare for an early election</a>. Not surprising then are this week’s revelations that Wayne Swan and Julia Gillard’s MRRT has thus far posted a zero return. Obviously, the "big three" mining companies have executed the perfect sting on the government when they sat down to negotiate the MRRT.
Click to enlarge
<a rel="shadowbox" href="/images/stories/2012/10/simeonoct26.gif" title="Click to enlarge"><img src="/images/stories/2012/10/simeonoct26thumb.gif"></a>
I love reading articles about the top-end property market – <a target="_blank" href="https://afr.com/p/blogs/christopher_joye/homeowners_confident_but_luxury_qkiXQ9ualbS7z2z8EX7neP" title="Homeowners confident but luxury market loses lustre.">Home owners confident but luxury market loses lustre.</a> A great read by Christopher Joye, which clearly identifies that NSW remains the most bullish top-end market in Australia. <a href="/news">Mosman</a> is arguably performing the best of Australia’s entire top-end suburbs, with reports our office has posted another double-digit sale getting stronger and stronger. When property markets are in a downward correction mode, the top-end gets punished the most, but when it starts to recover it always posts the fastest capital appreciation. Historically, top-end property markets perform at optimum levels when a Liberal government is in power, so we sense a hedging of bets on the basis that Australia will go to the polls in March 2013.
Last week we reported that the number of Mosman houses on the market was 22% down on this time last year, this week a slight increase to 23%. We predict this number will jump significantly in coming weeks to approximately 40%.  For example: <a target="_blank" href="https://www.rwm.com.au/140207/" title="45 Shadforth Street Mosman">45 Shadforth Street Mosman</a> sold in just one week – with a one-week settlement.
Robert Simeon is a director of <a title="RWM" href="https://www.rwm.com.au/" target="_blank">Richardson  Wrench Mosman and Neutral Bay </a>and has been selling residential real estate in Sydney since 1985. He has also been writing real estate blog <a title="Virtual Realty News" href="https://www.rwm.com.au/news/" target="_blank">Virtual Realty News</a> since 2000. The RWM real estate model has sold in excess of $1 billion in database sales globally.
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