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“Minister Chanthivong and his team have shown real leadership in replacing an outdated two-year bond with cover that matches the lifespan of the buildings people are buying into.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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Most Australians spend 40 years or more preparing themselves for retirement, yet over 95% of them fail, remaining dependent on the government for their main source of income. However, a small group of wealthy individuals reach financial freedom in a fraction of the time. 
I’ve found these wealthy investors have mastered seven skills that make it easier and faster for them to achieve financial prosperity. 
Let’s examine these master skills: 
1. Creating and controlling capital
The wealthy understand the importance of building a substantial asset base. Some do this by building a business while others grow a sizable share portfolio, but my preferred method is growing a multimillion-dollar property portfolio.
Smart investors know how to create and add value to their properties using techniques like renovations and development. They also add value through their expertise or through smart negotiations and buying well.
And it’s no coincidence that the wealthy control as big an asset base as they safely can by leveraging and borrowing against appreciating assets.
2. Transforming capital into passive residual income
Successful investors grow money trees and recognise that cashflow is the fruit. This means that once they have built a substantial asset base, they transition into the cashflow stage of their investment life by lowering their loan-to-value ratios and then borrowing against and living off their equity.
Savvy investors follow these four rules of capital:
<ol start="1">
<li>
They concentrate it – rather than diversifying, they focus their energy and efforts on their area of expertise. </li>
<li>
They don’t risk it –once they’ve built a substantial capital base the wealthy invest rather than speculate. They are prepared to forgo a “potential” future profit not to risk their current assets.</li>
<li>
They protect it – by owning their assets in the correct structures to safeguard their capital and by having financial buffers in place.</li>
<li>
They value it – professional investors don’t eat away their capital. Instead they convert their capital into cashflow and live of the fruits of their money tree.</li>
</ol>
3. They are financially fluent 
Smart investors recognise it’s not how much money they make that matters, it’s how hard their money works for them and how much they keep that counts. So they learn how the finance, tax and legal systems work and how they favour investors who treat their properties like a business. 
The wealthy understand the language of accounting and know how to read balance sheets and income statements, understand how to calculate the internal rate of return on their investments and how to assess their different investment options. 
4. They understand the importance of building a great team around them
Savvy investors know they can’t do it alone; so they recruit, direct and refine a team of finance, tax, legal and property professionals. They know that if they’re the smartest person in their team they’re in trouble.
As CEO of their property investment businesses, the wealthy don’t abdicate control of their money to others. Instead they set up systems to evaluate the performance of their investments and their advisers.
 
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5. They are decisive
Way back in the 1930s Napoleon Hill discovered that successful people had the habit of making swift and committed decisions. This principle, which is just as relevant today as it was almost a century ago, holds the key to determining the level of success you will achieve. Successful property investors are able to see the big picture and don’t seem to get caught up in detail. They assess the situation and take decisive action.
6. They understand the true importance of money
The wealthy recognise that to be truly prosperous, they need a lot more than money. Sure money is important in those areas of life where it is important (such as paying the bills), but it’s not at all useful in those areas where it is not important.
Wealthy people have much more than just money. They have the time to enjoy it; the relationships to share it with; the sense of purpose and passion with which to direct it. And they understand the importance of contribution to the community, which brings meaning to their lives.
On the other hand, I’ve found that most people who don’t have money spend so much time struggling to make money that they lose out on the quality of life they deserve. When you have enough money you can go about creating real wealth. 
7. They have the capacity for growth
Wealthy people are voracious leaners. They know the fastest way to wealth is through consistently investing in their personal development.
They read books, attend seminars and cultivate relationships with mentors who can advise and guide them. They also network with other positive wealth builders with whom they can brainstorm. It is no surprise that the more they grow, the more their wealth grows.
What about you?
When you are truly wealthy, when you have all the money that you need, what is your life going to be about – above and beyond the money?
Remember money is just a power that amplifies your ability to live your life to its real purpose. It’s no use just chasing money, so what is your vision for your life? What is your purpose? What are your values you will strive to live in accordance with?
It’s this focus on living consistent with your purpose and your values that will give you a balanced and fulfilling life.
Michael Yardney is a director of <a href="https://www.metropole.com.au/">Metropole Property Strategists</a>, which creates wealth for its clients through independent, unbiased property advice and advocacy. He is best-selling author, one of Australia's leading experts in wealth creation through property and writes the <a href="https://propertyupdate.com.au/category/property-investment/">Property Investment Update</a> blog. Subscribe today and you'll receive a free video, The Golden Rules of Property Investment.
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myardney-DFoGhGbSJX

Seven ways for property investors to reach financial freedom

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It’s been an interesting couple years in Melbourne real estate. Five years ago, would anyone have predicted the incredible peaks recorded in house values in 2010, despite the GFC and multiple interest rate rises? Or the panic that followed from the price falls in 2011? Even the best future-gazers wouldn’t have guessed we’d see three rounds of interest rate cuts this year; so that in some areas, it’s actually cheaper to buy than rent.
Nothing has been the norm this year including spring, with our activity kicking off early in the first week of September instead of post grand final – the "norm" in previous years. According to analyst group RP Data, September marked not only the largest but the fourth consecutive monthly rise in home values since 2010, with Melbourne having the largest recovery nationwide. In Balwyn we’ve certainly seen the knock-on effects; our sales are up 25% compared with the same time last year, clearance rates are sitting around 90%, days on market have decreased about 30%, listings in the last three months have increased by 50% and attendance at inspections is double what we saw earlier this year.
After a prolonged period of sellers and buyers only being interested in private sales, auctions are back in favour and buyers have started bidding again. Last weekend, we had bidders at several of our auctions around Boroondara – a tell-tale sign of improved confidence. Houses in Mont Albert are doing particularly well, with the recent auction of this family home in <a href="https://www.domain.com.au/Property/For-Sale/House/VIC/Mont-Albert-North/?adid=2009969495" target="_blank">Dunloe Avenue</a> drawing a crowd of 70, with three bidders. Go back just two months and we were struggling to get any opening bids. There’s no doubt the interest rate cuts have driven renewed enthusiasm in our market.
With Balwyn’s rent prices increasing, the gap’s narrowed between mortgage repayments and rent, so a lot of young couples renting in the area are now looking to buy. Balwyn is also very family-oriented, so many households are seeking to upgrade and some parents are co-buying with children so they can live close by. That’s why well-positioned family homes such as <a href="https://www.domain.com.au/Property/For-Sale/House/VIC/Balwyn-North/?adid=2010011843" target="_blank">3 Wild Life Parade</a> and apartments like <a href="https://www.domain.com.au/Property/For-Sale/Apartment-Unit-Flat/VIC/Balwyn/?adid=2010040006" target="_blank">9/3 Kireep Road</a>, suited for first home buyers, investment or empty nesters, will always do well.
However low stock levels have always been a challenge in Balwyn because of our established demographic – our median age is 41, median household size is 2.7 and almost 80% of our houses are owner-occupied. An established demographic means mortgage pressure is typically lower, so unless people experience life circumstances out of their control, they can afford to wait. In Balwyn, no-one moves until they have to. You’ll never see the fluctuations in sale prices here that might occur in other parts of Melbourne, because supply and demand is consistent – our median house price ($1,540,000) is now close to the peak recorded in 2010.
 
<hr class="system-pagebreak">
 
For this reason, the next financial year will be a pretty even playing field in Balwyn – no one group will hold the upper hand. We’ll start to see house values increase in the order of 7-8%, especially if the Reserve Bank continues to cut the cash rate. Quality family homes will always prevail no matter what the market conditions.
Bear in mind, though, that property is a long-term purchase. We can get excited that house values have started increasing again, but think about this – Australians move on average every seven years (in recent times this has been closer to 10 due to housing affordability). To put things into perspective, in the last seven years  Melbourne’s median house and unit prices rose 62% and 52% respectively – definitely not a "norm" we expect to see again, at least not in the near future.
Timely information such as clearance rates, number of sales or even median prices can be useful for a pulse on market sentiment, but when it comes to selling and buying, consider the bigger picture. If the last few years are anything to go by, unless you have a crystal ball, no one really knows what’s going to happen next. So instead of focusing on the here and now, or worrying about predicting the market, do some personal future-gazing and think about where you need to be in the next 12 months and then the next five years. Then start planning accordingly.
Toby Parker has 12 years' experience in real estate and is director of hockingstuart Balwyn and Hawthorn.
What do you think spring holds for the property market? <a href="http://propertyobserver.com.au/ebooks/the-spring-property-outlook-survey" target="_blank">Complete our five-minute survey for your chance to win an iPhone 5.</a>
For more on auctions and the spring selling season, <a href="http://propertyobserver.com.au/ebooks/free-ebook-auction-or-private-treaty-plus-9-spring-2012-selling-tips" target="_blank">download our free eBook.</a>
 
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jchancellor-FAypfDUnLy

Auctions back in favour as Balwyn spring selling season takes off: Hockingstuart

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The latest job figures provide more complications for the Reserve Bank, says CommSec chief economist Craig James.
September ABS data shows the unemployment rate rose from 5.1% to 5.4% in September as the number of people entering the job market outpaced the number finding work.
The participation rate rose from a near six-year low of 65% to 65.2%.
At the same time employment rose by 14,500 in September after a revised loss of 9,100 jobs in August (previously  down 8,800). Economists had only expected 5,000 jobs to be added.
"A surge in both job growth and the unemployment rate in the same month makes it more difficult to know what the true situation is.
"But looking across a raft of indicators, the best appraisal is that the economy is in a holding pattern. As such, rate cuts still remain on the agenda, but the size of job growth in the latest month does make it harder for the Reserve Bank to justify a rate cut in November," he says.
Professional services firm Grant Thornton took a less ambiguous reading of the employment data, saying the "significant rise in the unemployment rate during September ... not only represents a deterioration in the Australian labour market, but also important rationale for the Reserve Bank of Australia’s decision last week, to cut the cash rate by 25 basis points".
"Any further weakening in employment trends over the next few months could easily jeopardise the income side of the Australian economy. This is something which has played an important part in underpinning the internationally stronger than average economic performances of recent times," says Grant Thornton.
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lschlesinger-FZcF9M3vE6

Jobs data complicates Melbourne Cup RBA cash rate call: Craig James

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Rental yields should rise over the next two years, with rental growth forecast to significantly outpace house price growth over this period, according to the latest NAB quarterly residential property survey.
Property professionals surveyed by the bank expect rents to grow by 2.1% over the next 12 months and by 3.4% over the next two years, with rents growing in all states.
Click to enlarge
<a title="Click to enlarge" rel="shadowbox" href="/images/stories/2012/10/naboct11.gif"><img src="/images/stories/2012/10/naboct11thumb.gif"></a>
However, nationally house prices are anticipated to grow by just 0.4% over the next year and 1.7% over the next two years.
Click to enlarge
<a title="Click to enlarge" rel="shadowbox" href="/images/stories/2012/10/naboct111.gif"><img src="/images/stories/2012/10/naboct111thumb.gif"></a>
The September quarter survey suggests that the downward correction in national house prices may be slowing, with prices falling 0.7% in the third quarter following a 1.6% decline in the second quarter, with only WA managing minimal house price growth (0.1%).
Victoria remained the weakest market, with prices falling 1.1%, followed by Queensland (-0.8%), NSW (-0.6%) and SA/NT (-0.3%).
Overall sentiment about the residential property market improved over the quarter, with NAB’s Residential Property Index rising four points in the third quarter of 2012 following a fall of eight points in the previous quarter.
WA was the strongest state, registering a 41-point gain, over the quarter followed by Queensland (15 points up) and NSW (5 points) but sentiment remains negative in SA/NT (-7) and Victoria (-18).
These expectations are based on a survey of 250 respondents comprising of real estate agents/managers, property developers, owners/investors, asset/fund managers and valuers.


<hr class="system-pagebreak">
The report found that lower interest rates and rental growth are boosting local investor demand in the existing property market.
“Overall demand for existing property is strongest in the inner city and capital growth prospects best in the sub-$500,000 range.
“Buying activity is much more cautious in the prestige market, with capital growth expectations for that sector considered to be ‘poor’ in both the housing and apartment markets in all state markets,” says NAB.
The leasing market continued to grow in the September quarter, with low rental vacancies driving a 0.2% increase in national rents but below the 0.4% gain in the previous quarter.
The report notes "significant divergence among state rental markets" with rental market softest in Victoria, where rents fell 0.5% “as Melbourne continues to have the highest vacancy rates among the capital cities”
Rents also fell 0.4% in SA/NT, but increased in NSW (0.2%), Queensland (0.6%) and WA (1.1%), “where the continued influx of transient workers is keeping vacancies low”.
The expectation of 2.1% rental growth over the next 12 months is broadly unchanged from the 2.2% previous expectation, however the outlook is much weaker in WA, where rents are now tipped to grow by just 2.6%, compared with 5% previously over the next year and 3.6% over the next two years, down from 6.7% in the second quarter of 2012.
“It seems the negative impact of falling commodity prices and scrutiny surrounding the mining investment pipeline may have also impacted housing market sentiment in that state.
“In contrast, Victorian respondents are much more optimistic, with rents forecast to grow by 1.1% (-0.2% previously). The outlook for the other states is largely unchanged.
The survey also revealed that overseas buyers have emerged as “important players in the market for new developments”.
“Demand for new property is strongest for inner city low rise apartments and townhouses and inner city houses but only assessed as ‘fair’,” says NAB.
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Rent rises to outpace house price growth over next two years: NAB

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The chairman of the Foreign Investment Review Board (FIRB) says xenophobic attitudes towards Chinese enterprises buying Australian assets will hurt Australia economically.
Speaking at Australian Institute of Company Directors (AICD) function in Perth this week, Brian Wilson beat a familiar drum urging that  foreign investment decisions should be made on a purely standalone commercial basis.
Wilson is a former investment banker, having been appointed to chair the FIRB in April this year.
His comments follow the issue of foreign ownership becoming a political hot potato over the sale of <a target="_blank" href="https://www.propertyobserver.com.au/news/cubbie-station-sale-to-chinese-supported-by-just-13/2012093056888">Cubbie Station</a>, a massive irrigation farm, covering around 1,000 square kilometres of south-western Queensland.
The mooted $300 million sale of Cubbie Station to a syndicate headed by the Chinese textile company Shandong Ruyi has been approved by Federal Treasurer Wayne Swan, following an assessment by the FIRB, which vets sales exceeding a threshold of $244 million.
The property near the Queensland-NSW border was placed into voluntary administration in 2009, with reported debts of more than $320 million.
Among those opposed to the sale is Nationals Senator Barnaby Joyce and independent Senator for South Australia Nick Xenophon.
However, local Nationals MP Bruce Scott, who holds the seat of Maranoa, where Cubbie Station is located, says the FIRB should decide with politics keeping out of the issue.
Federal opposition leader Tony Abbott in a speech in Beijing in August called for tougher rules governing foreign investment, adding that Chinese investment in Australia was more complex due the prevalence of state-owned businesses.
At the AICD function Wilson said Chinese investment into Australia would eventually become as accepted. He pointed to similar concerns when Japanese interests bought up a large number of Queensland tourism assets in the 1990s.
"I've got to say to you, if the Japanese wanted to buy a tourism property in Queensland now, I suspect everybody would get down on their hands and knees and say, 'Thank you'," he said in a speech reported by The Australian and the Australian Financial Review.
“With the nationalistic, xenophobic views of the world, the economic benefit foreign investment brings to our country is lost.
“Over time and with familiarity it will become less of an issue,” he added.
Wilson also highlighted that Chinese investment made up just 2.6% of foreign investment into Australia last year, though it is growing.
“The simple fact is success in trade leads to success in investment, and the current boom we have in investment from Asia says something about Australia’s place in the world.”
Wilson expects that a register of foreign-owned farmland being called for by Nationals and rural Liberal MPs will be created.
The vast majority of around 10,000 offshore real estate investments in Australia are approved every year.
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FIRB chairman Brian Wilson repeats call to keep politics out of Chinese foreign real estate investment decisions

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Rents in Sydney and Perth have hit record highs after median rents skyrocketed over the quarter in both cities, according to Australian Property Monitors' quarterly rental report.
In Sydney house rents grew 4% over the quarter to a record $520 per week for houses and Perth house rents grew 4.7% to a record $450 per week.
In Sydney unit rents are unchanged over the quarter, but they recorded strong growth the previous quarter.
The rises place Sydney as the second most expensive city to rent a house, after Darwin.
“[These rises are] further evidence of the rising cost of housing in the harbour city, though unit rental growth remained flat over the September quarter,” says APM’s Andrew Wilson.
Yields for houses in Sydney have fallen 0.8% over the quarter to 4.67%, while unit yields fell 0.4% to 5.13%.
The report says rent rises in Perth were “extraordinary”, with house rents jumping 4.7% over the quarter and 15.4% over the year while unit rents jumped 2.6% over the quarter and 11.4% over the year.
Click to enlarge
<a title="Click to enlarge" rel="shadowbox" href="/images/stories/2012/10/apmoct11.jpg"><img src="/images/stories/2012/10/apmoct11thumb.jpg"></a>
Source: APM
House rents in Perth are now at $450 per week, while unit rents are at $390 per week.
“Housing shortages are starting to bite in Perth as immigration levels surge,” says Wilson.
House yields in Perth increased 1.7% over the quarter to 5.12%, while unit yields increased 2.8% to 5.73%.
Rent rises in Darwin eclipsed all other state capitals, with median rents jumping 7.7% for houses and 10.4% for units over the quarter.
The rises consolidate Darwin’s lead as the state capital with the largest median rents for both houses and units.
Weekly rents in Darwin are now at $700 per week for houses and $530 per week for units.
Wilson says the rises in Darwin reflect “to a large degree the impacts of the transient nature of the workforce. Nonetheless, the Darwin rental market continues to struggle with an underlying shortage of available housing.”
House yields in Darwin fell 3.4% over the quarter to 5.14%, while unit yields increased 4.5% to 6.1%.
 
<hr class="system-pagebreak">
 
Melbourne rents remain unchanged for the quarter and the year at $360 per week for houses and $350 for units.
“This reflects the higher vacancy rates and wider choice of rental properties for tenants that characterises the Melbourne market,” Wilson says.
Melbourne house yields rose 1.6%  over the quarter to 4.31%, while unit yields fell 0.1% to 4.64%.
Brisbane was almost as flat as Melbourne, with no change over the quarter for houses at $380 per week, though they are up 2.7% for the year while unit rents increased 1.4% over the quarter to $365 per week, the only rise for the year.
“This reflects a generally more subdued housing market in Brisbane,” Wilson says.
Brisbane house yields rose 0.7% over the quarter to 5.24% while unit yields rose 0.6% to 5.37%.
In Adelaide, house rents at $340 per week are unchanged over the quarter and up 1.5% for the year while unit rents dropped 1.8% for the quarter to $275 per week, the only change for the year.
“A generally subdued housing market for both buyer and tenant activity meant house rents were steady,” Wilson says.
Adelaide house yields rose 0.6% over the quarter to 4.83% while unit yields rose 1.1% to 5.14%.
In Canberra, house rents fell 1% over the quarter to $485 per week, though rents are up 3.2% for the year. Unit rents fell 2.3% over the quarter to $430 per week, nullifying rises in the previous quarter.
“[This] can be attributed to increased buyer activity providing less competition for rental properties,” Wilson says.
House yields in Canberra rose 2.6% over the quarter to 5%, while unit yields fell 0.8% to 5.55%.
And in Hobart, house rents rose 2.4% over the quarter, rebounding from declines last quarter, to $320 per week. Unit rents did the opposite, falling 3.8%, going back to September 2011 levels of $250 per week.
Across the nation, median asking rents for houses rose 1.6% over the quarter while units rose by 0.2%.
“Overall, rental markets will continue to produce varied outcomes reflecting the underlying drivers of each capital city,” Wilson says.
“In Sydney, Perth and Darwin, pressure on rents will continue as declining affordability impacts on first home buyers’ borrowing capacity with housing shortages and population increases combining to keep vacancy rates tight.
“For other markets, such as Melbourne, subdued housing market conditions, higher vacancy rates and less competition for available properties should see rental prices remain steady over the shorter-term.”
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Sydney and Perth rents hit record highs: APM

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Australand managing director Bob Johnston and Westfield chief financial officer Peter Allen have been named among a lengthy list of candidates who could replace Stockland’s outgoing managing director and CEO, Matthew Quinn.
Quinn will step down from his 12 years in charge of Stockland in February.
The other candidates named by the Australian Financial Review and The Australian are Rod Leaver, CEO of Lend Lease Asia, former St George Bank CEO Paul Fegan, David Southon, co-founder and joint managing director of Charter Hall, veteran Macquarie banker Matthew Banks and the only internal candidate, John Schroder, current chief executive of commercial property at Stockland.
Stockland is due to make an announcement about Quinn’s replacement before the end of the year.
In terms of experience, Bob Johnston would be viewed by many as the most suitable candidate, with Australand operating a similar business model to Stockland with a diversified mix of residential and commercial property development activities.
Johnston has been managing director of Australand since 2007.
In a statement Stockland chairman Graham Bradley said the process to select and appoint a new managing director was progressing well with the board to “make an announcement in due course”.
The stock market appears unfazed over the uncertainty about leadership of Stockland.
Stockland’s market capitalisation has gained about $540 million since the start of the month to reach $7.9 billion.
It closed up 20¢ yesterday to $3.60.
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Australand’s Bob Johnston and Westfield CFO Peter Allen among possible replacements for Stockland's Matthew Quinn

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For the everyday consumer, spring begins in September. For the property market, it also technically starts in September, but as a real estate agent our activity actually ramps up much earlier. We’re preparing for the season as early as June, and come July we know whether spring will be busy by the number of upcoming listings in our books.
So it came as no surprise to see a 40% increase in our stock this season from winter – September was busy, but October will be hectic. Our clearance rate is at 81%, and properties are selling quickly, with average days on market sitting at just 24 days.
Prahran has weathered the storm quite well compared with other Melbourne suburbs, a good reminder that the property market is actually made up of multiple “sub-markets”. While sales activity has certainly picked up for us since winter, in general our levels all year round have remained consistent, with auctions remaining popular and clearance rates hovering around 80%. In fact, according to RP Data’s top 100 growth suburbs nationwide, Prahran topped the list in Melbourne.
Why? Our popularity comes down to one factor – affordability. It’s one of the few inner-city suburbs where you can still pick up a period home located close to shops, restaurants and public transport for under $1 million. Add multiple interest rate cuts to the table and there’s never been a better time for young couples to buy into a lifestyle location and still set themselves up for a family. We’re expecting a lot of interest at this weekend’s auctions for <a target="_blank" href="https://www.hockingstuart.com.au/?autoSearch=1&amp;OID=4456523&amp;Con=S">1 Chatsworth Road</a> and <a target="_blank" href="https://www.hockingstuart.com.au/?autoSearch=1&amp;OID=4424173&amp;Con=S">82 Bendigo Street</a>, with Chatsworth priced within a $700,000 to $750,000 range and $760,000 to $830,000 for Bendigo. The properties at <a target="_blank" href="https://www.domain.com.au/Property/For-Sale/House/VIC/Prahran/?adid=2010038374">82 Hornby Street</a> and <a target="_blank" href="https://www.realestate.com.au/property-house-vic-prahran-111773603">9B Percy Street</a> will also fare well because of their proximity to the Chapel Street precinct.
 
<hr class="system-pagebreak">
 
Having said that, over the past month we’ve also noticed an influx of buyers return to the sub-$1 million market, and demand is back for Edwardian and Victorian-style homes. Again, these buyers – particularly those with double-income and no kids – are driven by affordability and see the opportunity to jump into a stable market before prices start increasing again.
From a seller’s point of view, an interesting trend we’ve picked up is a growing investment in online advertising. Ten years ago, advertising was dominated by brochures, property boards and print. Today, while traditional methods are still present and will continue to play a crucial part in selling houses, the focus is shifting to online. This is reflective of the new generation of buyers who are online savvy, with the majority using the internet as one of their main tools to look for property – sellers are following suit. However, no two properties are the same, and in the same way that prices vary depending on the property, the same rule applies to advertising. There will be properties that sell better online, some better in print, but often the most effective advertising campaigns use multiple touch points.
Looking ahead, we expect the market in Prahran to remain strong. Further interest rate cuts will help drive confidence, but growth in house prices will be gradual – we’re not going to see the price hikes we saw in the years leading up to 2010. However don’t forget the Melbourne real estate market is made up of multiple sub-markets, so it will be a different case for each suburb – where one area might be seeing rapid growth, another might be depreciating in value. Prahran will fare well because of its affordability, prime location and amenities, but it won’t necessarily be the same for the next suburb. Statewide, the market is still finding its feet so there’s great value for buyers ready to take the plunge now – as long as you do your due diligence on the area.
Andrew James has more than a 20 years’ experience in real estate and is director of <a target="_blank" href="https://www.hockingstuart.com.au/">hockingstuart </a>Armadale.
What do you think spring holds for the property market? <a href="http://propertyobserver.com.au/ebooks/the-spring-property-outlook-survey" target="_blank">Complete our five-minute survey for your chance to win an iPhone 5.</a>
For more on auctions and the spring selling season, <a href="http://propertyobserver.com.au/ebooks/free-ebook-auction-or-private-treaty-plus-9-spring-2012-selling-tips" target="_blank">download our free eBook.</a>
 
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Spring brings a 40% increase in property on the market in Prahran: Hockingstuart

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A former butchery in the small central west NSW town of Kandos has sold for a seemingly lean $80,000.

But the sale highlights the emerging renewal of the town as nearby mines bring  investment opportunities.
<img src="/images/stories/2012/10/kandos2.jpg">
It's triggered a 19% hike in the town's residential median house price over the last year to $160,000, according to RP Data, with local agents suggesting there have actually been two consecutive years of strong growth.  

The buyer of the former main street butcher shop has recently turned the 474-square-metre property with extensive cool room into a pizza store.
<img style="margin: 5px; float: left;" src="/images/stories/2012/10/kandos.jpg">
Its $80,000 sale price through Campbell’s Real Estate reflected annual 3.5% price growth since it 2003 sale.  It had been listed at $99,000.

Located 235 kilometres north-west of Sydney and 93 kilometres north-east of Bathurst, the town has benefited financially from nearby mining activity.
Coal mining is increasing in the Mudgee district , a 40-minute drive from Kandos, and a silver mine is set to commence operations in 2013 near Lue village.  The proposed re-opening of the cement works that closed ealier this year has given further prospects for the Kandos community.

“Weekly [residential] rent in Mudgee is around $500 compared to $200 on average in Kandos, so we get quite a few people coming down here to live,” says Ian Campbell of Campbell’s Real Estate Kandos. 

Various other commercial properties are listed for sale in Kandos present opportunities for investors, however they have languished on the market, unlike the butcher shop, which sold within days of its listing.

The Kandos Newsagency premises is on the market at $475,000, which includes an upstairs residential area. The business has a $950,000 annual turnover.
Angus Avenue premises are listed with a $250,000 asking price, which would reflect an 8.5% gross yield. 

 At 77 Angus Avenue, a building with a mixed commercial/residential usage, is priced at $275,000.

 And 8 Angus Avenue, a commercial property in prime location, is currently listed at $210,000.

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Former Kandos butchery sells for lean $80,000 as investors bite into mining town opportunities

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The Australian economic outlook has clearly deteriorated. Recognising this, the RBA has resumed interest rate cuts. Our assessment remains that the RBA has more work to do. But how low will rates go? What does it mean for investors?
<h3>The growth outlook</h3>
While economic growth in Australia has been reasonable of late – 3.7% over the year to the June quarter – and well above that in comparable countries, our assessment is that storm clouds are brewing and that growth will slow to around 2.5% over the year ahead, which is well below trend growth of around 3 to 3.25%.
The basic issue is that the mining boom is losing momentum at a time when the non-mining part of the economy is weak and fiscal austerity is intensifying.
Mining investment looks like it will peak next year. For the first time in years the June quarter survey of mining investment intentions did not show an upgrade in plans for the current financial year and projects under consideration have peaked. Falling mining sector profits suggests mining projects remain at risk. Investment outside the mining sector remains weak. This all points to a sharp slowing in business investment in 2013-14.
<img src="/images/stories/2012/10/oliveroct101.gif">
Source: Thomson Reuters, AMP Capital
At the same time, a sharp fall in Australia’s terms of trade is leading to a loss of national income which will also slow spending and growth. Stronger mining exports, i.e. stage three of the mining boom, will provide a boost to growth but this may not become evident until around 2014-15.
<img src="/images/stories/2012/10/oliveroct102.gif">
Source: Bloomberg, AMP Capital
This is all occurring at a time when non-mining indicators for the economy remain soft. Consumer and business confidence are sub-par, despite being almost a year into an interest rate cutting cycle.
Retail sales remain subdued, with government handouts providing a brief boost in May and June, only to see softness return again. Annual retail sales growth is stuck in a range around 3%. With confidence remaining sub-par, job insecurity running high and interest rates still too high it’s hard to see a strong pick up yet. Ongoing consumer caution in terms of attitudes towards debt and spending is highlighted by the next chart, which shows a much higher proportion of Australians compared to the pre-GFC period continuing to nominate paying down debt as the wisest place for savings.
<img src="/images/stories/2012/10/oliveroct103.gif">
Source: Westpac/Melbourne Institute, AMP Capital
While housing related indicators have probably bottomed on average, taken separately they present a very mixed picture, with house prices up over the past few months, housing finance, housing credit and building approvals looking like they have bottomed but remaining soft and new home sales still falling. The fact that there has only been such a tentative response to lower mortgage rates indicates that mortgage rates have not fallen enough.
The jobs market remains soft with weak job vacancies pointing to soft employment and rising unemployment ahead. Whereas anecdotal news of job layoffs was previously limited to the non-mining sectors of the economy, it has now spread to the mining sector. This is likely fuelling ongoing household caution, acting to constrain retail sales and housing demand.
The bottom line is that with the mining boom likely fading over the year ahead, the non-mining part of the economy – notably retailing, housing and non-mining construction, manufacturing, tourism, etc – needs to pick up to fill the breach. The good news is that the RBA appears to recognise this. The bad news is that its task is being made hard by two factors:
<ul>
<li>First, the continuing strength in the Australian dollar, presumably on the back of safe haven buying out of the US dollar and euro in the face of QE3, etc, and its high correlation to the US sharemarket as part of a “risk on/risk off” trade, which has meant that it has so far not provided the shock absorber to falling commodity prices that it usually does.</li>
<li>Second, having seen the budget handouts around mid-year, fiscal tightening will now kick in at the federal level and may even intensify if the government seeks to retain its projected surplus for the current financial year. At the same time, various states are announcing budget cutbacks, including job cuts.</li>
</ul>
In order to offset these forces and ensure that non-mining demand strengthens sufficiently, interest rates will have to fall further.
 
<hr class="system-pagebreak">
 
The cash rate is low but lending rates are not
While the RBA has cut the official cash rate to within 0.25% of its GFC low, because of bank funding issues lending rates are still well above their 2009 lows.
Basically banks have been seeking to reduce their reliance on non-deposit funding which has proved unreliable since the GFC and to do this they have had to offer higher deposit rates relative to the cash rate than would normally be the case. This has resulted in higher lending rates relative to the cash rate than was the case pre-GFC. Banks have done well to raise the proportion of their funding they get from deposits to 53% from around 40% pre-GFC, but they still lag behind banks in other major countries and tougher capital requirements mean they are under pressure to do more.
The standard variable mortgage rate at around 6.6%, assuming banks pass on around 0.2% of the RBA’s latest 0.25% rate cut, is below its long-term average of 7.25%. But normally rates need to fall well below their long-term average to be confident of stronger growth. And in an environment of household and business caution post-GFC the neutral rate has likely fallen, probably to around 6.75%, which is shown as the “new neutral” level in the next chart. This would suggest that current mortgage rate levels are only just starting to become stimulatory.
In the last two easing cycles the mortgage rate had to fall to around 6.05% in 2002 and to 5.8% in 2009. Given the fall in the likely neutral level for mortgage rates and the current headwinds coming in the form of the strong Aussie dollar and fiscal tightening, mortgage rates will at least need to fall to these lows. Given the ongoing issues with bank funding, to achieve a circa 6% mortgage rate the cash rate will need to fall to around 2.5%.
<img src="/images/stories/2012/10/oliveroct104.gif">
Chart assumes average large bank standard variable mortgage rates fall to 6.6% following latest RBA rate cut. Source: RBA, AMP Capital
Our assessment is that the RBA is coming around to this view. As such we expect another 0.25% cash rate cut next month on Melbourne Cup day, followed by a cut to 2.5% in the March quarter next year.
Based on the assumption that the RBA cuts interest rates further, the global economy stabilises and growth in China stabilises around 7.5% next year, then Australian economic growth should pick up again by the end of next year.
<h3>Implications for investors</h3>
There are a number of implications for investors.
Interest rates need to fall a lot further. This means that term deposit rates are likely to fall further in the years ahead, even though the size of the decline will lag that of the official cash rate for bank funding reasons. As a result, the attractiveness of bank deposits for investors will continue to deteriorate.
<img src="/images/stories/2012/10/oliveroct105.gif">
Source: RBA, Bloomberg, AMP Capital
While record low bond yields mean bonds are poor value for long-term investors, yields will likely remain at the low end as the RBA cuts interest rates. However, if foreign investors start to panic about Australia, international bonds will do better than Australian bonds.
Australian shares should benefit from interest rate cuts and cheap valuations. As such we continue to see the Australian sharemarket being higher by year end. Key sectors likely to benefit from lower rates are retailers, building materials and home builders.
Declining interest rates in Australia will take pressure off the Australian dollar. However, falls are likely to be constrained by quantitative easing in the US and central bank buying. Overall, we see the Aussie dollar stuck in a range around $US0.95 to $US1.10. The best has likely been seen for the Aussie dollar.
Dr Shane Oliver is the head of investment strategy and chief economist at <a href="https://www.ampcapital.com.au/" target="_blank">AMP Capital</a>. Please note that this article is intended as general information and not as investment advice.
This article originally appeared on <a href="https://www.smartcompany.com.au/index.php" target="_blank">SmartCompany</a>.
 
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