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“Minister Chanthivong and his team have shown real leadership in replacing an outdated two-year bond with cover that matches the lifespan of the buildings people are buying into.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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Property Observer readers can score free tickets to this weekend's Melbourne Home Buyer and Property Investor Show. The show will run from Friday, October 5, to Sunday, October 7.
<a target="_blank" href="https://ht.ly/eb25y">For your free tickets, click here.</a>
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Free tickets to the Melbourne Home Buyer and Property Investor Show

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<img src="/images/stories/2012/09/30point56percent.gif">
The amount by which the median weekly asking rent for units rose in Perth in the past year, according to Residex. The median unit asking rent is $470 per week.
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The amount by which the median weekly asking rent for units  rose in regional Queensland in the past year, according to Residex. The median unit asking rent is $390 per week.
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<img src="/images/stories/2012/09/23point21.gif">
The amount by which the median weekly asking rent for units rose in regional NSW in the past year, according to Residex. The median unit asking rent is $345 per week.
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<img src="/images/stories/2012/09/22point95percent.gif">
The amount by which the median weekly asking rent for units rose in regional WA in the past year, according to Residex. The median unit asking rent is $375 per week.
 
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<img src="/images/stories/2012/09/18point42percent.gif">
The amount by which the median weekly asking rent for units rose in regional South Australia in the past year, according to Residex. The median unit asking rent is $225 per week.
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<img src="/images/stories/2012/09/15point56percent.gif">
The amount by which the median weekly asking rent for units rose in Sydney in the past year, according to Residex. The median unit asking rent is $520 per week.
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<img src="/images/stories/2012/09/14point29percent.gif">
The amount by which the median weekly asking rent for units rose in Brisbane in the past year, according to Residex. The median unit asking rent is $400 per week.
 
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<img src="/images/stories/2012/09/13point89percent.gif">
The amount by which the median weekly asking rent for units rose in Melbourne in the past year, according to Residex. The median unit asking rent is $410 per week.
 
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<img src="/images/stories/2012/09/13point79percent.gif">
The amount by which the median weekly asking rent for units rose in the Northern Territory in the past year, according to Residex. The median unit asking rent is $495 per week.
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<img src="/images/stories/2012/09/12point22percent.gif">
The amount by which the median weekly asking rent for units rose in Darwin in the past year, according to Residex. The median unit asking rent is $505 per week.
 
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<img src="/images/stories/2012/09/11point36percent.gif">
The amount by which the median weekly asking rent for units rose in regional Tasmania in the past year, according to Residex. The median unit asking rent is $245 per week.
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<img src="/images/stories/2012/09/10point23percent.gif">
The amount by which the median weekly asking rent for units rose in ACT in the past year, according to Residex. The median unit asking rent is $485 per week.
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<img src="/images/stories/2012/09/9point26percent.gif">
The amount by which the median weekly asking rent for units rose in Hobart in the past year, according to Residex. The median unit asking rent is $295 per week.
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<img src="/images/stories/2012/09/5point77percent.gif">
The amount by which the median weekly asking rent for units rose in regional Victoria in the past year, according to Residex. The median unit asking rent is $275 per week.
 
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<img src="/images/stories/2012/09/5point36percent.gif">
The amount by which the median weekly asking rent for units rose in Adelaide in the past year, according to Residex. The median unit asking rent is $295 per week.
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Perth unit rents up 31% in past year, but Adelaide landlords secure just 5% rise: Residex state-by-state analysis

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Suncorp Bank has declined to confirm if police had been notified about a bank account possibly used in a Surry Hills rental scam that Property Observer reported on last Friday.
The scammer was <a target="_blank" href="https://www.propertyobserver.com.au/residential/no-nobb-as-surry-hills-sydney-online-rental-scammer-uncovered/2012092756861">trying to trick buyers into paying a deposit for a luxury Surry Hills terrace</a>.
The bank account the scammer wanted victims to deposit money into was held with Suncorp Bank under an account number that Property Observer supplied to Suncorp.
A Suncorp spokesperson said he could not comment on individual cases and could not confirm whether the police had been involved in this instance.
“We do know that in some online fraud/scamming cases, the account holders can often be victims themselves,” the spokesperson says.
Property Observer notes it is entirely possibly the account number is fake and part of the elaborate scam.
A prospective Sydney renter stumbled onto the online scam on the classified ad site Gumtree and emailed the poster about the property.
She luckily recognised the hallmarks of a scam as soon as the scammers emailed her back.
The renter, Kieryn, then baited the scammer to draw as much information out as possible and glean how the scam worked.
The original ad was deleted not long after when it was reported by the genuine listing agent of the property.
 
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According to the ACC’s Scamwatch website, this sort of rental scam is a common trick.
“Scamwatch is warning prospective tenants to be wary when responding to rental properties advertised on the net where the 'owner' makes various excuses as to why you can't inspect the property but insists on an upfront payment for rent or deposit,” Scamwatch advises.
“Scammers will often use various shared accommodation sites to post these fake listings. They will go to great lengths to ensure that the offer looks genuine by including photos and real addresses of properties. However, photos and details of properties can be easily obtained on the internet.
“Once hooked, the scammer will request money, often via money transfer, or personal details upfront to 'secure' the rental property. Scamwatch warns consumers not to send money or provide personal details to people you don't know and trust.”
In the Surry Hills case, the scammers said they were in London and just needed someone to fill the vacancy. They were unable to allow Kieryn an inspection of the property and demanded an up-front payment to secure it.
Kieryn promised to pay on the agreement they meet a variety of conditions that no normal tenant would require. Where normal landlords would run, the scammers kept pushing Kieryn to pay money into their Suncorp account.
They scammers had taken details of a real rental listing from an online rental portal.
The agent who had listed the property was aware of the scam and had alerted Gumtree to remove the ad.
The scammers had listed the same property at a quarter of the price the real agent was asking.
Scamwatch says to watch for offers that are too good to be true, owners giving ongoing excuses as to why the property cannot be viewed, securing the property requiring an up-front fee via money transfer and prospective landlords living overseas.
The scam has been increasingly prominent overseas, with US scammers even changing the locks of listed houses to give fake inspections and then pocketing the deposits.
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Suncorp won't say if police have been notified over Surry Hills scammer account

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Americans Jonathan and Beth Hankins found what they thought to be a bargain foreclosed in the US state of Oregon for $36,000. 
Soon after, their two-year-old son developed health ailments, and the couple discovered they had unknowingly purchased a drug lab and the house was contaminated by methamphetamine, as the Huffington Post noted.
<a href="https://twitter.com/HuffingtonPost" target="_blank"><img src="/images/stories/2012/09/huffpotweet.jpg"></a>
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What happens with a home buyer unknowingly buys a former meth lab: Tweet of the day

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New home sales fell 5.3% in August 2012 to reach a 15-year low, according to the HIA new home sales report.
The survey of Australia’s largest home builders found a decline of 5.8% in the detached housing segment and a 2.5% decline in the multi-unit market.
HIA’s Dr Harley Dale says the results warrant future interest rate cuts.
Click to enlarge
<a href="/images/stories/2012/09/hiaoct3.gif" rel="shadowbox" title="Click to enlarge"><img src="/images/stories/2012/09/hiaoct3thumb.gif"></a>
"New home sales for August are the latest in a string of soft new housing updates for this financial year, and that follows a very weak year for new home building in 2011-12,” Dale says.
“Indeed, following two consecutive years of decline in new housing starts over 2010-11 and 2011-12, and leading indicators pointing to weakness extending into 2012-13, policy settings in August 2012 were clearly inappropriate.
“A fresh round of interest rate cuts will help rebalance this situation, although financial institutions obviously need to play their role in cementing this outcome.”
He used to the results to call for lower taxes on the building industry.
“It remains the case, however, that rate cuts won’t single-handedly generate the new home building recovery Australia requires. Governments have an important role to play in driving reform measures to lower the excessive tax base faced by the sector."
“In 2012 that reform process remains too slow and in some quarters is virtually non-existent,” adds Dale.
On a city basis, the number of seasonally adjusted new detached house sales fell by 7% in New South Wales, 8.6% in Victoria, 2.9% in Queensland, 2.6% in South Australia, and 9.4% in Western Australia.
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HIA calls for interest rate cuts and lower taxes as new home sales reach 15-year low

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There's a bit of the working-class man still left in Jimmy Barnes. But he has offloaded one of his industrial warehouse premises, and the other is under offer.
Barnes, who formed his band Cold Chisel on the industrial outskirts of Adelaide, until recently owned three warehouses in the Botany industrial precinct.
His first acquisition was in 2004, when he spent $1.6 million on a 490-square-metre holding that conveniently had a recording studio and residential premises.
He then expanded his holding by 1,470 square metres – envisaged eventually to be for his extended entourage – with two nearby purchases opposite parkland.
The latest sale recouped $1.175 million for the 773 -square-metre Daniel Street warehouse, which cost $1,155,000 in 2009.
It was under contract initially in April but has now exchanged and settled through Steve Pappas, at Firmstone Properties.
The adjoining Daniel Street warehouse (pictured below), which also cost $1.155 million in 2009, is under offer, with its advertising having ceasing, according to RP Data.
<img src="/images/stories/2012/09/barneswarehouse.jpg">
Both the warehouses had the potential for residential conversion, but are understood to be set to continue as warehousing.

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Jimmy Barnes finds buyer for one of his Botany investment warehouses

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Construction has begun on Wet’n’Wild Sydney in the western suburb of Prospect.
Village Roadshow has started initial clearing works on the $115 million project, which is expected to deliver 300 construction jobs and 300 permanent jobs.
The 25-hectare site, opened by Premier Barry O’Farrell, will even include an inland surf beach when it opens in December next year.
The park will have 42 slides and attractions including a 150-metre surf pool, a 70-metre wave pool with three-metre swells, the world's tallest looping tube complex and a double SkyCoaster.
The project is expected to attract 900,000 visitors a year, with 20% of those coming from interstate and overseas, and is expected to generate $500 million for NSW in its first 10 years.
<img src="/images/stories/2012/09/wetnwild.jpg">
Village Roadshow is paying $7 million for upgrading roads around the site, which it will then lease from the government.
Wet’n’Wild Sydney will be the second water park built in Australia by Village Roadshow, joining the existing park in the Gold Coast. Village Roadshow has also built two waterparks in Phoenix and Hawaii in the United States.
Design firm The Buchan Group have been appointed to manage the master-planning, architecture, interior design, graphics and signage components for the project.
The Buchan Group’s Nathan Hones says the project offered a unique set challenges for the design team.
“The finished water park is expected to host up to 15,000 guests per day in the peak periods, so durability, maintenance and safety were key design elements,” Hones says.
“The finished product must cater for a range of demographics, from toddlers all the way to grandparents, and the team took this into consideration during the master-planning process.
“The design for Wet’n’Wild Sydney incorporates cutting edge technology in areas such as ticketing, food and beverage delivery, and marketing channels including online ticketing platforms and social media integration.
“Efficient use of water was a design priority, resulting in a range of sustainable initiatives including the use of rainwater and recycled storm-water for 90 per cent of the park’s irrigation, wash-down and toilets, and the use of the latest water filtration technology that requires less backwashing.”
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New Wet'n'Wild waterpark for Prospect in Sydney's west

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I love this image, as it tells us so much about the world and how the wealth has been dispersed. The lights illustrate the dominance of the Unites States and Europe, in addition to the emergence of India and China as future superpowers.
<img src="/images/stories/2012/09/space.jpg">
Source: Google Earth
When we look at Australia the image can also tell us a lot about the local property market and gives us an insight into why it has been reasonably solid compared with some other countries.
Australia is an enormous country with access to significant mineral wealth. However, most of the country is not a palatable place to call home. As a result many Australians decide to live in major cities close to the coast with very few venturing into the middle of the country. 
In Australia over 70% of our population live in our 10 biggest cities. This means we have a very centralised market, with the majority of people competing for scarce land close to major cities where they are more likely to find stable employment. 
Because most of the population wants to live in these defined areas it creates a something of housing shortage. But Australia does not have a housing shortage – it only has a shortage of housing in areas where the majority of people want to live. 
This competition for a finite commodity puts pressure on the value of land and results in a more robust property market.  While the overall market has come back a bit from the highs of 2010 some areas are performing better than others. The property markets that are feeling the effects of a softening market most are the outlying suburbs, where supply of land is not an issue and job stability is less reliable. 
By contrast, the image shows that so much of the United States has been populated. In the US only 13% of Americans live in the 10 largest cities. It obviously has a much larger population than Australia, so people have to spread out across the country. But if we take it a step further we find that only 25% of Americans live in the 50 most populated cities. The American market has a more decentralised population and as a result the pressure on the value of land is less. 
The US has traditionally had very well-established small town communities with schools, transport and entertainment. These small towns often do not have a shortage of land, and while this does create more affordable housing it also increases the risk of price volatility. 
Many of these small towns have been smashed by falling property prices and unemployment. With the vast majority of the population living in these areas, it has had a catastrophic effect of the overall US property market. As a result it will take the US market significantly longer to drag itself out of the doldrums. 
While the property market in Australia has been through a natural softening phase and is not out of the woods yet, the demographic make-up of our population will result in less dramatic falls. As a result some assets will hold their ground and weather the storm and be well-positioned for future growth while others will languish for a few years to come.
Mark Armstrong is a director of <a href="https://www.ipropertyplan.com.au/">iProperty Plan</a>, which provides independent analysis and tailored advice to investors and home buyers.
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marmstrong-sd3emVLPPb

Bird's eye view shows Australia's coastal property markets well-positioned for growth: Mark Armstrong

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 A Lavender Bay, Milsons Point apartment was the week's top seller, according to RP Data. The 11th-floor, three-bedroom, two-bathroom unit is set in the Mirvac-built Latitude complex with views across Sydney Harbour. Nigel Mukhi at McGrath was the selling agent. The 189-square-metre apartment last sold at $2.98 million in 2006.
The second place getter in <a href="/news">Seaforth</a> represented a 40% discount to its last sale price.  
1. <a target="_blank" href="https://www.myrp.com.au/n/1102-55-lavender-street-milsons-point-nsw-2061/myrp-490?propertyId=4300169">1102/55 Lavender Street, Milsons Point, NSW, 2061</a>, three-bedroom unit, sold on September 26 by McGrath Estate Agents for $3.3 million
2. <a target="_blank" href="https://www.myrp.com.au/n/13-old-sydney-road-seaforth-nsw-2092/myrp-490?propertyId=6142816">13 Old Sydney Road, Seaforth, NSW, 2092</a>, five-bedroom house, sold after auction on September 26 by Raine &amp; Horne Neutral Bay for $3.05 million
3. <a target="_blank" href="https://www.myrp.com.au/n/22-bellevue-parade-north-curl-curl-nsw-2099/myrp-490?propertyId=4962191">22 Bellevue Parade, North Curl Curl, NSW, 2099</a>, four-bedroom house, sold at auction on September 29 by Smyth Estate Agents Freshwater for $2.59 million
4. <a target="_blank" href="https://www.myrp.com.au/n/46-lyons-street-cottesloe-wa-6011/myrp-490?propertyId=11946260">46 Lyons Street, Cottesloe, WA, 6011</a>, five-bedroom house, sold after auction on September 26 by Acton Cottesloe for $2.5 million
5. <a target="_blank" href="https://www.myrp.com.au/n/11-edgecliffe-avenue-south-coogee-nsw-2034/myrp-490?propertyId=6254864">11 Edgecliffe Avenue, South Coogee, NSW, 2034</a>, five-bedroom house, sold at auction on September 29 by Century 21 Coastline Properties for $2.45 million
6. <a target="_blank" href="https://www.myrp.com.au/n/3-agnes-street-strathfield-nsw-2135/myrp-490?propertyId=6476096">3 Agnes Street, Strathfield, NSW, 2135</a>, six-bedroom house, sold at auction on September 29 by Georges Ellis &amp; Company Strathfield for $2.255 million
7. <a target="_blank" href="https://www.myrp.com.au/n/46-hunter-street-lewisham-nsw-2049/myrp-490?propertyId=3729386">46 Hunter Street, Lewisham, NSW, 2049</a>, five-bedroom house, sold at auction on September 29 by Pilcher Residential for $2.225 million
8. <a target="_blank" href="https://www.myrp.com.au/n/45-lauderdale-avenue-fairlight-nsw-2094/myrp-490?propertyId=2306839">45 Lauderdale Avenue, Fairlight, NSW, 2094</a>, four-bedroom house, sold at auction on September 26 by McGrath Estate Agents for $2.1 million
9. <a target="_blank" href="https://www.myrp.com.au/n/29-kingston-street-haberfield-nsw-2045/myrp-490?propertyId=2777976">29 Kingston Street, Haberfield, NSW, 2045</a>, three-bedroom house, sold prior to auction on September 29 by McGrath Estate Agents for $1.83 million
10. <a target="_blank" href="https://www.myrp.com.au/n/72-abuklea-road-eastwood-nsw-2122/myrp-490?propertyId=2205145">72 Abuklea Road, Eastwood, NSW, 2122</a>, five-bedroom house, sold prior to auction on September 29 by McGrath Estate Agents for $1.7 million 
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Lavender Bay tops RP Data top 10 sales of the week

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The next upswing in the commercial and industrial property market is expected to commence this financial year led by a new wave of office and hotel construction, according to BIS Shrapnel.
While retail construction is expected to  remain weak, investment in bulky good stores spurred on by the competition between DIY store expansions (Wesfarmers’ Bunnings and Woolworths' Masters) will continue, while suburban malls with a strong supermarket presence will also be the focus of new investment.
BIS Shrapnel forecasts – non-residential commencements by sector
<table style="width: 470px;" border="1" cellspacing="0" cellpadding="0"><tbody>
<tr>
<td valign="top" width="205">
 
</td>
<td valign="top" width="205">
$ value
</td>
<td valign="top" width="205">
% growth 2012/13
</td>
</tr>
<tr>
<td valign="top" width="205">
Retail
</td>
<td valign="top" width="205">
$4.1 billion
</td>
<td valign="top" width="205">
-10%
</td>
</tr>
<tr>
<td valign="top" width="205">
Offices
</td>
<td valign="top" width="205">
$5.2 billion
</td>
<td valign="top" width="205">
+13%
</td>
</tr>
<tr>
<td valign="top" width="205">
Accommodation
</td>
<td valign="top" width="205">
$1.4 billion
</td>
<td valign="top" width="205">
+43%
</td>
</tr>
<tr>
<td valign="top" width="205">
Transport
</td>
<td valign="top" width="205">
$857 million
</td>
<td valign="top" width="205">
+26%
</td>
</tr>
<tr>
<td valign="top" width="205">
Warehouse
</td>
<td valign="top" width="205">
$2.3 billion
</td>
<td valign="top" width="205">
+12%
</td>
</tr>
<tr>
<td valign="top" width="205">
Other commercial + industrial
</td>
<td valign="top" width="205">
$792 million
</td>
<td valign="top" width="205">
6%
</td>
</tr>
<tr>
<td valign="top" width="205">
Total for sector
</td>
<td valign="top" width="205">
$15.5 billion
</td>
<td valign="top" width="205">
6%
</td>
</tr>
</tbody></table>
 
Across commercial property, the research firm is forecasting a 6% rise in building commencements in the next financial year after no growth 2011-12 as part of a “prolonged upswing” for the sector.
However, in its Spring 2012 Forecasts, BIS Shrapnel warns that businesses will remain wary about committing to new developments “even as undersupplies in some markets become increasingly evident”.
BIS Shrapnel is forecasting office starts to lift by 13% to $5.17 billion in 2012-13 as the national office market tightens over the next few years. This follows an estimated 4% rise in office commencements to $4.39 billion in 2011-12.
“While the current economic climate is volatile gradual growth is expected which will flow through positively to employment.
“At the same time, the rate of completions will persist at a low level, limiting additional supply. As this occurs effective rents and prices will rise and supply will react in most markets," says BIS Shrapnel.
New building construction in the accommodation sector is estimated to have risen by 21% over 2011-12 to just under $1 billion, and BIS Shrapnel is tipping a 43% surge to $1.35 billion in 2012-13.
 
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“A gradually strengthening global economy will provide support for accommodation demand from both tourists and business, while the addition to room supply will remain constrained given weaken construction volumes over recent years – pushing up room rates and occupancy levels further, encouraging development," says BIS Shrapnel.
“It is noted that while the more business focused CBD markets look relatively healthy, conditions for tourism-focused operators remain tougher, especially in markets like the Gold Coat and borth Queensland,” says BIS Shrapnel.
Retail building is expected to remain weak in 2012-13, with BIS Shrapnel saying that the weaker economy and competition from online retailers has resulted in weaker trading results, meaning that the expansion plans of many retailers and shopping centres developers are on hold.
Despite an expected improvement in economic conditions, the flow-through effect on new shopping centre construction will take time.
Investors wanting to take a punt in the retail space should consider bulky good centres and neighbouring shopping centres, says BIS Shrapnel.
“Bulky goods centres and neighbourhood shopping centres building has outperformed and this is anticipated to continue for the near future.
“This reflects the relatively aggressive expansion plans including ALDI, Woolworths (especially with their new Masters hardware chain), Wesfarmers and Costco."
A sustained commercial property recovery is also tipped by ANZ in its September property outlook update following the sector "plateauing" in 2012.
“Market fundamentals still suggest the broader ex-retail commercial property market is at the early stages of a multi-year cyclical upswing.
“Low vacancy and restricted supply present considerable upside to effective rents, particularly in the office and industrial sectors. Moreover, current yields belie the positive fundamentals and will firm as investor sentiment rebounds,” says ANZ in its report, authored by its head of property research Paul Braddick and other ANZ economists.
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