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“Minister Chanthivong and his team have shown real leadership in replacing an outdated two-year bond with cover that matches the lifespan of the buildings people are buying into.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

Joel Robinson

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Every First Home Owner Grant for new property by state

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

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

Staff Writer

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

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

alisonwarters@gmail.com

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

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

Ellen Walker

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

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

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

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The Brisbane inner-city apartment market is heading into a downswing due to the large numbers of off-the-plan projects currently being marketed in the Brisbane CBD and surrounding suburbs, according to property investment adviser Michael Yardney.
Yardney, the director of Metropole Property Investment Strategists, places the Brisbane unit market at two o'clock on the property clock – 12 o’clock indicates the property market has peaked while 3pm indicates the market is in a downswing.
He has Sydney houses (six o’clock) nearing the bottom of the cycle, but units entering a recovery period (seven o’clock).
The Melbourne property market is  assessed as having further to fall, with both houses and units at five o’clock.
<img src="/images/stories/2012/09/clock-generic.jpg">
<ul>
<li>At 12 o’clock the market is at its peak (demand exceeds supply)</li>
<li>At 3 o’clock the downswing has set in (an evenly supplied market) </li>
<li>By 6 o’clock it has bottomed out (an oversupplied market). </li>
<li>At 9 o’clock the market is rebounding (supply tightening)</li>
</ul>
Yardney expects there to be an oversupply of inner-CBD and near-CBD apartments in Brisbane for the next few years, causing prices to fall slightly.
Most recent data put out by the Real Estate Institute of Queensland has unit and townhouse prices in Brisbane up 3.8% over the June quarter to a median of $402,500 – but down 1.5% year-on-year.
Yardney says many of the Brisbane projects being currently marketed will remain unsold and this oversupply of properties will put downward pressure on prices and rentals.
“Many of the apartments that have been sold off the plan are coming on stream in the next few years and have been purchased by investors.
“Some will have difficulty getting finance and settling their purchase. Others will be disappointed to see the end value of their properties is less than their purchase price,” he says.
Yardney assesses the Brisbane detached house market to be between four o’clock and five o’clock – still in a downturn but on the way to bottoming out.
“House prices have dropped for the last two years in Brisbane.
“Brisbane buyers are lacking confidence to re-enter the market and are sitting on the sidelines waiting for signs that the market has bottomed before they make a purchase. Many were waiting for the resources boom to reignite their property market, but recent negative media has again dampened confidence,” says Yardney.
According to Yardney there are signs that the inner and middle-ring Brisbane home market is picking up, with more buyers returning and many properties now selling under a multi-offer scenario.
“Brisbane is entering the stabilisation phase of its property cycle, but prices are unlikely to start rising until 2013.”
These are Yardney's assessments of Sydney and Melbourne houses and unit markets on the property clock:
Sydney houses – six o’clock (bottom of the market)
“Different segments of the market are at different stages of the property cycle,” says Yardney.
“The top end of the market is at four o’clock, with early signs of a demand for more expensive properties, especially in the eastern and lower north shore properties.
“There is increasing confidence, translating into more demand for properties in the middle and lower end of the market, which is approaching six o’clock.”
Sydney units – seven o’clock (start of an upswing)
Yardney sees still strong demand from owner-occupiers for units but a shortage of available “good” stock relative to demand, especially in inner west, which is going through gentrification.
“Apartments in Sydney’s eastern, beachside suburbs and lower north shore suburbs are also performing well. However, buyers are being very selective and avoiding properties that are overpriced or apartments in secondary locations. “Strong rental demand, a shortage of rental properties, tightening vacancies and rising rents means investors will also vie for the same apartments as owner-occupiers, underpinning prices. “The market for well-located apartments is likely remains strong throughout spring and this will be helped if interest rates fall once more as expected.”
Melbourne houses – five o’clock (in a downswing)
“After falling in value over the first quarter of the year, the Melbourne housing market has been a bit of a surprise, performing better than many expected which prices rising around 3% over the last quarter clawing back half of their losses. Different segments of the market are at different stages of the property cycle,” says Yardney.
“The top end of the market is at four o’clock, with an oversupply of property relative to the reduced demand for luxury property,” says Yardney
He says there is more demand for properties in the inner- and middle-ring Melbourne suburbs that priced between $500,000 and $900,000.
“Builders and developers have got ahead of themselves, and there is a substantial oversupply of newly built house and land packages in the outer suburbs, which will create a downward pressure on property values in these locations and for properties in the first-home buyer category in general.”
Melbourne units – five o’clock (in a downswing)
“With over 40 new projects under construction there is an oversupply of inner-city /CBD apartments. This is occurring at a time when there is less demand from the demographic of tenants that rent in the CBD. This will put downward pressure on prices and rentals,’ says Yardney.
“Many of the apartments that have been sold off the plan are coming on stream in the next few years and have been purchased by investors. Some will have difficulty getting finance and settling their purchase. Others will be disappointed to see the end value of their properties is less than their purchase price."
As with the outlook for Brisbane inner city and CBD units, Yardney expects there will be an oversupply of inner-CBD and near-CBD apartments in Melbourne for a few years, causing prices to fall slightly
“However established apartments with an element of scarcity, for example Art Deco features, are still selling well, as there is limited supply in relation to the current demand for these types of properties,” says Yardney.
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lschlesinger-FZcF9M3vE6

Brisbane units market heading into downswing on property clock due to too many off-the-plan projects: Michael Yardney

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The <a target="_blank" href="https://www.rba.gov.au/publications/bulletin/2012/sep/index">Reserve Bank released its September quarter bulletin,</a> which included a superb article outlining the bank's research around supply-side constraints across the capital cities of Australia.  The report identifies four factors that are impediments to a responsive housing supply across the country:
<ul>
<li>Complexity of the planning process that can create uncertainty, lengthy delays and risk for developers as well as significantly increase costs for developers;</li>
<li>Provision and funding of infrastructure – gone are the days of the government funding the costs of roads, utilities and community services out of the tax base.  The report states “developers often fund at least half of new utility and transport infrastructure in Sydney, Brisbane, Perth and Adelaide”.  Often the costs fronted by developers are negotiated across each project, providing an uneven playing field and planning uncertainty;</li>
<li>Land ownership and geographical constraints – fragmented land ownership across infill and greenfield locations makes it difficult for developers to identify and acquire sites that are appropriate for large-scale development.  Additionally, the geographic constraints such as the large tracts of national park north and south of Sydney are identified in the report; and</li>
<li>Public attitudes towards infill development – the report specifically comments on infill developments being subject to community opposition, which can result in rejection, restrictions on development approval and a loss of project viability.</li>
</ul>
One of the most revealing tables in the report compares the costs of greenfield development across each of the major capital cities. Indicative costs for developing a greenfield site in Sydney are more than three and half times what it costs in Melbourne.  The imbalance in development charges provides a distinct insight about why new development has been so lacklustre in Sydney while at the same new housing supply has been very sufficient in Melbourne.
Click to enlarge
<a title="Click to enlarge" rel="shadowbox" href="/images/stories/2012/09/rpsept17.gif"><img src="/images/stories/2012/09/rpsept17thumb.gif"></a>
Source: <a target="_blank" href="https://www.myrp.com.au/">RP Data</a>
The report is timely in the sense that the ABS also released its June quarter dwelling commencements data, which showed that, despite a 4.6% rise in dwelling commencements over the quarter (which was driven by a spike in the volatile ‘other’ sector which generally refers to apartments), new dwelling starts were down 10.8% over the year.
The graph below, which tracks annual dwelling starts versus the annual change in population growth, clearly highlights the lack of any response in housing supply to surging population growth between 2004 and 2008.  In fact, as population growth (read ‘housing demand’) surged, new housing starts were trending downwards.  More recently we are once again seeing population growth ramping up at a time when new dwelling construction remains weak.
Click to enlarge
<a title="Click to enlarge" rel="shadowbox" href="/images/stories/2012/09/rpsept171.gif"><img src="/images/stories/2012/09/rpsept171thumb.gif"></a>
Source: <a href="https://www.myrp.com.au/" target="_blank">RP Data</a>
The third graph from the RBA report highlights how a comparably low-cost and reasonably efficient land release strategy played out for Melbourne.  Despite recording similar rates of population growth between Sydney and Melbourne, the number of land parcels released in Melbourne has been more than double what has been recorded in Sydney.
<img src="/images/stories/2012/09/rpsept172.gif">
Source: <a href="https://www.myrp.com.au/" target="_blank">RP Data</a>
The RBA authors of the report summarise their findings like this:
“Given the difficulties involved in satisfying the large number of stakeholders involved in the housing supply process, it is likely that these important issues will remain on the policy agenda for some time.”
I couldn’t agree more.  Developing land in Australia is currently a tough gig, it seems, and with most state governments looking to bolster their budgets it is hard to imagine any resolution to issues like infrastructure charges and levies any time soon.  From another perspective, attracting population growth means that development needs to be facilitated (if not encouraged) by all levels of government.  A larger taxation base has got to be a positive for most state governments at the moment given their financial positions.
Tim Lawless is national research director of <a href="https://www.myrp.com.au/" target="_blank">RP Data.</a><a href="https://www.myrp.com.au/" target="_blank"> </a>
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tlawless-5VLUrbAk9s

Four reasons Australia can't keep up with housing demand

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Sydney fell further behind on its new home construction targets in the first quarter of the year, according to social policy think-tank the McKell Institute.
In its inaugural quarterly housing monitor report for the first quarter of 2012, the McKell Institute calculated there were 3,017 new home completions, just over half  (52%) of the 5,825 new dwellings that are required to meet the Sydney 2036 metropolitan target  – a shortfall of 2,908 homes. 
The institute says that under Sydney metro targets dating back to July 2006 until the first quarter of 2012, Sydney should have delivered 133,975 new homes.
However, over this period Sydney has delivered only 80,466 new homes, a deficit of 53,509 homes (or roughly 40%).
The biggest shortfall of new homes is occurring in the outer north-west and outer south-western suburbs of Sydney, where the government expects more than 40% of new homes to be built between now and 2036.
The McKell institute calculated that in the first quarter of the year just 322 homes were built in south-west Sydney – comprising Camden, Campbelltown, Liverpool, Wollondilly – 1,291 fewer than required under NSW government targets, and representing a shortfall of 75.1% for the quarter.
Similarly, in the north-west growth corridor – comprising Blacktown, Blue Mountains, Hawkesbury, Penrith and The Hills – there were only 562 homes built, compared with a target of 1,408 – a shortfall of 60.1%.
Just two zones met their targets in the first quarter of the year, including eastern Sydney, which has the smallest government requirement and comprises some of the most expensive property in the city in the suburbs of Botany Bay, Randwick, Waverly and Woollahra.
The other zone to meet its target was central west Sydney – incorporating Auburn, Bankstown, Fairfield, Holroyd and Parramatta – which has a target of 96,000 by 2036.
Metro 2036 target, quarterly, first quarter 2012
Click to enlarge
<a title="Click to enlarge" rel="shadowbox" href="/images/stories/2012/09/mckellsept17.jpg"><img src="/images/stories/2012/09/mckellsept17thumb.jpg"></a>
The quarterly targets are calculated based on December 2010 NSW government modelling, which estimates that Sydney needs an additional 770,00 homes by 2036 – a 46% increase on the current 1.68 million homes – to cater for an additional 1.6 million people by this time, taking the city’s population to over 6 million residents.
The greatest concentration of houses is required in the south-west, where the NSW government has a target of 155,000 new homes by 2036, and the north-west – Blacktown, Blue Mountains, Hawkesbury, Penrith, The Hills – where the target is for 169,000 homes to be built by 2036.
The McKell report also quotes Australian Property Monitors (APM) statistics which show that Sydney’s median weekly asking rent for a house is $500 compared to Melbourne’s which is a far more affordable $360 per week, whilst the median price for a home in Melbourne is $531,000 compared $642,000 in Sydney.
It also notes that fewer than one-third of Sydney residents under the age of 35 own a home, while over the last five years, Sydney’s housing approvals numbered 98,822, compared with 192,648 in Melbourne.
“These [undersupply] figures ought to sound an alarm bell for the newly elected councillors across Sydney who need to understand that home ownership is becoming a preserve of the wealthy,” says McKell Institute executive director Peter Bentley.
McKell fellow and author of its Homes for All report (which set even higher new home construction figures) Sean Macken say the figures suggest the housing situation is going to get much worse in a city which is already Australia’s most expensive to buy or rent a home
“Councils across the city need to flatly reject NIMBYism and accept that if they don’t approve more dwellings and get the construction sector pumping, our housing affordability crisis will get out of control.”
At last week’s BIS Shrapnel forecasting conference, it was reported that NSW would have a dwelling stock defiencey of 52,800 homes by 2014 at current rates of construction.
BIS Shrapnel warned of “significant stock defiencies” emerging, particularly in Sydney, and forecast an “upturn in residential building" in NSW and other states with undersupply issues.
The undersupply of new homes in Sydney is also one of the factors “creating signficiant pressure in residential property markets, driving price and rental growth and ensuring Sydney remains the least affordable capital city in Australia," says BIS Shrapnel.
BIS Shrapnel says the high level of unaffordability has been a significant contributing factor in the lack of new houses being built in NSW, “alongside a complex planning framework and lack of suitable land releases”.
 
 
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Sydney housing crisis deepens as outer suburbs fall further behind on new home building targets: McKell Institute

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Bridge Road Richmond's retail strip has recorded its highest vacancy rate in five years, amid a prounced trend towards more vacant shops across Melbourne.
Bridge Road's vacancy rate has risen from 2.9%  to 11.5% over the past two years. Just five years ago the discount fashion shopping mecca had the lowest vacancy rate of 11 suburban shopping strips.
Property Observer counted 25 "for lease" signs along Bridge Road between Punt Road and Church Street over the weekend.
There were many more closing down sale signs. Some tenants, including Flight Centre, were relocating along the strip, but most exiting the strip.
Overall, the prime retail suburban vacancy rate in Melbourne had climbed from 3.2% to 5.3% over the past two years. Church Street, Brighton, had the lowest vacancy rate followed by High Street Armadale and Acland Street St Kilda.
Knight Frank's retail survey, comprising 2,369 shops, found that the vacancy rate in Acland Street in St Kilda rose from zero to 3.7%.
Other results were: Burke Road, Camberwell, 2.8% to 7.2%; Clarendon Street, South Melbourne, 0.6% to 6.1%; Chapel Street, Prahran, 2.7% to 4.2%; Puckle Street, Moonee Ponds, 0.5% to 4.2%; Glenferrie Road, Hawthorn, 1.8% to 4.4%, with the Malvern end increasing from 2.8% to 3.5%.
Despite the rise in vacanicies, Knight Frank research analyst Rodney Wong says yields remained relatively stable.
Recent sales in Glenferrie Road and Chapel Street had sold with initial yields ranging between 3.5% and 4.5%, indicating prime retail assets were still sought after, particularly by private investors.
Wong acknowledged consumer and retailer confidence remained subdued after the impact of the federal government's $2.8 billion household assistance package in May and June.
Sales of discretionary items of clothing and sales in department stores also fell, but turnover in cafes, restaurants and takeaway food outlets generally outperformed total retail sales.
Wong says the prime retail strips are still attracting global brands.
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jchancellor-FAypfDUnLy

Melbourne shopping strip Bridge Road, Richmond, has highest vacancy rate in five years

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According to the best estimates at the time, almost 105,000 Australians were homeless on census night in August 2006. This promoted then prime minister Kevin Rudd to make the <a href="https://www.fahcsia.gov.au/our-responsibilities/housing-support/programs-services/homelessness/the-road-home-the-australian-government-white-paper-on-homelessness-0" target="_blank">ambitious commitment</a> to accommodate all people sleeping rough and halving the number of homeless in Australia by 2020.
The government committed significant resources for specialist homeless services and new affordable housing initiatives, particularly through <a href="https://www.economicstimulusplan.gov.au/housing/pages/default.aspx" target="_blank">economic stimulus</a> and various <a href="https://www.fahcsia.gov.au/our-responsibilities/housing-support/programs-services/homelessness/national-partnership-agreement-on-homelessness" target="_blank">multi-governmental agreements</a> under the new federal financial relations regime.
But how successful have Australian governments been in reducing homelessness?
At this stage, we don’t know. Part of the reason is the difficulty in estimating the number of people who are homeless. But we hope the Australian Bureau of Statistics' (ABS) revised definition of homelessness will give us a clearer understanding of the crisis in Australia.
The existing definition
Since 2001, the “<a href="https://www.health.gov.au/internet/publications/publishing.nsf/Content/mental-homeless-toc~mental-homeless-1~mental-homeless-1-2" target="_blank">cultural definition</a>” of homelessness, developed by Melbourne academics <a href="https://rmit.com.au/browse;ID=prh5wwtapmo9" target="_blank">Chris Chamberlain</a> and <a href="https://www.swinburne.edu.au/chancellery/mediacentre/media-centre/view-expert/david-mackenzie" target="_blank">David MacKenzie</a>, has been used to describe the nature and extent of homelessness in Australia. This definition defines homelessness as not having access to: “ the minimum accommodation that people have the right to expect in order to live according to the conventions of contemporary life”.
Chamberlain and Mackenzie describe the accepted minimum Australian community standard as “a small rented flat”, with the minimum required amenities, such as a bedroom, living room, bathroom and kitchen.
This “cultural definition” of homelessness led to the identification of three categories within the homeless population:
a) primary homelessness – people without conventional accommodation living on the streets, in deserted buildings, railway carriages, under bridges and in parks (“rough sleepers”);
b) secondary homelessness – people moving between various forms of temporary shelter including friends' homes, emergency accommodation, refuges and hostels; and
c) tertiary homelessness – people living permanently in single rooms in private boarding houses without their own bathrooms or kitchens and without security of tenure. They are homeless because their accommodation does not satisfy the requisite conditions of the minimum community standard.
The ABS endorsed this “cultural” definition of homelessness, but in 2009 advised that it was reviewing Chamberlain and MacKenzie’s seminal work to provide its own official methodology.
A new definition
The ABS released a <a target="_blank" href="https://www.abs.gov.au/AUSSTATS/subscriber.nsf/log?openagent&amp;2050055001_2011.pdf&amp;2050.0.55.001&amp;Publication&amp;C255AA8D9A430DAFCA257863000EEE6B&amp;&amp;2006&amp;31.03.2011&amp;Latest">discussion paper</a> reviewing the methodology of Counting the Homeless in March 2011. It didn’t change the definition but it challenged some of the assumptions that informed the definition. The discussion paper was <a target="_blank" href="https://www.theage.com.au/national/fears-over-recount-of-homeless-20110313-1bt0q">criticised</a> for lacking consultation with experts and failing to have an on-the-ground understanding of homelessness.
Commendably, the ABS then took the opportunity to engage more fully with experts in homelessness policy and service delivery. As a result of this work, the ABS <a target="_blank" href="https://www.abs.gov.au/AUSSTATS/subscriber.nsf/log?openagent&amp;2049055001_2012.pdf&amp;2049.0.55.001&amp;Publication&amp;61102520832D348ECA257A6F0012AF91&amp;&amp;2012&amp;05.09.2012&amp;Latest">released a report</a> earlier this month that includes a new definition of homelessness:
When a person does not have suitable accommodation alternatives they are considered homeless if their current living arrangement:
<blockquote>
<ul>
<li>is in a dwelling that is inadequate; or</li>
<li>has no tenure, or if their initial tenure is short and not extendable; or</li>
<li>does not allow them to have control of, and access to space for social relations.</li>
</ul>
</blockquote>
Unlike the cultural definition, which judges the adequacy of housing against an amorphous “standard”, this new definition is informed by the notion of “home” and the elements that are consistently identified with home.
The definition is intended to operationalize the collection of official estimates of homelessness through the census. While an admirable goal, this presents several practical difficulties.
The definition includes elements of “habitability” or “adequacy”, which aren’t measured by census data. And the definition <a target="_blank" href="https://www.abs.gov.au/AUSSTATS/abs@.nsf/Latestproducts/2049.0.55.001Main%20Features82012?opendocument&amp;tabname=Summary&amp;prodno=2049.0.55.001&amp;issue=2012&amp;num=&amp;view=">fails to address</a> any specific cultural definition issues relating to Aboriginal and Torres Strait Islander peoples’ understandings of home or homelessness, which the ABS has committed to addressing.
Interestingly, the Commonwealth is now <a target="_blank" href="https://www.fahcsia.gov.au/our-responsibilities/housing-support/programs-services/homelessness/exposure-draft-homelessness-bill-2012">contemplating</a> a new statutory definition of homelessness. The Commonwealth’s definition has been <a target="_blank" href="https://www.google.com.au/url?sa=t&amp;rct=j&amp;q=&amp;esrc=s&amp;source=web&amp;cd=2&amp;cad=rja&amp;ved=0CCgQFjAB&amp;url=http%3A%2F%2Fwww.homelessnessaustralia.org.au%2FUserFiles%2FFile%2FMedia%20Release%2F2012%2FHA%20MR%20on%20Draft%20Bill.pdf&amp;ei=C_5PUPLFFZDsmAXcqoHYBA&amp;usg=AFQjCNE6t5QiTUAx9Wr_wgH6Z1Eh7dF42Q">criticised</a> for introducing an element of choice into peoples’ experience of homelessness, risking the perpetuation of the <a target="_blank" href="https://www.cityofsydney.nsw.gov.au/community/HomelessnessServices/InformationKitForVolunteers/Module1/DoPeopleChooseToBecomeHomeless.asp">common myth</a> that people choose to be homeless.
It is unfortunate that there will be multiple definitions rather than a commonly accepted and understood definition, but the loose consensus on the ABS’s work may lead to an agreed definition and understanding of homelessness.
Recounting the homeless
A week after releasing the new definition, the ABS <a target="_blank" href="https://www.abs.gov.au/AUSSTATS/subscriber.nsf/log?openagent&amp;20490_2006.pdf&amp;2049.0&amp;Publication&amp;A83FE9CE21ABBC64CA257A7500148E57&amp;&amp;2006&amp;11.09.2012&amp;Latest">recast the estimate</a> of people who were counted as homeless through the census process in 2001 and 2006. As a result, the number of homeless Australians counted changed from about 100,000 to over 95,000 in 2001 and 105,000 to almost 90,000 in 2006.
There are also changes in demographic groups: the estimate of people experiencing homelessness in the Northern Territory has almost tripled; overcrowding is recognised as a new form of homelessness; and the number of young people (aged 12-18) has halved. The measurement of young homeless people is particularly problematic (<a target="_blank" href="https://www.abs.gov.au/AUSSTATS/subscriber.nsf/log?openagent&amp;20490_2006.pdf&amp;2049.0&amp;Publication&amp;A83FE9CE21ABBC64CA257A7500148E57&amp;&amp;2006&amp;11.09.2012&amp;Latest">acknowledged by the ABS</a>) and may be the clearest example of the shortcomings of using census data to measure homelessness.
While the use of census data is problematic, this data shows a minor decrease in the number of people experiencing homelessness from 2001 to 2006, and the ABS will release its estimation of homelessness from the 2011 census later this year, which will we hope show a further decrease.
Despite the revised figures, as <a target="_blank" href="https://www.chp.org.au/">Council to Homeless Persons</a> CEO Jenny Smith <a target="_parent" href="https://www.probonoaustralia.com.au/news/2012/09/abs-figures-reassess-homelessness?utm_source=Pro+Bono+Australia+-+email+updates&amp;utm_campaign=f6112135d4-News_11_September9_11_2012&amp;utm_medium=email">points out</a>, there is still a huge and growing demand for homelessness services, with thousands of people becoming homeless on any given night and limited resources in the sector to deal with this pressure.
The ABS’s commendable work in measuring homelessness will enable the government to report against its commitment to halve homelessness by 2020. While the census isn’t the only tool, it is part of a body of work that will contribute to a better understanding of homelessness, and how it can be ended.
James Farrell is a lecturer in law at <a href="https://deakin.edu.au/" target="_blank">Deakin University.</a>
This article originally appeared on <a href="https://theconversation.edu.au/" target="_blank">The Conversation.</a>
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Definition of homelessness changes, but growing demand for homelessness services

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Home insurance is a balance between minimising the cost of the insurance premiums paid and maximising the peace of mind that comes with knowing you’re adequately insured. Too often home owners focus only on the premium and are not even sure how a replacement cost estimate is calculated. A little knowledge goes a long way, as there are often associated reconstruction costs that have been overlooked. It’s important to understand the dangers of outdated replacement cost estimates and the breakup of the estimate itself.
Firstly, a replacement cost estimate (RCE) report is an estimate of the cost to replace a particular building in today’s economic climate. Of course the economic climate is not static, so the cost to build two identical properties over time varies based on a multitude of factors such as fluctuating material and labour. A home owner could be forgiven for estimating the cost to build a brand-new home on their block based on current costs advertised for project homes or the latest display homes at their local display centre. However, there are costs over and above the construction of a new house that must be included in a full replacement cost estimate. These include, but are not limited to:
1. The demolition and removal of the remainder of the original structure – a house destroyed by fire, for example, will not be left neatly packed away in a skip bin. There will be costs associated with removing and clearing the debris, which could include hazardous materials (like asbestos) if the property is of a certain age.
2. The cost of constructing the new building based on current planning constraints and building codes – what is built on the block at the present time may not necessarily comply with the current building codes if it were to be reconstructed. The property may require repositioning on the block, or it could have to be rebuilt subject to BASIX requirements.
3. Consultants and preliminaries fees – these include architects’ fees, costs associated with the development application and the like.
Additionally, you’ll need to consider cost escalations associated with the time it takes for planning, design and documentation, the calling of tenders and tender evaluation as well as the construction fit out period itself.
As you can see, the total value that a property should be insured for goes over and above a brand-new construction cost alone.
The risk of being underinsured exposes the home owner to significant losses in the event of a disaster. Even if the property only requires partial reconstruction, it’s possible to be out of pocket when the insurance company does not release the total insured value for the property.
A replacement cost estimate also works in reverse to ensure that if the replacement value of a building is overstated, it can be brought back in line with an appropriate current replacement cost to minimise the insurance premiums. Nobody wants to pay more than is necessary, and an RCE will identify if this is the case.
It comes back to a balance between ensuring the premiums are not based on an overstated replacement value, and confidence that you’ll not be out of pocket should the worst happen. A replacement cost estimate is the best tool to ensure the balance is achieved.
Mike Mortlock is a director of <a href="https://www.mcgqs.com.au/">MCG Quantity Surveyors</a> specialising in tax depreciation deductions for property investors.
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Beware of outdated replacement cost estimates when choosing home insurance

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Ardent Leisure Group has agreed to buy Fenix Fitness Clubs for $60.9 million in a move that signals further consolidation in the health and fitness sector.
The deal follows <a target="_blank" href="https://www.smartcompany.com.au/leisure-and-gaming/050009-fitness-first-to-slim-down-by-selling-24-clubs-as-low-cost-gyms-grab-market-share">Fitness First's recent sale</a> of 24 clubs in a response to low-cost gyms grabbing market share.
Sources in the industry say Fitness First is desperately trying to offload some of its remaining clubs, but Ardent went for the Fenix clubs instead, seeing them as an opportunity to strengthen its group.
Ardent already operates Goodlife gyms and Fenix's 10 premium fitness clubs in Victoria and Queensland. Two more Victorian clubs in development stage will be rebranded to Goodlife gyms within 12 weeks.
The Fenix clubs have about 35,773 members.
The purchase will be funded through a fully underwritten $50 million equity placement and a $20 million share purchase plan expected to be completed by October 31, 2012.
Ardent chairman Neil Balnaves said the deal was a "strategic opportunity" to strengthen the position of Goodlife "in a core growth market".
"[It] is expected to positively impact the performance of the existing club portfolio through enhanced passport benefits," he said.
"Goodlife has consistently delivered above market membership and profit growth and will now enjoy equal No1 ranking in Melbourne with 19 clubs, together with the two Fenix clubs under development.
"Following the recent acquisition of the Fitness First South Australian portfolio Goodlife is also now well placed to capitalise on a more extensive product offering in South Australia."
In a statement to the Australian Securities Exchange Ardent, he said the acquisition represented a strategic opportunity to strengthen one of its strongest performing operating divisions and would add to earnings both before and after synergies.
Ardent's divisions include Dreamworld and WhiteWater World on the Gold Coast, AMF bowling alleys, marinas and the Texas-based Main Event entertainment arcades.
However, Goodlife was one of Ardent's few successful divisions last year with earnings up 21% in comparison to Ardent's overall 2011-12 which fell below expectations by 63%.
This article originally appeared on <a target="_blank" href="https://www.smartcompany.com.au/index.php">SmartCompany</a>.
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cwaters-YrtBR88nBe

Ardent Leisure Group to buy Fenix Fitness Clubs for $60.9 million

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Hotspot, a Campbellfield brothel and strip club, has been for listed for sale with hopes of up to $3 million.
<img width="470" src="/images/stories/2012/09/brothel.jpg">
The vendor, Donna Murdoch, is selling the property because licensing laws prevent madams from operating more than one brothel.
Murdoch, the madam of the Main Course in North Melbourne, had previously tried to sell the property in 2007, around the time the law was passed limiting brothel ownership.
Agent John Castran from John H Castran Pty Ltd says Murdoch was unmotivated to sell back then with hopes the laws would be changed.
It has been sitting idle for the last 18 months as the laws were enforced.
<img width="470" src="/images/stories/2012/09/brothel3.jpg">
Despite sitting idle, the property has been extensively renovated in that time.
“If you and I went down there now and flicked the lights on you would not believe it,” Castran says.
“You couldn’t spend money renovating it if you tried.
“It’s absolutely bloody unbelievable.”
The new renovated property is being sold fully furnished and comes with all required liquor and sex licences.
It is being marketed as a three-way investment, comprising the brothel, strip club and bar operations.
“It’s a three in one. A one-stop shop,” says Castran.
<img width="470" src="/images/stories/2012/09/brothel2.jpg">
They have been operated as separate businesses, allowing it to be one of the few brothels in Melbourne with a drinking venue.
The brothel is located upstairs and has six bedrooms, three with spas. With ground-floor entry, the brothel has a foyer, office and reception waiting area.
<img width="470" src="/images/stories/2012/09/brothel5.jpg">
The ground floor of the venue has a fully fitted bar lounge, which is licensed for explicit entertainment, a sports bar, kitchen, office and outdoor beer garden. The lounge bar has several load-bearing poles.
Close to the Hume Highway, it comes with secure fencing and 24 carparks.
Castran has been marketing the property towards potential owner-operators, saying very few brothels are actually rented premises.
“I’ve learnt a lot about the industry.”
“I haven’t made a call about the rent. These days basically all brothels are owner-operators. They used to be landlord and operator deal, but that’s rare now.”
He says there has been significant interest in the property.
The liquor licence allows a maximum of 300 people from 11am to 6am on Sunday to Thursday and from 11am to 7am on Friday and Saturday.
“It’s got a pretty amazing liquor licence.  You just can’t get them anymore.”
“They’re hard to get now. There’s more shutting down than being opened.”
The 1,178-square-metre property goes to auction on September 28 at noon, and it sounds like an auction not to miss.
“We’ve got some dancing girls coming in for the auction.”
“It’ll definitely be open for inspection, so to speak.”
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awalsh-7Ub9EypybQ

Campbellfield, Melbourne, brothel listed for auction with $3 million hopes

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If you can get past the headlines, things – real estate wise – are definitely looking up – but you might need your head read if you’re planning to sell an property soon, depending on where it is and when you bought it, of course.
Some pretty low forced sales in Melbourne (for example) have caused many investors to desert a sinking market – dropping hundreds of thousands of dollars in the process. Weigh up the current low interest rates, and it might pay to tenant your worst investment as best you can, and wait out the storm.
Things are generally looking up in Sydney and Brisbane, although a sudden flood of stock in spring might make things tougher.
So what can you do if you have to sell in a tough market? There are five things you must do to win a sale sooner rather than later.
1) Wake up and smell the roses
I’m not your agent, and I’m not talking you down – but you need to be realistic on price. Yes, it might hurt. An overpriced property in a tough market will sit there, draped in cobwebs, while its vendor dreams of better times. See what other properties are selling for, then take a good hard look at yours. No one wants to take a hiding from a bargain-hunter in six or 12 months’ time.
2) Present it like you mean it
In a tight market, you need to knock the socks off every buyer who comes through the door. Make it clean as a whistle, leave no stone unturned in the garden – and please, do not forget the windows, inside and out. Buy flowers for the kitchen before every open house. Aim for show-stopping perfection; you want your property to be remembered for good, not evil.
3) Promote it as best you can
Make sure the property’s very best feature is in the headline of the internet ad and any other ads you feel you want to pay for. Always get professional photos taken, but shop around and make sure you own the images if you change agents later. Ask your agent to do a letterbox drop, or offer to do one yourself.
4) Out with the tenants; in with the furniture
It’s a sad fact of life that your tenants are unlikely to share your personal financial goals. It’s even more likely they will not have the place looking ship-shape for each and every inspection, and the longer a sales campaign runs, the grumpier they’ll get. Aim to sell a property immediately after a tenancy – that way you can have free access to get the place cleaned and ready for sale, and your agent can conduct inspections at will. If your budget permits, try furnishing even just one or two rooms to really make a good impression. The living area and the main bedroom should do it.
5) Stay strong
If push comes to shove, only you can make the decision to cut your losses and meet the market, or hold on for a better offer that may or may not ever come. There’s a wealth of psychology to selling – and tough markets are tough, so don’t let it do your head in. If you can’t secure a sale in a time period within your comfort zone, have a backup plan – like re-tenanting the property beyond a certain date, or even taking it to auction. Listen to your agent, but make sure you’re in the driver’s seat.
Michael Matusik is the founder of <a href="https://www.matusik.com.au/" target="_blank">Matusik Property Insights</a>, which has helped over 550 new residential projects come to fruition.  Read <a title="blocked::https://www.matusikmissive.wordpress.com /" href="https://www.matusikmissive.wordpress.com%20/" target="_blank">Michael's blog</a>or follow him on <a href="https://www.twitter.com/michaelmatusik" target="_blank">Twitter</a> or connect via <a href="https://www.linkedin.com/in/michaelmatusik">LinkedIn</a>.
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Five tips for property vendors to secure a sale sooner rather than later in a tough climate

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There were 717 sales in Perth for the week ending September 12, some 37% more than the same week last year, according to the Real Estate Institute of Western Australia. The most actively trades suburb was Scarborough, north of the river.
<img src="/images/stories/2012/09/reiwasept13.jpg">
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