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“Minister Chanthivong and his team have shown real leadership in replacing an outdated two-year bond with cover that matches the lifespan of the buildings people are buying into.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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Last month, when National Australia Bank issues its index of online retail sales for the year to May, it appeared even e-tailers were experiencing the effects of a broader retail recession, with the growth rate for online sales continuing the gradual slowdown experienced over the course of this year. The latest numbers, however, depict a significantly more positive mood.
It has been evident in the most recent round of annual results from bricks and mortar retailers that something happened quite late in the financial year, with quite discernible upticks in sales and profitability at the tail-end of an otherwise dismal year.
The most interesting results were the 4.6% fourth-quarter increase in Woolworths Big W discount department store business, which had been really struggling before that final three months, Target’s comparable store sales growth of 4.5% in that quarter and its Wesfarmers’ sibling Kmart’s 2.2% sales growth. It is the discount department store segment of the market where the retail recession had been most evident.
Today’s NAB online retail sales index showed that online sales growth, which had dropped from 19% year-on-year in March to 14% in May, picked up strongly in July, with year-on-year growth of about 25%. NAB chief economist Alan Oster commented that there had been notable growth, not just in online sales, but for traditional bricks and mortar retailers.
That’s consistent with what the Reserve Bank minutes of its board meeting earlier this month suggested, with the minutes recording that the board noted indications that consumer spending had retained some momentum in the June quarter.
With three 25 basis points cuts and one 50 basis point cut to official interest rates in 10 months it perhaps isn’t surprising that some level of stimulus is starting to flow through to household spending, although that may not be the primary reason for the pick-up in retail sales.
It was, of course, from the middle of May that the Gillard government started splashing vast amounts of cash around as part of its compensation of households for the introduction of the carbon tax. With gambling venues reporting an immediate and significant lift in sales consumers may well have treated those payments as windfalls and simply spent them.
If that were the case, the lift in sales that started in the last quarter of the retailers’ financial year and which, anecdotally at least, has continued into the new financial year could be a short-lived phenomenon.
There are, however, some broader and reasonably encouraging signs that some level of confidence has returned to consumers and businesses, with house prices stabilising and the demand for credit, which had been very subdued, showing signs of life. Maybe it’s because Europe and the continuing prospect of an implosion in Europe haven’t been front page news for some time.
The dive in commodity prices and the shelving of a number of mega mining projects that were on the drawing boards may have an impact on sentiment in the short term, although as that works through the terms of trade and the competition for resources within the domestic economy it might take some pressure off the non-resource sectors and states.
While traditional retailers would be gratified by even a sliver of extra spending in their stores, the increased scale of online spending – $11.7 billion in the year to July according to NAB – and its rising share of total retail sales should lead them to intensify their own efforts to build an online presence.
NAB says that online sales were equivalent to 5.3% of traditional retail spending in the year to July, up from 4.9% in January. Encouragingly for the bricks and mortar retailers pursuing "bricks and clicks" or "omni-channel" strategies, domestic e-tailers dominate the spending, with a 72% share, although NAB says there was a marked pick-up in international sales in July.
Myer’s Bernie Brookes has been saying that, despite their tardy entry to online retailing, the traditional bricks and mortar retail brands will eventually dominate online retailing and that the entrepreneurs that have built the sector so far have "had their day in the sun".
By this time next year we’ll not only know whether the pick-up in retail sales generally was a cash splash-inspired aberration, but it ought to be possible to assess whether the attempt by the bricks and mortar retailers to establish a meaningful online presence has gained any traction.
This article originally appeared on <a href="https://www.businessspectator.com.au/" target="_blank">Business Spectator</a>
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Retail sales and profitability pick up, but will it last?

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The London Tavern in Port Melbourne has been listed for auction with hopes in the low to mid-$3 millions.
<img src="/images/stories/2012/08/thelondon.jpg">
It’s being sold as vacant possession after the operators of the pub moved out a few weeks ago.
It comes on 330 square metres of land and goes to auction on September 21.
The pub is on the corner of Beach Street, with a 20-metre frontage, and Princes Street, with an 18.3 metre frontage.
Agent Joseph Carbone from Vinci Carbone Property says the property isn’t covered by any heritage restrictions.
He says the site is a prime development site.
"Sites like are very rare. It's extremely rare to get a freehold of this nature," Carbone says.
 Carbone says they are selling the hotel freehold with plant and equipment.
The 640-square-metre building comes with a liquour licence.
It is zoned mixed use. Carbone says interest in the site could come from potential owner-occupiers, home renovators or more likely developers.
"It is also surrounded by numerous successful residential developments more particularly adjoins the highly regarded residential suburb of Beacon Cove," he writes.
Plant includes items like equipment, kitchen appliances, four kegs of beer, furniture and security equipment.
The pub is being sold by a private local investor.
The site was the subject of a case in the Supreme Court of Victoria last year, with a former tenant seeking relief against forfeiture after failing to pay rent.
The former tenant was in breach of lease in a number of ways, mostly stemming from not paying rent.
He moved out and new tenants took over in December 2011, but have since vacated.
It's been 3AW’s pub, with the suggestion the view from the first floor dining area is one of Melbourne’s assets.
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Port Melbourne pub The London listed for auction

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The past week has brought much debate and consternation in Australia as to whether the mining boom that has supposedly propelled the economy for the last decade is over. This followed the cancellation or delay of various resource investment projects, including the massive Olympic Dam expansion and a fall in commodity prices over the last year.
But is it really over? And would it really be the disaster for Australia that many fear? After all, we have had years of hearing about the two-speed economy where the less resource-rich south-eastern states were being left behind, and it was said that the people of western Sydney were paying the price (via higher than otherwise interest rates and job losses) for the boom in Western Australia, so many Australians might be forgiven for thinking good riddance.
<img src="/images/stories/2012/08/ampaug31.gif">
Semantics and confusion
Much of the debate about whether the mining boom is over has been characterised by confusion as to what is being referred to, with some focusing on commodity prices, others on mining investment projects and others saying that technically it hasn't even begun until mining and energy exports pick up. In broad terms the mining boom that has gripped Australia for the last decade likely has three stages.
The first stage or Mining Boom I (MB I) began last decade and brought surging resource commodity prices driven by industrialisation in China. This resulted in a rise in Australia’s terms of trade to near record levels (see next chart). This phase was initially good for Australia last decade as it seemingly benefitted everyone. Resource companies got paid more for what they produced. Their profits surged. They employed more people. They paid more taxes, which led to budget surpluses and allowed annual tax cuts. They paid more dividends and their share prices went up. The $A rose but not to levels that caused huge problems for the rest of the economy. So not only did the resources companies benefit, but there was a big trickle-down effect to almost everyone else. As a result the economy performed very strongly and unemployment fell below 4%.
<img src="/images/stories/2012/08/ampaug311.gif">
The second stage, or Mining Boom II, has been characterised by a surge in mining and energy investment. This has been underway for the last few years and will take mining investment from around 4% of GDP in 2010 up to around 9% in 2013, contributing around 2 percentage points to GDP growth in each of 2011-12 and 2012-13.
The third stage, or MB III, will presumably come when resource exports surge on the back of all the investment.
So where are we now?
In terms of the commodity price surge that characterised MB I it’s likely that we have either seen the peak or the best is over with more constrained gains ahead:
<ul>
<li>Firstly, the pattern for raw material prices over the past century or so has seen roughly a 10-year secular or long-term upswing followed by a 10- to 20-year secular bear market, which can sometimes just be a move to the side. </li>
</ul>
The upswing is normally driven by a surge in global demand for commodities after a period of mining underinvestment. The downswings come when the pace of demand slows but the supply of commodities picks up in lagged response to the price upswing. After a 12 year bull run since 2000 this pattern would suggest that the commodity price boom may be at or near its end.
<ul>
<li>Global growth appears to have entered a constrained patch as excessive debt levels in the US, Europe and Japan constrain growth and potential growth in China, India and Brazil looks like being 1 or 2 percentage points lower than was the case before the GFC. This means slower growth in commodity demand going forward. </li>
</ul>
<ul>
<li>The supply of raw materials is likely to surge in the decade ahead in response to increased investment. </li>
</ul>
<ul>
<li>Finally, the surge in commodity prices since 2000 was given a lift by a downtrend in the US dollar from 2002 as commodity prices are mostly priced in US dollars. This has now likely largely run its course.</li>
</ul>
Taken together, this would suggest that the best of the commodity price surge since 2000, or MB I, is behind us. There are two qualifications though. First, after the recent short-term cyclical slump there will still be a rebound, probably into next year as global growth picks up a bit.
Second, it’s way too premature to say that the surge in demand in the emerging world is over, China and India are still very poor countries with per capita income of just $US8,400 and $US3,700 respectively, compared with $US40,000 in Australia, suggesting plenty of catch-up potential ahead and related commodity demand.
 
<hr class="system-pagebreak">
 
In terms of MB II, while the cancellation of Olympic Dam and other marginal projects indicates that projects under consideration have peaked, this does not mean the mining investment boom is over. In fact it probably has another one to two years to run. Based on active projects yet to be completed there is a pipeline of around $270 billion of work yet to be completed. Iron ore-related capital spending (on mines and infrastructure) is likely to peak this financial year, and coal and liquid natural gas related investment is likely to peak in 2014-15, suggesting a peak in aggregate around 2014.
<img src="/images/stories/2012/08/ampaug312.gif">
In other words, the boom in mining investment has 18 months or so to run before it peaks and starts to subside back to more normal levels. But what can be said though is that, with the cancellation of marginal projects that were in the preliminary stage, the end is coming into sight.
Finally, MB III or the pick-up in export volumes flowing from the surge in mining investment in iron ore, coal and LNG will start to get underway around 2014-15.
Heading towards a more balanced economy 
Talk of the end of the mining boom has created a bit of nervousness regarding the outlook for Australia. However, the reality is that the current stage of the mining boom focused on mining investment has not been unambiguously good for the economy, and at its end I hope Australia will return to a more balanced economy.
It was always thought that after two or three years the surge in mining investment would settle back down as projects ran their course. Trying to do a whole lot of projects in a relatively short space of time was always fraught with the threat of excessive cost pressures and an excessive surge in supply. We are now seeing market forces kicking in to rationalise resource projects and so the more marginal projects are being delayed. This is a good thing as it will reduce cost pressures, leave work for the future and reduce the size of the commodity supply surge over the decade ahead, thereby helping avoid a crash in commodity prices.
The cooling down of the mining investment boom should help lead to a more balanced economy. MB II has not been good for big parts of Australia. With roughly 2 percentage points of growth coming from mining investment alone it has really put a squeeze on the rest of the economy. Housing and non-residential construction, retailing, manufacturing and tourism have all suffered under the weight of higher than otherwise interest rates and a surge in the $A to 30-year highs.
What’s more the boom in mining investment has meant that the federal government has not seen the tax revenue surge it got last decade, so last decade’s regular tax cuts have not been possible and this has weighed on household income.
This is all evident in the Australian share market which has underperformed global shares since late 2009, with the resource sector being the worst performer over the last year as resource sector profits have fallen 15% or so.
So the end of the mining investment boom, to the extent that it takes pressure off interest rates and the Australian dollar, should enable the parts of the economy that have been under the screw for the last few years to rebound leading to more balanced growth. This is also likely to be augmented by a pick up in resource export volumes equal to around 1% of GDP from around 2014-15 according to the Bureau o fResource and Energy Economics.
Of course a risk is of a timing mismatch around 2014 as investment slows down with other sectors taking a while to pick up. To guard against this the Reserve Bank will clearly need to stand ready to respond with lower interest rates.
The bottom line is that the end of the mining investment boom in a year or two won’t necessarily be bad for the Australian economy and will likely see a return to more balanced growth.
Concluding comments
It’s premature to call the end of the mining boom just yet. The peak in mining investment probably won’t be seen till 2014 and thereafter actual mining production and hence exports will start to pick up. However, the best has probably been seen in terms of commodity price gains and the end of the investment boom is starting to come into sight.
While there may be the risk of slower growth as the Australian economy shifts gears away from mining investment in 2014 to mining exports, construction and other parts of the economy that have been subdued, the end of the investment boom should lead to a more balanced economy reflecting less pressure on the interest rates and the $A.
For investors there are several implications including:
<ul>
<li>Ongoing pressure for lower interest rates as the risk of an overheating economy subsides. This means that term deposit rates are likely to fall further in the years ahead.</li>
<li>The best has likely been seen for the $A, implying less need to hedge global shares back to Australian dollars.</li>
<li>Resources shares are currently cheap and should experience a cyclical rebound when confidence in global growth improves. However, beyond a short term bounce it’s likely that the cooling of the mining boom will allow a return to a more balanced share market with domestic cyclicals likely to perform better.</li>
</ul>
Dr Shane Oliver is head of investment strategy and chief economist at <a target="_blank" href="https://www.ampcapital.com.au/">AMP Capital</a>
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This mining boom will end in the next year or two, but there will be another: Shane Oliver

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An 1842-built bluestone pub in Darlington in south-west Victoria, halfway between Ballarat and Warrnambool. has sold for $274,000.
The Elephant Bridge Hotel, named after the nearby basalt Mount Elephant, comes with seven rooms and lounge, dining and bar areas. It’s also supposedly haunted by ghost of Adeline Eliza Satchwell, who died in 1943 at age 83.
She inherited the pub from her father in 1889 and went on to be Australia’s oldest licensee after running the pub for 54 years.
According to a former publican of the pub, Adeline sits at the front corner window.
She was born in 1861, married twice and had 10 children.
Punters say the hotel is also haunted by a girl of about 20, a man in his 30s and a young girl who drowned in the pub’s well.
Agent Rob Rickard from Elders Real Estate Camperdown says bidding started at $200,000 and bidding went up to $274,000 with four active bidders.
“The ghost wasn’t there bidding or there in attendance,” Rickard says.
“I never had the opportunity to meet any of the ghosts but I was always keeping an eye out. We had 20 inspections throughout the campaign and we had no encounters.”
Rickard says all bidders have interest in running the hotel as a pub.
The pub was bought by a couple who looking to restore the building and run it as a tavern, wine bar and bed-and-breakfast venture.
With floorboards throughout, the pub features many of the original details. There are wedding photos of the original owners dating back to 1882.
The freehold building was offered with vacant possession. It sits on 6000 square metres on the tranquil Mount Emu Creek.
The pub had been expected to sell for $220,000 to $320,000.
The former owner had been running the hotel for seven and a half years and is looking to retire from the industry.
“Properties like this are incredibly rare really. I think the property will be very saleable in the future. It’s a rare commodity that was offered.”
Rickard says in coming months he may be selling another old pub in a different town.
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'Haunted' 170 year-old Victorian bluestone pub in Darlington sells 

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David Jones is set to open a small “village store” in Malvern Central Shopping Centre, as part of a strategic direction plan.
The 7,522-square-metre site is about half the size of a full-line DJs outlet, and the village format store is expected to exclude categories such as electronics and furniture. It will be the third "village format" DJs store.
“The village format is geared towards our core customer, particularly women, although it will have a full menswear offer as well,” says David Jones head of retail services Tony Karp.
“Rather than having a watered-down version of our full offer, we’re focusing on our core competencies.”
The announcement comes after the successful trial of village format stores in Western Australia and Queensland.
“Our village format stores are a natural extension of our core business and enable us to leverage our existing merchandise, operating and service capabilities as well as the David Jones brand in attractive demographics, which do not have major shopping centres located within the area,” says David Jones chief executive Paul Zahra.
As part of the deal, owner of Malvern Central Shopping Centre UniSuper has agreed to an extensive renovation of the centre, which will be undertaken early next year.
“David Jones is a contemporary branded department store, and their decision to open a village format store in Malvern Central is a significant boost for both local residents and other retailers at the centre,” says centre manager Anthony Saunders.
DJs will take over a retail space currently occupied by Target.
The village stores contribute $2 million to earnings before interest and tax, compared with $5 million for each of the full-sized David Jones stores.
The Malvern Central village format DJs store is set to open mid-2013.
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David Jones to open smaller 'village' store in Malvern Central

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The remote Queensland mining town of Mount Isa and the agriculturally rich NSW country town of Mudgee have both managed rental growth of around 25% over the past year, according to July figures from Residex.
Mount Isa is 1,800 kilometres north west of Brisbane and adjacent to mining giant Xstrata’s underground copper and zinc mining activities.
The less remote Mudgee is 270 kilometres north-west of Sydney, in the fertile Cudgegong River valley, and is well known as a wine-producing region, with around 40 wineries as well as other agricultural and livestock industries.
According to Residex, Mount Isa house rents increased by 25.4% over the year to July to a weekly median rent of $395.
In Mount Isa, <a target="_blank" href="https://www.realestate.com.au/property-other-qld-mount+isa-408411171">this two-bedroom furnished unit </a>(pictured below) is available for rent at $385 per week, with not much else available around the median and only 28 properties available to rent on realestate.com.au.
<img src="/images/stories/2012/08/mti.jpg">
Rents for Mudgee houses increased by 24.2% over the year to July to a median of $385 per week.
Properties currently available for rent close to the median rent in Mudgee include this four-bedroom hardiplank-clad home (pictured below) set in an elevated position surrounded by 30 acres (12 hectares) of hilly country, asking $400 per week.
<img src="/images/stories/2012/08/mudg.jpg">
According to Resides the following 15 housing markets have managed double-digit rental growth over the year to July (the report includes some inner-city markets):
 <table cellpadding="0" cellspacing="0" border="1" style="width: 470px;"><tbody>
<tr>
<td width="205" valign="top"></td>
<td width="205" valign="top">
% rent increase over year to July
</td>
<td width="205" valign="top">
Median weekly rent
</td>
</tr>
<tr>
<td width="205" valign="top">
Mount Isa houses, Qld
</td>
<td width="205" valign="top">
25.4%
</td>
<td width="205" valign="top">
$395
</td>
</tr>
<tr>
<td width="205" valign="top">
Mudgee District houses, NSW
</td>
<td width="205" valign="top">
24.19%
</td>
<td width="205" valign="top">
$385
</td>
</tr>
<tr>
<td width="205" valign="top">
Mackay houses, Qld
</td>
<td width="205" valign="top">
21.43%
</td>
<td width="205" valign="top">
$510
</td>
</tr>
<tr>
<td width="205" valign="top">
Neutral Bay/Split houses, Sydney
</td>
<td width="205" valign="top">
20.8%
</td>
<td width="205" valign="top">
$1,335
</td>
</tr>
<tr>
<td width="205" valign="top">
Inner Perth houses
</td>
<td width="205" valign="top">
16.54%
</td>
<td width="205" valign="top">
$740
</td>
</tr>
<tr>
<td width="205" valign="top">
Parramatta &amp; Hills houses, Sydney
</td>
<td width="205" valign="top">
15.63%
</td>
<td width="205" valign="top">
$555
</td>
</tr>
<tr>
<td width="205" valign="top">
Rockhampton house, Qld
</td>
<td width="205" valign="top">
14.49%
</td>
<td width="205" valign="top">
$395
</td>
</tr>
<tr>
<td width="205" valign="top">
Fremantle houses, Perth
</td>
<td width="205" valign="top">
14.29%
</td>
<td width="205" valign="top">
$520
</td>
</tr>
<tr>
<td width="205" valign="top">
Brisbane City houses
</td>
<td width="205" valign="top">
13.04%
</td>
<td width="205" valign="top">
$520
</td>
</tr>
<tr>
<td width="205" valign="top">
Lower north shore houses, Sydney
</td>
<td width="205" valign="top">
12.96%
</td>
<td width="205" valign="top">
$915
</td>
</tr>
<tr>
<td width="205" valign="top">
Western suburbs houses, Sydney
</td>
<td width="205" valign="top">
12.77%
</td>
<td width="205" valign="top">
$530
</td>
</tr>
<tr>
<td width="205" valign="top">
Geelong and surrounds houses, Vic
</td>
<td width="205" valign="top">
12.12%
</td>
<td width="205" valign="top">
$370
</td>
</tr>
<tr>
<td width="205" valign="top">
Glen Waverley houses, Melbourne
</td>
<td width="205" valign="top">
11.70%
</td>
<td width="205" valign="top">
$525
</td>
</tr>
<tr>
<td width="205" valign="top">
Albany Creek houses, Qld
</td>
<td width="205" valign="top">
10.59%
</td>
<td width="205" valign="top">
$470
</td>
</tr>
<tr>
<td width="205" valign="top">
Wynnum houses, Brisbane
</td>
<td width="205" valign="top">
10.34%
</td>
<td width="205" valign="top">
$480
</td>
</tr>
</tbody></table>
Source: Residex regional market report, July 2012
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Mount Isa and Mudgee rents rocket 25% over past year: 15 double-digit rental growth locations 

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Mount Tamborine in the Gold Coast hinterland was the strongest-performing regional housing market over July, according to new figures from Residex, with a number of regional Queensland markets performing well, including Noosa.
Residex reported that all state regional housing markets – apart from Tasmania – reported median capital growth over the month, however only five regional housing markets managed monthly growth of 3% of more.
Houses prices in Mount Tamborine increased by 5.26% over the month of July to a median of $412,000.
The suburb sits on a scenic 28-square-kilometre plateau, 525 metres above sea level, and many Mount Tamborine houses currently listed for sale sit on large rural or lifestyle blocks.
They include<a href="https://www.realestate.com.au/property-house-qld-tamborine+mountain-111154739" target="_blank"> a three-bedroom house on a 2,000 square metre block</a>, listed for sale at $445,000 by Blake Wallis of Tamborine Mountain First National Real Estate.
Properties that sold in Mount Tamborine over July include this four-bedroom house in Central Avenue (pictured below), built on 9,500-square-metre block in 1994, which sold for $686,500, having last traded for $97,500 in 2001. It was first listed for sale in January 2011 at an asking price of $790,000.
<img src="/images/stories/2012/08/tambourine.jpg">
Another Mount Tamborine property to sell over July <a href="https://www.realestate.com.au/property-house-qld-north+tamborine-110953331" target="_blank">was a 1940s-era Queenslander</a> featuring three bedrooms and “lots of fruit trees” on a 9,000-square-metre block, which sold for $395,000 through Emma Hawker from Raine &amp; Horne Tamborine Mountain. It was listed for sale at $394,000 in September 2011 and last traded for $374,000 in August 2007.
Despite recording a quarterly gain to July of 7.24% – also the strongest of all regional markets – Mount Tamborine house prices are still down 4.2% for the year.
Also in south-east Queensland, Noosa house prices on the Sunshine Coast increased by 3.33% to $410,500, in contrast to the Gold Coast, where Surfers Paradise houses were unchanged at a median of $510,500.
There was also a strong showing from the remote regional town of Charleville, in south-western Queensland, 758 kilometres west of Brisbane and immortalised in the song of the same name by country singer Slim Dusty.
Charleville house prices increased by 4.03% over July to median of $247,000 and are up just over 1% for the year.
In NSW, Bathurst Orange houses was the standout market with values up 3.02% to a median of $274,000, while in Victoria, the stand-out regional housing markets were Mildura, where house prices grew by 3.89% to $188,500, and Shepparton, where house prices increased by 3.46% to a median of $230,500.
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Mount Tamborine in Gold Coast hinterland top-performing regional housing market in July: Residex

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This may seem obvious, but I have to start with it. In order to create long-term wealth from property it will be important to own the type of property that will be in continuous, strong demand from both owner-occupiers and tenants in the future. 
That’s why recent population statistics from the Australian Bureau of Statistics are instructive to property investors. To understand what’s going on let’s do a quick Q&amp;A.
 
 
How fast are we growing?
Over the year to June 2011, the country’s population is estimated to have increased by 1.4%, which is faster than almost every other developed nation. However, population growth has been stronger across the capital city markets (1.6%) than in regional areas (1.2%).
 
Where do we live?
Since 1996 there has been a steady increase in the proportion of the country’s population living in the capital cities and, given that the capital city markets tend to enjoy higher wages and have better job opportunities, this trend is likely to continue.
Today around 64% of our population lives in one of our eight capital cities. In fact, 60.9% of us live in the big five: Sydney, Melbourne, Brisbane, Perth and Adelaide.
 
What does this this mean for property investors?
I understand why some investors are attracted to investing in regional Australia – properties are cheaper there and some may even return a little positive cash flow.
While some better-performing regional areas have outperformed the poorer performing capital city suburbs, the trend is clear: in the long term, population growth and capital growth in property values in our main capital cities will eclipse growth in regional Australia.
I have always avoided investing in regional towns because of their heavy reliance on one or two industries to sustain their local economies and population. Remember, when those industries take a battering, it’s not long before local house prices start to bear the brunt.
Instead I look to invest in areas where property values will be driven up by a large and growing population base, a diverse economy and the scarcity of supply of well-located properties.
While there’s no doubt that the future population growth of our capital cities will create infrastructure and social problems, the fact that we all want to live in the same cities and, in general, in many of the same suburbs, will underpin the capital growth of properties in these locations.
 
What about changing demographics?
Interestingly, how we want to live is undergoing some radical changes, which means the type of property that will be in strong demand by owner-occupiers and tenants in the future will be different to the past.
In 2010 around 150,000 new households were created in Australia and approximately 65,000 of these comprised Gen Y singles, groups and couples.
Many choose to rent in shared accommodation in order to reside in the locations they favour, but can’t afford as a home buyer. These include the inner-ring suburbs close to our major CBDs where employment opportunities and a fast-paced lifestyle with plenty of recreation and entertainment facilities are the primary attractions.
The way we live today is vastly different to our parents.
People are getting married later in life and apartments suit their busy lifestyles. We’re working longer, we’re increasingly time poor and we’re starting families much later in life. This means proximity to work, transport, entertainment, cafes, shops and beaches is becoming more important than owning a piece of land.
With the number of Gen Ys looking for accommodation continuing to rise, rental demand for near city and inner suburban apartments will grow significantly in the coming years. And our old friend the supply and demand equation will ensure that rents for these types of properties keep rising, as will their values, as higher yields will entice investors back into the market and lifestyle attracts owner-occupiers.
 
But do apartments make good investments?
In today’s market apartments make great investments and in general appreciate in value equally, if not more, than houses in our capital cities. It should be fairly obvious that with more single households, two person households and smaller families this trend will continue in the long term.
With housing affordability becoming a bigger issue we are seeing an increase in the popularity of medium-density apartment living.
And this trend is likely to continue because it’s about much more than affordability. As I’ve already explained, significant changes in our population profile and lifestyle priorities are creating a strong demand for apartment living. At the same time, apartments are continuing to improve in design and size and are generally closer to the CBD than affordable houses.
 
What about the baby boomers?
Let’s not forget as baby boomers move into retirement they will also significantly increase the demand for townhouse and apartment living. Low maintenance, secure “lock and leave” living will be a priority for this demographic.
According to RP Data, capital city units and apartments only accounted for 25% of all home sales 15 years ago. Today, though, medium and high-density accommodation makes up around 35% of all home sales.
Now that’s an interesting trend, isn’t it?
 
In summary
If you’re looking for a great investment property you should seriously consider well-positioned, established apartments in smaller boutique blocks in our capital cities. Look for a property with an element of scarcity or maybe the ability to add value through renovations.
Then hold it as a long-term investment and reap the rewards.
Michael Yardney is the director of <a target="_blank" href="https://www.metropole.com.au/">Metropole Property Investment Strategists</a>, a best-selling author and one of Australia's leading experts in wealth creation through property. He also writes the<a target="_blank" href="https://propertyupdate.com.au/category/property-investment/"> Property Investment Update blog.</a>
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Why property investments in capital cities will outperform those in regional areas

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There are a few issues to financing property investment purchases in mining boom areas.  You may not have run into these before and because the lenders are operating very conservatively at present with their credit decisions it’s easy to be caught unawares.  Get up to speed on the possible hurdles to financing these deals. We'll look at a few of the issues you need to be prepared for and give you tactics below to get your loans approved more easily.
Postcode
Most lenders rate postcodes for the risk they perceive to be associated with these areas. Their credit policy will change where they perceive a postcode to contain higher risks for them.   For example, a small and/or remote town will have a higher risk rating, as its harder for a lender to sell the security at a price that will cover the loan on it should a borrower default.  Some lenders will not lend in postcodes they perceive as a higher risk or will limit the loan’s LVR (level of loan to property value), such as in Moranbah, Queensland. If you intend to borrow over 80% LVR in a mining town then the mortgage insurer will have its own postcode and policies related to it, and these are generally more conservative than those of the lender.
Tactic: Get to know the risk rating of the postcodes you are interested in before you decide it is the place to buy.
Type of security
Stick to more traditional types of security, as unusual securities are rated as higher risk, again because they are harder to sell in event of a borrower default.  Again, there is a difference between the lenders on how they view unusual securities and so you do need to research this if you are considering buying an unusual property.
Brokers are generally well informed and aware of where the windows of opportunity lie for unusual securities, e.g. a large house divided into one-bedroom units or a boarding house – both attracting a fabulous rent return – may be declined as suitable security.  A transportable home may be accepted by some lenders but only at a 70% or 80% LVR loan.
Tactic: Decide the types of security you are targeting and find the lenders who will accept them. If there aren’t any lenders or the lender’s products and policies are not suitable for you then change what you are looking for before you waste time and energy researching properties you cannot obtain the finance for.
 
Rental returns
“One-industry towns”  have recently been the focus for lenders.  They have viewed the high rental returns often achieved there as unsustainable and therefore risky.  While you, the buyer, may see the rental returns on some properties as hugely attractive, the lenders are worried. A number of lenders have recently changed how they assess these rents when deciding if you can service the loans you apply for.
While it has been normal in the last two years for lenders to want to see long-term leases in place for these properties, it is now common for a lender to only consider 60% of gross rental when they calculate your borrowing capacity on these properties.  This 60% gross rental is then further reduced to 75% or 80% (of the 60%) as a ballpark rental income net of expenses such as agent’s fees and rates.
Tactic: Do not expect that large gross rental income will help in your ability to service a loan in the eyes of the bank.  Ensure you have other regular income (wages, two years of business drawings, other rental incomes) that is high enough to give the lender comfort.


<hr class="system-pagebreak">
Valuations
Generally valuations are very conservative at present and in mining towns valuations tend to be more volatile as values seem to keep pace with rental returns which also fluctuate with demand. It’s the norm in larger cities to receive a valuation at, or very close to purchase price, however , in mining towns where lenders are more fearful of the boom/bust cycle this may not be the case.
The valuer is all powerful. He can value down a property if he thinks it has an inflated price or high risk factors. That means that if the valuation is lower than expected and you have additional cash you might put into the deal you could still proceed to buy at a lower LVR loan.  This may not always be the case. A valuer’s  notes on risks associated with a property he is inspecting can send a lender scurrying for cover and kill the deal . For example, if the property is close to a mine site that could be considered as polluting, if its access road is a rough dirt road, or if there is little infrastructure  nearby ( town water, public transport, schools).   Again, the lender wants to be sure it could sell that property quickly should you, the borrower default.
Tactic: Look at all properties that you are considering from a lender’s point of view. What is there on the deal and the property that would make a lender nervous or would make the property difficult to sell quickly? Is the mine near the town building its own accommodation for their workers? Is the access to the property steep or rough? Your broker needs to mitigate against these possible risks in his or her presentation of the loan application to the lender.
Valuations again
It is also important to be aware that in the last two years most lenders have swung over to a system of valuation called Valex. The system is designed to put a distance between the valuer and parties who may want to influence the valuers’ independent assessment of a property. It is almost a black box system and can’t be bypassed. It also means that it is difficult to know which valuer has been assigned to a particular job. Additionally, valuers who have wanted to be included in the Valex panel of valuers have had to compete on their service price and are often delivering reports for a low fee. This inevitably means that many valuers are in a rush to do volume reports and may miss some of the features that make your prospective purchase property a good deal.
Additionally,  the valuer may not be a local valuer, but travel a long distance and not be as familiar with the area you are seeking to buy in. With many lenders, the valuer for Mt Isa travels in from Townsville despite the fact that there are local valuers in Mt Is a who know the market there intimately.
Tactic: Check in with your broker to see if there is a suitable lender who does not use the Valex system if you are worried about a valuation ruining your proposed purchase plans.  You can also consider using a lender who will facilitate an upfront valuation so that you can know the valuers estimation of the property value before you go to all the trouble of submitting a loan to that lender.  You can always take the deal elsewhere if the valuation is too low and seek a second opinion.
Investing in mining towns can be done very successfully.  If you do need finance to complete the purchase (as most of us do) then remember when you are researching your purchase to also research the finance hurdles that may apply to your deal. And once again, do the finance application well before you find the property you want to buy.
Jenna Ford is a finance strategist and partner at<a target="_blank" href="https://www.chan-naylor.com.au/finance/"> Chan &amp; Naylor Finance</a>
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Overcoming hurdles when financing property investment purchases in mining boom areas: Jenna Ford

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Vendors were able to sell their properties in July without discounting as steeply as they did in June in most capitals, according to data released by Australian Property Monitors this week. 
The amount of discounting required fell slightly in Sydney (from 6.7% to 6.4%), Melbourne (7.5% to 7.3%) and Canberra (5.2% to 5%).
The drop was a little more pronounced in Brisbane (7.9% to 7.5%) and Hobart (10.2% to 9.7%). 
The average amount of discounting increased sharply in Darwin (from 5.5% to 6.5%), which was also the only capital city <a href="https://www.propertyobserver.com.au/residential/mixed-results-as-property-took-longer-to-sell-in-july-than-in-june-in-all-state-capitals-apm/2012082856282" target="_blank">where the number of days property lingered on the market increased</a>. 
The amount of discounting remained virtually the same in Adelaide (from 7.6% to 7.7%) and Perth (from 6.4% to 6.5%).
Click to enlarge
<a title="Click to enlarge" href="/images/stories/2012/08/apmaug30.jpg" rel="shadowbox"><img src="/images/stories/2012/08/apmaug30thumb.jpg"></a>
Source: APM
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