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“Minister Chanthivong and his team have shown real leadership in replacing an outdated two-year bond with cover that matches the lifespan of the buildings people are buying into.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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Investa Office Fund has bought 66 St George’s Terrace, Perth, for $82.375 million. The purchase came ahead of Investa Office Fund’s (IOF) annual net profit announcement - a slump of 29% to $101.9 million on the back of a series of asset sales in the US and a dismal performance from its European property portfolio.
Its Perth acquistion - 11,447 square metre A-grade CBD office space - reflected an initial yield of 8.1% after acquisition costs.
Investa maintains the 11-storey building is currently let at a low average rent of $550 per square metre.
With a 1.8-year weighted average lease expiry, the short lease expiry profile is tipped to allow crystallising an estimated rental reversion of 15%. Toby Phelps, the IOF fund manager, says it is an opportune time in the buying cycle.
"IOF is underweight in Perth, which is currently the strongest office market in Australia," he says.
Located on the north side of St Georges Terrace, 66 St Georges Terrace is a 1990 building between William Street and Barrack Street.
It comes with floor plates of approximately 1,000 square metres.
The property also includes two ground-floor retail tenancies totalling 180 square metres and 66 car bays.
The biggest four of its 11 tenants – comprising 74% of the building by income – are  Manpower; ASIC; Subsea 7 and Suncorp.
Its lease expiries by rental income are 54% in financial year 2013, 4% in fy 2014 and 37% in the 2015 financial year.
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jchancellor-FAypfDUnLy

Investa spends $82 million on St Georges Terrace Perth acquisition

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Business accommodation group Quest Serviced Apartments has launched studio-style apartment offerings in some of its Melbourne and Sydney properties.
The new brand offers hotel-style rooms with a kitchenette, work area and free Wi-Fi.
Quest company research found likely demand from its extended stay business travellers.
The apartments are in Bondi Junction in Sydney and Brighton, East Melbourne, Kew and Hawthorn in Melbourne. A sixth property in the Melbourne suburb of Frankston will be released in early 2013.
“Whilst most of our guests still prefer an apartment with a separate bedroom and living area, we wanted to provide a dedicated offering to those who would rather stay in a hotel-style room – but who don’t want to sacrifice all of the other apartment facilities,” says Quest’s Paul Constantinou.
Quest has properties in more than 140 locations across Australia, New Zealand and Fiji.
The company opened eight new properties this financial year in Australia and four in New Zealand.
In Adelaide, Kyren Group is halfway through building a mixed-use development at 70 Franklin Street.
The development includes 131 serviced apartments plus 20,000 square metres of office space and 700 square metres of retail.
Colliers’ Nicholas Shinnick says the decision to include a residential component comes as Adelaide faces high occupancy rates for short-term apartments.
The company recently won the Innovators Award at the Australia New Zealand Pacific Hotel Investment Conference for its role in driving the sustainable growth of the serviced apartments market.
 
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awalsh-7Ub9EypybQ

Quest Apartments offer studio-style accommodation

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Total returns across healthcare property investment were fairly steady between 2011 and 2012, easing from 10.9% to 10.8%, according to IPD.
Medical centre returns held steady at 11.7% during the year, while hospital returns fell from 10.7% to 10.3%.
Click to enlarge
<a href="/images/stories/2012/08/ipdaug152.gif" rel="shadowbox" title="Click to enlarge"><img src="/images/stories/2012/08/ipdaug152thumb1.gif"></a>
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cknowlton-QnEa6ntUYP

Returns for heath care property investors steady over 2011-12: IPD

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Nathan Tinkler must complete a multimillion-dollar property purchase at Steel River this week.

The purchase became known after the development company Mirvac took the Tinkler company to court after it failed to complete its promised purchase of the land in a contractual dispute.
Tinkler had wanted the land parcel with Mayfield’s Steel River industrial park as part of a rail corridor associated with an export coal terminal the entrepeneur had been planning for the former BHP steelworks site, which the NSW rejected in January.
The NSW Supreme Court ordered that Nathan Tinkler’s companies, Buildev Group Pty Ltd (Buildev) and Ocean Street Holdings Pty Ltd as trustee for Ocean Street Holdings Trust (Ocean Street), must complete a purchase of the block in <a target="_blank" href="https://www.steelriver.com.au/about">the Steel River Industrial Estate</a> on or before 1 September 2012.
‘‘Buildev and Ocean Street consented to the orders entered by Justice Sackar, which brought about the end of Tinkler’s defence to the claim brought by Domaine Steel River Pty Limited,’’ the court said.
The sale price is reputedly$14 million plus.
Tinkler, the mining magnate who's estimated to be worth $915 million, moved from Newcastle to Singapore earlier this year.
His cashflow has come under media scrutiny after he failed to raise $28.4 million earlierthis month to buy a one-third stake of coal junior Blackwood.
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Nathan Tinkler must buy Mirvac Steel River land this week

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The Southern Moreton Bay island of Russell Island has ranked as Australia’s least resilient and poorest-performing suburb, with vendors having to discount their properties by an average of almost 30% and wait more than four months (127 days) to sell.
The figures are based on RP Data sales information for the 12 months to June, compiled for The Australian Financial Review.
The island, about 50 minutes from Brisbane and connected to the mainland by ferry and vehicle barge, has an oversupply of cheap residential land for sale, with some blocks priced as low as $25,000.
The list of least resilient suburbs includes the inner-Brisbane suburb of Hamilton on the Brisbane River, where properties take around three months to sell, with an average discount of 20%.
The list also includes a number of Perth coastal suburbs, including Dalkeith, which has a median price in excess of $2.6 million, and Swanbourne and Watermans Bay, which both have median prices in excess of $1 million.
The only NSW entrant is Copacabana in Gosford on the central coast, with prices discounted 18.5% on average and taking more than five months to sell.
Australia’s 12 least resilient suburbs
<table cellspacing="0" cellpadding="0" border="1" style="width: 470px;"><tbody>
<tr>
<td width="154" valign="top">
 
</td>
<td width="154" valign="top">
Discount
</td>
<td width="154" valign="top">
Days on market
</td>
<td width="154" valign="top">
Median price
</td>
</tr>
<tr>
<td width="154" valign="top">
<a href="/news">Two Rocks, WA</a>
</td>
<td width="154" valign="top">
-18.3%
</td>
<td width="154" valign="top">
124
</td>
<td width="154" valign="top">
$392,000
</td>
</tr>
<tr>
<td width="154" valign="top">
<a href="/news">Dalkeith, WA</a>
</td>
<td width="154" valign="top">
-18.4%
</td>
<td width="154" valign="top">
132
</td>
<td width="154" valign="top">
$2.6 million
</td>
</tr>
<tr>
<td width="154" valign="top">
<a href="/news">Copacabana, NSW</a>
</td>
<td width="154" valign="top">
-18.5%
</td>
<td width="154" valign="top">
164
</td>
<td width="154" valign="top">
$615,000
</td>
</tr>
<tr>
<td width="154" valign="top">
<a href="/news">Watermans Bay, WA</a>
</td>
<td width="154" valign="top">
-18.8%
</td>
<td width="154" valign="top">
80
</td>
<td width="154" valign="top">
$1.2 million
</td>
</tr>
<tr>
<td width="154" valign="top">
<a href="/news">North Booval, Qld</a>
</td>
<td width="154" valign="top">
-19%
</td>
<td width="154" valign="top">
79
</td>
<td width="154" valign="top">
$251,000
</td>
</tr>
<tr>
<td width="154" valign="top">
<a href="/news">Ottoway, SA</a>
</td>
<td width="154" valign="top">
-19.5%
</td>
<td width="154" valign="top">
98
</td>
<td width="154" valign="top">
$299,000
</td>
</tr>
<tr>
<td width="154" valign="top">
<a href="/news">Hamilton, Qld</a>
</td>
<td width="154" valign="top">
-20.1%
</td>
<td width="154" valign="top">
92
</td>
<td width="154" valign="top">
$906,109
</td>
</tr>
<tr>
<td width="154" valign="top">
<a href="/news">Swanbourne, WA</a>
</td>
<td width="154" valign="top">
-20.7%
</td>
<td width="154" valign="top">
124
</td>
<td width="154" valign="top">
$1.46 million
</td>
</tr>
<tr>
<td width="154" valign="top">
<a href="/news">North Fremantle, WA</a>
</td>
<td width="154" valign="top">
-20.9%
</td>
<td width="154" valign="top">
164
</td>
<td width="154" valign="top">
$841,000
</td>
</tr>
<tr>
<td width="154" valign="top">
<a href="/news">Macleay Island, Qld</a>
</td>
<td width="154" valign="top">
-21.1%
</td>
<td width="154" valign="top">
128
</td>
<td width="154" valign="top">
$250,000
</td>
</tr>
<tr>
<td width="154" valign="top">
<a href="/news">Rocklea, Qld</a>
</td>
<td width="154" valign="top">
-22.7%
</td>
<td width="154" valign="top">
94
</td>
<td width="154" valign="top">
$310,000
</td>
</tr>
<tr>
<td width="154" valign="top">
<a href="/news">Russell Island, Qld</a>
</td>
<td width="154" valign="top">
-29.6%
</td>
<td width="154" valign="top">
127
</td>
<td width="154" valign="top">
$225,000
</td>
</tr>
</tbody></table>
Source: <a target="_blank" href="https://www.myrp.com.au/">RP Data</a>/Australian Financial Review
One of the most recent sales was this distinctive, mock-tudor two-bedroom house (pictured below), which took 91 days to sell and sold at a 19% discount to its original asking price.  It sold for $160,000 through Ray White Russell Island in June, having been listed at $198,000 in April.
<img src="/images/stories/2012/08/russell3.jpg">
Other recent property sales include a four-bedroom house on Aquarius Road that sold for $380,000 in April, having been on the market since September 2009 at an asking price of $450,000 – a discount of 15%, with the listing held by three different estate agents.
 
<hr class="system-pagebreak">
 
In January this year a three-bedroom, two-storey Queenslander on a large 1,096-square-metre block on Banksia Street sold for $245,000, having been listed for nearly four years (1,202) days. Its listing price in October last year was $320,000 – a discount of 23%.
Darren Ashenden from Ray White Russell Island, who also lives on the island and is <a target="_blank" href="https://www.realestate.com.au/property-house-qld-russell+island-110834491">selling a two-bedroom house on Rossi Avenue for $175,000</a>, says it’s the best buyers’ climate he has seen for 11 years and won't last forever.
He tells Property Observer the downturn kicked off in the wake of the GFC and there has since been a “significant downturn in pricing".
“At the start of 2010 I was selling just four blocks of land under $50,000 – now there is a huge selection under that price.”
Another agent, Trent Jamieson from LJ Hooker Bay Islands, <a target="_blank" href="https://www.realestate.com.au/property-residential+land-qld-russell+island-200337535">is selling two 607-square-metre blocks for Just $25,000 each</a>. Jamieson says the market "won't last long" and is open to negotiation on the two blocks of land.
Ashenden says there is a currently a lot of residential land for sale, which had historically been earmarked for investment.
For young people with families, Ashenden says a standard residential block of land can be picked up for between $30,000 and $40,000.
“There’s a lot of it.”
“It’s a unique market place, really condensed from budget to top dollar."
He says around 70% of the market is budget, with the rest being lifestyle buyers seeking waterfront and water view properties price between $270,000 and $370,000.
Residents include working-class people who commute to Brisbane everyday via the passenger ferry or vehicle-access barges, which run about every half-hour.
In terms of amenities, Russell Island is “fully serviced” and includes a Super IGA, speciality stores, an RSL, and bowls club.
RP Data figures show that Russell Island house prices have risen less than 1% a per year over the past five years, up 4.7% with a median price of $225,000.
Russell Island estate agent Edward A'Bear, who originally opened for business on Russell Island in 1999 and is selling <a href="https://www.realestate.com.au/property-house-qld-russell+island-111392059">a two-bedroom house for just under $270,000</a> as well as other properties, says land values have risen from $5,000 per block of land from 1999 to around $25,000 to $40,000 today.
“The prime spikes were 2003 and 2007 where the same land rose from $5,000 to over $50,000 and now dropped back to the levels today.”
He describes Russell Island as a “big monopoly board” with only a few gilt-edged waterfront and water-view blocks of land available and lots of "Old Kent" properties" available.
“Dynamics are parking issues on the mainland and cost of transport to and from the islands. “The newly elected Redland City Council members and councillors are determined to resolve these matters and there is every confidence they will do so,” he says.
He describes Russell Island and nearby Karragarra, Lamb and Macleay islands as some of the best kept secret from a real estate perspective. “We are very confident of the market activity increasing and level of sales is just beginning to reflect this,” he adds.
A report in July on <a href="https://www.russellisland.com.au/" target="_blank">russellisland.com.au</a>, a local tourism and real estate website, notes that “land on Russell Island is cheap, it is so cheap that people are shying away because they believe there must be something wrong with it”.
“The price of land on Russell right now is a classic market over reaction. It has fallen too far people, it has intrinsic value much higher than where it is now.
“Good quality residential land under $40,000 within 40 kilometres of the capital city of the fastest-growing state in Australia is crazy,” says “local investor” on russellisland.com.au.
Russell Island is the biggest of the Southern Moreton Bay Islands located between the mainland and North Stradbroke Island, measuring eight kilometres long and nearly three kilometres wide and is only 50 minutes from the Brisbane CBD.
According to census 2011, Russell Island has 6,300 people with 4,274 dwellings – nearly all houses, mainly two- and three-bedroom properties.
It had its first European settlers in 1866 with farmers and oystermen the first inhabitants. The first small village, called Jacksonsville, was built in 1906 that had sawmill, pineapple canning factory, jetty and cinema. The first school opened in 1916.
Half of the population (49.9%) earns a gross weekly income of less than $600 – compared with 22.8% for the rest of Queensland.
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lschlesinger-FZcF9M3vE6

Russell Island in south-east Queensland leads list of least resilient suburbs: RP Data

NSW nears 700,000 official landlords as Sydney vacancy rate hits six-year high

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Sydney’s most famous beachside suburb, Bondi Beach, has ranked as the second best performing and most resilient suburb in Australia, according to figures compiled by RP Data.
The eastern suburbs location is the only the prestige suburb among the 14 suburbs to have an average discount of less than 3.2%, with the list dominated by a mixed bag of Sydney suburbs and Canberra suburbs.
Bondi Beach has a median price of $1.5 million, making it the most expensive suburb on RP Data's list of best-performing suburbs. The off-the-plan Bondi Beach market faces a big test next month with the release of 85 apartments in The Pacific development, which could have been expected to secure a virtual sell-out in boom times.
Spence, a suburb in the Belconnen district of Canberra, is the most resilient suburb, with an average discount of just 1.5%. Properties in Spence take slightly longer than those in Bondi Beach to sell, at 61 days.
Spence was gazetted in 1972 and is named after William Spence, one of the founders of the Australian Workers' Union, with all streets in the suburb named after trade unionists.
All the other suburbs on the top 14 list are priced under $1 million, with the cheapest being Macgregor, also in the Belconnen district of Canberra, gazetted in 1971 and named after Sir William MacGregor, a former governor of Queensland.
The list was compiled by RP Data for the Australian Financial Review and looks at sales for the year to June.
Houses and apartments in Bondi Beach are on average discounted by just 1.8% and take less than two months to sell.
The other Sydney suburbs on the list are Camperdown (four kilometres south-west of the CBD), Strathfield South (14 kilometres west of CBD) and Peakhurst Heights (22 kilometres south of the CBD).
Australia’s 14 most resilient suburbs
<table style="width: 470px;" border="1" cellspacing="0" cellpadding="0"><tbody>
<tr>
<td width="154" valign="top">
 
</td>
<td width="154" valign="top">
Discount
</td>
<td width="154" valign="top">
Days on market
</td>
<td width="154" valign="top">
Median price
</td>
</tr>
<tr>
<td width="154" valign="top">
<a target="_blank" href="/news">Spence, ACT</a>
</td>
<td width="154" valign="top">
-1.5%
</td>
<td width="154" valign="top">
61
</td>
<td width="154" valign="top">
$484,000
</td>
</tr>
<tr>
<td width="154" valign="top">
<a target="_blank" href="/news">Bondi Beach, NSW</a>
</td>
<td width="154" valign="top">
-1.8%
</td>
<td width="154" valign="top">
51
</td>
<td width="154" valign="top">
$1.5 million
</td>
</tr>
<tr>
<td width="154" valign="top">
<a target="_blank" href="/news">Scullin, ACT</a>
</td>
<td width="154" valign="top">
-2.1%
</td>
<td width="154" valign="top">
44
</td>
<td width="154" valign="top">
$468,000
</td>
</tr>
<tr>
<td width="154" valign="top">
<a target="_blank" href="/news">Richardson, ACT</a>
</td>
<td width="154" valign="top">
-2.7%
</td>
<td width="154" valign="top">
66
</td>
<td width="154" valign="top">
$445,000
</td>
</tr>
<tr>
<td width="154" valign="top">
<a target="_blank" href="/news">Peakhurst Heights, NSW</a>
</td>
<td width="154" valign="top">
-2.6%
</td>
<td width="154" valign="top">
33
</td>
<td width="154" valign="top">
$769,000
</td>
</tr>
<tr>
<td width="154" valign="top">
<a target="_blank" href="/news">Camperdown, NSW</a>
</td>
<td width="154" valign="top">
-2.8%
</td>
<td width="154" valign="top">
58
</td>
<td width="154" valign="top">
$856,000
</td>
</tr>
<tr>
<td width="154" valign="top">
<a target="_blank" href="/news">Conder, ACT</a>
</td>
<td width="154" valign="top">
-2.8%
</td>
<td width="154" valign="top">
67
</td>
<td width="154" valign="top">
$515,000
</td>
</tr>
<tr>
<td width="154" valign="top">
<a target="_blank" href="/news">Evatt, ACT</a>
</td>
<td width="154" valign="top">
-2.8%
</td>
<td width="154" valign="top">
57
</td>
<td width="154" valign="top">
$481,000
</td>
</tr>
<tr>
<td width="154" valign="top">
<a target="_blank" href="/news">Charnwood, ACT</a>
</td>
<td width="154" valign="top">
-2.9%
</td>
<td width="154" valign="top">
61
</td>
<td width="154" valign="top">
$387,000
</td>
</tr>
<tr>
<td width="154" valign="top">
<a target="_blank" href="/news">Gilmore, ACT</a>
</td>
<td width="154" valign="top">
-3%
</td>
<td width="154" valign="top">
55
</td>
<td width="154" valign="top">
$485,000
</td>
</tr>
<tr>
<td width="154" valign="top">
<a target="_blank" href="/news">Macgregor, ACT</a>
</td>
<td width="154" valign="top">
-3%
</td>
<td width="154" valign="top">
72
</td>
<td width="154" valign="top">
$440,000
</td>
</tr>
<tr>
<td width="154" valign="top">
<a target="_blank" href="/news">Strathfield South, NSW</a>
</td>
<td width="154" valign="top">
-3.2%
</td>
<td width="154" valign="top">
63
</td>
<td width="154" valign="top">
$743,000
</td>
</tr>
<tr>
<td width="154" valign="top">
<a target="_blank" href="/news">Gowrie, ACT</a>
</td>
<td width="154" valign="top">
-3.2%
</td>
<td width="154" valign="top">
63
</td>
<td width="154" valign="top">
$535,000
</td>
</tr>
<tr>
<td width="154" valign="top">
<a target="_blank" href="/news">Latham, ACT</a>
</td>
<td width="154" valign="top">
-3.2%
</td>
<td width="154" valign="top">
52
</td>
<td width="154" valign="top">
$464,000
</td>
</tr>
</tbody></table>
Source: <a target="_blank" href="https://www.myrp.com.au/">RP Data</a>/Australian Financial Review
The full list, published in the Australian Financial Review, records that the best-performing suburbs are more likely to be more affordable ones further out from the city.
“Affordability in the market is really an issue,” RP Data head of research Tim Lawless told the AFR.
“These are areas that have a strong foundation to their marketplaces. These are really markets driven by vendors [sellers], not buyers. They’re not budging on prices, and buyers are meeting their price expectations.”
The best-performing Melbourne suburb is Croydon Hills in Melbourne’s outer north-east, with an average discount of 3.6%. Properties take an average of only 40 days to sell.
Flemington, just four kilometres north of the CBD, is Melbourne’s best performing inner-city suburb with an average discount of 4% and taking 40 days for a property to sell.
</body></html>

 Bondi Beach ranks second among Australia's most resilient price suburbs behind Spence in the ACT: RP Data

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Opportunities are increasing for vendors to advertise and sell properties themselves online, bypassing the use of estate agents and potentially avoiding thousands of dollars in commission.
Earlier this month a new player entered the DIY space – Intouch Real Estate founded by former Wizard Home Loans’ Paul Ryan – which immediately sparked an expected outcry from real estate agents on industry website Real Estate Business.
Ryan says selling your home yourself is a challenge vendors need to be up for.
Some of the issues DIY sellers must deal with, Ryan says, include ensuring photos, floor plans and description are true and correct, that vendors don’t misrepresent the property or mislead potential buyers, the negotiation process, attracting enough interest in the property and being at the open for inspections.
“Some people don’t like the concept of meeting people attending inspections, answering questions or hearing negative comments about their property,” he says.
But he maintains the sale process is far more transparent.
“The vendor can accept the offer they wish to accept and not be coerced into waiting until the campaign finishes or the auction date and potentially lose a buyer,” he says.
“You obtain genuine feedback, not clouded by real estate agent talk,” Ryan says.
And if the DIY campaign does not prove successful, Ryan says the vendor still has the option of transferring the sale to an agent.
Lorri Baxter, operations manager from Commission Free Real Estate (crfe.com.au), which offers to assist DIY sellers, says most vendors who go it alone have no idea of how to present their property, have an over-inflated opinion of the worth of their property and don't know how to finalise a sale if they find a buyer.
CRFE's service includes a professional advertising script, helping with negotiation and getting DIY listings on websites like realestate.com.au.
"In years gone by, many people have felt they needed to list with a local real estate agent to obtain a successful sale. Let me tell you, those days are long gone! It has become increasingly popular to sell your own home, as this is the only way to avoid paying excessive agent fees," she says.
Among Australia’s most dominant online real estate listings providers – realestate.com.au, domain.com.au and realestateview.com.au – only Domain.com.au provides what it calls a “self-service” offering, and most estate agents, not surprisingly, are firmly against the idea.
Robert Larocca, policy and public affairs manager at the Real Estate Institute of Victoria (which runs realestateview.com.au), says the trend of DIY selling has become more obvious because of the internet but warns that it has always “represented a false economy and still does – regardless of the apparent ease of the internet.
“In the first place, it simply may not be cheaper; many of the websites are simply conduits for a range of service providers seeking to sell a range of services that are often included in the professional fees charged by estate agents.
“Secondly, by not utilising the professional services of agents, consumers can be left exposed. They are less likely to get the best sale price and face the likelihood of having to spend countless hours doing the work normally done by their estate agent. “It may seem cheaper, but will it really be cheaper when you take into account the cost of your time and a lower sale price?”
Despite the large number of online DIY sites (see our list below) DIY listings make up a tiny proportion of the overall market.
As an example, for the post code of 2000 (Sydney CBD), realestate.com.au has over 750 listings while Domain.com.au has nearly 950.
Buymyplace.com.au – which claims to be the no.1 DIY listings website - lists just six properties for sale in the same postcode.
The results are similar for other postcodes Property Observer tried such as 3000 and 2011.
Vendors who do wish to explore the DIY route have a number of online ventures that offer services tailored at this market.
Services range from simply providing a template to completing an online listing to providing a collection of services such as featured listings on sites like realestate.com.au, organising professional photographs, preparing property reports, providing open-for-inspection signs and providing a legal partner for conveyancing.
Most charge a base fee, which rises as more services and features are added to a basic agreement.
Aside from the challenge of marketing, promoting and dealing with buyers, there are also legal obligations and potential hurdles, which can land DIY sellers in trouble.
Vendors must engage a solicitor or conveyance to ensure the necessary legal documents are in place and to also hold the deposit in trust.
Other challenges include estimating a fair price, vetting potential buyers and determining a settlement period.
Despite these challenges, there are numerous well-known advocates for DIY sales
Hotspotting.com.au’s Terry Ryder published a book Real Estate Without Agents, while consumer advocate Neil Jenman also backs the practice as a way to avoid commission costs and the risk of dealing with an unscrupulous agent.
Property Observer has scoured the internet to come up with a comprehensive list of online DIY offerings:
<a href="https://www.intouchrealestate.com.au/" target="_blank">www.intouchrealestate.com.au</a> 
Cost: starts from $995
Services: Access to LiveOffer system which allows vendors to monitor offers on their property online and in real time, yard signs, in-house online listings, listing with realestate.com.au, domain.com.au, promotional flyers. A more expensive vendor-assisted offering is also available for $1,995.
<a href="https://www.buymyplace.com.au/" target="_blank">www.buymyplace.com.au</a>
Cost: starts from $270 to $599
Services: Listing on bymyplace.com.au, for sale sign, six photographs. Auctioneering services, property reports, sales contracts and price negotiation services can be purchased for an extra charge.
<a href="https://selfservice.domain.com.au/">selfservice.domain.com.au</a> 
Cost:  $250 - $499
Services: The ability to build your own listing online and then publish it on domain.com.au. Prices vary dependent on suburb location.
<a href="https://www.forsalebyowner.com.au/">www.forsalebyowner.com.au</a> 
Cost: starts from $699 
Services: Listing on forsalebyowner.com.au, realestate.com.au plus other smaller listings websites, for sale board, property report, printable brochure and ability to manage your own account.
<a href="https://www.noagentproperty.com.au/">www.noagentproperty.com.au</a>
Cost: $295 
Services: Listing on noagentproperty.com.au, 12 photos, unlimited description and time, listing on the Trading Post online.
<a href="https://cfre.com.au/">www.cfre.com.au</a> 
Cost: $699 for “value plus” package (also offers $299 “sell it quick” package)
Services: This is a vendor-assisted offering. It includes a six month listing on realestate.com.au and Domain.com.au, for sale sign and sold sticker, property brochure, solicitor/conveyancer advice form, how to negotiate kit.
<a href="https://www.propertynow.com.au/" target="_blank">www.propertynow.com.au</a>
Cost: $390 listing fee + $90 recurring monthly fee 
Services: Online listing on propertynow.com.au, plus option to buy for sale sign for $75
<a href="https://www.forsaleforlease.com.au" target="_blank">www.forsaleforlease.com.au</a>
Cost: $399 + $99 per month or $795 until sold 
Services: Listings on all major websites, ability to change ad yourself. Extras cost for for sale signs, photographs, a listing on domain.com.au, floorplans etc.
<a href="https://www.owner.com.au/" target="_blank">www.owner.com.au</a>
Cost: $0 - $110 
Services: Standard listing on site with one photograph. For $110 you get unlimited photographs and a pair of for sale signs. Listings are free to renew.
<a href="https://www.diyrealty.com.au/" target="_blank">www.diyrealty.com.au</a>
Cost: $169  
Services:  This covers standard listing on site. ptional services. Optional services that can purchased at an extra cost include additional signage, feature listings and the option of listing on other real estate sites.
<a href="https://www.smartvendor.com.au" target="_blank">www.smartvendor.com.au</a>
Cost: $0 -$2,299
Services: The free offer includes an online ad, five photographs. The top package includes a Google advertising campaign, a listing on domain.com.au, personalised for sale sign and 300 personalised flyers.
 
</body></html>

Selling the house by owner gets new website advocate assisting the DIY challenge 

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RBA governor Glenn Stevens says Australian households are continuing to manage their debt obligations while noting that house prices may have stopped their “gentle decline” following cash rate cuts that began in November last year.
This supported his August monetary policy decision statement that "dwelling prices have firmed a little over the past couple of months". 
He also suggested interest rates were likely to remain on hold while the RBA waited for the effects of rate cuts to work their full effect on the economy and house prices.
Speaking before the House of Representatives Standing Committee on Economics Stevens acknowledged that concerns have been worries expressed about house prices –but mainly from overseas.
He said “bad things can happen” but said Australia had the structures in place and was fairly well-equipped to respond.
He noted that house-prices-to-household-income ratio was up around four to one, but said this was where it had been for the last decade.
He also said that APRA had stress-tested the banking sector and while it would be affected by a global crisis it would remain “well and truly solvent".
In his opening statement, Stevens said the board has judged the current interest rate sets to be the "appropriate stance".
“It is too early to tell how much difference the sequence of decisions to lower interest rates late last year and in the middle of this year has made to the economy, though we can observe that dwelling prices may have stopped their earlier gentle decline, and business credit has been growing at its fastest pace for three years,” he said.
But he said if there were a deviation in the domestic outlook, the RBA would be well placed to respond.
Stevens said it was reasonable to assess that the domestic economic activity has been growing "close to trend" for the past 12 months.
He said May and June cash rate cuts were made based on the board's assessment of economic conditions and the outlook, and with regard to the balance of risks.
“In May and June, the Board eased monetary policy, lowering the cash rate by a total of 75 basis points, following the two adjustments made last year. These decisions were made based on the Board's assessment of economic conditions and the outlook, and with regard to the balance of risks. They have resulted in borrowing rates being a little below their medium-term averages,” said Stevens.
Responding to the opening statement, ANZ said it "contained little new information over and above recent communications from the RBA"
"On the economic outlook in <place><country-region>Australia</country-region></place>, the governor noted that the central forecast of growth close to trend will have a different composition than over the past year or two. Resources investment is expected to peak over the next year or two but thereafter exports are expected to pick up.
"Dwelling and non-residential construction is also forecast to pick up following the current period of weakness," said ANZ.
 
<ul></ul>
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House prices may have stopped 'gentle decline' and households in 'good shape': Glenn Stevens

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Perth and Adelaide have led a sixth straight quarter of improving housing affordability in the June quarter, taking the HIA-Commonwealth Bank Housing Affordability Index to its highest level since September 2009.
The index improved by 1.1% (0.7 points) in the June 2012 quarter to be 10.6% (6.0 points) higher over the year with an index value of 62.5.
Two years ago the index stood at 52.5.
The affordability multiple – number of average full-time adult wages required to affordably service a mortgage on a median-priced dwelling – improved slightly from 1.62 to 1.6. Two years ago it stood at 1.91.
Affordability peaked in March 2009 quarter, at a time when the cash rate was falling to its lowest level as the RBA cut rates steeply to counter the effects of the GFC. Between December 2008 and April 2009 the cash rate fell from 5.25% to 3% with 100-basis-point rate cuts in December 2008 and February 2009. These rate cuts followed state governments introducing the boosted first-home owners' grant, which provided up to $14,000 in additional handouts.
The chart below illustrates this improving affordability picture but also shows that  affordability in capital cities (the grey line) has flattened out, while there has been a sharper improvement in affordability in housing markets outside of capital cities (the black line).
Click to enlarge
<a title="Click to enlarge" rel="shadowbox" href="/images/stories/2012/08/hiaaug24.gif"><img src="/images/stories/2012/08/hiaaug24thumb.gif"></a>
"Excluding the GFC period when interest rates dropped sharply, housing affordability is at its healthiest level since 2003," says HIA chief economist Dr Harley Dale.
"That is heartening news for Australian households."
"Now is a great time to buy for those who are financially set to take that decision," Dale says.
Perth’s affordability index improved from 59.7 to 62.5, and Adelaide’s affordability index improved from 65.9 to 70.
Affordability in Perth was driven by average monthly loan repayments falling from $3,331 to $3,184.
There was a small improvement in Sydney – 50.1 to 51.9 – but it remains the least affordable capital city in Australia.
Affordability worsened slightly in Melbourne (60.3 to 59.3) and in Brisbane (65.5 to 64.7).
Outside of the capital cities, affordability improved everywhere except South Australia and Western Australia.
"The recent improvement in affordability is welcome news for those trying to get a foothold into or advance within the housing market," says Dale. "It is also an encouraging bright spot for an industry that, in terms of current activity, remains a clear area of weakness within the Australian economy."
"The improvement in housing affordability is largely cyclical and there remains considerable work to be done to address the high and inefficient taxation embedded in housing, especially for new homes."
"Policy reform remains very slow, to the detriment of households, businesses, and overall economic performance," adds Dale.
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