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“Minister Chanthivong and his team have shown real leadership in replacing an outdated two-year bond with cover that matches the lifespan of the buildings people are buying into.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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Western Australia has once again topped the states when it comes to driving the nation’s economic growth, despite the downturn in the mining boom.
The Northern Territory has <a target="_parent" href="https://www.smartcompany.com.au/finance/34215-wa-continues-to-lead-but-the-rest-of-australia-is-catching-up-state-of-the-states-report">leap-frogged the Australian Capital Territory</a> into second place, according to the latest CommSec State of the States report, further demonstrating the strength of the mining states.
Queensland and the ACT tied in third place, while New South Wales and Victoria also tied in fourth.
A significant gap then separates these states and South Australia, while Tasmania continues to lag behind the rest of the nation.
While WA is still on top, it came out first in only one of the eight criteria, compared to five categories in April 2012. However, it did manage to come second in a further six categories.
CommSec economist Savanth Sebastian told SmartCompany overall the resources states are strengthening.
“WA was front and centre in terms of growth. The income flow is now filtering through the economy and retail spending was particularly strong,” he says.
“The Northern Territory and Queensland were healthy in terms of business investment and this has been supported by lower interest rates, fostering a turnaround in the economies of these states.”
The NT’s main strengths include construction work, retail trade and dwelling starts, however it came in last place in the housing finance category.
“The resource states will dominate going forward in terms of an income boom. The mining boom isn’t tapering to the extent that it was once thought and even though it will taper the property boom will support the economy,” Sebastian says.
The ACT slipped to third place because of a loss of momentum in business investment, however it continues to perform well in the population growth criteria.
Sebastian says the biggest driver of the 2014 growth story will be the housing sector.
“Victoria remains about six to nine months behind what we’re seeing in NSW in the property market,” he says.
Tasmania came in last on all indicators, except housing finance where it placed sixth.
Sebastian says its main weakness is a stagnant population and a high unemployment rate, although all hope is not lost.
“In Tasmania the weaker currency will be beneficial in a broader sense. When you see a lift in housing activity, particularly when housing affordability is strong in the region, it can support a turnaround, so we could see some other sectors start to get some support,” he says.
CommSec predicts in 2014 growth in all states and territories should start to lift as consumers and businesses show a sustained level of optimism.
This article first appeared on <a href="https://www.SmartCompany.com.au" target="_blank">SmartCompany</a>.
 
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yredrup-o4Anfe78KF

Resource states still fueling economic growth, while Tasmania continues to lag

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With unique charm and situated in prime locations, there’s a lot of appeal to owning a heritage property. But while the rarity of heritage residence ensures that they have long-term value on the market, the many restrictions on renovating, subdividing or altering them can leave many investors wondering whether they’re worth the hassle.
If a property or site is deemed to be significant to the heritage of a local area, it may be protected under a heritage overlay, enforced by the local council. While a property that is deemed a “heritage place” by the local council may not necessarily have strict restrictions on changes, a heritage overlay will require a permit to subdivide land, demolish or remove any part of a building, carry out construction (including building a fence), construct or display a sign, externally paint an unpainted surface or externally paint an advertisement onto a building.
Other controls over external painting, internal alterations and trees also may apply, depending on the individual property.
Renovating For Profit founder Cherie Barber says that it’s vital to understand what kind of heritage protection the property in question falls under. She notes the distinction between a heritage listed property, and one that falls in a heritage and conservation precinct.
“One is individual, and one is blanket. Heritage and conservation applies to a whole suburb. The council is saying, ‘we’re going to be very particular about the development in the suburb. We want all the houses to retain the underlying fabric of the suburb.’ So they’re very particular about the exterior. Those properties usually don’t have any restrictions on what you can do internally.”
However, that doesn’t mean that a renovating a property in a heritage and conservation precinct is cheap. To obtain approval for changes to a property, the council often requires that renovators and investors produce reports from experts in heritage constructions.
Barber advises renovators in heritage suburbs to expect delays when trying to get paperwork approved through the council.
“The typical lead time in approvals is four to nine months in my suburb, and each report can be thousands of dollars.”
Barber recently spent $70,000 on reports alone while building an extension on the back of a property in a heritage and conservation precinct, even though the property itself wasn’t heritage listed.
According to Barber, the paperwork required in applying for permits for heritage homes is one of the greatest costs to investors. In 2004, Barber purchased a heritage listed property in Balmain, intending to subdivide the plot. But before signing the contract, she negotiated a five day due diligence period.
“I got a town planner, an architect and a heritage expert, we met off site, and we discussed whether I could get my subdivision approved.”
Engaging three experts for the single consultation cost about $1000. Barber’s team agreed that she would have an 80% chance of getting the subdivision approved, with a 20% chance that the matter would have to go before the Land and Environment court. With that knowledge in hand, Barber built the costs of legal proceedings into her investment.
The approval did end up going before the Land and Environment court – a lengthy and expensive process, Barber says. With each witness charging $250 to $300 an hour, Barber notes that it isn’t hard to spend $5,000 to $10,000 per witness. In total, the court process cost her $90,000.
Two years after purchasing the property for $2.51 million – with one year spent negotiating with the council, and one year in court – Barber sold it for $3.75 million, without undertaking any construction on the property. Total costs, Barber says, were about $360,000.
While Barber managed to walk away with a tidy profit from “paper shuffling”, she warns that the process isn’t for those without some serious capital behind them.
“For newbie investors, that’s the stuff that can send you bankrupt.”
While it may seem that heritage controls exist to preserve a building exactly as it originally stood, the Victorian Department of Transport, Planning and Local Infrastructure <a target="_blank" href="https://www.dpcd.vic.gov.au/heritage/local-government/heritage-overlays-local-heritage-legislation">notes</a> that “not every building or landscape element will be significant”, and that making changes or removing “non-contributory” elements of heritage places is generally not an issue.
Such subjective terms make councils unpredictable, Barber says. As such, she advises that only the serious investor or renovator should approach a heritage property.
“You’ve got to be savvy. You need a good team of professional experts around you. You have your trade team and your professional team – ‘the suits’– your town planner, your architect, your lawyer, your structural engineer. And when you’re working on a heritage property, you’re going to need the suits more than the trade team.”
Wakelin Property Advisory founder Monique Sasson agrees.
“Normally they are extremely significant, 7 figure properties. There are two reasons you would buy one of those: as a loved and cherished family home, or as some kind of commercial enterprise, to have a heritage related business.”
“Either way, we’re talking about a very significant investment.”
“If you’ve got that kind of money, and you’re pretty set on holding on to the property for many years, then a heritage property can be great.”
“But if you’re buying it because it superficially looks good, stay away.”
While owning a unique heritage property might seem appealing, Sasson warns that the task should only be approached by those with the budget, the knowledge, and the commitment.
“This is not a purchase for the average investor. This is for a specialised investor.”
“For the average mum and dad investor – don’t go near it.”
Back in September Property Observer listed four of <a target="_blank" href="https://www.propertyobserver.com.au/new-south-wales/top-four-heritage-properties/2013093065369">our favourite heritage properties</a> covered throughout 2013. 
Amongst our picks was Bendigo's Fortuna Villa heritage trophy estate (pictured below). <a target="_blank" href="https://www.propertyobserver.com.au/victoria/fortuna-villa-heritage-trophy-estate-finally-sells/2013062662744">It finally sold in June</a> last year, for $2.21 million.
{yoogallery src=[images/stories/2013/04/april12fortuna]}
<a href="mailto:jrichardson@propertyobserver.com.au" target="_blank">jrichardson@propertyobserver.com.au</a>
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jrichardson-uRX5hFdKfN

Are heritage homes good investments?

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Are formal dining rooms requisite in new build homes?
That's the discussion topic this Australia Day weekend around our barbecues, our property commentators Jonathan Chancellor and Margie suggest. He says no, she says yes to their continuation.
HE SAYS <img height="225" width="150" src="/images/stories/2013/09/06/jc-silhouette-5.jpg" alt="jc-silhouette-5" style="float: right;">
Formal dining rooms are almost a thing of the past  - gone with the nightly whole of family dinners and the special Sunday roasts around the formal table.
But Margie's deep love of the formal dining room makes her the perfect dinner party guest for the uncompromising historian, Dr James Broadbent, reminising about the days of our pioneer settlers over cucumber sandwiches at his intact 1809 home, The Cottage, Mulgoa.
Perhaps recalling the shipment by William Charles Wentworth in 1845 of his imposing Gothic oak sideboard for the dining room at Vaucluse House.
The darkened formal dining rooms date back to those London-originating pattern books for Australian domestic use that started to fall from favour around the time we released they didn't come with the requisite verandah.
Australian homes now embrace openness and light, although the need and success of a formal dining room can depend on its size of the house and location.
I'd suggest Bishopscourt in Darling Point will always need one, for instance, no matter who becomes its next owner.   
<img height="627" width="470" src="/images/stories/2014/01/24/he-said-jan-24-one.jpg" alt="he-said-jan-24-one">
The dining room at Bishopscourt, Darling Point.
But it's now all about the pursuit of function over form these days with the vast Vaucluse house (pictured below) recently completed by Andrew Ipkendanz the current scene stopper. <a target="_blank" href="/news">It is up for sale through Alison Coopes</a>.
Its open-plan kitchen, living and dining area, looking squarely down the harbour, is ideal for relaxed Australian-style dining, however the lack of any formal dining room in the Carrara Road home has been described by some as an "idiosyncrasy."
{yoogallery src=[images/stories/2014/01/23/vau1]}
Indeed its absence could be a sales sticking point, one prestige agent has suggested.
“There’s a type of buyer who will say that having a formal dining room is a requirement they’re not prepared to compromise on. It’s a gamble,” Christie’s agent Ken Jacobs says.
Ipkendanz acknowledged in a recent Australian Financial Review article the no fomal dining room decision was a “big departure” from the norm, but having lived and built in locations around the world as far spread as Brazil, Italy, France’s St-Jean-Cap-Ferrat and London, he was adamant the home had been built the way a home located in Sydney, Australia, should be.
{yoogallery src=[images/stories/2014/01/23/vau2]}
“I just don’t think people in this environment need a formal dining room. We’ve got a kitchen table that is five metres long and a huge outdoor terrace. I know when they use the home they’ll realise the kitchen and living space is so magnificent, it’s the only place they’ll want to be,” he said.
Of course there is a vast caterer's kitchen carefully planned to be close to the dining table, yet out of sight.
<img height="225" width="150" src="/images/stories/2013/09/06/mb-silhouette-4.jpg" alt="mb-silhouette-4" style="float: left;">SHE SAID
I have a penchant for formal dining rooms. But I agree with Jonathan, a formal dining room in a home depends on its size of the house and location.
For instance, big beach houses typically don’t need a formal dining room – an open-plan kitchen and spacious dining zone is much better suited to a modern beach house.
Formal dining rooms suit large modern suburban homes and those in rural lifestyle areas, like the Southern Highlands and Mount Macedon. Sitting down to dinner with family and friends in a room specifically designed for eating and entertaining (and separate to the kitchen) is not only enjoyable, but also provides a sense of style and occasion.
With contemporary residences, a formal dining room doesn’t need to have four walls - it can open from the formal sitting area, or indeed flow onto a large outdoor terrace.
But I can’t imagine owning a Toorak or Bellevue Hill mansion and not having a formal dining room.
Certainly formal dinners are a traditional social obligatory among owners of large homes on Sydney’s upper North Shore, which is the domain of the NSDP (North Shore Dinner Party). In this neck of the woods, where good restaurants are few and far between, couples emulate Martha Stewart (or Nigella Lawson before her recent divorce) by hosting friends at carefully planned three or four course dinners in the formal dining rooms of their homes.
Currently for sale in Pymble Road, Pymble are a series of four new residences - <a target="_blank" href="https://www.realestate.com.au/property-house-nsw-pymble-115039631">two with formal dining rooms (82A and 82B) and two (82C and 82D) without</a>. Each measuring about 350 square metres internally, these large Pymble homes are for sale at $2.8 to $2.9 million through Jenny Zhang of Century 21 West Pacific.
Granted however with smaller new houses, formal dining rooms don’t feature.
Home World’s website provides pictures, descriptions and floorplans for a wide range of new open plan residences including Masterton Homes’ double-storey <a target="_blank" href="https://www.homeworld.com.au/homes/merlot-elite">Merlot Elite</a>. Gone is the formal dining room, and in with the new norm including the downstairs home cinema and the upstairs lounge room.
{yoogallery src=[images/stories/2014/01/24/mer]}
As the Home World website says the Merlot offers the ultimate, imaginative use of space providing separate areas and zones which tick all the boxes required for family living; home theatre, secluded study, open-plan living and kitchen flowing onto al fresco dining and entertaining and a fantastic family bedroom and living upper floor area.
Over the years, I’ve seen a wide array of formal dining rooms, mostly in grand mansions and penthouses on the north shore and in the eastern suburbs.
Among the most impressive were the Joye's dining room at <a target="_blank" href="/news">Barford, Bellevue Hill</a>. The <a target="_blank" href="/news">Princeton penthouse</a>, Double Bay – decked out by doyen Leslie Walford - was also special. I simply adored the dining room formality of this mansion while visiting Bali recently (pictured below), away from the coast amid paddy fields. And of course the one in the as yet unsold <a target="_blank" href="https://www.propertyobserver.com.au/news/bishopscourt-darling-point-for-sale-for-probable-%2425-million-plus-hopes/2013090264719">Bishopscourt in Darling Point </a>where I snapped jonathan recently! 
<img height="352" width="470" src="/images/stories/2014/01/24/she-said-jan-24-two.jpg" alt="she-said-jan-24-two">
news@propertyobserver.com.au
 
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jchancellor-FAypfDUnLy

Do Australian homes need the formal dining room? He Said/She Said

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It's summer time, so longingly looking into estate agent window displays for shacks for sale up and down the coast has been principal property pursuit of many.
But buying? 
Before dashing off to Paris for Christmas, Pitcher Partners partner David Staples, compiled an analysis, counselling would-be buyers to do their sums.
Rathering than offering sanctuary and status, the reality could be a financial black hole.
“It’s generally a lifestyle choice rather than an investment,” he suggests. 
Our commentators Jonathan Chancellor and Margie Blok look at the pros and cons of owning a holiday home and find it's actually quite generational.
 
HE SAID
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/stories/2013/09/06/jc-silhouette-5.jpg" alt="jc-silhouette-5" width="150" height="225" style="float: right;">
For starters, I look at holiday homes as an indulgent compulsory savings endeavour, building wealth through property for retirement.
Maybe rather than working from home, middle aged senior executives actually take their laptop workload to their coastal retreat - and their staff  aren't the wiser.
And even an essential escape from the city for the weekend - especially when there is adjacent demolition and construction every Saturday morning for years on end in the neighbourhood.
Yes it's rented out to others at the peak holiday times, but having use of it through the decades means having all those memories of fun family holidays. Yes there will be a period when the kids find it daggy, but they will be back. The pets will always come with you though.
For many it's most likely a home-from-home with the eventual savvy sea change shift less stressful than for everyone else.
So what is the main downside of this seemingly good personal investment?
Some coastal property owners complain that they spend all their time fixing up and maintaining their holiday homes. Yes maintenance on the coast tends to be higher due to the proximity of the sea, but just think supply and demand ensures that sea view coastal properties fair better than most when it comes to holding, losing or improving their value. So find the great local help.
Of course, coastal properties with easy access to schools, hospitals and shopping centres have quicker sale times if you do need to exit.
Rental returns in many coastal spots can cover most costs - maybe all up around eight weeks a year with demand then plummeting during winter which is when the owner can enjoy those blustery southerlies.
Typically you'd expect it to provide a net annual yield of no more than 2 per cent, even if commanding weekly rents of $2000 or more in peak periods. Ofcourse there's always the chance of using the income for a quick ski at Whistler while the tenants are swatting away the beachside blowies.
But beware the expectations of holiday guests has risen in recent times so household items once considered extras such as air-conditioning, a dishwasher and a modern gas barbeque are now viewed as essential. Not sure that the Nepresso machine and adequate supply of capsules is yet mandatory for the vacation crowd.
Margie may consider it a con, but being in one location for vacation year after year can be a delight. It's a safe place, boring and routine - but with a good book selection, a pack of cards, scrabble game and spare clothes with a musty odour - providing just the necessary break from the hustle and bustle of the city.
Ideally, its driving distance from the city should not be much further than two hours or so.
 
SHE SAID
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/stories/2013/09/06/mb-silhouette-4.jpg" alt="mb-silhouette-4" width="150" height="225" style="font-size: 19.09090805053711px; float: left;">Owning a holiday house can be more a curse than a blessing given the ongoing costs and obligation to use the place.
Who wants to constantly return to the same holiday spot when inexpensive travel deals offer a wide range of local and overseas destinations with hotels and resorts providing interesting and relaxing holiday options and staff to take care of everything?
Heading off to a holiday house with family or friends is a nice idea, but in reality it involves a daily grind of cooking, cleaning and laundry, as well as provisioning with food, booze and other supplies from a local shopping centre.
During the peak summer season, these shopping experiences can be truly hideous at popular holiday spots (especially those on the coast) crowded with hoardes of holidaymakers, often with screaming children in tow.
According to David Staples from the accounting firm Pitcher Partners, the money spent on an average holiday house could pay for more than one week a month – or about 90 days a year – in a quality hotel.
The AFR Weekend noted Staples' sums of owning a holiday house with $500,000 mortgage repayments at 4.9 per cent – the lowest in a generation – would actually total about $24,000 annually, the equivalent to about 70 nights a year at a holiday resort costing $350.
Staples' colleague Jordan Kennedy says that means the buyer would need to spend their 20 days of annual holidays, 10 public holidays and 19 weekends at the holiday home to justify the cost. And when you add in another $30,000 for rates, maintenance and other costs, it pushes close to 90 nights a year.
Also, land tax on a holiday house can be a massive burden, particularly in pricey areas on the Mornington Peninsula and on Sydney’s northern beaches. In these areas, annual land tax on a holiday home can amount to tens of thousands of dollars.
During the 1960s when air travel from Australia, on Qantas and BOAC’s Boeing 707s, was expensive, owning a holiday house was more appealing than it is today. For our parents’ generation, holiday houses were more affordable – but now, when you take costs into account, I think there are better holiday options.
One trap to be aware of with a holiday home is any ownership in a self-managed superannuation fund. Anthony Keane, editor of Your Money, reported recently in the News Ltd papers, that strict rules around self-managed super prevent property owners from gaining any personal benefit from their fund assets until retirement, and there are nasty tax penalties for breaking the rules.
<div><a href="mailto:news@propertyobserver.com.au" target="_blank">news@propertyobserver.com.au</a></div>
<div> </div>
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Holiday homes: finances aside, the pros and cons come down to a generational outlook

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Australia is the world capital for property speculation. Australians play property like Monopoly: buying, selling, demolishing, rebuilding, extending, renovating, always with the promise of appreciation on resale. The contribution to GDP of real estate transactions alone is the highest in the world, and three times higher than that in the US.
Around one in seven Australian taxpayers owns one or more investment properties, aided by generous tax concessions. Australia has one of the highest levels of household debt in the OECD due to borrowings for property purchases.
This amounts to what is effectively an infinite demand for property in Australia, exacerbated by a growing global investor market. The resulting competition at sale is the main reason for Australia’s rapidly declining housing affordability. While some (but by no means all) of this activity is creating new dwellings for rent, the rents are increasing too.
Renters last
Renters are the losers in the property game. Not only do they struggle with high rents but tenant protection in Australia is among the weakest in the developed world. This is not coincidental: Australia’s 1.8 million and counting property investors support and are supported by tenancy legislation heavily weighted in favour of landlords. This produces a fundamental lack of security in rental housing.
Australia stands in stark contrast to North American and European countries, which have a range of much stronger tenant protections including rent control and security. As these are nuanced and vary from state to state in all these countries, as well as in Australia, broad comparisons are difficult to make. But a few key points can draw the picture.
In Victoria, rents can be increased every six months with no limit on the amount (though a tenant can appeal to the Victorian Civil and Administrative Tribunal if the amount exceeds similar properties in the same area). In Germany, which is around average for tenant protection in Europe, rent increases are capped at 20% every three years. Landlords who overcharge can be fined.
In Victoria, 60 days is the standard amount of notice required for a tenant to vacate. In Germany the notice requirements vary according to how long the tenant has lived there: three months is the minimum for someone who has lived in the property for less than five years. Six months notice is required for a tenancy between five and eight years; nine months for longer than eight years.
Elderly long term tenants are protected: a landlord has to make a very strong case for their eviction, and is required to pay compensation and/or assist with their relocation.
In Victoria, tenants can be evicted so a property can be sold with vacant possession, which may or may not bring a bit more on the sale price. If the place is bought by another investor the property returns to the rental market some months after the original tenants had to find a new home. In Germany this is illegal: tenanted properties are sold with their tenant in place.
This strong legislation is possible partly because of the role of large landholding institutions in Germany that treat their housing assets as long-term secure investments that provide a steady return. The resulting long leases mean tenants can consider their rented property their home and fit it out accordingly. The tenancy protections supporting this arrangement act as a disincentive to speculators, which in turn reduces demand for investment properties and therefore competition at sale.
When people prefer to rent
The historical and cultural contexts in Australia and Europe are profoundly different of course, but it is useful to reflect on the institutional and legal practices that enable renting one’s home to be the norm.
In contrast to Australia, where land and housing are treated as commodities, the combination of large landholders and strong tenant protections in Europe creates a self-reinforcing cycle that maintains house prices and rents at relatively stable and affordable levels. The resulting security means Europe doesn’t have anything like the stigma against renters that can be found in Australia.
Australia is changing, however. The prohibitive cost of housing for purchase, desire to delay or avoid the burden of housing debt, and simultaneous growth of a footloose, casualised workforce – whether by circumstance or choice – is creating generations of people who prefer to rent.
As cultural attitudes change, the institutions should follow. The potential role of Australian superannuation funds in investing in housing has been avoided for too long: for decades trillions of dollars of workers’ hard-earned have been distributed over a range of investments without alleviating Australia’s crisis of housing affordability.
The super funds are finally reconsidering this position, and so too should Australia’s legal practices adapt. Legislative changes should be made to facilitate significant super fund investment in secure and affordable rental housing, followed by strengthened tenancy protections.
If these changes were coupled with reduction of the tax incentives to small property investors, the market would shift dramatically. But this would require Australian voters to curb their enthusiasm for the property game. What are the chances of that?
 
<hr>
 Kate Shaw is an Australian Research Council (ARC) Future Fellow in Urban Geography and Planning. Her current research focuses on urban renewal in the 21st Century.
 
This article first appeared on <a href="https://theconversation.com/renting-for-life-housing-shift-requires-rethink-of-renters-rights-20538" target="_blank">The Conversation</a>.
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Renters are the losers in the property game: Time to rid the stigma: Academic

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There will be a Senate inquiry into affordable housing this year.
Just a fortnight before Christmas, Queensland Senator Jan McLucas, Labor's Shadow Minister for Housing and Homelessness, secured the inquiry that will investigate private and public accommodation, both ownership and rental.
<a href="https://www.aph.gov.au/Parliamentary_Business/Committees/Senate/Economics/Affordable_housing_2013/Submissions" target="_blank">The economics references committee, currently taking submissions, will report by 26 June.</a>
Of course it was only 2008 when a Senate select committee on housing affordability in Australia last reported.
So just how much this latest effort involves dusting off the prior submissions and the final report will be interesting to note. It might be optimistic to expect many new understandings emerge.
This inquiry will look at the biggest bugbear - the role of all levels of government in facilitating affordable home ownership and affordable private rental, especially the taxes and levies imposed by the Commonwealth, state, territory and local governments.
It will provide a timely look at the operation, effect and future of the National Rental Affordability Scheme.
The regulatory structures governing the roles of financial institutions and superannuation funds in the home lending and property sectors will be reviewed. 
Issues including appropriate, affordable and adaptable accommodation that  ensures emergency and essential service workers have access to affordable housing close to where they work will no doubt be addressed.
Also the important role of innovation in building materials and construction, including prefabricated and sustainable materials.
Alreeady three submissions have been lodged .. no none from our Monday morning columnist Catherine Cashmore. She's of the view that it could be just a repeat version of the 2008 report entitled “A good house is hard to find: Housing affordability in Australia” which was detailed in its content.
"It’s five years later and we seem to be no further forward," Catherine suggests.
I argue we are actually probably the poorer. And the Abbott Government's inexplicable axing of the National Housing Supply Council does create a void that can, inpart, be filled by the senate inquiry.
But not with any great hope for significant change. I am inclined to agree with economist Saul Eslake that politics – more than any other single factor – means that Australians are likely to have to live with a dysfunctional housing system for a long time yet to come.
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2014: Dusting off the Senate's 2008 housing affordability report or real progress?

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Two apartment tenants in Canberra who sued their landlord for faulty airconditioning and a failure to provide Foxtel have been awarded $3788 in compensation.
The tenants, Emilio Broso and Hyeyoung Sun, signed a 12-month rental agreement for the apartment in September 2012.
They filed a case with the Australian Capital Territory Civil and Administrative Tribunal (ACAT) on 15 July 2013, seeking to terminate the residential tenancy agreement, and compensation.
According to ACAT, The tenants contacted their property manager from Ray White Canberra on December 2012, alleging that that the air-conditioning “turned itself off every 20 minutes”, but was not satisfactorily repaired until March 2013.
Due to extreme temperatures above 30°C, the tenants alleged that they were unable to to sleep because of the heat.
In addition, the tenants alleged that the premises was not properly secure, and that despite being told Foxtel was connected in the property, it was not.
The tribunal found the air-conditioning issue was a breach of the landlord’s obligations, and ruled that the tenants be compensated $3048, 65% of the rent paid during the hot months of December 2012, as well as January and February 2013.
In addition, the landlord was ordered to compensate $610 to the tenants, the equivalent of five months’ Foxtel subscription fees.
In relation to the security of the premises, the tribunal was not satisfied with the evidence presented.
Broso told Property Observer that he contacted Ray White Canberra in November 2011 about faulty airconditioning in the apartment, but it was only fixed in March 2012.
“Ray White don’t (sic) really care about us, they sent a few people to fix up the problem, but the problem wasn’t fixed up until after five months,” Broso said.
He said that they changed a number of agents in a year and that nobody knew about the problem. After winning at ACAT, he notes that he is waiting for the payment.
Broso also alleges that he spoke to the landlord recently, and the landlord was unaware of the events that transpired with the exception of a phonecall in November 2012, that informed him of the issue with the air-conditioning. 
Ray White spokesperson Lisa Pennell told Property Observer it was “not ideal” that the repair of the air-conditioning took four months.
Providing an account of the incidecent, she said on December 12 2012 the tenant reported the issue with the air-conditioning via email, and a maintenance work order was issued on the same day. However, that particular company failed to get back to Ray White by January 22 2013. Ray White then issued a separate work order to another company, who only managed to get in touch with the tenant on January 25 this year.
On February 13 this year, the company provided an update to Ray White that they were awaiting information about parts to supply a quote. The next day, on February 14, they provided an estimate that it would be cheaper to replace the air-conditioning unit than repair it.
However, on February 20, the owner responded that the air-conditioning unit was still under warranty, and instructed Ray White to contact the company handling warranty repairs. The company then undertook repair work on the air-conditioning unit, which was completed in April 2013.
Pennell also told Property Observer that there was “extensive communication” between Ray White Canberra and the landlord throughout the tenancy. 
Responding to the tenant’s claims that Ray White Canberra changed six or seven agents during his tenancy, Pennell said, “The tenant would have had contact with a number of different people within the office during the normal course of business, including a leasing agent, receptionist, and property managers. One property manager did leave during the tenancy, otherwise the staff of the office has remained consistent.  It is normal in a modern office for various parts of the property management process to be handled by different staff, and also for staff to be able to substitute for each other in times of illness or leave.” 
She added that “numerous attempts were made to mediate the conflict prior to the tribunal hearing”, but it was unsuccessful.
Pennell also noted that the tribunal’s decision to award 65% of the rent to be paid as compensation to the tenant was “perplexing”, as cooling is not listed as an urgent repair in the ACT. She also felt the decision to award compensation for Foxtel was unusual, as the lease did not stipulate Foxtel as an inclusion.
She also said the owner is “currently considering appealing the decision.”
ACAT registrar Athol Morris told Property Observer that while a 65% compensation for four months' worth of rent is an "unusually high figure", it is "well within discretion". 
"It is clear that the landlord has persistently failed to fix the airconditioning," Morris said. 
With the Foxtel issue, Morris said, " The matter was heard, both parties were represented, the member decided it was what it was worth in this case."
Lisa Indge, managing director of property management firm Let’s Rent, advises that “best practice” for tenants should always be to report all repairs in writing unless urgent.
She says property managers should induct their tenants at the beginning of the tenancy to put all repair requests in writing, and if tenants ring the office, ask for them to send an email.
“Property managers should have systems in place to ensure (cases like this) this does not occur including a requirement that tenants report repairs in writing and a system of following up outstanding work orders,” she said.
<a target="_blank" href="mailto:news@propertyobserver.com.au">news@propertyobserver.com.au</a>
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Canberra tenants sue landlord for faulty air-conditioning

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The year 2013 has been plagued by collapses – some more notable than others due to the history of the business, the impact on staff members, or the statement the collapse makes about the state of an industry.
Many mining and construction companies crunched, while a number of prominent fashion labels such as Lisa Ho and Bettina Liano wound up.
Fitness equipment companies, printers and dairy businesses took a dive, showing how some areas were harder hit than others.
Here are 20 that made the most impact within their industry and resonated with readers.
1. <a href="https://www.smartcompany.com.au/1.%09http:/www.smartcompany.com.au/growth/economy/32958-family-owned-menswear-business-founded-in-1936-collapses-with--6-million-turnover">Brenstew</a>
In August, family-owned retail fashion business Brenstew, based in rural New South Wales and founded in 1936, collapsed, with administrators blaming tough trading conditions and a poorly-timed expansion. The company had five retail outlets in Dubbo, Tamworth and Armidale, under the brands Blowes Menswear, The Wardrobe and URXs. At the time of the administration it was reported that it turned over more than $6 million annually.
2. <a href="https://www.smartcompany.com.au/finance/31873-cleaning-company-with-2500-employees-and--92-million-turnover-collapses">Swan Services</a>
Cleaning giant Swan Services faced administration after reportedly suffering losses from a number of unprofitable contracts. The administration encompassed Cleaners QLD, Cleaners SA, Cleaners ACT, Superior Cleaners WA, Cleaners New South Wales and Cleaners Vic. All companies ceased to trade and the employment of the 2379 cleaners was terminated unless otherwise advised. The business operated for 43 years. It reported it had turnover of $92 million in the last financial year.
3. <a href="https://www.smartcompany.com.au/growth/30719-byron-bay-cookie-s--13-million-business-crumbles-into-administration">Byron Bay Cookies</a>
In March, the manufacturing arm of Byron Bay Cookies went into voluntary administration following a court notice from the ATO regarding tax debts. The 23-year-old Australian gourmet biscuit producer turned over $13 million in 2012, boasting partnerships with a number of major airlines. In July, the company was <a href="https://www.smartcompany.com.au/growth/economy/32679-byron-bay-cookie-company-bought-by-rinoldi-pasta">rescued by pasta makers Rinoldi Pasta</a>.
4. <a href="https://www.smartcompany.com.au/growth/31608-high-end-blinds-manufacturer-turning-over--4-5-million-collapses-into-administration">Lidi Group</a>
Melbourne-based high end blinds manufacturer Lidi Group collapsed in May, amid challenges in the building industry. The business was founded in 1976 and manufactured blinds for commercial and residential properties.
5. <a href="https://www.smartcompany.com.au/growth/economy/33222-king-of-knives-retail-chain-with-60-stores-collapses-into-administration-after-25-years-in-business">King of Knives</a>
Kitchenware chain King of Knives, which has operated for 25 years with 60 locations across Australia and New Zealand, went into administration in August. The business was founded in 1987 and continued to operate throughout the administration.
6. <a href="https://www.smartcompany.com.au/growth/economy/31740-retail-on-its-knees-as-iconic-70-year-old-department-store-collapses">Trims</a>
Adelaide department store Trims went into administration after 76 years of business. It was established in 1937 by Alf and John Trim and originally sold reconditioned clothing and hired out clothing, including formal wear. The family-owned clothing store had 25 staff at the time of administration, and was forced into administration after a downturn in retail left it unable to pay its suppliers, according to reports inAdelaide Now.
7. <a href="https://www.smartcompany.com.au/growth/31014-harrison-group-chain-of-14-pharmacies-and-six-medical-centres-collapses">The Harrison Group</a>
The Harrison Group, comprising 14 pharmacies and six medical centres, went into receivership in March. The group includes Harrison's Health and Beauty Pharmacies. It has pharmacies across New South Wales, Queensland, South Australia and Northern Territory, as well as a number of medical centres and a head office in Sydney.
8. <a href="https://www.smartcompany.com.au/growth/economy/31176-big-losses-from-hospital-projects-cause-nsw-construction-company-to-collapse">National Buildplan</a>
A regional family-owned construction company in New South Wales responsible for redeveloping regional hospitals across Australia collapsed in April putting 180 jobs at risk. At the time of administration, it was revealed that some of the companies 50 active projects were unprofitable, with four major projects taken resulting in substantial financial losses for the company.
9. <a href="https://www.smartcompany.com.au/growth/30467-printing-company-once-valued-at--320-million-goes-under--leaving-1-000-jobs-at-risk">Geon Group</a>
Commercial printing company Geon Group went into receivership in February, leaving the jobs of its 1000 employees at risk. The group created print catalogues and marketing material as well as mail out campaigns.
10. <a href="https://www.smartcompany.com.au/growth/economy/32568-discount-book-chain-turning-over--21-million-goes-under-after-director-s-death">Allbooks4less.com.au</a>
Two years after the local book industry was rocked by the collapse of Borders and Angus &amp; Robertson, discount book chain Allbooks4less.com.au went down. The business was turning over about $21 million a year with a retail network of 30 stores in four states. However, a variety of factors reportedly influenced the decision to enter administration – including the death of company director Paul Alford.
11. <a href="https://www.smartcompany.com.au/growth/economy/31918-victorian-winery-group-collapses-as-wine-industry-continues-to-get-crushed">Mornington Winery Group</a>
Victorian-based Mornington Winery Group collapsed in May as the wine industry battled against a "double whammy" of high exchange rates and a consolidated retail sector. The company sought expressions of interest for the winery, cellar door and restaurant with seating capacity for 110 people. Brands in the group include Dromana Estate, Mornington Estate, 'i' Range and David Traeger.
12. <a href="https://www.smartcompany.com.au/growth/economy/33698-stop-the-press-printing-business-with--8-million-in-turnover-in-administration">Print National</a>
Printing company Print National, with 35 staff and a turnover of around $8 million per year went into receivership in September. The NSW-based business offered offset and digital printing, binding, distribution and in-house design.
13. <a href="https://www.smartcompany.com.au/legal/34320-outdoor-apparel-retailer-snowgum-australia-collapses-after-89-years-in-business">Snowgum</a>
Outdoor apparel retailer Snowgum Australia collapsed in October, with a sale the core focus of the administration. The business, which had operated for 89 years, had an estimated debt to unsecured creditors of up to $2.3 million.
14. <a href="https://www.smartcompany.com.au/technology/information-technology/31763-computer-crash-it-services-company-collapses-with--3-8-million-debt">ICT</a>
Perth-based information and communication services firm ICT collapsed in May, owing unsecured creditors $3.8 million. The branches of the group employed approximately 80 people, with 55 jobs lost at the time of the administration.
15. <a href="https://www.smartcompany.com.au/growth/economy/33837-27-year-old-award-winning-sheet-metal-family-business-collapses">Advance Metal Products</a>
NSW-based sheet metal manufacturing family business Advanced Metal Products went into liquidation in late September. The business also trades under the names Bosco Storage Solutions and Boscotek, and has two engineering and manufacturing facilities and approximately 150 employees. The 27-year-old company has since been acquired by Wilson &amp; Gilkes.
16. <a href="https://www.smartcompany.com.au/growth/30519-family-owned-printing-company-turning-over--17-4-million-collapses-into-administration">Vega Colour Group</a>
Just days after Geon Group went into administration, family-owned printing company Vega Colour Group, worth 17.4 million collapsed. It was reported the company turned over $17.4 million a year. It was founded in 1960 and operated out of a factory and office space larger than 5000 square metres.
17. <a href="https://www.smartcompany.com.au/growth/economy/33854-tamar-valley-dairy-goes-under-following-turbulent-times">Tamar Valley Dairy</a>
Tasmanian-based yoghurt producer Tamar Valley Dairy collapsed in late September, with administrators pointing to slower sales and pressure on margins as causes. The 17-year-old business was established in 1996 near Launceston and has 170 employees. In November it was rescued when acquired by dairy giant <a href="https://www.smartcompany.com.au/finance/investment/34471-fonterra-saves-tamar-valley-diary-from-administration">Fonterra Australia</a>.
18. <a href="https://www.smartcompany.com.au/growth/economy/31302-australasian-telco-with--5-4-million-in-turnover-collapses">Infratel Networks</a>
Telecommunications company Infratel Networks collapsed in April, despite turning over $5.4 million in the 2012 financial year. At the time, a legal battle with a sub-contractor and debts owed to the Australian Taxation Office were reported as the likely causes. A spokesperson for the administrators told SmartCompany unsecured creditors were owed $3.8 million at the time.
19. <a href="https://www.smartcompany.com.au/growth/economy/31651-iconic-fashion-brand-lisa-ho-collapses-into-administration-after-failed-ipo">Lisa Ho</a>
One of Australia’s most prominent fashion brands collapsed this year leaving the fashion industry mourning. The company recorded $13.05 million in revenue in 2012 but made a loss of $2.3 million, which the business attributed to "one-off issues". The administration was also plagued <a href="https://www.smartcompany.com.au/growth/33007-phoenix--issue-rises-to-plague-lisa-ho-following-the-brand-s-collapse">by talk of phoenix trading</a> after the designer bought the intellectual property rights to her name and the brand.
20. <a href="https://www.smartcompany.com.au/finance/cashflow/34836-workout-world-in-administration-but-name-living-on-with-super-retail-group">Workout World</a>
Fitness equipment business Workout World collapsed into administration in December, less than a month after finalising a deal to sell its key assets to Super Retail Group. Workout World had fitness equipment showrooms across Australia, and in late November this year it sold its brand name, intellectual property, inventory and store assets to retail giant Super Retail Group. Super Retail Group announced at the time that Workout World would become part of the group's sports retailing division.
This article first appeared on <a target="_parent" href="https://www.SmartCompany.com.au">SmartCompany.</a>
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moliver-7qYWqnHmyR

The 20 most notable collapses of 2013

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Unit owners should continue to be vigilant and monitor contractors closely during the holiday season to avoid being left in the lurch, Archers Body Corporate Management advises.
Archers notes that property owners often go away during the busy holiday season. With no presence in the building, it can be difficult to ensure contractors are completing their jobs, which can lead to unnecessary conflict and stress.
Archers Body Corporate Management managing director Colin Archer advised that bodies corporate need to carefully select licensed contractors and project managers over the festive season, and follow up on the work that they do.
“If you’re not going to be present, it’s important to have a dedicated project manager on site that is responsible for keeping track of when work should be completed,” Archer said.
“Ideally this will be someone who has a good working relationship with the complex and can monitor the actions of contractors, keep records of project goals, day-to-day activities and agreed timeframes,” he added.
For peace of mind for both contractors and homeowners, Archer recommends ensuring there is always someone to take over when contractors and employees require time off. Additionally, project estimates should take public holidays into account, to make the transition into the festive season an easy one.
Archer has listed seven tips for managing contractors during the festive period:
1. Book in early and ensure works are scheduled in early-mid December or a time when you aren’t going away, so you can be around to supervise
2. If you aren’t going to be around, ensure a trusted contact is available to monitor progress
3. Obtain emergency contact details for contractors in case you need to get in touch
4. Make sure you get a schedule of the times contractors shut down
5. Always ask what the call out rates are during the holiday season and on public holidays to avoid any nasty surprises
6. Avoid calling contractors out during holiday periods unless it’s an emergency to avoid paying excess fees
7. In case of an emergency, ensure your building has an up-to-date emergency plan so tenants know where to turn.
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Unit owners, manage contractors closely this festive season

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Gosh, it’s that busy time of the year again. Everyone’s in a rush and there’s so much to do: get presents for the kids, book the annual holiday and plan for Christmas dinner.
Then, you have to move out of your rental property and find a new one to lease before the kids start school in January.
"What? Haven’t you found a place for us yet?" asks your better half incredulously. "You were going to do that weeks ago! What are we going to do now?"
Gee, better get cracking. It’s going to be busy out there:
Rob Exell, regional manager of the publicly-listed Run Property Group, which has 11,000 properties under management in Victoria, said the rush was always on pre-Christmas and early January as relocating tenants tried to get their children enrolled in new schools.
This is especially relevant as many – even primary schools – have catchment zones where their pupils must live or they can’t go there.
"So you can see how important it is for them to get settled in the right location," he said.
Excell says there are "quite a lot of properties available for rent at the moment, with a good turnover. We’ve had a lot of applications over the past six months and there is a good supply."
He pointed to a recent Run survey which found 197 two-bedroom properties for rent in the St Kilda and St Kilda East markets alone. They were seeking rent of $380-$450 a week.
"At the moment I am advising prospective landlords – often older couples who may be downsizing –to smarten up their homes in order to attract tenants. They should be recarpeting, repainting and renewing all aspects of their homes in order to set a point of difference.
"We are finding that there are so many new or well-done-up properties available that tenants are asking why they should rent old properties when they can rent new ones."
Excell said a frequent "sticking point" was an older property’s presentation – or lack of it. "Spending $7,000 or $8,000 on renovations is money well spent. From the landlord’s view it may not be a reasonable proposition, but the potential loss in rent would cost half that amount anyway."
Scott McIlroy, director of Hocking Stuart’s inner-north office covering the popular rental areas of Brunswick, Carlton and Fitzroy, said leasing inquiries were strong until mid-December before fading until mid-January. "We get people wanting to be settled by Christmas so they can relax and before they go on holidays, but people are looking all the time – they have their reasons.
"Actually, February is far busier than January because of university enrolments and early work starts, and of course, being on the northern side of town we are usually frantic because we are close to a major hospital, the university and access to the airport."
While the rush in the lead up to Christmas affects both vendors selling property and tenants seeking leases, there is often a major difference in their attitudes to property. "Renting is totally different to selling," McIlroy said.
"Tenants tend to be more picky than property buyers, who don’t mind overlooking certain shortcomings as they know it will be theirs soon. On the other hand, tenants have lots of options and they know they can pass on properties not up to their standard. They won’t pay extra."
McIlroy’s office – with 2,300 properties on its rent roll – is a "good litmus test doing 400-500 new rentals a year", he said.
His tip to prospective landlords in the lead up to Christmas is to present their properties as best they can. "A lick of paint and perhaps some new carpet will make a lot of difference to the new tenant," he said. "And, with online listings, a house looks so much better with good quality furniture – even if it’s hired for the occasion."
On-screen, even <a target="_blank" href="https://www.propertyobserver.com.au/news/does-virtual-furniture-assist-property-marketing-campaigns/2013110566105">virtual furniture can bring a room to life</a> where there were only drab painted walls.
Alex Musman, of Thomson Real Estate Murrumbeena, said the feeling of an approaching Christmas "deadline" for renters – and landlords - was exacerbated by the looming holiday period. "We are closed over Christmas and so there’s no ability for us to let a property then," he said. "I feel the pressure because if we can’t get a suitable tenant in before the break then the landlord will be losing money.
"We know when a property’s coming up for rent in this busy period so we really push it."
In what he describes as a ‘tenants’ market’, Musman said Thomson had 60-70 properties coming up for rental and it was "very important that we get them let".
He said it "seems strange" that there are so many rental vacancies on the books but a lack of confidence in the jobs market - and the availability of so many other properties - may have enticed tenants to seek new digs.
Whether you’re a landlord or tenant, the pre-Christmas property rush can be daunting. To succeed in finding a tenant, or a house to rent, start spreading the message to as many people as possible. Use real estate search engines Nestoria, Flatmates, or Gumtree as well as the more established realestate.com.au or domain.com.au.
But don’t stop there: By putting eye-catching flyers in neighbours’ letterboxes, or handwritten notices saying ‘Tenant wanted’ or ‘House wanted’ and your details on shop windows, or the supermarket notice board, you can achieve results.
So, what’s stopping you? Get onto it. Christmas is nearly here!
<a target="_blank" href="mailto:news@propertyobserver.com.au">news@propertyobserver.com.au</a>
 
 
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