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“Minister Chanthivong and his team have shown real leadership in replacing an outdated two-year bond with cover that matches the lifespan of the buildings people are buying into.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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A $10,200 penalty has been paid by SMSF Property Capital Pty Ltd, to comply with an infringement notice from ASIC, after the company presented potentially misleading statements referring to 'ASIC approved' financial products.
The payment of the notice is not taken as an admission of liability.
Deputy chairman for ASIC, Peter Kell, said that this should be taken as a warning to anyone advertising financial products.
"It is crucial that consumers are not misled about the level of risk associated with any investment," Kell said.
"ASIC takes the misuse of language such as 'ASIC endorsed' or 'ASIC approved' very seriously, especially in the area of SMSFs. Creating a false impression of the level of regulatory approval for investments can lead to consumers making poor decisions," he said.
Queensland-based SMSF Property Capital had acted quickly to remove the statements from its website after ASIC approached them.
The representations included in the infringment notice were said to include the following on webpage smsfproperty.net.au around August 2013.
"SMSF Property Advisers has a pipeline of management property investments through Australian Securities and Investments Commission approved schemes."
"By partnering with many other SMSF investors in an ASIC approved managed fund our clients receive the significant benefits of a development project achieved without carrying any bank debt."
"Using an Australian Securities and Investments Commission (ASIC) approved structure, we give our clients access to developer profit margins, relatively short turn-around investment returns, and developments without debt."
If SMSF Property Capital did not comply with <a target="_blank" href="https://www.asic.gov.au/asic/pdflib.nsf/LookupByFileName/B661581.pdf/%24file/B661581.pdf">the ASIC infringement notice</a>, they may have had to pay up to $1.7 million maximum for the alleged contravention.
Online advertising has been a focus of ASIC lately, with <a href="https://www.propertyobserver.com.au/finance/asic-penalises-mortgage-choice-for-claims-of-saving-customers-%2410k-over-five-years/2013112766653" target="_blank">Mortgage Choice</a><a target="_blank" href="https://www.propertyobserver.com.au/finance/asic-penalises-mortgage-choice-for-claims-of-saving-customers-%2410k-over-five-years/2013112766653"> recently being fined</a> and <a target="_blank" href="https://www.propertyobserver.com.au/finance/myrate-makes-changes-in-response-to-asic-concerns/2013120966843">MyRate similarly responding to ASIC concerns</a>.
<a target="_blank" href="mailto:jduke@propertyobserver.com.au">jduke@propertyobserver.com.au</a>
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jduke-EHk3XBmHkn

SMSF Property Capital pays penalty over 'ASIC approved' statements

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Amid the gloom announced in yesterday’s Mid-Year Economic and Fiscal Outlook is the faint hope Treasurer Joe Hockey is broadcasting a worst case scenario to avoid economic surprises.
But on the face of it, the MYEFO forecasts hold bad news for the nation’s finances, with untrimmed deficits blowing out to $123 billion over four years.
Just last month the deficit was set to disappear by 2016-17, according to the Pre-Election Economic and Fiscal Outlook.
The MYEFO forecasts get worse to the tune of a $667 billion deficit by 2023-24.
Crikey federal politics correspondent Bernard Keane suggested one “interpretation” of the tighter MYEFO figures is that “[Treasurer Joe] Hockey has demanded Treasury slash its forecasts and give him the worst-case scenario for revenue” to avoid troubles that plagued the previous government as Treasury continually revised down revenue projections.
“The key reason is that forecasts for nominal GDP growth have been revised down, and revised down a lot,” <a target="_blank" href="https://www.crikey.com.au/2013/12/17/myefo-hockeys-budget-blows-out/">he wrote yesterday</a>.
Growth in nominal GDP as stated in PEFO was 4.5% in 2014-15, but MYEFO has revised that figure down to 3.5%, and in the following years nominal GDP is half a per cent lower than the PEFO forecasts.
“They are the lowest nominal GDP forecasts since the global financial crisis,” says Keane.
Rivkin investment firm chief executive Scott Schuberg has offered a similar sentiment to Keane’s, stating “while Labor played politics coming into the election by consistently downplaying the softening figures behind our economy, this outlook is designed to get the bad news out early so that expectations remain low before we next go to the polls”.
Schuberg said MYEFO was “more of an articulation of reality than a revelation”.
The Australian Chamber of Commerce and Industry has used the deficit number to call on Parliament to, literally, think of the children.
“Unless the budget is brought back into repair inside this budget cycle, our nation faces the unpalatable prospect that children born in 2007 will not see a government living within its means until they hit secondary school,” said ACCI chief executive Peter Anderson.
The challenge for Hockey’s team is to find a way to slice away the $123 billion forecast deficit.
But Anderson has a way, pare back the Coalition’s “excessive” paid parental leave scheme, and unwind expenditure related to carbon pricing and “expensive renewable energy schemes”.
The Australian National Retailers Association was not worried by the MYEFO news. Chief executive Margy Osmond was “slightly concerned” it would scare buyers out of shops and curtail the claw-back in Christmas retail spending.
The Institute of Chartered Accountants Australia reacted with a call to look at widening the GST tax base to address the variability in projected revenues seen over 2013.
Hockey spoke as the MYEFO figures were released yesterday when he said “taxpayers can no longer afford old government spending priorities,” as quoted in The Australian Financial Review.
“Australians will now have to adjust their expectations of what government can sustainably provide,” he said.
Expectations are that Hockey will cut from education, welfare and social spending, Phillip Coorey in the AFR states.

<hr>
This article first appeared on <a target="_blank" href="https://www.SmartCompany.com.au">SmartCompany.</a>
 
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dmoss-2Ltwr5j89M

Analysts hoping for worst case outlook after Joe Hockey reveals Mid-Year Economic and Fiscal Outlook

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It is not sunny in Surfers Paradise when it comes to mortgage delinquencies, with the beachside Queensland city proving the worst for mortgage delinquencies across the country.
A report by Fitch Ratings found that in the six months to September this year, Surfers Paradise became the worst-performing postcode when it comes to arrears on mortgages.
The area had a 30-plus day delinquency rate of 4%, <a target="_blank" href="https://www.smartcompany.com.au/growth/economy/32456-mortgage-delinquencies-rise-in-first-quarter-the-nation-s-worst-performing-postcodes-revealed">replacing Nelson Bay in New South Wales</a>, which was the highest delinquency area in the first half of this year.
Regional Western Australia proved to be a deteriorating area, with delinquencies up to 1.76%.
The report said this area has experienced an increase in unemployment and declining house prices over the six months to September 2013, which contrasts with the rest of the western state.
It also found that other regional areas in New South Wales and Queensland have not improved as much as the rest of Australia.
Across the country overall, mortgage delinquencies were down to 1.25% for the period, from 1.45% at the end of March this year.
The figure is below the six-year average of 1.52%, but still above the 1.2% compared to the end of September 2012.
Tasmania was found to be the overall worst performing state, with 30-plus day arrears in Tasmania improved by only three basis points to 1.51% at start of September 2013.
The worst-performing region nationally was Hume City in Victoria, with a 30+ day delinquency rate of 2.10% at end-September 2013.
This replaced Fairfield-Liverpool in NSW, which Fitch Ratings reported has been the worst-performing region over the past seven and half years.
Fitch Rating’s James Zanesi told SmartCompany this morning that the rise of Surfer’s Paradise for mortgage delinquencies was not a surprise.
He says it took over Nelson Bay, which had held the post for seven years, as some coastal properties that had been very slow to sell in Nelson Bay were finally sold.
Zanesi says some properties took nine or ten months to get picked up by a buyer, which severely impacted the ability to repay mortgages in certain areas. He explains that a delinquency is measured at either one month of late repayments, or up to three months of late repayments, which suggests that the mortgage cannot be paid.
In regional Western Australia, Zanesi says mortgage delinquencies could be related to the mining boom, with people investing heavily in property, but as the boom dropped so did the ability to repay.
Zanesi expects the next six months of results to show the impact of the Christmas spending season, which can cause people to get behind on repayments.
Not surprisingly, the most affluent regions had the lowest mortgage delinquency rates, with lower northern Sydney, south east inner Brisbane, northern middle Melbourne and central Perth the best regions.
The delinquency rates in these regions were in the 0.45 to 0.74% range.

<hr>
This article first appeared on <a target="_blank" href="https://www.SmartCompany.com.au">SmartCompany.</a>
 
 
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moliver-7qYWqnHmyR

Surfers Paradise the worst postcode for mortgage delinquencies

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Looking back at the year in property, our property commentators Jonathan Chancellor and Margie Blok select their important takeouts from 2013.
<img width="150" height="225" src="/images/stories/2013/09/06/jc-silhouette-5.jpg" alt="jc-silhouette-5" style="float: right;">HE SAID:
1) The strength in the spring and early summer sales success means there's not going to be as many listing leftovers languishing on the early 2014 market. And many of the recently listed forthcoming February auction stock will unquestionably get sold well ahead of their scheduled auction.
It bodes well for a quick clean start to the year, but you never know sometimes just how the market psychology can change over the summer break given particularly any arising economic factors.
I sense Sydney will record a slight moderation in price growth during early 2014. I note John McGrath expects, at some point next year, people will take their foot off the pedal and there will be less of the frenzied activity of 2013  – but he forecasts that’s not going to happen until after the Autumn selling season. He says people are really excited to see property prices moving after four sluggish years adding there's a now a new market cycle where the run on prices will continue for a few years now.
But while in broad agreement with John I warn there will be dips and peaks along the way, so timing will ensure the difference between over paying and buying well.
2) Yes the Chinese surge continued, but only in select metropolitian suburbs. They are cherry picking the trophy opportunities - especially those close to secondary and tertiary campuses - in the likes of Brighton, Toorak, Balwyn, Box Hill, Clayton and Glen Waverley, in Melbourne and Mosman, Vaucluse, Haymarket, Eastwood and Hurstville in Sydney. Mainland China buyer have snapped up $50 million worth of property transactions in Mosman including a $10 million Carrington Avenue sale this week through Belle Property. The vendors wanted $13 million on its initial 2010 listing.
If the Chinese/Australian buying interest hasn't shown up in your suburb, then your suburb will at best enjoy the ripple effect of outbid locals forced to buy in adjacent suburbs. 
3) Normally price rise momentum begins at either the top end or the cheapest buying suburbs, but this current fillip arose in the professional middle class suburbs. The middle end of the market has been the strongest while the prices in the upper brackets have barely started to improve, despite what is being often gushingly reported.
One or two prestige sales, including <a target="_blank" href="https://www.propertyobserver.com.au/trophy-homes/altona-point-piper-sells-for-possible-%2450-million/2013050160931">Altona</a>, of which Margie broke the news in May, and the <a href="/news">Bang &amp; Olufsen House</a>, in Point Piper were worthy of excitement, but most top end sales were ordinary, with many more are still languishing unsold. Upgrading to the top end therefore makes sense in 2014.
Investors are snapping up the cheapest offerings given the absence of the first home buyer brigade. Sometimes at prices below their last sale price especially in Sydney's south west and the NSW Central Coast. This will be the most interesting trend to follow in 2014.
 
<img width="150" height="225" src="/images/stories/2013/09/06/mb-silhouette-4.jpg" alt="mb-silhouette-4" style="float: left;">SHE SAID:
1) There was a degree of sensationalism about the market “booming” in the mainstream weekend press reportage.
Certainly, the market was robust for properties in the low to medium price brackets of capital cities, largely due to heightened investor demand and lower interest rates.
Sydney showed a year of meaningful growth which resulted in many real estate agencies reaping rewards with increased sales turnover compared with the previous year. But the rate of growth this year was less than the real booms I've seen. Residex's John Edwards has Sydney house prices up 10% over the past year and it's worth remembering that for the year ending June 2010, Sydney house price growth was 17%; growth for the year ending July 2002 was 23% and growth in 1989 was 38%. A little research helps puts the latest scenario in context.
Also it’s most important to note suburbs vary greatly when it comes to the state of the market, and within those suburbs some properties perform better than others. In our capital cities, there are thousands of local markets moving in in various directions and at different speeds.
 A handful of strong sale prices within a suburb does not translate to a booming market. It was wrong to conclude that the high auction clearance rates were necessarily accompanied by an across the board price surge.
 I agree with Hotspotting’s Terry Ryder who sagely reported in Property Observer last week that there is no such entity as “the Australian property market”.
From my observant point of view - both anecdotally and data driven - 2013 shaped up short of the "boom" speciously reported by much of the metropolitan newspaper industry.
2) Buyers were price sensitive about properties in the top price brackets.
During the year, and particularly for the past four months, real estate agents have been stressing in their weekly newsletters that this top section of the market is not experiencing the same strength as the lower end.
I agree with the opinion of Double Bay agent Bob Guth, a principal of Bradfield Cleary, who late last month shared his insightful view about the market saying the lower to middle sector of the market in the Eastern Suburbs, up to $3,000,000, was strong with the possibility of the upward swing of 2013 continuing next year.  However he noted the top end was "very much confidence driven and any sustainable improvement will depend on the overall economy – which may be problematical.”
3) Lifestyle property sales continue to drag the chain. Whether it be the Southern Highlands, Port Douglas or Mornington Peninsula, these discretionary purchase properties have lingered on the market for months due to a dearth of buyers.
Perhaps the occasional spurt in activity but the appetite for expensive lifestyle properties (which also are expensive to maintain) remains diminished following the global financial crisis with the professional classes worried about job security. Merchant bankers, who no longer reap big bonuses, are not splurging on luxury weekenders.
Also, people find that they cannot spare the time to constantly visit lifestyle properties which are a nice dream, but can become an albatross.
It seems travel is the easier lifestyle option being cheaper and more convenient.
One suburb which bucked the trend in terms of activity this year was Palm Beach on Sydney’s northern beaches peninsula where 72 properties traded during 2013, according to RP Data. The suburb’s top 2013 price was the Nankervis family’s Sunrise Road property which traded for $10.6 million in August. Listed in January, the trophy residence stands on an 1891 square metre block with uninterrupted and never-to-be-built-out northerly views - a Susan Rothwell house in Will Dangar gardens. The price recovery wasn't there as this one came on initial listing with $14 million hopes.
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jchancellor-FAypfDUnLy

Looking back at the property year - three important takeouts from 2013: He said/She said

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It is that time of year again when Australians pack their bags and head off to their favourite holiday spot for the summer. As you do this, chances are you’ll flirt with the idea of going one step further and buying your own slice of paradise.  
A holiday home can either be a great getaway for your family and friends, or a constant drain on your finances. It all comes down to the type of asset you buy and whether you can truly afford it.  
Many people buy a holiday home when they’re feeling flush, only to run into trouble when things get tight. Often, they already have a substantial mortgage on the family home and take out a second mortgage to buy the holiday home. They tell themselves that the holiday home is an investment because they can rent it out when they’re not using it, and put the rental income towards paying the mortgage.  
Don’t be fooled. To be a true investment, a property must produce a consistent level of income.  
Holiday homes can produce considerable income at peak periods such as school holidays, Christmas and Easter when demand is strong, but far less at other times.  
This inconsistency can make it hard to plan your finances, meaning you’ll probably have to pay most of the mortgage from your own pocket. You’ll also have to find money to furnish the property and fund ongoing costs like council rates, property management fees, insurance and maintenance.  
What’s more, being reliant on peak rental periods to help pay the mortgage will limit your own use of the property to non-holiday periods when the weather is less than ideal and you’re less inclined to go there.  
If you borrow to buy a holiday home while you’re still paying off your family home, you’ll be more vulnerable to the effects of changes in your finances. For example, if your household income drops because of a job loss or unpaid parental leave, you may be unable to meet the costs of holding two properties and be forced to sell the holiday home.  
If the change is one that affects the wider property market, like an interest rate rise, it may be difficult to sell your holiday home because potential buyers will be feeling the squeeze too. You may have to sell it for a substantially reduced price, or worse still, be unable to sell it at all.  
In short, it’s sensible to treat a holiday home like a second home, not an investment. If you’re going to buy one, it’s probably best not to do it until you’ve paid off your family home so that you only have one mortgage at a time.  
If you can genuinely afford to buy a holiday home, it’s vital to choose the right kind of asset. When economic times tighten, your property stands a better chance of holding its value if it is located somewhere that’s readily accessible from a major CBD. Try to buy something within two hours’ drive of the city and easily accessible via major highways.  
Select a location with a distinctive natural attraction such as a lake or beach; something that gives people a specific reason to go there. The property should also be close to amenities such as shops, cafes, pub or golf course.  
And yes, views really do count. A good view of a natural attraction can add considerably to your property’s value because potential buyers feel that they’re buying a slice of exclusivity.  

<hr>
Mark Armstrong is a director of <a href="https://www.ipropertyplan.com.au/">iProperty Plan</a>, which provides independent analysis and tailored advice to investors and home buyers.
 
       
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marmstrong-sd3emVLPPb

'Tis the season to be jolly, and smart about buying a holiday home

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There has been a whole lot of negative talk recently about the detrimental impact of the car industry leaving Australia.
And clearly, our hearts go out to all the affected workers and their families in car manufacturing and those related component suppliers.
Most of us cannot even begin to imagine the shock and surprise they are now feeling — particularly right on Christmas.
And yet, if you just focus upon the likely impact on the Australian economy, much of the commentary can be seen as misguided.
Certainly, Holden's departure will have a short-term impact. But let's look at the facts: It appears to be emotionally charged, and politically motivated — with the talk of a recession quite wrong, and bordering on mischievous.
<ol>
<li>
As Saul Eslake (chief economist at Bank of America Merrill Lynch) points out, car and components manufacturing represents about 0.4% of total employment. An adds only a similar amount to Australia's gross domestic product (GDP). As you would probably realise, this is no more than what we already experience now as quarterly GDP fluctuations.
</li>
<li>
A study by Flinders University found most workers, who were made redundant by Mitsubishi's 2007 closure of its Lonsdale and Tonsley Park factories (in Adelaide), found alternative work within 18 months..
</li>
<li>
Unlike Mitsubishi, the actual closures for Ford and Holden are not happening immediately. Rather, they have been foreshadowed well in advance and will occur progressively through to 2017.
</li>
<li>
State and the federal governments (plus the companies involved) will be providing millions of dollars of support and retraining help, for every displaced worker.
</li>
<li>
Apart from those close to retirement, this means everyone who is serious about finding ongoing employment has a once-in-are-lifetime opportunity for a "financed transfer" across to a new employer — whose future is not dependent on government subsidy for survival.
</li>
</ol>
You only need to cast your mind back to the bushfire devastation Victoria went through in early 2009. As a result, the recovery process (funded by the state and federal governments and, in that case, the insurance companies) left the Victorian economy in a far stronger position.
Now it enjoys positive net migration, when compared with other states. And more importantly, that process has also resulted in Victoria's present solid budget position; as well as an escalating commercial property market.
Bottom line: You need to look past the knee-jerk, emotional reactions, plus the inevitable short-term adjustment. And instead, focus upon the long-term sustainable benefits, which these current events will deliver — both to the economy and the commercial property market.

<hr>
Chris Lang is an advisor to commercial property investors, sell-out author and regular speaker on how to invest in commercial property. You can visit his website <a href="https://property-edge.com.au/" rel="nofollow" target="_blank">Property Edge Australia</a> to help you get the most out of your commercial property investing.
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chrislang-EQKojcgJPV

What does the car industry closure mean for commercial property?

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The executive chairman of Aussie, John Symond expects investors will continue to dominate property purchases into 2014.
He sees this as "a long term fundamental shift" in the property market.
It comes as first home buyers typically failed to compete against investors in what Symond called the many hot property pockets of many capital cities during the spring selling season.
First home buyers are absenting themselves from the market at a time when the conditions are actually rather favourable for them given interest rates are at historic 50 year lows and mortgage repayments as a proportion of average disposable incomes are lower than for much of the last two decades. John Symond reckons the current potential first home buyers are preferring to invest in shares and rent in apartments nearer their workplaces or CBDs.
Symond sees part of the solution for the Federal government to look at creating tax incentives for first home buyers to save for a deposit.
There is the existing first home buyer saving accounts scheme introduced by Prime Minister Kevin Rudd, which after plenty of patience offers a terrific honey pot, but just doesn't seem to have gathered much traction.
Yes the required home buying deposit has risen considerably as prices rose faster than incomes - from around 2.5 times the average disposable household income in 1985 to around 4.5 times now - but maybe there are other life priorities that has triggered this apparent baulking at the requisite deposit hurdle.
It's a little early to judge an entire generation on one overly-zealous selling season, but home ownership rates have been in decline since the mid-1990s with the most substantive drop being among households in the 25-44 age bracket.
Any such demographic shift will be a fillip to investors who not doubt have some anxiety over issues of supply and demand especially in the apartment rental market. they'd be watching the recent rather contradictory rental vacancy statistics with for instance SQM having Sydney rental vacancies increasing while the REINSW had them reducing.
It's also a little exaggerated to suggest as Robert Gottliebsen, the Business Spectator columnist did, that the home ownership dream was fading, at least in the inner city,  "increasingly replaced with a tenant relationship with Chinese landlords." Lastly John Symond warns that first home buyers, who now make up about 13% of all loans written, should avoid the temptation of going after very low deposit loans as they can lead to financial stress.
<a target="_blank" href="mailto:news@propertyobserver.com.au">news@propertyobserver.com.au</a>
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A first home buyer generation with other priorities? 

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Last week’s announcement by Holden to shut down operations in Australia in 2017, although I suspect they will move on well before this date, should not come as a great surprise. Back in the 1960’s the manufacturing industry in Australia employed 26% of the workforce and today it sits at just 8% and getting smaller. Ford and Mitsubishi have already announced previously that they too would be leaving our shore which now leaves Toyota as the sole motor vehicle manufacturer in Australia. Over the years I have read many speeches where a common theme is that by 2020 Australia will cease to have a manufacturing industry.
When I look at the 2012 Australian Securities and Investment Commission’s Annual Report the number of businesses registered reached 1.9 million, which happens to be a new Australian record, but the number of businesses entering external administration is also at the highest level since the Global Financial Crisis. The federal government was never expected to provide financial assistance for these ailing companies so why annually prop up the ailing motor vehicle industry? It no longer makes sense – it’s time to move on. Hence: <a title="The failing auto industry gets a final reality check." href="https://www.businessspectator.com.au/article/2013/12/11/automotive/failing-auto-industry-gets-final-reality-check" target="_blank">The failing auto industry gets a final reality check.</a>
Putting all the politics aside history shows with Australian motor vehicle closures: 1992 – Nissan – Keating, 2008 – Mitsubishi – Rudd, 2013 – Ford – Gillard and 2013 – Holden – Abbott.
<a title="Labour pains add to the RBA’s challenges" href="https://www.businessspectator.com.au/article/2013/12/12/economy/labour-pains-add-rbas-challenges" target="_blank">Labour pains add to the RBA’s challenges</a> with the Australian Bureau of Statistics (ABS) announcing yesterday that the unemployment rate rose to 5.8% in November, from 5.7% in October. The man with the toughest assignment is none other than Glenn Stevens our head teller at the Reserve Bank of Australia (RBA) who warned <a title="Stevens warns against hubris " href="https://online.wsj.com/news/articles/SB10001424052702303330204579245372909974900" target="_blank">against hubris; </a>“We are building up this myth of 22 years uninterrupted growth. We shouldn’t do that – sooner or later we’ll have another downturn.”
What remains to be seen is exactly what lessons have been learnt from the GFC.
As 2013 comes to a close it’s always interesting to look back in reflection and let’s look at interest rates which I might add Macquarie Bank called it nearly right saying they would get to 2.00% at the beginning of the year. I predicted they would actually go up so I was completely wrong although Macquarie Bank did predict 2.00% so they were half right. In 2014, at some stage I predict the cash rate will fall to 2.00% as the RBA tries to get its monetary policy back firmly on the front foot.
<img class="aligncenter size-full wp-image-8372" alt="4-12-2013 12-58-17 PM" src="https://www.rwm.com.au/files/2013/12/4-12-2013-12-58-17-PM.jpg" width="470" height="345" style="margin-top: 0px; margin-bottom: 0px; padding: 0px; outline-width: 0px; font-weight: inherit; font-style: inherit; font-family: inherit; max-width: 100%;">
At RWM our December quarter turned out to be an all-time record which has us clearly of the opinion that the local real estate market will kick-off very strongly in February 2014. Again, the market is easily measured by the number of properties on the market which for the better part of 2013 saw record low numbers of properties on the market.
Interesting observation in 2013 was that we really started to see the Chinese buyers making serious inroads into the Mosman markets especially in the house sector. <a title="Chinese buyers tower over Australian real estate" href="https://www.businessspectator.com.au/article/2013/12/6/china/chinese-buyers-tower-over-australian-real-estate" target="_blank">Chinese buyers tower over Australian real estate</a> – Where China spends its vast US$3.7 trillion foreign reserves is going to dominate asset prices and developments around the world. Right now apartments in Sydney and Melbourne are in favour with the Chinese.
The number of houses keeps diminishing with just 88 houses for sale in Mosman, Cremorne and Neutral Bay which in itself would be another record.
Wishing you a Merry Christmas and a safe and prosperous New Year.
 
<hr>
Robert Simeon is a director of <a style="font-size: 14px;" title="RWM" href="https://www.rwm.com.au/" target="_blank" rel="nofollow">Richardson  Wrench Mosman and Neutral Bay </a>and has been selling residential real estate in Sydney since 1985. 
He has also been writing real estate blog <a title="Virtual Realty News" href="https://www.rwm.com.au/news/" target="_blank" rel="nofollow">Virtual Realty News</a> since 2000. 
The RWM real estate model has sold in excess of $1 billion in database sales globally.
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robertsimeon-hRNTwJyXkQ

The Sydney market will kick-off very strongly in early 2014

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The Coalition looks set to abandon its target to return the federal budget to surplus within four years, as it hits 100 days in power.
Tomorrow, the federal government will release its Mid-Year Economic and Fiscal Outlook, ahead of which Prime Minister Tony Abbott has suggested to media that achieving budget surplus by 2017 will be unrealistic.
Despite pre-election talk of returning the budget to surplus, Abbott appeared to back-pedal on timeframes, as reported in The Australian Financial Review.
“We said we would return the budget back to surplus at least as quickly as Labor had proposed. What we are discovering the more we dive deeply into the budget is the extent of Labor’s fiscal disaster,” he said.
The forecast deficit could hit more than $40 billion, The Age reported.
He told radio that tomorrow’s fiscal outlook would reflect the management of the previous Labor budget.
"Next year's budget will put us back on a path [towards] a sustainable surplus," Abbott said.
''We are purposefully, carefully and methodically putting in place policies to help families by reducing their cost-of-living pressures, improving job security, encouraging small business and delivering better services,'' Abbott said, as reported in The Age.
Council of Small Business of Australia chief executive Peter Strong told SmartCompany he was not concerned about a surplus delay as it was the “sensible and proper thing to do”.
“Internationally we don’t have the same debt as other countries, and we dealt well with the GFC, so we don’t want to achieve a surplus for the sake of it,” he says.
“It is important to keep the balance and to keep up the standard of government services.”
Strong was more disappointed about cuts to the <a target="_blank" href="https://www.smartcompany.com.au/legal/33371-coalition-to-scrap-instant-asset-tax-write-off-and-loss-carry-back-measures">loss carry-back tax</a> and the instant asset tax write off, which he says will have a greater impact on small business.
He says the government should find alternative ways to fill the financial hole, such as taxing digital purchases online including music and eBooks, and ensuring that major businesses do not dodge taxes.
A spokesperson for the Business Council of Australia said they would not speculate on tomorrow’s findings, but would comment after the official release.

<hr>
This article first appeared on <a target="_blank" href="https://www.SmartCompany.com.au">SmartCompany.</a>
 
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100 days in, Abbott’s about face on budget surplus stirs up industry groups

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Villa Igiea, best remembered as the long-time Vaucluse home of the late TNT transport tycoon Sir Peter Abeles and his late widow, Lady (Kitty) Abeles, was the surprise choice as the Sydney base of Hollywood star Angelina Jolie and her six children, with Brad Pitt also flying in to spend time with the family. Jolie is here in Australia to shoot the World War II drama Unbroken over three or so months.
Our commentators Jonathan Chancellor and Margie Blok differ on whether the Jolie-Pitts were correct in selecting Vaucluse's Villa Igiea as their Sydney base?
HE SAID: YES<img src="/images/stories/2013/09/06/jc-silhouette-5.jpg" alt="jc-silhouette-5" width="150" height="225" style="float: right;">
Indeed Angelina was quite right, for she gets a magnificent European style villa with picture perfect postcard views gunbarreling across the harbour to the Harbour Bridge and Opera House. It is one of the most delightful family homes I've been inside.
Inspired by a grand 1908 villa in Palermo, Sicily, Villa Igiea dates back to the 1920s when it was built by the retailing Grace family to a design by Neville Hampson, the architect who designed Boomerang, the grand Spanish Mission style harbourfront mansion at Elizabeth Bay.
But Villa Igiea was built with its then Vaucluse Road, Vaucluse address in the Riviera Liberty style, featuring strong Italianate art nouveau influences before getting a quick refreshing update during the McWilliam family’s ownership during the early 2000s and then under the current Burt family ownership a total contemporary refurbishment worthy of a Vogue spread. (pictured below).
{yoogallery src=[images/stories/2013/12/17/vau]}
The imposing mansion was bought in 1970 by Sir Peter Abeles who paid $450,000 for the Queens Avenue property. It was known then as the Aegean Villa, sold by meat exporter and onetime Hellenic Club president, Steve Varvaressos, and described by my early 1980s SMH property editor predecessor John Rich as among the best houses in Sydney.
And during the next three decades, the five-bedroom, three storey white-washed sandstone residence, with its panoramic Harbour Bridge views, was often host to royalty and prime ministers.
After Sir Peter Abeles died in mid-1999, his widow, Lady (Kitty) Abeles, put a $20 million asking price on the property, which I recall briefly attracted potential buying interest from then Hollywood royalty, the actors Tom Cruise and Nicole Kidman, before their separation.
Rightly billed as one of Australia's most impressive properties, Villa Igiea stands in 2,160 square metre grounds high above Hermit Bay. There's also the additional adjacent 800 square metres holding.
All set behind remote-controlled gates on the Queens Avenue cul-de-sac, the house is surrounded by balustraded terraces and sprawling manicured gardens with pool, along with underground garaging installed during its recent works project.
It was Vaucluse’s priciest sale when in 2005 Villa Igiea sold to Wayne Burt, a London-based entrepreneurial expat, for close to $17.3 million. Burt, who spent $4.9 million on the neighbouring house in 2009, has extensive international experiences in investment banking in Sydney, London and Monaco including some years at Macquarie Bank, Deutsche Bank and Bain Capital.
The price well and truly beat the previous suburb record of a Coolong Road waterfront mansion sold by retired bookmaker Bob Bland for $14,725,000 in 2002 to the Walton clan who engaged Luigi Rosselli to design a new house which was briefly rented by Leonardo di Caprio when he was filming the Great Gastby in 2012.
People like Vaucluse for its harbourfront beaches and parklands at Nielsen Park and Parsley Bay. It also has easy access to the harbour and the walking tracks on The Hermitage or near Macquarie Lighthouse.
A prestigious suburb with large houses, many with striking harbour views, Vaucluse attracts families for its leafy environs, relaxed lifestyle and close proximity to private schools. Easy access to parks, playgrounds and beaches suited to small children are the motivating factors for families moving to the area – including the Jolie-Pitts.
Of course Point Piper's Altona ruled the rental roost until its $52 million sale earlier this year. With Villa Igiea new to the prestige executive rental pool, its rental price remains undisclosed, disallowing any price comparison.
 
<img src="/images/stories/2013/09/06/mb-silhouette-4.jpg" alt="mb-silhouette-4" width="150" height="225" style="float: left;">SHE SAID: NO
I think Barford, the seven-bedroom Georgian style mansion at Bellevue Hill (pictured below) would have been a better choice for the Hollywood power couple for it is exceptionally private estate which could be especially handy for celebrity renters when pesky paparazzi are stalking.
As well as being hidden from street view, Barford has two entrances (one on Victoria Road and another on Rupertswood Avenue), so comings and goings in cars with dark-tinted windows would ensure a degree of privacy as well as safety.
In my view, celebrity renters are better off choosing Bellevue Hill over Vaucluse, for Bellevue Hill is just four kilometres from the city, as well as being very close to Double Bay, Bondi Junction and the harbour.
{yoogallery src=[images/stories/2013/12/11/bell]}
Sydneysiders would be aware that Vaucluse property tends to go in and out of fashion, although expats may not understand that Vaucluse’s travel distance puts the suburb out of favour with many locals.
One of Bellevue Hill’s most prestigious properties, the Barford estate, was promoted for lease only this week at a weekly rental of $25,000 through Run Property agent, Kyara Coakes for its Hawaiian-based owner, Ian Joye.
But Barford has long been a preferred rental property for celebrities seeking a luxury mansion with privacy.
In 2001 actor Will Smith led the march to lease Barford. He reportedly paid $4,000 a week during the time he was here to support his wife Jada Pinkett-Smith who was in Sydney to work on the movie, Matrix 2.
Altona was his harbourfront preference, but the pop star Bono has been among the more recent renters – in 2010 he reputedly paid the advertised price of $40,000 a week for the Bellevue Hill property.
Run Property’s internet advertisements claim Barford “as one of the country's most significant private holdings and one of the finest homes in Australia”.
The ads state Barford is "the best Sydney has to offer in location and timeless design. It offers sweeping views across Rose Bay, Sydney Harbour and beyond the Heads of Manly, yet affords total privacy. There is no opportunity for paparazzi to moor outside Barford.”
Named after a village beside the River Leam in Warwickshire, England, Barford was built in 1931 for media tycoon Sir Warwick Fairfax who resided there until the late 1960s when he sold it to former Melbourne car salesman, Emmanuel Margolin.
In 1980 Margolin sold Barford for around $1.5 million to property traders, Maurice Bernhardt (a former Double Bay estate agent) and Max Franks.
Not long after Bernhardt and Franks sold Barford to Barry and Wendy Loiterton who operated the tourist-marketing business, Leisuremark.
Of course, in 1985, Barford’s magnificent garden was the setting for a French champagne and lobster feast attended by a 500-strong glitterari set to celebrate the wedding of socialite Glen-Marie North to Liberal Party stalwart Bob Frost.
I recall Barford’s last sale in late 1986 for $9,875,000 to the entrepreneurial accountant Ian Joye. This deal was headline news for it was near enough Sydney’s first $10 million sale with Jonathan breaking the story in January 1987 in his much remembered back page Today's People, SMH column.
Ian Joye certainly knows select properties.
Properties on the northern side of Sydney rarely attract celebrity renters or command high prices – with the exception of Palm Beach’s Kalua, a 5,500 square metre landmark beachfront estate which Ian Joye sold for $22 million in 2012.
Only popular during the summer season, Kalua was rented over the years by the likes of Elle Macpherson, Nicole Kidman, John Cleese and Rupert Murdoch reputedly at $25,000 or so a week, although Palm Beach rentals tend to ebb like high and low tides.
Elsewhere across Sydney I recall then record rentals including $16,000 a week for Musgrave House in Mosman rented by Diana Ross during her 1989 tour and $25,000 a week paid by singer Paul McCartney in 1993 for a Mosman, waterfront on Wyargine Point.
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