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“Minister Chanthivong and his team have shown real leadership in replacing an outdated two-year bond with cover that matches the lifespan of the buildings people are buying into.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

Joel Robinson

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Every First Home Owner Grant for new property by state

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

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

Staff Writer

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

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

alisonwarters@gmail.com

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

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

Ellen Walker

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

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

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

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The Sydney CBD may boast one of the most expensive retail strips in the world - Pitt Street Mall - and attract some of the biggest international fashion brands but new research has found that they city has a severe shortage of retail space.
According to Colliers International, retail in the Sydney CBD is "grossly undersupplied”, with only just 18.5 square metres per resident - the lowest in the country.
<img src="/images/stories/2013/11/05/chart-of-the-week-nov-6.gif" width="470" height="302" alt="chart-of-the-week-nov-6">
Source:  id Consulting, Deloitte Access Economics, Colliers International
Adelaide had Australia’s highest retail floor space per resident with 47.2 square metres per resident, 255% higher than Sydney.
But that shortage of retail space in the Sydney CBD is expected to change. Colliers suggests that the growing demand from international retailers, increasing city residential developments, combined with the current shortage of retail space is expected to drive the need for retail development.
The head of retail at Colliers, Michael Bate said its research had shown that "around 65,000 square metres of new retail space was planned for the city’s heart".
He believes that revitalised CBD retail precincts will be the next revolution for retail in Australia, buoyed by what he sees as a "second wave" of international retailers heading to our shores.
"With the development of so much space in the Sydney CBD, don’t be surprised if you see another wave of international brands on our doorstep, particularly a whole new range of luxury brands who are finding Australia an increasingly attractive market, " said Mr Bate.
The report identified three main categories that were driving demand for retail space in the CBD.
One was the ongoing trend of residential development in cities across Australia.
Based on its estimates, the Sydney CBD is expected to grow by more than 10,000 people over the next decade.
The other driver, it cited was the number of workers populating the city during the day.
"Sydney’s 240,000 CBD workers are supported by around 1.9 square metres of retail space per person, which is a similar ratio to Melbourne," Colliers said. "Only Perth has a lower ratio at just 0.8 square metres of retail space per worker".
However, Sydney’s worker population was expected to increase by around 58,000 people over the coming decade, putting a further squeeze on retail space, it added.
Tourists made up the third category of CBD retail users.
"With international visitor numbers to Australia increasing by 5% in 2013, the retail needs of tourists will continue to grow in line with these visitor numbers," Colliers said. It highlighted that the number of Chinese visitors in the 2012/2013 financial year grew by 17.4%, “a market that will continue to drive retail demand in the country’s CBDs".
 
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Sydney CBD retail space "grossly undersupplied"

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The spring property market is in full flight with a record number of properties changing hands. But Christmas is approaching fast and many buyers may start to feel the pressure to buy before the market goes into the summer recess.  
I have seen this happen to many buyers in the past. They get tired of looking for a property and they just want to get it over and done with. They end up taking short cuts and make decisions without getting all the facts.  
By finding out as much about the property as possible, you can make an informed decision about whether to bid or negotiate for the property.  
There are three stages of due diligence you should carry out (preferably assisted by a solicitor or conveyance who specialises in property transactions).  
The first concerns structural integrity. There’s little point in spending hundreds of thousands of dollars on a property, only to find after the purchase that you need to spend thousands more rectifying structural problems in the roof, walls, floor or sub-floor space.  
If you’re buying a house that isn’t brand new, obtain a building inspection from an architect or registered builder who can reveal any problems you aren’t aware of. If you’re buying a unit that’s part of a building with an owners corporation, it’s the owners corporation’s responsibility to maintain the building in good structural order. You can find out about the building’s structural integrity through the vendor’s statement (also known as a ‘section 32’ statement).  
This is where the next stage of due diligence comes in. Under Victoria’s property laws, the vendor is responsible for providing you with a statement providing important technical information about the property and its immediate surroundings. The vendor’s statement should have a copy of the title to the property including the main buildings and any ‘accessory units’ such as garages or car spaces. This will tell you exactly what you’re buying for your money.  
The statement should provide documents from the local council indicating whether any works are planned on adjoining properties which could affect your use and enjoyment of the land. For example, if you’re buying a single level house and the owner of the property next door has plans to put on a second story, knowing this in advance means you can consider how it may impact on your privacy and light levels.  
The vendor’s statement should include documents from utility providers such as electricity and water suppliers regarding the presence of any ‘easements’ over your land. An easement is a portion of land that you legally own but which must remain accessible to the utility provider if they have to undertake repairs to storm water drains or overhead power lines. This may affect your use of that portion of the land, including whether you can build on it.  
The last, but by no means least important stage of your due diligence is to make sure that, when you sign a contract to buy the property, you will have sufficient funds available to meet settlement on the agreed date. If you can’t meet your obligations under the contract, the vendor is legally entitled to keep your deposit. If they re-sell the property for a lesser amount than they sold it to you, they can sue you for the difference.  
Undertaking all this legwork may sound daunting, but it’s infinitely better than buying in haste and discovering major issues when it is too late.
 
<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

The three stages of due diligence to conduct before buying an investment property

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The NSW Court of Appeal has opened the door for owners corporations for commercial buildings to bring claims of negligence for pure economic loss against builders - an action previously thought to be limited to subsequent purchasers of residential buildings.
Since the mid-1990s, the High Court has recognised the existence of a duty of care owed by a builder to a subsequent purchaser of residential premises for recovery of pure economic loss. It later refused, however, to extend this duty of care to a purchaser of a warehouse office building (Woolcock Street Investments Pty Ltd v CDG Pty Ltd (2004) 216 CLR 515).
Last month, the NSW Court of Appeal, in The Owners – Strata Plan No. 61288 v Brookfield Australia Investments Ltd [2013] NSWCA 317, found that the differences between the purchasers of residential and commercial properties are not as great as we might previously have thought. The key consideration for the court when establishing whether a builder owes a duty to a subsequent purchaser in respect of pure economic loss is the extent to which the purchaser is vulnerable.
The Owners - Strata Plan No. 61288 v Brookfield case concerned the construction of a mixed-use retail, restaurant, residential and serviced apartments building in Chatswood, NSW, in 1999.
The owners' corporation for the serviced apartments, which came into existence after completion of the building work on registration of the strata plan for the serviced apartments, discovered certain defects in the common property and, in November 2008, brought proceedings against the builder in negligence for pure economic loss.
The Court affirmed the importance of vulnerability of the plaintiff as a key factor in controlling the potentially expansive area of legal liability.  The vulnerability of the purchaser was a key factor in identifying the scope of the builder's duty of care to that purchaser.  Vulnerability refers to the purchaser's inability to protect itself from the consequences of the builder's failure to use reasonable care; whether than be in a physical sense (controlling the physical events that gave rise to the loss) or a legal sense (negotiating a contractual arrangement imposing liability on the builder).
The owners' corporation was found to be vulnerable in that the defects were latent and could not have been discovered by a purchaser exercising reasonable care; and there was no submission that the owners' corporation could in some way have protected itself by contract so as to impose liability on the builder.
While this case appears to expand the scope of a builder's liability to subsequent purchasers of buildings, the Court commented that this case does not in fact represent a radical change in the law, but is merely the application of existing principles to a novel set of facts.
 
<hr>
 Philip Dawson is a partner at <a href="https://www.claytonutz.com/?" target="_blank">Clayton Utz</a>.
 
 
 
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Court ruling allows commercial property owners corporations to bring negligence claims against builders

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Retail sales have lifted more than analysts’ expectations in September, as Australian Bureau of Statistics figures reveal turnover increased 0.8%, seasonally adjusted, for the quarter.
Turnover in department stores increased 2.8% and the clothing, footwear and personal accessory category rose 2.5%.
On a state-by-state basis, Victoria and New South Wales both recorded increases of 1%, while Western Australia declined by 0.5%.

<hr>
This article first appeared on <a href="https://www.smartcompany.com.au" target="_parent">SmartCompany</a>.
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yredrup-o4Anfe78KF

Retail sales up in September

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As I have <a href="https://www.propertyobserver.com.au/residential/are-you-being-served-looking-at-how-we-can-better-take-care-of-buyers-needs-peter-chittenden/2013101465686" target="_blank">already suggested</a> the buyer’s experience in the real estate market clearly involves a good measure of emotion and it is the main reason that developers, builders and marketing agents place so much emphasis on the value of their brand. In fact brand sensitivity really extends way beyond those directly marketing projects, it runs across a wider group that can also include architects, interior designers, landscape architects and major suppliers.
In an environment where real estate has to compete just like any other product or service, a great deal of time and money is spent to build brands, and of course we should not over look the role of individual project brands. We now see some major developers doing regular online surveys to measure how their customers view their buying experience and the feedback is being taken to heart. This highlights that it is the buyer’s experience where brands are tested and how the sales path is built around good communications that should all combine to support the buyer’s experience.
Against this high-stakes background I would now like to look at some of the assets available to us helping to create great buyer experiences.
However before doing that I would just like to reflect upon a recent comment reported in one of the main Sunday newspapers.
The report was headlining the somewhat understandable frustration of a young couple looking for a home in one of Sydney’s most competitive and popular suburbs. In the article was a quote that in part said that these buyers felt that some real estate transactions involved less information, less service and less attention than a consumer looking to buy a new car would receive.
And so reflecting these comments against how much we all value our individual and company brands the remarks were very disappointing. It has also been suggested that poor service given to home buyers has in part encouraged the rapid growth of buyer’s agents. I think these are comments we need to be sensitive to and not just brush aside as a reflection of the current market.
The tools we use
Moving on to look in more details at how we manage and enhance the buyer’s experience I think we need to consider how best to use the key parts of the sales journey that every buyer will normally be familiar with.
We are all conscious of the basic tools and systems we use including public relations, digital marketing, data mining, events, VIP and preferred client programs, moving in and residents guides, after sales support, loyalty programs, sales support, display and sales centres and a detailed understanding of buyer demographics. These are all key among the direct communications strategy we can employ and that developers fund.
However there are other essential factors that influence the buyer’s experience and here I feel that a high priority needs to be given to supporting and training the sales team. In this area I would include team sales training, sales manuals and importantly a diverse and structured role for sales mentoring and most importantly how best to recruit the sales team and of course its leaders. 

<hr>
Peter Chittenden is managing director for residential of <a href="https://www.colliers.com.au/Colliers%20Corporate/Residential.aspx" rel="nofollow" target="_blank">Colliers International.</a>
 
 
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Delivering a top buyers experience: Real estate has to compete like any other service

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Much was made of the September building approvals data yesterday <a href="https://www.propertyobserver.com.au/https://www.abs.gov.au/ausstats/abs@.nsf/mf/8731.0?OpenDocument" target="_blank">from the Australian Bureau of Statistics</a>, and with a 14.4% surge in approvals for new homes (seasonally adjusted), they certainly appear to remove any doubts that the home building sector has turned and has been accelerating (remembering this is historical data).
That’s critically important to the transition of the economy from the mining investment boom to a more traditional, housing-driven growth pattern sought by the RBA.
But there are a couple of points that need making. Much of the increase came from an 31.8% jump in new home units, townhouses and apartments, which is a very volatile part of the series. The same month in 2012 produced a big increase, with a 7.8% jump in total approvals, including an 18% rise in new home units and apartments. In July of this year, there was a 24.4% surge in new units, apartments and townhouse approvals and an overall rise of 10.8%. But in June there was a sharp fall of 12.6%, with approvals in home units, etc, down 37% for the year to June (the 2012-13 financial year).
This series depends heavily on approvals by local councils and tends to appear in the ABS data in bunches?—?as the above numbers indicate, it’s either feast or famine, and for that reason, the overall series is difficult to analyse. Even the trend series, which tends to smooth out the month-to-month changes, can be left behind by the big surges and falls in approvals in this area.
On trend, the September rise was 2.5% for all approvals (not 14.4%) and the year-to-date rise was 15.1%, not 18.6%. For the volatile apartments, etc, group, the trend increase in September was 5.6% for approvals against 31.8% for the seasonally adjusted figures. The year-to-date increase was 20.9% for the trend series against 31.9% for the seasonally adjusted.
The second point to be made is that the action is still in existing homes, not new home building, despite the latter hitting a three-year high in September, according to the Housing Industry Association. It’s the surging price of existing homes in Sydney that is catching the eye at the moment as competition between different groups of investors and private buyers are running into each other.
That’s why Reserve Bank governor Glenn Stevens specifically mentioned Sydney as the hotbed of investor competition in <a href="https://www.rba.gov.au/speeches/2013/sp-gov-291013" target="_blank">remarks made in Sydney on Tuesday</a>:
<blockquote>
“Investor participation in housing in Sydney, in particular, is becoming noticeably stronger. Over the past year, the rate of finance approvals for this purpose has increased by 40%.”
</blockquote>
When Stevens singles out one particular market, it’s a good idea to pay attention.
ABS figures show investors now account for 53.2% of all loans in New South Wales. In August, they borrowed more than $3.7 billion to invest in property. And the <a href="https://www.rba.gov.au/statistics/frequency/fin-agg/2013/fin-agg-0913" target="_blank">RBA’s credit data for September</a>, released yesterday, also confirmed the sharp growth in investor lending. According to the bank, investor lending for households grew 0.6% in September for a fourth successive month. That an annual rate of 7.2%, or twice the overall rate of growth in private lending and 50% faster than the 4.8% annual growth rate in all home lending the year to September. That helped total lending grow slightly faster than the 4.2% rate in loans to owner-occupiers in the year to September.
Data today from RP Data-Rismark showed a 1.3% rise in house prices last month in eight capital cities. Prices were up 7.9% for the year to October?—?but Sydney house prices jumped 2.4% in October, according to the survey. Prices rose 1.2% in Melbourne and 1.4% in Brisbane. But they fell 2.3% in Hobart reflecting some of the highest unemployment in the country in some areas). Prices in Perth dipped 0.2% in October and the annual growth rate fell to 9.4%. But in a separate survey yesterday, RP Data pointed out that adjusted for inflation, house prices still had a way to go. And compared to the stockmarket, property prices are still well behind. The ASX 200, the main index, was up 17% in the 20 months to October 31, and more than 20% in the past year.
And there are anecdotal stories of strong investor demand from offshore. <a target="_blank" href="https://www.crikey.com.au/2013/10/29/tips-and-rumours-996/">Crikey reported a tip</a> earlier in the week of a house that sold for $1.5 million above the reserve price (it went for $5 million) thanks to a bid from an offshore investor. It is easier for foreigners investing $5 million or more in Australia to secure an Australian visa. On top of this, there are also stories that Meriton, the country’s biggest apartment builder, is receiving strong demand from offshore (mostly China) for home units off the plan.
This is the sort of detail, by the way, that gets ignored in one of our favourite sub-genres in local financial reporting?—?the slavish reporting of views on<a href="https://www.afr.com/p/business/companies/central_banks_in_denial_about_asset_n251DLS54X6OedKno7G6wK" target="_blank">the Australian property market by foreign analysts</a> who assume that whatever applies in the UK or the US automatically applies here and therefore Australia?—?in its entirety?—?must have a property bubble.
In fact, the RBA is focused on how low interest rates are driving new home construction (its intended policy goal, along with hopefully driving the Aussie dollar down) versus driving higher prices for existing stock, and in Sydney in particular, which is the country’s biggest market but also one where the previous state Labor government oversaw a collapse in residential building. Talk about bubbles misses the point that the central bank is trying to engineer a transition from an investment boom back to Australia’s normal housing-led growth.
It’s a very different policy challenge to one facing banks in the UK, Europe and the US, where the problem is to create and sustain any growth at all.
 
<hr>
 This article first appeared on <a target="_blank" href="https://www.crikey.com.au">Crikey</a>.
 
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Keep property in context: Market is in transition, not in a bubble

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We’ve seen a year’s supply of ice cream, and a number of other food-related marketing techniques when it comes to new developments, however GPC has gone one step further.
Rounding up six of Melbourne’s popular food trucks, the opening of Mason Point Display Suite this month will allow potential buyers to try a range of different foods – something said to be important to the north Melbourne crowd.
The “Urbane” Release Two, released in October, features 48 two- and three-bedroom apartments ranging from $323,000 upwards. There are also 16 two-bedroom townhouses from $409,000.
Construction will begin in early-2014, with completion for 2015.
On 16 November, launching Mason Point Display Suite, the food trucks will be available for those attending. There will also be a fairy floss machine, a bubble machine, a face painter and a balloon artist.
Charles Gibson, director of GPC, said that the display will also include architectural plans and pricing, a full showcase of the kitchen, bathroom and timber flooring and a fully interactive touchscreen.
“Representatives from the award-winning Jackson Clements Burrows Architects – the design team behind Mason Point - will also be on hand to meet with buyers and discuss elements of the apartments and town homes’ functional yet stylish, modern design,” said Gibson.
Food Trucks there on the day are White Guy Cooks Thai, Dos Diablos, Sliders on Tyres, Dhaba, Smokin’ Barry’s and Yogurrdiction.
In the past, a <a target="_blank" href="https://www.propertyobserver.com.au/new-south-wales/ice-cream-giveaway-with-camperdown-cottage-offering/2013030559428">Camperdown property listed in March</a> was offering 52 two-litre tubs of ice cream with the purchase. More recently, in October, a property was offered with a<a target="_blank" href="https://www.propertyobserver.com.au/news/an-icecream-auction-incentive-to-entice-prospective-buyers/2013101665733"> year's supply of ice cream in Albert Park</a>.
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Food trucks latest marketing technique for developers

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Every property has a different level of risk and potential profit, and this can be the make-or-break of many investors' renovation strategies, according to author of The Insider's Guide to Renovating for Profit, Patrick Bright.
Renovators must ensure they're purchasing the right type of property to match their risk profile, urged Bright.
“This is important because while renovators want to maximise the return on the money they invest, they also want to be able to sleep at night," he said.
“In general apartments are low-risk because they're cheaper to buy and there's less renovating to do, which means less room for error."
However, he said, the risk and potential profit increases if renovators choose to move internal walls.
“Freestanding houses, semi-detached houses and terraces have higher risk which increases if there are added complexities such as Development Applications," he said.
With this in mind, investors will want to undertake a personal risk analysis before embarking on a renovation.
Considering how comfortable you are with losing money or having an outcome that doesn't match your expectations will put you in good stead if something doesn't stack up in the long run.
Both risk-averse and risk-taking investors should:
- Undertake extensive research
- Liaise with successful investors
- Work through steps methodically
- Consider appointing experts, such as a project manager, to advise
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Renovation success largely about attitude to risk: Patrick Bright

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My observation on Sydney is this - what can we really expect from an industry in which standards have been diminishing for some time?
Recently, I was called out to inspect a property that our office was to gain as a new management. It had been previously managed by a prominent agent from the local  area. However, prominence does not always reflect quality, and the standard of service.
The property
{yoogallery src=[images/stories/2013/11/01/edw]}
 
The property was a home built approximately 50 years ago. It was fibro, with a garage, and partly renovated. It was clean and tidy for the most part, but perhaps this has been what was needed for the agent to become complacent.
The issues, outside of the tenant’s living standards, are:
<ul>
<li>
No safety switches to the main electrical board;
</li>
<li>
Accumulation of mould around the perimeter in two bedroom ceilings;
</li>
<li>
No balustrades to the landings around the porch area exposing a four foot drop to a concrete slab.
</li>
</ul>
I warn you, if a landlord has these issues, they are a potential liability. For an untrained property manager who isn't aware, or looking, for the issues, they may not see them as a problem and will leave them unaddressed.
However, these were not even the most concerning problems that I found with this property.
<ul></ul>
The alarming issues were the following findings:
<ul>
<li>
The garage was converted to living quarters without any local government approvals;
</li>
<li>
The garage was not fitted with smoke alarms, although it was obvious someone was using it as a bedroom;
</li>
<li>
The rear garage door opening to the swimming pool area was not secure;
</li>
<li>
The main house smoke alarm had not worked for the last 18 months.
</li>
</ul>
The blame
While it's not about who blames who, it's important to think about. Where would the blame lie should anything happen? This is the key legal question in a dispute should someone suffer a loss or injury as a result of the state of the property, so you want to be asking it before anything does happen. 
 
So, who is at fault?
We would be quick to blame the landlord, from the property manager's position. However, the landlord may be ignorant of the situation and regulations.
Is ignorance really an excuse? This question prompts the following argument: both the tenant and the landlord are relying on the professional, the real estate agent. Can you see how convoluted the argument will be once it reaches the courts? And at what price?
The industry
 
In my personal opinion, the industry standards have weakened and have dropped through the basement in some areas of our industry.
Property management, an area close to my heart and where greater attention needs to be placed as we deal with people, has had the misfortune to being the most affected. Low standards have been allowed to creep into the industry.
Then there is the added misfortune of low fees being charged by agencies due to pressure from landlords and the competition around. This is adding to the phenomenon of offices reducing costs and employing very young and unqualified people as property managers or property officers. But can you blame the real estate agencies when it only takes a weekend course to obtain a property management certificate and you can reduce wages by employing younger agents?
This just about says it all, doesn’t it?
Where did the seasoned property managers go, the managers that were able to identify possible issues and deal with these on a preventative mandate as opposed to a reactive process, and why did they leave?
Unfortunately, most have left the industry to work on property sales, a straight forward job in most eyes - once sold you can forget about it.
Sad but true, most property managers have left due to landlord’s unwillingness to rectify issues. These issues cause long term issues for the property managers, and then the tenants take it personally. Then there is the economic strain that most offices cannot afford to pay seasoned property managers due to fees being so competitive.
The solution
This is perhaps the sixty four thousand dollar question, what is the solution?
My first call is for a greater distinction in certificates between 'property management agents' and 'sales agents'.
The second call is for local and state governments to seriously look at the current conditions of rental dwellings and adopt 'spot property audits' not audits on property files in agents' offices but rather, inspections of the actual properties being rented out.
Yes, it may be a pipe dream but do we have to wait until someone is seriously injured or dies before something is done? 
 
<hr>
 Edwin Almeida is managing partner and licensee-in-charge of <a href="https://www.just-think.com.au/" target="_blank">Just Think Real Estate</a>. 
 
 
 
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Property management: Is your tenant living in squalor?

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Over the past twelve months 4.25% of all houses in Melbourne have been sold. While this result is lower than the very strong years of sales over 2007 and 2010, it still represents almost one in twenty houses.
The suburbs featuring the highest number of sales in raw terms are those in the growth areas. <a target="_blank" href="/news">Pakenham </a>tops the list, followed by <a target="_parent" href="/news">Point Cook</a>, <a target="_parent" href="/news">Berwick</a>, <a target="_blank" href="/news">Frankston</a> and <a target="_blank" href="/news">Craigieburn</a>.
Frankston is the wild card in the list as it is not a growth suburb. This is reflected in the fact that less than 5% of Frankston houses sold over the year. The remaining suburbs recorded over 5%.
Accounting for suburb size some of the newer suburbs top the list. These include <a target="_blank" href="/news">Wollert</a> were over one in eight homes sold followed by <a target="_blank" href="/news">Sandhurst</a>, <a target="_blank" href="/news">Lyndhurst</a>, <a target="_blank" href="/news">Brookfield</a> and <a target="_blank" href="/news">Cranbourne East</a>.
A more in depth analysis of the list shows that a few suburbs would be considered as ‘established’ but whose high proportion of sales shows they are undergoing substantial change through infill development or significant new estates. The five most significant of these are <a target="_blank" href="/news">Mount Martha</a>, <a target="_blank" href="/news">Oak Park</a>, <a target="_blank" href="/news">Pascoe Vale</a>, <a target="_blank" href="/news">Port Melbourne</a> and <a target="_blank" href="/news">Aberfedlie</a>.
In the city’s north two of these suburbs undergoing a comparatively high degree of change and where large volume of sales are taking place. The small but well priced suburb of Oak Park with only 1,700 houses has seen 100 properties sold while neighbouring Pascoe Vale which is more affordable, has seen 247 of its 4,314 sold.
Is it too late to decide to sell this year? 
Following the encouraging results from the biggest week in history in the Victoria property market at the end of October for the Victoria property market some intending vendors may be have asking if it’s too late to sell at auction this year.
With only seven weekends left in the year when an auction can realistically be held, a decision to list for sale would not leave much time for a marketing campaign to make the most of your homes assets.
The most important person for a vendor to consult in making that decision is their real estate agent. After all, they are the experts at marketing and selling property.
The key matters a real estate agent will consider will be the length of time needed to prepare a home for sale, the preparation of the marketing campaign including taking high quality photos, the writing, bookings and placement of the advertisement.
These factors need to precede the actual sales campaign and be well executed to maximise the sale value.
The real estate agent may also consider the volume and types of listings scheduled for the time required to hold the auction.
For those considering selling by private sale there is a useful guide of the average time taking to sell a house at the moment which is the RP Data time on market measure. In the month of September houses took an average of 43 days to sell and units took 47 days.
 
<hr>
 Robert Larocca is Victorian housing market specialist for <a rel="nofollow" href="https://rpdata.com/" target="_blank">RP Data</a>.
 
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