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“Minister Chanthivong and his team have shown real leadership in replacing an outdated two-year bond with cover that matches the lifespan of the buildings people are buying into.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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While a busy road, rough neighbourhood and poor fixtures and fittings might be many assumptions as the number one buyer turn off, a new survey suggests that it's something far different.
Research from Aussie Home Loans into the top features buyers look for, and what they dislike, has found that the smell of cigarette smoke is the biggest turn off, with 69.1% of house hunters and renters saying it makes them steer clear. Pet smells came in far lower at 53%.
Click to enlarge
<a rel="shadowbox" href="/images/stories/2013/09/20/home-sep20-table-big.jpg" title="Click to enlarge"><img src="/images/stories/2013/09/20/home-sep20-table-small.jpg"></a>
This distaste for cigarette smells was even more evident from the younger generations, aged 25 to 34, with 71.9% finding it to be the most offensive.
A busy road location, as expected, came in second with 65.8% of respondents citing it, with a dirty house coming in third with 61.6%.
Click to enlarge
<a rel="shadowbox" href="/images/stories/2013/09/20/home-sep20-table-two-big.jpg" title="Click to enlarge"><img src="/images/stories/2013/09/20/home-sep20-table-two-small.jpg"></a>
While it may come as a surprise to renovators, while a good neighbourhood is the most appealing attribute (68.2%), a modern kitchen came in down the list at third, 63.4% and a modern bathrooom was number seven, with 50.2% citing it.
“We undertook the survey feeling confident that we would know the outcome, but were surprised to find some things were not as much of an issue for homebuyers as we expected,” said Aussie’s general manager for marketing and product, Stuart Tucker. 
“It should be a great guide on whether they need to renovate or tidy some rooms, how to dress their house, and an idea of what areas may be beyond their control, like their neighbourhood and location. Also how to prioritise their advertising message with their real estate agent," said Tucker.
“With the real estate market hotting up this Spring, this list should help canny sellers get a head start on the competition,” he said.
Nine Rewards surveyed 1,000 people for this Aussie Home Loans research.
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jduke-EHk3XBmHkn

Biggest buyer turn off might not be as expected

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Following this week’s $US41.5 million auction sale of the former Versace mansion in Miami, our property contrarians, Jonathan Chancellor and Margie Blok argue whether to buy the closest thing locally- an apartment in Palazzo Versace on the Gold Coast.
<img src="/images/stories/2013/09/06/HE-SAID-WORDS.jpg" width="132" height="30" alt="HE-SAID-WORDS"><img src="/images/stories/2013/09/06/NO.jpg" width="55" height="30" alt="NO"><img src="/images/stories/2013/09/06/jc-silhouette-5.jpg" width="100" height="150" alt="jc-silhouette-5" style="float: right;">
Forget the ubiquitous Medusa. If you hanker for Versace décor, just buy a couple of cushions, not a theme park condo.
<img src="/images/stories/2013/09/20/SHE-SAID-PERHAPS-22.jpg" width="470" height="30" alt="SHE-SAID-PERHAPS-22">
<img src="/images/stories/2013/09/06/mb-silhouette-4.jpg" width="100" height="150" alt="mb-silhouette-4" style="float: left;">There's nothing comparable to your own Versace-designed pad. Especially the late Gianni Versace's extravagantly grandiose Miami mansion, Casa Casuarina, the 10-bedroom, 11-bathroom Mediterranean-style mansion, albeit on the very busy tourist strip, at 1116 Ocean Drive, South Beach. 
At this week’s court-ordered bankruptcy auction of Casa Casuarina, no less than the real-estate kingpin and TV reality-show celebrity, Donald Trump, was the underbidder for the property .
It sold to a group that includes New York’s Nakash and Gindi families who own the Hotel Victor, just next door.
International Versace devotees still have the Gold Coast option, and sooner or later Dubai, and then next Macau for cheaper Italian fashion house Versace resort property prospects.
The Gold Coast option came first, back in 2000, and the developer of the much-delayed Dubai resort Palazzo Versace has just this week confirmed the opening date has been pushed back another 12 months.
The developer Enshaa Services Group said it was now not due to open until the second half of 2014, having been due to open in 2009 on its Dubai Creek location.  They took control in a swap deal with the former Australian joint venture partner, Sunland Group, which took 100% ownership of the Palazzo Versace Gold Coast, with Sunland then subsequently selling their Gold Coast. 
No doubt true to the brand's signature ornate style, the 270-room Macau hotel is set to open by the end of 2017. It will operate on a similiar concept licencing agreement with the Versace Group have no interest it its day to day hotel revenues.
There are 72 Palazzo Versace condominium on Queensland's Gold Coast. And when not in use by the PV owners they often get rented out through the adjoining Palazzo Versace hotel. Some do it to recoup their body corporate fees.
Given there are only six permanent residents, this option seems to be the norm.
But beware you’ll be obliged to retain all the Versace décor -  described as the "stunning, irreplaceable, Versace furniture package”, as its a pre-requisite for letting through the hotel.
But why in the world would you want to rid the condo of the fixtures? Synonymous with Versace style - though certainly not everyone’s cup of tea - is the sumptuous and extravagant décor of these condominium interiors finished with gold leaf ceilings, gleaming marble and parquetry floors, faux marble columns, panelled walls, heavy silk drapes, padded bedspreads and de rigueur Versace silk and velvet cushions. 
On the Broadwater at Main Beach, Palazzo Versace has the condominiums with the adjacent hotel having 200 rooms and suites.
Over the years, the PV condominium owners have included fashion designer Lisa Ho (between 2000 and 2005); the former Daydream Island owner Vaughan Bullivant and his wife Carmel; the seniors' tennis champion, Adrian Alle, and the BRW Rich Lister Greg Poche - who incidently is still trying to flog the Channel 10 Bachelor mini series house at Bayview on Sydney's northern beaches. 
Didn't Brynne Edelsten snap one up last year?
And my spies tell me mining tycoon Clive Palmer picked up a couple of Versace condos too - which will no doubt pop up in any parliamentary pecuniary interest declaration he might make if he's elected to the Australia parliament.
Ofcourse international stars including the Rolling Stones and Beyonce have stayed in the luxury apartments since the hotel opened in 2000, the first of its fashion branded alliegance in the world. Last year the hotel sold for $68.5 million to a Chinese consortium following approval from the Foreign Investment Review Board.
They obviously chose to overlook educator and architect critic Norman Day's 2002 review which described the place as "a rather plain, little, prefabricated structure overburdened with the drippings of Donatella and serviced by young people wearing black and gold."
"The aim of the place is admirable: provide a good quality hotel and decorate it (well, smother it) with Versace colours, crockery, fabrics, cutlery, badges and "character".
"Most people will be pleased with the result," Norman Day was gracious enough to concede.
There are currently around six Palazzo Versace condominiums up for sale from a $1.1 million asking price
<a href="https://www.propertyobserver.com.au/queensland/gold-leaf-ceiling-comes-with-palazzo-versace-gold-coast-condo-with-%2415-million-hopes/2013051461183" target="_blank">There's one that came onto the market with $1.5 million plus hopes in May</a> (pictured below), a redecorated three bedroom, three bathroom pad which is is now listed at $1.35 million. <a target="_blank" href="https://www.realestate.com.au/property-apartment-qld-main+beach-114478179">Artisans have been at work</a>, says the listing agent. Its marina is 15 metres. Apparently it's not in the hotel rental scheme as it doesn't have the official Versace furniture package.
{yoogallery src=[images/stories/2013/05/may10palazzo]}
There is also a two-bedroom two-bathroom north-facing rooftop residence with a 21 metre marina berth, two car spaces and a storeroom (no doubt for the golf clubs). Offers are being sought above $1.1 million through Russell Stuart of PRDnationwide Surfers Paradise, whose realestate.com.au website listing notes: “The owners are serious committed sellers and have already purchased another property! Make no mistake, they are absolutely committed to selling! They have loved their time at 'Versace' but they are now moving to a colder climate - so this has to go! There are only a handful of north facing condos at Palazzo Versace, and even fewer with a 21 metre marina berth, so this is an exceptional opportunity!”
The dearest offering is an ambitiously priced $5.29 million penthouse. At least the leasehold title reduces the Queensland purchasing stamp duty. And no land tax too.
I recall writing after my first visit in 2001 that the 72 condominiums fetched record Gold Coast prices having sold off the plan and during construction. About 70% of the buyers were Australians who paid prices ranging from $900,000 to $4.9 million for one of the penthouses. The buyer composition has expanded a tad internationally, but seemingly the prices haven't strayed far from original purchase prices.
Back then the furniture and decor packages were costed between $200,000 and $400,000 on top of  the condominium purchase price.
Certainly buyers will find there's better value elsewhere on the Gold Coast, but each to their own. Keep an eye out for Versace-loving Kiwi vendors keen to take their money back home, or Sydneysiders from the Shire who want to reinvest their proceeds into a self managed super fund.
Oh one last thing - be sure to have your solicitor brief you on the unresolved issue of water usage costs.  The condominium owners claim they have been subsiding the hotel's water usage. And that's more than a trickle given its 200 spa baths, commercial kitchen, laundries and sumptuous lagoon swimming pool. 
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jchancellor-FAypfDUnLy

The Gold Coast's Palazzo Versace condos? He Said/She Said

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People are generally very familiar with median sale prices, they are the middle value when all sale prices are arranged from highest to lowest in a suburb. They allow you to compare demand in an area but do so by reference only to the homes actually sold.
Another useful metric for buyers and sellers is median value. The median value is middle value when the estimated valuation of all properties are arranged from highest to lowest.
Because the median value is based on the value of all properties it is a more stable measure than the median sale price. Median sale prices can be quite volatile due to the small number of sales – particularly in small suburbs and also due to differences in the actual homes sold.
A good example is the market for houses in inner city Fitzroy. Its median sale price in the 12 month ending June was $818,375 and this was based on 82 sales. This compares to its median value from the RP Data Suburb Scorecard of $873,033, based on the 2,347 house in the suburb.
For buyers and sellers this suggests that sale prices have been at a discount over the last year which is a reflection of the market being below its peak, and also an indication value can be found.
Now like all property data its very informative but it won’t tell you what a home will actually sell for because that is ultimately set by the market – what the sellers are willing to pay and the buyer willing to accept.

<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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rlarocca-zWhvjay44N

What median sale values can really tell you: Robert Larocca

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Put simply, the federal government’s policy on foreign investment is pushing properties out of the reach of Australians.  
Under existing laws, developers are able to sell 100% of their developments to non-residents.
The knock-on effect has seen some developers almost exclusively marketing properties to foreign buyers who have deeper pockets than Australia’s first home buyers.  If the rules didn’t dictate that they need to also locally market then they most likely wouldn’t bother, as very few locals will pay the prices they can command from foreigners who are keen to get their money out of their home country and into Australia.
Prior to 2009, developers were only allowed to sell up to 50% to non-residents. Personally I thought that 50% was more than double what it should have been as that sizable percentage is enough to skew the local market value of a development.  But in an attempt to stimulate the construction market, the then Rudd Government relaxed the laws allowing 100% of new developments to be sold to foreigners in what I regard as a knee-jerk reaction to the GFC.
There is little doubt from those with their finger on the pulse that the change of rules contributed to the real estate market rising as much as it did in 2009.  One of the changes that I believe was so impressionable on the market rising (which about 14 months later was reversed) didn’t even require foreign buyers to apply for purchasing approval.  Can you imagine a situation where a foreigner could just look at domain.com.au, decide they want to buy a property they see, email the selling agent with an offer, then proceed to exchange contracts?  It sounds crazy but essentially that was what was happening.
Australia’s relatively strong economy and history of fairly stable and constant capital growth for real estate in its major cities will continue to drive foreign investment in Australia and push prices much higher than they already are.
The proportion of new houses and apartments being purchased by foreign buyers has doubled in the space of two years. According to the latest NAB residential property index, foreign buyers now account for between 12% and 13% of all new residential property purchases. Harbourfront developments like <a href="https://news.domain.com.au/domain/real-estate-news/barangaroo-apartments-sell-out-20130831-2sxal">Sydney’s Barangaroo which sold out before lunch</a> on the launch day including one-bedders at $1 million, two-bedders at $2 million and three-bedders at $3 million are further evidence of a fuelled market. Total sales exceeded $300 million in the first release.
The current policy is forcing generation X and Y into becoming a generation of renters at a greater percentage than they otherwise should or would like to be.  This will have many other knock-on effects in years to come for example it’s likely to put extra pressure on the social security system as buying and paying off your own home is a form of forced saving. As, let’s face it, most people who rent don’t invest at the level they should to avoid renting forever.
If the new federal Abbott-led government doesn’t tighten up foreign investment laws, non-residents will continue to buy Australian real estate (both residential and farming) at an increasing rate as they want their money in Australia because they see it as a stable, strong economy especially compared to their own.
No doubt most Australians like me are more than happy for non-residents who are here on working visas to buy properties and enjoy them while they’re here if they don’t want to rent on the proviso that they sell them when they leave.  I fail to see how allowing non-residents to buy Australian real estate - in many cases not even renting them out - is helping Aussies fulfill the great Australian dream of buying their own home which should be the core mission of any government policy in regards to housing.
 
<hr>
 Patrick Bright is the founder of Sydney-based buyer’s agency <a rel="nofollow" href="https://%20www.epspropertysearch.com.au/" target="_blank">EPS Property Search</a>.
 
Patrick is the author of four best-selling real estate books known as “The Insider’s Guide to Buying Real Estate Series.”
 
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pbright-aNtgvRfvJN

Foreign buyers are pricing Aussies out: Patrick Bright

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Experienced investors in real estate have always been well aware of that the labour markets on a macro and micro level impact the property markets. Ultimately, people are going to live close to where their jobs are and they need well-paid jobs to afford to buy houses. Thus, it makes sense to invest where there are a range of industries, strong jobs growth and real wages growth.

It's something Margaret Lomas highlighted in her book <a href="https://majorstreet.com.au/investing-in-the-right-property-now/" target="_blank">Investing in the Right Property Now</a>:
'We are more than a decade into the 21st century and it's high time we began to act and think like we live in this century, rather than the last!' says Margaret. Investors today need to understand the dynamics of how macro and micro economies operate and how they affect the property markets."
This is very much true. I look through a wide range of factors when choosing a location to invest in. On a macro level, strong population growth is one. Jobs growth is another. I want to see real wages and household income growth and a diversified range of industries.
I want to invest in land-locked areas of cities where there is no land available for release so that the market cannot easily be flooded with new supply (which distorts median prices but does nothing positive for the value of existing dwellings). Additionally, I want there to be a wave of speculative investment capital hitting the location and property types I own in order that prices are forced up.
The thing to be wary of is experts selecting data to support their own previously held convictions about which is the city with the strongest fundamentals, growth prospects and so on. I know a lot about this, because I sometimes do it myself.
Population growth
The Northern Territory only had a small absolute population growth at 4,200 persons in the year to December 2012 according to the Australian Bureau of Statistics (ABS), although with a state population of under 237,000 this actually represented growth of 1.8%. Darwin's median prices have been pumped up from around $200,000 to around $600,000 due to a cripplingly short supply in a remarkably short period of time.
Personally, I absolutely loved living in Darwin when I worked in the NT - it's one of my favourite cities - but the housing market is a law unto itself. From an investor's perspective, it's a case of 'dabble at today's prices at your own risk' for mine.
Tasmania's population, as noted, is essentially flat, increasing by 400 persons in the year.
The population of the ACT increased by 8,600 in 2012 to 380,000, but unfortunately jobs cuts make Canberra's property markets an unappealing prospect, as I discuss in more detail below.
Australian population growth of 394,200 persons or 1.8% in 2012 makes the country a potentially appealing prospect for property investors, but where are all those persons heading? To four states in particular:
VIC +99,500
QLD +92,500
NSW +90,400
WA +83,000
SA +15,600
With the exception of South Australia, these are very significant numbers. The population growth does not all occur in the respective capital cities, of course, although a large proportion of it does.
Weak labour markets
Sadly, Tasmania's labour market has been weak. The unemployment rate is very high in Australian terms at 8.2% and population growth is essentially non-existent. There are, therefore, few drivers for growth and the property markets are likely to remain weak.
Canberra is another example of a labour market which is expected to weaken. Unfortunately, thousands of jobs are likely to be cut. The numbers vary depending on the report and the source - the Canberra Times reported this week that 4,500 jobs may be cut in the city, which is a large number for a small city (population of only 370,000) with a small workforce.
Accordingly, SQM Research forecasts property prices to fall in Canberra through 2014.
Unemployment rate
I've already noted the existing and forthcoming unemployment issues in Canberra (ACT) and Tasmania. According to the Australian Bureau of Statistics (ABS), elsewhere unemployment rates are:
WA 4.6%
NSW 5.6%
VIC 5.7%
QLD 5.9%
SA 7.1%
Western Australia's unemployment has been the lowest in recent times with mining activity and employment attracting thousands of people to the state each year. South Australia's elevated unemployment rate is becoming a worry.
Jobs growth
Over the last 12 months, the following jobs have been added per the ABS:
NSW +64,000
QLD +25,600
VIC +24,100
WA +18,700
SA -10,200
It's all about New South Wales over the last few years, although the growth has actually slowed to 64,000 jobs from previously higher levels.
Western Australia's employment growth has been impressive, but has also slowed of late as the mining construction boom passes its peak and we shift towards the production phase.
South Australia, on the other hand, is now losing jobs at quite a rate for a relatively small population, and that is worrying for the outlook in that state.
The above numbers do not explain the disparity between NSW and SA clearly enough. The below chart from the Reserve Bank of Australia, however, does show the massive gap in employment growth between NSW (+200,000 jobs) and Tasmania/South Australia (flat) over the last three years.
<img alt="Graph 3.20: Employment by State" height="328" src="https://www.rba.gov.au/publications/smp/2013/aug/images/graph-3.20.gif" width="400" style="padding: 5px; border: 1px solid #ebebeb; box-shadow: rgba(0, 0, 0, 0.0980392) 1px 1px 5px; display: block; margin-left: auto; margin-right: auto;">
Wrapping it up
As I said, we all need to be wary of people providing data supporting their own viewpoints. But with a booming population, thriving jobs growth, lower unemployment and a inadequate supply of appropriate dwellings, it's patently obvious to me that Sydney has by far and away the strongest fundamentals of any of the major city capital markets.
And that's before we even mention that around 50% of housing financing activity is now for investors. Investors from Australia and overseas (mainly China, reportedly) are snapping up properties on average in well under 30 days 'time on market', while auction clearance rates are hitting staggering levels.
Don't take my word for it, by the way: read SQM Research's <a href="https://www.sqmresearch.com.au/boombustreport.php" target="_blank">Boom and Bust Report</a> where they forecast growth of 15-20% next year in Sydney...and 20-30% if the economy recovers.
On the flip side, South Australia is shedding jobs, has high unemployment at 7.1%, weak population growth, and has seen promised mining investment both shelved and scrapped. Therefore it is unsurprising that the market prices have barely budged since the Adelaide market was picked by some commentators as the city markets 'hotspot' capital of Australia five years ago. Melbourne, and now Sydney, will prove to have been comfortably the best selections over that timeline (Darwin also would have been a better pick).
<img alt="Dwelling Prices graph" src="https://www.rba.gov.au/chart-pack/images/5-6-household-sector/6bl-dwelpri-small.gif?accessed=2013-09-17-22-59-18" style="padding: 5px; border: 1px solid #ebebeb; box-shadow: rgba(0, 0, 0, 0.0980392) 1px 1px 5px; display: block; margin-left: auto; margin-right: auto;">
I find it really odd that few commentators seem to ever discuss this apart from me (or maybe I just don't see the commentary?).
I still can't see where this expected so-called booming property price growth in Adelaide is going to come from? Am I missing something? Can anyone enlighten me? Cancelled mining expansions and projects in the state are hardly going to help. 
 
<hr>
Pete Wargent is the co-founder of <a rel="nofollow" target="_blank" href="https://allenwargent.com/">AllenWargent</a> property buyers (London, Sydney) and a best-selling author and <a rel="nofollow" target="_blank" href="https://petewargent.blogspot.com/">blogger</a>. You can contact Pete on <a href="https://twitter.com/PeteWargent" target="_parent">Twitter</a>.
His new book '<a rel="nofollow" target="_blank" href="https://www.bigskypublishing.com.au/Books/General-Interest/Four-Green-Houses--and-a-Red-Hotel/1015/productview.aspx">Four Green Houses and a Red Hotel</a>' was released on 1 September 2013.
 
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How are the states' changing population and labour markets impacting property? Pete Wargent

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When you buy an apartment or townhouse you also become a member of an owners’ corporation, (which used to be called the body corporate), and its best as a buyer you know a few things about it. The normal matters to look at are the rules, fees, operations and such. But one of the most critical things to find out before you buy is whether or not it’s a “happy” OC.

The OC is there to make life easier for residents in the <a href="https://marketnews.com.au/tag/development/" class="st_tag internal_tag" rel="tag" title="Posts tagged with development" style="border: 0px; margin: 0px; padding: 0px; text-decoration: none; color: #000000;">development</a> and most of them work well. They have a meeting every few months and sort out matters such as insurance, accounts, painting, necessary repairs or other matters in a smooth and easy manner. But occasionally there are some that don’t – and you should make sure that you don’t find yourself becoming a member of an OC from hell.
Sometimes it can be so bad that people decide to sell their recently purchased apartment purely because they find out they’ve joined an OC which doesn’t work.
<ul>
<li>
It may be dominated by a small group of people who feel they own it;
</li>
<li>
It may have an ineffective manager;
</li>
<li>
The members may not be willing to spend any money;
</li>
<li>
Or they simply can’t agree on anything.
</li>
</ul>
Solutions:
You can easily discover how an OC works by getting copies of the last few OC minutes and reading them carefully.
Look to see if there is a person or group who resists everything and makes it impossible for the OC to operate.
Things such as ongoing disputes, drawn-out legal actions, refusal to approve requests from owners and money arguments over minor things are all matters for some concern and may cause you problems in future.
The badly-operating OC may cause you stress, it may cost you money or it may prevent you renovating or having a new pet – so check it out carefully.
As well as reading through the minutes, it may be worth having a chat with another resident or the OC manager to see how it works. Think carefully if you feel you may be getting into a situation you’re uncomfortable with. Your purchase of a new apartment is meant to be a positive lifestyle <a href="https://marketnews.com.au/tag/choice/" class="st_tag internal_tag" rel="tag" title="Posts tagged with choice" style="border: 0px; margin: 0px; padding: 0px; text-decoration: none; color: #000000;">choice</a> so make sure that it works for you.
 
<hr>
 Mal James is principal of<a rel="nofollow" target="_blank" href="https://www.jamesbuyeradvocates.com.au/" title="James Buyer Advocates"> James Buyer Advocates</a>, which advocates on behalf of buyers of property over $1 million. Mal writes weekly auction reports, advice and in-depth market analysis on James' website.  
 
 
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Make sure your your owners' corporation is a happy one: Mal James and John Hazen

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Toyota Tsusho South Pacific Holdings Pty Ltd has leased 1,000 square metres of office space in the CB1 building in South Brisbane.<img style="float: right;" alt="south-brisbane-sept-18-two" height="231" width="200" src="/images/stories/2013/09/18/south-brisbane-sept-18-two.jpg">
The CB1 building is owned by the ASX listed A-REIT Growthpoint Properties Australia and sits within the bigger $300 million SW1 mixed-use development.
The lease was struck on a 10-year term, at an annual rental of about $550 per square metre.
Peter Dodd and Alastair Dunlop of Savills negotiated the 104 Melbourne Street (pictured right) lease.
The Brisbane based company manages and supports Toyota distributors throughout the South Pacific region, namely in Papua New Guinea, Fiji, Vanuatu, Solomon Islands, Samoa, American Samoa and Tonga.
 
<hr>
Correction notice: this article has been amended since initial publication.
The original article identified the CB1 building as being owned by “South African company Growthpoint Properties Australia.” 
Growthpoint Properties Australia is actually an ASX listed property group which is majority owned by South Africa’s largest listed property company, Growthpoint Properties Limited. 
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Toyota Tsusho South Pacific  lease South Brisbane office space

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Soup and juice bar concept store, Green Press, has secured a new retail lease at the west end of Collins Street in Melbourne’s CBD.
The 39 square metre lease, at 500 Collins Street (pictured below), was struck at more than $1000 per square metres for a term of three years.
<img src="/images/stories/2013/09/18/melbourne_sept_18_one.jpg" width="470" height="313" alt="melbourne_sept_18_one">
Other tenants to recently move into the building include Kartel and Henry &amp; the Fox.
Savills Australia agents Michael Di Carlo and Jeremy Marmur brokered the lease.
Mr Di Carlo said the deal was a further indication of the renewed interest in the CBD retail sector, as recent consumer spending data suggested the market had seen the bottom of the cycle.
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Green Press soup and juice concept bar lease Collins Street space

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The Rocks is no longer just one of Sydney's most popular tourist destinations. It seems the historic heartland is fast capturing the attention of businesses and government.
Government Property NSW has taken out a five year lease for about 2,140 square metres of contiguous office space at 88 Cumberland Street. The lease was struck at an initial gross rental of $740 per square metre per year.
In a separate deal, engineering and technical recruitment firm Sniper Solutions has leased about 50 square metres in the same Cumberland St building for an initial gross rental of $625 per square metre. The Lessee had previously occupied about 112 square metres within the same building.
Cumberland Street Developments owns the five-storey building
Nearby, at 111 Harrington, migration and education services firm Uvision leased a strata suite for about $775 per square metre. The term of the lease is for one year.
The Sniper Solutions and Uvision leases were negotiated by Ray White Commercial office leasing director, John Skufris.
Mr Skufris said businesses were drawn to the area because of its close proximity to George St, Wynyard and Circular Quay, as well as the greater availability of metered parking.
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The Rocks captures the attention of office leasings

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One of Sydney's marquee real estate sites - the Sydney Opera House car park has been slated for sale, with price expectations of about $80 million.
The property is being offered for sale on behalf of receivers, KordaMentha and is expected to attract strong interest from international and domestic institutional investors.
<img alt="syndey-sept-19-three" height="428" width="470" src="/images/stories/2013/09/19/syndey-sept-19-three.jpg">
Prior to falling into the hands of receivers, the prized asset was owned by Mariner Financial - a company founded by Bill Ireland. Mariner reportedly purchased the car park for about $75 million in 2004.
McVay Real Estate has been instructed to sell the long leasehold.
A key attraction for buyers is expected to be the property's stable income stream, which is estimated to be about $7.6 million.
<img alt="syndey-sept-19-one" height="263" width="470" src="/images/stories/2013/09/19/syndey-sept-19-one.jpg">
"This is not just a car park," said McVay's managing partner Sam McVay. “This is a critical piece of infrastructure servicing the largest city in Australia and one of the most famous buildings in the world."
Completed in 1993, the 12- storey premises has about 1200 parking bays and is operated by Wilson Parking.
<img alt="syndey-sept-19-two" height="244" width="470" src="/images/stories/2013/09/19/syndey-sept-19-two.jpg">
The expression of interest campaign starts on Thursday.
Mr McVay believes offshore and private investors will be attracted by the high yield on offer for a relatively passive investment. “With no lease incentives to be paid out, investors are getting a truly net return, " he said.
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