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“Minister Chanthivong and his team have shown real leadership in replacing an outdated two-year bond with cover that matches the lifespan of the buildings people are buying into.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?

When buying an apartment, most people compare the big-ticket items first. Floorplans. Kitchens. Balcony size. Natural light. The view.

But there's one everyday consideration that often doesn't come up until after moving in: how parcels are delivered.

As online shopping has become part of everyday life, parcel deliveries have shifted from an occasional event to a regular occurrence. Australians spent a record $82.6 billion shopping online in 2025, with almost one in every four retail dollars now spent digitally.

For apartment residents, that can present a challenge.

If nobody is home to accept a delivery, parcels may be redirected to a nearby Post Office, left in a building lobby or common area, or require building management to step in. In higher-density buildings, where dozens or even hundreds of residents may receive deliveries each day, parcel management has become an increasingly important part of everyday living.

That can create a range of frustrations. A missed delivery often means making time to collect a parcel elsewhere, while packages left unattended in foyers or mail areas can create clutter and increase the risk of theft. What seems like a minor inconvenience can quickly become a recurring issue for residents who shop online regularly.

It's one of those details that rarely features in a display suite but can have a noticeable impact once residents move in.

As a result, buyers are beginning to look beyond traditional apartment features and consider how a building supports day-to-day convenience, including whether there are secure options for receiving deliveries.

Australia Post's Parcel Lockers provide one solution.

<iframe allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" allowfullscreen="" frameborder="0" height="315" referrerpolicy="strict-origin-when-cross-origin" src="https://www.youtube.com/embed/CkF2oKmlACg?si=C50sDaoUUn2nuLmq" title="YouTube video player" width="560"></iframe>

Rather than having a parcel delivered directly to an apartment, eligible deliveries can be sent to a nominated Parcel Locker. Once the parcel arrives, residents receive a notification through the AusPost app or SMS and can collect it using a QR code or one-time PIN at a time that suits them.

The Parcel Locker network now includes more than 1,500 locations nationwide, with installations at Post Offices, shopping centres, transport hubs and an increasing number of residential developments. By providing a secure collection point, Parcel Lockers help reduce missed deliveries and avoid parcels being left unattended in common areas.

For developers, parcel infrastructure is becoming another way to improve the resident experience. Rather than relying on concierge staff or leaving parcels in communal spaces, secure collection points help streamline deliveries while preserving the presentation and functionality of shared areas.

For buyers, it's a reminder that the best apartment features aren't always the most obvious.

A generous floorplan or quality finishes might help narrow the shortlist, but the conveniences that simplify everyday life, whether that's EV charging, secure bike storage or reliable parcel delivery, often become the features residents appreciate most once they're living there.

The apartment feature many buyers don't think about, until their first missed delivery

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The Reserve Bank of Australia board member John Edwards says the rapid rise in Australian house prices won’t continue indefinitely.
“It is not anything approaching a crisis,” John Edwards told the Wall Street Journal, adding housing credit growth, high household debt and weak income growth would tame prices.
But Edwards said it was “not obvious how far this can run” and the RBA would continue to monitor house price movements.
His comments follow repeated warnings from Reserve Bank governor Glenn Stevens about the surging property market.
You might also want to read:
<a href="/expert-insights/for-my-next-trick-the-great-property-bubble-illusion">For my next trick: The great property 'bubble' illusion</a>
No housing bubble: The big bank economists' conclusion
<a href="/expert-insights/buying/how-can-investors-cope-with-a-property-bubble-q-a-with-philip-soos">How can investors cope with a property bubble? Q&amp;A with Philip Soos</a>
 
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RBA's John Edwards can't see rising dwelling price crisis

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Melbourne’s early spring weekend home auction market continues to produce strong results for sellers with Australian Property Monitors senior economist Andrew Wilson suggesting it was "another robust clearance rate".
"Although the 77.1% result was down on the previous weekend’s year-high 79.1% clearance rate, it was nonetheless the third consecutive weekend result recorded above 77% for the first time since 2010," Wilson noted.
The current four weekend metro Melbourne average clearance rate sits at 77.4% compared to the previous four weekend result of 74.1%, based on initial results.
The weekend’s clearance rate was up on the 72.9% recorded over the same weekend last year.
Listings numbers have been rising in tandem with clearance rates over the past month with 842 scheduled auctions at the weekend compared to 715 the previous weekend. 
The north-east produced the highest clearance rate at 86.4% with 70 sales from 81 reported auctions. 
The next best was the outer east at 81.4% followed closely by the inner south with 80.9% and the inner east with 80.8% with the highest number of reported sales at 105.
The most popular suburb for auction listings was Glen Iris in the inner east with 16 followed by Prahran in the inner city with 15.
The most expensive property reported sold at auction at the weekend was a four bedroom home at 38 Davis Avenue, South Yarra (pictured above) sold for $2,955,000 by Kay and Burton. It last sold in 2002 at around $1.38 million and in 1998 at $735,000.
 The most affordable property reported sold at the weekend was a two bedroom home at 2a Hermione Terrace, Epping sold for $220,000 by Harcourts.
The early spring auction action will its reach its usual crescendo this weekend with the pre-Grand Final super Saturday set to deliver nearly 1,000 properties under the hammer in metro Melbourne.
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Early September Melbourne auctions robust: APM's Andrew Wilson

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The Sydney spring auction market continues to firm with Australian Property Monitors senior economist Andrew Wilson noting "another extraordinary" weekend result of 83.3%.
The weekend’s result was above the 82.7% preliminary rate recorded last weekend.
It was the sixth consecutive weekend with success rates above 80%, the longest sequence recorded in Sydney since early April.
"The market has stepped up a gear over winter," Wilson said.
Sydney’s four-weekend average clearance rate now stands at 82.8% compared to 79.7% over the previous four-weekend period.
Even the revised rate, more reliable with more results came, in at 80.4% for the 6 September weekend, which was a rarity for 2014 auctions.
Spring auction numbers sat at 570 listings, up on the prior weekend’s 522 auctions.
The most expensive properties reported sold at auction at the weekend were a four bedroom home at 83 Nelson Street, Annandale (pictured above) sold pre-auction for $2.95 million by Pilcher Residential and a $2.95 million sale of a five bedroom house at 9 Pyrl Road, Artarmon through LJH Willoughby.
 
The Annandale house was marketed by Simon Pilcher as a modern family living by award winning architect Kieran McInerney in a wide tree-lined street close to Annandale village shops and cafes.
The most affordable property reported sold at the weekend was a two bedroom unit at 10/72-74 King Georges Road Wiley Park sold for $380,000 by McGrath.
Auction numbers will surge over the remainder of September with well over 600 auctions scheduled each weekend until the NSW October long weekend.
The upper north shore reported the highest clearance rate of all the suburban regions at the weekend with a 90.9% result from 55 reported auctions.
In the south there was a clearance rate of 87.3%.
The inner west clearance rate was 86.6% with the highest number of sales at 58.
Elsewhere the lower north shore success rate was 86.5%, Canterbury Bankstown 84.2%, the south west 82.6%, the west 82.1% and the city and east with a clearance rate of 80% from the highest number of auctions reported at 70.
Prestige auction sales surged again at the weekend with 28 sales reported above $2 million - well ahead of the 21 reported last weekend and the 22 in the prior weekend.
The most popular suburbs for auctions was Mosman and Turramurra each with nine auctions scheduled. 
The Sydney market recorded its best-ever auction results for the month of August with 2660 listings and 1925 sales, with five Saturdays boosting its success.
 The next best August performance was last year when the market hosted 2405 auctions for 1815 sales.
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Sydney weekend auctions stick to 80% plus success rate: APM

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The so-called ''Addams Family haunted house'' at Paddington, Verulam has been sold for $3,082,000 on its first offering since the 1920s.
The three-level Federation Queen Anne-styled offering is set on its 393 square metre Moore Park Road block.
Verulam had a price guide of $2.5 million through agent Louise Snowden of Raine &amp; Horne Double Bay.
Set opposite the SCG and Allianz Stadium, the <a href="https://www.realestate.com.au/property-house-nsw-paddington-117671911" target="_blank" style="line-height: 1.3em;">284 Moore Park Road property</a> comes with rear stables space.
Verulam, <a href="https://en.wikipedia.org/wiki/Verulamium" target="_blank">named after an ancient town in the south of Roman-occupied Britain</a>, had been listed for auction following the death of its 98 year old occupant, Jacqueline Mary Schmidt.
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Addams family-style Paddington house sold at $3,082,000

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Listed property stocks are well managed and in good shape to deliver strong distributions to investors but stellar capital gains made over the past year are unlikely to continue, a research specialist predicts.
Real estate companies and investment trusts have been delivering attractive running yields from high-growth property that is efficiently financed with manageable debt levels, accountancy and financial advice firm Crowe Horwath’s head of research Jeremy McPhail told Property Observer.
Over the six months to June, the property sector returned about 12%, compared with a 3% gain from the overall market as investors focused on consistent cash flow, McPhail said.
“At the start of the year we had a view that it was worth looking at more tactical short-term allocations to property and infrastructure-based stocks. Those stocks have now outperformed the market,” he said.
Share prices gains had been supported by consistent income distributions.
“For us [property and infrastructure stocks] are neither expensive nor cheap,” McPhail said.
He said distributions were likely to continue to increase at a slow and stable pace but added that he would not be surprised those stocks produced lower capital gains over the coming months.
Investments in listed property and infrastructure stocks were among ten of the best investment ideas for the year identified by Crowe Horwath’s financial advisers, investment analysts and economists. The firm last week issued its 2014 Ten Best Investment Ideas Half Year Progress Report, providing an update on the investment ideas identified at the start of the year.
The report noted: “Overall, we remain confident that balance sheets (gearing) for most investment grade opportunities are well under control. Occupancy is high, with low tenant turnover. Management are seeking to replace more expensive debt with lower interest rates and longer-term maturities aligned with current market rates, which improves funds from operations. While this isn’t helping the underlying fundamentals of the assets, it is good to see management focused on controlling what they can.”
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REITs have outperformed, but stellar gains unlikely to continue: Research specialist

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Some surprising set of news last week as the <a href="https://www.abs.gov.au/AUSSTATS/abs@.nsf/Lookup/6202.0Main+Features1Aug%202014?OpenDocument" target="_blank" style="line-height: 1.3em;">Labour Force</a> data showed total employment leaping by an outlandish 121,000 in the month of August, the greatest net gain in the history of the data series which runs all the way back to 1978.
Most of the gains were of the part-time nature, reported full-time employment increased by 14,300 and part-time employment by 106,700.
Of course, the data represents only a survey and therefore the results are necessarily volatile and should not be taken too literally. The huge variance against expectations will do little to enhance the credibility of the survey's accuracy. 
In particular, the huge boost in part-time employment seems likely to be largely a result of sample rotation.
Nevertheless, such a large gain in employment must be reflective of at least some good news in the economy.
Total employment jumps
The total employment gain was welcome news after a weak result last time around.
 <img src="https://1.bp.blogspot.com/-mrUDmv8-6LA/VBFRgqPGO5I/AAAAAAAAPro/oo15o57A8KU/s1600/1.jpg"> 
Over the past year total employment has increased by 128,000 for females and 111,000 for males.
<img src="https://1.bp.blogspot.com/-moissCZGpvc/VBFRgi66JgI/AAAAAAAAPr8/OVCxMMeB5C8/s1600/2.jpg"> 
Zooming in the total employed chart to a five year time frame shows what a truly anomalous result the August gain was - a monster uplift in reported total employment.
Clearly the monthly data is noisy but the economy must be doing something right for total employment to continue its right to the highest level in Australia's history at more than 11.7 million.
<img src="https://3.bp.blogspot.com/-14IjNw0pFBw/VBFRg7s9OdI/AAAAAAAAPrs/AjYeEghJPR8/s1600/3.jpg">
Total employment by state
More interestingly, what is happening at the state level?
The month of August showed the New South Wales economy to be leading the way with a hefty gain in total employment (+45,000) albeit with the majority of that fueled by part-time employment gains.
Queensland (+27,000), Victoria (+26,000), South Australia (+17,000), Western Australia (+10,000) and Tasmania (+4,000) also each benefited to a greater or lesser extent in the month (question marks over the integrity of the data notwithstanding).
<img src="https://3.bp.blogspot.com/-GN3Spx7s4uQ/VBFRhimgcMI/AAAAAAAAPr0/hwSoPu1G1tU/s1600/4.jpg">
The cumulative jobs added by state chart below is very much a three horse race, with New South Wales, Victoria and Queensland leading the way, although over the past four years the momentum is all with Sydney.
South Australia and Tasmania (which I haven't charted here) have lagged badly for the past half decade although the August data proved to be reasonably good in both cases.
<img src="https://1.bp.blogspot.com/-MhkqMBWv83A/VBFRithdlQI/AAAAAAAAPsE/KbZu1n5prdY/s1600/5.jpg"> 
Sydney's economy currently stands to benefit from a major construction boom. Of course, as the boom is largely of the residential property nature, property owners would be wise to keep a watchful eye on oversupply risk.
Our latest data shows that on a city-wide basis the Sydney market remains relatively tight with a vacancy rate of only 1.8% which is well under the national and capital city average of 2.3%. Certain inner west and Canterbury-Bankstown suburbs have vacancy rates which are far lower again at below 1.5%.
However, there are some areas we do highlight as having significant oversupply potential, particularly for new apartment stock around the Central Business District, the inner south and surrounding some of the Urban Activation Precincts (UAPs). 
Caveat emptor.
This article continues on the next page. Please click below.
<hr class="system-pagebreak">
Unemployment rate by state 
Commentators reserved much of their scorn for the unemployment rate by state which continues to leap around in manic-depressive fashion. The national unemployment rate month dived from 6.4% to 6.1% on a seasonally adjusted basis, reversed much of the previous month's spike.
<img src="https://2.bp.blogspot.com/-GOXOvAT7sZ4/VBFRjkKTHHI/AAAAAAAAPsQ/2vC2IJ1GxP0/s1600/6.jpg"> 
This month threw out some particularly wild unemployment rate changes at the state level, but users of the data would be wise to observe the trend rather than the noise, which remains up, albeit on a somewhat shallower basis than previously implied.
<img src="https://1.bp.blogspot.com/-V990bDN0pLA/VBFRj4qFHNI/AAAAAAAAPsU/PZRIr7H_oBo/s1600/7.jpg"> 
The August data showed unemployment rate falls across the board with Western Australia (5.0%) and New South Wales (5.7%) recording the lowest rates.
The data recorded some enormous falls in August with South Australia and Tasmania in particular seeing a colossal drop in their respective unemployment rates despite an overall increase in the participation rate.
Lovely to see but most commentators will be unlikely to suspend their disbelief based upon one month of noise.
<img src="https://3.bp.blogspot.com/-PD8ceVilwFQ/VBFRkhOf-GI/AAAAAAAAPsg/wQw-kOPjzmY/s1600/8.jpg">
Summary and property market implications
A literally unbelievably good boost in total employment must at least mask some positive news in the wider economy, but of course we would want to see any trend confirmed over time rather than becoming too aroused by one rogue print.
Cash rate futures and currency markets responded with further interest rate cuts now totally priced out of the yield curve.
With monetary policy settings at the current level we of course have expected to see dwelling prices rising across Australia but there remain serious question marks as to how sustainable gains in this cycle can be in most cities and regions.
Sydney and Melbourne have been boosted by an apparent explosion in demand from offshore funds.
Commentators for some time have reported that Sydney's cycle is over with investor demand being pulled forward. What they failed to account for is that equity gains create new deposits, and we are seeing plenty of evidence of refinancing in order to clamber aboard the Sydney property bandwagon at the present time.
On the other hand, there will be no such explosion in demand elsewhere and hence no equivalent property boom, and this was backed up further by today's Labour Force report. Total employment has been trending down in the Northern Territory for the past five months while the 2014 employment data flowing out of Canberra has proved to be flatter than a gander's arch. The August employment data for South Australia and Tasmania was reasonably positive but the five year charts look dire. Meanwhile, Western Australia appears to be holding up reasonably well but is clearly a state in transition from mining construction to production.  Overall this property cycle possibly has a little way to run yet, but gains outside Sydney are likely to be relatively disappointing as compared to the property booms of Christmases past.
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What does the 'unbelievable' boost in employment mean for the property market?

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Based on current house and unit sales estimates, over the 2013/14 financial year 348,670 houses and 135,330 units were sold; house sales increased by 10.4% while unit sales increased by 8.6%. 
House sales were at their highest level since the 2007/08 financial year and unit sales were at their highest since the 2009/10 financial year.
Tasmania and Queensland recorded the greatest increase in sales over the reporting period. While a rise in sales was recorded in other states; Western Australian and the Northern Territory lucked out and recorded a drop in sales for the period.
Sales by individual states:
<ul>
<li>Tasmania – sales up by 21.3% </li>
<li>Queensland -  sales up by 14.8% </li>
<li>New South Wales – sales up by 12.9% </li>
<li>Victoria – sales up by 7.5% </li>
<li>South Australia – sales up by 9.3% </li>
<li>ACT - sales up by 0.3% </li>
<li>Northern Territory – sales down by -0.2% </li>
<li>Western Australia – sales down by -1.3% </li>
</ul>
The capital city change in annual sales volumes tends to reflect the state-wide results; sales volumes were lower over the year in Perth and Darwin and higher across each remaining city.  Sydney sales volumes were up 13.3%, in Melbourne they were 9.0% higher, Brisbane volumes rose by 19.8%, Adelaide volumes rose 9.3%, Perth volumes fell -1.7%, Hobart transactions were up 22.5%, Darwin sales were -1.0% lower and Canberra sales were just 0.2% higher.
 <img src="/images/2014/09/11/kush-sept-11-one.jpg" alt="">
While off the plan unit sales are not counted until such time as they settle and as such a proportion are not included in today’s analysis, given this and considering the significant number of unit developments taking place at the moment, it is reasonable to expect an upwards revision to the unit number over the coming year(s).
Across the combined capital cities, a greater rise in home transactions was experienced over the financial year than at a national level.  This is reflective of the much stronger demand and subsequent capital growth across capital city markets.  
RP Data estimates that 218,429 houses and 100,894 units sold over the year. House sales increased by 11.7% over the financial year and unit sales were 7.2% higher. I expect an upwards revision to the unit sales figures.  
 <img src="/images/2014/09/11/kush-sept-11-two.jpg" alt="">
Capital city house sales were at their highest level since the 2006/07 financial year and unit sales were at their highest level since 2010/11.
The lift in transactions has been accompanied by an increase in values across all capital cities.  Of course the magnitude of the rise in values has varied greatly on a city-by-city basis.  
 <img src="/images/2014/09/11/kush-sept-11-three.jpg" alt="">
Higher transactions are arguably more important for market participants than higher values – more sales means more commission for agents and brokers, more lending for banks and more business for valuers.
The combination of higher home values and greater sales is a boon for state and local governments. Stamp duty, which is levied on property transactions, increases as more transactions occur but also as value rise as stamp duty is typically calculated on a sliding scale.
 <img src="/images/2014/09/11/kush-sept-11-four.jpg" alt="">
Looking to the current financial year, interest rates are expected to remain on hold at least to the end of 2014 but potentially starting to rise during 2015.  
Sydney and Melbourne sales volumes appear to have already peaked however, they may rebound once more during spring. Overall we would expect a reasonably high number of sales this financial year however, final numbers may be slightly lower than in 2013/14. 
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Have Sydney and Melbourne sale volumes peaked?

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The story of skyscraper hubris – pride before a fall

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A derelict 135 year old cottage at 336 Burnley Street in Richmond, in inner city Melbourne, sold at auction today for $2,544,000 as a development site.
The property has planning permission for the construction of four townhouses, one of which will have to incorporate the very rundown heritage listed cottage.
<a href="https://www.realestate.com.au/property-residential+land-vic-richmond-200964519" target="_blank">Biggin &amp; Scott agent Allan Cove</a> last sold it in 2012 when the worn-out weatherboard house on a large 779 square metre block fetched $1.621 million.
At its executors' 2012 auction there were five competing developer syndicates taking the bidding beyond its $1.5 million reserve.
Today another five bidders pushed it above its $2.4 million reserve.
It is across the road from the Grand Hotel between Bridge Road and Swan Street with rear frontage to Canterbury Street.
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Derelict Richmond cottage development site sold at $2,544,000

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On this week's episode of Location Location Location Australia, buyer's agents Bryce Holdaway and Veronica Morgan were tasked with helping out two young couples who knew exactly what they wanted.
The 26 year olds Steven and Amelia had already bought and sold one house, and with Steven a real estate agent they were familiar with Brisbane's property market.
First stop is a two storey weatherboard home in <a href="/news">Camp Hill </a>with three bedrooms, one bathroom and a modern kitchen. It's on the market for $550,000, giving the couple money to add an extra bedroom. The vendor, an investor, had just repainted the house's interior and redone the polished timber floors. Though Steven was initially skeptical of its position on the busy Stanley Road, the house was popular with Amelia, who loved the layout and the style of the home.
Next stop: <a href="/news">Carina</a>, where the couple currently reside. It was a bit further out, and the house Bryce guided them to wasn't to Amelia's taste, but it was much larger and had the full four bedrooms they were looking for. In addition to the main house's four bedrooms and two bathrooms, it came with a separate studio out the back. It was priced at $650,000 - right at the top of the couple's budget. But the couple weren't keen, so it was off to the next house.
The final home was in <a href="/news">Coorparoo</a>, bordering their dream suburb, Camp Hill. The restored Queenslander came with a massive backyard, three bedrooms and a new kitchen and bathroom. It was up for auction at $600,000 plus.  The couple were particularly keen on the character of the house, but it was clear - Steven's heart belonged to Stanley Road.
And so the couple put a bid on the home. It has previously been passed in at $520,000, and the price guide was at $550,000, so Steven gave the order to proceed with a $525,000 offer. However, they were with another buyer, who put in a $550,000 offer, and the selling agent advised Bryce that the property was likely to come off the market at $560,000.
The couple put in a $555,000 bid but were shot down by their competitors' $560,000 offer - more than Steven and Amelia were willing to pay for the home. However, all was not lost - the couple increased their budget by $20,000 and found an an even better home - a <a href="https://www.realestate.com.au/property-house-qld-camp+hill-116941751" target="_blank">modernised three bedroom Queenslander</a> in Camp Hill, pictured below.
<img src="/images/2014/09/12/1.jpg" alt="">
The new option has a $649,000 price guide, but Steven and Amelia weren't the only buyers interested in the home, with two other offers already made. Bryce, knowing the vendor had been recently stung by a buyer whose finance fell through, put in an offer of $672,000 - but with fully approved finance. It wasn't the highest offer put in on the house, but it played to the vendors' needs.
The tactic provides a useful lesson for those buying a house: remember that price isn't everything and find out as much about a vendor as you can.
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Veronica was also helping out a young couple: Sarah, Scott, and their baby.
Sarah and Scott, who have a passion for mid-century architecture and renovations, were after a three bedroom home with a view. They had a $850,000 budget, including renovations.
The couple had been living in Melbourne, but wanted to buy a house in Hobart after relocating back to Tasmania where they grew up.
Their first stop was a 1970s era brick home. It had a big backyard and a great view, but not as much room as the couple would like. However, it was offered at $460,000, which would give them plenty of money leftover for renovations. Neither is particularly impressed.
Next stop is <a href="/news">Howrah</a>, a beachside suburb. Right on the water, only 15 minutes from Hobart's centre. The second house was on a bigger block, and had three bedrooms and two bathrooms. Unfortunately, although it is a mid-century home, most of the character has been choked out of it by renovations. It had a price guide of $750,000, and a spectacular waterfront position, which captured the couple's attention.
But it wasn't enough to eclipse their bad feelings towards the house itself, which Scott would have to bulldoze before he was happy with the property.
So Veronica then took the couple to a larger 1950s brick home, which retained plenty of its original characteristics. From the front it had waterfront views, with an open plan living, dining and kitchen area at the front, and three bedrooms. The house, set on a 938 square metre plot, was on the market for $650,000 - so the couple would have money to update the home.
But despite its qualities, Scott still wasn't excited - and getting him to respond well to a house became the task of the episode. So Veronica and Bryce took them to a long, thin single storey 1960s modernist house, with a living room at one end, a rumpus at the other and three bedrooms in the middle. The 1,381 square metre battle-axe block had a price guide of $550,000, well under their budget.
Many of the original features of the home have been preserved and Scott was finally excited - but the roles were reversed, with Sarah a little apprehensive about the layout and plot shape, which means neighbours on all sides.
In the struggle between the two houses, Veronica suggested an independent source of information - an architect. As they planned to restore and renovate each home, adding on rooms if necessary, an architect was the best person to decide which was a more flexible option. And so, after consulting with an architect, the couple decided to go with the 1950s brick house with waterfront views.
Veronica then moved in with a $622,500 - $27,000 under the asking price - and managed to secure the Hobart house for Scott and Sarah.
Scott and Sarah's search showed the importance of a professional opinion. When hunting for a house, every friend, family member and passer buy will have an opinion on what, where and how you should buy. But for those who are unsure, and especially for those who are hoping to make changes to a house, it pays to get in a professional.
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