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“Minister Chanthivong and his team have shown real leadership in replacing an outdated two-year bond with cover that matches the lifespan of the buildings people are buying into.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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Australia is becoming less globally competitive but that doesn’t mean the local property market will slow, according to a leading economist.
Australia ranked at 22nd in the Global Competitiveness Index 2014–2015 released last week by the World Economic Forum. That was down one place compared with the previous year and seven places lower than in 2009-10 when Australia ranked 15th, according to Australian Industry Group, the local research partner for the report.
AI Group chief economist Judith Toth said competitiveness, productivity and efficiency were measures that indicated a country’s ability to increase its income.
The latest figures from the Australian Bureau of Statistics, released last week, show that in the June quarter, seasonally adjusted real net national disposable income fell by 0.2%. Meanwhile, gross domestic product, the measure of the country’s output, rose by 0.5%.
Toth said the drop in net national income was bad for Australians. “That means the ability to buy goods and services we want is declining,” she said.
“The problem is that the income that we got has declined and in global terms we are earning less as a country. For individuals that means, depending on what your career looks like, there could be reducing employment opportunities in Australia.”
Australia’s unemployment rate rose in July and Reserve Bank of Australia governor <a href="/expert-insights/finance/further-inflating-housing-market-unwise-rbas-glenn-stevens">Glenn Stevens said in a speech in Adelaide</a> last week that the labour market still had spare capacity and it would be a while before unemployment rates declined consistently.
Toth said one of the problems Australia has had in recent years is a case of ‘Dutch disease’, where industries that previously earned a lot of export income such as tourism, education and agriculture have suffered declines because our dollar is too high. “Those declines reduce employment opportunities outside mining for everyone else and reduces income,” she said.
Economic forecaster BIS Shrapnel recently predicted Australia’s economy will struggle over the next four years as the mining boom tapers off but the Australian dollar stays high.
It predicted in its Long Term Forecast 2014-2029 report that local consumption and investment would experience its weakest period since the early-1990s recession, averaging only 2% a year to 2017-18.
Despite the challenges the economy faces, the local property market has been booming. The Australian Bureau of Statistics reported in its Residential Property Price Indexes: Eight Capital Cities for June 2014 that prices in the capital cities rose by 10.1% in the year to June, with increases in each of the cities considered.
Toth said Australia’s falling global competitiveness was not likely to stifle the local property market.
“The local housing market is affected by global trends but not global competitiveness,” she said. “Competitiveness is about our ability to produce goods and services not our assets. What’s going on in the property market is tied with perceptions of risk in global financial markets where foreign investors see Australia as a safe place to invest.”
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Economist says local market will not slow despite global competition

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Where would the top real estate industry experts buy? It’s a question regularly asked by property investors.
John McGrath, one of Australia's leading commentators and real estate identities, has shared the areas he believes investors should take a look at, and his reasoning.
Here are his top 10 Sydney picks. Keep an eye on Property Observer for his other states and territory picks over the coming week, from the McGrath Report 2014.
<a href="/news"><img src="/images/2014/07/04/yellow-one.jpg" alt="" style="float: left;">  </a><a href="/news">Millers Point</a>, <a href="/news">The Rocks</a>
 This historical northern fringe of the CBD is about to explode. With the top end of the town as one neighbour, Barangarroo as another &amp; Sydney Harbour at your door it is the best located suburb in the country.
 
<a href="/news"><img src="/images/2014/07/04/yellow-two.jpg" alt="" style="float: left;">  Camperdown, </a><a href="/news">Erskineville</a>, <a href="/news">Newtown</a>
Close to the CBD &amp; benefitting from Sydney University embedded within. King Street retail strip along with Erskineville Village are great spots to wander &amp; find great coffee on the weekend. The Victorian terraces make this area somewhat unique and add to its charm.
 
<a href="/news"><img src="/images/2014/07/04/yellow-three.jpg" alt="" style="float: left;">  Botany, </a><a href="/news">Mascot</a>
Once a working class industrial factory suburb, this area has transformed itself completely &amp; is fast becoming a fashionable address. Right next door to the airport it will come into its own for commuters.
 
<a href="/news"><img src="/images/2014/07/04/yellow-four.jpg" alt="" style="float: left;">  Balmain</a>, <a href="/news">Birchgrove</a>
This area is not cheap. Nor should it be. Minutes by car or ferry to the CBD. Lace terraces alongside contemporary town homes, small warehouses &amp; nearby apartments – all wrapped around a hub of activity &amp; restaurants in the village.
 
<a href="/news"><img src="/images/2014/07/04/yellow-five.jpg" alt="" style="float: left;">  Earlwood</a>, <a href="/news">Bardwell Park</a> 
For many years this hidden gem has escaped the radar of many buyers. Only 12km from the CBD &amp; with an historically large Greek community, it is now being discovered by a new group of buyers who may have previously bought in areas like Haberfield &amp; Five Dock.
Turn over page for results six to ten
<hr class="system-pagebreak">
RESULTS SIX TO TEN
<a href="/news"><img src="/images/2014/07/04/yellow-six.jpg" alt="" style="float: left;">  Concord</a>
Walk down the thriving coffee strip on Majors Bay Road. Look around &amp; you’ll feel that this is an area on the move. Whilst prices are no longer the obvious value they were a few years ago, they’re still well short of where they will be in the next ten!
 
<a href="/news"><img src="/images/2014/07/04/yellow-seven.jpg" alt="" style="float: left;">  Little Bay</a>, <a href="/news">Matraville</a>, <a href="/news">Chifley </a>
The smart young families who want an Eastern Suburbs beachside location without the price tag have discovered this area. Full of leisure &amp; sporting pursuits, it’s now home to a growing army of young professionals with families seeking better value &amp; more land than the inner City alternatives.
 
<a href="/news"><img src="/images/2014/07/04/yellow-eight.jpg" alt="" style="float: left;">  Forestville</a>
Surrounded by bushland Forestville is hidden between the northern surf beaches &amp; the leafy North Shore. This cosy neighborhood is rapidly becoming the preferred address for many buyers from the East &amp; Inner West who are craving more land &amp; value for money.
 
<a href="/news"><img src="/images/2014/07/04/yellow-nine.jpg" alt="" style="float: left;">  Rouse Hill</a>, <a href="/news">Castle Hill</a>
An hour wandering through Rouse Hill Town Centre retail village tells you this area is thriving. As new transport links arrive this area will have everything it needs. Strong growth over 5 years.
 
<a href="/news"><img src="/images/2014/07/04/yellow-ten.jpg" alt="" style="float: left;">  Dolls Point </a>
This picturesque pocket on the edge of Botany Bay is home to a small tight knit group of 1500 residents. Buy to occupy or as an investment &amp; you’ll be rewarded by the increasingly popular enclave.
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John McGrath’s 10 Sydney suburb picks

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The chef Matt Moran has announced he will open a three-storey restaurant in the harbour-front Barangaroo precinct.
Lend Lease unveiled plans for the restaurant, which will be Moran's seventh Sydney restaurant.
Moran will work with his business partner Peter Sullivan from MorSul and Bruce Solomon and Anna Solomon from Solotel.
“I am not going to do anything I have done before at Barangaroo,” Moran said.
The restaurant, due to open in March 2016 at the southern end near King Street Wharf, will be in a striking building designed by architects Collins and Turner. 
The charcoal building will resemble several stacked shallow bowls, one of about 50 food and beverage outlets at Barangaroo South. 
The restaurant will have a casual lower floor, a more premium restaurant on the middle floor along with a rooftop garden bar.
<div class="left_image">
“When we were first approached by Lend Lease about joining the precinct, it was the location of the site which was key in our decision making," Matt Moran said.
"We intend to deliver a truly Australian experience at this world-class waterfront venue. Whether you are looking for a casual bar and restaurant, a more premium restaurant or a rooftop garden bar, we will have it all with our offering at Barangaroo and use only the best locally sourced produce to create a showpiece of Sydney dining,” said Matt. 
</div>
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jchancellor-FAypfDUnLy

Matt Moran bowls up Barangaroo South eat street restaurant 

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The Laundy/Short partnership have purchased both the Mona Vale Hotel on Sydney's northern beaches and Northies at Cronulla for a combined price of around $57 million.
The two landmark Sydney establishments, Northies and the Mona Vale Hotel, were offered by the Fernwood Hotel Group Pty Ltd.
Ray White Hotels' Andrew Jolliffe handled the sale to Arthur and Stu Laundy in partnership with Fraser Short, soon after after the marketing began in conjunction with Mike Wheatley, of Knight Frank.
The partnership operates the Watson's Bay Hotel.
Peter Beaumont’s Fernwood Hotel Group retains The Exchange at Balmain and the Greengate at Killara.
 
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Laundy-Short partnership secure iconic Mona Vale-Northies pubs

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Consumer Affairs or the department of Fair Trading is the governing body in most states that is there to protect the consumer across a variety of industries and transactions.
In Victoria, Consumer Affairs Victoria (CAV) are the ‘leading’ consumer affairs protection agency and regulator. Their purpose is to help the public be responsible and informed businesses and consumers.
<ul>
<li>They review and advise the state government on consumer legislation and industry codes</li>
<li>They advise and educate consumers, tenants, businesses and landlords on their rights, responsibilities and changes to the law</li>
<li>They register and license businesses and occupations </li>
<li>They conciliate disputes between consumers and traders, and tenants and landlords </li>
<li>They enforce and ensure compliance with consumer laws</li>
</ul>
This is all wonderful for the consumer, however what is most disturbing is that like many government run organisations, they aren’t in any way accountable to the consumer.
Let’s look at the process of a consumer lodging a complaint against a real estate agent or agency and then compare it to what happens if that same consumer were to lodge a complaint against a financial planner with the financial ombudsman service (FOS).
The CAV website explains when to lodge a complaint, what conciliation is and the forms to use when lodging a complaint. There is nothing, however, that identifies the steps CAV will take or how your complaint will be handled or resolved.
In Victoria, most consumers make a phone call to CAV and the complaint is discussed. When personally testing the process and after discussing the matter, I have been required to hang up and lodge a written complaint, addressed to Consumer Affairs and to no one in particular. Having followed that process, nothing was ever sent to me to confirm that they had received my complaint, no complaint number was issued and no contact from CAV was ever made in relation to what was going to happen re the matter I reported. It actually so happened that I reported a financial planner who I knew had obtained his real estate licence fraudulently.  Apparently CAV didn’t deem that worthy of investigation as 18 months later, the financial planner still holds his real estate licence.
Recently, while testing the process again regarding a different matter, I was able to give the details of an unlicensed and active real estate agent and when I requested a case number or to be kept notified of the outcome, I was told no case number would be provided and that due to ‘privacy reasons’, the only way to check the progress of the matter, if in fact there was to be any investigation or action taken at all, was to check the public updates on the CAV website. In other words: "Thanks, but we will tell you nothing from here, we may not even pursue the matter if we deem it not worthwhile or sufficient enough of a breach to worry about."
Scary, isn’t it?  Even worse, CAV are quick to tell the consumer they are in the marketplace investigating and keeping an eye on things. For example, in the lead up to the Easter 2014 auction season, director of CAV Claire Noone announced they would be “watching for any misconduct during the buying and selling process - from the moment a property is advertised to when deposits are paid and held in trust accounts. Our staff will also attend auctions to make sure they are conducted according to auction rules.”  
Announcing this type of crackdown publicly is the equivalent of the police announcing they are about to raid active bikie gangs in the state in the coming weeks, thereby giving them plenty of notice to hide any illegal activity. Other than pre-warning agents to prepare for a raid, CAV accomplished nothing other than trying to highlight they are doing the job (poorly, it seems) that is expected of them.
Not surprisingly, as a result of this ‘early warning’ announcement to the industry, the crackdown on underquoting revealed a "close to 100%" pass rate for agents of what was a biased investigation ( only property with prices disclosed on advertising were investigate). This was despite a new poll suggesting more than half of agents admit the practice is a problem for the industry.
In the latest <a href="https://bit.ly/1hAWhQ7" target="_blank">Real Estate Business </a>straw poll, it appears the industry believes things are much worse than they are. Of the 368 respondents, 47.6% said underquoting was a major problem in the industry, while 17.9% said it was an issue but wasn’t too bad. A total of 19.6% said it was not a problem, but admitted it happens, while just 10.6% of agents believe there is no active underquoting in the industry. 
Victoria needs to follow the lead of South Australia and introduce regulations to stop underquoting. 
Back to Consumer Affairs accountability to the consumer.
My initial investigations with CAV and the media manager at the Department of Justice as to how many staff monitored compliance of section 18 of the ACL or section 131 of the CCA yielded the following statement:
“Australian Consumer Law is such a major part of Consumer Affairs work and has been integrated across the business - policy, inspection, legal, customer service and so on - a head count would not be … meaningful.”
My research since has gleaned that there are approximately 30 investigators working in CAV with approximately 6 dedicated to investigating the real estate industry.  For the year 2013, there were 82,981 Melbourne metro sales, with 30% (24,895) <a href="https://bit.ly/1r4KnSb" target="_blank">sold by auction</a> and only 6 possible dedicated investigators! 
The CAV 2012 – 2013 annual report shows 9609 calls were made regarding estate agents and the fifth highest number of complaints were about ‘misleading and deceptive conduct’. They did however “attend 15 property auctions in St Kilda and South Yarra in April. A similar compliance exercise was completed in December in the Bentleigh area.”  Disappointingly in this report, there is no reference to how many investigations were made further to these calls, but 309 estate agent disputes were ‘finalised’.
Now let’s compare the complaints process at FOS.
Firstly, when you go to their website, they have a dispute handling process clearly identified. They don’t just tell you how to lodge a complaint or when to, but the steps and process along the way.
"Step 1: Contact your financial services provider Step 2: Lodge a dispute with us (complainants will be issued with a case number and case manager to liaise with throughout the course of the complaint process. Timeframes to handle the dispute are identified upfront). Step 3: Our review of the dispute begins Step 4: How your dispute will be handled Step 5: How your dispute will be resolved" 
Source: <a href="https://bit.ly/1nxB0JX" target="_blank">FOS</a>
The process of protecting the consumer and regulating the industry cannot be left to CAV. They are patently understaffed and under skilled to be monitoring matters that involve consumers spending hundreds of thousands and even millions of dollars of their hard earned income.  
We shouldn’t trust that Consumer Affairs is looking after our interests in property matters.
It’s time to remove this sector of governance from CAV and to set up an independent board of consumer and real estate industry representatives that prides itself on objectivity, integrity and transparency in all aspects of its operations, like FOS.
<a href="https://www.miriamsandkuhler.com.au/">Miriam Sandkuhler</a> is the founder of <a href="https://www.propertymavens.com.au/">Property Mavens</a> - a specialist property advisory firm based in Melbourne. You can support the introduction of new legislation around underquoting by signing her Victorian petition <a href="https://chn.ge/1unh4yw" target="_blank">here</a>.
 
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MiriamSandkuhler-brdvzrAYV2

Can we really trust Consumer Affairs to look after our interests?

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Banks have recently moved to increase broker commissions, however the Finance Brokers Association of Australia (FBAA) have warned that some banks’ branch managers are trying to take the business away from brokers.
Peter White, chief executive of the FBAA responded to media reports regarding the latest J.P. Morgan Australian Mortgage Industry Report that says banks are increasingly reliant on brokers as a pipeline for new business.
“We’ve had a number of members telling us that bank branch managers have intentionally tried to influence their clients to switch to bank products directly, bypassing the broker who introduced the client to the bank in the first place,” said White.
“If the banks truly believe what the surveys are saying – that brokers are more regarded by consumers than banks – and they want to increase broker business, then they must educate their branch managers to support our clients,” he said.
With the FBAA recently calling on ASIC to investigate bank branch managers over lending issues, Property Observer is interested in hearing your thoughts.
{mijopolls 33}
 
YOU MAY ALSO BE INTERESTED IN:
<a href="/news/top-things-to-ask-your-broker-before-you-buy">Top things to ask your broker before you buy</a>
<a href="/expert-insights/why-consider-a-mortgage-broker">Why consider a mortgage broker?</a>
<a href="/expert-insights/finance/how-to-pick-the-best-mortgage-broker">How to: Pick the best mortgage broker</a>
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Do you trust brokers more than lenders?

The areas in Victoria with rental 'housing stress': TUV

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The new Masterplanned community Valley Park was launched yesterday by Australand, City of Hume mayor Casey Nunn and the Victorian Minister for Housing, Wendy Lovell.
The new <a href="https://www.australand.com.au/Our-Properties/Apartments-Homes/Jumpin-Valley-Park" target="_blank">Valley Park</a> development in Westmeadows will provide new homes, with the entire final development valued at approximately $160 million. It is a partnership between Australand and the Victorian Government, with the state government providing $56 million.
“With the establishment of brand new, quality housing, this development will provide further opportunities for locals in Westmeadows and nearby suburbs,” said Lovell.
“The Napthine Government invested $56 million in the Valley Park redevelopment, which will help provide 354 high-quality homes as part of our focus on supporting vulnerable people, while also creating a more diverse community in Westmeadows,” she said.
Australand general manager Rob Pradolin said that the key objective is to use the multi-use centre to get residents to interact and meet each other.
<blockquote>
“The Napthine Government invested $56 million in the Valley Park redevelopment" - Victorian Minister for Housing
</blockquote>
Construction is currently underway, with 320 lots expected on completion. Previously, it was announced that 110 social housing properties and 34 independent living units as part of an aged care precinct, as well as a 120 bed aged care home from Baptcare, would be built. Parklands and community facilities will be included.
The first houses are expected to settle from this month onwards.
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Australand launches Valley Park, Victoria

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Statistics don’t lie – but they can certainly mislead if the right questions don’t get asked.
Or, from another perspective, figures don’t lie – except when liars figure – which applies to the counting of first home buyers in the market, with the exploitation of dodgy data by people with dodgy motives.
Real estate people and organisations with vested interests have succeeded in creating the illusion that first home buyers are no longer active because they can’t afford to buy. This is despite the results of the two major affordability indexes, which say the opposite.
Headlines continue to shout that the Great Australian Dream is extinct, and we have a parliamentary inquiry into the affordability issue.
There is a strong argument that today’s generation of young adults are not interested in the heavy financial commitment of a mortgage. They witnessed their Baby Boomer parents slaving over a hot mortgage while struggling with a young family, and have decided to pursue other priorities.
The evidence from surveys is that Gen Y is a restless lot, who would prefer to rent while pursuing a good lifestyle. Commitments like families and mortgages can wait.
This, apparently, is reflected in the statistics. Australian Bureau of Statistics (ABS) data suggests that the market share of first-home buyers has been dropping since 2011.
For example, the number of first home buyer commitments as a percentage of total owner-occupied housing finance in late 2011/early 2012 was around 20%. This has slowly declined to 12-13% – according the ABS figures.
But here’s the thing. During 2012-2013 most states and territories implemented building stimulation strategies. Instead of offering the grants for all types of properties, the grants were available only to first-timers who built a new home or purchased off-the-plan.
Given that most first time buyers opt for established homes rather than new ones, this had a huge impact on the numbers of buyers accessing grants. The average price differential across Australia between new and old is $70,000 and it’s well over $100,000 in our largest cities, so $10,000 grants fail to act as an “incentive” to buy new.
This means most first-home buyers no longer apply for grants because they prefer to buy an established home, which is cheaper and often better located.
This is evident in statistics from the NSW and Victorian Offices of State Revenue (which distribute the grants). In the 2012 financial year, NSW distributed 37,464 grants and Victoria 19,051; in the 2013 financial year NSW distributed 17,297 grants and Victoria 21,898; but in the 2014 financial year, the numbers dropped to NSW 7,717 and Victoria 6,115. For NSW, that’s a fall of 79% in two years and for Victoria a decline of 72% in one year.
Western Australia went against the trend by increasing from 13,959 in 2011 to 22,135 in 2013. But Western Australia still offers a grant ($3,000) for first timers buying established homes.
The fact that Western Australia, the only state which offers a grant for both new and established homes, has rising figures for first-home buyers, highlights a discrepancy between states. Why does WA have a higher percentage of first-home buyers than all other states and territories?
Many across the real estate industry believe first-home buyers remain active and have begun to query the accuracy of the statistics.
So, are the right questions being asked? Where do the statistics on first-home-buyer numbers come from? Who collects the data?
The Australian Prudential Regulation Authority (APRA) collects the data from the banks and passes it on to the ABS.
Banks generally only capture what is relevant to their own business, i.e. anything necessary to a loan application. If the loan applicant doesn’t qualify for the first-home buyers grant, the information is not gathered – so many first-home buyers are not recorded as such by the banks.
According to the APRA reporting format, which has not been updated since 2008, commitments should be classified to the category "First Home Buyers" only if none of the borrowing parties to the commitment has previously drawn down on housing finance for owner occupation. Nowhere does it say whether the house is new or established, nor whether the buyer has received any form of grant.
With the changes to grant policies across the nation, many first-home buyers who are buying an established property will not qualify for a grant and, therefore, relevant information is not being passed onto the ABS and the data is becoming skewed.
The ABS is obviously aware of this now. In its June 2014 report on Housing Finance, it advises that an investigation is under way to evaluate the robustness of estimates of loans to first-home buyers.
I expect it to discover that there are more first-time buyers out there than the official data shows.
That parliamentary inquiry into affordability will again be shown to be a waste of time and taxpayers' money.
Terry Ryder is the founder of <a href="https://hotspotting.com.au" target="_blank">hotspotting.com.au</a>. You can contact him through <a href="https://mailto:ryder@hotspotting.com.au" target="_blank">email </a>or <a href="https://twitter.com/hotspotting" target="_blank">twitter</a>.
 
 
 
 
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