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“Minister Chanthivong and his team have shown real leadership in replacing an outdated two-year bond with cover that matches the lifespan of the buildings people are buying into.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

<html><body>
<div class="story-intro">
A Brisbane buyer has spent around $5 million on an off the plan Byron Bay apartment which they will relocate into.
It is a four-bedroom, 405 square metre penthouse at the Fortyfive Lawson complex.
Flight Centre co-founder Jim Goldburg is developing the complex, which was listed last November with apartments priced from $3 million to $6 million.
The apartments are the first major development in the coastal <a href="/news">Byron Bay</a> for 20 years.
Goldburg bought 45-47 Lawson Street for $12.85 million in 2005 through his company Friday Investments Group, from Gold Coast-based developer Graeme Juniper.
The site then housed the old Holiday Inn motel.
The nine residences range in size from 163 square metre to 410 square metre, with four single level apartments, three two level apartments and two penthouses.
Fortyfive Lawson project director Steve Girdis initially said completion was due by early 2015, but is now expected before Christmas 2015.
<a href="https://www.realestate.com.au/property-apartment-nsw-byron+bay-117128027" target="_blank">The previous record apartment sale in Byron Bay was $2.65 million</a> in 2007, just before the global financial crisis.
</div>
Five of the nine apartments have sold off-the-plan, with sales totalling $19 million through marketing agent Graham Dunn of Bryon Bay Property Sales.
The remaining penthouse has $4.5 million hopes.
The complex comes with private pools, stone fireplaces, under-floor heating and European appliances.
</body></html>

jchancellor-FAypfDUnLy

Record Byron Bay penthouse sells for $5 million

<html><body>
An analysis of 22 auction offerings across Sydney on the first weekend in September indicated that there was an 13% gap between the price guidance and the eventual higher sale price.
<div class="detailText">The sales ranged from one result which was just 2% over the price guide in Randwick to one sale that fetched 38% than the initial price guidance in Hurstville.</div>
<div class="detailText"> </div>
<div class="detailText">During the prior August weekends the Property Observer analysis reflected average gaps of between 11% and 18%.</div>
The sales on the first Saturday of spring included a Green Valley offering that was offered with $480,000 plus hopes and sold at $545,000.
The median house price in Green Valley sits at a record $515,500, <a href="/news">according to RP Data</a>. Green Valley began 2013 with a $435,000 median house price.
The price growth has eclipsed the suburb's median annual household income based on the 2011 census which had it at $1391 per week.
Green Valley, set near Liverpool about 32 kms from Sydney was high on the national consciousness when its most famous son, Mark Latham was the Federal leader of the opposition.
  
<table border="1" cellpadding="0">
<thead><tr>
<td>
Address
</td>
<td>
Suburb
</td>
</tr></thead>
<tbody>
<tr>
<td>
<a href="https://www.propertyobserver.com.au/https://www.mcgrath.com.au/buy/house-miranda-nsw-2228/234195" target="_blank">6 Nyngan Place</a>
</td>
<td>
MIRANDA
</td>
<td>
Over $760,000 SOLD $884,000
</td>
</tr>
<tr>
<td>
<a href="https://www.propertyobserver.com.au/https://www.mcgrath.com.au/buy/house-south-coogee-nsw-2034/233967" target="_blank">1 Lomandra Place</a>
</td>
<td>
SOUTH COOGEE
</td>
<td>
$1,150,000 SOLD $1.306m
</td>
</tr>
<tr>
<td>
<a href="https://www.propertyobserver.com.au/https://www.mcgrath.com.au/buy/apartment-sans-souci-nsw-2219/231535" target="_blank">1/114 The Promenade</a>
</td>
<td>
SANS SOUCI
</td>
<td>
Over $500,000 SOLD $586,000
</td>
</tr>
<tr>
<td>
<a href="https://www.propertyobserver.com.au/https://www.mcgrath.com.au/buy/apartment-north-sydney-nsw-2060/230473" target="_blank">807/26 Napier Street</a>
</td>
<td>
NORTH SYDNEY
</td>
<td>
Over $740,000 SOLD $790,000
</td>
</tr>
<tr>
<td>
<a href="https://www.propertyobserver.com.au/https://www.mcgrath.com.au/buy/apartment-hurstville-nsw-2220/235393" target="_blank">12/61 Wright Street</a>
</td>
<td>
HURSTVILLE
</td>
<td>
Over $590,000 SOLD $820,000
</td>
</tr>
<tr>
<td>
<a href="https://www.propertyobserver.com.au/https://www.mcgrath.com.au/buy/apartment-st-leonards-nsw-2065/234682" target="_blank">1302/2 Atchison Street</a>
</td>
<td>
ST LEONARDS
</td>
<td>
Over $720,000 SOLD $785,000
</td>
</tr>
<tr>
<td>
<a href="https://www.propertyobserver.com.au/https://www.mcgrath.com.au/buy/apartment-earlwood-nsw-2206/233379" target="_blank">8/154 Homer Street</a>
</td>
<td>
EARLWOOD
</td>
<td>
Over $525,000 SOLD $630,000
</td>
</tr>
<tr>
<td>
<a href="https://www.propertyobserver.com.au/https://www.mcgrath.com.au/buy/apartment-alexandria-nsw-2015/234805" target="_blank">35/362 Mitchell Road</a>
</td>
<td>
ALEXANDRIA
</td>
<td>
Over $600,000 SOLD $660,000
</td>
</tr>
<tr>
<td>
<a href="https://www.propertyobserver.com.au/https://www.mcgrath.com.au/buy/apartment-balmain-nsw-2041/232681" target="_blank">203/22 Colgate Avenue</a>
</td>
<td>
BALMAIN
</td>
<td>
Over $1,600,000 SOLD $1.823m
</td>
</tr>
<tr>
<td>
<a href="https://www.propertyobserver.com.au/https://www.mcgrath.com.au/buy/townhouse-mosman-nsw-2088/235617" target="_blank">1/94 Muston Street</a>
</td>
<td>
MOSMAN
</td>
<td>
Over $1,300,000 SOLD $1.375m
</td>
</tr>
<tr>
<td>
<a href="https://www.propertyobserver.com.au/https://www.mcgrath.com.au/buy/apartment-randwick-nsw-2031/235127" target="_blank">9/27 Prince Street</a>
</td>
<td>
RANDWICK
</td>
<td>
Over $700,000 SOLD $717,500
</td>
</tr>
<tr>
<td>
<a href="https://www.propertyobserver.com.au/https://www.mcgrath.com.au/buy/apartment-hunters-hill-nsw-2110/234809" target="_blank">17/61 Ryde Road</a>
</td>
<td>
HUNTERS HILL
</td>
<td>
Over $600,000 SOLD $631,000
</td>
</tr>
<tr>
<td>
<a href="https://www.propertyobserver.com.au/https://www.mcgrath.com.au/buy/house-illawong-nsw-2234/234694" target="_blank">7 Stow Place</a>
</td>
<td>
ILLAWONG
</td>
<td>
Over $730,000 SOLD $760,000
</td>
</tr>
<tr>
<td>
<a href="https://www.propertyobserver.com.au/https://www.mcgrath.com.au/buy/house-normanhurst-nsw-2076/222062" target="_blank">3 Cypress Street</a>
</td>
<td>
NORMANHURST
</td>
<td>
Over $990,000 SOLD $1.26m
</td>
</tr>
<tr>
<td>
<a href="https://www.propertyobserver.com.au/https://www.mcgrath.com.au/buy/apartment-rockdale-nsw-2216/235364" target="_blank">5/2 Hayburn Avenue</a>
</td>
<td>
ROCKDALE
</td>
<td>
Over $500,000 SOLD $545,000
</td>
</tr>
<tr>
<td>
<a href="https://www.propertyobserver.com.au/https://www.mcgrath.com.au/buy/house-alexandria-nsw-2015/209204" target="_blank">60 Suttor Street</a>
</td>
<td>
ALEXANDRIA
</td>
<td>
Over $900,000 SOLD $1.02m
</td>
</tr>
<tr>
<td>
<a href="https://www.propertyobserver.com.au/https://www.mcgrath.com.au/buy/house-waverley-nsw-2024/232088" target="_blank">28 Langlee Avenue</a>
</td>
<td>
WAVERLEY
</td>
<td>
Over $1,450,000 SOLD $1.55m
</td>
</tr>
<tr>
<td>
<a href="https://www.propertyobserver.com.au/https://www.mcgrath.com.au/buy/house-gladesville-nsw-2111/233542" target="_blank">11 Westminster Road</a>
</td>
<td>
GLADESVILLE
</td>
<td>
Over $1,600,000 SOLD $1.705m
</td>
</tr>
<tr>
<td>
<a href="https://www.propertyobserver.com.au/https://www.mcgrath.com.au/buy/house-green-valley-nsw-2168/227247" target="_blank">29 Biloolo Road</a>
</td>
<td>
GREEN VALLEY
</td>
<td>
Over $480,000 SOLD $545,000
</td>
</tr>
<tr>
<td>
<a href="https://www.propertyobserver.com.au/https://www.mcgrath.com.au/buy/house-wahroonga-nsw-2076/235348" target="_blank">1A Collings Street</a>
</td>
<td>
WAHROONGA
</td>
<td>
Over $900,000 SOLD $1.013m
</td>
</tr>
<tr>
<td>
<a href="https://www.propertyobserver.com.au/https://www.mcgrath.com.au/buy/house-manly-nsw-2095/231093" target="_blank">49 Pine Street</a>
</td>
<td>
MANLY
</td>
<td>
Over $1,900,000 SOLD $2.02m
</td>
</tr>
<tr>
<td>
<a href="https://www.propertyobserver.com.au/https://www.mcgrath.com.au/buy/townhouse-kingsford-nsw-2032/234247" target="_blank">4/25 Harbourne Road</a>
</td>
<td>
KINGSFORD
</td>
<td>
Over $900,000 SOLD $1.043m
 
</td>
</tr>
</tbody>
</table>
</body></html>

Green Valley $545,000 auction sale matches the Sydney wide 13% above guidance trend

<html><body>
Recently the Melbourne media has reported that the winning design for the <a href="/news/public-transport-architecture-seagull-on-a-hot-chip-thoughts-on-flinders-street-station-competition-entries">Flinders Street Station Design Ideas Competition</a> by Hassell and Herzog &amp; De Meuron would cost a whopping $2 billion to build. Naturally this has drawn many to question the wisdom in undertaking the design competition in the first place. After all if we cannot afford to build it, what is the point?

Firstly some background. Launched in November 2011, the competition with total prize money of $1 million attracted 117 entrants both local and international. The process was in two stages with six entrants being shortlisted to further develop their schemes. The public was invited to engage in the competition via a website survey and voting process which considered the following criteria:

<ul>
<li>Overall design merit</li>
	<li>Transport Function</li>
	<li>Cultural Heritage and Iconic Status</li>
	<li>Urban Design and precinct Integration</li>
</ul>
The Jury panel to determine the final outcome of the competition was led by the Victorian Government Architect and was made up of various experts on transport, heritage, finance and Architecture. They also (to the criticism of many) included a non-expert, chef George Calombaris who was included as a ‘notable Victorian’. In addition to the criteria put to the public, the Jury also had to evaluate two additional criteria:

<ul>
<li>the development delivery</li>
	<li>value for money.</li>
</ul>
So did the Victorian taxpayer get value for money out of the Flinders Street Station Competition if the final design might cost $2 billion? Absolutely yes! Even if the winning design is never built the $1.6 million spent is some of the hardest working taxpayer dollars that the government has spent.

Here is why:

<h2>The value of professional advice</h2>

The $1.6 million bought a massive amount of professional advice. Under ordinary circumstance the same advice would have likely cost over $11 million.

Warwick Mihaly on <a href="http://panfilocastaldi.wordpress.com/2013/08/09/vote-flinders-street-conclusion/">Panfilocastaldi</a> did the following rough calculation on the hours spent by architects.

<ul>
<li>Total Prize money = $1,000,000</li>
	<li>Competition organisation = $600,000*</li>
	<li>Total competition cost = $1,600,000*</li>
</ul>
*source Herald Sun report of $1.6 mil total competition cost

<ul>
<li>Number of Stage 1 entrants = 117</li>
	<li>Average time spent on each Stage 1 entry = 400 hours</li>
	<li>Number of Stage 2 shortlisted entrants = 6</li>
	<li>Average time spent on each Stage 2 entry = 3,000 hours</li>
	<li>Total time spent by all entrants = 64,800 hours</li>
	<li>Average value of architects’ time = $180 / hour</li>
	<li>Total value of architects’ time = $11,664,000</li>
</ul>
<h2>The value of artistic endeavour</h2>

How much would it cost to commission 10 of the world’s best painters or sculptors to each prepare a substantial piece of work? Once you then add in 108 other artists from around the country it would clearly be substantially more than a mere $1.6 mil.

As a comparison the federal Government in 1973 purchased a single Jackson Pollock painting Blue Poles. The price paid by the federal government in 1973 equates to approximately 10.9 million dollars in today’s currency. I would argue that the work of Zaha Hadid (just one of the entrants) is at least as influential in the architecture world as Jackson Pollock’s work in the art world. If we are serious about artistic endeavour we need to invest in a wide variety of art forms.

<figure><a class="colorbox colorbox-insert-image" href="https://res.cloudinary.com/dz9xllyip/image/fetch/q_auto:good/https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/pollock-blue-poles.jpg" rel="gallery-all" title="Blue Poles by Jackson Pollock"><img alt="" class="image-article-full-width-580px" height="253" src="/sites/urbanmelbourne.info/files/styles/article_full_width_580px/public/pictures/article-images/pollock-blue-poles.jpg?itok=9XRU3hLx" title="Blue Poles by Jackson Pollock" width="580"></a>

<figcaption>Blue Poles by Jackson Pollock</figcaption></figure>To take another example of an artistic endeavour, the State and Federal Government both pour substantial amounts of fund into the film industry.

<blockquote>
In 2005-06, the Australian Government provided $140 million in funding for film and video, and state and territory governments contributed $75.4 million.
<cite><a href="http://www.australiacouncil.gov.au/resources/reports_and_publications/subjects/funding/funding_of_film_and_video">Australia Council: Funding of film and video</a></cite>
</blockquote>

I am not for a moment suggesting that this support is a poor investment, but rather highlighting how comparatively small the investment in the architectural competition by comparison. Indeed given that the final six designs all featured animated fly throughs, there is no reason why this couldn’t have been partly funded within this larger budget.

To make even more out of the money invested in this competition, a physical travelling exhibition should be established to showcase the cutting edge work. Only a fraction of the design proposals have been seen by the vast majority of the public and this is therefore a golden opportunity to further the value of the competition.

<figure><a class="colorbox colorbox-insert-image" href="https://res.cloudinary.com/dz9xllyip/image/fetch/q_auto:good/https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/hassel-and-herzog-de-meuron.jpg" rel="gallery-all" title="An Image from the winning design by Hassel and Herzog &amp; De Meuron. Image © Hassell Studio"><img alt="" class="image-article-full-width-580px" height="331" src="/sites/urbanmelbourne.info/files/styles/article_full_width_580px/public/pictures/article-images/hassel-and-herzog-de-meuron.jpg?itok=7CPjRxGB" title="An Image from the winning design by Hassel and Herzog &amp; De Meuron. Image © Hassell Studio" width="580"></a>

<figcaption>The winning design by Hassel and Herzog &amp; De Meuron. Image © Hassell Studio</figcaption></figure><h2>The value of a broad community discussion</h2>

How much would a 19,000 person focus group to discuss the future of Flinders Street Station have cost? I honestly don’t know but I would think at least $50 per person ($950,000 total) under normal industry circumstances would be a starting point. As part of the competition the community were offered the opportunity to provide their feedback on 6 potential designs. Their opinions were not moderated and the report that was generated provides a great deal of feedback for a way forward.

<h2>The value of a long term vision</h2>

Even if we cannot afford to start building today, there is an inherent value about having a long term plan for our most important landmark. Flinders Street Station is not going anywhere. It will likely be around beyond the lifetime of anyone living today. If we refine the plan further, or if we pursue a new design in the future based on what we have learnt from this process, it will still have been worthwhile.

<h2>A final word to the Cynics</h2>

There are some who say that architects were just ‘in it’ for themselves and that this competition was just a method of handing architects money. There is categorical proof that this is not the case. Even the winner will likely have lost money on this competition having been paid $500k. The numbers just don’t stack up. The number of hours put in to generate the quality required far outstrips the prize. It is the equivalent of saying doctors who volunteer in third world countries are only doing it for the free flights and accommodation.

So why did architects participate? There are many reasons. The big firms are definitely in it to win it. It might strengthen their ability to be given other projects or raise their profile. For the small architects it is far more about participating in the culture of architecture than being a sensible business decision. Architects feel a duty to the built environment. For them it is about being part of the discussion, providing alternate possibilities and helping to ensure that the winning design is the best by being compared with the rest.

PS - If I still haven’t convinced you that it was worth spending $1.6 million on the competition, perhaps we could just shorten the 8 Kilometre East West Link tunnel by just 160 Centimetres and get that money back! In fact we could scrap the entire $18 billion East West Link Project and finance the construction of Flinders Street Station and eight other major projects like it for the same price! If you are concerned about a waste of money, start there!

Michael Smith is Director of Melbourne architecture firm <a href="http://redblackarch.com.au/">Atelier Red + Black</a>. This article originally appeared on <a href="http://theredandblackarchitect.wordpress.com/">The Red and Black Architect blog</a>.
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redblackarchitect

Was the Flinders Street Station competition value for money?

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Managed funds that invest in Australian listed property trusts have performed strongly over the past five years, but investment researcher Lonsec warns they face risks due to the limited number of stocks in the sector.
Recent corporate transactions such as the acquisition of Commonwealth Property Office Fund by DEXUS Property Group and Canada Pension Plan Investment Board, and Frasers Amethyst’s takeover of Australand Property Group have exacerbated the problem for investors, Lonsec senior investment analyst Peter Green said.
“It’s not a new problem. It’s been around since after the GFC when Centro and others dropped out but if anything, it has got worse because we’ve had a lot of corporate transactions,” Green told Property Observer.
The 10 largest property stocks account for about 90% of the market capitalisation of the S&amp;P/ASX200 property index. That means funds take a large amount of stock risk when investing in the sector, said Green, who was the principal author of Lonsec’s 2014 A-REIT Sector Review.
The recent split of Westfield into Scentre Group and Westfield Corporation has improved the situation. Westfield used to account for 26% of the index, but Scentre makes up around 18-19% of the index, Green said.
Passively managed property funds that track the index, as well as actively managed funds that invested only in larger listed property trusts were most constrained by a lack of choice, Green said.
“For those managers that can go outside the top 15 and go to the smaller cap spectrum or utilities companies or even international [listed property], they do potentially have an advantage in this market,” Green said.
Despite the risks, fund managers that actively invested in listed property companies and Australian real estate investment trusts performed strongly in the year to June 30, 2014, Lonsec’s sector review found. The managers that the researcher examined achieved returns of 12.7% over the year to June and 15.4% annually over five years. The funds reviewed also distributed more than 5% a year in income to investors.
Green said while investors should be aware of the risks the managed funds were taking, it did not appear that there were structural issues with the property companies that the funds invested in.
“At this stage a lot have done balance sheet repair, board regeneration and exited offshore markets,” he said. 
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zfielding-GvX3Uq9KTa

AREITs face greater risks with limited stock on the market: Lonsec

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GUEST OBSERVATION
Data released early in 2014 highlighted that the average Australian house price had risen by 10% in 2013, and by closer to 15% in Sydney. With results like that, expect the debate about housing affordability to hot up as 2014 unfolds.
Indeed with first home buyers accounting for the lowest level of overall demand in many years, there are many now talking about the fact that housing may represent an inter-generational equity issue, with calls to scrap negative gearing and the like.
What is hard to dispute is that the current climate of low interest rates and constricted supply provide the perfect environment for investors, whilst younger Australians, who are facing lower rates of income growth, higher levels of unemployment and a more uncertain job market in general are effectively being priced out of the market, finding it impossible to save a deposit in the first place, let alone service a mortgage.
Despite this, there are many that claim that housing ‘has never been more affordable’, pointing to record low interest rates which imply that servicing a mortgage is easy.
Whilst it’s impossible to argue with the fact that lower rates improve mortgage serviceability, it’s a mistake to just look at today’s interest rates as mortgages are typically taken out for 25-30 years.
With that in mind, let’s look at how affordable housing really is, using 30 years on interest rate data from the Reserve Bank of Australia (codes FILRHLBVS and FILRHLBVD), starting in January 1984 and ending in December 2013.
The following graph shows the monthly changes in the standard variable home lending rate, as well as the discounted rate. Note that the discounted rate has  only been published since June 2004 by the looks of things, but since then, the average gap between it and the standard variable rate has been 0.65%.
With that in mind, we’ve used an average gap of 0.65% all the way back to 1984 as a way of estimating a discounted rate over the entire 30 year time period.
<img src="/images/2014/09/08/chart-one-sept-8.jpg" alt="">
As is evident from the above chart, after spiking in the late 1980s, interest rates have been in a downward trend for over two decades, helping facilitate the huge explosion in private sector debt and subsequent increase in Australian housing prices across this period.
The following table below summarises some of the major data points that are highlighted in the above chart. 
<img src="/images/2014/09/08/chart-two-sept-8.jpg" alt="">
As you can see, whilst the standard variable rate has been lower by 0.20% in the past (ever so briefly in 2009), we are near record lows on that front and we are at a record low of 5.10% for the discounted variable rate. Loans are cheap today!
What’s also clear from the table is that there is considerable upside in potential borrowing costs from here, even if interest rates don’t overshoot to the upside like they have in the past, which would involve a near tripling from here if looking at the standard variable rate alone.
Indeed, a normalisation of rates would see borrowing costs rise by 60-75% depending on which metric we are referring too, adding 3.54% to 3.74% to the annual costs of a mortgage.
This is important for anyone looking to buy a house today, as whilst current low rates might make the idea of purchasing a home attractive, the reality is that in all likelihood a home loan will have a term of circa 30 years, so this kind of volatility (and higher average cost) should be factored in.
But what does this mean to an everyday Australian? 
Article continues on the next page. Please click below.
<hr class="system-pagebreak">
In terms of what this means to an everyday Australian, lets consider say a newlywed couple earning the median Australian wage, wanting to buy the median Australian home.
According to an article In January of last year (which used ABS data), the median weekly total cash earnings for all full time employees was $65,000 pear year.
Admittedly, this was using May 2012 data, so lets be generous and assume a near 10% pay rise for both, so that they’re now earning $70,000 a year each.
According to the online tax calculator, they’re both up for a total of $14,297 in taxes and a $1,050 Medicare levy, meaning they’ll each pay a total tax bill of $15,347.
After taxes and Medicare, the average couple have $109,306 combined to spend each year.
According to RP Data, the capital city aggregate for the median Australian home is now $540,000, equivalent to just shy of five times the average couple’s post tax wages.
But before we look at how sensitive they are to rates, and how affordable housing is, we should also work out what they might spend in day-to-day life too.
Standard ‘lifestyle’ bills, like a mobile phone, private health cover, a train or bus ticket, and maybe a gym membership will probably set each of them back $100 a week. There goes $10,400 per annum.
The electricity, water, and gas bills, plus council rates are probably another $100 a week in total, costing another $5,200 per annum.
Let’s say they try to limit their social life to $200 of recreational spending per week each, plus $200 at the supermarket per week, and there goes another $31,200.
They also have one child, and as they are a middle-income family, that sets them back $458 a week (or just shy of $24,000 a year), a cost that has jumped more than 50% since 2007.
Finally, let’s assume that once a year they like to get away for a holiday and that costs $5,000 too.
Add all those expenses together and you get to $75,616 in total spending, meaning that their total post tax, post-spending pool of money which can be directed toward a mortgage is $33,690.
Lets now take a look at how much an interest-only loan will cost them today, using the current discounted standard variable mortgage rates.
I’ve done two calculations, one assuming that they have to borrow 80% of the value of the property, and one assuming they’ve only saved a 10% deposit, ignoring lenders mortgage insurance which you need if you borrow more than 80% of the properties value.
The table below summarises the findings:
<img src="/images/2014/09/08/chart-three-sept-8.jpg" alt="">
As you can see, without even reducing the principal amount they owe on their property, the average couple will pay between $22,032 and $24,786 a year to ‘rent the house’ from the bank, in all likelihood leaving only between $9,000 -$12,000 in leftover cash each year.
But if rates normalise to their long-term averages, then the situation is going to get substantially worse, as the next table makes painfully clear:
<img src="/images/2014/09/08/chart-frousept-8.jpg" alt="">
As you can see, if interest rates went back to their long-term averages, then even assuming they were on an interest only loan, and assuming they had only borrowed 80% of the value of the home, they’d have an annual shortfall of somewhere around $4,500.
A higher loan amount would only exacerbate the imbalance, and could see them as much as $9,272 a year short, meaning they’d have to severely tighten their belts elsewhere, or more likely, simply sell the house (possibly at a loss as higher rates will in all likelihood stop the current rate of house price growth) and move back into some kind of rental accommodation.
I think it’s fair to say that neither of these are ideal outcomes, and have a range of negative flow through effects on the rest of the economy.
Summary
The bottom line is that housing in Australia is not at all cheap today and affordability only ‘looks good’ through the very narrow, and I would say dangerous, prism of today’s unsustainably low interest rates.
And whilst we can’t be sure over the next 30 years that interest rates will display the same volatility and average the same amount they have in the past (many would argue the RBA won’t let it happen) none of us can be 100% sure either way.
What’s more, we all know that markets move in cycles, indicating that the next major, multi-decade move in interest rates in all likelihood will be up. It is highly unlikely rates will stay low forever, that’s for certain.
With that in mind, all Australians should be cautious about housing entering 2014 and beyond. First home buyers and younger Australians in particular are unsurprisingly finding it harder and harder to get on the property ladder as it stands and are taking an enormous risk in doing so, especially as potentially higher rates in the future will both reduce mortgage serviceability and potentially lead to capital losses on the value of their home.
Considering that today, an Australian couple could rent the median house for less than or roughly equal to what it would cost them for the interest only payment on the mortgage, even with rates this low, it’s no wonder more and more Australians are making that choice.
Jordan Eliseo is chief economist with <a href="https://www.abcbullion.com.au/" target="_blank">ABC Bullion</a>.
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po-LsXgBTHBmX

Don't be fooled by low interest rates, affordability is a big problem for the average Australian

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During your property buying experiences it’s very likely you’ll come across two terms more commonly than others.
The first: Caveat emptor. The second: Due diligence.
They have a lot in common. The first, <a href="/expert-insights/what-is-caveat-emptor-and-how-it-affects-you">which means ‘buyer beware’  you can read about in this quick explanation here</a>. It essentially puts the onus on you to do your research and be wary about your property purchase.
This is where due diligence, or the act of doing your research and checks prior to purchase, comes in.
Doing your due diligence means that you must exercise care before buying, including researching important facts and numbers, and undertaking your own thorough analysis before buying. Initially due diligence was a business term that has spilled over into real estate as investing in property grew in popularity.
But what does that entail?
Unfortunately, the term is intentionally vague. Just as the word diligence means “careful and persistent work or effort”, it’s unsurprising that this varies from person-to-person. Being told “make sure you do your due diligence” is useless if you haven’t got an established system and process for verifying what you are told. Consider this to be like building a ‘checklist’. For instance, the Queensland government has <a href="https://www.business.qld.gov.au/business/starting/business-startup-options/due-diligence-checklist" target="_blank">a due diligence checklist that those looking to buy businesses can follow</a>, which can give you an idea of how systematic you can make this.
<blockquote>
There may be documents to ask for from council, and your own due diligence may even go down to minor details such as checking appliances.
</blockquote>
Investors usually come up with their own research or ‘due diligence’ system that explores the potential downsides and uncovers the facts about their purchase, and you can definitely borrow from other peoples’ experiences.
Observer <a href="/expert-insights/investing/the-three-stages-of-due-diligence-to-conduct-before-buying-an-investment-property">Mark Armstrong has a three-part due diligence system</a>:
<ol>
<li>The first concerns structural integrity, and ensuring that you get the necessary checks (such as a building inspection, a pest inspection or a strata inspection) to ensure that the building is sound. 
</li>
<li>The second relates to the vendor’s statement, where you can double check exactly what it is your buying. 
</li>
<li>The third is ensuring you have the sufficient funds to meet your contract on the agreed date.</li>
</ol>
However, arguably, due diligence also extends to getting a property at the right price – meaning that research and paid-for valuations may be a part of this – and ensuring the suburb itself is a good area to purchase in, either as a home or for an investment property.
There may be documents to ask for from council, and your own due diligence may even go down to minor details such as checking appliances. Each investor is interested in different aspects of the home. While some will be concerned that all of the kitchen is in perfect working condition, renovators may be less inclined to spend time on this aspect of their research. Instead, they may want to know if the property is nearby the necessary tradespeople and suppliers (this is particularly an issue for regional areas) and the location of the load-bearing walls. Some home buyers may be concerned with proximity to schools, others more interested in the commute to work and some wanting to research who the neighbours are. Everyone’s version of due diligence will be a little different.
Consumer Affairs Victoria has <a href="https://www.consumer.vic.gov.au/duediligencechecklist" target="_blank">a checklist for home buyer due diligence here</a>. You can easily learn from their steps and add them to your own list. This includes crucial steps like considering if the property may be subject to fire or flood, looking to see whether you’re in a growth area with upcoming infrastructure, and even consider lifestyle aspects.
For instance, for rural property buyers, they prompt them to ask these questions as part of their due diligence:
<ul>
<li>Is the surrounding land use compatible with your lifestyle expectations? Farming can create noise or odour that may be at odds with your expectations of a rural lifestyle. 
</li>
<li>Are you considering removing native vegetation? There are regulations which affect your ability to remove native vegetation on private property. 
</li>
<li>Do you understand your obligations to manage weeds and pest animals? 
</li>
<li>Can you build new dwellings? 
</li>
<li>Does the property adjoin crown land, have a water frontage, contain a disused government road, or are there any crown licences associated with the land?</li>
</ul>
Source: Consumer Affairs Victoria
This is just a selection of what you should be considering asking before entering into a substantial property purchase.
Ideally the process should be done before you enter into a contract for sale, warn Emil Ford Lawyers. However, even if you haven’t undertaken this process, there are <a href="https://www.emilford.com.au/property/purchase-due-diligence/" target="_blank">a few things that you can do listed here</a>.
Here are <a href="/expert-insights/investing/eight-risks-that-can-turn-investment-properties-into-financial-nightmares">eight risks that can turn your property into a financial nightmare</a> if not found during the due diligence process and carefully managed.
What does your due diligence checklist look like?
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jduke-EHk3XBmHkn

What is 'due diligence'? Investment terms explained

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Rockbank North, a joint venture between Jayaland Corporation Victoria Investments &amp; Properties and Mirvac, will be the largest masterplanned community in Melbourne’s Western Growth Corridor. It is located between Melton and Caroline Springs.
The approved site in the Rockbank North Precinct Structure Plan is a major landholding of 711 hectares, 29 kilometres from Melbourne’s CBD. It was approved in June 2012 through amendment C120 to the Melton Planning Scheme.
On completion, it is expected to include 7,100 residential lots, three primary schools, a secondary school, health and education precinct, an indoor sports facility and open park spaces. It will also include a major and local town centre of 36,500 square metres and 5,700 square metres of floor area respectively.
<img src="/images/2014/09/08/rockbank02.jpg" alt="">
Property Observer understands that the total value of the project will exceed $2 billion when considering construction and civil activity, with some placing the figure as high as $4.5 billion.
It will be serviced by existing infrastructure including Rockbank train station, the Western Highway, Deer Park Bypass and Melton Freeway. The proposed Outer Metropolitan Ring Road would also benefit the new suburb.
Rockbank North will be provided an internal bus network linking the residents to the train station and main bus stop.
<img src="/images/2014/09/08/rockbank03.jpg" alt="">
The majority of housing will be conventional residential, with medium density residential around the local town centre. Much of the high density offerings will be near passive, unencumbered open space.
Previous Mirvac data, from a 2011 ASX release, suggested that 19,000 residents are expected to call new suburb home.
Mirvac managing director Nick Collishaw at the time noted that the acquisition was in line with their residential strategy, ensuring they stay “at the forefront of community development in Australia”.
Collshaw said that the region expected to deliver significant growth and become a pre-eminent masterplanned community.
The site will be announced by Minister for Planning Matthew Guy this Wednesday.
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Western Melbourne's largest masterplanned community to be launched this week

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Australia may be building 150,000 on average each year, including 180,000 over the next year, but these figures are not coming close to bridging the housing shortage, according to a new report.
The Australian Residential Development Outlook, from RP Data and the Residential Development Council, report shows a strong forecast over the 2014/2015 financial year with 180,000 dwellings expected – 30,000 up on previous forecasts.
Residential Development Council executive director Nick Proud said that 150,000 each year on average is not enough to even meet current demand, let alone reduce the shortage.
“These increased construction rates are expected to continue for the next 12 to 18 months – but the challenge is to keep up this level of activity to meet undersupply,” said Proud.
Meanwhile, RP Data national research director Tim Lawless said that residential development activity has been the “litmus test” for the economy. He said that strong dwelling starts and sales indicators are positive signs.
“Beyond current dwelling activity, we do see some of the inputs that include continued house price growth, demand for housing credit and lending finance that will feed into activity over the next 18 months,” he said.
“Factors such as rising unemployment rates and falling terms of trade could lead to a drop off in the number of new starts from 2016 and this would not only worsen housing affordability, but put greater pressure on state budgets around the country,” said Lawless.
Proud suggested removing policy roadblocks, such as planning system delays and stamp duty costs, would help maintain higher construction rates and improve affordability.
He said that state governments should be driving these policy changes.
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150,000 new homes per year, but not even close to bridging shortage: RP Data

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A preliminary weighted average clearance rate of 74.4% was recorded this week across capital cities compared to 72.9% last week and 74.9% this time last year.
<a href="https://blog.rpdata.com/wp-content/uploads/2014/09/20140908-Capital-city.jpg" rel="wp-prettyPhoto[g3692]"><img class="aligncenter size-large wp-image-3697" src="https://blog.rpdata.com/wp-content/uploads/2014/09/20140908-Capital-city-580x431.jpg" alt="RP Data auction review | Capital cities" width="580" height="431"></a>
Results across capital cities this week, especially Sydney, provide a clear indication that this will be good spring for sellers.
In Sydney a preliminary clearance rate of 82.4% was recorded compared to 79.9% last week. Clearances around 80% in Sydney indicate a high level of competition and confidence from buyers.
<a href="https://blog.rpdata.com/wp-content/uploads/2014/09/20140908-Sydney.jpg" rel="wp-prettyPhoto[g3692]"><img class="aligncenter size-large wp-image-3696" src="https://blog.rpdata.com/wp-content/uploads/2014/09/20140908-Sydney-580x381.jpg" alt="RP Data auction review | Sydney" width="580" height="381"></a>
In Melbourne this spring is shaping as a better one than last year with more homes being listed and sold as both sellers and buyers are confident of a good outcome. There was a preliminary clearance rate of 75.1% recorded compared to 73.5% last week.
<a href="https://blog.rpdata.com/wp-content/uploads/2014/09/20140908-Melbourne.jpg" rel="wp-prettyPhoto[g3692]"><img class="aligncenter size-large wp-image-3695" src="https://blog.rpdata.com/wp-content/uploads/2014/09/20140908-Melbourne-580x378.jpg" alt="RP Data auction review | Melbourne" width="580" height="378"></a>
In Brisbane a preliminary clearance rate of 49.4% was recorded compared to 46.8% last week.
<a href="https://blog.rpdata.com/wp-content/uploads/2014/09/20140908-Brisbane.jpg" rel="wp-prettyPhoto[g3692]"><img class="aligncenter size-large wp-image-3694" src="https://blog.rpdata.com/wp-content/uploads/2014/09/20140908-Brisbane-580x384.jpg" alt="RP Data auction review | Brisbane" width="580" height="384"></a>
Adelaide recorded a clearance rate of 70.2% compared to 64.9% last week.
<a href="https://blog.rpdata.com/wp-content/uploads/2014/09/20140908-Adelaide.jpg" rel="wp-prettyPhoto[g3692]"><img class="aligncenter size-large wp-image-3693" src="https://blog.rpdata.com/wp-content/uploads/2014/09/20140908-Adelaide-580x383.jpg" alt="RP Data auction review | Adelaide" width="580" height="383"></a>
In Canberra a clearance rate of 55.6% was recorded and in Perth there was a clearance rate of 28.6%.
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rlarocca-zWhvjay44N

Spring market off to a flyer: RP Data's national auction wrap

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Sydney’s spring auction market notched up a strong 82.7% clearance rate on the first Saturday of the season.
The weekend's initial result was the fifth consecutive rate above 80%.
Sydney’s four weekend initial average clearance sat at 82.5% compared to 78.5% over the previous four-weekend period, according to Australian Property Monitors.
There were 522 auctions scheduled at weekend with 430 results included in the initial clearance rate.
There were 583 on the previous weekend when an 81.9% initial rate was reported, and then revised down to a very strong 79.5%.
The inner west reported the most number of sales at the weekend with 61 and the highest clearance rate of all the suburban regions with an 89.7% result.
The inner west was closely followed by the north west with 87.5%, the lower north 87%, Canterbury Bankstown 84.8%, the west 84.6%, the city and east 82.8%, and the upper north shore with a clearance rate at the weekend of 81.5%, according to APM's senior economist Dr Andrew Wilson.
The first Saturday of the spring autumn market had 21 reported sales at or above $2 million - just down on the prior weekend’s 22 sales result.
The most expensive property was a four bedroom home at <a href="https://www.homehound.com.au/listing/for-sale/nsw/sydney-region/inner-west/burwood-inner-west/16-eurella-st-burwood-nsw-2134/" target="_blank">16 Eurella Street, Burwood</a> (pictured above) which was sold for $4,460,000 by Raine and Horne Burwood. It last sold in 1994 for $540,000.
The most affordable property was a three bedroom home at 14 Mikkelsen Avenue, Tregear sold for $370,000 by Laing and Simmons Mount Druitt.
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