<a href="https://www.apartments.com.au/developers/wickton">Wickton</a>’s completed Linacre Rise development in Hampton is giving Bayside downsizers the opportunity to move into a spacious apartment near the beach, with the developer covering stamp duty for a limited time.

The 27-residence development has been designed for buyers who want to simplify their living arrangements without giving up the space, warmth and quality associated with a long-term family home. Most apartments have already been secured by Bayside locals, leaving a select collection of two and three-bedroom residences and penthouses available.

Two-bedroom apartments are priced from $1.275 million, three-bedroom residences from $2.25 million and penthouses from $3.375 million, with the completed homes available to inspect and move into now.

[smartcode_project:default project_id=95289 project_image_fid=366760]

<a href="https://www.apartments.com.au/buildings/linacre-rise-hampton-8-10-linacre-road-hampton-vic-3188">Linacre Rise</a> occupies an elevated position on one of <a href="https://www.apartments.com.au/developments/hampton-vic-3188">Hampton</a>’s quiet, tree-lined streets, around 250 metres from the bay and 500 metres from Hampton’s village centre. Its setting gives residents access to the beach, local cafés, shops and Hampton Train Station while retaining the feel of an established residential neighbourhood.

Architecture and interiors by <a href="https://www.apartments.com.au/architects/ewert-leaf">Ewert Leaf</a> draw on the warmth and permanence of traditional brickwork, with the building integrated into terraced landscaping by <a href="https://www.apartments.com.au/landscape-architect/john-patrick-landscape-architects">John Patrick</a>. Ground-floor apartments are elevated above the street and include private garden courtyards, while several upper-level residences have generous balconies and outlooks toward the bay.

Inside, the residences favour natural materials and generous proportions. Herringbone-pattern European oak flooring, natural stone benchtops, premium joinery and Swiss V-ZUG appliances are among the key inclusions, while integrated storage has been incorporated across kitchens, bathrooms, studies and living areas.

The kitchens have been planned as practical spaces for both everyday use and entertaining, with substantial island benches, detailed cabinetry and adjoining dining and living zones. Full-height wardrobes, plush bedroom carpeting and carefully considered lighting reinforce the residential character Wickton sought to retain for buyers moving from larger homes.

[smartcode_project:default project_id=95289 project_image_fid=366769]

A Linacre Rise purchaser said the completed apartment had delivered the space, outlook and construction quality they had been seeking.

“The unit is very light, has views to die for over the bay, all construction materials and fittings are premium quality, we have secure parking for three cars, EV charging at very competitive rates, the neighbours are friendly and there is just a lovely ambiance about the place,” the purchaser said.

Environmental features include solar panels, shared electric vehicle charging stations, rainwater harvesting for toilet flushing and landscape irrigation, double-glazed windows and water-efficient fixtures and appliances.

[smartcode_project:default project_id=95289 project_image_fid=366762]

The development was built by Balmain &amp; Co, with Wickton managing the broader development process through its in-house team.

For downsizers, the project’s completed status removes much of the uncertainty associated with buying off the plan. Purchasers can inspect the finished apartments, understand their outlook and proportions, and move in without waiting for construction to conclude.

The remaining selection includes north-oriented balconies, corner configurations and penthouses with elevated bay views. The developer-paid stamp duty initiative is available for a limited time, with potential savings of up to $200,000 depending on the residence purchased.

[smartcode_project_cta:default project_id=95289]

Joel Robinson

Limited-time stamp duty offer at completed Linacre Rise apartments in Hampton

Luxury apartment buyers have long prioritised design, space and finishes, but increasingly they're placing equal importance on something less tangible: how easily they can live without relying on a car.

At <a>Richmond Square</a>, <a href="https://www.apartments.com.au/developers/fortis">Fortis</a> believes that convenience begins beyond the apartment itself, with the mixed-use precinct earning a near-perfect Walk Score of 99.

The development has been planned around the idea that some of the most valuable amenities aren't contained within a building, they're the restaurants, cafés, parks, transport connections and daily conveniences that can all be reached on foot.

Located just behind Swan Street and Church Street, <a href="https://www.apartments.com.au/new-apartments/richmond-square-1-wiltshire-street-richmond-vic-3121">Richmond Square</a> places residents within one of Melbo​u​rne's most established lifestyle precincts while offering a quieter residential setting removed from the busiest thoroughfares. East Richmond Station is moments away, trams run along both Swan and Church Streets, and the MCG, Melb​​ourne Park, Yarra River trails and the CBD are all within walking distance. At the same time, the precinct itself will introduce a curated mix of dining, retail, hospitality and wellness offerings, creating a destination that extends well beyond its residential buildings.

[smartcode_project:default project_id=13181 project_image_fid=348530]

For Fortis, that combination of location and scale was what made the site unique.

"<a href="https://www.apartments.com.au/developments/richmond-vic-3121">Richmond</a> is one of Melb​o​urne's most established and distinctive inner-city neighbourhoods, with a rare combination of dining, culture, recreation, public transport and proximity to the CBD," the developer said.

"The opportunity at Wiltshire Street was particularly compelling because the site sits slightly removed from the activity of Swan and Church Streets while remaining only moments from everything that makes the area desirable."

Rather than developing a standalone apartment building, Fortis consolidated 15 individual properties to create one of the larger development parcels assembled on Mel​b​ourne's city fringe in recent years. That allowed the team to deliver a genuine mixed-use precinct comprising 107 residences across Wiltshire House and Carmine House, premium office space, hospitality venues, retail, wellness offerings and a future 57-room hotel.

"The scale of the site allowed Fortis to think beyond a standalone apartment building," the developer said.

"Richmond Square could be planned as a complete lifestyle precinct, bringing homes, workplaces, dining, retail, hospitality and wellness together around a series of activated public spaces. The aim was to create a destination that feels connected to Richmond rather than separate from it."

[smartcode_project:default project_id=13181 project_image_fid=348533]

The emphasis on walkability has also resonated with buyers.

Interest has been strongest from established owner-occupiers, particularly downsizers from Richmond and Melb​ourne's inner east who want to remain close to familiar restaurants, workplaces, family and social networks while moving into a more secure, lower-maintenance home. The project is also attracting Mornington Peninsula and interstate buyers seeking a Melb​ourne residence they can lock up and leave between visits.

Many are looking for generous living spaces, room to entertain, quality finishes and confidence in the project team, but location remains one of the biggest deciding factors.

"For many buyers, Richmond Square provides a way to simplify the practical side of home ownership without reducing the quality of their lifestyle," the sales team said.

"Location is also a major driver of interest. Buyers can remain connected to the CBD, major sporting events, the arts centres, local restaurants, cafes and bars and their family while living in a private and secure residence that is easy to lock up and leave for weekends or longer periods away."

[smartcode_project:default project_id=13181 project_image_fid=348549]

The residences themselves have been designed with that buyer in mind. Award-winning architecture practice SJB and interior designers Hecker Guthrie have created spacious two and three-bedroom apartments and penthouses that prioritise generous living areas, natural light, bespoke joinery and private terraces. Above, a rooftop sanctuary by Acre includes landscaped lawns, bookable dining rooms, barbecue facilities, wellness spaces and panoramic views across the CBD, the MCG and Port Phillip Bay.

Fortis believes Richmond Square reflects a broader evolution in apartment living, where the surrounding neighbourhood becomes just as important as the residence itself.

"Richmond Square introduces a different proposition: generously proportioned residences within a genuinely mixed-use, hospitality-led destination," the developer said.

"The project's location and Walk Score of 99 further support a lifestyle where residents can complete many everyday journeys without relying on a car."

Fortis has assembled an experienced team that includes <a href="https://www.apartments.com.au/architects/sjb-architects">SJB</a>, <a href="https://www.apartments.com.au/interior-designers/hecker-guthrie">Hecker Guthrie</a>, <a href="https://www.apartments.com.au/landscape-architect/acre">Acre</a> and builder <a href="https://www.apartments.com.au/builders/hacer-group">Hacer Group</a>, reflecting the developer's commitment to creating projects with enduring design quality and meaningful connections to the communities in which they sit.&nbsp;

Richmond Square is an expression of that philosophy, bringing together homes, workplaces, hospitality and wellness within one of Me​lb​ourne's most walkable neighbourhoods.&nbsp;

Construction is now almost complete, providing purchasers with growing confidence ahead of its expected September 2026 completion.

[smartcode_project_cta:default project_id=13181]

Walk Score of 99 places Richmond Square at the heart of Melbourne's most connected lifestyle

<h3 data-end="19" data-section-id="1dvgwoe" data-start="0">Summary</h3>

<ul data-end="634" data-start="21">
	<li data-end="170" data-section-id="1o77v31" data-start="21">Walker Corporation has lodged plans for a second major residential development in the Maroochydore City Centre, a 29-storey tower known as Celeste.</li>
	<li data-end="327" data-section-id="1lb0y6t" data-start="171">The Plus Studio-designed proposal at Lot 30 Sunshine Coast Parade would deliver 208 apartments, including four four-bedroom sub-penthouses and penthouses.</li>
	<li data-end="487" data-section-id="za720" data-start="328">The application comes as Walker doubles down on Maroochydore following the strong sales campaign at SOL by Walker, where the first tower is nearing sell-out.</li>
	<li data-end="634" data-section-id="5sovec" data-start="488">Walker is a key partner in the transformation of the Maroochydore City Centre, which is expected to ultimately deliver at least 4,000 new homes.</li>
</ul>

Walker Corporation is doubling down on Maroochydore following the successful sales campaign at its first residential project in the emerging CBD.

The national developer has filed plans for <a href="https://www.apartments.com.au/new-apartments/celeste-30-sunshine-coast-parade-maroochydore-qld-4558">Celeste</a>, a new 29-storey apartment tower at Lot 30 Sunshine Coast Parade, just metres from its under-construction SOL by Walker development.

The plans, prepared by Plus Studio, would see 208 apartments delivered across a 100-metre tower on the 2,376 sqm site, which fronts Sunshine Coast Parade, First Avenue and Future Way within the Maroochydore Priority Development Area.

<img alt="Walker" data-entity-type="file" data-entity-uuid="17038209-6fea-4ed2-855d-fd4df65b3d02" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-10%20at%2010.24.16%E2%80%AFAM.png?VersionId=iZD.oVXcQn.aLpUytDAW.CWjxP4puWMy" />

The proposed apartment mix comprises 36 one-bedroom apartments, 48 two-bedroom apartments, 72 two-bedroom apartments with an additional multipurpose space, and 48 three-bedroom apartments.

The upper levels would be capped by two four-bedroom sub-penthouses and two four-bedroom penthouses, taking the total apartment count to 208. The preliminary yield study also provides 262 car spaces, 114 resident bicycle spaces and storage for each apartment.

It represents Walker's next major residential move in the new Maroochydore CBD after the success of SOL by Walker, its $220 million two-tower project nearby.

SOL launched to market in early 2025 and has since seen strong demand, particularly from local owner-occupiers. By February this year, Walker said the first SOL tower was nearing sell-out, with a strong waitlist also emerging for its recently released penthouse collection.

Construction is already underway on SOL, with the first tower expected to be completed in late 2027 and the second to follow in early 2028.

[smartcode_project:default project_id=147777 project_image_fid=319846]

<h2 data-end="2518" data-section-id="1b2dyo5" data-start="2459">Celeste to rise 100 metres over Maroochydore City Centre</h2>

Celeste would take a different form to the twin 19-storey buildings at SOL.

Plus Studio has designed a single 100-metre tower above an activated podium, with the architecture responding to the site's prominent position and three street frontages.

The podium would incorporate commercial tenancies and public art, with sweeping façade elements wrapping the street edges. The scalloped concrete podium has been inspired by the patterns created in sand at low tide, while extensive landscaping would continue vertically through the tower.

The ground level plans show three commercial tenancies addressing Sunshine Coast Parade alongside the residential lobby and landscaped public realm. The podium would then accommodate several levels of car parking before the residential tower rises above.

<img alt="Celeste" data-entity-type="file" data-entity-uuid="121f77b1-71c5-46d7-9b36-0a7d474211ca" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-10%20at%2010.24.47%E2%80%AFAM.png?VersionId=MGrg9Hb7HgzLN0Lelq_xrXNAruVl77ia" />

Plus Studio said the tower had been designed to maximise views from each apartment, taking in the Maroochy River, Sunshine Coast hinterland, Cotton Tree and Maroochydore Beach and ocean.

Those views have also shaped one of the project's key features, with Walker proposing to put the primary resident amenity on Level 29 rather than lower within the building.

The rooftop would feature a 284.9 sqm pool area with an infinity edge, along with a cold pool, spa, sauna, 93.2 sqm gym, sunset lounge, BBQ and dining areas, pool deck and private dining space. Cabanas and day beds are also shown across the recreation level.

The two penthouses would extend across the upper levels and each feature private terraces and plunge pools.

<h2 data-end="4202" data-section-id="v5f4ix" data-start="4160">Walker's growing Maroochydore footprint</h2>

Celeste further reinforces Walker's commitment to the transformation of Maroochydore City Centre.

Walker is one of the key partners delivering the new CBD alongside Sunshine Coast Council and SunCentral Maroochydore, with the broader 62-hectare Priority Development Area occupying the former Horton Park Golf Course and surrounding land.

The precinct is ultimately expected to accommodate at least 4,000 new homes as Maroochydore evolves into the Sunshine Coast's principal commercial and residential centre.

When SOL secured approval in February 2025, Walker Managing Director and CEO David Gallant described it as the "first of many residential projects" the company planned for the Maroochydore City Centre.

Celeste now provides the clearest indication yet of what comes next.

The site sits immediately within the new CBD, with the design report identifying Sunshine Plaza and surrounding parkland within walking distance and Maroochydore Beach around a five-minute drive away.

For Walker, the timing of the application comes as its first residential bet on the new CBD appears to have been vindicated.

SOL has progressed from planning approval to construction while its first release has approached sell-out, giving Walker confidence to push ahead with another 208 apartments and take its residential pipeline in the Maroochydore City Centre to around 450 dwellings across the two projects.

Celeste remains subject to planning approval, with the architectural material describing the scheme as a preliminary yield study that may change through the assessment process.

Walker doubles down on Maroochydore with 29-storey Celeste apartment tower

For most Australians, buying an apartment is one of the biggest financial decisions they'll ever make

The location, floorplan and price are often the first considerations, but in recent years another question has become increasingly important: who is actually delivering the project?

A series of high-profile builder collapses, construction delays and defect concerns have fundamentally changed how many Victorians approach buying off the plan. The collapse of Porter Davis in 2023, which reportedly left around 1,700 homes unfinished, became one of the most visible examples of the risks that can emerge when a construction company fails. <a href="https://www.equifax.com.au/sites/default/files/lpassets/pdf/Final-Business-Market-Pulse-June-Sector-Deep-Dive-Report-2.pdf">Similar challenges across the broader construction sector</a> have left buyers asking more questions before signing a contract.

As Victoria continues encouraging higher-density housing to address supply shortages, transparency is becoming just as important as location or price.

One tool increasingly entering the conversation is the <a href="https://icirt.com/">Independent Construction Industry Rating Tool (iCIRT)</a>, an independent assessment framework designed to help buyers better understand the developer or builder behind a project. Originally developed by Equifax in consultation with government and industry as part of NSW's Construct NSW reforms, the system has since expanded nationally.

<h2 data-end="1519" data-section-id="7nmx3" data-start="1492">What is an iCIRT rating?</h2>

Most Australians are familiar with independent ratings in everyday life.

We compare ANCAP safety ratings before buying a car. We look at Health Star Ratings in supermarkets. Banks rely on credit assessments when lending money.

Until recently, however, there has been very little independent information available to help apartment buyers assess the business responsible for delivering a residential project.

That gap is what iCIRT was designed to address.

Builders, developers and other construction professionals with an iCIRT rating have demonstrated high-trust characteristics through an independent, evidence-based assessment across six criteria: Character, Capability, Conduct, Capacity, Capital and Counterparties. This involves a rigorous review of financial health, past project track record, and ethical conduct. Crucially, an iCIRT rating could help provide property buyers with confidence that they are working with a professional who has demonstrated the capability, capacity, and willingness to return and rectify issues.

Importantly, iCIRT is not a recommendation to purchase a particular property, nor is it a traditional credit rating. It is an independent assessment framework designed to provide objective information about a construction business using a <a href="https://icirt.com/sites/default/files/2025-08/iCIRT-Methodology-Issue1-May-2021.pdf">published methodology</a>.

The system has been widely adopted in New South Wales, where more than one-third of medium and large residential builders and developers now hold an iCIRT rating, representing over two-thirds of the state's residential building market by value as of 2025/26.

<h2 data-end="3126" data-section-id="h6ohtj" data-start="3084">Why buyers are doing more due diligence</h2>

For many buyers, particularly those purchasing off the plan, the biggest risk isn't whether they'll like the kitchen finishes.

It's whether the project will be delivered on time, to the expected quality, and by a company capable of completing the development.

<a href="https://icirt.com/sites/default/files/2026-07/iCIRT%202025%20Consumer%20Survey%20Report%20v05.pdf">Consumer research commissioned by iCIRT</a> found more than half of respondents believed current protections do not adequately safeguard buyers from builder insolvencies or defective projects. Other research found 88 per cent of prospective buyers would seek independent ratings or due diligence before purchasing, while 90 per cent said trust in construction professionals is essential.

That doesn't mean buyers should rely on a single rating alone.

Independent legal advice, understanding the contract, and seeking financial advice all remain important parts of the due diligence process.

However, an independent assessment can provide another source of information alongside those traditional checks.

<h2 data-end="4138" data-section-id="pquzxc" data-start="4094">Trust is becoming a competitive advantage</h2>

The conversation isn't only changing for buyers.

Developers are also recognising that trust has become an increasingly important part of the sales process.

Five years ago, purchasers typically asked about floorplans, finishes and settlement dates.

Today, sales teams are increasingly being asked about the developer's experience, financial stability, previous projects and construction partners.

For companies with strong governance and established delivery records, an independent iCIRT rating provides another way to demonstrate those credentials before buyers even visit a display suite.

According to Equifax, the assessment can also help businesses drive sales and <a href="https://icirt.com/resources-for-business/icirt-rating-helps-scion-secure-high-value-projects">secure high-value projects</a>, as well as identify operational improvements and <a href="https://icirt.com/resources-for-business/mirvac-reinforces-brand-trust-and-quality-independent-icirt-rating">attract top talent</a>.

<h2 data-end="4962" data-section-id="1j54ng5" data-start="4912">Beyond buyers: lenders are paying attention too</h2>

The influence of independent construction ratings is also extending beyond consumers.

According to Stamford Capital's Real Estate Debt Capital Markets Survey, an increasing number of lenders now incorporate iCIRT ratings into their due diligence processes when assessing residential development finance applications.

The survey found lender adoption has continued to rise, with many respondents saying independent assessments provide additional insight into governance, counterparties and delivery capability beyond traditional financial analysis. Some lenders also reported declining funding applications where businesses had poor or no ratings.

As construction costs remain elevated and access to development finance becomes more selective, demonstrating credibility is becoming increasingly valuable.

<h2 data-end="5801" data-section-id="1qazuxs" data-start="5772">What it means for Victoria</h2>

Victoria's apartment market is entering a new phase.

The state is seeking to accelerate higher-density housing while simultaneously introducing reforms aimed at improving confidence in residential construction.

For buyers, that means there are more tools available than ever before to research the businesses behind a project.

For developers, it signals that transparency is becoming another point of differentiation in an increasingly competitive market.

Buyers are asking more questions than ever before and increasingly expecting independent information, not just marketing material, before making one of the biggest financial commitments of their lives.

Find out how to get iCIRT rated <a href="https://www.icirt.com/sites/default/files/2025-08/iCIRT-Infographic-Assessment-Process-Final.pdf">here</a>.

<hr data-end="6469" data-start="6466" />
The information contained in this article is general in nature and does not constitute personal, financial, legal or tax advice. It does not take into account your personal objectives, financial situation or needs. Therefore, you should consider whether the information is appropriate to your circumstances before acting on it and, where appropriate, seek independent professional advice.

This article contains links to third-party websites. These links are provided for convenience only. Equifax Australia does not control and is not responsible for the content, accuracy or privacy practices of external sites.

Copyright © 2026 Equifax Australia Information Services and Solutions Pty Ltd. All rights reserved.

Buying off-the-plan in Melbourne? How independent iCIRT ratings are set to change Victorian property

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;

[smartcode_project:default project_id=111820 project_image_fid=344699]

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.

[smartcode_project:default project_id=136442 project_image_fid=374084]

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.”

[smartcode_project:default project_id=134954 project_image_fid=4553]

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>
	<li>Proven at scale:&nbsp;Decennial cover has operated in NSW since 2022, protecting thousand of apartments.</li>
	<li>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>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>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>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>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>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>
	<li>Resilience Latent Defects Insurance (LDI):&nbsp;Covers major structural defects for 10 years from completion.</li>
	<li>Consumer-first:&nbsp;Direct claim access, no need for lengthy legal action.</li>
	<li>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>Market leader:&nbsp;&nbsp;Resilience Insurance originated LDI in Australia and is the national market leader.</li>
</ul>

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

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?

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The top-end market was again somewhat subdued this week, with the exception of six-bedroom house in Bulimba, Queensland, that sold for $5.1 million. The Queen’s birthday long weekend may have deterred vendors of top-end property, as auction volumes and clearance rates were down across the country this week.
The 850-square-metre house at the top of the list last sold in 2007 for $2.85 million. Agent Sarah Hackett from Place Estate Agents says the house “exudes elegant simplicity in every aspect of its stunning design”. The riverfront home has 3.5-metre ceilings and, in good Queensland fashion, outdoor living has been catered for with outdoor heating and a built-in barbecue.
The next highest price achieved this week was $2,355,000 for a four-bedroom house in the Sydney suburb of Kensington. Only three of the top 10 sales of the week cracked $2 million.
Nine of the top 10 highest sales of the week were in New South Wales, with no Melbourne sales above $1,425,000.
1. 23 Waterline Crescent, Bulimba, Queensland, 4171, six-bedroom house, sold at auction on June 7 by Place Estate Agents-Bulimba for $5.1 million
2. 22 Virginia Street, Kensington, NSW, 2033, four-bedroom house, sold at auction on June 5 by Bradfield Cleary Real Estate for $2,355,000
3. 22 Beresford Road, Rose Bay, NSW, 2029, four-bedroom house, sold at auction on June 9 by McGrath Estate Agents for $2.21 million
4. 12 Chuter Street, McMahons Point, NSW, 2060, four-bedroom house, sold on June 5 by McGrath Estate Agents for $1.8 million
5. 3 Lentara Road, Bayview, NSW, 2104, four-bedroom house, sold before auction on June 9 by McGrath Estate Agents for $1.76 million
6. 5/412 Edgecliff Road, Woollahra, NSW, 2025, three-bedroom unit, sold at auction on June 9 by McGrath Estate Agents for $1,625,000
7. 61 Stafford Street, Paddington, NSW, 2021, three-bedroom house, sold on June 6 by Di Jones Real Estate for $1,550,000
8. 36 Langlee Avenue, Waverley, NSW, 2024, four-bedroom house, sold before auction on June 6 by Di Jones Real Estate for $1.53 million
9. 16/3 Wulumay Close, Rozelle, NSW, 2039, three-bedroom unit, sold on June 7 by Realty International Balmain for $1,465,000
10. 3 Leonard Avenue, Kingsford, NSW, 2032, three-bedroom house, sold at auction on June 9 by N G Farah for $1,425,000
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cknowlton-QnEa6ntUYP

With exception of $5.1 million Queensland property, no other $3 million-plus sales this week: RP Data 

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Mortgage brokers can be a vital resource and close partner to your inner circle. There are a lot of people you'll need to recruit in building your team as an investor. Some of these people charge for their services, including:
<ul>
<li>Solicitors</li>
<li>Tax depreciation assessors </li>
<li>Third-party mortgage document creators (Not usually used by big banks, usually a service you have to pay for when smaller lenders, credit unions, and non-traditional financiers are used) </li>
<li>Accountants </li>
<li>Financial advisers and planners (this is a grey area; some charge upfront fees, others work for “free” to you and instead earn commissions from the products they recommend to you – and they are legally obligated to be upfront about these)</li>
<li>Valuers</li>
<li>Quantity surveyors</li>
</ul>
Others do not, instead taking a commission at some point from another third party, including:
<ul>
<li>Mortgage brokers</li>
<li>Buyers’ agents</li>
<li>Property development companies (those who sell off the plan, etc.)</li>
</ul>
Considering last week’s RBA interest rate cuts and rates being a hot topic, I thought it would be appropriate to focus on mortgage brokers and run through some of the pros and cons I've experienced in my investment life. They are important because they can really open doors and make properties you once thought were not viable suddenly within reach. 
Pros:
<ul>
<li>Pre-qualification without you actually needing to apply for a single loan. One slightly scary thing to keep in mind is that every time you apply for a mortgage product with any institution and are refused finance (for whatever reason) it leaves a stain on your credit history/check. Once or twice is fine, but collect too many of them and it makes you look very bad, making your chances and getting future finance more restricted. Mortgage brokers will run software that pulls data in real time, across hundreds of lenders (at their current rates and special deals) and runs this data against your personal situation data. What does it spit out? Well, it culls the lenders who will a) even consider lending you the money you want/need b) tell you what the maximum borrowing capacity actually is and c) tell you the lenders you have the highest chance of being successful in a formal application with.</li>
<li>In line with the above, brokers will indeed save you money. By putting you into the best possible product at the best rate and product, you'll usually be better off in terms of rates repayments, as a result. </li>
<li>They will save you time, will (usually) come out to see you instead of you see them. This might sound small, but as you get underway with your due diligence, this is a big help, and frees up your time to do other due diligence checklist items you'll no doubt need to conduct. </li>
<li>While they do not know everything about every product, they do have expert knowledge on some of the more popular products and real qualitative feedback from other clients on how these products have performed. Their insight is unbiased and raw, which is great because individual lenders will (by their nature) sell you the dream of how their product is best in market!</li>
<li>Expanding on the above, brokers must always be upfront and honest about the way they make their income. Yes, they work for free to you, but someone has to pay, right? Well, brokers receive a kickback, or commission, from whatever lender you end up with, and they are upfront in telling you what this is (you'll see it line-itemed in any eventual product you sign up for). </li>
</ul>
Cons:
<ul>
<li>They do not have a firm grasp of your full situation. Probably my biggest challenge in being a professional property investor myself is juggling my team (the list of people mentioned above). While I only recruit professionals whose quality of service and work pleases me, it is very hard to get them working together with each other (which sometimes you need to do!). A good broker will understand your other relationships and will engage with them to help confirm and qualify data.</li>
<li>I know I mentioned above that they will save you money (and they will, on the interest rate of the product, which is the paramount money-saving you need), but they aren't always armed with all of the costs you'll need to pay upfront. Remember, brokers are not experts in every single mortgage product out there, by every single provider out there. If they were, they'd need to be able to rattle off facts and figures on literally thousands of products. Instead, the lenders themselves are the experts on their own products. So the con of this is that mortgage brokers will get you into a great product, but not always know upfront the full start-up costs involved (additional fees and charges beyond those in the products fact sheet may be incurred).</li>
<li>While they must be transparent in highlighting the way they work in regard to commission they get from lenders, what is unknown to their customers is the level of commission and incentives given by differing lenders (both official and unofficial incentives, that is). Let me explain. If lender 'A' offers a 1% kickback of the mortgage product value as a commission, yet lender 'B' offers a 1.5% kickback, the mortgage broker, while always tasked with recommending the product that is right for your situation, will still be influenced by the bigger commission products sold to them. Additionally, the influence of prizes, lunches, gifts etc. by the lenders (“unofficial” incentives) may possibly influence/corrupt their recommendations to you. This is why when shopping for a good broker, you must check references and ideally will find one from whom a friend/colleague/relative has had positive experience. </li>
<li>Because brokers won't always want to engage your other team players (accountants, solicitors, etc.), they tend to treat each investment property of yours uniquely (unless of course you're buying more than one property at a time, but most investors just do one per year or so). The problem with this is that after the first property or two, they tend to become focused on just finding lenders that will still say yes to you, and not always consider what ramifications product 'X' may indeed have on the rest of your existing portfolio. But to their credit, this should not be the responsibility of a broker – instead just remember that it's your responsibility to consider the effect that each layer of your portfolio cake has, and its weighting, on the layers below it. </li>
</ul>
So mortgage brokers may not be for everyone, or for every situation, for that matter. You need to do what is right for you, and sometimes that means going direct to a source of finance. At minimal though, you should consider a consultation with a mortgage broker to assess what their value proposition to you may be.
In my experience I've worked with and without brokers.  There is no right answer, but when you find one who is willing to treat you as a long-term customer and help you expand your portfolio in the right way, then you know you've found the best broker possible for you. And the best way to get a feeling for this is to listen to the questions they ask of you. Are they obsessed only with the “current” purchase you're making? Or are they asking you lots of questions, at consultation, about how you want to grow your portfolio? Perhaps questions about your next purchase, ball-park spend rates, whether you're looking to owner-occupy a property for any amount of time. Good brokers ask these kinds of questions because they know the value of a long-term client relationship. Bad brokers can't see past the deal they are talking you through there and then.
Cameron McEvoy is a property investor and maintains a blog, <a href="https://propertyspectator.blogspot.com.au/" target="_blank">Property Spectator.</a>
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cmcevoy-Go82SmsJA9

The pros and cons of using a mortgage broker

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Just seven one-bedroom units remain in Serrata, which has just been completed in Melbourne’s Docklands as a joint venture between Lend Lease and Japanese developer Sekisui House.
The building comprises 83 two-bedroom apartments and 61 one-bedders and is aimed at the more affordable end of the market, including first-home buyers.
<img src="/images/stories/2012/06/serrata1.jpg">
The seven remaining one-bedroom units are priced between $425,000 and $465,000, well under the <a href="https://www.propertyobserver.com.au/residential/time-running-out-for-first-home-bonuses-and-stamp-duty-concessions/2012052854863">Victorian government’s $600,000 threshold to receive the first-home bonus</a>. The bonus is available to first-home buyers and expires June 30.
Serrata has proven popular with first-home buyers since it came to market in mid-2010.
“The project has provided first home buyers and property investors with a realistic opportunity to purchase a quality inner-city property in a great location,” says Paul Shaw, head of Lend Lease’s apartments division.
<img src="/images/stories/2012/06/serrata2.jpg">
“More than 50% of Serrata apartments were sold within the first week of launch, which shows the rising demand for apartment living close to the city.”
The building, which will accept its first residents in the next few weeks, is 15 storeys (the first 12 levels have an identical floor plan of 11 apartments, but the top three levels are much smaller and have three apartments each) and has a four-star green star rating. Each apartment comes with a smart meter in order to monitor electricity, water and gas usage. The building has no air-conditioning at this stage but is designed to maintain a fairly constant temperature with no need for climate control.
Continuing the sustainable theme, there are 65 car parks allocated to the two-bedroom buyers but enough bike parking racks for all residents and their guests.
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Seven sub-$600,000 units left in newly completed Docklands development Serrata as June 30 deadline draws closer

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The NSW budget failed to respond to the real challenges facing the market, according to the Real Estate Institute of NSW president Christian Payne, as it left the bulk of the property market “out in the cold”.
“The absence of stamp duty reform, the lack of incentives for purchasers and sellers of existing property and the failure to kick start the investment sector are real failings of today’s budget,” Payne says.
“While the first-home buyer is an important part of the market, the fact is that the vast bulk of all residential property transactions are for existing dwellings.
“Purchasers and vendors of those [existing] properties have simply been left out in the cold,” he says noting the $7000 First Home Owner Grant - in operation since 2000 and available for both new and exisiting purchases - will soon cease to exist to be replaced by a $5000 grant for new homes only.
“The budget has failed to respond to the real challenges facing the market,” Payne says.
“What we needed to see today was the state government doing its part to back up the Reserve Bank’s heavy lifting in cutting interest rates to reinvigorate a flagging market.
“Unfortunately that did not occur,” he says.
“Given the growing storm clouds over the international economy and an already underperforming property sector, today’s budget was the opportunity for the government to take decisive steps to stimulate the market.”
"Think new," was the response of the Treasurer Mike Baird when asked what he would say to those who could soon miss out on any government assistance.
"This is a fantastic day for you - there is an opportunity to get into a housing market like never before," he told the post-budget press conference.
"The generosity we're providing in terms of the first home buyers grant together with the stamp duty concessions, says to the first home buyers 'Think new'," 7 News reported.
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jchancellor-FAypfDUnLy

Most NSW home buyers and sellers ‘out in the cold’ after budget: REINSW

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NSW investors have a deadline, which includes an interesting long-term punt on the price direction of property over the next year or two.
For the next 18 days they have a zero stamp duty option – and the potential saving of $22,490 through the NSW home builders' bonus.
It’s available if investor buyers put a deposit down for an off-the-plan purchase or new house costing less than $600,000.
But from July 1, 2012, the best deal for government grants will be a fixed $5,000 offering in a new scheme for investors of new homes, whether off the plan or newly built.
It's for purchases up to $650,000 and also applies to buyers of vacant land up to $450,000.
Real Estate Institute of New South Wales president Christian Payne says the lack of incentives for investors after July 1, 2012 “will only translate into more bad news down the track for those struggling to find accommodation in the state’s already tight rental market".
“Investors after July 1st will be on average $17,490 worse off on a $600,000 purchase off the plan than if they bought the same property today,” he says.
Over the next 18 days Property Observer will publish forecasts by experts as to the merits of buying now, or delaying one's purchase.
 
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NSW property investors’ condundrum: take the $22,490 housing bonus now or just $5,000 after July 1

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1. What is a<a href="https://www.propertyobserver.com.au/tax/nsw-doubles-its-first-home-grant-for-new-homes/2012061255075" target="_blank"> ‘New Home Grant’</a>?
From 1 July 2012 most purchasers of new homes in NSW valued up to $650,000 will be eligible for a $5,000 New Home Grant. 
The Grant will also be available to purchasers of vacant land valued up to $450,000 on which a new home will be built. 
2. Who can apply?
The purchaser can be any entity, including natural persons, a company, or trustee of a trust. 
It applies to investors as well as owner occupiers. 
3. How will the ‘New Home Grant’ be administered?
You can either reduce the duty payable by $5000 on your agreement or transfer or pay the full duty and receive a payment of $5000. This will be paid after completion of your purchase. 
4. What agreements or transfers are eligible?
The following types of agreement or transfer are eligible for the grant: 
(a) A new home purchase. That is an agreement or transfer for the purchase of land that is the site of a new home that is complete and ready for occupation.
(b) An off the plan purchase. That is an agreement or transfer for the purchase of land intended to be used as the site of a new home, which is to be built before completion of the agreement.
(c) A vacant land purchase. That is an agreement or transfer for the purchase of vacant land that is intended to be used as the site of a new home and which is not an off the plan purchase.
5. When does it apply?
It applies to eligible agreements for sale or transfer entered into on or after 1 July 2012 (other than transfers relating to agreements entered into prior to 1 July 2012). 
6. Is there any residency requirement?
No, there is no requirement for the purchaser to live in the home. 
7. What is a new home?
A new home is a home that has not been previously occupied or sold as a place of residence, and includes a home that is a substantially renovated home. 
8. What is a home?
A home is a building (affixed to land) that: 
(a) may lawfully be used as a place of residence, and
(b) is, in the Chief Commissioner’s opinion, a suitable building for use as a place of residence.
A building suitable for a place of residence includes a house, a unit or flat, a townhouse, a villa home, or any other type of self-contained dwelling affixed to land, (including a manufactured home as defined in the Local Government Act 1993) where evidence can be provided that the local Council is satisfied that the dwelling can be occupied as a place of residence. 
A building is not suitable for occupation as a place of residence, for example, if the building is a shed or a factory. 
9. What is a substantially renovated home?
A substantially renovated home is a renovated home: 
(a) that is new residential premises within the meaning of section 40-75(1)(b) of the A New Tax System (Goods and Services Tax) Act 1999 of the Commonwealth, and
(b) that, as renovated, has not been previously occupied or sold as a place of residence.
Under that legislation, `substantial renovations’ of a building are defined as renovations in which all, or substantially all, of a building is removed or replaced. The renovations may, but need not, involve the removal or replacement of foundations, external walls, interior supporting walls, floors, roof or staircases. 
10. For a vacant land purchase when must I commence building the home?
The laying of foundations for the home must commence within 26 weeks of completion (settlement) of the purchase, or within any longer period allowed by the Chief Commissioner. 
There is no time limit on how long it takes to complete building the home. 
11. If I am a first home buyer can I apply for the New Home Grant?
If you are eligible for a stamp duty exemption/concession under the First Home – New Home Scheme, you cannot receive the $5000 New Home Grant. 
12. Can I apply for the New Home Grant and the First Home Owner Grant?
If you are eligible for a First Home Owner Grant, you cannot receive the $5000 New Home Grant for the same property. 
13. Can I apply for the New Home Grant and the Regional Relocation Grant?
Yes, if eligible you can apply for the $5000 New Home Grant and the $7000 Regional Relocation Grant. 
Regional Relocation Grant
14. When must applications be made?
Applications must be made within three months of the date of the agreement for sale (or transfer where there is no preceding agreement). This includes off the plan purchases. 
The Chief Commissioner may accept an application after expiry of the three month period if satisfied that the delay in making an application was caused by circumstances beyond the control of the applicant or applicants. 
15. Does the scheme apply to replacement agreements?
An agreement for the sale or transfer is not eligible if: 
(a) it replaces an agreement made before 1 July 2012, and
(b) the replaced agreement was an agreement for the sale or transfer of substantially the same property.
16. Can the home or land be used for other purposes?
An agreement or transfer is not eligible if the new home, or the land on which the new home is located or to be built, is intended to be used for any purpose other than residential (such as commercial, industrial or professional). 
However, eligible for consideration is: 
(a) an agreement for the purchase of a farming property on which there is a new home or on which a new home is to be constructed
(b) an agreement for the purchase of a new home from the developer of a display home that has only been used, or is only going to be used, by the developer as a display home.
17. Must the agreement be for the whole of the land?
The agreement or transfer must be for the whole of the land or, if the land is a parcel of land on which two or more homes are built, or are being built (such as a duplex), for one of those homes. 
18. Can I get the grant more than once?
Yes, as long as the requirements are satisfied. 
19. What if my contract is aggregated with another contract and both are new homes?
Each contract for the purchase of a new home will be eligible for the $5000 New Home Grant. 
20. Can I get the grant if I’m purchasing an existing home to knock down and build a new home on the land?
No, the agreement must be for the purchase of vacant land on which you are going to build a home, or a purchase of a completed new home or a new home off the plan. 
21. Can foreign residents apply for the grant?
Yes, but they would first need to meet the requirements of the Foreign Investment Review Board regarding investment in Australia. 
22. If an off the plan purchase of a new home is on-sold before completion, can the second contract get the grant?
No, only the first sale is eligible for the grant. 
23. Is there an application form?
Yes, a new form and factsheet will be available prior to the commencement of the grant. 
24. How will it work if the duty payable is less than $5000?
You can pay the duty and receive a payment of $5000 or you can pay no duty and receive a payment of the difference between $5000 and the duty payable. 
25. Is there a minimum purchase price that must be paid to receive the $5000 New Home Grant?
No, there is no minimum purchase price.
Source: <a target="_blank" href="https://www.osr.nsw.gov.au/legislation/budget/2012/grant/">New South Wales Office of State Revenue</a>
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The 25 things investors need to know about the July NSW $5,000 new home grant scheme

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<a target="_blank" href="https://www.propertyobserver.com.au/tax/nsw-doubles-its-first-home-grant-for-new-homes/2012061255075">1. What is the First Home Owner Grant (New Home) scheme?</a>
The First Home Owner Grant (New Home) Scheme provides a grant of $15,000 to help eligible first home buyers to purchase or build a new home.
It will replace the current $7000 First Home Owner Grant from 1 October 2012.
2. When does it apply?
The grant of $15,000 applies to eligible transactions entered into on or after 1 October 2012 and before 1 January 2014.
The grant will then be reduced to $10,000 from 1 January 2014 with no end date set.
3. What is an eligible transaction?
An eligible transaction is:
(a) a contract made on or after 1 October 2012 for the purchase of a new home in New South Wales, or
(b) a comprehensive home building contract made on or after 1 October 2012 by the owner of the land in New South Wales or a person who will on completion of the contract be the owner of land in New South Wales, to have a home built on it, or the building of a home in New South Wales by the owner builder if the building work commences on or after 1 October 2012.
4. What is a new home?
A new home is a home that has not been previously occupied or sold as a place of residence, and includes a home that is a substantially renovated home and a home built to replace demolished premises.
5. What is a substantially renovated home?
A substantially renovated home is a renovated home:
(a) that is new residential premises within the meaning of section 40-75(1)(b) of the A New Tax System (Goods and Services Tax) Act 1999 of the Commonwealth, and
(b) that, as renovated, has not been previously occupied or sold as a place of residence.
Under that legislation, `substantial renovations’ of a building are defined as renovations in which all, or substantially all, of a building is removed or replaced. The renovations may, but need not, involve the removal or replacement of foundations, external walls, interior supporting walls, floors, roof or staircases.
6. What is a home built to replace demolished premises?
A home is a home built to replace demolished premises if:
(a) the home is a new residential premises within the meaning of section 40-75(1)(b) of the A New Tax System (Goods and Services Tax) Act 1999 of the Commonwealth, and
(b) the home, as built to replace the demolished premises, has not been previously occupied or sold as a place of residence, and
(c) the owner of the home did not occupy the demolished premises as a place of residence before they were demolished.
7. Does the price of the home need to be under a limit to receive the First Home Owner Grant (New Home)?
Yes, effective from 1 October 2012 the First Home Owner Grant (New Home) Scheme is capped to $650,000. The grant will only be available for properties with a total value not exceeding that amount.
8. How is the Total Value of the home calculated?
For a contract of sale of a home, the total value is based on the greater of the following:
<ul>
<li>the consideration for the eligible transaction</li>
<li>the unencumbered value, as at the commencement date of the eligible transaction.</li>
</ul>
For a comprehensive home building contract, the total value is calculated by adding together:
<ul>
<li>the consideration for the eligible transaction, and</li>
<li>the value, at the commencement date, of the relevant interest of the land on which the home is to be built.</li>
</ul>
For a building of a home by an owner builder, the total value is calculated by adding together:
<ul>
<li>the unencumbered value of the home, at the date the transaction is completed and the value, at the date the transaction is completed, of the relevant interest in the land on which the home is built.</li>
<li>The value of the relevant interest in the land on which the home is to be built is the greater of the following:</li>
</ul>
<ol>
<li>the consideration paid or payable for the interest</li>
<li>the unencumbered value of the interest.</li>
</ol>
9. From October 2012 do I get a grant if I buy an existing home?
No, from 1 October 2012, the First Home Owner Grant will only be payable on the purchase of new homes.
The $7000 First Home owner Grant is still available for purchases of existing homes entered into before 1 October 2012.
10. Does the First Home Owner Grant ( New Home) apply to replacement contracts entered into on or after 1 October 2012?
A contract for the sale or transfer is not eligible if:
(a) it replaces an agreement made before 1 October 2012, and
(b) the replaced contract is for the sale or transfer of substantially the same property.
11. Can I get the First Home Owner Grant and the $5000 New Home Grant?
If you receive the First Home Owner Grant, you cannot receive the $5 000 New Home Grant for the same property.
Source: <a target="_blank" href="https://www.osr.nsw.gov.au/legislation/budget/2012/newhome_faq/">NSW Office of State Revenue</a>
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The 11 things you need to know to secure the $35,240 saving under the October NSW first-home owners' grant scheme

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The NSW government has ramped up its generous handouts for first-time buyers buying new homes, as the NSW Treasurer Mike Baird aims his second budget at kick-starting the state’s lacklustre home building industry.
But it comes at the expense of buyers of existing homes, who will lose thousands of dollars in incentives from October 1 this year.
From October, a first-home buyer who purchases a $550,000 new home will get $35,240 in assistance. But if it is not new, the first-home buyers will secure nothing.
First-home buyers of existing properties, about 90% of the market segment, will receive no government assistance with major ramifications for estate agents who sell existing properties in this market.
Property investors can also expect land tax bill increases in the next year. Land tax revenue is forecast to grow by 8.1%.
First-home buyers will receive up to $35,240 in government handouts when purchasing a new home from October 1, for a 15 month period before its drops back.
But the longstanding $7,000 first-home owners' grant, negotiated with the federal government when the GST was introduced in 2000, will no longer be given to buyers of existing homes, replaced by a scheme that gives $5000 for only new homes.
The $600,000 threshold for new home concession has been lifted to $650,000, Baird said as part of the 2012 state budget.
Baird said for first-home buyers of new homes, the scheme was "the most generous scheme in Australia," although the Daily Telegraph report the stamp duty changes will be revenue neutral, while aiming to boost housing supply.
"Think new," was the response of the Treasurer when asked what he would say to those who could soon miss out on any government assistance.
"This is a fantastic day for you - there is an opportunity to get into a housing market like never before," he told the post-budget press conference.
"The generosity we're providing in terms of the first home buyers grant together with the stamp duty concessions, says to the first home buyers 'Think new'," 7 News reported.
<a href="https://www.propertyobserver.com.au/residential/the-25-things-investors-need-to-know-about-the-nsw-%245000-new-home-grant-scheme/2012061255077" target="_blank">New Home Grant Scheme</a>
From July 1, 2012, a new $5,000 grant will be provided to buyers of new homes, whether off the plan or newly built, with a value up to $650,000 and to buyers of vacant land that is intended to be the site of a new home valued up to $450,000.
The grant is targeted at all non-first home buyers and is available to investors as well as owner-occupiers. The grant will be administered through the transfer duty payment process.
The relevant form and factsheet will be made available prior to the commencement of the grant.
<a href="https://www.propertyobserver.com.au/residential/the-11-things-you-need-to-secure-the-%2435240-saving-under-the-nsw-first-home-owners-grant-scheme/2012061255076" target="_blank">First Home Owner Grant (New Home) Scheme</a>
From October 1, 2012, the first-home owner grant scheme will be replaced by the first home owner grant (new home) scheme. The new scheme will only apply to first home owners who purchase or build a new home valued at up to $650,000.
The grant will increase from $7,000 to $15,000 from October 1, 2012 to December 31, 2013 and to $10,000 from January 1, 2014.
First Home – New Home
From July 1 2012:
<ul>
<li>the transfer duty exemption cap on new homes increases to $550,000 with duty concessions for new homes valued between $550,000 and $650,000</li>
<li>the transfer duty exemption cap on vacant land increases to $350,000 with duty concessions for vacant land valued between $350,000 and $450,000</li>
</ul>
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NSW doubles its first-home grant for new homes, at the expense of the established housing market

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Buyers absented themselves from the Queens Birthday long weekend auctions in the major capital cities.

Clearance rates in both Melbourne and Sydney fell despite the reduced offerings. Sydney agents secured a 50% clearance rate, down from 55% previous weekend, according to Australian Property Monitors.

There were just the 195 Sydney listings against last weekend’s 359, and next weekend its jumps back to about 420.

With just the 130 listings, Melbourne buyers were equally absent as the clearance rate dropped from 58% to 50%, according to the Real Estate Institute of Victoria.

The REIV expects 600 auctions for the next two weekends.

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Sales volumes and clearance rates down in Melbourne and Sydney as auction buyers took Queen’s birthday weekend off

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Negative gearing tax breaks for property investors will not be removed, says Prime Minister Julia Gillard. Gillard says her government has ruled out removing the tax break.
It was in response to a question asked on the ABC’s Q&amp;A program.
“We didn’t agree with the Henry Tax Review,” Gillard said.
“We think that an abolition of negative gearing will cause distortions to the property market that we did not want to see,” she said.
The federal opposition also appears loath to remove the tax break, with Coalition spokesman Joe Hockey tweeting after the broadcast that negative gearing “holds down rents... just ask Bob Hawke and Paul Keating. They tried to get rid of it and reversed their policy.”
However Sarah Toohey, spokesperson for lobbying group Australians for Affordable Housing, disagreed with Hockey, tweeting that “rents only rose in Sydney and Perth when Keating changed [negative gearing].
“[Rent rises] have been nationwide if that [were true],” she tweeted.
Property buyers’ advocate Catherine Cashmore agreed with Toohey, tweeting that negative gearing needed to be phased out.
“No other country has such a generous gearing policy – it does nothing to ease housing affordability,” she tweeted.
Negative gearing was used by around 2 million property investors in the last financial year to reduce their tax bill, according to ATO figures.
A property is negatively geared when the costs of owning it – interest on the loan, bank charges, maintenance, repairs and capital depreciation – exceed the rental income it produces.
The Henry Tax Review called for a raft of investment tax breaks – including negative gearing – to be replaced with a 40% discount on the marginal tax rate.
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