Apartment buyers in New South Wales are set to gain a decade of insurance-backed protection against major building defects, after the NSW Parliament passed the Fair Trading and Building Legislation Amendment Bill 2026.&nbsp;

The Bill establishes decennial defect insurance, known in the market as Latent Defects Insurance (LDI), as an alternative to the existing two-year strata building bond. It cleared the Legislative Council with amendments on Tuesday evening (August 4, 2026), with the Legislative Assembly agreeing to those amendments shortly after.

Under the reform, eligible developers can satisfy their statutory bond obligation by taking out an approved decennial-style policy that gives owners 10 years of cover for major structural defects from completion, claimable directly, without first having to pursue developers or builders through costly legal action.&nbsp;

The change forms the final tranche of amendments arising from the 2021 statutory review of the Strata Schemes Management Act 2015 and related legislation.

Resilience Insurance, which originated the cover in Australia and has delivered it in NSW since 2022, welcomed the passage and credited the NSW Government for delivering it.

“This is protection apartment buyers have needed for a long time, and the credit for delivering it belongs to the NSW Government,”&nbsp;said Corey Nugent, CEO of Resilience Insurance.

“Minister Chanthivong and his team have shown real leadership in replacing an outdated two-year bond with cover that matches the lifespan of the buildings people are buying into. Reform like this is what good, evidence-based regulation looks like.”

Resilience has delivered LDI in NSW since 2022, protecting thousands of apartments, giving the State, and now the country, real-world evidence of how decade-long, no-fault protection works in practice.

The reform also places NSW within a wider national shift.

NSW is the third jurisdiction to put decennial cover into law. The ACT legislated for it in 2024, with the scheme taking effect in late 2025, and Victoria passed its own framework on 17 June. Between them, the three cover the majority of Australia's apartment market.

The reform commences once the legislation is proclaimed, which is expected in the coming weeks. From that point, developers of Class 2 residential apartment buildings can meet their statutory obligation with an approved decennial policy in place of the bond.

Buyers who purchased into projects that took out the cover early are among the first in the country to take keys to apartments carrying decade-long structural protection.

“With the legislation passed, the focus now turns to making it work for buyers,”&nbsp;Nugent said.

“There are already thousands of apartments in NSW covered by this insurance, bought by developers who moved early. The question every buyer should be asking in a display suite is a simple one: does this building come with 10-year defect cover, and who stands behind it?&nbsp;

“We look forward to working with the Government and the Building Commission in coming weeks as the framework moves to implementation, and to sharing what we have learned over the past four years so the protection reaches owners as smoothly and quickly as possible.”

Other states are working through their own reform programs. Western Australia has indicated that decennial cover is within consideration a later stage of its reform sequence, and Queensland has been examining the settings as it looks at the development pipeline ahead of the 2032 Olympics.

Resilience Insurance acknowledges the NSW Government’s continued focus on strengthening consumer protection while supporting housing delivery across the State.

Fast Facts: What the reform means

<ul style="color:#222222; font-family:Arial, Helvetica, sans-serif; font-size:small; font-style:normal; font-variant-ligatures:normal; font-weight:400; text-align:start; white-space:normal; background-color:#ffffff; text-decoration-thickness:initial; text-decoration-style:initial; text-decoration-color:initial">
	<li style="margin-left:15px; font-family:Aptos, Arial, Helvetica, sans-serif; font-size:12pt; color:#000000">Proven at scale:&nbsp;Decennial cover has operated in NSW since 2022, protecting thousand of apartments.</li>
	<li style="margin-left:15px; font-family:Aptos, Arial, Helvetica, sans-serif; font-size:12pt; color:#000000">10 years of cover:&nbsp;Protection for major structural defects runs for a decade from completion, claimable directly and with no legal action required.</li>
	<li style="margin-left:15px; font-family:Aptos, Arial, Helvetica, sans-serif; font-size:12pt; color:#000000">An alternative to the bond:&nbsp;Eligible developers can meet their statutory obligation with an approved decennial-style policy in place of the 2% strata building bond.</li>
	<li style="margin-left:15px; font-family:Aptos, Arial, Helvetica, sans-serif; font-size:12pt; color:#000000">Part of a national shift:&nbsp;The ACT has had decennial provisions in force since 2025 and Victoria passed its framework in June. NSW now joins them.</li>
	<li style="margin-left:15px; font-family:Aptos, Arial, Helvetica, sans-serif; font-size:12pt; color:#000000">No-fault, first resort:&nbsp;Owners corporations claim directly from the insurer without first having to establish who is liable for the defect.</li>
	<li style="margin-left:15px; font-family:Aptos, Arial, Helvetica, sans-serif; font-size:12pt; color:#000000">Cost-competitive:&nbsp;At approximately 1.8% of build cost, LDI is typically priced below the 2% bond while offering broader, longer protection.</li>
	<li style="margin-left:15px; font-family:Aptos, Arial, Helvetica, sans-serif; font-size:12pt; color:#000000">Market position:&nbsp;Resilience originated LDI in Australia and has delivered it in NSW since 2022.</li>
</ul>

Fast Facts: What is Resilience LDI?

<ul style="color:#222222; font-family:Arial, Helvetica, sans-serif; font-size:small; font-style:normal; font-variant-ligatures:normal; font-weight:400; text-align:start; white-space:normal; background-color:#ffffff; text-decoration-thickness:initial; text-decoration-style:initial; text-decoration-color:initial">
	<li style="margin-left:15px; font-family:Aptos, Arial, Helvetica, sans-serif; font-size:12pt; color:#000000">Resilience Latent Defects Insurance (LDI):&nbsp;Covers major structural defects for 10 years from completion.</li>
	<li style="margin-left:15px; font-family:Aptos, Arial, Helvetica, sans-serif; font-size:12pt; color:#000000">Consumer-first:&nbsp;Direct claim access, no need for lengthy legal action.</li>
	<li style="margin-left:15px; font-family:Aptos, Arial, Helvetica, sans-serif; font-size:12pt; color:#000000">Cost advantage:&nbsp;At approximately 1.8% of build cost, LDI is typically priced below the traditional 2% Strata Bond while offering broader protection.</li>
	<li style="margin-left:15px; font-family:Aptos, Arial, Helvetica, sans-serif; font-size:12pt; color:#000000">Market leader:&nbsp;&nbsp;Resilience Insurance originated LDI in Australia and is the national market leader.</li>
</ul>

Joel Robinson

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

Builder-developer <a href="https://www.apartments.com.au/developers/mcnab-developments">McNab</a> has wasted little time reshaping one of South Brisbane's most significant undeveloped apartment sites after acquiring the property earlier this year.&nbsp;

McNab has lodged plans to scrap an existing approval for two 30-storey towers and instead deliver a single 28-storey residential building, preserving part of the site for a future development opportunity.

The proposal, lodged over <a href="https://www.apartments.com.au/new-apartments/64-peel-street-south-brisbane-qld-4101">64 Peel Street and 9 Cordelia Street</a>, is for a residential-led mixed-use development comprising 124 apartments above a landscaped podium, alongside a boundary realignment that preserves part of the land for a future residential project.

<img alt="First look: McNab resets decade-old South Brisbane approval with 124-apartment tower" data-entity-type="file" data-entity-uuid="743bf564-3f8f-45fc-b8d3-bbf18f5b628f" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/mcnab%20Peel%20st%20podium.png?VersionId=EhCxGrVn_VFH3qTbKnI4WppGwaMnOn0t" />

Designed by <a href="https://www.apartments.com.au/architects/hayball">Hayball</a>, the development will deliver 119 two-bedroom and five three-bedroom apartments across 23 residential levels. A five-level podium will accommodate 135 car spaces, while the ground floor will include a 66 sqm commercial tenancy, an activated residential lobby with work-from-home spaces, and a publicly accessible landscaped plaza linking Cordelia and Peel streets.&nbsp;

Communal amenities will span Level 6 and the rooftop, including indoor and outdoor recreation spaces, a swimming pool, barbecue facilities, kitchen and dining areas, lawn space, sauna, steam room and yoga facilities.

The application also proposes a boundary realignment to create a standalone 1,290 sqm development lot while retaining an adjacent parcel for future redevelopment, allowing the balance of the site to contribute additional housing over time.

Hayball said the architecture has been shaped by the site's elevated corner position at the intersection of Peel and Cordelia streets and Brisbane's subtropical climate.

The design incorporates generous landscaped setbacks, a masonry podium wrapped with planting, large north-facing balconies, and a slender tower profile intended to maximise natural light, cross ventilation and long-range views. The rooftop has been conceived as a wellness-focused retreat overlooking Brisbane, with amenities positioned to capture views towards Mount Coot-tha and the CBD.

<img alt="First look: McNab resets decade-old South Brisbane approval with 124-apartment tower" data-entity-type="file" data-entity-uuid="c5f99e84-6ad8-4a87-82d1-869685b754d2" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/mcnab%20tower%20perspective.png?VersionId=Gw0IuJaSAlk.tvGBxInhZOcQAdIB..2b" />

The planning submission positions the proposal as a response to both changing market conditions and Brisbane's Kurilpa Sustainable Growth Precinct planning reforms.

McNab acquired the site after the previous approval was granted, with the existing scheme no longer reflecting current residential market demands, economic conditions, construction challenges, construction efficiencies or the quality of development outcome now being pursued, the planning report noted.

McNab continues to expand its residential development pipeline across Brisbane and the Gold Coast. The developer recently launched The Tannery in West End, securing more than 60 per cent of apartments before the project's public release. It is also delivering Elements Budds Beach in Surfers Paradise and Lucia Highgate Hill, an eight-apartment boutique development overlooking the Brisbane River.

McNab resets decade-old South Brisbane approval with 124-apartment tower

A steeply sloping Bellevue Hill site is set to accommodate a new mid-rise apartment development, with plans lodged for 20 homes that respond to the site's dramatic topography.

The proposal for the consolidated land at <a href="https://www.apartments.com.au/new-apartments/138a-140-bellevue-road-bellevue-hill-nsw-2023">138A-140 Bellevue Road</a> has been designed by Sydney architecture practice Common Office, which has used the site’s substantial fall to distribute the building’s scale and unlock 20 apartments without presenting the full height to the street.&nbsp;

“The unique design strategy leverages the site’s substantial topographical fall to facilitate increased density, presenting a seven-storey profile to Bellevue Road while rising to 10 storeys at the rear,” Common Office said in its architectural design report.

The apartment mix spans one, two, three- and four-bedroom residences. Four two-bedroom apartments are designated as affordable housing, while the plans also include two adaptable dwellings. The mix is majority three-beds, with the typical three-bed apartment offering around 144 sqm internally, with balconies of around 15 sqm.

The affordable housing component represents 15 per cent of the residential floor area and allows the project to access additional height and floor space under the NSW Government’s in-fill affordable housing provisions. The site also falls within the inner area of the Low and Mid-Rise Housing Policy because it is within 400 metres walking distance of Double Bay Town Centre.

<img alt="First Look: Plans lodged for topography-led affordable housing project in Bellevue Hill" data-entity-type="file" data-entity-uuid="b1230d0f-3bfa-4a11-abaf-0928c66ef345" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Bellevue%20da.png?VersionId=dZeMK3P.OutGjN8ycjsxm8uNsj_QFWQv" />

Common Office has arranged the building around a masonry podium and a lighter upper volume, drawing on two recurring elements of Bellevue Hill’s established architecture: sandstone bases and the vertical proportions of local Inter-war Art Deco apartment buildings.

“The proposal is governed by a holistic design language that reconciles the solid horizontal masonry of the neighbourhood’s podiums with the elegant verticality of its Art Deco heritage,” the architect said.

“The building maintains a consistent rhythmic logic utilising deep recesses and a sophisticated material transition to break down the 10-storey scale into a series of articulated, human-scale volumes.”

<img alt="First Look: Plans lodged for topography-led affordable housing project in Bellevue Hill" data-entity-type="file" data-entity-uuid="0147f503-1af1-4d51-97fb-c2f1cba63a9d" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Bellevue%20bldg.png?VersionId=GoW7q3NlK67OpnePXhk7zvklrlKb72Qc" />

Large-format sandstone tiles will define the lower levels, establishing a robust base that negotiates the change in elevation from Bellevue Road. Above, red-tinted precast concrete frames, recessed balconies, anodised aluminium screens and expanded metal details will create a more vertically expressed façade. Integrated planter beds will introduce greenery across balcony edges and recessed sections of the building.

The elongated northern façade has been divided into three recessed vertical masses to reduce its perceived length. Triangular window elements and metal privacy screens reference the geometry of nearby Art Deco buildings while controlling overlooking toward surrounding homes. The southern elevation will incorporate further privacy screening, landscaped edges and deep balconies to maintain light and ventilation.

<img alt="First Look: Plans lodged for topography-led affordable housing project in Bellevue Hill" data-entity-type="file" data-entity-uuid="e8679cf1-18bc-4447-8a0f-0052b94ab83c" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Bellevue%20da%20rooftop.png?VersionId=5SQqQqRFf76rvE2p1TbxJSweMN70AIbc" />

Private and communal landscaping is distributed throughout the development. A landscaped garden apartment is positioned within the lower portion of the site, while a communal terrace on Level 5 will include a central timber deck, barbecue facilities, resident planting plots and areas for outdoor dining and informal gatherings.

Common Office described the terrace as an elevated sanctuary designed to capture district views and sunlight. Its planting strategy incorporates endemic species associated with the Eastern Suburbs Banksia Scrub, extending the landscape vertically through the building and providing habitat for local flora and fauna.

A second communal outdoor area is proposed at roof level, with built-in seating, paved gathering areas and perimeter planting.

Bellevue Hill is enjoying renewed momentum in the new apartment market, with several boutique developments recently launched and currently under construction. Positive Investment Enterprise is delivering the 16-apartment Kew Palm House on Birriga Road, while Chanine Developments is also under construction at Florian, a 36-apartment project on Banksia Road.

&nbsp;

Bellevue Hill is enjoying renewed momentum in the new apartment market, with several boutique developments recently launched and currently under construction.

First Look: Apartment development pitched for Bellevue Hill, Double Bay fringe

South Brisbane's apartment pipeline continues to build momentum, with <a href="https://www.apartments.com.au/developers/trk-property-group">TRK Property Group</a> lodging plans for a 161-apartment tower on Montague Road as developers accelerate investment across the Kurilpa Sustainable Growth Precinct.

The proposal for 176–186 Montague Road would replace an existing office building with a 20-storey residential tower designed by <a href="https://www.apartments.com.au/architects/cox-architecture">COX Architecture</a>, adding to a growing pipeline of high-density projects reshaping one of Brisbane's fastest-evolving inner-city precincts.

The project has been conceived as a "living building", featuring a flowing tower form, extensive vertical landscaping, and generous communal spaces that respond to the evolving Kurilpa Sustainable Growth Precinct.

TRK Property Group Development Director Matt Kan said the project reflected the confidence developers have in South Brisbane's long-term future.

"South Brisbane is entering an incredibly exciting period, and we see Montague Road sitting right at the heart of that evolution," Kan said.

"With the former Visy site directly opposite us and significant investment planned throughout the broader Kurilpa precinct, there is a real sense of momentum around this part of the city and what it will become over the coming years.

"For TRK, this is an opportunity to be part of that next chapter and deliver a project that responds to where the precinct is heading, while contributing to the continued evolution of Brisbane's river edge."

<img alt="First look: TRK Property joins South Brisbane apartment surge with Montague Road tower plans" data-entity-type="file" data-entity-uuid="590fe1ad-f892-4446-a679-80e33a16d029" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/TRK%20tower%20facade.png?VersionId=uOJStrcKpyHFcPE1w6_9SMAFzVMCcZll" />

The scheme includes a mix of one, two, three and four-bedroom apartments, incorporating multi-purpose rooms in selected residences to provide additional flexibility for home offices or expanded living areas. The proposed mix comprises 15 one-bedroom, 13 one-bedroom plus MPR, 73 two-bedroom, 26 two-bedroom plus MPR, 30 three-bedroom, and four four-bedroom apartments.

Rather than adopting a conventional rectilinear tower, COX Architecture has developed a sculpted form inspired by the movement of the Brisbane River.

"The proposal has been designed by COX Architecture as a 'living building' that responds to the site's riverine setting, floodplain history and evolving urban context within the Kurilpa Sustainable Growth Precinct," the planning report states.

"The architectural form draws from the fluid nature of the Brisbane River, with a curved and undulating tower form that creates a varied architectural edge and avoids a conventional rectilinear tower expression."

The podium has also been designed as an architectural feature rather than a conventional parking structure, with cascading planting, screening and natural-toned materials softening its appearance. Resident parking is elevated above ground level to address the site's flood constraints, while habitable apartments sit above flood planning levels. Upper-level communal facilities are designed to accommodate shelter-in-place arrangements during major flood events.

<img alt="First look: TRK Property joins South Brisbane apartment surge with Montague Road tower plans" data-entity-type="file" data-entity-uuid="01fa15d0-90df-46c7-9555-7941fc45373c" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/TRK%20podium.png?VersionId=mHyua.w1pHGBt9qEdWzrlsv.leztUCwO" />

Communal amenity is a major focus of the proposal. Around 1,815 sqm of shared resident space is proposed across the ground floor, level 19 and the rooftop, including co-working areas, indoor and outdoor recreation spaces, wellness facilities, dining and gathering areas, lawn spaces, a rooftop pool and spa, and extensive landscaping. At street level, a landscaped forecourt and approximately 345 sqm of publicly accessible open space along Montague Road are intended to improve the pedestrian experience while activating the building's frontage.

The development will provide 163 car spaces, including 152 resident bays and 11 visitor spaces, together with 144 bicycle spaces incorporating resident storage, visitor parking, bicycle maintenance facilities and e-mobility charging infrastructure.

The site sits within one of Brisbane's fastest-changing inner-city precincts, less than two kilometres from the CBD and within easy reach of South Bank, West End, the Queensland Cultural Centre and extensive public transport connections. The Kurilpa Sustainable Growth Precinct planning framework is encouraging higher-density residential development to help meet Brisbane's housing supply targets while supporting walkable, transit-oriented neighbourhoods.

TRK Property joins South Brisbane apartment surge with Montague Road tower plans

Article summary

<ul data-end="785" data-start="311">
	<li data-end="459" data-section-id="5hbcyr" data-start="311">Pikos Group has released the five-penthouse collection at Skye Kangaroo Point, headlined by a two-storey sky home spanning more than 1,000 sqm.</li>
	<li data-end="561" data-section-id="1p7lq8n" data-start="460">Early buyer interest suggests the residences could set a new Queensland apartment price record.</li>
	<li data-end="667" data-section-id="1y70z0l" data-start="562">The collection includes four move-in ready penthouses and the highly customised Skye One residence.</li>
	<li data-end="785" data-section-id="yvm0y1" data-start="668">The release caps one of Bri​sbane's most ambitious luxury apartment developments overlooking the Brisbane River.</li>
</ul>

<hr data-end="790" data-start="787" />
Pikos Group has released the five-penthouse collection at its <a href="https://www.apartments.com.au/buildings/skye-residences-by-pikos-kangaroo-point-8-river-terrace-kangaroo-point-qld-4169">Skye by Pikos</a> development in Kangaroo Point, with early buyer interest indicating the flagship residences could eclipse every apartment sale previously recorded in Queensland.

The collection crowns the luxury riverfront development with five residences, including four completed penthouses and Skye One, a two-level sky home spanning more than 1,000 sqm that will be tailored to its eventual owner.

[smartcode_project:default project_id=90059 project_image_fid=374075]

Wanting to offer a fully customisable home, Pikos is offering Skye One as a blank canvas, allowing the buyer to work alongside the developer's design team to customise the home's layout, finishes and internal spaces.

The residence will feature a 247 sqm private rooftop terrace with its own swimming pool, sauna, steam room, outdoor kitchen and multiple entertaining areas overlooking the Brisbane River and CBD skyline.

The remaining four penthouses have been completed and are ready for immediate occupation, each offering four bedrooms, expansive open-plan living areas, soaring ceilings and private lift access.

[smartcode_project:default project_id=90059 project_image_fid=374059]

One of the defining features throughout the project is its use of Roman Classic Travertine, with more than 20,000 sqm of the natural stone imported from Italy after being personally selected by Pikos Group Founder and Executive Director Pedro Pikos, interior designer Julie Williamson and third-generation stone specialist Mario Caucci.

Pikos said the penthouse collection represented the culmination of the company's long-term vision for Skye.

"True legacy isn't measured by what we build today, but by what endures tomorrow," Pikos said.

"Our ambition is to create places that become more valuable with time, enrich the lives of generations, and stand as timeless landmarks long after we've stepped away."

[smartcode_project:default project_id=90059 project_image_fid=374060]

Williamson said the interiors were inspired by the natural character of Kangaroo Point and the Brisbane River rather than international design trends.

"Materiality tells the story of a place," Williamson said.

"We looked to the movement of the Brisbane River, the texture of the cliff face and the warmth of the surrounding landscape to create interiors that feel understated, enduring and unmistakably Brisbane."

Positioned above the Kangaroo Point cliffs, Skye places residents within walking distance of Howard Smith Wharves, South Bank and James Street while offering uninterrupted river and city views.

[smartcode_project_cta:default project_id=90059]

Brisbane's next apartment price record? Pikos unveils Skye's exclusive penthouse collection

Sydney’s property market is known for high prices, competitive bidding, and mounting pressure on first home buyers. But change is on the horizon.

From late 2025, eligible first home buyers in New South Wales will have access to a new federal government initiative aimed at addressing affordability: the Help to Buy Scheme.&nbsp;

<h2>What is the Help to Buy Scheme?</h2>

The program introduces a shared equity model intended to reduce the upfront cost of entering the property market, particularly in high-demand urban areas such as Sydney.

The scheme operates under a shared ownership structure in which the federal government takes an equity stake of up to 40 per cent for new homes, or 30 per cent for existing dwellings. This arrangement allows eligible buyers to significantly reduce their loan size and avoid the added cost of Lenders Mortgage Insurance (LMI).

Under this model, purchasers can enter the property market with as little as a two per cent deposit, well below the traditional 10 to 20 per cent usually required. The government’s contribution is not a loan but a co-ownership stake in the property. As such, there is no interest or rent charged on its portion.

Because the government’s equity combined with the buyer’s deposit typically meets or exceeds the 20 per cent threshold, LMI does not apply. The remaining balance, generally between 60 and 70 per cent of the property’s value, is financed through a standard home loan with a participating lender.

The government's equity in the property remains in place until the buyer chooses to repay it voluntarily or until the property is sold. Buyers can buy back the government’s share over time, in increments of at least five per cent, depending on their financial situation.

There is no fixed repayment timeline, but the amount to be repaid will be based on the property's market value at the time of repayment, not the original purchase price.

<h2>How do you qualify for the&nbsp;Help to Buy Scheme?</h2>

To qualify for the Help to Buy Scheme, applicants must meet the following conditions:

<ul>
	<li>Be an Australian citizen at least 18 years of age.</li>
	<li>Be a first-home buyer who does not currently own property.</li>
	<li>Intend to live in the property as their primary residence.</li>
	<li>Earn less than $100,000 per year for individuals, or $160,000 for couples.</li>
	<li>Purchase a property within the regional price caps, currently $950,000 in Sydney, though this is expected to rise to approximately $1.3 million ahead of the program’s launch.</li>
</ul>

While the Help to Buy Scheme does not solve affordability challenges across the board, it does offer a more accessible pathway for a defined segment of the market, particularly younger buyers with moderate incomes who have been priced out of traditional lending routes.

The scheme is expected to commence in NSW in late 2025, as part of a national rollout.

Under the new model, purchasers can enter the property market with as little as a two per cent deposit, well below the traditional 10 to 20 per cent usually required

Help to Buy Scheme: What first home buyers in NSW need to know

The First Home Owners Grant (FHOG) is a government initiative designed to help eligible first-time home buyers by offering financial assistance towards the purchase or construction of a new home.

While the FHOG is a nationwide program, it is administered separately by each state and territory, meaning the eligibility criteria, grant amounts, and property requirements can vary depending on your location. This means that the amount available and the conditions attached to the grant will differ, so it is important to check the specific guidelines for your state or territory.

It’s important to note that the FHOG is just one of several incentives available to first home buyers. In most states and territories, the grant is not linked to stamp duty exemptions or concessions, with the exception of the Australian Capital Territory (ACT). The FHOG is typically a one-off payment, reducing the overall cost of purchasing or building a new home before any stamp duty concessions are applied.

Below, we provide a breakdown of the First Home Owner Grants available across Australia, outlining the specific details for each state and territory.

<h2>New South Wales First Home Owner Grant</h2>

First Home Owner Grant: Offers a $10,000 grant for new homes valued up to $600,000. For land purchases and owner-builders, the threshold extends to $750,000.

Stamp Duty Benefits: Provides full stamp duty exemption for homes valued up to $800,000, with concessions available for properties up to $1 million.

<h2>Victoria South Wales First Home Owner Grant</h2>

First Home Owner Grant: Provides a $10,000 grant for first-home buyers purchasing or building new homes valued up to $750,000.

Stamp Duty Benefits: Offers full stamp duty exemption for properties up to $600,000, with concessions available up to $750,000.

<h2>Queensland First Home Owner Grant</h2>

First Home Owner Grant: Offers $30,000 for contracts signed between 20 November 2023 and 30 June 2025. The FHOG applies to new homes valued up to $750,000.

Stamp Duty Concessions: Provides additional concessions for properties valued up to $800,000.

<h2>Western Australia First Home Owner Grant</h2>

&nbsp;

First Home Owner Grant: Offers a $10,000 grant for new homes valued up to $750,000 in the southern regions and up to $1 million in the northern regions.

Stamp Duty Concessions: Available for homes valued up to $600,000 for transactions entered into on or after 9 May 2024.

<h2>Australian Capital Territory First Home Owner Grant</h2>

First Home Owner Grant: Replaced by the Home Buyer Concession Scheme, offering full stamp duty concessions for eligible buyers.

<h2>South Australia First Home Owner Grant</h2>

First Home Owner Grant: Provides up to $15,000 for new homes, including houses, apartments, and townhouses. As of 6 June 2024, there is no property value cap for eligibility.

Stamp Duty Relief: Available for new homes and vacant land purchases.

<h2>Tasmania First Home Owner Grant</h2>

First Home Owner Grant: Offers a $10,000 grant for new homes and off the plan purchases.

Stamp Duty Exemption: Between 18 February 2024 and 30 June 2026, first home buyers of established homes valued up to $750,000 receive a full exemption on property transfer duty.

<h2>Northern Territory First Home Owner Grant</h2>

First Home Owner Grant: The Northern Territory provides a $10,000 grant for new homes only. Additional government grants and concessions are available for first home buyers.

Stamp Duty Exemption: The only stamp duty exemption available to property buyers is the House and Land Package Exemption (HLPE).

Eligibility criteria and application processes differ across states. Prospective buyers should refer to their respective state revenue offices for full details on grant availability, conditions, and additional concessions.

Every First Home Owner Grant for new property by state

In the ever-evolving landscape of sustainable architecture and environmentally conscious design, systems and ratings in place can help determine the energy efficiency of residential buildings in Australia.

Australia has multiple building rating systems that evaluate energy efficiency and sustainability in existing and new building designs.

Some systems assess individual building components, while others provide an overall rating for the entire structure.

A rating system ensures that homes are comfortable and energy-efficient, whether you are buying, renovating, or building.

NatHERS (Nationwide House Energy Rating Scheme) is a common way for new homes to meet energy efficiency requirements.

As new developments continue to shape the urban environment, understanding NatHERS ratings becomes essential for developers and homeowners. This article delves into the concept of NatHERS ratings, their significance, and how they contribute to creating energy-efficient homes.

<h2>What is NatHERS?</h2>

NatHERS is a national initiative implemented by the Australian government to promote energy efficiency in residential buildings. The scheme aims to provide a standardised method for assessing the thermal performance of homes, considering factors such as insulation, orientation, ventilation, and building materials.&nbsp;

NatHERS ratings are the most common way new homes meet the National Construction Code's (NCC's) minimum energy efficiency requirements.&nbsp;

NatHERS assessments provide thermal and whole-home ratings for new homes, townhouses, and apartments.

The rating helps evaluate the energy performance of buildings, guides homeowners and developers to make informed decisions about the energy efficiency of their properties, and encourages the construction of more sustainable, comfortable, and cost-effective homes.

<h2>How NatHERS Ratings Work</h2>

NatHERS ratings are determined through four accredited software tools (AccuRate, BERS Pro, FirstRate5, HERO) using a calculation engine CSIRO developed to predict building temperature based on various factors.

The tools can model complex effects of building mass, insulation, window size, and other elements.

The outcome is a star rating that reflects the building's overall thermal efficiency, indicating how well it can maintain a comfortable indoor temperature without excessive reliance on heating or cooling systems.

The star rating scale ranges from 0 to 10, with a 6-star rating being the minimum requirement for compliance with the National Construction Code (NCC).&nbsp;

Achieving a higher star rating demonstrates a commitment to energy efficiency and sustainability, as the building is better equipped to minimise its environmental impact and reduce long-term energy costs.

Anyone can use NatHERS tools, but accredited assessors can provide certified ratings and professional advice.

<h2>Benefits of Higher NatHERS Ratings</h2>

Energy Efficiency: Buildings with higher NatHERS ratings are more energy-efficient, requiring less heating and cooling energy. This reduces the structure's carbon footprint and lowers occupants' energy bills.

Cost Savings: Homes with higher NatHERS ratings are generally more energy-efficient, resulting in reduced energy consumption for heating and cooling. This translates to lower energy bills for homeowners, making sustainable living environmentally friendly and economically viable in the long run.

Environmental Impact: Lower energy consumption directly translates to a reduced environmental impact. Buildings with higher NatHERS ratings contribute to the overall goal of mitigating climate change by lowering greenhouse gas emissions associated with heating and cooling systems.

Improved Comfort: Buildings with high NatHERS ratings offer better thermal comfort to occupants. Proper insulation, well-designed ventilation, and optimal orientation maintain a consistent and comfortable indoor temperature, providing occupants with a more enjoyable and healthier space.

Market Value and Desirability: Higher NatHERS ratings can enhance the market value of a property. As energy efficiency becomes a more significant consideration for homebuyers, a well-rated building may attract a premium price and stand out in the real estate market.

Compliance with Building Codes: NatHERS ratings are a vital component of the National Construction Code (NCC), and compliance with these ratings is often a mandatory requirement for new developments. Local councils and planning authorities may set minimum energy efficiency standards that must be met to obtain development approval.

The Nationwide House Energy Rating Scheme (NatHERS) is a crucial initiative shaping the future of energy-efficient, resilient, and cost-effective homes. With its recent upgrades, NatHERS has evolved into a world-leading tool for the building sector, supporting the global commitment to achieving net-zero emissions by 2050.

Staff Writer

What is a NatHERS rating in new off the plan apartment developments?

Mixed-use developments have gained significant popularity across Australia in recent years due to their unique blend of residential, commercial, and recreational spaces.

Unlike traditional single-purpose developments, mixed-use projects offer a harmonious integration of various functions within a single locale.

Residential units seamlessly coexist with commercial establishments, retail outlets, dining venues, entertainment hubs, and recreational facilities, with the combination not only enhances convenience but also fosters a vibrant lifestyle and a sense of community.

<h3>Convenience and accessibility</h3>

Mixed-use developments are designed with convenience in mind. They often integrate residential units with commercial spaces, retail outlets, restaurants, and recreational facilities, creating a self-contained community.

[smartcode_project:default project_id=114215 project_image_fid=204874]

The proximity allows residents to enjoy the convenience of having essential amenities and services within walking distance. Whether it's grabbing a cup of coffee, going grocery shopping, or accessing healthcare services, everything is conveniently located, saving residents time and effort.

<h3>Vibrant lifestyle and community</h3>

One of the major advantages of mixed-use developments is the vibrant lifestyle they offer. With a diverse range of amenities and communal spaces, residents have ample opportunities to interact, socialise, and build a sense of community.

[smartcode_project:default project_id=107714 project_image_fid=214122]

The presence of parks, community centres, and shared spaces fosters a lively atmosphere, encouraging residents to engage in various activities and events. The vibrant lifestyle within these developments creates a unique sense of belonging and camaraderie among the residents.

<h3>Potential for higher rental yields and property value appreciation</h3>

Mixed-use developments tend to attract a broad range of tenants and buyers due to their versatile nature. This high demand can result in higher rental yields for investors and potentially lead to property value appreciation over time.

[smartcode_project:default project_id=139989 project_image_fid=212887]

The integration of commercial and retail spaces attracts businesses, which can provide a stable rental income stream. Additionally, the popularity of mixed-use developments often drives up property values, making them a potentially lucrative investment in the long term.

<h3>Enhanced security and maintenance</h3>

Mixed-use developments typically have comprehensive security measures in place. With controlled access points, CCTV surveillance, and professional security staff, residents can enjoy enhanced safety and peace of mind.

[smartcode_project:default project_id=108019 project_image_fid=212658]

Additionally, these developments often have dedicated maintenance teams responsible for the upkeep of common areas, landscaping, and infrastructure. This ensures that the overall appearance and functionality of the development are well-maintained, creating a pleasant living environment for residents.

<h3>Live-work-play balance</h3>

One of the key attractions of mixed-use developments is the ability to achieve a desirable live-work-play balance. The integration of residential and commercial spaces allows residents to live closer to their workplaces, reducing commuting time and improving work-life balance.

The proximity to various amenities and recreational facilities encourages an active and healthy lifestyle. Residents can easily access fitness centres, parks, restaurants, and entertainment options, all within the same development, leading to a more fulfilling and convenient way of life.

alisonwarters@gmail.com

The top five reasons to buy in a mixed-use development

When buying a property, everyone needs to be aware of the additional costs that come as part of the buying process.

Often the largest outlay, after the deposit which goes to the bank, is stamp duty.

<h2 style="line-height: 1.38;">What is Stamp Duty?</h2>

Stamp duty is an extra tax to pay the government when you buy land, a property, and other certain assets.

It happens when the legal ownership is transferred. It can also be known as property transfer duty or transfer duty.

<iframe allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="415" src="https://www.youtube.com/embed/C32BWkB5--c" title="YouTube video player" width="660"></iframe>

<h2>Who pays Stamp Duty?</h2>

In some circumstances, you may get an exemption. For some states, you won’t have to pay for stamp duty if you are a first home buyer or a pensioner for houses under a particular price. There are also stamp duty concessions, where you may be entitled to a discount.

<h2>How much does Stamp Duty cost?</h2>

Each state has different rules which affect how much you need to pay. These rules can affect the rate you pay, and the timeframe you will need to pay in. Before you buy land or a property, make sure you check the up-to-date information for your state’s stamp duty.

You can use a free stamp duty calculator online to see approximately how much you’ll need to pay. Find out if you’re eligible for an exemption by enquiring on a project via Urban!

Overall, the stamp duty you need to pay will depend on:

<ul>
	<li aria-level="1">How much your land/property is worth</li>
	<li aria-level="1">Where your land/property is located</li>
	<li aria-level="1">What type of land/property it is</li>
</ul>

Want to find out more? <a href="https://www.youtube.com/@UrbanAustralia?utm_source=YouTube&amp;utm_medium=Video&amp;utm_campaign=Subscribe&amp;utm_id=Subscribe">Subscribe to our YouTube channel</a> for more property videos.

Ellen Walker

Off-the-plan property explained: What is stamp duty?

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

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

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The amount of rental stock available in each capital city has changed little in the past month, according to SQM Research. 
The vacancy rate has remained fairy static across all eight capitals, with the amount of stock available to rent increasing slightly in Sydney, Adelaide, Canberra and Hobart and decreasing slightly in the other capitals. 
SQM Research director Louis Christopher says Perth's very low vacancy rate is concerning.
"Perth is now an area of major concern, with vacancies now sitting at an incredibly low 0.5%," Christopher says.
"This is consistent with evidence from other researchers reporting rapidly rising rents."
However, Christopher says the Hobart market is also problematic, but for the opposite reason.
“Hobart, on the other hand, is beginning to show signs of the opposite extreme, with vacancies doubling since this time last year and many localities recording vacancy rates above 4%. We are also seeing rising stock levels in this area, which in contrast to other capital cities which seem to suffer from one or the other, reveals that Hobart is being hit with an oversupply issue from both sides.”
 
 
<img src="/images/stories/10738.gif">
The amount of stock available to rent in Melbourne in March 2012, according to SQM Research. This represents a vacancy rate of 2.9% and is up from the 8,763 properties available to rent in March 2011.
 
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<img src="/images/stories/8198.gif">
The amount of stock available to rent in Sydney in March 2012, according to SQM Research. This represents a vacancy rate of 1.5% and is up from the 6,454 properties available to rent in March 2011.
 
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<img src="/images/stories/4205.gif">
The amount of stock available to rent in Brisbane in March 2012, according to SQM Research. This represents a vacancy rate of 1.5% and is up from the 4,289 properties available to rent in March 2011.
 
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<img src="/images/stories/2365.gif">
The amount of stock available to rent in Adelaide in March 2012, according to SQM Research. This represents a vacancy rate of 1.4% and is up from the 1,689 properties available to rent in March 2011.
 
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<img src="/images/stories/936.gif">
The amount of stock available to rent in Perth in March 2012, according to SQM Research. This represents a vacancy rate of 0.5% and is down from the 1,462 properties available to rent in March 2011.
 
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<img src="/images/stories/678.gif">
The amount of stock available to rent in Hobart in March 2012, according to SQM Research. This represents a vacancy rate of 2.4% and is up from the 328 properties available to rent in March 2011.
 
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<img src="/images/stories/346.gif">
The amount of stock available to rent in Canberra in March 2012, according to SQM Research. This represents a vacancy rate of 0.8% and is up from the 257 properties available to rent in March 2011.
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<img src="/images/stories/142.gif">
The amount of stock available to rent in Darwin in March 2012, according to SQM Research. This represents a vacancy rate of 0.6% and is down from the 470 properties available to rent in March 2011.
 
 
 
 
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How much stock is available to rent in your capital city: A state-by-state analysis: SQM Research

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With so much talk about today's ABS inflation data and the potential ramifications this will have for the RBA's rates decision at its May board meeting, I thought I would pull together my own "cheat sheet".  In brief, this guide combines the March quarter "core" inflation numbers with the inflation measured over the preceding three quarters to give a March 2012 year-on-year result. The RBA has become increasingly wary of historical revisions to the ABS's underlying inflation data (known as the "trimmed mean" and "weighted median"), and it is likely to place significant emphasis on the broader results over the last six and 12 months.  By way of background, the RBA has worked hard to prepare the public and financial markets for a cut in May subject to the outcome of the March price data. Predicting a cut if inflation prints low is easy. The much more difficult challenge was anticipating the RBA's decision to hold rates steady in February, March, and April, which caught some experts unawares.  Of the 22 economists polled by Bloomberg (I have also added in the ALP's Stephen Koukoulas), none are predicting an especially high core ("trimmed mean") inflation print: the maximum quarterly estimate is 0.7% from Credit Suisse, JP Morgan, and Nomura (see first chart below). At least seven economists are expecting a relatively low core inflation number of 0.5%. Given the currency appreciation, declining import prices, weak producer prices, and various surveys pointing to benign retail prices, it's possible that inflation is assessed to be even lower than 0.5%.
Click to enlarge
<a title="Click to enlarge" rel="shadowbox" href="/images/stories/april231.gif"><img src="/images/stories/april231thumb.gif"></a>
Of course, the flipside of this coin would be an upside surprise. Nobody is projecting inflation breaching the top of the RBA's target 2% to 3% per annum band in the March quarter. A positive "surprise" would be anything greater than 0.7%. It is also interesting to observe that the economists' year-on-year expectations are all universally anodyne. Only two houses (Credit Suisse and Nomura) are predicting that the 12 monthly result with hit the mid-point of the RBA's target band at 2.5%, which is where the RBA believes inflation currently stands. Every other forecaster has a year-on-year number below the mid-point of the target band, which opens the door to RBA rate cuts. A curve-ball here are substantial revisions to the third- and fourth-quarter data from last year, which could mean that even with a soft first-quarter number year-on-year inflation stays at or above the mid-point of the RBA's band.
Click to enlarge
<a title="Click to enlarge" rel="shadowbox" href="/images/stories/april232.gif"><img src="/images/stories/april232thumb.gif"></a>
 The question is then what all of this means for what the RBA (or, more precisely, its board) decide to do in May. I've taken the RBA's latest estimates of core inflation in Australia over 2011 and combined these with a range of hypothetical outcomes in March. I've then offered up my own opinion of what the RBA might do – subject to global events, revisions to past data, and changes to bank lending rates – in the far right-hand-side column.
Click to enlarge
<a title="Click to enlarge" rel="shadowbox" href="/images/stories/april233.gif"><img src="/images/stories/april233thumb.gif"></a>
Christopher Joye is a leading financial economist and a director of <a href="https://www.ybr.com.au/savings/index.cfm">Yellow Brick Road Funds Management</a> and Rismark. The above article is not investment advice.
 
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chrisjoye-JYhJsTrNRC

What inflation means for RBA interest rates in May: Christopher Joye

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The number of foreign investment purchases receiving approval more than doubled last year as a result of the government's increased scrutiny of house buying by temporary residents, according to the Foreign Investment Review Board (FIRB) annual report.
Some 9,770 approvals were given to property acquisitions during 2010-11 year compared with the 3,897 approvals in 2009-10.
The increase is largely attributable to the reintroduction from April 2010 of the screening of temporary residents purchasing residential real estate.
The changes mean that all temporary residents and foreign non-residents seeking to invest in Australian real estate have been brought within the notification, screening and approval process.
Approved proposed residential investment totalled $41.5 billion in 2010-11, compared with $20 billion in 2009-10, a big jump because of the different approval requirements. More than 80% of the approvals involved property costing less than $1 million.
Chinese buyers dominated the list, with some 5,000 approvals which were mostly residential, along with some agricultural and mining acquisitions. Next on the list was the United Kingdom (1000), followed by Malaysia (896), then Singapore (536), South Africa (347) and India (320).
Across all sectors the United States was the largest source of proposed foreign investment in Australia, but mostly in the services industry and manufacturing.
The mineral exploration and mining development sector remained the largest industry sector by value of approvals, albeit with just 222 approvals.
Click to enlarge
<a href="/images/stories/firbapril23.jpg" rel="shadowbox" title="Click to enlarge"><img src="/images/stories/firbapril23thumb.jpg"></a>
Victoria’s residential approvals totalled 4,400, with NSW the next busiest sale for approvals at 2,600, then Queensland with 1,270 acquisitions, and WA with 812 acquisitions, South Australia with 432, the ACT's 129 and Tasmania on 44 and the NT with 16 acquisitions.
Real estate purchases made up around a quarter of the total $177 billion invested nationally during the last financial year, with real estate investments worth $41.5 billion approved in 2010-11.
The annual report suggests there might be an overstatement when it comes to off-the-plan approvals as the approved developers may fall short in the likely extent of actual foreign purchases. The value of investment reported against annual program approvals represents the maximum amount foreign persons may acquire under the program.
The report notes the year has been characterised by continued media and community interest in foreign investment, notably in agricultural land and businesses.
“This area has also been the subject of a number of parliamentary inquiries and hearings and proposals for legislative change.
“The board has closely monitored the policy issues in this area,” it notes.
But while a heated debate rages about foreign investors buying farms and agricultural assets, the latest report shows foreigners are actually more likely to be buying houses, off-the-plan units and commercial property.
And in 2010-11, just 43 proposals – and 42 were property proposals – were rejected.
About half the real estate purchases came with conditions which included the time during which development must commence, and also requiring temporary residents to reside in and then sell established dwellings when they cease to reside in them.
The new tightened approval and selling requirements came in April 2010 after television and the print tabloid media, especially reporting on Melbourne’s auction scene, had numerous stories about Australians being outbid by Chinese buyers.
The government tightened foreign investment rules relating to residential property even setting up a little-utilised 1800 hotline for locals to report suspicious property buyers.
The then assistant treasurer Senator Nick Sherry said at the time: “The Rudd government is acting to make sure that investment in Australian real estate by temporary residents and foreign non-residents, is within the law, meets community expectations and doesn’t place pressure on housing availability for Australians.”
Brian Wilson has been appointed as chair of the Foreign Investment Review Board for a five-year period, succeeding John Phillips, who retired after having served 15 years on the board earlier this month.
 
 
 
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jchancellor-FAypfDUnLy

Number of foreign investment residential approvals more than doubles as government scrutinises more transactions

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Rams, Bank of Melbourne and St George have reinforced their unofficial tag as Westpac “budget” brands by all cutting their fixed-rate mortgage products ahead of an expected interest rate cut on May 1.
Mortgage lender Rams has cut its two-year and three-year fixed rate to 5.99%, while its one-year fixed rate of 6.19%
NSW-based St George Bank and Bank of Melbourne have both cut their fixed one-, two- and three-year home loan rates to 5.99% per annum under the Advantage Package for a “limited time”.
Since September last year St George has cut its fixed rates two times, Bank of Melbourne three times and Rams twice.
In contrast, Westpac has not cut its fixed rate mortgage rate since late September last year and offers fixed rates mortgages at a significantly higher rate than its three subsidiary lenders.
On September 27 Westpac cut its fixed rates by 20 basis points, offering a new one-and two-year fixed rate of 6.49%, and 6.44% for three-year term home loans.
In addition to the lower fixed rates, both Bank of Melbourne and St George are promoting other home loan incentives aimed at encouraging borrowers to switch over.
Until 30 April, Bank of Melbourne is offering discounts of up to 0.9% per annum off new standard variable rate home loans for total borrowings over $500,000 as part of Advantage Package. Great lower discounts of up to .85% p.a. are also available for home loan amounts between $250,000 and $500,000 under Advantage package.
St George is offering new customers $700 towards switching costs on selected new home loans under the Advantage Package, if they switch their current loan of $250,000 or more from another financial institution. The switching costs offer applies for new home loan applications received by May 31 and settled by July 15, 2012.
RAMS chief executive Melos Sulicich says there is “simply no better time to forget the banks and forget rate rises” following its fixed rate cuts.
“With greater competition in the lending market, home buyers now have more choice and flexibility than ever before making it the perfect time to make the break from their current lender,” he adds.
Sulicich highlighted recent research by Rams that shows that “62% of home seekers would prefer an alternative lender such as a credit union or non-bank lender”.
“Only 28% of home owners told us that the major banks generally offer the best mortgage deals. By comparison, 44% felt that the various alternative lenders provide a better deal.”
 
 
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lschlesinger-FZcF9M3vE6

Rams, Bank of Melbourne and St George undercut parent company Westpac on fixed rates

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The Soul Penthouse on the Gold Coast – purchased off the plan in late 2006 for $16.85 million – is on the market again as its nears completion and initial settlement.
It is a four-level penthouse with six bedrooms on the 70th floor of the Cavill Avenue building. There’s a private internal Italian glass lift and staircase.
It’s being marketed by Karyn O’Dea of Ray White Robina Varsity, who says there’s nothing like it in Australia.
“From every angle you are greeted with breathtakingly beautiful uninterrupted views of Surfers Paradise’s golden beaches and the Pacific Ocean,” O’Dea, who is advertising the property worldwide, says.
Set 240 metre above Surfers Paradise beach, the penthouse has 1,040 square metres of space.
“The current owner, who is involved in one of the largest equipment hire businesses in Australia, now has a young family so he’s putting it on the market,” O’Dea says, indicating it is more likely suited a bachelor.
“It’s really the world’s best bachelor pad,” she says.
No price guide has yet been given, and the identity of the seller has not been splashed around in the press.
Offers are due mid-June on the penthouse with Ray White. The pictures below show the Soul lower-level facilities.
{yoogallery src=[images/stories/april23penthouse2]}
Initially due for completion in 2010, the Juniper Group's Soul development is running behind schedule, with its staggered settlement set to continue until mid-year.
Securing settlements of some of the lower 288 apartments has been a challenge for the developer, given the Gold Coast downturn.
The initial sales of the Soul apartments were undertaken in late 2004, when in a coup of timing some $200 million was secured from 126 sales following its Boxing Day 2004 release.
<img src="/images/stories/soulpenthouse.jpg">
Prices started at $1.05 million, with the penthouse coming with a $16.75 million asking price. By October 2006 some 150 units worth $300 million had been exchanged, including the penthouse.
The penthouse is listed by Ray White in conjunction with John Ashmore from Knobel &amp; Davis Property Services.
Its specifications are:
Level 70 Indoor Living Area: 119m2 Outdoor Living Area: 47m2 Level 71 Indoor Living Area: 205m2 Outdoor Living Area: 164m2 Level 72 Indoor Living Area: 190m2 Outdoor Living Area: 135m2 Level 73 Outdoor Living Area: 180m2 
Penthouse apartment photos are a montage which come with envisaged overlayed interior design impressions
 
 
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Gold Coast Soul Penthouse on market as it nears overdue completion

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Federal Treasurer Wayne Swan has come under attack from non-bank lending pioneers John Symond and Mark Bouris for hindering competition in mortgage lending and allowing the major banks to increase their dominance of the home lending market.

Symond and Bouris, as respective founders of non-bank lenders Aussie Home Loans and Wizard Home Loans, were at the forefront of the rise of the non-bank lending sector in the late 1990s up until the start of the GFC.

Prior to the GFC, non-bank lenders accounted for around 15% of all mortgage, but Bouris and Symond have watched the sector founder since, as the major banks have taken a stranglehold on the market. 

Non-bank lenders accounted for just 3% of all mortgages written in February, according to ABS data.

The graph below shows how the market share of the major banks has jumped from around 80% of the market to over 90% since the onset of the GFC.
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<a title="Click to enlarge" rel="shadowbox" href="/images/stories/feb23.gif"><img src="/images/stories/feb23thumb.gif"></a>
Source: ABS
Symond says the Treasurer’s decision to ban exit fees on new mortgages from July 1 last year had made it tougher for non-bank lenders to compete.
Non-banks charge low upfront fees as a way of differentiating themselves from the major banks and prior to the ban could recoup the fees if the borrower exited a loan early.
Symond says the exit fee made a good headline for Swan but in reality was “bad news for consumers, because it made it even harder for the non-bank sector to compete”.
“At the moment, there is no competition,” Symond told the Australian Financial Review.
“Wayne Swan, regardless of what he has said, he hasn’t helped competition with the small lenders. In fact he has made it tougher.”
Symond does not expect the Treasurer to reverse the government policy on exit fees but says the government could improve competition if the Australian Office of Financial Management (AOFM) were to buy more residential mortgage-backed securities (RMBS) from non-banks.
Non-bank lending virtually collapsed as a result of securitisation markets closing following the GFC.
In September 2008, the AOFM instigated a program of buying RMBS from lenders with the aim of helping support competition in lending.
However, while some non-banks were recipients of the scheme, many of the investment mandates were awarded to the major banks to assist their wholesale lending operations.
Mark Bouris, chairman of Yellow Brick Road and former adversary of Symond in the late 1990s heyday of non-bank lending when running Wizard Home Loans, places the blame squarely on the shoulders of the Treasurer and not on the shoulders of RBA governor Glenn Stevens.
“Don’t blame the Reserve Bank: it only has interest rates to use against a dynamic set of forces that haven’t yet settled into their new shape,” says Bouris.
Bouris does not advocate more regulation of lending markets but says there is a case for “using incentives to alter the structural problems”.
“A first step could be to foster competition by encouraging our regional banks and foreign banks to compete in mortgage lending,” Bouris says.
“There are tax incentives that could be used, and there are models where the Australian government could guarantee the small and non-banks, and not the big banks.
“It doesn’t matter how we get there, but we do need more competition in lending. Competition will bring down the margins on variable rate mortgages and lure the big banks towards business lending again, where they can charge higher margins.
“The market is actually poised to correct itself, but there has to be an incentive,” he says.
Despite their miniscule share of the market, Swan claimed in his February economic update that there was more competition in the banking sector due to the government’s decision to ban exit fees on new mortgages from July 1 last year and other reforms such as the introduction of <a target="_blank" href="/news">one-page fact sheet</a>s to make it easier to compare mortgage products.
“Reforms like these have clearly turned up the heat on competition in the banking sector,” said Swan as part of the note, highlighting that smaller banks had increased their share of mortgage lending by $9.7 billion over the 12 months since the reforms were implemented.
 
 
 
 
 
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Mark Bouris and John Symond slam Treasurer Wayne Swan for allowing major banks to dominate mortgage market

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The Albany and Bloomfield boutique motel, located on Millswyn Street, South Yarra has been sold for about $13 million.
Property Observer understands the buyer intends to entertain plans for its residential future. Its been reportedly sold to Oakton computing chief Paul Holyoake, according to Fairfax Media
<img src="/images/stories/albanyhote.jpg">
The 2,152-square-metre holding with Toorak Road frontage includes the 1890s Bloomfield Hotel, which is part bound by heritage overlay controls. It sold after KordaMentha appointed CBRE's Mark Wizel and Scott Orchard to market the property in conjunction with Kay &amp; Burton's Michael Gibson and Nicole Gleeson. Sally Bloomfield, billed as a social doyenne since the 1980s, was the vendor company director, with Ian Robinson its only shareholder.
In 2010 it was reported by The Weekly Review that the hoteliers Ian Robertson and Sally Bloomfield were changing their lifestyle deciding to pursue hotel interests in Bali.
The site had 81 rooms, restaurant and bar, 24 car bays and roof top pool. It was marketed as having suitable use as a low-density prestige quality development with potential refurbishment of the historic mansion and subdivision. The 1890s mansion was originally owned by a businessman who imported panama hats, according to Robertson, who pioneered the Q-Bars of Adelaide, Melbourne and Sydney.
The Albany and adjacent flats were built during the late 1950s or early 1960s and were owned by the Gishen family, who operated a guesthouse. Robertson has a background in architecture, including retrofitting 1960s hotels in the United States.
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South Yarra’s Albany boutique hotel sells for about $13 million

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Capital city auction clearance rates firmed, but agents suggest there’s no sign of rising prices.
Melbourne’s clearance rate was 61%, up from the previous 54% result, according to the Real Estate Institute of Victoria.
Sydney’s clearance rate was 58.9%, up from the previous 55.3% result, according to Australian Property Monitors.
There was a $770,000 median house price sale in Sydney and a $674,000 median in Melbourne.
For units it was a $610,000 median in Sydney and $494,000 in Melbourne.
The market could get a boost in May were the Reserve Bank of Australia to reduce the cash rate by a widely expected 50 basis points.
“The increase in the Melbourne clearance rate is a positive sign that confidence in the residential market may be starting to improve,” REIV Enzo Raimondo says.
“If the next interest rate movement is a reduction, as is speculated, and that is actually passed on by the retail banks to borrowers it may further increase activity over winter,” he anticipates.
Noel Jones agent Adrian Jones says his agency sold five out of its six auction listings in Melbourne’s eastern suburbs, but there was no sign of rising prices.
"It's not a market where prices are going up much," Jones told Fairfax Media.
Agents <a href="https://www.propertyobserver.com.au/residential/buying-property-in-early-winter-demands-a-change-of-tack-mal-james/2012041654302" target="_blank">including buyers' agent Mal James have commented on the lack of new stock on the market</a>, with more sales taking place off-market and out of the public eye.
 
 
 
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Melbourne and Sydney auction clearance rates firming, but no sign of rising prices

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In Melbourne this weekend the first-home buyer and investor market is proving to be weak but the home buyer market is very strong.
There's now a tipping website, <a style="font-size: 14px; text-align: left;" target="_blank" href="https://www.propertytycoon.com.au/">www.propertytycoon.com.au</a>, where punters can guess auction five results in Melbourne and Sydney, with no outlay. It's mostly about testing your market knowledge with a small cash prize as a sweetener.
<img src="/images/stories/byrneave.jpg">
The one-bedroom apartment at 10/17 Byrne Avenue, Elwood (pictured above), failed to gather any real traction and was passed in on a solitary bid. It sold soon after auction for $450,000.
Unit 11 in the same block sold earlier this year for $510,000, and although this apartment was slightly bigger, it does illustrate a market with patchy demand.
<img src="/images/stories/thompsonst1.jpg">
The property at 57 Thompson Street, Drummoyne (pictured above), failed to get any interest at all. The Drummoyne property was quoted at $1.75 million plusand was withdrawn from sale prior to the auction.
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Melbourne first-home buyer weak, affordability key in Sydney as auction tipping competition properties struggle to get across the line

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Property developer Pacific Investments has created shock and excitement with his ramped-up rethink of the ‘Rozelle Village’ proposal for the Balmain Leagues club site in Rozelle.
The revised proposal, which is double the size of the original plan that was rejected in 2010 because it was considered too big, has prompted outrage from local activists. The Leichhardt mayor Rochelle Porteous labelled it as offensive to the local community.
The redesign, which is on public display for 59 days, is a $300 million project with two residential towers of 25 levels and 32 levels, plus a six-floor commercial hub. The plan for Victoria Road will have more than 300 apartments across 30,000 square metres, retail space on 20,000 square metres plus 7,500 square metres of commercial space. Balmain Leagues Club will be on 3,500 square metres, and parking for 800 cars is included.
Click to enlarge
<a href="/images/stories/rozelle1.jpg" rel="shadowbox" title="Click to enlarge"><img src="/images/stories/rozelle1thumb.jpg"></a>
The original plan for a 17-level residential and commercial building was rejected in 2010 by the Joint Regional Planning Panel due to traffic congestion, its size and the effects it would have on local businesses. The Labor state government back then took control of the site, claiming that it was “significant” to the state. Now the NSW Department of Infrastructure and Planning’s Assessment Commission will decide the future of the site after the public display.
Rozelle Village managing director Ian Wright says the redesign was led by community consultation.
“For the nearly two years we had information sessions with interest groups and precinct meetings and found out that people want childcare, a building with green credentials and a supermarket, which we have included. They also wanted us to get rid of the bulky design, so we created a taller more slender design,” Wright says.
There will be public space with laneways for walkers, cyclists and pram pushing as well as an integrated public transport area.
“When the dust settles, I think people will really like it,” Wright says.
 
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