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“Minister Chanthivong and his team have shown real leadership in replacing an outdated two-year bond with cover that matches the lifespan of the buildings people are buying into.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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Recently Gina Rinehart's problems with her children have been front page news across the nation.
There have been a few lessons from this saga that we can all learn from.
The main points are summarised below:
You may recall that her family trust had a vesting date that triggered a capital gains tax of $100 million per beneficiary. Most if not all trust deeds have an 80-year vesting date, which means that the trust deed ceases to exist at this point and all assets than pass to the beneficiaries, triggering stamp duties and capital gains tax.
The problem with this is where normally a person sells a property to than have the cash to pay the tax, when a trust "vests" the beneficiaries end up with a huge tax liability but no cash to pay for it.
Hence he or she is forced to sell the property to pay the tax – but what if he or she wants to hold onto it?
Then the beneficiary would need to find cash elsewhere to fund the tax. Or he or she could borrow from the bank (assuming he or she can secure a loan) with the property as security.
In either case it's not an ideal situation to be in.
You may say that 80 years is a long time and you won't be around to worry about it, but you will leave a huge problem for your children and grandchildren.
In Gina's situation this could potentially send the children into bankruptcy as they will have a $100 million tax bill each (as reported) without either the asset or the cash to pay the tax. Not a good position to be in.
Lesson 1:
Make sure that your trust deed does not have a vesting date. The Chan &amp; Naylor "Property Investors Trust" deed is one such trust deed that does not have a vesting date.
It also has an approved product ruling from the ATO and allows the negative gearing to be claimed against your salary and protects the property from litigation and at the same time keeps it within the family bloodline and away from the childrens’ in-laws in case of a marriage breakup.
Lesson 2:
Make sure you retain control of the money by remaining as trustee. The trustee has full control over the assets. You may recall Gina's children attempted to remove her as trustee. With control you can still distribute funds to them but at your discretion.
Lesson 3: 
Make sure you retain the position of appointor. The appointor has the power to remove and appoint a new trustee. The appointor is the most powerful person in the trust. In most husband and wife situations, they hold the appointor position jointly.
Lesson 4:
With marriage break-ups at an all-time high (above 30% and higher because many unwed people live together and their break-ups are not recorded as marriage break-ups).
Do not pass any assets across to the children until after one partner dies. You can still lend children money but register a mortgage or caveat over the property or assets. You can call those funds back in case their marriage breaks up.
Lesson 5:
Property that you hold can still be provided as security for a bank to lend money to your children to purchase their homes with. The bank will hold their home as the main security (80%) and should something go wrong than you are only exposed to 20% being the top-up security held on your property. You can safeguard this with a second mortgage over their property.
Lesson 6:
Never hold investment properties in your own name but in a property investors trust (PIT), because at your discretion you can still distribute rental income to them from the PIT. You can still put the property up as security for a loan from the bank for them and when you are ready to pass control and ownership to them the title on the property can be changed (i.e., trustee can be changed) with no stamp duty or capital gains tax.
If you held the property in your own name and attempted to transfer the title to your children (before your death) there will be stamp duty and capital gains tax to pay.
The problems experienced by Gina Rinehart and her children are not problems that you only find in the rich.  They are experienced by everyday people who have assets such as property. The only difference is that problems of the rich get published in newspapers.
Most importantly, make sure you get good advice before you do anything. It's very expensive to try and fix something after the event.
As my mother would say, "An ounce of prevention is better than a pound of cure".
Ed Chan is a founding partner of <a target="_blank" href="https://www.chan-naylor.com.au/">Chan and Naylor</a> accountants and a leading property tax specialist. He has co-authored three best-selling books as a seasoned property investor who understands the relationship between property investment and tax.
 
 
 
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Six lessons from Gina Rinehart and the importance of using the right kind of trusts

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The Australian housing market is at a point where it will either decline slowly or collapse swiftly due to the drive among households to reduce their debts and increase their savings, says property bear Steve Keen.
Keen, professor of economics and finance at the University of Western Sydney, says the current drive by households to reduce their debt has been a precursor to a collapse in house prices in both the US and Japan, though at different rates of decline.
“Far from preventing a house price collapse, deleveraging is what causes one,” he says.
Keen provided the following graph comparing house prices from their peaks in the US, Japan and Australia and shows Australian housing heading down one of two slopes:
<img width="470" src="/images/stories/keenmarch291.png">
“To me the only question is whether we have as slow a decline as Japan or as fast as the USA's due to deleveraging.
“So far (using ABS data till December) prices have fallen about 9% in real terms since the peak in June 2010. The wildcard for Australian housing is the reaction of mum and dad investors to the decline in house prices, since if they swap sides from buy to sell, the volume of unsold properties could grow substantially and put further pressure on prices,” he says.
His comments follow a panel discussion on the housing market in Melbourne during which RP Data senior research analyst Cameron Kusher said he agreed with Keen that there was too much debt in Australian households.
“The RBA likes the fact that households are deleveraging and putting more money into the bank,” Kusher added.
Keen told Property Observer the remarks were “very interesting”.
“They have skirted around the debt issue for some time,” Keen says.
“My argument starts from the proposition that demand for housing comes from new mortgage debt, so the level of new mortgages is the major factor in setting the level of house prices. Therefore for house prices to rise, new mortgages must be increasing faster than the supply of housing rises.
“That was the case for most of the period from 2003 till 2008, and again under the influence of the first-home vendors’ boost from 2009 till mid-2010. But since then new mortgages have falling, and that drop in monetary demand is the key factor driving prices down.
“Thus far from preventing a house price collapse, deleveraging is what causes one,” he says.
The graph below included in the March RBA chart pack shows clearly how Australian household debt as percentage of disposable income increased from less than 50% in the late 1980s and early 1990s to above 150% as well as the recent downward trend in household deleveraging.
<img width="470" src="/images/stories/keenmarch292.gif">
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Australian housing market still facing Japan- or US-style downturn due to deleveraging: Steve Keen

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Young would-be home buyers who took Prosper Australia’s advice – Don’t buy now! – exactly a year ago have typically saved themselves $58,000.
I congratulate everyone who stood aside from this dreadful Ponzi scheme known as the Australian property market.
These savings are staggering – they are genuine and they are conservatively calculated. For home buyers who waited, it is as if someone just slipped this much in their wallet.
It would take years to save $58,000 from after-tax earnings.
Consider a typical Melbourne first-home buyer couple with a 20% deposit ($120,000) ready to buy a home at the median $585,000 a year ago. Instead, they waited.
Their savings:
Melbourne median house prices have fallen 6.1% (ABS) – $35,000
The difference between Melbourne median rents $17,680 (TUV) and interest at 7.46% (WBC) on a $465,000 mortgage (ignoring stamp duty, principal repayments, rates, insurance, depreciation and repairs) – $17,009
Interest earned on $120,000 savings at 5.5% (ignoring tax) – $6,600
TOTAL: $58,609
There is a further long-term benefit not included above: the smaller required mortgage would leave an extra $250 per month interest in a buyer’s pocket, or $41,000 over a 25-year loan. This money would be available at the buyers’ discretion for living expenses or to accelerate principal repayments.
This is not a cue to immediately buy a house.
Prosper expects house prices to fall much further. We repeat our forecast made February 23 of house price falls of at least 15% and possibly 20% this calendar year.
A fall of this size will deliver massive further savings to those who resist the temptation to commit to a working life of toil lived 90 days from bankruptcy.
We urge prospective home buyers to focus on saving as large a deposit as possible. Avoid exchanging renting a house for renting money from the bank. That is not the path to economic freedom.
Don’t buy now!
David Collyer is campaign manager of <a target="_blank" href="https://www.prosper.org.au/">Prosper Australia</a>.
 
 
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First-home Melbourne buyers who didn't buy last year saved $58,000: Prosper Australia

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Channel 9 has been teasing audiences with brief insights into six of the contestant couples for the upcoming series The Block 2012.
Promos have gone been put up on the website.
<img src="/images/stories/blockposter.jpg" style="float: left; margin: 5px;">
Not all will get through into the final four who undertake the South Melbourne renovations.
<a target="_blank" href="https://video.au.msn.com/watch/video/the-block-2012-meet-larry-and-jessie-new-couple-for-2012/xgxdbx0">Larry and Jessie</a> are a father-daughter team. Jessie, a full-time student, originally planned to audition for The Block with her mother, Michelle. Tragically, Michelle died in a plane crash in March 2011. Through their grief they searched for ways to honour her memory and decided they would pursue one of her dreams together.
<a target="_blank" href="https://video.au.msn.com/watch/video/the-block-2012-meet-rana-and-brett-new-couple-for-2012/xwlxwc3">Rana and Brett</a> are a mother-son duo, the first time there’s been such a combination. Brett, a drainer and machine operator, is currently renovating the house that he bought three years ago, while Rana has renovated her last two homes, and on the loose after selling her homewares and fashion business.
<a target="_blank" href="https://video.au.msn.com/watch/video/the-block-2012-meet-dale-and-sophie-new-couple-for-2012/xm9ynwj">Dale and Sophie </a>are newlyweds. Sophie, a graphic designer turned primary school teacher, and Dale, a landscape gardener have had virtually no renovating experience.
<a target="_blank" href="https://video.au.msn.com/watch/video/the-block-2012-meet-brad-and-lara-new-couple-for-2012/xsk4ip7">Brad and Lara</a> are boyfriend/girlfriend from NSW having met five years ago in a pub near their home town of East Maitland.
<a target="_blank" href="https://video.au.msn.com/watch/video/the-block-2012-meet-dan-and-dani-new-couple-for-2012/xleq8kc">Dan and Dani </a>are boyfriend/girlfriend from Melbourne having met in the back of a Hummer. Dan, a carpenter, and Dani, a business analyst, recently purchased their own apartment in Richmond, just around the corner from the last top rating series of The Block.
<a target="_blank" href="https://video.au.msn.com/watch/video/the-block-2012-meet-brad-and-courtney-new-couple-for-2012/xw0m39w">Brad and Courtney</a> are boyfriend/girlfriend from WA. Courtney is a speech pathologist and Brad, a project manager for a commercial property company.
Brothers <a target="_blank" href="https://homes.ninemsn.com.au/theblock/video/?uuid=ee693e7e-af46-4c97-98e3-caf267413230">Andrew and Mike</a> have renovating experience, recently transforming two derelict homes in Sydney’s Bondi.
Newlyweds<a target="_blank" href="https://homes.ninemsn.com.au/theblock/couples/brendan-and-michelle/"> Brendan and Michelle</a>, both 22, are the youngest couple.
<a target="_blank" href="https://www.propertyobserver.com.au/renovating/its-back-to-bondi-for-the-block-home-renovation-realty-series-after-they-sell-south-melbourne/2012033054098">The next season of The Block is set to return to Bondi</a>.
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Father-daughter and mother-son teams in Channel 9's upcoming The Block 2012

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Christopher Joye's video take on the possibility of a rate cut next week

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Sydney is the 18th most expensive place in the world to buy a luxury home, according to the 2012 Knight Frank and Citi Private Bank’s sixth Wealth Report.
Australia’s biggest city shot up the global rankings from 34th last year despite the report noting that “prime Australian prices have also slipped as affordability becomes an increasing constraint”. 
Sydney also ranks as the 19th fastest-growing city in terms of global importance, though it not among the current 20 most globally important cities, headed by London, New York and Hong Kong, according to the Wealth Report, which surveyed more than 4,000 individuals worth on average more than US$100 million each. 
Sydney also ranked among the top locations for retail property investors, with prime global retail yields edging close to 7%, just below top-ranking Shanghai. 
According to the sixth Wealth Report, a square metre of prime Sydney residential property costs US$22,400, ranking it just below 17th-placed Manhattan at $23,300 per square metre. 
Sydney is more expensive than St Petersburg ($20,200 per square metre) and nearly twice as expensive as Venice ($11,700 per square metre). 
The list is headed by the city state of Monaco, the traditional playground of the ultra-wealthy, where one square metre of residential property costs $58,300.
Click to enlarge
<a href="/images/stories/wealth.gif" rel="shadowbox" title="Click to enlarge"><img src="/images/stories/wealththumb.gif"></a>
“Investors seeking a more conservative strategy have gravitated toward high-quality properties in central business districts in cities such as Beijing, London, Munich, New York, Paris and Sydney,” says Luigi Pigorini, CEO Citi Private Bank Europe, Middle East &amp; Africa. 
“Conversely, for those willing to accept more risk, high-growth markets, such as Asia and Latin America, may be able to generate more attractive returns relative to the US and Europe.
“Investors must remain cautious as global economic growth will continue to influence all property markets, and investors should measure their yield and return expectations taking growth into account,” Pigorini says.
Australia ranked as the seventh richest country in the world on a GPD per capita basis (total GDP divided by population).
Stephen Ellis, executive chairman of Knight Frank Australia, says if China continues to grow and commodity demand remains, there will continue to be a strong growth story for property in Australia.
“We are upbeat on prospects for cities like Perth and Brisbane that have strong links to the mineral and resources industries.
“The stable economy, relatively low debt and attractive yields have attracted many offshore investors to Australia,” he says.
The report notes that offshore investors that poured funds into Australia in 2011 included Memocorp, the Australian arm of Singapore billionaire Tay Tee Peng, who paid $395m for 259 George Street in Sydney, and South African investor Nathan Kirsh, who bought 4 and 14 Martin Place for $153 million.
Chinese, Russian, Middle Eastern, Latin American and those from other growth economies are expected to become most important as prime property buyers over the next five years.
The report found a global swing away from property among centa-millionaires to less risky assets like bonds, gold and cash. 
But it expect further growth in interest in commercial property from high-net-worth individuals, forecasting US$74.1 billion of private transactions globally in 2012 (a 5% year-on-year increase).
The report says there are now 63,000 people worldwide with $100 million or more in assets.
There are now 18,000 centa-millionaires in the region covering south-east Asia, China and Japan. 
This is more than North America, which has 17,000, and Western Europe, with 14,000. 
By 2016, south-east Asia, China and Japan are forecast to extend their lead, with 26,000 centa-millionaires, compared with 21,000 in North America and 15,000 in Western Europe. 
On a country-by-country basis, the US will still dominate in 2016, with 17,100 centa-millionaires, but China will be catching up fast with numbers set to double from current levels to 14,000.
“This year’s Wealth Report contains even more evidence that the world’s wealthy are weathering the economic slowdown better than the wider population, and nowhere is this better reflected than in prime property markets,” says Andrew Shirley, editor of The Wealth Report.
Those markets considered “safe-haven” locations continue to attract private investors looking for both prime residential and commercial property. Political and economic uncertainty across the world is only helping to exacerbate the trend.
“But it is not just property where HNWIs from fast-growing economies are making their mark. The Wealth Report’s Attitudes Survey reveals that they are playing an increasingly important role in the worlds of sport, fine art, wine, and philanthropy.”
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Sydney 18th most expensive housing market in the world, just below Manhattan: Knight Frank Wealth Report

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Meriton boss Harry Triguboff has paid $25 million for a Macquarie Park development site in North Ryde, with plans for a $200 million apartment development.
The site at 88 Talavera Road, across the road from the Macquarie Shopping Centre and close to Macquarie University, was acquired from property developer St Hilliers.
St Hilliers had acquired it in 2007 for $23.5 million and had received development application approval for three A-grade, six-storey office towers covering 32,000 square metres costing $140 million as well as 4,000 square metres of open space.
St Hilliers decided to sell the site after a tenant for 85% of the proposed office development fell through.
It was valued at more than $30 million before the GFC.
Meriton plans to build 330 apartments across four towers, of which one will be a serviced apartment tower.
Triguboff faced competition from Lang Walker and Singapore’s Stamford Group to acquire the site, according to The Australian.
“I have been building in Ryde for 35 years. I have spent more time in Ryde than anywhere else,” said Triguboff following the acquisition.
Triguboff said the good thing about this site was that he could sell the residential apartments and keep the serviced apartments.
This purchase comes soon after his acquisition of a Chatswood development site, his first in the suburb in a decade, from Welles Thomas, a private property management and real estate company based in Chatswood
Triguboff paid $55 million to acquire the 4,323-square-metre site, situated between Thomas Street and Albert Street just off the Pacific Highway.
The site, currently the Thomas Street car park, last sold for $27.5 million in 2007.
It has been acquired from a private Australian company headed by Chinese owners, with the sale negotiated by Andrew Antonas of Matrix Property Group.
Antonas says the car park had been previously owned by Willoughby Council.
The site received DA approval in September 2010 for one 29-storey residential tower and one 21-storey commercial building.
Antonas says Meriton plans to build two 29-storey towers, one featuring around 200 apartments and the other featuring 225 five-star serviced apartments, meaning some work will need to be done “rejigging” the application.
Off-the-plan marketing of the Chatswood project is expected to commence mid-year.
The site, which has DA approval, will be used to build two 29-level towers involving more than 425 apartments, Meriton’s national sales manager says.
Meriton’s target market will range from investors seeking higher yields to owner- occupiers.
Meriton’s recent buy comes nearly a decade after its last project at Chatswood – Leura – a 125- apartment block located at the corner of Brown Street and the Pacific Highway, was completed in 2003.
The new developments will join Meriton’s <a href="https://www.propertyobserver.com.au/developments/harry-triguboff-s-meriton-group-to-build-700-serviced-apartments-next-year-across-australia/2011120752737" target="_blank">portfolio of projects on Sydney’s north shore</a>, including the 300-luxury apartment Alcove development at St Ives.
 
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Harry Triguboff buys St Hilliers North Ryde site with plans to build 330 apartments

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Blockades remain in place and some businesses closed at 447 Collins Street in Melbourne, as many tenants still wait for compensation for lost income.
<img style="border-style: initial; border-color: initial; float: left; margin: 5px;" src="/images/stories/collinsst3.jpg">A two-metre-by-one-metre marble panel fell from the Suncorp building into the forecourt, a popular lunch spot for nearby workers, on January 30, causing the City of Melbourne to issue an <a target="_blank" href="https://www.melbourne.vic.gov.au/AboutCouncil/MediaReleases/Pages/Councilstatementon477CollinsStMelbourne.aspx">emergency order</a> requiring the building to be cordoned off.
The building has since remained partially fenced off while the building’s owners, Industry Superannuation Property Trust, still continue work to remove and stabilise the remaining panels.
The blockade forced the temporary <a target="_blank" href="https://www.propertyobserver.com.au/office/tenants-yet-to-get-compensation-guidance-after-emergency-closure-of-collins-street-office-building/2012020953323">closure of many small retail businesses</a> on the street level of the building as pedestrians could not access the shops.
Tenants met with the owners of the building to discuss compensation for lost business on February 10 but more than six weeks later just one tenant has received any payout.
The tenant of one business says she hasn’t heard anything about her claim.
“We’re still waiting. They say they’re working on it,” she says.
“We’ve given them out paperwork but we haven’t heard anything yet,” a neighbouring business owner says.
While some businesses were able to stay open, they did not have their regular street access and were only accessible through the corridors of the ground floor, which is accessible through the basement car- ark of the building.
“It’s been a hard time for us. People can’t see us from the street,” one business owner says.
ISPT chief executive Daryl Browning says the onus is currently on the tenants and many still haven’t lodged paperwork.
“We don’t just write blank cheques. That wouldn’t be the right thing to do,” he says.
“There’s no question about them not being paid. When they’re able to demonstrate how much they would be forgoing [they will be compensated].
“There’s no hidden agenda here, there’s no game being played with the tenants.”
<img style="border-style: initial; border-color: initial;" src="/images/stories/collinsst5.jpg">
Despite his hairdressing business being closed for six weeks, a retailer named Abraham remains upbeat.
“We’re happy enough. We just wish it was a bit quicker.”
“It’s just lucky no one was hurt. That’s the main thing.”
He was initially told his business would be closed for just two weeks but the Flinders Lane pavement remained blocked for six weeks.
“It’s hard to say how much business we’ve lost. People will just go somewhere else.”
<img style="border-style: initial; border-color: initial;" src="/images/stories/collinsst4.jpg">
All the panels from the Flinders Lane side of the building have been removed, and work continues on the other sides of the building.
“At the moment they are simply being stabilised,” says Browning.
“Further decisions and discussions will take place in the future.
<img style="border-style: initial; border-color: initial; float: left; margin: 5px;" src="/images/stories/collinsst6.jpg">“The priority is to get it stabilised.”
Browning says there is no definite date for when fencing would come down.
ISPT is one of the largest property funds in Australia, managing $7 billion worth of investments. In Melbourne it owns 500 Bourke Street, Casselden Place, 114 William Street, Melbourne GPO, 474 St Kilda Road and 50 Lonsdale Street.
ISPT bought 447 Collins Street for $81 million from AXA in November 2004.
 
 
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Retail tenants still awaiting compensation two months after Melbourne office building’s emergency closure

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The commercial property sector continued to improve in late 2011 driven by a drop in office vacancy rates and a rise in office property values and rents, according to the RBA’s latest Financial Stability Review (FSR).
The FSR notes that office property values and rents rose by about 7% over the year, but still remain around 15% below their 2007 peaks on a national basis.
The report notes that office vacancy rates in most capital cities have stabilised or declined moderately since 2009, with larger falls recorded in Perth and Brisbane, where vacancy rates had previously increased more sharply.
“The pick-up in office property prices was evident across most capital cities. Prices and rents in the industrial property market also strengthened, though conditions in the retail property market have been more subdued,” the RBA says.
<img src="/images/stories/rbamarch29.gif">
However, the RBA makes an important distinction between the recent downturn caused by the GFC and past adjustments.
“The adjustment in the commercial property market in recent years was less severe and drawn out than the downturn in the early 1990s: office property values fell by 25% over two years from their late 2007 peak, compared with a 50% peak-to-trough fall over four years in the early 1990s.
“There was a smaller supply overhang this time, and banks appear to have delayed selling some non-performing commercial property assets until conditions improved rather than selling into a depressed market,” the central bank says.
“There were some market segments, however, where stock additions at the peak of the market subsequently put pressure on vacancy rates and rents, especially than in earlier years.
 
“Lending conditions are said to be particularly tight for residential property developments in Melbourne, given concerns about a possible oversupply of apartments in that city,” says the RBA.
The report notes a slightly better lending environment, with the “quality of banks’ commercial property exposures improved slightly over 2011, but the impairment rate remains above that for banks’ total business lending (5% versus 3%)”.
“Commercial property impairments are about one-half of banks’ total impaired business assets, even though lending to the sector accounts for only about one-third of total business lending,” says the RBA.
It also notes while European banks’ exposure to the Australian commercial property has shrunk by about 60% Asian banks have increased their exposures to the market over the past two years, though from a relatively low base.
The non-bank sector continues to struggle to lend on commercial property.
“Non-bank sources of finance for commercial property remain constrained, with little issuance of commercial mortgage-backed securities in recent years and mortgage trusts’ funds under management continuing to decline,” says the RBA.
 
 
 
 
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Commercial property returns improving but still below pre-GFC peaks: RBA

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There were 896 sales in Perth this week, up 8% from the 822 last week and up 39% from the same weekend last year, according to the Real Estate Institute of Western Australia.
<img src="/images/stories/reiwamarch28.gif">
 
 
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