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“Minister Chanthivong and his team have shown real leadership in replacing an outdated two-year bond with cover that matches the lifespan of the buildings people are buying into.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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Today I can reveal an update to some important housing “valuation” analysis that we published here late last year. The revisions leverage off the ABS’s latest National Accounts, which form the basis of the quarterly economic growth (or “GDP”) data.
This analysis asks a simple question: if one took the median Australian house price way back in 1985, and indexed it to (1) the change in disposable incomes per household over time, and (2) any changes in borrowing capacity resulting from variations in mortgage rates, how would this “new” 1985 price compare to actual median prices in 2011?
Put another way, we want to know what percentage of the increase in Aussie house prices since 1985 can be explained by changes in disposable incomes and mortgage rates.
As a crucial part of this analysis, we hold constant the amount households spend on meeting their mortgage repayments as a share of their total disposable income at the original 1985-86 levels.
In particular, Rismark worked out the average mortgage repayments-to-disposable income ratio between 1985 and 1986, and then assume that this is the ratio future households apply to their repayments. The exact ratio used in the analysis is 25%; i.e., one-quarter of disposable income is available to service principal and interest repayments on a home loan.
One can then work out the maximum amount the household can borrow given a level of income and a specific mortgage rate.
The chart below shows the results of this analysis, which replicates a framework first developed by an ANZ economist, Paul Braddick.
Rismark finds that growth in disposable incomes on a per household basis explains about 60% of the increase in Australian house costs since 1985. Changes in borrowing capacity account for another 33% of the rise in Aussie house prices. Taken together, Rismark can explain nearly 93% of the total change in house prices over the last 26 years by simply using incomes and interest rates.
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Regular readers will recall that I have belaboured here the quite radical adjustments in actual mortgage rates that took place over the past three decades. Specifically, the average variable mortgage rate in Australia between 1980 and 1995 was about 12.6%. Since 1995 the average home loan rate has fallen by more than 40% to about 7.3%. This is around where lending rates sit today.
The enormous reduction in the cost of housing debt has enabled households to increase their total amount of debt without necessarily boosting the amount of money they spend servicing that debt (although the evidence implies that there has also been a substitution towards additional housing consumption).
In this context, it is instructive to observe that Australia’s housing debt-to-income ratio rose from circa 40% in the early 1990s to a little over 130% by 2006. Since that time the debt-to-income ratio has flat-lined (see the second chart below). This tells us that housing credit is tracking incomes, which is what we should expect, all else being equal.
Click to enlarge
<a title="Click to enlarge" rel="shadowbox" href="/images/stories/march202.gif"><img src="/images/stories/march202thumb.gif"></a>
Some analysts like to thump the table about credit growth being at “35-year lows”. This is misleading and assumes that historical rates of credit growth were somehow normal. They were not. The surge in household debt during the 1990s was a function of the equally striking reduction in the long-term cost of that debt.
Going forward, we should expect to see housing credit shadow household purchasing power. That is exactly what is happening today. I would, therefore, characterise current credit growth rates as the “new normal” as opposed to a harbinger of economic Armageddon.
One word of warning. There is an important downside to the far higher housing debt-to-income ratio. The sensitivity of household spending and saving decisions to changes in mortgage rates is now greater than it used to be. That is to say, a sudden and large increase in mortgage rates is likely to have more of an impact on household decision-making than it might have had back in the early 1990s. The converse is also true.
Christopher Joye is a leading financial economist and a director of Rismark International and Yellow Brick Road Funds Management. The above article is not investment advice.
 
 
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The new normal for housing not economic Armageddon: Christopher Joye

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There will be little reprieve for the residential building sector in 2012, but there will be growth in new home building led by WA, NSW and Queensland in 2013, according to forecasts from BIS Shrapnel. 
In its March 2012 Economic Outlook bulletin, BIS Shrapnel says that uncertainty around the economic outlook and funding difficulties for developers has meant that building approvals and commencements have remained weak, with new dwelling investment activity continuing to contract “for the next couple of quarters”. 
“However, increased first home buyer interest, interest rate reductions late last year, and extensive or emerging dwelling shortages should result in activity picking up later this year in New South Wales, Queensland and Western Australia,” the report says. 
BIS Shrapnel is forecasting a 5.2% fall year-one-year in total private dwelling investment for the year ended June 2012, recovering to a rise of 4.7% for the year ending June 2013. 
“We expect activity in the construction industry to remain weak for the next couple of quarters, before picking up in the second half of the year. The increased activity will initially be dwelling related, but we expect to see non-dwelling building activity also increasing, particularly in 2013,” says BIS Shrapnel. 
Western Australia is forecast to lead the rebound with a 29% gain in the value of new dwelling construction in 2013 following an 11% dip in 2012. 
In 2013, the total number of new houses built in WA is forecast to rise by 25% to around 19,000 following a 7% dip in 2012 while unit construction will jump by 47% to over 4,000 in 2013 following a flat 2012.
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BIS forecasts a 26% jump in residential construction in New South Wales in 2013 following a flat 2012.
There will be a modest 2% increase in the number of dwellings built in NSW in 2012 followed by a large 31% gain to over 40,000 in 2013, says the forecasting firm. 
Sydney is set to be the focus of new dwelling approvals in 2012, with 14% growth in the number of new homes approved in 2012 with 15% growth in 2013 to above 20,000. Strong growth in building approvals is also forecast for the Hunter region (12% in 2012 and 19% in 2013).
Click to enlarge
<img src="/images/stories/bismarch202thumb.gif">
Queensland’s residential construction sector is forecast to expand by 21% following a forecasted 7% dip in 2012. 
In terms of total numbers, new dwelling construction is expected to drop by 3% in Queensland in 2012 but increase by 22% to over 30,000 by 2013.
Among the smaller housing markets, BIS Shrapnel is forecasting a massive 47% boom in new housing construction in the Northern Territory in 2013 off the back of the $30 billion Inpex onshore gas project. 
Reflecting the imbalances in the economy, new dwelling construction is forecast to fall by 21% in Victoria in 2012 and then by a more moderate 7% in 2013 as the construction contraction in the state starts to bottom out. South Australia will rebound by 4% in 2013 and Tasmania by 5%. 
The outlook for the ACT is very poor, with a 27% drop in the value of new construction expected in 2012 followed by a 33% drop in 2013. 
Across the country new dwelling construction growth is forecast to dip by 13% in 2012 but will wipe out this deficit in 2013 with a 13% gain. 
Housing construction will rebound by 12% in 2013 following an 8% dip in 2012, while units will rebound by 15% in 2013 following a 15% drop in 2012. 
In its report, BIS Shrapnel says household income growth has slowed over the past couple of quarters, but still remains solid. 
“We expect it to start increasing again through the second half of 2012, driven by higher wage inflation and a return to employment growth,” the report says. 
“Nominal compensation of employees increased just 0.9% in the December quarter, reflecting zero employment growth and decelerating wage inflation over the year. 
“However, strong growth earlier in 2011 meant that year-on-year growth in nominal compensation of employees was still a very respectable 7.6% in the 12 months to December 2011. 
“We expect the annual rate to drift down to around 6% by the end of 2012, before it accelerates again. This will continue to support solid growth in household spending.” 
BIS Shrapnel forecasts an average standard variable mortgage rate of 7.4% in 2012, rising slightly to 7.8% in 2013.
 
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lschlesinger-FZcF9M3vE6

WA, NSW and Queensland to lead rebound in residential construction from 2013: BIS Shrapnel

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The south-east Queensland property market is edging towards recovery, led by increased sales activity for properties priced below $500,000, according to CBRE. 
However the Gold Coast market remains among the most under pressure markets in the country. 
In its 2012 first quarter report CBRE notes that the Brisbane market is showing more stability than the coastal markets and says “multiple offers” are now being lodged for properties in the sub-$500,000 price bracket. 
The report notes that the Gold Coast and Sunshine Coast markets have not yet stabilized, with the Gold Coast remaining among the worst-performing residential markets in Australia from both a capital growth and sales volume perspective.
Click to enlarge
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It notes that the Gold Coast suburbs of Beenleigh, Southport (both down 10.6% to medians of $441 and $399,000 respectively), and Surfers Paradise (down 9.1% to $520,000) have had the greatest median price falls over the past 12 months. 
Across the Gold Coast prices are down 11.4% to $324,000. 
In comparison property prices in Noosa on the Sunshine Coast have fallen by a more modest 5.2% to $432,000, though the report notes a larger number of mortgagee-in-possession sales. 
The outlook for the Gold Coast is not all gloomy, with CBRE noting an increase in buyer activity in the sub-$500,000 market as well. 
The report notes a pick-up in first-home buyer activity as a result of discounted pricing as possibly also as a result of the $10,000 building boost on offer from the state government until the end of April. 
Report co-author and associate director of global research at CBRE Sam Reilly says the pick-up in sales combined with a solid rental market and strong economic forecasts for the state suggest a strong turnaround is looming for property in the long term. 
However, the upper end of the market from $1 million to $2 million continues to struggle, a “wait and see” mood prevailing amongst investors. 
This is the case both in Brisbane and on the coastal markets. 
The report notes that the Sunshine Coast has not felt the same kind of pricing pressures as the Gold Coast and has seen a high level of buyer interest in its prestige sector as vendors finally adjusted their price expectations. 
According to CBRE mortgage valuations regional director and report co-author Tom Edwards, the biggest concern is the prestige sector in all cities. 
“Few sales are taking place and transactions that are completing are generally distressed sellers. For property between $1 million and $2 million, there has been a further slowing with price levels showing substantial discounts,” he says. 
As a result, vendors in this price bracket are choosing to renovate rather than try and sell at a reduced price. 
Reilly says sales activity for the remainder of 2012 is likely to be dictated by the confidence of the market. 
“Upward pressure on interest rates as well as the ongoing negative exposure from the eurozone issues may dictate the short term market direction, however a strong turnaround is looming” he says.
 
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South-east Queensland housing market recovering, with sub-$500,000 sweet spot: CBRE

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The first Australian building designed by prize-winning American architect Frank Gehry has been approved with construction to start within months.
The 12-storey structure was designed for the University of Technology, Sydney.
Excavation of the Ultimo site near the ABC is under way.
<img src="/images/stories/gehry.jpg">
The $125 million tower for about 1,300 students and 300 academic staff is due for early 2014 completion.
The tower will be called the Dr Chau Chak Wing Building, named after the Hunters Hill Australian-Chinese businessman and philanthropist who has donated $20 million to help build it.
The crumpled-looking 15,470 square metre building will be the university's new business school. Only two public submissions were received against the project during the public exhibition period last June, although the initial design was changed slightly to improve privacy in nearby apartments.
The tower will be built on a site now occupied by the former Dairy Farmers Milk Co-op warehouse building.
It will include parking for 177 bicycles and 20 cars, with onsite showers and lockers.
The new building will generate its own electricity with a gas-fired tri-generation plant, an initiative backed by the City of Sydney.
The new buildings are part of a UTS campus master plan, estimated to cost a total of $1 billion.
 
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jchancellor-FAypfDUnLy

Frank Gehry’s first Australian building approved for University of Technology, Sydney

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Well, was it any surprise? Last week we saw <a target="_blank" href="https://bit.ly/wjWOIi">a report</a> publicised that blamed obesity on outer-suburban living. It wasn’t the only health issue highlighted; others such as respiratory problems, abuse of alcohol, depression, and various other mental and physical diseases resulting primarily from poor lifestyle were cited. It’s a long shot to solely lay the blame on fringe living for a destructive lifestyle. It’s true residents in outer-suburban locations are generally more reliant on their cars as their prime method of transport and therefore won’t be walking to the non-existent “local” shopping strip and various other amenities abundant in our established inner-city ’burbs, however there are many other contributory factors we must consider – poor education being the first.
However, the report wasn’t revealing anything new – for years various studies have been citing rural and “growth” suburbs as hotspots for obesity epidemics, and it’s not a problem unique to Australia – similar results are also to be found in the USA, UK and throughout the western world.
Currently our outer-suburban new estates are amongst the fastest-growing suburbs in Australia. Areas such as Wyndam City and Whittlesea North in Victoria, along with Ipswich in Queensland, Camden in Sydney, and Wanneroo in Western Australia are just a few of the fringe localities that are all outperforming in the population stakes.  Some are running high on the mining boom, however these are commonly pulling in “fly in, fly out” workers and investors more than potential owner-occupiers.
The vast majority of home buyers are heading outwards for one of two reasons – the first being affordability.  Most houses in the new estates come with an attractive median price tag in some cases well under $400,000. Considering the average home loan hovers between $290,000 and $327,000 depending on which state you purchase in, it’s no surprise to see strong demand around the fringes, especially in times on low confidence and financial instability.
Government incentives are another inducement that pull purchasers outwards. The first-home buyer boost during the GFC offering generous grants for regional purchases produced large jumps in the median house price (resulting from increased buyer demand) and also inflated population figures in many of these localities. The same results have been replicated in NSW throughout 2011 due to cuts in stamp duty for first-time purchasers (cuts that have now been withdrawn for existing properties, but remain for new homes, mostly located in the outer-suburban estates).
However, the main buyers forced to look out of town are young families unable to afford their dream in the inner-city suburbs, which for the price of a house in woop woop would only be able to purchase a one-bedroom flat at best.  For those on tight budgets, it’s not a bad option – after all, our now affluent middle-ring suburbs were once considered outer suburban with similar issues as those above.  Fast forward some 20 (or so) years later and their median house prices are considered “unaffordable” and resident lifestyles improved with better amenities. Therefore it can – in some circumstances – be a good initial footstep onto the property ladder.
For years both state and national governments have understood the importance of facilitating the outer-suburban regions with adequate community facilities such as reliable public transport systems, schools, shopping centres, leisure centres, train lines, open park land and so forth. However, the cost of doing so has always fallen heavily on developers and purchasers, resulting in limited land releases and hefty development overlays. Most notably, promises of improvements in infrastructure supposedly funded by these development overlays generally go unfulfilled.  Quite simply, local government is now facing the stark reality of unprecedented growth, which has been forecast for decades by the ABS, but hasn’t been adequately planned for – whether this be through lack of funds or poor administration.
The prevalence of obesity results not only from the lifestyle, but also the socioeconomic status of the demographic. Studies done previously by the Australian National Rural Health Alliance Inc – Australia’s peak non-government organisation advocating for rural and remote health – shows “obesity is particularly prevalent among men and women in the most disadvantaged socioeconomic groups”.  These groups are generally located in remote or poorly facilitated outer-suburban areas such as those mentioned above. Not only are there a lack of sports and leisure facilities, it’s also been shown by “market basket surveys” in the Northern Territory that the further away from the city you migrate, healthy food items increase in cost in regional localities. Results that have been replicated in studies done by the Queensland HFAB (Healthy Food Access Basket) and various other organisations both here and abroad.
However, let’s be clear about this – purchasers don’t buy into these areas just because they have no choice. The second reason they buy in these localities is the abundance of property better suited to their version of the “McMansion-style Australian dream” – preferring to compromise on location rather than house size.
The old Aussie obsession of a quarter-acre block and detached family home may have modified somewhat as the population increased, however it has never disappeared.   It’s true, flats and apartments marginally outperform house sales in capital growth statistics; however, this is due to decreasing land sizes and greater density in the inner-city suburbs, where they make up the bulk of the housing stock.
Those who hold professional positions in the capitals are often unable (and unwilling) to live distances that require long commutes to the work place or local shopping strip.  However given the choice, there are few who would choose an apartment over a four-bedroom home, and countless studies have proven this with home sizes increasing, despite household numbers decreasing. Single-person dwellers may be the fastest-growing demographic, however “family units” are still our biggest buyer market and therefore affording the size of home needed and desired in an inner “well established” locality just isn’t possible for a growing demographic.
Oliver Hume real estate agency, which holds the market when it comes to land sales, reports that even though block sizes have decreased, due to affordability, the desire hasn’t diminished for large houses. In its 2011 Survey of Purchaser Sentiment, the company points out that large houses are still as requested as they were previously.
Given choice, the majority of purchasers wouldn’t push to the outer suburbs; however they do so because they often want to buy something bigger. And who can blame them? No one really wants to live in areas of increasing density. It’s one of the major complaints inherent in inner-city residents and hardly conducive to a healthy environment.  The levels of obesity may be lower in well-established affluent suburbs, but living in overcrowded polluted streets where despite being crammed in, you don’t know the person living in the upstairs apartment, and your once-private backyard is now overshadowed by the surrounding subdivided townhouse developments, is hardly an improvement on the suburban sprawl.
 
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Believe it or not, the secret to all of this lies in “happiness economics”. If we’re going to effectively manage a growing population – something inevitable to our future evolution – we need to understand the importance of happiness in the equation.  Diseases such as those mentioned in the recent reports laying the blame for obesity and depressive illnesses on poorly designed suburbs are all stress related and prevalent in areas of high density as well as regional locations.
However, they can be effectively combated when the attention moves away from building houses to building communities. The obsession governments have had with building roof space to combat what has been widely accepted as a fundamental shortage of housing (something attested by our low vacancy rates across most states of Australia) has lead to an over supply of poorly designed accommodation, whether it be high-rise apartments, or endless rows of house-and-land packages.
We need to provide family accommodation, which we simply can’t keep doing in already overpopulated inner-city suburbs – therefore going outwards is not an option, but a necessity. However, unless we facilitate community needs vital for emotional health, we’re going to end up spending large amounts of money combating stress-related diseases such as obesity, which have nothing to do with proximity to a local gym or swimming pool.
It’s worth looking at a few places that have successfully found a solution to this paradox. In various studies that have been conducted across the country, certain suburbs have been named “the happiest place in Australia” – and they are not located inner city, with gyms and pubs on every street corner.  Results include <a href="https://bit.ly/ACGYww" target="_blank">Wagga Wagga and the wider Riverina</a> in NSW, and <a href="https://bit.ly/yOPFEE" target="_blank">Mayo</a> in South Australia. Both these areas have not proven stress free, as recent flooding and loss of housing will attest, however residents are judged happy and consequently healthy because they have a relationship with their neighbours.
Within the suburb are community facilities such as religious meeting places, local festivals, good schools, parks, play centres and so forth – more importantly, their society has an element of autonomy, where residents take the initiative and encourage involvement in local activities. Their happiness has nothing to do with income but everything to do with their connection to others.
Therefore if we’re going to keep building outwards, it’s vital we invest money at the same time into infrastructure that nurtures community involvement and provide local residents with a say in what’s developed. You can’t do one without the other – and there is no advantage waiting until an expensive government report can prove the viability of providing a train line, school or leisure centre. The return on infrastructure investment is never easy to prove on paper but then, happiness economics isn’t about money, it’s about people – and when employed correctly, it will nurture a growing populous who will prove less burdensome on the economy over the long term.
It’s not a new concept: Aristotle, Thomas Jefferson, and more recently great religious icons such as the Dalai Lama have put the pursuit of happiness on equal status to other revolutionary concepts such as liberty, democracy, and economic health.  However, let’s be clear about this – we don’t need to pursue happiness, we have it right there in the people surrounding us. Community involvement is the key, and high priority when assessing a property’s investment potential. As Rabbi Jonathan Sacks once said, “If I have power and money and give some to you I have less, however if I have love and happiness and give some to you, I have more.” As for the home buyer and investor, the lesson is obvious, you don’t buy a house, you buy a location and consequently a lifestyle – a happy community will increase the potential of your property investment two fold, and an emotion that should never be discounted.
 
Catherine Cashmore is a market analyst with extensive experience in all aspects relating to property acquisition. She is Channel Ten’s property expert on <a href="https://ten.com.au/the-circle.htm">The Circle</a> and a senior consultant for <a href="https://www.nationalpropertybuyers.com.au/">National Property Buyers</a> servicing the needs of both investors and home buyers Australia-wide.
 
 
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Community facilities are necessary to keep home buyers both healthy and happy

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No matter the type of market we are dealing with it is now almost impossible to imagine a major project being taken to market without the inclusion of display homes or a display apartment (either a full apartment or very convincing facsimile rooms) being at the core of the sales effort.
Display homes have been a part of this market since the late 1940s, when show homes or display homes were first used to highlight the emergence of new home appliances and how the modern family aspired to live. They were also used to entice buyers away from the older inner-city areas, when the suburb was a new innovation.
Today display homes are highly detailed. While there has been a big jump in the quality of CGI images, virtual tours and soon augmented reality these do not really compensate for the ability to see, touch and experience ‘the real thing’ that show what the development or home builder is set to deliver. Only a display apartment or home will ever do this, and now that there is so much material online when buyers do get their first hands on experience of the product I think that it needs to be a gratifying experience.
Display homes
Display homes have been used to sell house and land packages within estates for decades. Today builders and developers invest a huge effort into their display homes and it is common for several designs to be in the one display centre. Display homes can be either related to a single estate or they can be in a combined super home village related to a region.
<img style="float: left; margin: 5px;" src="/images/stories/chitt1.jpg">
Some Australian home display villages are among the biggest of their kind in the world.
On a large scale, these villages can have 50 to 100 homes to view in the one location, each one furnished and landscaped and presenting an enticing and convenient choice for buyers. I think that there are times that given the amount of choice presented it is reasonable to ask if these display villages can be too large?
At such a village it is possible to see would be buyers move from home to home for hours and frequently with many repeat visits. They collect a great deal of information with arms full of brochures and plans to help them consider the various options on sale. Different homes and builders also present a range of interiors and many finish options.
But can there be too much choice, one important challenge in these circumstances is that the sales process must be carefully managed and the sales effort should not simply operate by volume or turn into a form of crowd control.
However when a number of display homes are built solely to service one estate, the options are somewhat different. There can be as few as 2 or 3 homes on a single estate, but this can grow to 30 plus, it simply relates to the size of the estate and the supply of land. The numbers and level of investment need to be relative and I have seen many different options work.
From a marketing perspective it needs to be kept in mind that even estate based display homes will act to generate sales in other areas, this is one key reason why I feel that an estates brand identity needs to be carefully managed. People will always shop around and as I have outlined in a number of earlier posts, the brand message needs to be kept front of mind.
Display villages require detailed planning so that they relate to the entire estate and any on-site marketing centre. These villages also require professional planning within the development controls of local councils, as they can be sensitive issues.  The lead-time for a display village to open can take 12 to 24 months of planning and construction and this needs to be accommodated in marketing plans.
Display apartments
Just like the display villages associated with large residential estates the display apartment fills a vital role in the selling and promotion of high-rise and medium density developments. So much so that developers need to make the necessary financial investment to build full prototype display apartments that leverage every advantage of a project and its future potential.
<img style="float: left; margin: 5px;" src="/images/stories/chitt2.jpg">
The display apartment or in some cases several apartments are then fully decorated and furnished so that they not only demonstrate how the apartment will be built and what finishes it will contain, but they also demonstrate lifestyle options.
If a potential buyer is asked ‘can you see yourself living here’ – we want the answer to be a resounding ‘yes’. The idea is that buyers are left in no doubt about the potential for the new apartment they are considering.
The display apartment encourages buyers to have the confidence they need to commit to the purchase. This is a very important fact because in some cases they may have a long wait for the building to be complete and they will make repeated visits to see the display as they naturally anticipate the completion of their new home or investment.
However it is again important not to overdo this process. Buyers still need to be able to see their lives reflected in the apartments, to imagine how they might like to live. Taking the level of finishes and furniture outside of the likes and dislikes and budget of the target demographics can be a mistake. This point also extends to the size of apartments, how well the design works and of course price.
There is no point in creating a display apartment that people might admire but they would not consider buying. Above all the display apartment has to feel comfortable and help promote the best aspects of the development.
What I am keen to express here is that the product in every aspect must match the target market that has been identified. There is no particular formula, but the product, as demonstrated by the display must make that connection.
There has been a great deal of experience in this area and it is possible to source highly respected, and tried solutions. This is not to suggest a copy-cat approach, in fact just the opposite, but I simply want to acknowledge that risks can be avoided by always making sure the target is kept front of mind so that when completed, the display apartment will fully engage the target market.
<img src="/images/stories/chitt3.jpg" style="border-style: initial; border-color: initial; float: left; margin: 5px;">
In some very high-end apartment buildings offering an interior design service to particular buyers is an idea used in some markets. While in Australia this is not yet common, but in some multi-million dollar markets it could be a good idea as the design consultant can help cement the ideas that the potential buyer might see as important.
Again it’s a matter of meeting the expectations of the target market and that is pure logic at any level of the market.
In the display environment the use of very well-know brands for key appliances and major items like kitchens and wardrobe joinery is a well-established norm, but now the range is being extended to include items like European brand kitchens/walk-in-robes, wine coolers, coffee machines and the like.
But there is also one overriding function that display apartments also fill, and that is the vital role that helps every potential buyer fully appreciate the quality of the building and the finishes that will be used. And of course the appliances that are to be provided. It is also important that buyers understand how the space in an apartment will work. How big is the bedroom? Are the robes of ample size? Will the terrace be a good space to relax and entertain? Where do we store the vacuum cleaner, or the ironing board or the bike?
The display apartment also has to dovetail with, and extend the use of all other marketing materials; this includes floor plans, finishes options, and what different views and aspects are available.
Relating how all of these elements work is a key to how the display apartment works in the everyday and on-going application of the sales path, an important mix of sizzle and information. The display apartment is the nucleus of the buyer’s experience and the culmination of the marketing plan.
 
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The option of indicative rooms
There may be times when it is not possible to build a full display apartment. When this is the case another popular option is to provide indicative rooms as a key part of the display. This option is used and can be a success. Usually rooms such as kitchens and bathrooms are included, as these are high impact rooms the buyers will usually see as very important.
<img src="/images/stories/chitt4.jpg" style="float: left; margin: 5px;">
Another alternative or as an interim measure, possibly in a pre-release campaign, would be to create high-impact CGI images or virtual tours and these could be used in a number of innovative ways including a large scale 1:1 theatre presentation.
This is an idea that was used for several major projects in the late 1980’s and was employed as part of a pre-release campaign when there was very strong demand and at a time when buyers were more than willing to commit to a purchase based upon this level of information. I am sure that if the planning is spot on these options are viable, however market circumstances must always be taken into full consideration.
Never forget the buyer’s perspective
There is little doubt that buyers react very well to beautifully presented display homes and apartments. There are now high expectations and so it is important that buyers in-turn are engaged with the product and not simply entertained.
The buyer’s experience at a display apartment, sales centre or homes display village is all based around a feeling of anticipation, excitement, and interest and hopefully a high level of motivation.
However buyers will look beyond the glitz and so it is important to ensure that key aspect of the marketing are aligned with the display apartment. We already know that a majority will have done at least some, if not a great deal of their own market research.
Even if we are dealing with the most fundamental enquiry, which I think these days would be an exception, here are some of the key points to consider that will always require care when planning both display homes and apartments, they include but are not limited to:
<ul>
<li>Accurate room sizes</li>
<li>How are areas calculated?</li>
<li>Ceiling heights</li>
<li>Bed sizes</li>
<li>Built-in appliances or space for appliances</li>
<li>Accurate finishes</li>
<li>Sound ratings, wall strengths (people tap on walls) – main internal walls and party walls</li>
<li>Ample power and data point</li>
<li>Access – getting furniture in and out</li>
<li>Strata fees, local services</li>
<li>Colour schemes as they appear and not only relying upon a small sample finish board</li>
<li>Lighting and natural light</li>
<li>View or street aspects</li>
</ul>
A competitive edge
The display home or apartment is a major investment. It’s an investment that can cost hundreds of thousands, even millions of dollars. Such investments are absolutely justified, as this is a high-touch environment.
However no matter what investment is made I have repeatedly stressed how accurate planning, a solid understanding of market conditions and the target demographics must be the foundation of every aspect of the display environment.
For almost any new project competition will be complex and will not only come from other developments, but will also come from the existing housing stock. Existing homes are sustained by one big advantage, they are complete, and they are functioning as a home. While some might be frayed at the edges, most are usually loved and many can be very inviting.
I think that it is always crucial to keep in mind that we do operate in a very complex and varied market helping well-informed buyers and these circumstances will continue to dictate how every aspect of display apartments and homes need to be considered down to the smallest detail and kept under constant review.
Peter Chittenden is managing director for residential of <a href="https://www.colliers.com.au/Colliers%20Corporate/Residential.aspx" target="_blank">Colliers International</a>
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Display homes are a vital part of marketing a new housing project

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Right now, the Sydney suburban office market is trending sideways. And that's rather good news, because the general consensus was it was about to slump.
While its vacancy rate sits at 9.6%, there is little new space coming onto the market over the next couple of years.
Because of the recent general uncertainty, most of lettings the have come about through lease renewals – as businesses choose to stay put, rather than relocate.
The expectation is for a return to solid rental growth during 2012-13, as business confidence improves.
The Melbourne market has a lower vacancy rate.
Although demand for space actually fell, so did the rate of new construction over the past year — which has kept Melbourne's vacancy rate at 5.7%.
Once again, there is no new construction in the pipeline. And over the past 12 months, the market seems to have been dominated by owner-occupiers and private investors.
This trend is likely to continue as larger investment trusts selectively re-balance their portfolios, by divesting some of their suburban offices.
Bottom line: Both the Sydney and Melbourne suburban office markets appear to be at (or just leaving) the bottom of their cycles.
And with little new construction looming, now would be perfect timing to secure a well-let office suite — ready to ride the strong upswing, during the next four or five years.
Chris Lang is an advisor to commercial property investors and gives keynote speeches and regular seminars on the best way to invest in commercial property. He maintains a blog, <a href="https://his-best.biz/" title="Chris Lang's blog" target="_blank">his-best.biz</a>, which he updates regularly about the best way to get the most out of your commercial property investment.
 
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Now is a good time to invest in Melbourne and Sydney suburban office markets

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The factors that influence the purchase of an investment property are much more identifiable than what makes a good home.
1. Long-term capital growth. This is at the top of the list because it’s the most important. You invest to make money; it makes sense to make decisions that will mean you make the most money with the minimum effort.
The properties you buy should have the potential to double in value every seven to 10 years. The reason these properties grow faster than others on the market is because the demand will exceed the supply.
2. Proximity to the CBD and lifestyle amenities. Properties close to the CBD are in shorter supply than middle and outer-ring locations, so they will always be in demand. But look for the location within the location — it should be close to lifestyle amenities such as cafes, shops and public transport. Also, people who rent in inner-city areas are more likely to wear periodical rent increases because they are there for the lifestyle. Tenants in outer areas, particularly families, might be more sensitive to rent increases.
3. Classic architectural style or consistency. Land is an important factor in capital growth but so too is architectural style. Suburbs with a melting pot of styles, from fibro shacks to ’60s brick veneer and ’90s McMansions, will never hold their value as well as areas with predominantly classic architectural styles such a Federation and Californian bungalows. Properties not consistent with the style of the area will date quicker and therefore not perform as well in the long term.
4. Ability to add value. Some properties, while not immediately appealing because of décor or condition, might have loads of potential. You might not have the know-how or money to renovate now, but if the property is in good enough condition to rent at the time of purchase (or could quickly and cheaply be brought up to scratch), it’s still worth a look. Perhaps you could rent it out for a few years and renovate down the track. Perhaps you could pull down the house in the years to come, subdivide, and build a couple of units. Don’t immediately write off a property that might have potential to add value. There are opportunities to create depreciation instead of buying it; however, when renovating to add value you need to optimise, not overcapitalise. When adding value you also need to understand the demographics of the area.
5. Reliable rental return. The rental return you get from your investment properties should not only be at the premium end, you should also be able to increase it every year. And, while it is an important consideration when buying an investment property, it is not the most important consideration in a capital-growth strategy. The most important is growth — how much the value of the property will build over time compared with median prices. It is this rapidly growing asset that allows to you to build equity and buy more properties.
Generally speaking, the higher a property’s capital value, the lower the return in percentage terms. In a cashflow-positive strategy, the rule is that the rental return must cover the outgoings. That won’t happen in a capital-growth strategy. But setting rent is a balancing act. You want it high enough to offset your holding costs as much as possible, but low enough that you can attract and retain the right tenants. This is where investors who buy strictly based on positive cashflow can lose out: with tenants who either don’t treat the property well or are the kind who can’t shoulder regular rent increases.
6. Sensible configuration. An illogical floorplan will bring down houses with loads of street appeal and great architectural style. A slap-dash renovation or odd configuration can be very off-putting simply because it doesn’t feel right. The property needs to flow well from one room to the next. Bedrooms next to kitchens don’t work very well, nor does having to walk through a bedroom to get to another part of the property. If buyers and tenants are put off, the demand for this property will plummet. And so will its value.
7. Personality of a property. A property’s personality has something to do with the floorplan, but more to do with the feel of a property. How does it make you feel when you walk around? Is it light and bright or dark and dingy? Does it have a nice outlook through the windows? Does it have appealing features you don’t often come across that make it that little more interesting than the other properties you’ve been looking at?
All these things add up to the personality of a property. We all want to be around people who have magnetic personalities. The same applies to property.
8. General renter appeal. Always consider who will want to live in the property. How desirable will it be to your target tenant? You want a property that is not only easy to rent out, but is highly desired by quality tenants. That way, you will able to get the pick of the rental market.
9. Owner-occupier appeal. Although you should think of who will want to rent your property when conducting your property search, you should also consider if it will suit the owner-occupier market in the area. This will ultimately determine its long-term value because, when it comes time to sell, you will not be limiting your market to investors only.
<img style="float: left; margin: 5px;" src="/images/stories/rightpricecover.jpg">
Melissa Opie is known as "The Property Lady" and is founder and managing director of Keyhole Property Investments and helps everyday investors make decisions tailored to their names. She is the author of Find the Right Property, Buy at the Right Price, which is <a href="https://au.wiley.com/WileyCDA/WileyTitle/productCd-1118188020" target="_blank">published by Wiley</a>. This is an excerpt of Find the Right Property, Buy at the Right Price.
 
 
 
For more on buying your first investment property, sign up for Property Observer's free webinar Six Smart Steps Towards Buying Your First Investment Property with property expert Chris Gray this Thursday, March 22, at 12.30pm.
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Nine things to look for when you buy your first investment property

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Buyers have shown strong interest in the R Corporation’s new Central Park development in the Melbourne suburb of Cheltenham, with just over half of the 52 townhouses sold just three days after the first stage of the development officially launched on Saturday, March 17.
About 120 groups went through the display centre during the weekend of the project’s launch. Ten of the townhouses were sold over the weekend. Pre-sales began for the development in November last year but ceased during the Christmas period. Pre-sales began again in February 2012.
<img src="/images/stories/cheltcentralpark1.jpg">
Central Park will offer six styles of townhouse, all named after flowers. They range from the two-bedroom, 121-square-metre Jasmine, which is priced from $530,000, to the three-bedroom, 170-square-metre Orchid, priced from $825,000. All styles come with carports or garages, with the Orchid including a double garage. The first stage of the development offers five styles, with Jasmine the only two-bedroom model available. All models have two bathrooms.
There will be four stages of 52 townhouses each.
<img src="/images/stories/cheltcentralpark2.jpg">
“For us it’s about delivering a design-focused townhouse that truly caters to the modern lifestyle our customers lead,” says R Corporation marketing manager Rohan Ames.
“We take our knowledge and heritage of the designer apartment market and apply this approach and ability to design efficient living spaces for the townhouses. The benefit now is that with townhouses we have more room to play with and there isn’t a need to compromise on space. Bathrooms can be more spacious and accommodate double showers and dual basins, living spaces are large, bright and open, and bedrooms feature walk-in robes,” Ames says.
<img src="/images/stories/cheltcentralpark3.jpg">
Central Park is aimed at upgraders who are buying their second or third homes.
“R. Corporation has recognised there is a largely ignored market that have outgrown their small apartment, but are not at the stage in life where they are considering, or can afford a large detached family home on a quarter-acre block,” Ames says.
The development’s target demographic is younger buyers who want the convenience of an inner-city lifestyle without being forced to live in tiny units.
<img src="/images/stories/cheltcentralpark4.jpg">
“The modern home buyer wants the design aesthetic of an inner city apartment, but with more space for entertaining and relaxing, and which also gives them more options for the next phase of their life,” says Ames.
“In many suburbs the only alternative to an apartment in their price range is a dated existing home. These often require renovations to cater to a modern lifestyle, and they’ll find themselves spending their weekends maintaining the garden, mowing the lawn or worrying about whether the roof will leak. Instead they want a modern home that they can enjoy with friends and family but is also easy to maintain.”
 
 
 
 
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Upgraders showing strong interest in Cheltenham townhouse development Central Park

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 The REIV has released its state budget submission for 2012–13, highlighting a need to continue\ state-based tax reform, assist first home buyers and reduce taxes to promote investment in Victoria.
With stamp duty revenues reducing due to the slowing economy, it is timely to reform the structure and level of property taxes to improve equity, remove double taxation and promote investment.
The current structure of property taxes in Victoria is inefficient and discourages the necessary investment in housing and commercial property.
Residential home buyers are subject to bracket creep when prices rise, leading to an increasingly high level of taxation. This not only results in a higher level of stamp duty for every dollar spent on a home but also discourages people relocating.
An anomaly of the tax system is that investors are subject to higher stamp duty at the same time as the community relies on them to provide the majority of rental homes.
Another anomaly is that when a buyer spends $550,001 rather than $550,000 on a home, they pay an extra $3,100 in duty. There is no sensible reason for that.
The REIV also applauds the focus on assisting all first-home buyers through cuts to stamp duty and encourages the government to continue the program, even extending it if budget constraints permit.
It is also clear that the policy aim of the bonus – boosting the construction of new homes – has been met, making it unnecessary to provide additional funding for the program at this time.
Equalising assistance for all first-home buyers will provide them the choice about where to live, rather than encouraging them only into new homes.
It is also high time for the levying of stamp duty on GST in non-residential transactions to cease. When an office block, warehouse or factory is purchased, the new owner has to pay GST on the purchase itself and then stamp duty not only on the value of the property but the GST component as well.
This anomaly has been in place since the GST was introduced, and it is time it was corrected.
Enzo Raimondo is CEO of the <a target="_blank" href="https://www.reiv.com.au/">Real Estate Institute of Victoria</a>.
 
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