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“Minister Chanthivong and his team have shown real leadership in replacing an outdated two-year bond with cover that matches the lifespan of the buildings people are buying into.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.

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<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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After three difficult years, the real estate agents industry stabilised in 2010-11, in line with improvements in domestic economic and financial conditions and growth in residential property prices in much of Australia.
Growth in the demand for commercial (i.e. retail, office and industrial) property strengthened property investment. However, this was offset by weakening residential demand since the beginning of 2011. As a result, IBISWorld estimates that revenue for the real estate agents industry will increase by about 0.9% in 2011-12, to reach $9 billion.
The growth in 2010-11 followed three years of declines. Over the past five years, industry revenue fell by 1.1% per annum due to reduced demand for properties from investors, commercial businesses and homeowners. Deteriorating economic conditions, rising debt levels and tighter access to finance directly affected property investment.
Growth in industry revenue from 2011-12 is likely to stem from increasing commercial property, which accounts only for a minority of revenue. IBISWorld expects that improvements to economic and financial conditions and steady population growth through 2016-17 will drive domestic property investment. Residential and property sales and leasing volumes are forecast to diverge, with residential demand decreasing temporarily. As a result, industry revenue is expected to grow by 1.6% per annum over the next five years, to total $9.8 billion in 2016-17.
<img src="/images/stories/ibismarch151.gif">
<img src="/images/stories/ibismarch152.gif">
Industry outlook
IBISWorld forecasts that industry revenue will increase by 1.6% per annum over the next five years, to total $9.8 billion in 2016-17. The industry is expected to slow in the short term as consumer sentiment creates an even more cautious environment.
The carbon tax is expected to dampen consumer sentiment and disposable income in the next five years, with it expected to lead to an increase in inflation of 0.7%, according to Treasury.
Nonetheless, improvements across a range of economic, financial and demographic conditions will drive demand over the medium-term and will bring the industry out of a minor slump quite easily.
In the bigger picture, the ongoing transformation of the Chinese economy is a major driver of the Australian market, bringing export earnings, foreign investment and taxation revenue, which directly and indirectly bolster domestic real estate conditions.
The residential market
Residential property market conditions will influence industry growth significantly over the next five years. The residential property market is expected to experience growth and reallocation in investment activity due to rising interest rates and government restrictions on housing supply, which will lower housing affordability and raise rental prospects.
<img src="/images/stories/ibismarch153.gif">
Improvements in the domestic economy, such as employment conditions, income levels, recovering confidence from the resources industries and the recovery of the Brisbane market from flooding, are expected to strengthen both foreign and local investor confidence and encourage property investment.
Urban growth boundaries, high-density development planning approval processes, stamp duty costs and housing supply, all administered by state governments, will be major determinants for residential real estate in the next five years.
Although, currently, real incomes are outpacing increases in housing prices, persistently increasing urbanisation and slow expansion from governments will lead to strain in relation to housing affordability. The NSW Government is moving to address this problem by releasing 10,000 new housing blocks over the next four years.
Steady population growth is also expected to stimulate market investment activity over the next five years. When combined with a decrease in the average household size, this will lead to a rise in the number of households in Australia. Data released by the ABS indicates that the average household size is expected to decline from 2.6 people in 2001, to 2.5 people by 2016. The growth in population, combined with reduced household sizes, will lead to increased demand for residential housing, which will drive sales and leasing volumes.
The commercial market
The strengthening commercial property market is expected to assist industry growth. The industrial and office markets are expected to experience a steadier level of demand for property space from 2011-12 due to improving economic, demographic and financial conditions that are anticipated to encourage property investment.
The retail market stabilised in 2009-10 and improvements to employment conditions and income levels through 2016-17 are expected to lead to growth in retail sales volumes. This increase will lead to growth in demand for property space and drive sales and leasing volumes as a result.
The industrial market is expected to reach a more stable level of property investment, as a steadier demand for property space returns to the market. Growth in the demand for industrial products is likely to be driven by the China-based commodity boom and improvements in the domestic economy and business conditions. This growth will encourage expenditure on industrial products and strengthen manufacturing production, import volumes and inventory levels. As a result, IBISWorld expects that demand for industrial property will increase through 2016-17, leading to growth in property sales and leases.
The impact of technology
Although real estate agents are becoming more proactive in the use of technology to carry out their work, there remains a long way to go.
Online property portals, such as realestate.com.au and domain.com.au, will entrench their position as the agents' front window of the 21st century, listing hundreds of thousands of properties for sale or lease. Improving technology will increase the popularity of virtual tours of properties through the internet and new applications will be developed to take advantage of the rapid uptake of smartphones by customers. Agencies will dedicate a greater percentage of their advertising and marketing budgets to online initiatives in the next few years, as they move from traditional media channels.
In this vein, REA Group, owner of real estate advertising website realestate.com.au, has angered the industry greatly by raising advertising costs, using its data towards free property valuations and approaching vendors directly to up-sell advertisements. These moves by REA Group affect the industry due to its dominant share (about 70%) of real estate online advertising.
Furthermore, REA Group is not the only website engaging in such behaviour. As a result, the job of the real estate agent is being undermined, and this is expected to lead to a more competitive market. The moves by REA Group have attracted the ACCC, which is currently investigating industry claims. Some property franchises have responded by either undermining the valuation data through entering false sales prices or withholding advertisements from the website entirely.
This new environment will require agents to reassess their business models in order to guarantee their need in selling and managing property. Websites are evolving, with real estate information aggregator Onthehouse.com.au launched recently, making information for vendors and buyers much easier to access. Already some new business models have arisen in response, such as Refund Real Estate, which aims to share sale commissions with vendors, buyers and the agent to help guarantee that buyers are satisfied with the real estate agency's service.
Agent-assisted companies like BuyMyPlace and PropertyNow have also popped up, serving a more advisory role to property vendors in sales or leasing as opposed to taking on the services completely, at a fraction of the cost. Established companies in the United States are known for directly contacting consumers to place ads, cutting out the real estate agent in the process.
Key success factors
IBISWorld identifies 250 key success factors for a business. The most important for this industry are:
<ul>
<li>
Aggressive marketing/franchising - given the high level of competition: A significant amount of time and effort should be devoted to marketing and promotional activities. It is also important to develop a referral base and centres of influence.</li>
<li>
Management of portfolio: The effective management of assets and tenants enables agencies to maintain a continuous leasing revenue stream.</li>
<li>
Having contacts within key markets: For commercial real estate agencies, it is important to establish strong relationships with institutional and private investors, banks and international real estate agencies.</li>
<li>
Market research and understanding: Property research activities can bolster revenue from sales and property management.</li>
<li>
Proximity to key markets: The position of the agency office is important; it should be close to the customers it intends to serve.</li>
<li>
Access to highly skilled workforce: Performance of staff should be regularly assessed. Low performers should be cautioned and/or re-trained or quickly replaced by new sales staff.</li>
</ul>
This article originally appeared on <a href="https://www.smartcompany.com.au/index.php" target="_blank">SmartCompany</a>.
 
 
 
 
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Spark of growth lifts property industry hopes

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In the  excitement of finding  your  (potential) dream home, the job of checking for all the  necessities, and  some niceties, can easily  be overlooked. I will cover some basic items you should look for in just  about every room or space in an average house or flat.
Checking for these key things will help  avoid  any last-minute panic when  you’re  signing  the  contract to buy  the  home, desperately trying to remember whether you checked the  water pressure or if the  oven  worked properly.
1. Kitchen
You spend a lot of time  in the  kitchen, so it’s vital to ensure this  area in your  new home is going to meet your  specific needs (even if you end  up renovating later). Here’s  a list of some key kitchen features to look for as you hunt around an open house:
Benchtops and splashbacks: Do you prefer granite benchtops and  glass  splashbacks, or laminate and  tiles? Check  the  condition of the  benchtops and  of the  grout and sealant around the  tiles,  sinks  and  splashbacks. Also check the  amount of bench space and  whether it provides you with  enough preparation room.
<ul>
<li>Cooktop  and oven:  How will you heat your  food  — gas? electricity? induction heating? thermonuclear power? (Keep  in mind  electricity is more expensive than gas.)</li>
<li>Extraction  fan/range hood:  Check  for an extraction fan – you’d  be amazed how  many  homes don’t  have  one,  and you often  can’t  install one  retrospectively. Also check the effectiveness of the  fan — and  the  noise level</li>
<li>Fridge space:  Have a look at the  space for the  fridge.  Is it wide  or high  enough to fit the  fridge  you already own?</li>
<li>Floors: What  are  the  floors covered with? Are you happy to care for a wooden floor,  or would  you prefer to quickly  mop tiles?  Avoid carpet!</li>
<li>Hidden extras: Does the  kitchen come with  a dishwasher already installed — or at least have  a space (preferably next to the  sink)  to install one  easily?  What  about some standing room? I don’t  know about you,  but  people at my dinner parties always end  up hanging around while I finish preparing the  food.</li>
<li>Power  and phone points:  How many  power points have been installed, and  where are  they  placed? Are there enough points to accommodate a fridge,  toaster, kettle, microwave and  other less-frequently used appliances?</li>
<li>Is there somewhere to plug in a phone or modem?</li>
<li>Storage  solutions: There’s lots  to store in a kitchen, so inspect the  pantry and  the  number (and size)  of the  cupboards. Make sure you don’t  lose  too  much cupboard space to a hot-water service, dishwasher pipes or sink plumbing.</li>
</ul>
2. Bathroom
<ul>
<li>The  bathroom in your  new property might  have  last  been renovated in the  1950s, meaning every item  is a fetching shade of pink.  But if your  budget won’t stretch to renovating the bathroom as soon as you move  in, you’ll be stuck with  the current fittings for a little  while.  Examine  this  list of features to see  whether the  bathroom is functional for your  needs:</li>
<li>Bath/shower: Does the  bathroom come with  a bath, shower, both or a “shub”  (shower over  a tub)? If there’s only a shower, can  you live without long baths after  a hard day  at work? Or are  you more of a “four-minute shower” person? (And congratulations if you are,  given the  droughts we tend to have  in Australia!) If you have children, or are  planning to, having  a bath might  be a must-have. If a short but  sharp shower is important to you, remember to check the  water pressure.</li>
<li>Bathroom vanity:  No, I’m not  talking  about spending too much time  in front  of the  mirror! I’m referring to the  sink and  cupboard unit  that’s fairly standard in a bathroom. Does it come with  a mirror? If the  vanity  doesn’t have in-built  drawers or cupboards, is there additional storage, or at least room to install a stand-alone set  of drawers to house all your  essential bits  and  pieces?</li>
<li>Power  points:  Even if you’re  pretty low-maintenance, you probably use  a few electric appliances in the  bathroom, such as a hairdryer, electric toothbrush, shaver or hair straightener. Check  the  availability and  placement of power points. Or you might  be into  the  bare essentials and  not need any of this  at all.</li>
<li>Steam clearing: You’ll need something to remove the steam while you’re  bathing, to prevent mould from appearing on the  bathroom walls.  Is there an extraction fan? At the  very  least, you’ll want  a window that opens — but  if the  bathroom’s on the  ground floor,  make  sure the window has  a lock to prevent unwanted visitors (human and  otherwise) from  creeping inside. Also check what  the window looks  out  on.</li>
<li>Washing  machine taps: If there’s no separate laundry in the  house, or no communal laundry in the  apartment block, then you’ll probably find some washing machine taps in the bathroom. Check  that there’s enough space to fit your washing machine, and  some room to sort your  washing. In modern properties or renovations, you might  come across what’s  known  as a European laundry, which  usually means space for the  washing machine (and perhaps dryer) is tucked away  in a cupboard or in the  kitchen. Check  the space provided is sufficient.</li>
</ul>
3. Lounge
The  lounge is the  perfect place for entertaining guests and spending time  with  family. But what  if you move  in and  find there’s not  enough room for your  lounge suite? Here  are  some features to look for before you commit to buying a property:
<ul>
<li>Extra space:  Lots of lounges flow on to balconies or into the  backyard. Does the  property have  doors or windows that allow you to bring  the  outside in?</li>
<li>Heating  and cooling: Do you swelter in summer without air-conditioning or do you really feel the  cold  in winter? Or do you prefer to keep  your  gas and  electricity bills down?  Numerous heating and  cooling options are  available: Reverse-cycle or split-system air-conditioners, ducted heating and  cooling, open fire places, ceiling  fans,  hydronic heating, bar  heaters and  gas wall panels are  all possible. Check  out  the  heating and  cooling options provided and whether they  fit in with  your  requirements. If the  property doesn’t come with  any heating or cooling options, you can  always buy  a free-standing floor  fan and  heater.</li>
<li>Flooring: Tiles,  floor  boards or carpet are  the  main  flooring options in a living area;  think  about what  works  best for your  location and  lifestyle (and whether you can  afford  to change the  current flooring, if it doesn’t suit  your  needs). </li>
<li>TV and phone connections: Some people prefer to keep the  TV out  of the  lounge, but  if this  isn’t the  case for you, check for an aerial plug.  Paid  TV services may also  be a non-negotiable in your  household; if so, you’ll want  to see if the  cabling has  already been installed. (Don’t forget  to check for aerials and  satellite dishes outside!) Similarly, you may want  a phone in the  lounge and,  given the  rise of internet television, an internet connection in this  room could be very  handy too  if you want  to avoid  cables trailing through the  house or apartment.</li>
</ul>
4. Dining room
Older  properties usually have  a separate, or formal,  dining  room. If you do a lot of entertaining and  have  a large  dining  table, take some measurements of your  table and  chairs before  you head off to the  open home, to ensure it will fit into  the  dining  area.
If formal  dining  isn’t really your  style,  check whether another use  of the  separate dining  room is possible and  practical.
More  modern homes or renovations will often  have  open plan dining  areas, usually adjoined to the  kitchen, lounge or both. This  means that the  space is not  (usually) as restricted as a separate dining  room. Check  that the  flow of the  open plan space fits in with  your  lifestyle.
5. Bedrooms
When  looking  at the  main  bedroom of the  property, check the following:
<ul>
<li>Clothes  storage:  You’re going to need to hang  up your clothes (unless you’re  a teenage boy  — in which  case, plenty of floor  space is probably your  best bet). Some wardrobes come with  built-in  shelving units, but  if the wardrobe installed only has  hanging space, check you can  fit a chest of drawers in the  room. If the  room has  no storage (sometimes the  case in older properties), you may need to purchase a free-standing wardrobe.</li>
<li>Ensuite: For some, not  having  an ensuite isn’t a deal- breaker, but  if you have  children or often  have  guests staying, you may consider it to be. If this  is the  case, check whether the  bedroom has  an ensuite and  that it meets your  needs.</li>
<li>Flooring: Carpet? Wooden floorboards? Remember that this  will affect  the  temperature of the  room throughout the  year,  so take  the  climate of your  location into consideration.</li>
<li>Heating  and cooling: For maximum comfort in the  summer months, and  to stop you from  freezing in winter, don’t forget  to look for heating and  cooling systems, in whatever form  you prefer (air-conditioning, ceiling  fans,  under-floor heating and  so on).</li>
<li>Phone and TV connections: If you like to watch the  TV in bed  or while you’re  getting dressed in the  morning, ensure the  bedroom has  an aerial plug.  You may also  want  a phone jack near the  bed.</li>
</ul>
For properties with  more than one  bedroom, apply most of the preceding points to the  second and  subsequent bedrooms.
If you’re  planning to turn one  of the  bedrooms into  a study, make  sure to check for sufficient power points for all your computer equipment.
6. Laundry
Many older and/or larger homes have  a separate laundry, and you may feel having  this  extra space is an added feature. If the property you’re  inspecting has  a separate area for laundry, here’s a list of what  to look for:
<ul>
<li>Bench  space:  If you’ve  got a top-loading washing machine, then you may want  to look for extra bench space for folding  clothes, storing washing powders and  hosting a central repository of unmatched socks (where do the  other halves of the  sock  pairs go?!).</li>
<li>Dryer brackets and ducting:  Bringing  your  own dryer? Investigate whether there are  brackets to attach the machine to the  wall, and  ducting to move  the  hot air outside.</li>
<li>Sink and cabinet: A deep sink in the  laundry is useful for soaking and  rinsing — or bathing small  children if the property doesn’t have  a bath!  If you do have  children, check whether the  cabinet can  be secured, so you can store nasty liquids and  powders out  of harm’s way.</li>
</ul>
7. Garage
The  number of cars/bikes/jet skis  you own, or intend to own, will determine the  suitability of the  garage (if the  property comes with one). When  looking  at parking options, keep  the  following in mind:
<ul>
<li>Parking  that comes with  apartment blocks:  In this situation, the  parking is usually shared, and  the  options will be allocated parks, or first-in,  first-serve. If you’re lucky,  there might  also  be a storage cage  for all those odds and  ends, like the  fake Christmas tree and  the  bicycle that you really must start using  more often… Check  the security and  lighting  in this  shared space.</li>
<li>Parking  that comes with  houses or units: In a stand-alone property, the  parking options might  include a covered garage or a driveway. If the  property includes a covered garage, check how  secure it is and  whether it provides internal access. In some older properties, the  covered garages are  quite narrow, so check whether the  car  you have will fit, along  with  everything else  you’d  like to keep locked up and  under cover. If the  only parking option is the driveway, check how  many  cars it’s possible to fit.</li>
<li>No parking  at all: If on-street parking is the  only option, check the  parking regulations in the  area — you might  need a permit to park  outside your  home, which  is an additional annual cost.</li>
</ul>
8. Backyard or balcony
Having a backyard is part of the  Great  Australian Dream,  right?  If the  property you’re  considering has  a backyard (or  a balcony), work  your  way through this  checklist of features:
<ul>
<li>Barbecue: Another quintessential Australian feature — the barbie. If there isn’t a plumbed-in gas pipe  attached to the house, then you’ve  got a bit of freedom to move  your  barbecue around the  backyard. Check  what  options are  available. If you’re  looking  at cooking on a balcony, make  sure that it is well ventilated.</li>
<li>Fences:  Whether you’ve  got pets or children, it’s essential to have  the  backyard fenced to stop runaways. Check  the condition of the  fence  and  find out  how  old it is. If the property has  a balcony, ensure that railings are  sufficient and  secure.</li>
<li>Lighting  and power  points:  To enjoy  long summer evenings out  in the  backyard, you’ll need some lights  outside the house, or an easily  accessible power point to set  up some temporary lighting. After all, how  else  are  you going to string up fairy lights  at Christmas?</li>
<li>Maintenance requirements: Do you dream of creating a backyard escape and  being  surrounded by trees and  plants, or do you prefer low-maintenance decking or pavers? Check  whether enough space is available, and  whether you’re  happy with  the  level of maintenance required.</li>
<li>Somewhere to sit: Does the  property come with  a deck or paved area to put  some outdoor furniture? Or, at least, a flat bit of grass?</li>
</ul>
Washing  line: Having a washing line will save  you hundreds of dollars — sunlight is free,  and  dryers cost money to purchase and  operate. If a washing line is already provided, check that it’s not  only unobtrusive but  also  positioned to catch good  sunlight — north facing is ideal.  If a washing line isn’t already set  up, check that there’s somewhere you could install one.
9. Street appeal
Everyone knows  that you shouldn’t judge  a book  by its cover, and the  same goes  for a house. But when  you’re  making  such a large  purchase, it’s natural to want  to make  sure everything is perfect, inside and  out.  Here  are  some ideas of what  to look for when  you’re  approaching (or  leaving) the  open home inspection:
<ul>
<li>Facade: First  impressions count, and  in the  case of a house or apartment block,  it’s the  facade that creates this  impression. Is the  paint fresh or starting to peel?  Is the  colour scheme a bit dated? If the  house has  wooden cladding, check it’s not  showing signs  of rot.</li>
<li>Landscaping:  Is the  front  yard  a jungle  of overgrown weeds? If you’ve  got green thumbs, a challenging garden project may be exciting for you.  But if you’re  a novice with plants and  a lawnmower, and  have  little  interest in learning how  to do these chores, are  you willing to pay  someone to bring  the  front  yard  to a suitable standard, and  to maintain it afterwards?</li>
<li>Privacy:  Do you like a front  yard  or apartment block  that is quite open to the  street, or do you prefer more privacy? The  type  of plants and  fence  used in the  front yard  or outside the  apartment block  can  affect  how  much passers-by can  look in, and  how  secure the  property is.</li>
</ul>
If you prefer more privacy and  security, look for higher fences in good  condition.
<img style="border-style: initial; border-color: initial; float: left; margin: 5px;" src="/images/stories/buyingdummies.jpg">Karin Derkley is a the former deputy editor of Personal Investor magazine, and continues to write for The Age and AFR Smart Investor. She has also lived through the pleasures and pitfalls of purchasing and renovating her own home. She is the author of <a target="_blank" href="https://www.dummies.com/store/product/Buying-Property-For-Dummies-2nd-Australian-Edition.productCd-0730375560,navId-322442">Buying Property for Dummies</a>, published by <a target="_blank" href="https://au.wiley.com/WileyCDA/">Wiley</a>. The <a target="_blank" href="https://www.dummies.com/Section/index">Dummies brand</a> is celebrating its 21st anniversary in Australia in March. This is an excerpt from Buying Property for Dummies.
 
 
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Nine areas of a home to check at open for inspections: Karin Derkley

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Auction activity will pick up significantly in Melbourne this weekend and to a smaller degree in Sydney, with just two weekends to go until super Saturday on March 31.
The Real Estate Institute of Victoria says there are 700 auctions planned in Melbourne compared with just 183 last weekend, but still fewer than the 956 auctions listed for the same weekend last year, which had a clearance rate of 64%.
The highest number of auctions will be in Hawthorn, with 15 homes on offer followed by 12 each in Northcote and Richmond.
The REIV expects auction numbers to reach to 1,000 by the March 31 weekend.
“The number of homes on offer at auction so far this year is comparatively low, so the increase stock levels should be welcomed by buyers,” says the REIV.
“A review of clearance rates shows a clear regional trend emerging of the inner city, inner east, inner south and north eastern areas performing above trend.”
Australian Property Monitors says there are 466 auctions planned for Sydney this weekend compared with the 380 scheduled for last weekend. However, this is still 15% fewer than the same weekend last year. 
Strathfield is again a popular auction location, with eight listings. Abbotsford, Leichhardt and Turramurra have seven listings each. 
There are 432 auctions scheduled for the following weekend (March 24th) with a “big weekend” in store for March 31st (the week before Easter) with 732 listings.
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Melbourne and Sydney auctions pick up in countdown to Easter super Saturday

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Being the chairman of a national accounting firm that specialises in property investors gives you a special insight into the ATO’s areas of interest. We have noticed an interesting trend over recent months: the ATO is becoming more aggressive in its approach to collections of revenues and taxes when assessing claims. This could be a directive from the top, with so much discussion about budget deficits and the government trying to keep to their promises of balancing the books by certain dates there may be external pressures placed upon their biggest collection agency the ATO. Generally we find that the behaviour of people within businesses and organisations is a direct result of the management above who place directives upon their staff to reach certain targets.
The collections and assessment people hired within the ATO are no different than those debt collectors or assessors outside – they are employed for a reason, and that reason is to ensure that all taxes are paid and collected. That involves monitoring closely what individuals claim in their tax returns each year because this has a direct impact on the revenues and the budget. The  ATO simply through being more efficient and diligent can literally save hundreds of  millions – according to ATO sources more than $16 billion worth of deductions are claimed by taxpayers each year, and  if 10% of claims are incorrect… well, you get the picture.
Having completed more than half the tax year I thought it timely that I share with you some of the common mistakes made by taxpayers have been, what you can and cannot claim, how to ensure that the taxman does not come knocking on your door and if he does how you can survive the audit. The ATO is targeting property investors among others, and the most common errors are failing to keep receipts, wrongly claiming capital items as expenses, generally tardy record-keeping and misunderstandings about what you can and cannot claim.
Property investors
The ATO see the property area as an area where there is potential huge leakage of revenue due to incorrect claims. This year the ATO has said that more than 100,000 property investors will be contacted. Here are some useful tips to ensure you comply if you receive that ATO letter.
1. We always suggest to clients to get the real estate agent to pay for all expenses of the property from the rental it has collected. There are several reasons for this. Firstly, you are already paying the agency a commission for handling the management, so you may as well make use of the service. Secondly, you are working your money harder (rent sitting in the agency’s trust account). Lastly, when its tax time you simply ask for a yearly summary of rents and expenses, and you give this to your accountant, which will save in accounting costs. Than all you need to do is provide your accountant with a list of other expenses that you have paid for out of your own pocket.
2. Ensure you have a quantity surveyor’s report to back up the depreciation claims. Any capital works can be claimed as depreciation over many years, and you need a quantity surveyors report to claim this back
3. Also, if you have renovated you can claim back the items that have been thrown out such as old kitchens and demolishing of walls and other structures. To get these as a tax deduction you will need to secure a scrapping schedule from a quantity surveyor. 
4. Ask your bank to provide you with an annual loan interest summary that relates to each property so you claim the appropriate interest against the appropriate property.
5. If you have undertaken any major works to your property, be careful what you can claim as a repair vs a capital improvement, this is an area the ATO likes to focus on as many people get it wrong because it is quite grey . A repair is fixing something to bring it back into close to original workable condition, and a capital improvement is replacing it with something better. To provide an example,  if you had an oven and you just replaced the fans that is a repair, but purchasing a new oven  is a capital improvement. If you replace the roof tiles of the entire roof with new terracotta that is a capital investment, but if you replace a few broken slate tiles that is a repair. A word of advice: if the amount is substantial this will more than likely trigger an audit, so seek professional advice beforehand  or even go to the extent of contacting the ATO for a ruling.
6. Depending on the size of your portfolio you are entitled to claim an apportionment of things like use of home computers and home office costs to manage the properties, travel to view the property if the sole intention is just that (however, if the intention is say 50% to view property and 50% to holiday you will need to keep a diary record and receipts to justify the apportionment of expenses including airfares and accommodation).
7. If you have purchased an investment property in the last financial year, prepare a purchase statement that includes the purchase price, legal costs, stamp duties, borrowing costs and other capital costs, which are not tax deductible but carried forward to form part of the cost base. If and when you sell in the future you will have this information to help reduce the capital gain tax payable at that time.
8. Land tax paid by you for the property is tax deductible.
9. A word of warning: if you have incurred travel costs to inspect a property to purchase the cost is not deductible because it is part of the initial purchase cost, such as stamp duty.
10. Always seek professional advice if in doubt, as fees paid to professionals like your accountant are fully tax deductible.
Audit insurance 
Some accounting firms like Chan &amp; Naylor offer audit insurance, for a small tax-deductible fee per year you can insure yourself against the costs of having a professional represent your case on your behalf to the ATO. An ATO audit can be a very expensive exercise, time-consuming and stressful, and this type of insurance provides you with peace of mind knowing that your professional will be the go between and handle everything for you at little or no cost to you. This is simply risk management, and I believe is something everyone should consider especially with the ATO being so active. 
One last thing: we recommend that you get your work to your accountant on time to avoid the standard rush periods which helps avoid late lodgement penalties. Also note that the ATO standard work-related deduction amount of $500 does not apply until this year, and the standard deduction would be available regardless of whether relevant expenditure was actually incurred. For example, a person who completes his own tax return would be able to claim a deduction for his own efforts.  The standard deduction will translate into a $157.50 saving for a person on a 30% marginal tax rate in the first year of the measure; it remains at $300 for 2011.
Above all else, if in doubt we recommend you seek professional advice when lodging your tax returns, the tax-deductible fee paid to the accountant may be a lot cheaper exercise than getting it wrong and triggering an ATO audit.
Ed Chan is a founding partner of <a href="https://www.chan-naylor.com.au/" target="_blank">Chan and Naylor</a> accountants and a leading property tax specialist. He has co-authored three best-selling books as a seasoned property investor who understands the relationship between property investment and tax.
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The Tax Office has property investors in its sights

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There’s little doubt that 2012 will be a year of economic crises around the world.
But what is certain in these times of uncertainty is that a group of successful property investors will be quietly growing their wealth by taking advantage of the opportunity the market is presenting them.
While many Australians will sit on the sidelines waiting for someone to ring the bell heralding the property market has hit bottom, savvy investors will be out looking for and buying investment opportunities created by the current buyers’ market.
So let’s look at some of the time-tested rules these successful investors use to make their fortunes.
1. They invest, not speculate
Even though they think they are investing, many property investors are actually speculating.  They buy a property emotionally, often near where they live, where they holiday or where they want to retire. Then they hope that the market will appreciate. This makes them dependent on outside market conditions to produce a profit.
Smart investors do it differently.
They make educated investment decisions based on research, buy property below its intrinsic value in an area that has above-average long-term capital growth and then add value through renovations, thereby “manufacturing” extra capital growth.
2. It’s about the property 
Wise investors never forget the age-old fundamental of buying the best property they can afford in proven locations and don’t allow themselves to get sidetracked by glamorous finance or tax strategies.
3. Property is a high-growth, low yield-investment
While the argument about capital growth or cashflow will rage forever, savvy investors know that the fastest way to build a substantial property portfolio is through capital growth.
 
4. Land appreciates
While it’s true that land appreciates in value, it’s not really as simple as that. Not all land is made equal, and not all land appreciates at the same rate.
There’s lots of land (ample supply) in the outer suburbs of our cities, but much of the demand there comes from a small segment of the market – first-home buyers (restricted demand). This keeps a lid on capital growth and makes these areas poor investment prospects.
Even worse, the land component, the bit that appreciates, usually only makes up about half of the total value of the property. However, in the inner suburbs the proportion of the land value to the total property price is usually considerably higher.
Remember it’s the scarcity of land that causes property values in these locations to keep rising and currently there is strong demand from a wide range of owner-occupiers for properties in our inner suburbs. This trend is likely to continue as more of us chose to live close to our workplaces in locations that offer better access to infrastructure like public transport, shopping and entertainment facilities.
As demand looks set to outstrip supply in the inner- and middle-ring suburbs for many years to come, these areas are where successful investors will buy for long-term capital growth.
5. They buy properties that will be in continuous strong demand 
Of course not every property in a given suburb will make a good investment or have similar capital growth. Savvy investors understand that investment-grade properties are the type that will appeal to a wide range of owner-occupiers, since they make up the vast majority of buyers.
That’s why they avoid studios, student accommodation, holiday accommodation and serviced apartments. After all it’s owner-occupiers, not tenant or investor demand, that push up property values in the long term.
6. Demographics holds the key
Long-term demographic trends – where and how people want to live – will determine the type of property that will be in demand in the future.
As our cities mature there will be more one- and two-people households, meaning that secure medium-density apartments and townhouses will become the preffered style of living for more Australians as we swap our backyards for balconies.
7. They have a great team
If you are the smartest person in your team, you’re in trouble. Successful investors surround themselves with a team of top consultants and know how to discern an advisor – who is independent – from a salesperson.
8. They understand where the risk really lies
Most investors believe there is a direct relationship between risk and reward – the higher the reward, the more the risk must be. But that’s not really true.
While most investors think the risk lies in the property or the markets or factors outside their control, the biggest investment risk actually lies with the investor – in knowledge, experience and mindset.
9. They don't diversify
The best defense is a good offence. Wise investors educate themselves and develop a level of financial fluency to make their investment journey as safe as houses.
Interestingly, most successful investors don’t diversify. They specialise by becoming good at one thing, or an expert in one area or niche, thereby getting great results.
10. They understand the property market moves in cycles
During a boom everyone is an optimist and expects the good times to last forever, just as we lose our confidence during a downturn.
Truth is, our property market behaves cyclically and each boom sets us up for the next downturn, just as each downturn paved the way for the next boom. Just as it is doing right now.
Something to think about.
Michael Yardney is the director of <a href="https://www.metropole.com.au/">Metropole Property Investment Strategists</a> , a best-selling author and one of Australia's leading experts in wealth creation through property. He also writes the <a href="https://www.propertyupdate.com.au/">Property Investment Update</a> blog.
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Ten rules for successful property investment

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<img style="border-style: initial; border-color: initial; float: left; margin: 5px;" src="/images/stories/flagtitletat.jpg">Shoe designer Gary Castles has listed his radiant Whale Beach property (pictured below). He’s had the Malo Road property for three decades. It’s a-four bedroom house on a hillside 1,160-square-metre block that has an approved dual occupancy. There’s also approval for another level to the main residence that includes the addition of a three-car garage. David Edwards and Peter Robinson from LJ Hooker Palm Beach have the listing in conjunction with Ken Jacobs at Christies International. More than $7 million is being sought.
{yoogallery src=[images/stories/march16castles]}
<img style="border-style: initial; border-color: initial; float: left; margin: 5px;" src="/images/stories/flagtitletat.jpg">Warren Johns and his wife, Joan, have secured $8.6 million for their apartment in Sydney Wharf at Pyrmont. It’s Sydney’s highest known apartment sale this year. The official paperwork shows it cost $6.45 million in 2010. It first sold at $5.4 million in 2006 off the plan before its completion by Charter Hall, Babcock &amp; Brown and AMP Capital Investors. The sale was reported by Feldi Real Estate. The property developer and yachtsman and his wife will presumably make The Boatshed, the Wally Barda-designed David family-built Palm Beach residential triplex on Snapperman Beach their Sydney base. 
<img src="/images/stories/eurek.jpg">
<img style="border-style: initial; border-color: initial; float: left; margin: 5px;" src="/images/stories/flagtitletat.jpg">Yet another high floor has been listed in Melbourne’s Eureka Tower (view from window pictured above). It’s the empty shell on the 85th floor. It’s been listed by two vendors, who’ve decided to offer their spaces as a combined 500-square-metre offering in the 2006 completed tower. One is Bruno Charlesworth, the France-based entertainment industry lawyer and movie producer. The other half is being sold by Melbourne businessman Alex Piccinini. The 85th-floor offering has been listed through  Richard Mackinnon and Sean Cussell  at Marshall White, who’ve been saying $5 million plus. It was previously listed at $7.5 million in 2009. <a href="https://www.propertyobserver.com.au/international/eureka-tower-penthouse-hoped-to-fetch-sky-high-price/2011083051361" target="_blank">Last August the entire 84th floor fitted out with four bedrooms and five bathrooms was listed</a> with $13 million plus hopes by Eureka's co-developers Tab and Eva Fried and the building’s architect Nonda Katsalidis through Cussell. In September Daniel Grollo and wife Kat listed their penthouse with an $8.2 million asking price. It occupies the entire 80th floor in the Southbank tower he built. No details have yet emerged to indicate the sale of either listing.
<img src="/images/stories/edwardsbay.jpg">
<img style="border-style: initial; border-color: initial; float: left; margin: 5px;" src="/images/stories/flagtitletat.jpg">Former editor-in-chief of Elle and now co-owner of the Hush public relations company Debbie Coffey and husband, photographer Ross Coffey, have traded again in Mosman. Their latest buy is a four-bedroom contemporary house (pictured above), which sold through McGrath agents Michael Coombs and Nicky L’Green for $3.9 million, having sold five years earlier at $4.07 million. The couple bought their redundant house for $3.85 million in 2009 and sold it for $4.35 million to Meian Sun and Zhi Tan. The Coffey's first home in Mosman cost $975,000 back in the late 1990s, Title Tattle seems to recollect.
<img style="border-style: initial; border-color: initial; float: left; margin: 5px;" src="/images/stories/flagtitletat.jpg">Having failed last year, Vivian King, the chairman of the CH Warman Group, and his wife, Wendy, have relisted their 3,268-square-metre Wahroonga estate. It’s been scheduled for April 14 auction. Last year it had been listed with price hopes of $8 million through agents Don MacLennan of Richardson and Wrench Lindfield and Tracey McDonald of Chadwick Real Estate. The Water Street property cost $6.1 million in 2002. Set in gardens designed by two landscape luminaries, Peter Fudge and Gordon Sykes, the circa-1905 Federation mansion has five bedrooms, a billiard room, study and multiple formal and informal living and dining areas. The grounds have lawns, a championship-size north-south tennis court and 12-metre heated pool.
Last year’s highest sale in Wahroonga was also on Water Street when Queensland-bound software entrepreneur Paul Phillips secured $6.9 million from tech company entrepreneur Dominic O'Hanlon. An Illoura Avenue property, Cedarbank, surrounded by rhododendrons on its 4,624-square-metre Wahroonga site, has been the suburb’s biggest sale settlement so far this year. Listed for sale with $6 million-plus expectations, it fetched $5.36 million when bought by the Wang family in January. The six-bedroom house last traded in 1993 when Susan Clare, wife of car dealer Robert Clare, sold the F. Glynn Gilling-designed house for $4.35 million in 2008 to Paul Greenhalgh, a former managing partner of Accenture's Asia/Pacific business strategy practice, and his wife, Annette. The Clares had paid $1.6 million in 1993 when it was bought from tie manufacturer David Klippel and his wife, Myra, who purchased it in 1957 for £23,000. The Illoura Avenue grounds come with a pool, tennis court and a self-contained, one-bedroom flat adjacent to the four-car garage.
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<img style="float: left; margin: 5px;" src="/images/stories/flagtitletat.jpg">
Neighbours veteran Ryan "Toadie" Moloney has listed his Malvern East house (pictured above) with $1.2 million hopes. It's been the home of Moloney and his wife, Alison, for about five years. The four-bedroom house sits on a 664-square-metre block that comes with jet pool, studio/workshop and space for four cars. Bennison Mackinnon agent Andrew Luke and Will Trenchard are holding the auction on March 24. Inspectees have commented that Moloney likes his horse racing and cards judging by his attic-style retreat in the house. Moloney, who never followed the Neighbours trend and released a pop single, became a regular on the show in 1996.
 
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<img style="border-style: initial; border-color: initial; float: left; margin: 5px;" src="/images/stories/flagtitletat.jpg">Kate Aujard from Pulse Pharmacies has snapily sold her imposing Hawthorn residence (pictured above). With a tennis court in its 2,800-square-metre grounds, the five-bedroom, four-bathroom English-style house is set on Scotch Hill. It last traded at $9.1 million in 2007 when bought from head hunter David Dick and wife Sandra, so it represented a good test of Melbourne’s prestige market. Tim Picken and Scott Patterson at Kay and Burton haven’t revealed the sale price, but Title Tattle reckons its likely to have sold at around the realistic quote price of $8 million in quick time – within two days of offers being due earlier this month.
{yoogallery src=[images/stories/march12pendlebury]}
<img style="border-style: initial; border-color: initial; float: left; margin: 5px;" src="/images/stories/flagtitletat.jpg">Collingwood’s 2011 Best and Fairest winner, Scott Pendlebury, still hasn’t sold his Newport cottage (pictured above) through Barry Plant Yarraville agent Niels Geraerts. And he’s committed to a $1.3 million Albert Park cottage, which was snapped up post-auction last spring. His two-bedroom Douglas Parade property – just a stroll to Williamstown’s cafes – <a href="https://www.propertyobserver.com.au/residential/magpie-scott-pendlebury-on-the-move-but-not-to-greater-western-sydney-title-tattle/2011110452216" target="_blank">went to late November auction</a> with $780,000 to $840,000 expectations. Pendlebury bought it for $657,000 around 2007. His latest price guide is between $780,000 and $820,000. The house is being advertised with a sale by set date marketing campaign – with a March 29 desired sale date.
<img src="/images/stories/pendlesnew.jpg">
His Albert Park purchase (pictured above) had previously sold at $1.28 million in 2010. The Albert Park cottage came with the former local dairy outbuilding that had been converted to self-contained office.
{yoogallery src=[images/stories/march12chalabian]}
<img style="border-style: initial; border-color: initial; float: left; margin: 5px;" src="/images/stories/flagtitletat.jpg">Celebrity interior designer Tina Chalabian from Channel Ten show The Renovators has sold her Willoughby home pre-auction for a record price. It was on the market for about three weeks and sold to a family from Mosman, who were among the 160 inspectees. There were 72 inspectees on its first Saturday open. “While we can’t disclose the exact price, we can say it certainly eclipsed the previous suburb record of $2.855 million for a house in Chiltern Avenue,” selling agent Mark O’Brien from Richardson &amp; Wrench Castlecrag. “But it wasn’t beyond expectations, as we were quoting high $2 millions to low $3 millions.” Title Tattle gathers about $2,955,000 was secured for the Remuera Street house. The five-bedroom, four-bathroom house was just a few years old with a huge, level yard and European-style swimming pool. Built by Meadowbank to a <a href="https://www.tinac.com.au/">Tina C design</a>, it sits on a 911-square-metre block, which cost $1.18 million in 2006. The Chalabians, the 34-year-old interior designer and mother of three who appeared on The Renovators television series and her lawyer husband Sevag, are moving to Northbridge, where they will renovate their $2.2 million acquisition. Since Tina bought her first house 11 years ago, she has renovated five houses and says each sold for a profit. The one in Castlecrag sold for $2,525,000 in 2006 with the block costing $899,000 in 2002. The Killarney Heights property was a closer call having cost $525,000 in 2001 and sold for $610,000 in 2002.
<img style="border-style: initial; border-color: initial; float: left; margin: 5px;" src="/images/stories/flagtitletat.jpg">Title Tattle aims to tell its readers first – and if possible before the Radicalterrace blog – so the word from Bondi Beach is that Mark Blumberg has spent $4.75 million buying a two-apartment amalgamation in Pacific Terraces on Notts Avenue. Its a good buy at that price being 232 sq m internal space plus 62 sq m carparking. The units were consolidated in 1989 at a $1.15 million acquisition cost. The latest sale equates to $20,000 an internal square metre in the block where the top priced sale of $3.1 million was paid in 2010, equating to $27,000 an internal square metre. The late Kerry Packer helped finance the Pacific Terraces development by Bill Shipton in the early 1980s. Longtime Bondi Beach agent Ron Doff once recalled that initial sales were difficult. ``The apartments were Surfers Paradise-style, with overly ambitious asking prices,” he said. And there was a credit squeeze.
<img style="border-style: initial; border-color: initial; float: left; margin: 5px;" src="/images/stories/flagtitletat.jpg">And don’t say that Title Tattle told you, but Sean Bartholomew, sometimes referred to as Australia’s biggest punter, has listed in Dover Heights. The four-bedroom oceanfront cost $4.8 million in 2006. It’s going to March 29 auction through Michael Pallier at Raine and Horne Double Bay.
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Shoe designer Gary Castles lists in Whale Beach: Title Tattle

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Renters are growing increasingly concerned about their job prospects, analysis of the results of the March Westpac- Melbourne Institute Consumer survey has revealed.
Unemployment fears among tenants have been on the rise since about March last year.
Over the same period fears about the job market have subsided among those already in the property market – those who own their homes outright or have a mortgage.
As a result, the outlook about employment prospects between the two groups (renters versus property holders) is diverging.
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Renters are most likely more sensitive to modest job growth due to feeling less financially secure then those who already accumulated wealth through property ownership. This graph shows how total employment has slowed recently:
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The survey also revealed that all sectors of the economy are worried about their job prospects.
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And that concerns about employment have spread beyond Sydney and Melbourne to include states benefiting from the mining boom.
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Renters increasingly fearful of unemployment: Westpac

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The lawyer spearheading a class action against Bankwest has welcomed the announcement of a broad-ranging parliamentary inquiry into the banking sector.
Slater &amp; Gordon commercial litigation lawyer Van Moulis, who is working on a class action on behalf of dozens of aggrieved borrowers, says he looks on with “great interest” to see what the Senate investigation uncovers.
“I’m very pleased,” Moulis said.
The inquiry, announced yesterday, will look into:
<ul>
<li>the impact of borrowing and lending practices in the banking sector both during and since the global financial crisis;</li>
<li>the need for further consideration of the state of the broader finance and banking sector;</li>
<li>the impact of international regulatory changes on the Australian banking sector;</li>
<li>the impact on relative shares of specific banking markets; and</li>
<li>the current cost of funds for lending purposes.</li>
</ul>
The Slater &amp; Gordon case is centred on the idea that Bankwest customers were victimised by "improper" lending and recovery practices in 2008.
Of particular interest is a provision that allowed buyer Commonwealth Bank to “claw back” bad and doubtful debts from vendor HBOS.
Bankwest has vehemently defended its actions, saying it had assisted many customers between 2008 and 2011.
The Senate inquiry has been spearheaded by Nationals Senator John Williams, who raised the alarm at reports that banks were pulling loans to small business clients, including farmers, leading to assets being sold at rock-bottom levels.
He said yesterday the inquiry would allow “developers and investors who have complaints about the way they have been treated a chance to have their say.”
“This inquiry will also be able to scrutinise the role of receivers and valuers to see whether they are doing the right thing when valuing and selling properties.”
“I have heard some horror stories about their actions.
“We need to know if everyone is and has been treated fairly. We need to know the vulnerable are protected.
“Ultimately we need our banking sector to be strong, but if there are concerns they need to be addressed.”
The Australian Bankers’ Association said it would “provide a submission to the Senate Inquiry and will seek to appear to give evidence."
"It will be a good opportunity for the ABA to explain why banks’ funding costs have increased relative to the Reserve Bank’s cash rate and why that has meant home loan interest rates have increased."
"Also we will be talking about why solid, reliable and profitable banks are important for the Australian economy.”
This article originally appeared on <a href="https://www.smartcompany.com.au/index.php" target="_blank">SmartCompany</a>.
 
 
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mheffernan-qwBN6uAwZN

Class action lawyer welcomes Senate inquiry into banking sector

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Shareholders of Charter Hall Office REIT have today voted in favour of the privatisation bid by a consortium of institutional investors including Singapore government affiliate Reco Ambrosia Pte Ltd, The Public Sector Pension Investment Board of Canada, and a member of the Charter Hall Group.
The vote was 96% in favour of the takeover.
Goldman Sachs REIT analyst Peter Zuk says the deal is not yet over the line with a number of conditions still to be met.
“[These include] completion of US asset sales by the end of March 2012. Second Judicial Advice has now been delayed and will not be obtained until after the last US asset sale has completed.
“The proposal will not proceed unless all conditions precedent are satisfied by 17 May 2012 – or such later date as the parties may agree,” he says.
Under the agreement shareholders will receive $2.49 per share comprising a cash consideration of $1.84 per share and implementation distributions of $0.65 per share.
Shareholders will also receive 96c per share for US sales distributions, 49c of which has already been paid.
Should everything proceed as per the agreement, the trust will delist from the ASX in mid-April.
In its December 31 interim results released in February, Charter Hall Office REIT had an Australian office portfolio valued at $1.85 billion with an occupancy rate of 97%.
The trust reported a statutory loss of $59.9 million, “significantly impacted by offshore asset sales and various non-cash items”.
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Charter Hall Office REIT shareholders vote in favour of privatisation

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Borrowers who choose heavily discounted home loans are at risk of being caught up in a “bait and switch” manoeuvre, according to Aussie Home Loans chief executive Stephen Porges.

Porges hit out at lenders offering home loans at “underwater” interest rates as part of a panel discussion on mortgage competition at the AB+F Mortgage Innovation Forum 2012 Sydney this week.

Porges said Aussie welcomed competition but expressed concerns about this form of “unhealthy competition”, which would force lenders to push up rates in the future to protect margins.

“Healthy competition is based around capabilities, and long-term relationship and actually valuing what the customer is trying to achieve in a holistic focus. It's not just trying to get a cheap rate,” he said.

He said some lender practices were very close to bait–and-switch tactics, which came to prominence in light of the US sub-prime mortgage crisis, when borrowers were enticed by advertisements of cheap rates and low fees but then pressured to sign up for more expensive loans by being told they did not qualify for the special offer.
Porges said he expected APRA would start to show an interest at some point in some of these discounted mortgage offerings.

Also speaking on the same panel discussion, Yellow Brick Road CEO Matt Lawler said much of the industry had moved beyond just offering a cheap rate and was now focused on how to add value after the product is sold.

“A very cheap rate on a certain day may not be the cheapest rate later on, so we have to do something to add value,” he said.

The major banks are among those offering (and advertising in their branch windows) discounts of up to one percentage point off the standard variable rate.

At the same time the same banks are warning borrowers to expect more independent rate announcements, with <a href="https://www.propertyobserver.com.au/economy/mark-bouris-takes-aim-at-rba-as-gail-kelly-warns-of-frequent-independent-bank-rate-rises/2012030853747" target="_blank">Westpac boss Gail Kelly warning last week of frequent incremental rate rises in the future</a>.

In an earlier address at the conference, Steven Münchenberg, chief executive of the Australian Bankers’ Association (ABA), admitted that the most of the public viewed banks as powerful and greedy.

“We will always struggle to persuade people that higher funding costs justify rate changes, or that our profits are reasonable and necessary, when their starting point is that we are all-powerful and greedy.

“People see us this way because there is a big and possibly growing gap, between what they expect of the industry and what they see us deliver,” he said.
 
 
 


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