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“Minister Chanthivong and his team have shown real leadership in replacing an outdated two-year bond with cover that matches the lifespan of the buildings people are buying into.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

Joel Robinson

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Every First Home Owner Grant for new property by state

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

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

Staff Writer

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

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

alisonwarters@gmail.com

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

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

Ellen Walker

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

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

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

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Carrying out home renovation remains the main reason that borrowers refinance their mortgages, according to research by the Mortgage and Finance Association of Australia (MFAA).
While the percentage of borrowers who refinance to renovate has fallen from 20.9% in July 2010 to 17.1%, it is still edges the 16% who say they refinance for a more compelling deal or a better interest rate.
The other explicit reasons why people renovate are to consolidate debts (12.1%), buy a house or car (8.7%) or purchase an investment property (7.7%).
Click to enlarge
<a title="Click to enlarge" rel="shadowbox" href="/images/stories/renovating.gif"><img src="/images/stories/renovatingthumb.gif"></a>
Readers considering undertaking a renovation should sign up for the free Property Observer webinar on Wednesday, February 29 at 12.30pm: Renovating for Profit, with tips and tricks for getting the most out of your renovation and what costly mistakes to avoid.
To ensure you make an informed decision before refinancing your mortgage <a href="http://propertyobserver.com.au/ebooks/free-ebook-12-tips-for-refinancing-your-mortgage">download Property Observer’s free eBook: 12 tips for refinancing your mortgage – how to find the best home loan in 2012</a>.
 
 
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lschlesinger-FZcF9M3vE6

Renovation the main reason mortgage holders refinance: MFAA

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The ongoing decline in bonuses among merchant bankers and financial sector executives has serious implications for prestige property markets.
This is especially true for Mosman, the Sydney suburb that headlines the prestige markets that previously relied on bonus recipients buying and selling houses.
Until the global financial crisis, vendors enjoyed the home-buying spree in the merchant banker belts that followed, like clockwork, the cash-dominated bonuses.
But the bonus-inspired property purchases disappeared during the depths of the 2008 and 2009 financial crisis, and the after-effects linger.
Salaries may have risen, but bonuses have shrunk given the fallout from government bailout packages, and are typically now tied to company stock incentives.
So estate agents struggle to get competitive buying interest for the top-end listings.
The main challenge for Mosman is the double-digit-million market. 
{yoogallery src=[images/stories/feb27mandolong]}
Mosman’s first big test on 2012 comes with the 1885 Mandolong House (pictured above), a renovated hillside residence listed with $17 million reported hopes – a suburb-record price for a non-waterfront residential property, which currently stands at $15.25 million for a Stanley Street residence.
The Mandolong Road property is situated in a 2,909-square-metre location high on the slopes of Balmoral and comes with a north-south tennis court and swimming pool. It is the home of businessman Barry Roberts-Thomson and his wife, Victoria.
The property last traded for $3,375,000 in 1989.
Last year’s top Mosman sale was the $19 million sale of a Hopetoun Avenue waterfront property to neighbour Ros Oatley of the Oatley wine family. Its price reflected a serious price weakness, since it had traded at $22.5 million in pre-global financial crisis 2007.
The Mandolong House listing comes at a time that Richardson &amp; Wrench Mosman agent Robert Simeon notes “a significant increase in Mosman house listings”.
But Simeon adds it’s well below the spring 2011 peak of 168 house offerings.
“We may now hit 140 houses on the run up to Easter,” he forecasts.
Simeon’s most recent critique of the Mosman house market noted 2011 sales results surpassed 2010. Over the Christmas break the number of Mosman houses on the market dropped to 83, and it had peaked in mid-November at 168 house listings.
“The only statistic that went down during 2011 was the auction clearance rate – Mosman is a private treaty/expressions of interest market, which is clearly evidenced by the figures,” he says.
<ul>
<li>2010 Mosman Median Price – $2,250,000</li>
<li>2011 Mosman Median Price – $2,275,000</li>
<li>2010 Mosman Average Price – $2,684,319</li>
<li>2011 Mosman Average Price – $2,711,657</li>
<li>Total House Numbers Offered in 2010 – 289</li>
<li>Total House Numbers Offered in 2011 – 324</li>
<li>Total Houses Offered By Private Treaty in 2010 – 193</li>
<li>Total Houses Offered By Private Treaty in 2011 – 226</li>
<li>Total Houses Offered By Auction 2010 – 40</li>
<li>Total Houses Offered By Auction 2011 – 115</li>
<li>Adjusted Clearance Rate 2010 – 25 percent</li>
<li>Adjusted Clearance Rate 2011 – 24 per cent</li>
<li>Total Number Sold 2010 – 233</li>
<li>Total Number Sold 2011 – 266</li>
<li>Total Value Sold 2010 – $499,283,500</li>
<li>Total Value Sold 2011 – $623,681,292</li>
</ul>
<a target="_blank" href="https://www.rwm.com.au/2012/02/">Source: Richardson &amp; Wrench</a>
“It will finish at close to $700,000,000 when all sales are recorded,” Simeon suggests.
“Bear in mind that at close to $1 billion our market is a boom level.
“This coincides with my previous thoughts that the Mosman market has bottomed,” Simeon adds.
Much of Mosman’s strength and weakness is the so-called Mosman merry-go-round.
As Simeon says, families move within the 2088 postcode, they don’t move out.
Remuneration consultant John Egan of Egan Associates says pay structures in investment banking had changed dramatically since the global financial crisis.
Whereas previously, a top banker's base pay would be in the $300,000 to $400,000 range, the bonuses were often five to 10 times the base.
He suggests salaries might have risen about 50%, but bonuses are now only one to two times the base, he told the Weekend Australian.
Mosman has also been hurt with fewer upgrading local buyers but also the disappearance of the expatriate given the currency situation.
At weekend auctions, a three-bedroom home with harbour views in Parriwi Road, Mosman, was passed in on a $3.9 million vendor bid despite four contracts having been issued pre-auction.
Mosman agent Sandie Dunne had previously exchanged contracts at $4 million but the client got "cold feet".
It last sold for $3.85 million in 2008.
Mosman's most significant waterfront listing is a relisting of a Curraghbeena Road property that was the home of the London-based Greg Clarke, who once headed Lend Lease, and his wife, Anne.
Offers close this week through agent Paul Gotch who tried to get $12 million plus on its 2010 marketing.
The <a href=""></a>property last traded in November 2007 for $14.5 million when it was sold by retired Deutsche banker Ken Borda and his wife, Ellen.
This time Gotch has been reluctant to put a price estimate on the 933 sq m property, merely noting it was paid for in British pounds when the exchange rate with the Australian dollar was much stronger.
 
 
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jchancellor-FAypfDUnLy

Mandolong House listing set to test Mosman market after banking bonuses dry up

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Sydney’s weekend auction success rate was on the surface quite respectable.
Sydney secured a slight improvement with its 56% success rate – on initial returns – bettering the 54% of the previous weekend, according to Australian Property Monitors.
But there were three worrying undercurrents that don’t instil confidence in the ongoing market.
The first was the seasonally high number of missing results.
Australian Property Monitors had 494 auctions on its scheduled Sydney list, and managed to collate 394 results, so there’s another 100 yet to come. Melbourne likewise had 102 missing results in the REIV tally.
Certainly given it’s early in the year some agents are rusty when it comes to the voluntary reporting systems, but typically these late results are more likely to be passed-in properties, so they tend to drag down the initial success tally.
The next worrying bit of data within the result was the 12% withdrawal rate that casts a big shadow over the Sydney results.
GoodyerDonnelley agent Alexander Phillips had two withdrawn properties.
“We had no one on them, so we've put a price on them," he candidly acknowledged.
"Buyers are a little bit scared by auctions at the moment.
"If vendors have got a price they're happy with that's in line with the market, it's often best to put a price on it and generally they're then selling quite quickly," he told Fairfax Media.
The Sydney withdrawal rate was 13% on the previous weekend and 11% the weekend before.
It’s not a problem in Melbourne, however.
But both cities share the other worrying symptom – the lack of price disclosure when it comes to the sold price, and also the passed in price.
There were 41 Sydney successful sales where the result was withheld from publication.
There were also 56 Melbourne successful sales where the result was withheld from publication, along with 22 results from sold before negotiations.
One of the reasons is that the agents like to get inquisitive follow-up phone calls from those who want the result - from whom they hope to get their next listing.
But don’t try convincing me that there’s not an element of vendors (and agents) being slightly embarrassed at the price outcome.
If it’s a no bid auction of course there’s no price disclosure – and Sydney had 13 of them on the weekend.
There were 20 vendor-bid Sydney auctions where the vendors are at least telling the market a rough guide above which they will negotiate.
But there were 32 auctions passed in with no price disclosure in Sydney.
There were just the 14 auction passed in results in Melbourne where the result was withheld from publication. And Melbourne’s reportage typically goes the extra mile by giving not only the passed in price, but more often than not it gives the reserve price which is a handy addition missing from Sydney results.
But all up 35% of the 494 Sydney results are missing as of Monday morning. Melbourne had 92 results without prices, plus 102 results yet to be advised, making around 22% missing.
I am not in the same camp as Property Tycoon founder Mark Armstrong, who seeks mandatory reporting of all auction results within 24 hours of a sale. I think there are varying degrees of privacy entitlement – say, those sold before auction are more entitled to have non-disclosure until settlement.
But a publicly held auction is another matter altogether and there should be an onus on disclosure.
"At the moment people are flying blind,” Armstrong says.
“Just like in the share market, there should be 100% disclosure on performance so we can make the most informed decisions," he says.
We all want to know the auction results in a timely manner – so up-to-the-minute Saturday and in Melbourne even Sunday results are a vast improvement on yesteryear, when everyone relied on a limited number of results put up in agent windows or waited until newspapers published sales on settlements.
The Saturday figures are a reliable sample of market direction and sentiment, and those with a desire for more information can always glean it later in the week.
The REIV’s Robert Larocca is correct in responding that people have plenty of opportunities to go along to the auction see what's happening for themselves.
But reporting organisations such as the REIV and APM do have obligations that the data they release gives as best an accurate summation of the marketplace. But they will only truly succeed with agents in tow. 
For tips for agents selling in a tough 2012,<a target="_blank" href="http://propertyobserver.com.au/ebooks/free-ebook-50-smart-tips-for-real-estate-agents-to-sell-more-in-a-tough-2012"> download our free eBook.</a>
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Auction marketplace deserves better price disclosure from agents in weekend results  

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NSW Premier Barry O'Farrell has embraced plans by James Packer for a second Sydney casino at the Barangaroo site.
James Packer's casino group, Crown, advised O'Farrell that Crown envisaged the casino could be part of a new hotel and restaurant complex in the centre of the harbourside site.
O'Farrell says the proposal for a second venue would bring jobs and tourism to Barangaroo, but it would need to gain regulatory approval before going ahead.
At the moment the Barangaroo Delivery Authority says the site is intended for ''civic, educational and recreation spaces''.
O'Farrell says: ''I think it's an exciting proposal which could add extra life to Barangaroo, give Sydney another world-class hotel, generate jobs and boost tourism.''
''It's the sort of tourism-related investment we want in Sydney but everyone's aware there are a range of regulatory approvals needed before it could proceed,'' O'Farrell says.
Only one casino licence is allowed in NSW until 2019.
On Friday Crown increased to 10% its stake in Echo Entertainment, which owns the nearby Star casino, and has sought permission from regulators to increase its stake further.
If Crown can gain control of the Star, its executive chairman, James Packer, could pursue his plan for a Barangaroo casino to operate under an extended licence for the Star.
He has signalled that such a casino would not need poker machines and could simply have gaming tables, of which the Star can have an unlimited number.
It was 1994 when James Packer’s late father, Kerry Packer, lost the battle over who would run Sydney's first casino.
At the time the preferred tenderer, Leighton and Showboat, accused rival Kerry Packer consortium of running an orchestrated campaign to discredit Leightons over details within the report of the royal commission into the building industry involving Leighton and other builders over sharing tendering fees.
The Sydney Morning Herald’s coverage of the latest $1 billion casino entertainment plan came with an immediate condemnatory tone given it had been envisaged that the land was to be set aside as "playing fields for office workers."
The ABC report quotes architect Philip Thalis, who was on the original Barangaroo design winning team, and is horrified at the way decisions are being made.
"This just shows what a complete failure of planning we've had in Sydney," he said.
"We've had a continual erosion of what could have been, what should have been, Sydney's great new public western waterfront."
John Lee from the Tourism Transport Forum says it would add life to the area.
"You only have to go to Melbourne and see that area around the Yarra River, yes there's Crown Casino there, but there is also movie cinemas, bowling alleys – there's all sorts of things that entertain people when they go to the precinct," he said.
Echo Entertainment chairman John Story has told the Australian Financial Review he will not allow James Packer to win control of the company cheaply.
Story said Echo shareholders were concerned Packer was trying to seize control of the $2.96 billion casino group without having to pay a takeover premium, after the Crown Limited chairman more than doubled his stake in Echo to 10 per cent in a $256.6 million share raid on Friday.
Packer will need the approval of both the NSW and Queensland governments to increase his holding Echo beyond 10 per cent as ownership of the group is capped at that level.
Mr Packer, who owns 46 per cent of Crown, has indicated he does not wish to take full control of Echo, although he is expected to increase his holding.
“We are just concentrating on getting the government to lift the 10 per cent shareholder cap at the moment. That is out primary goal,” Packer said.
 
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Barry O’Farrell endorses Packer Barangaroo casino concept

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Barring a global meltdown or significant deterioration in Europe, borrowers should not expect any interest rate relief from the Reserve Bank on March 6 or at the following monetary policy meeting on April 3, according to a survey of economists.
All 23 economists surveyed by Bloomberg expect the RBA to leave the cash rate on hold at 4.25% during the next two months.
A strong majority – 16 out of 23 – expect the cash rate to fall by 0.25% in May to 4%, including all the major bank economists, while 14 out of 23 expect a further 0.25% cut in June, taking the cash rate to 3.75%.
Only three out of 27 economists surveyed by Bloomberg ahead of the February rate cut correctly tipped the RBA to leave rates on hold – the others all forecast a rate cut.
In his latest RBA note, HSBC chief economist Paul Bloxham wrote that while the bank has long though the Australian economy is in pretty good shape, “we have been less comfortable about the global outlook.
“And despite better global data recently, particularly in the US, and the recent rally in markets, we still remain somewhat sceptical. We still think global weakness and the flow on to the local economy will probably see the RBA cut a bit further.”
The median forecast is for rates to finish the year at 4%, with the survey of economist responses ranging from 3.7% to 4%.
In the recently published February minutes, the RBA indicated that global demand would play a key role in future interest rate decisions.
And in a speech to the House of Representatives Standing Committee on Friday RBA <a target="_blank" href="https://www.propertyobserver.com.au/economy/no-rate-cut-in-march-but-one-more-likely-by-june-hsbcs-paul-bloxham/2012022453537">governor Glenn Stevens said</a> that the likelihood of lenders passing on rate cuts to consumers was also factored into rate decisions.
In his address Stevens said: “We repeatedly made clear that the shifting relationship between the cash rate and other [lending] rates in the economy is a factor the Board takes into consideration in setting the cash rate”.
 
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Economists unanimously tip rates to remain on hold until May: Bloomberg

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There's now a website, <a href="https://www.propertytycoon.com.au/" target="_blank" style="font-size: 14px; text-align: left;">www.propertytycoon.com.au</a>, where punters can guess auction results in Melbourne, Sydney and Brisbane, with no outlay. It's mostly about testing your market knowledge with a small cash prize as a sweetener.
This week there was a stark contrast in auction results in Property Tycoon’s auction tipping competition for Melburne and Sydney when compared with Brisbane.

All five properties sold under auction conditions in Melbourne, with 10/28 The Righi, South Yarra, the standout result. 

“The property was purchased about 18 months ago for $485,000 and sold after a competitive bidding for $549,000,” says Mark Armstrong of PropertyTycoon. 

“That is an annual growth rate of almost 8% when the overall Melbourne property market had slipped backwards,” Armstrong points out.
<img src="/images/stories/marquis.jpg" style="border-style: initial; border-color: initial;">
The property at 20 Marquis Street, Ashburton (pictured above), sold for $1.46 million under the hammer. 

In Sydney, all five sold. Multiple bidders put their hands up for 13 Melford Street, Hurlstone Park. 

“It sold for $850,000, very close to the average Property Tycoon tip of almost $847,000. A quarter of all Tycoon tippers added this property to their portfolio,” Armstrong says.

But it was a different story in Brisbane.

“There are clear signs of a very weak market in Brisbane, with four out of five of this week’s properties failing to at auction,” Armstrong says. “Although buyers are out in the market, very few are prepared to put up their hands at auction. The clear view of Brisbane buyers is to sit back and wait to see what happens and try and negotiate a deal in the weeks following.”
<img src="/images/stories/ottanee.jpg" style="border-style: initial; border-color: initial;">
He points to the property at 159a Mt Ommaney Drive, Jinadlee (pictured above) as a prime example, “with a number of buyers registering their interest for the impressive family home, but when push came to shove the property failed to attract a single bid”. 

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cknowlton-QnEa6ntUYP

Stark contrast between Brisbane and other capitals in round one of auction tipping

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Kevin Rudd’s housing initiative – the first-home saver account (FHSA) incentive – is gaining traction among first-home buyers, despite the abandonment of the scheme by the Commonwealth and ANZ banks.
The scheme, which was a major election initiative of the incoming Rudd government in 2007, now has 33,000 account holders, according to the latest figures from the Australian Prudential Regulation Authority.
During the first nine months of 2011, the scheme attracted more than 7,400 new account holders.
As of September 2011, there were 33,000 FHSA accounts, up 87% since March 2010. There’s an average $7600 in each account, for a combined total of $251 million.
But the tally is unlikely to ever reach the scheme’s target of 700,000 first-home savers. It was envisaged for 2012.
The take-up of the savings scheme was clouded by the first-home owner boost scheme, which ran from October 2008 to the end of 2009 and encouraged first-home buyers to purchase a home sooner rather than save.
The increase has come despite the Commonwealth Bank, the nation's largest home lender, dumping the scheme in August, and the ANZ ceasing to take any new savings accounts in October last year.
There are 16 financial institutions offering the accounts, mostly credit unions. The CBA and ANZ were the only two of the big four to take up the initiative, leaving first-home buyers to go to only the ME Bank and AMP Bank.
The credit unions offering the accounts include Teachers Credit, Hume Building Society, Credit Union SA and the Big Sky Credit Union.
The scheme aims to help first-time buyers save for a deposit for their first homes.  Under the FHSA, the government contributes 17% on the first $5,500 of individual contributions made each year. Account holders are required to keep savings in the FHSA for four financial years before they can use the funds to buy a home.
The government amended the scheme last May to allow savings in an account to be paid into an approved mortgage after the end of a minimum four-year qualifying period, rather than requiring the money to be paid into a superannuation account.
Under the original policy, if the account holder bought a home before the end of that four-year period, the balance of their account was required to be transferred into the borrower’s superannuation fund so that it remained in a concessionally taxed environment.
In April 2008 the then prime minister conceded the scheme’s design was "complex".
Responding to submissions to a Treasury inquiry that argued the accounts were complex, Rudd said: "We don't pretend to get everything right on the first chop.”
"We're going to see what the public's got to say through these submissions and we'll finalise the design."
When the much-vaunted first home saver account schemes open in October 2008, the consumer group Choice noted the CBA was offering a return below the cash rate.
 
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Kevin Rudd’s first-home saver account initiative gaining traction, despite banks’ exit 

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Advantage Property Consulting boss Frank Valentic said there was room for cautious optimism after the Saturday, February 25 Melbourne auctions.

 
 
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Cautious optimism in Melbourne market: Quote of the week

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Australian Property Monitors (APM) has released a list of results from 394 auctions in Sydney for the weekend of February 25. The clearance rate was 57%. <a href="https://www.homepriceguide.com.au/saturday_auction_results/Sydney.pdf" target="_blank"> Click here</a> for the auction results, and click on each street address to see the property's marketing.
 
 
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APM's 394 Sydney auction results showing a clearance rate of 57%

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Australian Property Monitors (APM) has released a list of results from 229 auctions in Melbourne for the weekend of February 25. <a target="_blank" href="https://www.homepriceguide.com.au/saturday_auction_results/Melbourne.pdf" style="font-size: 14px; text-align: left;">Click here</a> for the auction results, and click on each street address to see the property's marketing.
 
 
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