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“Minister Chanthivong and his team have shown real leadership in replacing an outdated two-year bond with cover that matches the lifespan of the buildings people are buying into.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

<html><body>
<table width="361" cellpadding="0" cellspacing="0" border="1"><tbody>
<tr>
<td valign="bottom" nowrap width="69">
Postcode
</td>
<td valign="bottom" nowrap width="149">
Suburb
</td>
<td valign="bottom" nowrap width="143">
Median weekly asking rent for units
</td>
</tr>
<tr>
<td valign="bottom" nowrap width="69">
3008
</td>
<td valign="bottom" nowrap width="149">
DOCKLANDS
</td>
<td valign="bottom" nowrap width="143">
$560
</td>
</tr>
<tr>
<td valign="bottom" nowrap width="69">
3006
</td>
<td valign="bottom" nowrap width="149">
SOUTHBANK
</td>
<td valign="bottom" nowrap width="143">
$550
</td>
</tr>
<tr>
<td valign="bottom" nowrap width="69">
3207
</td>
<td valign="bottom" nowrap width="149">
PORT MELBOURNE
</td>
<td valign="bottom" nowrap width="143">
$540
</td>
</tr>
<tr>
<td valign="bottom" nowrap width="69">
3205
</td>
<td valign="bottom" nowrap width="149">
SOUTH MELBOURNE
</td>
<td valign="bottom" nowrap width="143">
$500
</td>
</tr>
<tr>
<td valign="bottom" nowrap width="69">
3003
</td>
<td valign="bottom" nowrap width="149">
WEST MELBOURNE
</td>
<td valign="bottom" nowrap width="143">
$477.50
</td>
</tr>
<tr>
<td valign="bottom" nowrap width="69">
3000
</td>
<td valign="bottom" nowrap width="149">
MELBOURNE
</td>
<td valign="bottom" nowrap width="143">
$450
</td>
</tr>
<tr>
<td valign="bottom" nowrap width="69">
3065
</td>
<td valign="bottom" nowrap width="149">
FITZROY
</td>
<td valign="bottom" nowrap width="143">
$450
</td>
</tr>
<tr>
<td valign="bottom" nowrap width="69">
3066
</td>
<td valign="bottom" nowrap width="149">
COLLINGWOOD
</td>
<td valign="bottom" nowrap width="143">
$450
</td>
</tr>
<tr>
<td valign="bottom" nowrap width="69">
3002
</td>
<td valign="bottom" nowrap width="149">
EAST MELBOURNE
</td>
<td valign="bottom" nowrap width="143">
$440
</td>
</tr>
<tr>
<td valign="bottom" nowrap width="69">
3142
</td>
<td valign="bottom" nowrap width="149">
TOORAK
</td>
<td valign="bottom" nowrap width="143">
$427.50
</td>
</tr>
</tbody></table>
Source: RP Data
 
 
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cknowlton-QnEa6ntUYP

Top 10 most expensive inner-Melbourne suburbs for unit rentals: RP Data

<html><body>
<table width="388" cellpadding="0" cellspacing="0" border="1"><tbody>
<tr>
<td valign="bottom" nowrap width="101">
Postcode
</td>
<td valign="bottom" nowrap width="155">
Suburb
</td>
<td valign="bottom" nowrap width="132">
Median unit price
</td>
</tr>
<tr>
<td valign="bottom" nowrap width="101">
2027
</td>
<td valign="bottom" nowrap width="155">
POINT PIPER
</td>
<td valign="bottom" nowrap width="132">
$2.85 million
</td>
</tr>
<tr>
<td valign="bottom" nowrap width="101">
2000
</td>
<td valign="bottom" nowrap width="155">
DAWES POINT
</td>
<td valign="bottom" nowrap width="132">
$2.05 million
</td>
</tr>
<tr>
<td valign="bottom" nowrap width="101">
2027
</td>
<td valign="bottom" nowrap width="155">
DARLING POINT
</td>
<td valign="bottom" nowrap width="132">
$1,231,000
</td>
</tr>
<tr>
<td valign="bottom" nowrap width="101">
2026
</td>
<td valign="bottom" nowrap width="155">
TAMARAMA
</td>
<td valign="bottom" nowrap width="132">
$1,055,000
</td>
</tr>
<tr>
<td valign="bottom" nowrap width="101">
2000
</td>
<td valign="bottom" nowrap width="155">
THE ROCKS
</td>
<td valign="bottom" nowrap width="132">
$1 million
</td>
</tr>
<tr>
<td valign="bottom" nowrap width="101">
2090
</td>
<td valign="bottom" nowrap width="155">
CREMORNE POINT
</td>
<td valign="bottom" nowrap width="132">
$971,400
</td>
</tr>
<tr>
<td valign="bottom" nowrap width="101">
2137
</td>
<td valign="bottom" nowrap width="155">
CABARITA
</td>
<td valign="bottom" nowrap width="132">
$943,500
</td>
</tr>
<tr>
<td valign="bottom" nowrap width="101">
2030
</td>
<td valign="bottom" nowrap width="155">
DOVER HEIGHTS
</td>
<td valign="bottom" nowrap width="132">
$926,000
</td>
</tr>
<tr>
<td valign="bottom" nowrap width="101">
2041
</td>
<td valign="bottom" nowrap width="155">
BIRCHGROVE
</td>
<td valign="bottom" nowrap width="132">
$885,000
</td>
</tr>
<tr>
<td valign="bottom" nowrap width="101">
2074
</td>
<td valign="bottom" nowrap width="155">
NORTH TURRAMURRA
</td>
<td valign="bottom" nowrap width="132">
$857,500
</td>
</tr>
</tbody></table>
Source: RP Data
</body></html>

Top 10 most expensive suburbs in Sydney for unit purchases: RP Data

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The decision by the major banks and some of the smaller banks to raise interest rates independently of the RBA is encouraging borrowers to consider refinancing with a non-bank lender, says One Big Switch founder Lachlan Harris.
Harris tells Property Observer there had been a “really, really strong reaction” to the rate rises, with borrowers “genuinely interested in smaller banks and non-bank lenders”.
“A few months ago it was all about the major banks, now the reaction is they want alternative lenders,” he says.
An ongoing poll by Property Observer has found that nearly 83% of borrowers are interested in the option of refinancing their mortgage with a different lender.
One Big Switch is currently in discussion with several other non-bank lenders, which are keen to join the campaign. One Big Switch encourages mortgage holders to consider refinancing.
To date Resimac, FirstMac, Mortgage Ezy, Mortgage Point and IMB Building Society have all participated in the program. About 1,600 out of the 40,000 borrowers who signed up have refinanced through one of these lenders. Harris says the campaign will not be relaunched but those who signed up and who have not refinanced will be given the opportunity of participating in new lender offers. “We are constantly in discussion with lenders interested in providing group discounts,” he says.
“We are always on the lookout for any lender who will offer a discount.”
Lachlan says the non-bank sector can match offers from the major banks.
“I genuinely believe Australia has a vibrant non-bank lending sector…it’s an incredible part of the market,” he says.
To learn more about refinancing, sign up for the free Property Observer refinancing webinar tomorrow at 12.30.
{module What do you intend to do given the current interest rate fluctuations?}
 
{module Have you changed lenders in the last six years?}
 
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lschlesinger-FZcF9M3vE6

Rate rises encourage borrowers to consider non-bank lenders: One Big Switch’s Lachlan Harris

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New Melbourne median residential lots sizes have fallen fell below 400 square metres for the first time, according to December 2011 quarterly research by Oliver Hume.
The median lot size in the first stage of eight new residential communities’ projects launched during the quarter dropped below 400 square metres to a median of 396 square metres.
Lots less than 400 square metres now comprise 32% of the retail supply compared to around 10% in 2008.
In its recent 2012 interim results, <a target="_blank" href="https://www.propertyobserver.com.au/residential/higher-price-for-less-land-stockland/2012020953317">Stockland reported that it was charging a higher price for smaller property lots in its residential developments.</a>
The eight new communities will comprise more than 10,900 lots when fully developed. There were three new projects each in Casey and Melton, and two in Wyndham.
The eight new projects lifted the total number of projects launched this calendar year to 34, a combined fully developed yield of 24,400 lots, the highest on record both in terms of projects and lots.
The median land price across the eight new projects was $193,000 or $188,000 including incentives. 
The most affordable lot released during the quarter was offered for $138,400 in Melton.
During the December quarter, land prices in Melbourne’s growth areas declined by $3,000 or about 1.4% to $215,000 – the fourth consecutive quarter that prices have declined.
Over the past 12 months, land prices are down 4.8% or $10,000 from their peak of $225,750.
According to Oliver Hume there are currently 3,200 lots available for sale, a five-year high and equal to for five months of supply at current sales rates.
The emergence of smaller lot product is well documented and highlighted in the following graphic:
<img src="/images/stories/oliverhume.gif">
Land supply is now edging close to the industry benchmark of around six months, which was last experienced in the September quarter of 2006.
Casey, Whittlesea and Wyndham dominate supply, with 21%, 20% and 19% market shares respectively.
Mitchell (Beveridge-Wallan), the most recent addition to the six initial metropolitan local government growth areas, is the smallest market, with just under 7% of retail supply.
“Despite recent downward movements during the quarter in the official cash rate, projects sales rates continue their downward spiral – to their lowest levels since 2006,” the report says.
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Melbourne median new lot size falls below 400 square metres: Oliver Hume

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Bendigo &amp; Adelaide Bank has blamed rising funding costs for a 67% slump in net profits for the six months to the end of December 2011.
The bank, which will start charging variable rate borrowers an extra 0.15% in interest from tomorrow – the highest increase of all lenders to date – posted interim profits of $57.9 million, down from $173.9 million in the previous corresponding period.
Bendigo &amp; Adelaide Bank managing director Mike Hirst says the “cost of all funding channels have increased markedly over the past six months, including retail term deposits, senior unsecured and secured debt markets”.
Click to enlarge
<a href="/images/stories/bendigoadelaidec.gif" rel="shadowbox" title="Click to enlarge"><img src="/images/stories/bendigoadelaidethumb.gif"></a>
The net interest margin declined two basis points compared with the previous corresponding period, and fell six basis points when compared to the half year ending June 30, 2011.
“The contraction in margin, coupled with slowing credit growth and market sentiment moving investors away from higher margin wealth and equities products, has resulted in flat earnings,” Hirst says.
Over the past six months the bank has grown its mortgage book by 7.6% compared with the industry average of 7.3%.
Its total loan book stands at $46.8 billion, with 65% of this residential lending. First-home owners make up just under one in 10 mortgage holders.
During the year, the bank acquired the Bank of Cyprus (Australia), which has a loan book of $1.4 billion and 14 branches, eight of which are in Victoria.
Hirst says the economic outlook for the remaining six months of the financial year is difficult, with significant market volatility and revenue challenges facing all banks. Funding costs, changing asset mix and demand for credit are all currently problematic.
"While the future impact of these factors is difficult to predict, there is much about our business that should provide comfort to our investors," Hirst says.
"We continue to generate customer satisfaction and brand advocacy measures that are materially higher than the major banks and we are committed to ensuring we have the capacity to meet the needs of our customers.”
 
 
 
 
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Bendigo & Adelaide Bank profits fall 67% amid higher funding costs

<html><body>
Over the 2011 calendar year, home values fell by 3.6% across the combined capital cities and sales volumes also eased as market activity slowed. The slowdown in buyer activity has made achieving sales much harder and for property professionals it has made finding commissions much more challenging. Data also shows that the premium end of the housing market has experienced greater value falls than those recorded for more affordable property types.
In terms of sales activity across the combined capital cities, homes priced between $300,000 and $400,000 have recorded the greatest volume of activity with 23.5% of all sales occurring within this price band. Over the year, 58.4% of all home sales have occurred at prices between $300,000 and $600,000. Sales of properties priced in excess of $1 million accounted for just 7.8% of all sales over the year.
Across individual capital cities, sales activity at prices between $300,000 and $400,000 accounted for the largest portion of sales in Sydney (19.1%), Melbourne (24.7%), Brisbane (29.4%) and Adelaide (29.5%). Property sales between $400,000 and $500,000 accounted for the greatest proportion of all sales in Perth (24.2%), Darwin (25.5%) and Canberra (32.7%) while in Hobart most sales occurred between $200,000 and $300,000 (29.7%).
Property sales in excess of $1 million were most prevalent within Sydney (11.3%), Melbourne (8.3%) and Perth (6.9%) while in every other capital city sales in excess of $1 million accounted for less than 4% of all sales.
Click to enlarge
<a title="Click to enlarge" rel="shadowbox" href="/images/stories/lawlessfeb201.gif"><img src="/images/stories/lawlessfeb201thumb.gif"></a>
<a title="Click to enlarge" rel="shadowbox" href="/images/stories/lawlessfeb202.gif"><img src="/images/stories/lawlessfeb202thumb.gif"></a>
Although looking at the volume of sales provides a valuable insight of where demand is, from an agency perspective the value of the home is very important as it directly relates to commission payable. Across the capital cities, sales of homes priced between $400,000 and $500,000 had the greatest total value of sales, accounting for 16.6% of the total market. The $400,000 to $500,000 price point also accounted for 21.2% of the total volume of sales, suggesting that this is a market which is both attractive for purchasers and potentially most lucrative for sales agents. Properties priced between $1m and $2 million accounted for 14.9% of the total value of all sales making it the second largest price point in terms of value of sale.
Across individual capital cities, the $400,000 to $500,000 price band accounted for the greatest total value of sales in Melbourne (16.3%), Brisbane (22.2%), Perth (19.5%), Darwin (24.6%) and Canberra (27.1%). In Sydney, the $1 million to $2 million price point accounted for the greatest total value of sales (19.3%) and in Adelaide (23.7%) and Hobart (26.4%) it was the $300,000 to $400,000 price point.
The results highlight that with home values falling and sales volumes at below average levels, now more than ever property professionals need to understand where the strongest level of demand exists.
<a title="Click to enlarge" rel="shadowbox" href="/images/stories/lawlessfeb203.gif"><img src="/images/stories/lawlessfeb203thumb.gif"></a>
<a title="Click to enlarge" rel="shadowbox" href="/images/stories/lawlessfeb204.gif"><img src="/images/stories/lawlessfeb204thumb.gif"></a>
<img src="/images/stories/volumevalue.jpg">
 
Tim Lawless is research director at <a target="_blank" href="https://www.rpdata.com/">RP Data</a>.
This article originally appeared on <a target="_blank" href="https://www.smartcompany.com.au/">SmartCompany</a>
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tlawless-5VLUrbAk9s

Demand is strongest at $300,000-plus price point, but there is a million-dollar sweet spot for value: Tim Lawless

<html><body>
The major banks independently lifted their mortgage rates last week, and I was surprised with the number of questions I was being asked.
Many mortgage borrowers want to switch to a cheaper lender after these interest rate rises, but they’re confused about three questions: how much money will I save? What options do I have outside the major banks? And, is it worth the hassle of switching?
Let’s start with the first question: the answer is that you can save hundreds from your first new mortgage payment and you can save tens of thousands over the life of the new loan.
Let’s say two customers have an average $350,000, 30-year mortgage. The Westpac customer, with a standard variable rate of 7.46%, will pay $55,440 more over the life of the loan than the Yellow Brick Road customer, who has a rate of 6.84%.
Even a NAB customer, with the lowest standard variable rate of the big banks, will pay $38,160 more than a Yellow Brick Road customer.
This is simply the comparison sitting on my desk right now. Your job is to find your own examples and know how much you will pay over the life of your loan and then run different interest rates through the online calculators.
This brings me to the second question: what mortgage options are available to me?
To understand your options, I suggest two paths: you get online and research the comparison web sites, or you see a mortgage broker.
There are many comparison sites available on the internet. The service I find simplest is Canstar Star Ratings, but there are quite a few.
You should start by knowing exactly how your current loan works: the interest rate, the features, the fees, etc. Perhaps make a list of what you like about your current loan, because even if you think you’re paying too much, there may be features that you have come to rely on, such as 100% offset, fortnightly payments and easy redraw.
Be honest about the features – their value may be greater than what you can save.
Scroll down and look at how many home loans are cheaper than you’re paying, and then weed them out until you find the loans that also have the features and fees you want.
If it’s too daunting or time consuming, you can see a mortgage broker. These experts know the market and can match you with the best priced and best featured home loan.
It’s very rare that a broker can’t find a better loan than the one you have already – it’s their job.
The harder you look, the more you’ll find lenders you may not have heard of: credit unions, regional banks, building societies and mutuals.
Don’t be put off by their supposed obscurity. According to Abacus, the industry body for the Australian mutual sector, there are 119 mutual lenders in this country with a combined 4.6 million customers. Generally speaking, these lenders are the ones with the lower interest rates because they don’t need the high profit margins that the big banks rely on.
Armed with options and convinced you can save money, is it a hassle to actually change a home loan?
That depends on how organised you are. Personally I don’t think a few hours of collecting paperwork is a high price to pay for saving $40,000.
I suggest you do it this way: organise a new, lower-priced loan at a lender. You will need proof of identity, of employment and of earnings.
You’ll receive a written loan offer in which the new lender will commit to “buying out” your current loan, without exit fees of course.
Your options will now expand because in my experience, nine times out of 10 your current bank – when contacted by the new lender – will offer to match your new rate.
Having gone through this process, you now have real choice: choice of price and choice of who you borrow from. You have answered your own questions and come out with a better result than when you started.
This is how home lending should operate. That fact that it doesn’t frustrates me.
Borrowers either become complacent about their set-and-forget mortgage, or they’re scared of changing from a big bank.
What I would tell them is that the first thing you do when you change mortgage is change your attitude.
So you’d like to save $40,000 over the life of a mortgage? It could be time to change your attitude.
Mark Bouris is executive chairman of <a href="https://www.ybr.com.au/" target="_blank">Yellow Brick Road</a>, a financial services company offering home loans, financial planning, accounting and tax, and insurance.
This article first appeared in News Ltd. newspapers
 
 
 
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mbouris-tauSvXGAM2

Don’t be afraid to refinance – it could save you tens of thousands: Mark Bouris

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All t<a href=""></a>he political Machiavellian machinations are hurting property confidence around the country.
Villa World, which sells affordable house-and-land packages, <a target="_blank" href="https://www.propertyobserver.com.au/land/investors-and-upgraders-not-first-home-buyers-behind-villa-worlds-building-lot-sales-in-past-six-months/2012021453385">recently presented its half-year results</a> and pointed the finger directly at the politicians.
It attributed its slowing sales to the standard global economic instability, along with interest rate uncertainty but then also blamed “the domestic political situation.”
It is the first real estate company to go public with the suggestion that the Gillard-led minority federal government’s inherent instabilities are impacting on house-and-land sales.
Villa World, which is dominant in the politically unstable state of Queensland, is just saying publicly what the industry has been thinking for many months.
Increasingly anxious since mid-2011, many in the property industry - from billionaires to sales staff - want some quick resolution. And they ideally want a change of government as well.
As hard as it is to nail the origins and connection, the real estate industry just reckons some confidence will return to the market with a dose of firm leadership from the Lodge and the Treasury.
The latest weakened weekend auctions results of course preceded the latest Rudd video flare-up.
Auction clearance rates dropped slightly in Melbourne and rose slightly in Sydney in the first weekend after <a target="_blank" href="/news">all four big bank increased their interest rates</a>.
The rate rises will certainly cement buyer caution and could also stall any improvement in the capital city markets, which had been set to record price growth.
The number of properties for sale in each city is still lower than at the same time last year.
The weekend clearance rate in Melbourne was 59% according to the Real Estate Institute of Victoria, down on the 64% clearance rate the week before and the 63% last February.
There were 579 properties put under the hammer in Melbourne, about 140 fewer than at the same time last year, according to the REIV.
There was a <a href=""></a>54% clearance rate in Sydney, according to Australian Property Monitors.
Last week, 52.5% of Sydney properties auctioned were sold, and at the same time last year, 61% of properties sold, APM figures show.
APM senior economist Dr Andrew Wilson says the smaller volumes reflected the subdued market.
He says fragile confidence remains a significant barrier to increased housing market activity.
“Certainly there’s consistency in the lower numbers being offered this year compared to last year,” he says.
The most expensive house to sell in Sydney last week was a four-bedroom Federation Queen Anne-style house in Mosman that fetched $2.9 million.
The top property sold in Melbourne was a five-bedroom home in Beaconsfield Parade, Albert Park, which fetched $3 million plus.
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jchancellor-FAypfDUnLy

Property industry looks to the Lodge for firm leadership to strengthen sales activity

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The infamous Snowtown bank has been listed for sale.
Hale Real Estate director Nigel Christie says the Snowtown property has a $200,000 price guide. It’s located about 150 kilometres north of Adelaide.
<img style="float: left; margin: 5px;" src="/images/stories/snowtown1.jpg">
Convicted murderers John Justin Bunting and Robert Joe Wagner used the former bank's vault to store their victims’ bodies in barrels in 1999.
The bank has more recently been used to shoot scenes for the film Snowtown.
It comes with the four-bedroom former manager's residence for the State Bank of South Australia.
The property on a 1,000-square-metre corner block on the corner of High Street and Railway Terrace needs updating, Christie says.
"It has this solid brick home, which is in excellent condition, which you could rent out, plus it's got a shop you could rent out," he adds.
"The vendor used the bank as a music room and games room," he told Adelaide Now.
Buyers’ agent Tim Mansfield says selling agents <a target="_blank" href="https://www.propertyobserver.com.au/residential/murder-and-mayhem-what-an-agent-should-disclose-if-a-property-has-an-unsavoury-past/2012021953438">have a duty to tell buyers if a property has an unsavoury past</a>.
A High Street four bedroom house set on a 1618 – which has a rental return of $150 per week – is currently listed at $158,000 through Butterfield Real Estate.
A five-bedroom timber cottage on Railway Terrace listed at $89,000 appears to have been snappily sold.
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Infamous Snowtown bank for sale: Title Tattle

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Investors will be able to own a piece of the Empire State Building after its owners announced plans to list the New York landmark on the New York Stock Exchange.
The 102-story building, once the tallest in the world, forms part of the Empire State Realty Trust Inc, owned by the Malkin Family since 2002.
The REIT plans to issue two classes of stock – class A shares being sold to the public worth one vote each and class B shares with 50 votes each.
On a pro forma basis, the company generated revenue of about $156.7 million from the building for the nine months ended September 30. In total, it earned $71 million, rebounding from lows during the financial crisis.
The Empire State Building accounts for the largest chunk of revenue for the REIT, which also owns 12 office properties and six standalone retail properties mostly located in midtown Manhattan.
Between $175 million and $215 million of capital raised through the listing will be used to renovate and reposition its properties.
Standing at the intersection of Fifth Avenue and West 34th Street, the Art Deco building rises to 443.2 metres when including its antennae spire.
It was built in 1931 and reined as the tallest building in the world until the construction of the World Trade Centre North Tower. It famously featured in the 1933 movie King Kong as the site where the giant ape battled fighter planes.
It is currently the tallest building in New York, third tallest in the US and 15th tallest in the world.
The Empire State Building was designed by William F. Lamb from the architectural firm Shreve, Lamb and Harmon, which produced the building drawings in just two weeks.
Empire State Realty will use the ticker symbol ESB.
As part of the IP, the company said it would consolidate a group of closely held companies to form a real estate investment trust.
 
 
 
 
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