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“Minister Chanthivong and his team have shown real leadership in replacing an outdated two-year bond with cover that matches the lifespan of the buildings people are buying into.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

Rafi Assouline's&nbsp;HSN Property Group&nbsp;is set to develop a striking new apartment development in Woollahra.

HSN, who has its own building arm, is seeking to develop a seven-level building at <a href="/new-apartments/370-edgecliff-road-edgecliff">370 Edgecliff Road</a>, a site that had previously been earmarked for a new development by TOGA.

The new $23 million development, near the Wolper Jewish Hospital and Matt Moran's The Chiswick, will comprise just 19 two and three-bedroom apartments, four of which will be reserved as affordable housing.

Currently on the site is a three-level, 16-apartment building.

<img alt="HSN" data-entity-type="file" data-entity-uuid="7f4c3d28-097d-4d69-8923-dd72967a45b6" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202024-06-20%20at%204.03.55%E2%80%AFPM.png?VersionId=4Kcexgbg2vsXW725vpl6IAnhw7KDOWkP" />

<a href="/architects/pbd-architects">PBD Architects</a>&nbsp;has drawn up the plans for the building that "aims to blend with the existing streetscape of Edgecliff Road, incorporating heritage-style elements with a contemporary approach characterised by a symmetrical design, grounded columns, natural stone and zinc for the façade to create a timeless aesthetic."

Designed to meet the needs of medium-sized families and downsizers from the local area, the north-facing apartments range from 105 sqm to 191 sqm.

The landscape design, by Danger Barin Smith, reflects the ecological character of Woollahra, using a mix of species to provide privacy and seasonal shading.&nbsp;

A concierge lobby will enhance residents' sense of community and security.

<a href="/developers/hsn-property-group">HSN Property Group</a> will also employ sustainable initiatives, including using energy-efficient appliances, and low-maintenance materials, and providing on-site facilities for recycling and rainwater reuse.&nbsp;

First look exclusive: HSN submit plans for $23 million Woollahra apartment development

Eastern Suburbs developer Orosi is taking on its largest project to date, filing plans for a new shoptop development in the gateway to Rose Bay.

It was last year that <a href="/developers/orosi">Orosi</a>, led by Founder and Managing Director Hamid Samavi, secured the vast 3,000 sqm site, a two year-long amalgamation of several lots over The Avenue, Old South Head Road and William Street. Now they've submitted plans to the Waverley Council for a mixed-use development that will be the biggest development Rose Bay has seen in years.

Samavi told Urban the vision is to create an iconic landmark that serves as a welcoming gateway to <a href="/developments/rose-bay-nsw-2029">Rose Bay</a>.

"<a href="/new-apartments/orosi-rose-bay-1-the-avenue-rose-bay">OROSI Rose Bay</a> will set a new benchmark for architecture and sustainability in The Eastern Suburbs, featuring state-of-the-art facilities and curated retail spaces, including a Kosher café, an organic restaurant, and Sydney’s most iconic wellness centre," Samavi said.

<img alt="Orosi" data-entity-type="file" data-entity-uuid="0e8033e8-04b8-41f8-8d95-f5eaff6a4a15" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202024-06-19%20at%201.06.48%E2%80%AFPM.png?VersionId=knJBmXTBWJMvkbIIAMsO6wyjiol1ZWwp" />

The integrated developer, who serves as both the architect and builder of its projects, designed the building to offer 50 apartments spanning across a structure that ranges from four to five levels.

There will be 34 two-bedroom apartments and 16 three-bed apartments.

"The apartments are on the larger side, so they will suit a wide range of demographics, not just downsizers."

The building,&nbsp;across the road from the Royal Sydney Golf Club, will be divided into two adjacent, inter-connected buildings to reduce its overall bulk, setting back the development from The Avenue and William Street boundaries.

<img alt="Orisi" data-entity-type="file" data-entity-uuid="3f31d8ea-1711-489a-98aa-878f20f4fdb3" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202024-06-19%20at%2010.47.09%E2%80%AFAM.png?VersionId=BpcL219t1ZQqAQGQNcW92WdnGlhJp8I4" />

OROSI Rose Bay will replace a mix of commercial and residential properties from the mid to late 20th century.

Urbis said the demolition of all structures within the subject site would provide the opportunity for a cohesive, contemporary new development that complements the surrounding streetscape.

"The proposal would revitalise the site with new opportunity for residential, commercial and retail spaces, and reactivate the Old South Head Road street frontage with a cafe, restaurant, and a modest commercial space," Urbis noted in their submission.

"The proposed new mixed-use development has been designed to be complementary to the existing character of the surrounding streetscape, including its height, built envelope, inclusion of greenery and landscaping, utilisation of the existing slope, colour palette and finishes."

Orosi's push for a bakery-style cafe stems from the site's long history of having a bakery presence, dating back over a century.

<img alt="Rose Bay bakery" data-entity-type="file" data-entity-uuid="639041bb-3e46-480d-a37f-9ada09e1cd79" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202024-06-19%20at%201.00.09%E2%80%AFPM.png?VersionId=cvUkjkM7Ug0GnyDT2bYzO12DHAgMA16X" />The Rose Bay Bakery on The Avenue, pictured in 1920. Source: State Library of NSW

Samavi said the bakery currently operating from the development site is the only kosher bakery in Sydney.

"We wanted to respect the context of the site and keep the same kosher bakery which has become an important part of Rose Bay," Samavi added.

Orosi's largest development to date was in Bellevue Hill where they created a 25-apartment development on Bellevue Road. Their most recent completion was of Orosi South Cronulla, a collection of 18 luxury apartments, while currently they're developing a boutique building of just 11 apartments in Randwick.

"To us, luxury is not just about natural marble and exquisite finishes,"&nbsp;Samavi said.

"We put a great deal of effort into sustainability, achieved through the passive design of the building to minimise energy consumption. This includes provisions such as double-glazed windows, UV-protected glass, proper insulation for the walls, and airtight joints for windows and walls, among other features.

"Additionally, each unit is equipped with a heat exchanger to ensure proper cross-ventilation at all times, thereby preventing any mould formation within the units. Thermal comfort and air quality is a priority for us, impacting residents as significantly as the quality of the finishes."

The building, across the road from the Royal Sydney Golf Club, will be divided into two adjacent, inter-connected buildings to reduce its overall bulk, setting back the development from The Avenue and William Street boundaries

First look exclusive: Orosi plan Rose Bay shoptop on key gateway site

Bayside builder developer, Shenfield Property, is well on track to complete its boutique&nbsp;<a href="/developments/cheltenham-vic-3192">Cheltenham</a> townhouse development, Plenteous, by the end of 2024.

Only a few of the eight architect-designed townhouses on Jean Street remain for sale through Noorden marketing agent David Lamond, who has seen both local upsizers and downsizers buy into the project given its low-maintence design but with the size to cater for families, as well as its proximity to Southpoint Station and Westfield Southland.&nbsp;

The townhouses, a dwelling type not often seen in Cheltenham and certainly not close to a central location as <a href="/buildings/plenteous-cheltenham-49-jean-street-cheltenham-vic-3192">Plenteous</a>, have been designed by&nbsp;Farrington&nbsp;Architects to at the end of a quiet, leafy cul-de-sac with frontage to Jean Streett Reserve and Playground.

[smartcode_project:default project_id=136588 project_image_fid=208418]

Two or three-bedroom towhnouses are on offer, across either two or three levels. Interior designer&nbsp;<a href="/interior-designers/aldona-padjak-interior-design-apid">Aldona Padjak</a>&nbsp;crafted the insides of the townhouses with soft, neutral colours to enhance natural light.

The inside opens up to and incorporates the outdoors, with the ground level opening to a courtyard garden and the second or third level offering a balcony.

With construction progressing steadily, the project is scheduled for completion by the end of 2024.

[smartcode_project:default project_id=136588 project_image_fid=208417]

<a href="/developers/shenfield-property">Shenfield Property</a>, led by Alister Shenfield, has had a long reputation of delivering quality residential developments throughout Melbourne's Bayside.

Their most recent completed work has included <a href="/buildings/omnia-4-6-horscroft-place-moorabbin">Omnia at Moorabbin</a>, <a href="/buildings/tilli-547-hampton-street-hampton">Tilli in Hampton</a>, and <a href="/buildings/eva-123-balcombe-road-mentone">EVA Mentone</a>.

As well as Plenteous, Shenfield,&nbsp;is working on <a href="/buildings/joes-quarter-mordialloc-557-main-street-mordialloc">Joe's Quarter in Mordialloc</a> and <a href="/new-apartments/banksia-cheltenham-216-226-charman-road-cheltenham">Banksia</a>, and apartment development in Cheltenham, just under two kilometres from Plenteous.

[smartcode_project_cta:default project_id=136588]

mikah.m@urban.com.au

Shenfield Property's Plenteous townhouses swiftly taking shape in Cheltenham

Neutrla Bay village is set for a new shoptop housing development with the approval of a mixed-use building on the corner of two of the village's most active streets.

<a href="/builders/eastview">Eastview</a> has received approval for the $24 million mixed-use residential and commercial development at 165 Military Road, on a prime 762 sqm site on the corner of Military and Wycombe Road.

The project, designed by <a href="/architects/ae-design-partnership">AE Design Partnership</a>&nbsp;and Embece, is a six-storey building with 21 apartments across levels two to five.

The unit mix will consist of 11 two-bedroom apartments, four two-bedroom apartments with additional study spaces, four three-bedroom apartments, and two three-bedroom penthouses.

The ground floor will include two retail tenancies making up a total retail area of 384 sqm.

The development also provides three levels of basement parking for 25 car spaces, four motorbike spaces, and bicycle spaces located within the resident storage area.

The strategic location at the intersection of Wycombe Road and Military Road places the development within a 400-metre walking distance of key local amenities, including&nbsp;<a href="/developments/neutral-bay-nsw-2089">Neutral Bay</a>&nbsp;Public School and Redlands Seniors School.&nbsp;

<img alt="Neutral Bay" data-entity-type="file" data-entity-uuid="8e3a9b0a-7d9d-4150-8923-83089686900e" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202024-06-19%20at%2010.28.29%E2%80%AFAM.png?VersionId=zcc.WnnLsvMt_Gs2jCww5QI_36tHH52z" />

The proposal was initially refused in 2022 before it was recently given the greenlight by the Land and Environment Court.

<h2>Development Snapshot</h2>

<ul>
	<li>Six-level shoptop housing comprising;
	<ul>
		<li>Two ground-level retail tenancies</li>
		<li>21 apartments comprising;
		<ul>
			<li>11x 2 bedroom apartments;</li>
			<li>4x 2 bedroom + study apartments;</li>
			<li>4x 3 bedroom apartments</li>
			<li>2x 3 bedroom penthouses.</li>
		</ul>
		</li>
		<li>Three levels of basement parking comprising;
		<ul>
			<li>25 car spaces</li>
			<li>4 motorbike spaces</li>
			<li>bicycle spaces located within resident storage area.</li>
		</ul>
		</li>
	</ul>
	</li>
</ul>

Eastview receives approval for $24 million mixed-use development in Neutral Bay

Hawthorn East is set to welcome a rare new apartment development with plans submitted to the Booroondora Council for a mixed-use building at 775 Toorak Road.

The $4.5 million plans, put forward by&nbsp;development management firm&nbsp;<a href="/developers/gaage-developments">GAAGE Developments</a>, are for a new six-level building with 22 one, two and three-bedroom apartments above two street-level retail spaces and one office tenancy.

The new building will replace a single-level, red brick home that dates back to the early 1960s, as well as two outbuildings.

Kings Lane Architects has designed the building with a combination of render and textured ribbed concrete finish, neutral earthy tones and extensive glazing.

<img alt="Toorak Road" data-entity-type="file" data-entity-uuid="fe749224-2e0c-42d5-98e0-fd000a9d1ad6" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202024-06-19%20at%2010.23.51%E2%80%AFAM.png?VersionId=Bs4rpXODNUex8KKmrQyVJHDLcm4QWbfu" />

There will be five dwellings on each of the first to fourth floors, designed to optimise daylight access.&nbsp;

The sixth floor will house two larger apartments: a two-bedroom unit with a south-facing balcony and a three-bedroom plus study unit with a northeast-facing balcony.&nbsp;

The rooftop will offer a 94 sqm communal open space.

The development will also feature three commercial tenancies on the ground floor, two with frontages on Toorak Road and one accessed from the building’s central core.&nbsp;

<img alt="Toorak Road" data-entity-type="file" data-entity-uuid="3b603ef7-ea9e-4e45-94cb-e62a459d724b" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202024-06-19%20at%2010.24.01%E2%80%AFAM.png?VersionId=PWY5C8c8hEdW3u3TWErQhrv8FrLeW1cq" />

Parking will be provided in a two-level basement, accommodating up to 34 vehicles, including two visitor spaces, through a mix of single spaces and double vehicle stackers.&nbsp;

The basement will also include individual storage lockers for residents and a bicycle parking room with space for 26 bicycles using a Ned Kelly rack storage system.

Residents will have easy access to nearby local amenities, including Cato Park and Gardiners Creek Trail within a 300-metre radius, and several educational institutions such as Balwyn College, Auburn High School, and Auburn Primary School within 800 metres north of the <a href="/developments/hawthorn-east-vic-3123">Hawthorn East</a>&nbsp;project.&nbsp;

First look: New apartments set for Toorak Road, Hawthorn East

UDIA NSW has welcomed a State Budget that puts planning and delivering new homes at its centre.

The Budget acknowledges challenging economic factors including higher interest rates and construction costs, have negatively impacted the feasibility of new residential projects, contributing to a decline in the number of dwelling approvals over the past year to their lowest level in a decade.&nbsp;

“This budget has a number of positive initiatives to tackle the housing crisis however more needs to be done to get keys in doors earlier,” said Stuart Ayres, CEO of UDIA NSW.&nbsp; 
&nbsp; 
The budget confirms $555 million to speed up the planning system and deliver the enabling infrastructure required to build new homes. It also includes funding through the Building Homes for NSW Program for 21,000 market and affordable new homes and 8,400 social homes. &nbsp;This includes $450m toward constructing affordable apartments for key workers. 
&nbsp; 
UDIA NSW welcomes the renewed focus on Western Sydney and the Aerotropolis with over $5b allocated towards critical road projects needed to unlock housing and employment lands. However, more work is required to encourage private sector investment in enabling infrastructure. 
&nbsp; 
“The budget highlights how challenging an economic environment it is for developers and future homeowners," Ayres added.

"More could be done now on works in kind, development contributions and coordination of infrastructure to unlock developable land." 
&nbsp; 
UDIA NSW looks forward to working with the NSW Government as it establishes a guarantee scheme to support private-sector financing to increase the supply of new homes. 
&nbsp; 
“The commitment to a guarantee scheme to accelerate the completion of residential properties is welcomed and will get more projects under construction earlier."

NSW is in the midst of a housing crisis and this budget takes critical steps toward solving the crisis. &nbsp;However UDIA NSW recognises many of the interventions will take years to deliver homes, and more can be done sooner to address this significant social and economic challenge.

UDIA NSW welcomes Budget focus on building more homes

Victoria's state government has outlined draft housing targets to address the growing demand for housing across the region, setting a goal of constructing 2.5 million new homes by 2051.&nbsp;

These targets are part of Plan Victoria, a new strategy set to supersede the 2017 Plan <a href="/developments/melbourne-vic">Melbourne</a>.&nbsp;

The announcement comes amidst broader national housing challenges, particularly in Victoria, which has the largest annual population growth of all Australian states.

Plan Victoria emphasises local government involvement to unlock space for new homes, propose changes to local planning rules, and address infrastructure needs.&nbsp;

"We want to work in partnership with councils to build more homes in the areas where people want to live – close to the people they love and the things they love to do," Planning Minister Sonya Kilkenny said.&nbsp;

Premier Jacinta Allan said “To give industry the confidence they need to get on and build, we need Government and all councils working towards the same goal: more homes for Victorians – in the right places.”

Victoria's Housing Statement includes an ambitious plan to build 800,000 homes over the next decade in an Affordability Partnership with industry.&nbsp;

The plan includes reforming Victoria’s planning system to boost housing supply across the state, clearing the backlog, and providing builders, buyers, and renovators with certainty about approval times.

Additionally, it aims to close loopholes that drive up the cost of living for renters, providing more certainty over leases, living standards, and finances, and resolving tenancy disputes more quickly.

The government is also committed to building more social and affordable homes across Victoria, launching Australia’s biggest urban renewal project on top of the Big Housing Build.&nbsp;

As part of the effort to meet the target by 2051, a regional target has been set to build 425,600 of these homes across Victoria’s regions.

Key areas such as Melbourne's Central Business District (CBD), outer suburbs, and the regional city of <a href="/developments/geelong-vic-3220">Geelong</a> will play pivotal roles in meeting these goals.&nbsp;

Geelong, Victoria's second-largest city, has been set the highest target with 139,800 new homes proposed by 2051, more than double the 127,300 homes currently in Geelong.

The City of Melbourne, which includes the CBD and suburbs like <a href="/developments/carlton-vic-3053">Carlton</a>, <a href="/developments/flemington-vic-3031">Flemington</a>, <a href="/developments/kensington-vic-3031">Kensington</a>, <a href="/developments/north-melbourne-vic-3051">North Melbourne</a>, and <a href="/developments/south-yarra-vic-3141">South Yarra</a>, follows with a target of 134,000 new homes, up from the 110,100 currently.&nbsp;

The <a href="/developments/melton-vic-3337">Melton</a> LGA, situated about 40 kilometres west of Melbourne’s CBD, is third with a proposed target of 132,000 new homes. This area had about 69,000 homes in 2013 and is one of the fastest-growing municipalities, boasting a 6.6 per cent annual population growth.

Other growing outer suburban LGAs are also set high targets. Wyndham in the southwest is targeted for 120,000 new homes, Casey in the southeast for 104,000, and Hume in the northwest for 98,000.&nbsp;

The government emphasises the need for more homes in established suburbs, setting a combined target of 72,000 new homes in Darebin, Merri-Bek, and Monash.

Boroondara, identified by housing advocacy group Yimby Melbourne as the most in-demand LGA with significant growth capacity, has set a target of 67,000 new homes.&nbsp;

Kingston, benefiting from its proximity to the Suburban Rail Loop project, has set a target of 59,000 new homes.

The government's investments in skills, training, and infrastructure such as schools, hospitals, and transport will support this growing population.

Victoria's Housing Statement includes an ambitious plan to build 800,000 homes over the next decade in an Affordability Partnership with industry

VIC Government target 2.5 million new homes by 2051: Which regions will benefit the most

Sydney's unit market is showing continued growth in 2024.

It was the third consecutive month that growth in the value of units, which incorporates both apartments and townhouses, outstripped growth in houses,&nbsp;CoreLogic’s Home Value Index found.

Units posted gains of 0.7 per cent, higher than the 0.5 per cent growth in houses.

Sydney's median unit value is now $848,000, having started 2024 at $834,000.

Sydney's overall housing market is now approaching record levels again, now matching the previous record high set in January 2022. After reaching this peak, dwelling values in Sydney dropped by 12.4 per cent, finding their lowest point a year later.&nbsp;

Since then, the market has experienced a 14.1 per cent rise through the current cycle. This places Sydney at the forefront of recovery among Australian capital cities.&nbsp;

Read more:&nbsp;<a href="/news/nsw/city-beat-may-2024-sydney-unit-growth-doubles-houses-in-april">City Beat May 2024: Sydney unit growth doubles houses in April</a>

<h2>What happened in Sydney’s off the plan apartment market in May</h2>

While new projects launching to the market were scant, planning took centre stage in May, with a series of major development applications and approvals across some of Sydney's best postcodes.

The biggest news came from Circular Quay where&nbsp;<a href="/developers/jdh-capital">JDH Capital</a>, the developer who is redeveloping the iconic Sirius building in The Rocks, laid plans for their latest luxury project.

They've finalised their $183 million plans to demolish the Sir Stamford Hotel on Macquarie Street and replace it with a striking 15-level glass tower with commercial, retail, and luxury apartments.

<img alt="First look exclusive: JDH Capital plot $183 million Sir Stamford Hotel redevelopment on Sydney's Macquarie Street" data-entity-type="" data-entity-uuid="" src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,dpr_2.0,q_auto:good/https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/field/image/Screen%20Shot%202024-05-15%20at%208.55.38%20am.png?VersionId=30oCBOCFNOm5rc04DnZgD8mPpilN._Zo" />

<a href="/architects/bvn-architecture">BVN</a> was given the architectural reigns after the jury at the City of Sydney Design Excellence Competition voted unanimously for their design in early 2023.

69 apartments will be spread across 10 residential levels in the new structure at&nbsp;<a href="/new-apartments/93-97-macquarie-street-sydney">93-97 Macquarie Street</a>.

Part of the development of the 1,612 sqm site, which sits in the Macquarie Special Character area defined in the Sydney LEP 2012, will include the restoration of the heritage-listed Health Department Building that dates back to 1896. That was designed by Government architect Walter Liberty Vernon.

Read more:&nbsp;<a href="/news/nsw/first-look-exclusive-jdh-capital-plot-183-million-sir-stamford-hotel-redevelopment-on-sydneys-macquarie-street">First look exclusive: JDH Capital plot $183 million Sir Stamford Hotel redevelopment on Sydney's Macquarie Street</a>

Three kilometres south of Sydney's CBD in <a href="/developments/redfern-nsw-2016">Redfern</a>, the billionaire Neilson family is planning to revitalise an old commercial strip.

The plans submitted by Paris Neilson,&nbsp;the daughter of billionaire arts patron Judith Neilson and investment banker Kerr Neilson, and her developer husband Todd Buncombe will transform a row of industrial-style commercial spaces across&nbsp;<a href="/new-apartments/2-30-vine-street-redfern">2-30 Vine Street and 32-34 Eveleigh Street</a>.

<img alt="First look exclusive: Billionaire Neilson family to develop new Redfern mixed-use building" data-entity-type="" data-entity-uuid="" src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,dpr_2.0,q_auto:good/https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/field/image/Screen%20Shot%202024-05-06%20at%2012.20.49%20pm.png?VersionId=1vxaIvju3nqHUxzHIF7YKCoNCqqP5AaJ" />

They're proposing a new mixed-use building designed by Koichi Takada Architects that will home 23 apartments and 20 commercial spaces and two retail tenancies.

Read more:&nbsp;<a href="/news/nsw/first-look-exclusive-billionaire-neilson-family-to-develop-new-redfern-mixed-use-building">First look exclusive: Billionaire Neilson family to develop new Redfern mixed-use building</a>

Heading to the east and, after four years of back and forth, Sydney’s landmark&nbsp;<a href="/developments/coogee-nsw-2034">Coogee</a> Bay Hotel is set to be redeveloped.

The iconic watering hole on the corner of Arden Street and Coogee Bay Road, fronting the beach, has been approved to have the current building refurbished, while an extension will see a shop-top housing development with 58 apartments, 11 retail premises, and an internal laneway from Coogee Bay Road.

The Sydney Eastern City Planning Panel granted a Deferred Commencement Consent, consent that will become operational once there has been a resolution of a noise management plan with Randwick City Council.&nbsp;

<img alt="Coogee Bay Hotel redevelopment gets the green light after five years of planning" data-entity-type="" data-entity-uuid="" src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,dpr_2.0,q_auto:good/https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/field/image/Coogee%20Bay%20Hotel%20Redevelopment%20from%20Coogee%20Bay%20Road.jpg?VersionId=leR9KJyvvcs.Ce3o7bl9Ybp0iHd_WqUI" />

In the inner-west, prominent developer&nbsp;<a href="/developers/deicorp">Deicorp</a>&nbsp;has secured planning approval for its first-ever&nbsp;<a href="/new-apartments/rhodes-nsw-2138">Rhodes apartment</a>&nbsp;development,&nbsp;<a href="/new-apartments/marquet-mary-rhodes-1-9-marquet-street-rhodes-nsw-2138">Marquet &amp; Mary</a>.

They've been given the go-ahead to develop the&nbsp;$435 million, 32-level mixed-use tower in the heart of Rhodes designed by Fender Katsilidis.

<a href="/developers/deicorp" target="">Deicorp</a>’s Chairman, Fouad Deiri OAM, said the landmark&nbsp;building will bring much-needed new homes to the heart of Rhodes.

“Designed by one of Australia’s leading design practices,&nbsp;<a href="/architects/fk-australia">FK</a>, Marquet &amp; Mary delivers on&nbsp;<a href="/developers/deicorp" target="">Deicorp</a>’s business values of strong design and high-quality amenities,” Deiri said.&nbsp;

<img alt="Deicorp greenlit for Marquet &amp; Mary tower in Rhodes" data-entity-type="" data-entity-uuid="" src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,dpr_2.0,q_auto:good/https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/field/image/FKMED_22228_M%26M.jpg?VersionId=Zynkp2wTWWeBiNIgi7zIWnWMxDalWD7f" />

&nbsp;Builder developer <a href="/builders/aland">ALAND</a> will also bring much-needed housing to Western Sydney, including potential affordable apartments for key workers.

Cumberland City Council has given ALAND approval to begin work on Amber, the second stage of <a href="/buildings/amber-the-gladstone-village-stage-2-228-pitt-st-merrylands">The Gladstone Village</a>, a major component of its $800 million mixed-use development in <a href="/developments/merrylands-nsw-2160">Merrylands</a>.

Negotiations are ongoing to designate the entire 21-storey tower, consisting of 236 apartments, for affordable housing under the federal government's Housing Australia Future Fund (HAFF). If successful, these units will be offered at lower rental rates for essential workers, easing the housing crisis and supporting the local economy.

<img alt="ALAND to launch Amber; stage two of $800 million Merrylands precinct The Gladstone Village" data-entity-type="" data-entity-uuid="" src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,dpr_2.0,q_auto:good/https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/field/image/Screen%20Shot%202024-05-13%20at%209.23.11%20am_0.png?VersionId=Sr4r0uCD.NdCqCvhUhthPhYfHwfTlHvX" />

While new project launches have been few and far between, there has been some activity outside of the city.

South in Wollongong,&nbsp;<a href="/developers/level-33">Level 33</a>&nbsp;launched one of its most boutique apartment developments to date.

The go-to developer in&nbsp;<a href="/developments/wollongong-nsw-2500">Wollongong</a>&nbsp;has revealed Easterly, directly opposite WIN Stadium at 13 Crown Street, a short walk from the beach.

Easterly comprises 21 luxury two and three-bedroom apartments and three penthouses, all designed in collaboration with&nbsp;<a href="/architects/turner-studio">Turner Architects</a>.

Read more:&nbsp;<a href="/news/nsw/launch-alert-level-33-launch-wollongong-apartment-development-easterly">Launch Alert: Level 33 launch Wollongong apartment development, Easterly</a>

[smartcode_project:default project_id=139092 project_image_fid=282388]

Up north in Sydneysiders favourite beachside holiday hotspot <a href="/new-apartments/byron-bay-nsw-2481">Byron Bay</a>, local developer&nbsp;<a href="/developers/jd-property-group">JD Property Group</a>, launched <a href="/new-apartments/secret-garden-119-123-jonson-street-byron-bay">Secret Garden</a>, their $100 million luxury shoptop development at 119-123 Jonson Street, just 750 metres from Main Beach and on the corner of Jonson and Kingsley Street.

The development will feature 22 apartments, including luxury penthouse suites, alongside 10 upscale retail and hospitality tenancies on the ground floor. The premium-grade retail space will showcase local talent, including top chefs, designers, and artisans while bringing some of Australia’s leading brands to the Byron Bay township.

<img alt="Byron Bay set for Secret Garden after luxury shoptop development gets approval" data-entity-type="" data-entity-uuid="" src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,dpr_2.0,q_auto:good/https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screen%20Shot%202024-05-13%20at%209.05.01%20am.png?VersionId=03MVZS.3oyVl41AqHTxhzacPEbGsxbpR" />

JD Property Group Managing Director and third-generation local, Jason Dunn, said the precinct aims to spotlight what makes Byron Bay uniquely special.

It was Sydney's most iconic beach however that grabbed the biggest headlines in the off the plan apartment space in May.

The price per square metre rate was smashed in Bondi Beach where&nbsp;a penthouse atop Hall &amp; Campbell on the dress circle Campbell Parade beachfront sold for over $100,000 per sqm.

<img alt="Hall &amp; Campbell sets new apartment record in Bondi Beach" data-entity-type="" data-entity-uuid="" src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,dpr_2.0,q_auto:good/https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/field/image/Hall%20%26%20Campbell.jpg?VersionId=N7i.jvBaqQtJA6aZEg.95Ii_cjbVEOfj" />

Developed by Allen Linz's Rebel Property and Eduard Litver's Capitel Group and under construction by Trescon, the penthouse sold for $23 million, representing a price per sqm of $105,000.

The penthouse, designed by architect <a href="/interior-designers/scott-carver">Scott Carver</a>, features five bedrooms, five bathrooms, and multiple living areas and balconies with views of <a href="/new-townhouses/bondi-beach-nsw-2026">Bondi Beach</a>.&nbsp;

We have news this month from Circular Quay, Coogee, Bondi Beach, and even Byron Bay

City Beat June 2024: Sydney off the plan apartment development plans pile up as unit growth continues

The <a href="/developments/brisbane-qld">Brisbane</a> property market continued to experience significant growth over May, growth that took it past Canberra to become Australia's second most expensive capital city property market.

"With Brisbane housing values consistently posting solid capital gains while ACT values remain relatively stable, we saw a changing of the guard in May," CoreLogic Research Director Tim Lawless said.

"Brisbane overtook Canberra as having the second-highest median dwelling value across the capitals in May, a position Brisbane hasn’t recorded since 1997."

Brisbane's median dwelling value (which incorporates both units and houses), is now $843,000, above Canberra's $840,000.

It was another big month for the unit market (just townhouses and apartments). The 1.9 per cent growth took the median unit value above Melbourne to $615,000, above Melbourne's $614,000.

Brisbane's rolling quarterly growth is now 5.3 per cent, the strongest eastern seaboard capital. Brisbane's housing market was up 3.7 per cent over the same period.

&nbsp;

CoreLogic's Home Value Index rose by 0.8 per cent during the month, marking the 16th consecutive month of growth and the largest monthly gain since October of the previous year.

Lawless attributed the strong market performance to extremely low levels of available supply in Brisbane and other strong markets. Brisbane's property listings are 34 per cent below the five-year average for this time of year. Despite an increase in vendor activity compared to last year, fresh listings are quickly absorbed by market demand, maintaining low stock levels and exerting upward pressure on prices.

<h2>What happened in Brisbane’s off-the-plan apartment market in May</h2>

There was only one new project for buyers to look at in May. It came from veteran Brisbane apartment developer <a href="/developers/gardner-vaughan-group">Gardner Vaughan Group</a>, who launched their <a href="/developments/nundah-qld-4012">Nundah</a> village mixed-use development, <a href="/new-apartments/danby-lane-nundah-village-5-danby-lane-nundah">DANBY LN</a>.

The 12-level development comprises 84 apartments ranging from one to four bedrooms, priced between $599,000 and $3,199,000.&nbsp;

[smartcode_project:default project_id=112531 project_image_fid=280772]

The project integrates residential units with ground-floor retail, commercial spaces, and extensive recreational facilities including&nbsp;a rooftop with BBQ facilities, a herb and vegetable garden and outdoor dining areas.

There were more developments submitted to the Brisbane City Council in May, a positive sign for future apartment supply.

One of the most anticipated was the first stage of&nbsp;<a href="/new-apartments/bulimba-barracks-stage-1-167-apollo-road-bulimba">Bulimba Barracks</a>, the inner-city masterplan by&nbsp;<a href="/developers/shayher-group">Shayher Group</a>.

The site, acquired from the Department of Defence in 2020, has undergone extensive demolition, retaining only a fabrication workshop from World War II.&nbsp;

<img alt="First look exclusive: Shayher Group file for first stage of Bulimba Barracks" data-entity-type="" data-entity-uuid="" src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,dpr_2.0,q_auto:good/https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/field/image/Screen%20Shot%202024-05-13%20at%209.44.35%20am.png?VersionId=0QiWfBCEHwkZsoTqcEEwe9wBoEnqpqJY" />

The initial phase focuses on a 6,382 sqm block on Apollo Road, featuring two low-rise buildings with 69 apartments.&nbsp; Designed by the <a href="/architects/the-buchan-group">Buchan Group</a>, these three-level buildings will be separated by a laneway from the restored workshop.

<a href="/developers/mirvac">Mirvac</a> too submitted major plans, however they're at the tail end of the inner-city precinct, the $1 billion Newstead waterfront precinct,&nbsp;<a href="/new-apartments/sky-waterfront-newstead-13-cunningham-street-newstead-qld-4006">Sky Waterfront</a>.&nbsp;

The 27-level tower, the tallest in the precinct, will house 138 apartments.

With a focus on owner-occupiers, it includes a variety of unit sizes, and extensive amenities and public spaces to enhance connectivity and community engagement.&nbsp;

<img alt="Mirvac files plans for final stage of Sky Waterfront, Newstead precinct" data-entity-type="" data-entity-uuid="" src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,dpr_2.0,q_auto:good/https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/field/image/Screen%20Shot%202024-05-13%20at%2012.43.59%20pm.png?VersionId=IwKr5QwWpLW9yKCFIr2jaBJXC8BlUUiO" />

&nbsp;

Developer <a href="/developers/skyhold">Skyhold</a> settled on its <a href="/developments/balmoral-qld-4171">Balmoral</a> site, where they're planning a $150 million apartment development.&nbsp;

The project includes four medium-density buildings, offering a mix of two and three-bedroom apartments, penthouses, and 14 townhouses. Approved by Brisbane City Council, the development is set to launch soon.

<a href="/developers/huon-property-group">Huon Property Group</a> received approval for a 15-level, 114-apartment tower at 22 Cleveland Street, <a href="/developments/stones-corner-qld-4120">Stones Corner</a>, while there was another 226-apartment project on Cleveland Street approved for the family-run Idec Group.

&nbsp;

&nbsp;

&nbsp;

&nbsp;

&nbsp;

Tim Forrester's Aria Property Group looks to have finalized its plans for its South Brisbane tower at 164-190 Melbourne Street.&nbsp;

They secured approval for a 14-level tower with 84 apartments designed in collaboration with <a href="/architects/bates-smart">Bates Smart</a> and <a href="/architects/richards-and-spence">Richards &amp; Spence</a>.

Read more:&nbsp;<a href="/news/qld/aria-set-for-new-south-brisbane-apartment-tower-after-council-nod">Aria set for new South Brisbane apartment tower after council nod</a>

&nbsp;

&nbsp;

&nbsp;Outside of the city in <a href="/developments/rochedale-qld-4123">Rochedale</a>, 17km south of Brisbane, <a href="/developers/kinstone-group">Kinstone Group</a> has sought to create a $380 million mixed-use community, Rochedale Terrace.

The first stage will introduce retail and dining options, a tavern, and a 75-room boutique hotel.&nbsp;Later stages will add around 280 apartments and more commercial spaces, aiming to provide diverse housing and community-focused amenities.

&nbsp;

Read more:&nbsp;<a href="/news/qld/kinstone-plot-380-million-rochedale-precinct-rochedale-terrace">Kinstone plot $380 million Rochedale precinct, Rochedale Terrace</a>

City Beat June 2024: Brisbane overtakes Canberra as Australia's second most expensive capital

It was yet another month of solid gains in the Gold Coast unit market.

The 1.8 per cent growth in May, following 1.1 per cent growth in both March and April, made it the top-performing regional unit market in Queensland, according to CoreLogic's latest Monthly Hedonic Index

It outstripped the growth in <a href="/developments/sydney-nsw">Sydney</a> and <a href="/developments/melbourne-vic">Melbourne</a>.

The median value of units in the <a href="/developments/gold-coast-qld">Gold Coast</a> has reached $784,000, which would put the median value only second to Sydney. The median started 2024 at $727,000.

Read more: <a href="/news/qld/city-beat-may-2024-gold-coast-unit-market-continues-to-surge">City Beat May 2024: Gold Coast unit market continues to surge</a>

<h2>What happened in the Gold Coast off the plan apartment market in May</h2>

The average price for new apartments sold on the Gold Coast has risen more than $500,000 in the past six months, according to Urbis, as sustained demand and dwindling supply combined with a sharp rise in interstate investor activity and construction costs continue to impact property values.

The&nbsp;<a href="/architects/urbis">Urbis</a>&nbsp;Apartment Market Essentials report for the March quarter has revealed that new apartment sales achieved a weighted average sale price of $1.73 million, the highest since Urbis began monitoring the new apartment market in 2014.&nbsp;

This is up from $1.67 million in the December quarter, and $1.13 million in September quarter.

There was success up and down the Gold Coast, as well as a much-needed 1000 apartments added to the apartment supply. That was from Harry Triguboff's&nbsp;<a href="/developers/meriton" target="">Meriton</a>&nbsp;who launched their two-tower&nbsp;<a href="/new-apartments/cypress-palms-surfers-paradise-3346-surfers-paradise-boulevarde-surfers-paradise">Cypress Palms</a>&nbsp;development&nbsp;in <a href="/developments/surfers-paradise-qld-4217">Surfers Paradise</a>.

The towers will home just shy of 1000 apartments across two 76 and 90-level towers on a vast 8,083 sqm site at 3346 Surfers Paradise Boulevarde, on top of the Cypress Ave G-Link light rail.

&nbsp;

[smartcode_project:default project_id=139696 project_image_fid=277713]

Cypress Palms will be Harry Triguboff's 21st high-rise development on the Gold Coast, having first visited the now thriving tourist mecca six decades ago.

There was success in Palm Beach where&nbsp;<a href="/developers/marquee">Marquee Development Partners</a>&nbsp;recently launched&nbsp;<a href="/new-apartments/la-belle-palm-beach-332-the-esplanade-palm-beach">La Belle Palm Beach</a>&nbsp;to much fanfare. Its $100 million in sales within the first month of it being on the market made it&nbsp;the city’s fastest-selling project of 2024.

Sales ranged from $2.5 million to $7 million.

[smartcode_project:default project_id=102340 project_image_fid=273596]

<a href="/developers/aniko-group" target="">Aniko</a>&nbsp;also announced they were over 80 per cent sold at their under-construction <a href="/developments/chevron-island-qld-4217">Chevron Island</a>&nbsp;apartment development, <a href="/new-apartments/orama-chevron-island-12-16-weemala-street-chevron-island">Orama</a>.

Only 21 apartments remain in the 21-level building. Priced from $1.25 million, there is a mix of two-bedroom, two-bathroom plus study configurations, and three-bedroom sky homes on the upper levels that are topped off by two luxury penthouses.&nbsp;

[smartcode_project:default project_id=111898 project_image_fid=209596]

Melbourne developer&nbsp;<a href="/developers/hirsch-faigen">Hirsch &amp; Faigen</a>&nbsp;revealed the crown jewel of their recently completed, sold out&nbsp;<a href="/developments/coolangatta-qld-4225">Coolangatta</a>&nbsp;project,&nbsp;<a href="/buildings/emerson-kirra-100-musgrave-street-coolangatta">Emerson Kirra</a>.

The $10 million penthouse has nearly 20 metres of north-facing glass frontage and spans over 500 sqm. It has four-bedroom residence offers open-plan living and dining areas designed to take advantage of the panoramic 270-degree views over the&nbsp;Gold Coast,&nbsp;

&nbsp;

[smartcode_project:default project_id=106646 project_image_fid=278789]

Some developers continue to expand their residential property pipeline to the rest of the Gold Coast, with <a href="/developers/sherpa-property-group">Sherpa Property Group</a> settling on another site in <a href="/new-apartments/labrador-qld-4215">Labrador</a> after kicking off construction at their luxury Palm Beach apartment development <a href="/new-apartments/perspective-nexus">Perspective Nexus</a> and revealing their latest project <a href="/new-apartments/perspective-helm">Perspective Helm</a> on Chevron Island.

They've secured 45 Labrador Street, a 915 sqm block they bought for $1.5 million where they're planning a small lot subdivision.<img alt="Sherpa settle on prime Labrador site" data-entity-type="" data-entity-uuid="" src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,dpr_2.0,q_auto:good/https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/field/image/45%20Labrador%20Street.jpg?VersionId=moQQy2wiN9kN6F2Ifc_CJdqk1Vg5klN4" />

The site, located within Labrador's highly sought-after Golden Triangle, will home Sherpa's collection of brand-new beach homes on the Gold Coast, dubbed Freedom Vantage.

Builder-developer <a href="/builders/5point-projects">5Point Projects</a> has also locked in its next project in the southern Gold Coast.

They're not straying far from their luxury Palm Beach apartment development <a href="/new-apartments/ophira-105-107-jefferson-lane-palm-beach">Ophira</a>, where they've paid $15.6 million for a double-block of 824 sqm at 171-173 Jefferson Lane, a block that offers 20 metres of absolute beach frontage.

<img alt="5Point doubledown in Palm Beach with $15.6 million beachfront acquisition" data-entity-type="" data-entity-uuid="" src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,dpr_2.0,q_auto:good/https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/field/image/IMG_1639.jpg?VersionId=da8gVgM8u..V3LNBrjZXzJPpzKFjvLx7" />

Damian Dove, Managing Director of 5Points Projects, said the company&nbsp;was currently working up plans for the site but confirmed a boutique luxury apartment project in line with their brand was in the mix.

The next project is expected to launch later this year.

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