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“Minister Chanthivong and his team have shown real leadership in replacing an outdated two-year bond with cover that matches the lifespan of the buildings people are buying into.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

Prominent New Zealand apartment and hotel operator, <a href="/developers/safari-group">Safari Group</a>, is offering up a prime investment opportunity for Australians to purchase off the plan in one of the world’s most popular ski destinations.

They recently took to market Mountain Oak Queenstown Apartments, in the growing precinct of Remarkables Park in Frankton, near the airport and at the foot of The Remarkables - the mountain range the locals like to call “The Remarks”.&nbsp;

Sydney investors have shown interest in the one, two and three-bedroom apartments that secure high-season occupancy six months over the year, primarily over summer and winter months.

They average 90 per cent occupancy across their portfolio over January, February, March, August, November and December, while shoulder season months of April, July, September and October are still occupied 70 per cent of the time, with the growing appeal of Queenstown becoming not just a hotspot for the snow, but a lifestyle destination.

Even in the low seasons of May and June, occupancy levels reach around 40 per cent.

<img alt="Safari Group’s Mountain Oak Apartments brings new investment potential to Queenstown" data-entity-type="" data-entity-uuid="" src="https://res.cloudinary.com/dz9xllyip/image/fetch/f_auto,c_limit,w_1440,q_auto/https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/field/image/Ext_Cam15_Sunny.jpg?VersionId=SJAROUM_1s.Tr5ciMk4EEj5oAt_Vewmv" />

Safari’s Safari Hotels arm can also manage the holiday letting for an investor, from the listing on holiday accommodation websites such as Airbnb and Booking.com to the cleaning and maintenance of the investment. They’ve been in the short stay management business for 15 years and offer 24/7 support for investors, an important convenience benefit for any overseas investor

Another major drawcard for Australians is that New Zealand doesn’t have a stamp duty policy - so the entry price of NZ$639,000 (AU$586,000), is all that is payable on completion.

<img alt="Safari Group’s Mountain Oak Apartments brings new investment potential to Queenstown" 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/313_Livingv2_WEB.jpg?VersionId=nV229fM0ZeYpoxOrX372HyGjfwY_LR8c" />

Safari is starting construction of the 141 apartments in Q2 this year, with a two-year build estimated to complete in mid-to-late 2027.<img alt="" data-entity-type="" data-entity-uuid="" height="15" src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXczFpFAb7WuA6f4f9TtKWcqXyNwR8qqtakWv352ERkpqNlP3KwIo8YKxw67jZNHfpjEGIZGv5MQTbnvLZwNt8iu9IVdOrswOjCvBZ4zhSoOOLrpt6etVEZTN1gkBho0r_R72zdHNA?key=yq3daOanqHSb88QFd8jGYKdb" title="Click and drag to move" width="15" />​

The apartments will feature modern amenities and contemporary designs with expansive windows capturing sweeping views of The Remarkables mountain range.&nbsp;

Interiors are equipped with modern finishes, premium appliances, and secure electronic key-locked doors, ensuring a comfortable living experience for residents and guests alike.

With its strategic location near Coronet Peak and Cardrona Alpine Resort, as well as key retail and dining precincts such as Market Street, Five Mile Shopping Centre, and Remarkables Market, Mountain Oak offers a strong proposition for investors seeking high rental yields and capital appreciation in one of New Zealand’s most sought-after locations.&nbsp;

Queenstown’s sustained demand for visitor accommodation and rental properties is underpinned by a shortage of housing options, attracting both local and international buyers.

Safari Group offers low-touch investment proposition in Queenstown’s popular ski fields district

<html><body>
Listed property trust Dexus has announced the acquistion of two prime office acquisitions in the Brisbane and Sydney CBDs as its portfolio weighting in office assets increased to 70% over the course of 2012 financial year to June 30.
Dexus has acquired the 12 Creek Street office tower in the Brisbane CBD known as the “Blue Tower” due to its distinctive blue glass façade for $241.6 million.
The 34-level building, which was built in 1989, has 32,000 square metres of office space and was put up for sale by the Australian Property Growth Fund marketed by Bill Tucker and Rick Butler of CBRE and Geoff McIntyre and Ben McGrath from Jones Lang LaSalle.
Tenants include a number of resource and mining businesses including Esso Australia and BMA Coal as well as Optus, Macquarie Bank and the Reserve Bank of Australia.
Dexus is expecting mining and business services to drive demand growth in the medium term in the Brisbane CBD with the current vacancy rate of 8.3% expected to trend downwards.
Chief executive Darren Steinberg says Dexus is targeting an internal rate of return of 10.2% per annum over the next 10 years for the building, which has been significantly upgraded.
“We are increasing our presence in Brisbane which has favourable growth forecasts,” Steinberg said at today’s full results briefing.
The Blue Tower is only the second Brisbane office tower owned by Dexus.
It’s other Brisbane office holding is the 26-level 123 Albert Street building, which opened in October last year  with a six star Green Star energy rating.
It is more commonly known as the "Rio Tinto" tower with the mining giant leases 25,600 square metres of the total 37,000 square metres available in the building in a 10 year deal, which commenced with the opening of the building.
The 12 Creek Street acquisition means Dexus operates over 55,000 square metres of Brisbane office space - 10% of its office portfolio.
Dexus has also acquired 50 Carrington Street, a 19 level tower in the Sydney CBD, overlooking Wynyard Park with tenants including REST Super fund, Austral Mortgage Corporation and Goldberg lawyers.
Steinberg says the office tower, which was built in 1982 is a “well located boutique property” that it intends to refurbish.
Dexus is targeting an internal rate of return of 10.6% over the next three years and Steinberg says he is excited about the acquisition, with new leasings to be targeted at lawyers and accounting businesses.
Dexus expects demand for Sydney office space from the banking sector to be subdued in 2013 – Dexus has 52% of its office portfolio in Sydney covering 259,000 square metres of space.
Steinberg says that under the revised Dexus strategy, it will focus on “office sector leadership” and expects investors to gravitate to “quality real estate”.
“We will be the proxy for high quality Australian offices and aim to be the leading owner and manager of Australian offices,” he said.
Steinberg says the new strategy includes “keeping close to our tenants and have proactive approach to managing our tenants”.
“We are confident we can retain key tenants.”
Following the sale of the US portfolio, Steinberg says Dexus's offshore exposure is now considered “non-core”.
“We will focus on the core CBD office markets of Sydney, north Sydney, Brisbane, Melbourne and Perth.”
However, he says Dexus will not target specific percentage holdings in CBD markets, but will make acquisitions where it sees value.
Ross Du Vernet, Dexus head of strategy, transactions and research, says the growing divergence in views about global growth will impact on tenants' commitments to longer-term office leasings.
However, he says the view among Dexus's key office tenants is “not too bad” but they remain cautious.
Du Vernet says most CBD office markets are at equilibrium except for Perth, which is undersupplied, while the Melbourne market is oversupplied.
“Melbourne is the toughest, with Perth and Brisbane the best.
“Rental growth is expected to soften in Sydney due to the Barangaroo South project, but we still expect growth," says Du Vernet.
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Dexus acquires Brisbane’s “Blue Tower” as it sees office growth potential in Queensland capital

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Listed office and industrial property developer Dexus has recorded a sharp slump in full-year profits with a mixed outlook for both commercial sectors over the next two years.
Dexus reported annual statutory profits of $181.1 million for the 12 months to June 30, compared with profits for the previous period of $553 million – a fall of 67%.
Much of this was the result of Dexus recording a $117 million loss from the $770 million sale of its US property portfolio.
Delivering his first set of full-year results since replacing Victor Hoog Antink as chief executive at the end of March 2012, Darren Steinberg said the company expected to lift earnings per security by 1.3% to 7.75¢ in 2012-13.
He said Dexus was operating in a challenging and volatile environment with the focus on “actively managing the portfolio”.
Dexus increased the value of its office portfolio from $4.5 billion to $4.7 billion with an occupancy rate of 97% and completed 75,600 square metres of leasing deals.
New office leased completed during the year yielded average rental increases of 4.6%
The flagship <a href="https://www.propertyobserver.com.au/office/dexus-one-bligh-street-named-best-tall-building-in-australasia/2012061555133" target="_blank">One Bligh Street office tower </a>is now 90% leased, while another major project, 123 Albert Street in Brisbane, is 99% leased.
The value of the Dexus industrial portfolio increased from $1.6 billion to $1.7 billion with 300,000 square metres leased over the year.
Major Australian acquisitions over the course of the financial year included the $201.5 million acquisition of the 452 Flinders Street office tower in Melbourne via its third party funds management business.
<a href="https://www.propertyobserver.com.au/western-australia/government-employee-super-fund-to-buy-half-of-perth-office-tower-qv1/2011082551284" target="_blank">It also sold QV1</a>, the third tallest building Perth at 40 stories, for $310 million.
In total Dexus undertook $1.6 billion worth of property transactions involving 95 properties.
From the 2014 financial year, Dexus expects an improvement in tenant demand for office space in line with improved employment forecasts with the national vacancy rate to fall further in 2013.
It also expects an increase in demand for warehouse space in line with projected growth in imports.
Dexus expects the value of prime grade office and industrial properties to increase in value as yields tighten.
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Dexus reports 67% slump in profits, with mixed outlook for offices and warehouses

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Returns for investors in green star-rated offices in the Sydney CBD were significantly higher than returns for the office market as a whole in 2011-12, according to IPD. 
Green star-rated offices secured returns of 12% for Sydney investors, compared with 9.2% for the office market as a whole.
Environmentally sustainable offices also outperformed the sector as a whole in Melboure, but the gap was narrower (11.9% vs 10.9%). 
However, in Perth the situation was reversed, with "green" offices returning 11.1%, compared with 14% for the office market as a whole. 
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Sydney and Melbourne green offices outperformed standard market in 2011-12: IPD

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<img src="/images/stories/2012/08/83214.gif">
The number of residential properties on the market in Queensland the week ending August 5, according to RP Data. Of these, 10,737 were listed in the last month. There were 84,127 total listings in the same week last year.
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The number of residential properties on the market in NSW the week ending August 5, according to RP Data. Of these, 11,543 were listed in the last month. There were 67,184 total listings in the same week last year.
 
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<img src="/images/stories/2012/08/66580.gif">
The number of residential properties on the market in Victoria the week ending August 5, according to RP Data. Of these, 10,056 were listed in the last month. There were 50,233 total listings in the same week last year.
 
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<img src="/images/stories/2012/08/31099.gif">
The number of residential properties on the market in Western Australia the week ending August 5, according to RP Data. Of these, 4,637 were listed in the last month. There were 4,637 total listings in the same week last year.
 
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<img src="/images/stories/2012/08/19237.gif">
The number of residential properties on the market in South Australia the week ending August 5, according to RP Data. Of these, 2,580 were listed in the last month. There were 17,035 total listings in the same week last year.
 
<img src="/images/stories/2012/08/11446.gif">
The number of residential properties on the market in Tasmania the week ending August 5, according to RP Data. Of these, 1,012 were listed in the last month. There were 9,451 total listings in the same week last year.
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The number of residential properties on the market in ACT the week ending August 5, according to RP Data. Of these, 515 were listed in the last month. There were 1,615 total listings in the same week last year.
 
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<img src="/images/stories/2012/08/1834.gif">
The number of residential properties on the market in Northern Territory the week ending August 5, according to RP Data. Of these, 354 were listed in the last month. There were 1,963 total listings in the same week last year.
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Canberra's residential listings up 30% in past year, plus state-by-state analysis: RP Data

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Against a backdrop of strong aggregate economic conditions, at least as measured by the latest National Accounts update, momentum in Australia's residential construction industry is still clearly heading in the wrong direction.
The latest national accounts figures show dwelling investment still detracting from Australia's economic growth. As a whole, residential dwelling investment fell over four consecutive quarters to be down by a significant 6.2% in the year to the March 2012 quarter.
New dwelling investment drove this result, falling over four consecutive quarters through to March this year. However, investment in alterations and additions (renovations) declined at an accelerating rate over three quarters to March. We will likely see in early September that dwelling investment declined further in the June 2012 quarter.
Ten of thousands of businesses in Australia, predominantly but by no means solely small businesses, rely on housing for their livelihood.
Housing also has a broad multiplier reach through to the wider economy in terms of activity and employment – into significant parts of the retail and manufacturing sectors, for example.
A weak residential construction industry therefore doesn't paint the Australian domestic economy in a favourable light, especially when you consider the basic product (and service) new housing provides – additional shelter for Australia's population.
In other words, housing is the provision of a necessary "good". However, supply is going backwards. Job losses in the sector are consequently mounting.
Right now, the new housing sector in Australia is experiencing its second recession in four years. Housing starts in the March 2012 quarter fell to their lowest annualised level since the new home building recession of 2000-01, considerably passing along the way the milder recession mark of 2008-09.
Despite what was an awful March quarter, leading housing indicators, poor weather conditions on the east coast, and a substantial problem with the new building act in Western Australia suggest housing starts weakened further in mid-2012.
So what's going on and what can be done about it? After all, it is clear to all those who can accurately count that Australia doesn't exactly suffer from an oversupply of housing. Some people point to the current weak demand for housing (which exists across new housing in all eight states and territories, renovations, and existing property transactions) as the reason, and that's part of it. Others point to seemingly intractable supply side constraints, and that's a big part of it. Those, such as the Reserve Bank, who recognise that both weak demand and high supply costs (i.e. excessive tax) are responsible for the parlous levels of new housing activity are spot on.
From the demand side, it is difficult to enjoy healthy levels of new home building activity when the household sector is cautious and nervous in the post-GFC world, as they travel down a deleveraging path that likely has some way to go.
There are a myriad factors driving weak household confidence. Historically low levels of household confidence is in turn having a clear negative impact on housing expenditure as opposed to household consumption, the latter of which appears in an aggregate sense to be very robust in 2012.
However, weak housing demand (including transactions of existing residential property, which are a driver of new home building activity and which are currently at historically low volumes), doesn't get you to the sub-140,000 mark for housing starts, which we are unfortunately again seeing in 2012. To get to that recessionary level, especially for the second time in four years and the third time in 12 years, you need to bring the supply side into the equation.
The cost (tax) of new housing is excessive, continues to increase, and is more transparent now in an environment of flat to easing existing property prices. Research conducted for the HIA by the Centre for International Economics (CIE) found that up to 44% of the final price of a house-and-land package is represented by federal, state and local taxes, with around half of these taxes described as “inefficient”.
The general equilibrium modeling of the taxation on housing conducted by The CIE showed that new housing is the second most heavily taxed of the 27 large sectors of the Australian economy. Where is the sense (or equity) in that?
New housing is a very efficient, competitive, dynamic sector of the Australian economy.
The most prominent recent example of this fact is the stimulus measures implemented to combat the GFC. Those policy measures directed at new housing were quickly reflected in increased housing employment, and in manufacturers turning casual employees into permanent employees and hiring new staff, well ahead of aggregate labour market conditions in Australia displaying signs of improvement.
The temporary tripling of the first-home owners' grant for new dwellings (often mistakenly lumped in with the doubling of the grant for existing property, even though the price outcomes were very different) was greeted aggressively by a very competitive sector that was facing a negative demand shock. The outcome was new homes to first-time buyers at a lower price than prior to the GFC. The social housing initiative, another GFC-related policy measure aimed at new housing, came in under budget.
However, a sector can be as competitive as a Bledisloe Cup match, but if up to 44% of the final product represents taxation, much of it inefficient, and the principal competitor – in this case existing property – is less heavily taxed, then intuituvely the end result won't be good. As the empirical evidence clearly demonstrates, the end result isn’t good and unfortunately it is being keenly felt by tens of thousands of businesses and well over 1 million labour market participants in the Australian economy.
As it stands, there are many reasons why new housing demand won't come roaring back. It will, however, recover. The lagged impact of lower interest rates will prove positive, for example, but the inherent cautiousness of households and the large, unfavorable gap between official rate reductions and what mortgagees (and businesses) have received, means an easing in monetary policy is no panacea.
Taxation reform is a key requirement to bolster confidence and lift activity.
The federal government could well do to reignite its appetite for leading by example in this regard. Meanwhile state (and territory) governments that have made a start, such as New South Wales, need to keep the foot down and those that have done little or nothing need to get on with it for the sake of wider domestic (non-mining) economic activity.
All the while, short-term investment in new housing is warranted to lift activity above the recession bar.
Well-constructed investment targeted at boosting new home building demand, through policies with a clear, short and finite timeframe, can lift new home building activity without spruiking final prices.
The cost of doing nothing now far exceeds the cost of implementing short term measures to complement a focus on wider policy reform aimed at creating a more efficient and equitable environment for new home building.
Harley Dale is chief economist at the <a href="https://hia.com.au/" target="_blank">Housing Industry Association.</a>
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Excessive taxes on the housing industry must be removed to stimulate growth

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Three fringe Melbourne municipalities – the focus of new residential community projects – recorded the highest internal population growth in Australia in the 12 months to June 2011, according to the latest ABS migration figures.
According to the ABS, the three statistical local areas (SLAs) to record the highest net internal migration gains in 2010-11 were Whittlesea - North (4,600 persons), Wyndham - South (4,000 persons), and Casey - Cranbourne (2,800 persons) in the south-east.
All three localities were included in plans announced by <a target="_blank" href="https://www.propertyobserver.com.au/residential/melbourne-urban-sprawl-to-extend-into-six-new-suburbs-over-next-20-years/2012061455115">Victorian Planning Minister Matthew Guy in June</a> to extend Melbourne’s urban growth boundary with the addition of six new fringe suburbs.
The new suburbs announced by Guy will expand Melbourne’s urban boundary to the north (Mitchell and Whittlesea), to the west (Hume, Melton and Wyndham) and south-east (Cardinia and Casey) by 6,000 hectares.
In terms of Melbourne residential zones, the combined Melton-Wyndham residential zone had the biggest net gain of new migrants, with 9,600 new residents settling in this zone, according to the ABS figures.
According to research by Oliver Hume, four of the 10 residential community projects launched in the March quarter of 2012 were located in Wyndham, three in Melton, two in Whittlesea and one in Hume.
Projects in these suburbs include Villawood’s Pasadena community in Clyde – a 338-lot residential community near Casey Fields, which launched in July last year. The project offers blocks from 388 square metres up to 668 square metres, priced from around $220,000 to $245,000.
The Villawood project is close to Simonds Homes Cascades on Clyde Estate and Stockland's Selandra Rise in Clyde North.
In Wyndham the Dennis Family Corporation’s Manor Lakes master-planned development is already home to 1,500 families with the population to eventually reach 25,000 people. Lots of around 320 square metres are priced around the $175,000 mark, with three bedroom house-and-land packages priced from around $360,000.
The multi-cultural outer south-western Sydney suburb of Canterbury recorded the highest net internal migration loss of the period with 2,600 persons people departing.
Canterbury was followed by Greater Dandenong (–2,000 persons) in the south east of Melbourne and Brimbank-Keilor (-1,700 persons) in Melbourne’s west.
In total just over 2 million people moved between statistical local areas during 2010–11.
This was 1.6% lower than the number of moves estimated in 2009-10 (2.04 million).
On a state-by-state basis, net interstate migration was a source of population loss for NSW, South Australia, the Northern Territory and Tasmania over the 12 months to the end of June, with net losses of 13,200 persons, 2,600 persons, 2,500 persons and 50 persons respectively.
Those states and territories where net interstate migration contributed positively to population growth were Queensland (7,200 persons), Western Australia  (6,200 persons), Victoria (3,800 persons), and the Australian Capital Territory (1,400 persons)
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Outer-Melbourne's Whittlesea, Wyndham and Cranbourne suburban fringe capture surge in new migrants: ABS figures

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Commonwealth Bank may have posted a record profit for an Australian bank and cemented its position as industry leader but Ian Narev wasn’t brimming with enthusiasm for the performance. Comments like: "this is a predictable result" and "this is a good result given the uncertain environment" and "revenue growth was subdued" and "lower credit growth and greater pressure on market-sensitive businesses" and "we will retain conservative business settings" were reflective of the generally modest and cautious tone of CBA’s presentation. And with good reason. On a cash basis CBA lifted earnings a meagre 4% on total income which grew only 2% over the year to June. Its second half earnings were actually 1% lower than those generated in the first half. While its return on equity was 18.6%, which is likely to prove sector-leading again, CBA’s ROE has slipped from 19.5% last year and is now well down on the 21.7% level at which it peaked ahead of the global financial crisis. As NAB’s third-quarter update yesterday showed, it is difficult to grow income and earnings meaningfully in an environment where credit growth is running in the low single digits and about a third of the levels experienced pre-crisis. It doesn’t help that banks' markets-related businesses are under pressure from the difficult conditions. The strategy for the major banks has shifted very discernibly from top line and volume-driven growth to introspection and a focus on costs and credit quality. In CBA’s case, operating costs were up 3% but impairment charges down 15%. With funding pressures still acute and no obvious catalysts for a change to the risk-averse stances of consumers and businesses the outlook for the near term, at least, is for more of the same. Despite all the controversies around the major banks’ retention of some of the Reserve Bank’s reductions in official interest rates the funding squeeze on the banks is real, driven by increased wholesale funding costs and the competition for deposits. If the majors are profiteering from their oligopoly, as some politicians keep claiming, they aren’t very good at it. CBA’s net interest margin of 206 basis points in the second half was six basis points lower than in the December half and 11 basis points lower than the same half last year, despite the retentions and some re-pricing of its business lending. Year-on-year the reduction in net interest margin was a more modest three basis points, although the contraction in the Australian business was five basis points. Part of the explanation for the relatively stagnant performances of the majors is their defensiveness, which is understandable given the continuing fragility and risks within the global economy and financial system. It was a notable feature of the CBA result that there was only modest balance sheet growth (about 5%) and that in most of its key business lines it was content to simply hold share or even allow it to slip a little. Its focus continues to be on shoring up its balance sheet and its composition. It continues to shift the mix of funding away from wholesale to deposits – 62% of CBA’s funding is now provided by deposits – while also lengthening the maturities of the wholesale book. The average maturity of CBA’s new issuances in the year to June was 5.2 years compared to the overall average maturity of 3.7 years. It is also holding a lot of returns-sapping liquidity – $135 billion compared with $101 billion in June last year and $86 billion in 2010 – and has a conservative tier one capital ratio of 10%. As a sector, the Australian banks have positioned themselves as strongly as they can to respond to another outbreak of global crisis. The other feature of CBA’s result is that the group, which has a technology lead over its peers, is continuing to invest heavily – it spent almost $1.3 billion last financial year after investing $1.2 billion the previous year and $1 billion in 2010. The goal of the investment program isn’t just to drive productivity gains, which it is doing, or to enable the development and faster rollout of new products, which is occurring, but also to in effect "future proof" CBA from the rapid evolution of banking technologies and the threat that could be posed in the form of new and innovative entrants.
This article originally appeared on <a href="https://www.businessspectator.com.au/" target="_blank">Business Spectator.</a>
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CommBank's earnings were meagre, and its return on investment has slipped

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Sydney's prime retail property market for rentals is at 12 o'clock on the "property clock", between the quadrants "rental value growth slowing" and rental values falling", according to Jones Lang LaSalle.
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Sydney's prime retail rental market at 12 o'clock and about to fall: Jones Lang LaSalle

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The magic of the movies continues at Westfield shopping centres, with cinemas the strongest-performing tenants, according to half-year results to end of June.
Cinema sales over the first six month of the year were 8.6% higher than over the same period last year and 5.5% up year-on-year.
One year ago cinemas were Westfield’s poorest performing tenants <a href="https://www.propertyobserver.com.au/news/westfield-cinemas-struggling-perhaps-due-to-pricey-popcorn/2011081751194">with sales down 8.7% over the six months June 2011.</a>
Mini-majors, which include stores like JB Hi-Fi and Dick Smith, also performed strongly, with sales up 2.6% over the six months and 2.8% over the past 12 months.
However department stores such as David Jones and Myer continued to struggle, with retail sales from these tenants down 0.3% for the first six months of the year and down 1.5% over the last 12 months to June.
Perhaps fuelled by Coles and Woolies' price-discounting wars, supermarket sales fell 0.2% over the six-month period (they are up 0.4% year-0n-year) while discount department stores (Big W, Target, K-Mart) sales were also lacklustre – down 0.4% over the six months and down 2.3% year-on-year.
Speciality tenant sales were lacklustre, with growth of just 0.8% over the six-month reporting period compared with 8.7% in US malls and 1.1% growth in UK malls.
However, there were large differences in the performance of different Australian speciality tenants, with food-related businesses doing better than those selling clothes, shoes and jewellery
Food retail sales were up 2.6% over the past six months, while and food catering sales rose 1.1%.
Fashion (-0.3), footwear (-2.3%) and jewellery stores (-2.4%) performed poorly.
<a target="_blank" href="https://www.propertyobserver.com.au/land/stockland-profits-slide-35-with-slower-than-normal-response-from-cautious-residential-buyers-to-rate-cuts/2012080755911">Last week as part of Stockland's annual results presentation</a>, managing director Matthew Quinn said Stockland would be altering the mix of its shopping centres, offering fewer clothing stores due to the in-roads being made in the premium and high-end fashion space from online retailers.
The Westfield half-year results reveal that Australian speciality tenants face higher occupancy costs compared with other regions.
Occupancy costs include rent plus turnover rent, marketing costs and other payments to landlords.
They account for 18.9% of costs for Australian and New Zealand Westfield tenants, compared to 15.2% in the US and 10.2% in Brazil.
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Cinemas, mini-majors and food retailers the strongest performers in Westfield stores

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Australia’s largest shopping centre landlord, Westfield, has reported a 31% rise in net profits of $800 million for the six months to the end of June.
However, revenue fell 10.7% over the six-month period to $1.213 billion from $1.358 billion revenue in the six months to June 2011 as retailing remained in a subdued state in Australian despite strong overall macro-economic conditions.
Australian speciality stores recorded growth of just 0.8% over the six-month reporting period, with Westfield Sydney the strongest -performing store in the Australian portfolio in terms of speciality sales – no individual shopping centre figures were provided.
Operating incomes were boosted by a pick-up in retail sales in the US, with speciality sales up 8.7%.
In the UK, retailing and the Westfield brand was boosted by the Westfield Stratford City's London Olympics location, which recording around 5.5 million visits over the two weeks of the Games, “giving the group an unprecedented exposure to a global audience”.
Co-chief executives Peter Lowy and Steven Lowy reconfirmed Westfield's forecast of a distribution of 49.5¢ per security, but warned of a challenging market place for retailers.
Peter Lowy highlighted a “volatile economic environment” while Steven Lowy said the retailing environment remained “subdued”.
“We are clearly in an environment of soft retailing, we need a spark to kick things off,” said Peter Lowy.
“On macro-scale the country is strong, but there does need to be a spark at the consumer level.
He told analysts that retailing had been subdued in Australia for three years, dating back to just after the government stimulus measures in 2009, when the government gave all taxpayers $900 to spend in an initiative aimed at keeping at recession at bay during the GFC.
However, both co-CEOs said Westfield remained in a strong financial position.
The half-year results show that net property income rose 7% to just over $1 billion, with comparable net property income growth the strongest in Australia, up 3.3% from its 42 shopping centres, the strongest-performing region for Westfield.
The US portfolio of 47 stores achieved comparable net property income of 2.5%, and the UK portfolio managed growth of just 0.9%.
The Australian portfolio remains more than 99.5% leased, with average speciality store rent rising 3.2% to $1,524 per square metre – the global portfolio is 97.5% leased.
Westfield completed 1,529 leasing deals over the six-month period, covering 194,000 square metres of retail space.
During the half year, the development of Westfield Sydney was completed, with Westfield reporting that it now has the highest specialty sales productivity in the portfolio.
Currently $1.5 billion worth of projects are under construction, with the group’s share being $1.2 billion. To date, the Group has invested $500m in these projects.
Last week, at Carindale in Brisbane, the $310 million expansion of that centre was completed.  
At Fountain Gate in Melbourne, Stage 1 of the $340 million project opened in May, with the remainder of the project on track for completion in September. 
During the half year, Westfield commenced work on $775 million of new projects including the development of the World Trade Center, the redevelopment at South Shore in New York and $80 million of smaller projects. 
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