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“Minister Chanthivong and his team have shown real leadership in replacing an outdated two-year bond with cover that matches the lifespan of the buildings people are buying into.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>
<div id="profile_stats" style="font-family: Georgia, 'Times New Roman', serif; font-size: 12px;">
CEO, Merivale
Born in: Sydney
Friends: <a href="https://www.thepowerindex.com.au/megaphones/alan-jones" style="text-decoration: none; color: #000000;">Alan Jones</a>
Home Town: Sydney
</div>
Every time multimillionaire bar owner and restaurateur Justin Hemmes pops up in the media, labels like "playboy", "bar tsar", "nightclub tycoon", or (our personal favourite) "mega-bucks bar magnate" often appear before his name.
"I'm getting too old to be a playboy," Hemmes tells The Power Index during our hour-long interview in his plush office overlooking the Ivy precinct on Sydney's George Street. Next to his conference table sits a flamboyant silver crown given to him by his singer pal Jay Kay after it appeared on the front of a Jamiroquai album.
"I think they are just tags that don't go away. I need to come up with something new." Hemmes pauses to think for a second. "Master magician?" he whispers manically.
Not exactly how you’d expect the head of a $500 million food and drink empire to respond. But Hemmes is a master at waving his expensive wand and conjuring up adult Disneylands for Sydneysiders to play in.
Justin’s parents, John and Merivale Hemmes, started Merivale as a fashion house before moving in to property. Under Justin’s leadership it’s morphed into a property and hospitality powerhouse, with over 30 bars, pubs and restaurants that dominate the social pages of Sin City.
"I don’t think there is anybody else in Australia who controls so many restaurants, and so many restaurants at such a high standard," says The Australian’s restaurant reviewer John Lethlean. "If you accept the premise that restaurant control is a level of power, he has a lot of power."
Hemmes argues that it’s the customers who hold the power: "The hospitality industry is a service industry and we try and serve people what they want," he says. "I don't think you can be powerful if you're a servant, it's a contradiction of terms."
If weight equalled influence, Hemmes would be in trouble. He looks on the younger side of his 40 years thanks to his height and skinny frame. All golden skin, styled hair and expensive smile, he’s the living embodiment of Sydney.
And perhaps Hemmes’ greatest power lies in knowing exactly what Sydney wants. "It's not just food," says Hemmes. "It's the environment where you're eating, it's the style of food, how you're eating, also beverages, music, ambiance, design."
All of his venues subscribe to this vision. There’s Ivy, the Palm Springs-inspired play house where the beautiful people come to be fabulous. There’s est., the three-hatted restaurant that serves up modern Australian food in a contemporary setting. There’s Felix, the classic French bistro with a wall of European wines. The list goes on and on.
"The influence of the Merivale group on Sydney's dining and drinking scene is massive, no doubt about that. They've got the golden touch," says wine writer Max Allen.
But even a Midas touch can bring with it a dark underbelly. In 2009 a female customer alleged that she was raped in the bathroom at the Ivy Pool Club (the accused was acquitted after a trial in March this year). Last year a driver employed by Merivale was caught by police with a bag of cocaine in the company’s Rolls Royce Phantom.
Merivale’s private security company Our Security has been embroiled in several scandals, including an incident last year where a 19-year-old patron was restrained face down on the ground and beaten in the street, before bouncers shoved a security vest into his mouth and took him into the Ivy basement and beat him further. The attack resulted in Hemmes backing a NSW government plan for police to monitor nightclub guards.
With publicity often spelling trouble for Hemmes, perhaps it’s no surprise he is reluctant to give interviews. He clearly squirms when asked about anything vaguely personal or controversial (The Power Index: "How do you regard the way the media reports on you and your business?" Hemmes: "does it matter?"). He later adds: "I'm not one to talk about myself, that's why this is unusual".
All of this may seem odd for a man who has made a motza teaching Sydney to party. And yet as soon as the recorder is switched off and the notepad banished to a bag, Hemmes morphs into the consummate host.
As he tours The Power Index around the Ivy and Establishment complexes, female staffers beam at him and male workers desperately seek to shake his hand. An Irish fan stops us to ask for a photo. Hemmes happily obliges. Sydney's cool set may roll their eyes at Merivale opening a new venue every five minutes, but what other bar owner gets this celebrity treatment?
It’s a slick operation. Merivale has in-house workmen who work 24/7, and Hemmes says his favourite part of his work is brainstorming ideas and executing them. That passion becomes obvious when he bounces around the construction site of new dining addition Mr Wong, which when we visit is frantically being finished so it can open in 10 days.
Hemmes names his least favourite part of his work as dealing with his obsessive-compulsive nature and staff who don’t share his perfectionism. Within a minute of walking into his prohibition era style bar Palmer &amp; Co -- he also claims he hates "themed bars" but this sepia-toned speak easy seems pretty damn kitcsh, right down to the staff in flapper outfits and the live jazz singer -- Hemmes is noting problems.
The biggest: a spotlight at the Charcuterie bar isn’t shining on the merchandise correctly. Hemmes whispers into a manager’s ear and staff move frantically.
Once Hemmes has a margarita in hand, his manner softens. He’ s quick to whip out his iPhone to show The Power Index videos of his dog and photos of his silkie chickens (two of whom are named White Russian and Black Russian, of course) that live in his tennis court turned chicken coop.
He goes on to talk about swimming with whales outside his beach house and the time he went diving with great white sharks. He also speaks fondly of his parents and shares his hopes to home school his hypothetical future children. He names Alan Jones as a close mentor, branding the broadcasting trailblazer "the most incredible man I know".
Two hours, three margaritas, one corned beef sandwich and a trip to the airport care of Hemmes' personal driver later (no bags of cocaine spotted), it was official: The Power Index had been Hemmes-ed.
 
This article originally appeared on <a href="https://www.thepowerindex.com.au/" target="_blank">The Power Index.</a>
 
For more on Sydney's present and future, download our free eBook <a href="https://www.propertyobserver.com.au/ebooks/free-ebook-sydney-embracing-the-world-of-tomorrow" target="_blank">Sydney: Embracing the World of Tomorrow</a>
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Bar tsar Justin Hemmes dreaming up Sydney's sexiest food and drink spots

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What a special day it was yesterday, a real contrast for me.
I attended my Uncle Phil’s funeral and saw two Aussie women win Gold at the Olympics.
My morning started by watching the awesome efforts of both Sally Pearson and Anna Meares, who won Olympic Gold medals for Australia.
I listened with a tear in my eye as Sally Pearson (100m hurdles) told the camera and everyone around the world, what she had said to herself before her race.
“I want this, it has to be mine...it can’t go any other way...”
These powerful words brought her take the gold. She had already won it in her mind.
Then I heard the story about Anna (sprint cyclist) who in 2008 fractured her neck, dislocated her shoulder and tore ligaments and tendons when she crashed her bike at 65 kilometres per hour.  She was 2mm away from needing life support to breath for the rest of her life.  Here she was today winning gold (beating the Brits, too!).
What struck me about these two women was focus and determination.
Back to my morning. Once I had the kids sorted, I headed off to Uncle Phil’s funeral in Sutherland in Sydney’s south.  I arrived to find the funeral parlour filled with lots of different people: old family friends, air force colleagues and Qantas pilots.  Uncle Phil had served his country in the RAAF then worked as a commercial pilot for many years.  The stories told at his funeral of his tough upbringing in Queensland, unwavering support for the Cronulla Sharks (that’s commitment!) and successful career and family life was touching. Uncle Phil had achieved a lot in his 90 years of life, the word they described him as was “steadfast”.
The inspiration that I received today was amazing, the theme I was seeing for the day was:
Focus, determination and steadfastness
In the morning, I was jumping up and down and full of pride as I watched our awesome Aussie women win gold medals at the Olympics.
Then, later in the day, I found myself reflecting on what has been an equally awesome achievement of my uncle, who I most remember for being pretty hard nosed and strict on us kids, but he was obviously focused, determined and steadfast in order for him to achieve what he did in his life.
My take-out of today is:
<ol>
<li>We can really achieve great things in our life, no matter our circumstances. </li>
<li>All we need to do is focus on our goals and commit to achieving them and stay steadfast. </li>
</ol>
When I started investing in property 12 years ago, my motivation was my family’s future (and still is).  I was pregnant with my first son and realised after reading a life-changing book that if we didn’t take responsibility for our future then we’d end up at the mercy of others (government pensions).
So instead of kicking back and relaxing while pregnant, I studied and sat in lecture halls while my ankles swelled.
Then I worked two jobs so that I could be in a position to borrow enough money to invest and pay my half of our home mortgage. I purchased my first investment property at seven months pregnant and sold it when my son was three months old, netting $120,000.  That was my first property investment experience, and I was hooked.
Not long after my son was born, I also started my own business. My husband worked full time.  As we raised our son and then had another, I grew my business to what is now a very successful property development project management business.
This has not been easy by any means. I’ve stayed steadfast during times when it would have been easy to give up.  I’ve been determined to change our situation and thus our future as quickly as possible.  I knew I couldn’t afford to wait until the kids are older; I needed to increase the momentum, using the time during growth spurts and starting school to invest in property.
I haven’t missed anything vitally important, but I had vitally improved our retirement prospects.
I’ve focused on my goals and 12 years later, I’m achieving great things.  Maybe not as magnificent as those women who won gold, or my Uncle Phil’s, but things I’m incredibly proud of.
Jo Chivers is director of <a href="https://www.propertybloom.com.au/">Property Bloom</a>, which manages property development.</body></html>

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Focused and steadfast in property investment

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Just the six reported property sales at more than $2 million this week, according to RP Data, with <a href="https://www.propertyobserver.com.au/new-south-wales/paddington-bears-the-mantle-of-sydney-s-weekend-top-auction-seller/2012080555868">a four-bedroom $3.25 million Paddington property taking the top spot</a>.
Second place was claimed by a Hawthorn house, Warwoona, set on the top of Scotch Hill with 1,133-square-metre gardens. The house's provenance includes both 1890s and 1920s origins.
{yoogallery src=[images/stories/2012/08/aug8edward]}
In third place was a two-bedroom house in the Melbourne suburb of Kew (pictured above). The Edward Street house was the single-level house designed in the 1960s for Nobel Prize-winning virologist Sir Macfarlane "Mac" Burnet.
It was described by Jellis Craig selling agent Chloe Quinn as "beautifully modernised," but it is likely to be demolished.
Jellis Craig director Alastair Craig says the property was bought for its land, attracting keen offers from three bidders.
The 600-square-metre holding within the Sackville estate set a land value record when last sold 14 years ago. Property Observer understands it last sold in 1998 for $560,000.
The weekend price represented about $3,666 a square metre, which Craig speculates could be a new record.
Burnet was awarded the Nobel Prize for medicine in 1960 for his work concering immune response. He was a founding member of the Australian Academy of Science and was its president from 1965 to 1969.  
Three of the top 10 sales this week were in New South Wales, with Victoria accounting for four and one each in the ACT, Northern Territory and South Australia.
1. <a href="https://www.myrp.com.au/n/52-gordon-street-paddington-nsw-2021/myrp-490?propertyId=5267229">52 Gordon Street, Paddington, NSW, 2021</a>, four-bedroom house, sold at auction on August 4 by McGrath Estate Agents for $3.25 million
2. <a target="_blank" href="https://www.myrp.com.au/n/9-wellesley-road-hawthorn-vic-3122/myrp-490?propertyId=11196387">9 Wellesley Road, Hawthorn, VIC, 3122 </a>four-bedroom house sold at auction on August 4 by Marshall White for $2.51 million
3. <a href="https://www.myrp.com.au/n/13-edward-street-kew-vic-3101/myrp-490?propertyId=11351411">13 Edward Street, Kew, VIC, 3101</a>, two-bedroom house, sold at auction on August 4 by Jellis Craig for $2.2 million
4. 187 O'Sullivan Road, Bellevue Hill, NSW, 2023, four-bedroom house, sold at auction on July 31 by Di Jones Real Estate for $2.2 million
5. <a href="https://www.myrp.com.au/n/2-nicholson-street-hawthorn-east-vic-3123/myrp-490?propertyId=11200840">2 Nicholson Street, Hawthorn East, VIC, 3123</a>, three-bedroom house, sold at auction on August 4 by Kay &amp; Burton Hawthorn for $2.125 million
6. <a href="https://www.myrp.com.au/n/18-clive-road-hawthorn-east-vic-3123/myrp-490?propertyId=11198808">18 Clive Road, Hawthorn East, VIC, 3123</a>, three-bedroom house, sold at auction on August 4 by Kay &amp; Burton Hawthorn for $2.005 million
7. <a href="https://www.myrp.com.au/n/13-scarborough-street-red-hill-act-2603/myrp-490?propertyId=1136695">13 Scarborough Street, Red Hill, ACT, 2603</a>, six-bedroom house, sold at auction on August 4 by McGrath Estate Agents for $1.88 million
8. <a href="https://www.myrp.com.au/n/5-cooper-street-double-bay-nsw-2028/myrp-490?propertyId=2116903">5 Cooper Street, Double Bay, NSW, 2028</a>, three-bedroom house, sold at auction on July 31 by Bradfield Cleary Real Estate for $1.82 million
9. <a href="https://www.myrp.com.au/n/13-conigrave-street-fannie-bay-nt-0820/myrp-490?propertyId=1198802">13 Conigrave Street, Fannie Bay, NT, 820</a>, four-bedroom house, sold prior to auction on August 4 by Colliers International Darwin for $1.82 million
10. <a href="https://www.myrp.com.au/n/47-third-avenue-saint-peters-sa-5069/myrp-490?propertyId=10444537">47 Third Avenue, St Peters, SA, 5069</a>, four-bedroom house, sold at auction on August 4 by Toop &amp; Toop Norwood for $1.765 million
 
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Kew 1960s Macfarlane Burnet home set for demolition after $2.2 million weekend auction

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Nearly 11,000 square metres of A-grade commercial space at the base of the twin-tower Oracle development in Broadbeach on the Gold Coast has been listed for recievership sale, with the market estimating a sale  around $50 million.
The listing of the commercial space comes as a new report by the Property Council of Australia finds that the office vacancy rate on Broadbeach tightened noticeably over the first six month of the year from 16.8% to 11.1%,  well below the 21.5% vacancy rate for the Gold Coast office market as a whole.
This time last year, the Broadbeach vacancy rate was 30.3%.
The office and retail precinct of The Oracle comprises four detached buildings known as Oracle North, Oracle South, Oracle East and Oracle West, centrally serviced by Oracle Boulevard and bounded by Charles and Elizabeth Avenues and Surf Parade.
<img src="/images/stories/2012/08/oracle.jpg">
The commercial precinct forms the base of the troubled residential development which comprises 507 luxury apartments across two towers.
The A-grade office component, comprising 6,731 square metres of net lettable area over two levels, is fully leased with 22 separate tenancies, including leases to Gold Coast Tourism, listed housing developer Villa World and radio station operator Southern Cross Austereo.
The retail space has 4,005 square metres of net lettable area, with leases to fashion retailers Mimco and Witchery, as well as restaurant chains Max Brenner, Bavarian Bier Café, Crust Pizza, Guzman Y Gomez and Mecca Bah.
The commercial precinct is being sold by Mark Witheriff and Rem Rafter of CBRE through than expressions-of-interest campaign targeting both national and international markets, including Asia, where it will be promoted via a roadshow.
The 100% A-grade office occupancy rate at The Oracle contrasts starkly with the overall state of the Gold Coast office market, which has the highest office vacancy rate in Australia, according to the latest Property Council report for the first six months of 2012.
The Gold Coast office vacancy rate tightened marginally in the first six months of the year from 22% to 21.5%.
However, it is still more than double that of the Brisbane fringe market (8.5%) and Brisbane CBD (7.9%).
And it remains well above the next worst performing fringe market – the Sydney fringe market of Chatswood, where the vacancy rate eased from 10.7% to 13.7%
“A total of 4,292 square metres was added [on the Gold Coast] over this period, which was almost balanced out by withdrawals of 3,453 square metres and absorption of 2,723 square metres,” says Queensland executive director of the Property Council of Australia Kathy MacDermott.
“All grades, except for B-grade, experienced slight vacancy decreases over this period.”
“With only 1,723 square metres due to come online in the second half of 2012, this should provide the market with further room for absorption.”
Prospective buyers of the Oracle will take note that the Property Council report recorded vacancies tightening noticeably in Broadbeach over the six-month period from 16.8% to 11.1%, significantly lower than the 30.3% vacancy rate recorded at the same time last year.
This was in contrast to other office locations.
“The Southport and Robina-Varsity Lakes markets experienced little change, with decreases of 0.7 and 1 percentage points, respectively,” says MacDermott.
“Both Bundall and Surfers Paradise saw vacancy increases, with Bundall up by 0.8% to 32.1%, its highest level in more than 19 years.
“The Surfers Paradise vacancy rate increased by 1.6 percentage points over the six months, to reach a staggering 28.5%.”
“While certain markets across the Gold Coast remain depressed, Broadbeach is edging towards healthy vacancy levels. As work on major projects such as the Commonwealth Games and the Gold Coast Rapid Transit increases, this will help the market will begin its gradual recovery,” she says.
Witheriff calls the Oracle “one of the most vibrant mixed-use developments in Australia and a proven drawcard for quality commercial and retail tenants”.
“The strong cashflow supported by the national and international tenants with long-term leases has made this world-class precinct a proven performer even in a challenging market,” he says.
The $850 million Oracle project was developed by South Sky Investments, a subsidiary of  Niecon, part of the Nikiforides Group.
It has been in the hands of receivers KordaMentha since December 2010 after the Nikiforides family's Niecon business ran into trouble when a financier withdrew from the project.
A sales campaign to sell the remaining apartments within the two towers commenced in December last year.
Sales have picked up recently, led by interest from local buyers. Gold Coast residents have bought $20 million worth of the 505 apartments.
Peppers Retreat, Resorts and Hotels has been given letting rights to Tower 1, which has been renamed Peppers Broadbeach.
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Oracle commercial precinct on Broadbeach listed with $50 million hopes, with Gold Coast office vacancy rate at 21.5%

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Right now, values, pricing and results should be a little inconclusive to all. Anyone telling you she knows for sure what the market is going to do up until Christmas is a lot smarter than we are, Gunga Din.
The current mid-winter 2012 market is best characterised as being historically low in terms of exciting new stock. Another key characteristic is that it is a significantly falling market in terms of expectations for B- and C-graders (or properties that have some faults in terms of floorplan, presentation and location), and a gently falling market in terms of expectations for A-graders (or well-presented properties with sensible layouts in prime positions, the most sought-after class of the property market). See our graphical representation below:
<a href="https://marketnews.com.au/2012/08/price-catching-a-falling-star/the-worm-2012-2/" rel="attachment wp-att-26953"><img class="aligncenter size-large wp-image-26953" src="https://marketnews.com.au/wp-content/uploads/The-Worm-20121-597x326.jpg" title="The Worm 2012" width="470" height="257"></a>
In some of our pricing recommendations, we are using 2007 to 2009 comparables to support where we feel market sentiment may be for any particular home right now.
In 2008 everything was negative. In 2012, there are buyers out there, but we haven’t been seeing them because they are not interested in the poor-quality stock currently being offered in the $1 million to $2.5 million range. This winter the transacting market above the $2.5 million price point is so small that commentary, in our opinion, is supported by best guesses rather than factual evidence. Bidders in big numbers are generally only acting when a good home appears, and then they are aggressive on price in two ways:
<ul>
<li>
Up – if there is proven competition and there is a reasonable reserve (although competition is not as strong as it was in 2007 or 2010).</li>
<li>
Down – if there is no proven competition or if the reserve is courageous.</li>
</ul>
There are five key property buyer questions:
<ol><ol>
<li>
How long will this lack of quality stock continue? Buyers are wondering whether they should buy now and take second best, because they really don’t want to be looking for another year. Another sub-thought is: if stock is going to be so weak for a long time, we might as well buy a B- or C-grader now rather than wait another year and then still only have B- or C-graders to choose from.</li>
</ol></ol>
 
<ol><ol>
<li>Falling prices mean – How do I, as a buyer, catch a falling star (price)? How do buyers get an A-grader against some competition while minimising the burn marks on their hands if prices continue their re-entry from the once seemingly unstoppable surge into the stratosphere that was  inner Melbourne early 2010?</li>
</ol></ol>
 
<ol><ol>
<li>
How do I assess risk to me and my family going forward? The first decade of this millennium was all about playing market offence and looking for homes that would grow most strongly in value. Remember the words capital growth? This second decade looks to be all about playing market defence. As in, how do buyers look to best protect their family interests in a flat or falling market?</li>
</ol></ol>
 
<ol><ol>
<li>
How do I deal with bank and sworn valuations that are historic pieces of information? In many cases these values are no longer reflective of the sudden and significant change in the market. How do I deal with an official valuation in a future that may well be different from my purchase price now?</li>
</ol></ol>
 
<ol>
<li>
How do I buy a home when I am the lone ranger (the only bidder) on the property? How do I hang my hat on a value when all I can see is an agent quote that seems lacking in substance and supporting current data? How do I take comfort and keep my sanity when I can’t get surety and vindication through seeing competitive transparent auctions?</li>
</ol>
This fifth question is really a compilation of the above four. If you are informed, you can get it right and you can make good decisions and you can sleep OK going forward.
Mal Jamesis principal of<a href="https://www.jamesbuyeradvocates.com.au/" target="_blank" title="James Buyer Advocates"> James Buyer Advocates</a>, which advocates on behalf of buyers of property over $1 million. Mal writes weekly auction reports, advice and in-depth market analysis on James' website.
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The five key questions spring property buyers must ask: Mal James 

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With the 2012 Olympic descending on London, Property Observer looks back on what happens after the athletes and crowds left town after the 2000 Sydney closing ceremony.

For the 2000 Olympic Games, Sydney built one of the biggest athlete villages ever constructed at the time.

In 1997, the Sydney Olympic Park Authority signed a $590 million contract with the Mirvac Lend Lease Village Consortium comprising of Mirvac, Lend Lease, Civil &amp; Civic, ANZ and Westpac. The village was part of $3 billion of construction and capital works for the games.

[smartcode_project:default project_id=7317]

The contract was to plan, design, finance and construct the Olympic village, which would provide housing for 15,300 competitors and team officials as well as accommodation for 7,500 competitors and officials for the Paralympic Games.

The consortium would also carry out the reinstatement work on the Olympic village after the Paralympics; market and sell the reconfigured Olympic village properties; and share the net proceeds between the consortium and government.

As well as the multiple sporting venues, other projects included the Olympic Park railway station and rail loop, development at the former Lidcombe Hospital site for 6,000 media representatives and a 318-room Ibis/Novotel hotel.

The athlete village was built in Newington, two kilometres east of the Homebush Bay sporting complex. The sporting complex is now the suburb called Sydney Olympic Park.

The consortium built nearly 900 townhouses and 700 apartments over 90 hectares, as well as nearly 300 modular homes.

Environmental sustainability was heavily pushed by the Olympic committee, and every home came with solar panels and water recycling facilities, features that still exist. When it was built, the suburb was the largest solar-powered suburb in the world.

Waste water is treated and redirected to the neighbouring wetland which was restored as part of the project.

After the Paralympic Games Newington was sold into private ownership and its transformation into a residential suburb began.

More houses were built and according to the 2011 census, there are now 2,074 dwellings housing 5,320 people. The census found 6% of the homes are currently unoccupied. There are 940 houses and 815 units in the suburb. Three- and two-bedroom homes dominate the mix.  Despite a strong push by the Olympic organisers to discourage car ownership in the area, just 3% of homes are without a car while 55% of homes have two or more cars.

According to RP Data <a href="/news">the current median house price</a> in the suburb is $770,000 up 2% over the last year and 20.7% over the last five years. Units have a median price of $487,000, down 3.6% over the year but up 19.2% over the last five years. The annual rise in median price over the last 10 years is 4.8%.

One recent sale in the area was 20 Lewis Way, a three-bedroom, three-bathroom house. The Olympic Co-Ordination Authority sold the property for $430,000 in 2001 and it most recently traded for $760,000 in May. In December 2011 the home was advertised for rent at $650 per week.

29 Evans Street (pictured below) recently sold for $732,000 from Ajay Valanju at Location Property Group. It originally traded for $503,000 in 2002.

<img src="/images/stories/2012/08/evans.jpg">

A two-bedroom, two-bathroom unit, 7/3 Heidelberg Avenue originally traded for $345,00 in 2001 sold for $513,000 in May 2012.

Unit 23 at 19 Pearce Avenue, a two-bedroom unit, recently sold for $430,00 after originally selling for $350,000 in 2001.

Mirvac’s NSW development director for master-planned communities says the suburb turned out better than they ever imagined.

“The amazing thing is that it's one of the few Olympic Games villages in the world that's been successful post-Olympics,” he told Fairfax.

''The project involved risk, but I think the quality of the build, the town planning, the parks and green space, and the mix of homes all contributed to its success.”

Local agent Chuck Ow Lee of Newington Village Real Estate told Fairfax the area is in strong demand.

''Homes here are very tightly held,'' he says. ''People are constantly surprised and impressed by the infrastructure and facilities and being surrounded by parks, and prices are cheaper than nearby.”

One home up for sale is <a href="https://www.realestateview.com.au/Real-Estate/18-beaurepaire-ave-newington/Property-Details-buy-residential-4040137" target="_blank">18 Beaurepaire Avenue</a>, which is being sold by Norman So and Andrew Zhang from Strathfield Partners for $760,000.

 

<hr class="system-pagebreak">
 

Mirvac Design worked with a number of architectural practices to produce a variety of dwelling types with work from<cite> </cite>Eeles Trelease, Vote Associates, Tanner and Associates, Gordon and Valich, Virginia Kerridge Architects, Grose Bradley Associates, Order Architects, Tonkin Zulhaika, PTW, and Hassell.

<img src="/images/stories/at213.jpg">

Meanwhile, in the neighbouring Sydney Olympic Park, within the remaining sporting hub, the newest residential development, called <a href="https://www.propertyobserver.com.au/developments/olympic-park-australia-towers-launches-stage-two-after-stage-one-sells-fast-out-of-the-starting-blocks/2012040354146" target="_blank">Australia Towers</a>, is being built by Ecove. It will bring more than 800 apartments to the area. The first tower in the three-tower development (pictured below) is currently home to more 600 residents.

<img src="/images/stories/at27.jpg">

The are is expected to experience boom growth with 1.4 million square metres of new construction planned and it is expected by 2030 some 14,000 people will live in the area. The area is currently made up of parkland, sporting facilities, offices, restuarants and retail precincts.

The success of Sydney’s Olympic athlete village comes in stark contrast to cities like Vancouver.

In 2011, a year after the winter Games, fewer than half of the 737 condos had been sold, almost of those as preconstruction sales in 2007. Vancouver’s taxpayers owed about CAN$750 million for the project, which was never intended to be a public sector development. To sell the apartments, the city then slashed prices by 30%.

Other failures include the 2004 Athens Olympic athlete village, which was the largest single property development at the time. Hundreds of thousands of Greek families entered a lottery for the chance to buy in the complex but by 2011, just half of the apartments were filled. Commercial developments in the area shut down, schools were turning away students and the buildings now have damp and sewage problems. Many Athenians saw the Games as a major contributor to Greece’s current financial woes; some estimates say the Games cost Greece €27 billion, five times the €5.5 billion budget.

Lend Lease has developed the 3,300-apartment complex for the 2012 London Olympic Games. After the games the site is due to converted into a neighbourhood with 2,818 homes, including 1,000 family homes with three or four bedrooms. The site was sold to  Qatari ruling family's property company, Qatari Diar, for £557 million.

The committee had already sold 1,379 of the homes in the 11 blocks to Triathlon Homes for £268 million in 2009. Those are due to be converted into affordable homes.
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Sydney's Newington Olympic village 12 years after the closing ceremony

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Rules are made to be broken – just ask any teenager.
But while I’m not always a “rules” kind of guy either, experience has taught me a thing or two about following the right ones.
If you dropped into the Sydney Home Buyer &amp; Property Investor Show last month – here’s a scene, below – you’ll already know that I have 10 rules for successful investment buying.
<img src="/images/stories/2012/08/sydney-home-buyer-show.jpg">
They have evolved over time – almost 30 years in the industry.  With that kind of exposure, and having helped hundreds of new residential projects come to fruition throughout the country, I’ve been able to see firsthand what works and what doesn’t when it comes to buying investment property.
My rules apply to “passive” investors – the “set and forget” types (which is the vast majority of the market – more than 90% of investors, according to recent survey results) and not to the “renovator junkies”, as I like to call them.  And before you shoot off a comment, there’s nothing wrong with getting your hands dirty, heck I have done it many times before; but if you just want to buy and forgot, then these rules apply to you.
Here are my 10 rules to help you buy well.
The property must be:
<ol>
<li>New, or at least recently renovated, to maximise depreciation/tax return and gross rental returns.</li>
<li>In a small or multi-staged development.  Preferably under 50 dwellings.  Large properties should not be ruled out.  They must, however, have substantial points of difference, i.e. well-proportioned and well-appointed apartments; quality facilities and finishes; and good access.</li>
<li>In a strong location – “infill” highly favoured, with high existing amenity; a great “walk-score”; and more importantly, potential for above average mid- to long-term capital growth.</li>
<li>In an area with five or more pillars of economic support, including cumulative demographic/rental demand and high employment/wages growth.</li>
<li>Within five minutes of “hard-core” infrastructure i.e. major work nodes; secondary schools; entertainment precincts and public transport, especially rail.</li>
<li>Delivered by a proven development team.</li>
<li>High quality in terms of design, materials and construction.  It must require minimum maintenance.</li>
<li>End prices under $600,000; better still, less than $500,000; and they must yield more than a 5% gross rental return.</li>
<li>Limited new dwelling supply when compared with underlying demand.</li>
<li>Sold with independent API registered valuation support and within an acceptable range of sales/marketing commission.</li>
</ol>
So, stick to the 10 and you’ll make millions?  Well, short answer – there are no shortcuts and no guarantees.  But by following my 10 rules I believe you can, with a little effort and knowhow, convert a modest deposit into a sizeable next egg.  But (yes, there is always one) don’t do it blind-folded – seek independent investment advice, have at least a 10% deposit, and have a truly spare $100 per week available to afford to buy that investment property.
So that was just the preamble – there’s more!  If you would like to receive our Matusik Insights report <a href="https://www.matusik-sydney.com.au/">What To Buy – 10 Rules For Better Investment Buying</a>, just register for your copy.  And folks – it’s free, just for you.
Michael Matusik is the founder of <a title="blocked::https://www.matusik.com.au/" target="_blank" href="https://www.matusik.com.au/">Matusik Property Insights</a>, which has helped over 550 new residential projects come to fruition.  Read <a title="blocked::https://www.matusikmissive.wordpress.com /" target="_blank" href="https://www.matusikmissive.wordpress.com%20/">Michael's blog</a> or follow him on <a title="blocked::https://www.twitter.com/michaelmatusik" target="_blank" href="https://www.twitter.com/michaelmatusik">Twitter</a> or connect via <a title="blocked::https://www.linkedin.com/in/michaelmatusik" href="https://www.linkedin.com/in/michaelmatusik">LinkedIn</a>.
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michaelmatusik-49YzLvdmNv

The 10 rules for successful 'set-and-forget' property investment

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Australia’s construction industry contracted for the 26th consecutive month in July, with a steeper pace of decline recorded in house building, according to the latest Australian Industry Group (AIG) Australian Performance of Construction Index.
The construction industry failed to rebound despite successive rate cuts in May and June, with AIG director of public policy Peter Burn noting that ongoing slumps in commercial and housing construction were the biggest drags on activity.
The index, which is compiled in conjunction with the Housing Industry Association (HIA) and is based on surveys of a representative sample of construction firms, was 2.2 points weaker in July, recording 32.6 for the month.
All four sub-sectors remained firmly in contractionary mode in July: House building (28), commercial construction (26.1), apartment building (32.9), and engineering construction (39.5).
Construction industry employment also slumped, while the key new-orders sub-index was broadly unchanged – up slightly, but still contracting at 33.9.
Readings below 50 indicate a contraction in the industry with the distance from 50 indicative of the strength of the decline.
Click to enlarge
<a href="/images/stories/2012/08/hiaaug8.gif" rel="shadowbox" title="Click to enlarge"><img src="/images/stories/2012/08/hiaaug8thumb.gif"></a>
One positive development was the marked slowing in the rate of decline in apartment construction activity consistent with the recent lift in multi-unit approvals.
This sub-index increased by 11.1 points to 32.9 points.
"A slower rate of contraction in apartment building in July is a positive sign, but the reality is that it still means yet another month in which activity has declined,” says HIA senior economist Andrew Harvey
“Meanwhile the core ‘detached housing’ segment of residential building contracted at a faster rate than in the previous month.
“A total of 125 basis points of cuts in official interest rates since late 2011 is yet to have a discernible impact on residential building, not helped by cautious consumers and a policy environment that sees new housing at a considerable disadvantage to established housing due to excessive taxation,” Harvey says.
Commercial construction continued to exhibit substantial weakness, while the lower interest rate environment has yet to translate into an improvement in house building activity.
New orders in the house building sector also declined falling 2.1 points to 30.3 signalling a sharper rate of contraction in the month.
Businesses surveyed attributed the ongoing decline in construction activity to subdued demand conditions, citing low levels of new orders, project delays and weak confidence among consumers and investors.
The survey also revealed intense competition for existing contracts and difficulties in obtaining credit or funding for the lack of new construction work.
“Two bright spots in July were an easing in the rate of decline in apartment construction activity and a pick-up in the engineering construction new orders sub-index.  However, with new orders and employment levels across the industry continuing to fall, the new financial year has brought little to cheer about," says Burn.
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New home building fell for 26th straight month in July: AIG/HIA index

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The Melbourne housing market is currently treading water, according to Monique Sasson Wakelin, who describes the property market as "flat as a pancake over June 2012 quarter". Wakelin reached that conclusion by averaging out divergent housing price data from different analysts.
Rather than enter into the current debate over which data provider is "right", Wakelin says “the truth probably lies somewhere in the middle”.
“We like to consider all of the data sets and then report an average of all the results for the national market. We do the same for the Melbourne market by adding in the recently published data from the Real Estate Institute of Victoria,” she says.
The average Melbourne house price data as reported by the ABS, RP Data-Rismark, Australian Property Monitors, Residex and the REIV showes an average quarterly decline of 0.12%, with prices down 5.14% over the past 12 months.
Melbourne housing market
<table width="398" cellpadding="0" cellspacing="0" border="1"><tbody>
<tr>
<td valign="top" nowrap width="185">
Provider
</td>
<td valign="top" nowrap width="104">
June Quarter change (%)
</td>
<td valign="top" nowrap width="109">
Annual change (%)
</td>
</tr>
<tr>
<td valign="top" nowrap width="185">
Australian Bureau  of Statistics
</td>
<td valign="top" nowrap width="104">
-0.4
</td>
<td valign="top" nowrap width="109">
-4.8
</td>
</tr>
<tr>
<td valign="top" nowrap width="185">
RP Data-Rismark
</td>
<td valign="top" nowrap width="104">
-3.4
</td>
<td valign="top" nowrap width="109">
-6.6
</td>
</tr>
<tr>
<td valign="top" nowrap width="185">
Australian Property  Monitors
</td>
<td valign="top" nowrap width="104">
1.6
</td>
<td valign="top" nowrap width="109">
-2.6
</td>
</tr>
<tr>
<td valign="top" nowrap width="185">
Residex
</td>
<td valign="top" nowrap width="104">
-1.3
</td>
<td valign="top" nowrap width="109">
-6.4
</td>
</tr>
<tr>
<td valign="top" nowrap width="185">
Real Estate Institute  of Victoria
</td>
<td valign="top" nowrap width="104">
2.9
</td>
<td valign="top" nowrap width="109">
-5.3
</td>
</tr>
<tr>
<td valign="top" nowrap width="185">
Average of 5 providers
</td>
<td valign="top" nowrap width="104">
-0.12
</td>
<td valign="top" nowrap width="109">
-5.14
</td>
</tr>
</tbody></table>
 A similar pattern for the national data emerges of a small quarterly decline (-0.25%) and larger 12 month fall (-2.65%).
<table width="407" cellpadding="0" cellspacing="0" border="1"><tbody>
<tr>
<td valign="top" nowrap width="147">
Provider
</td>
<td valign="top" nowrap width="161">
June Quarter change (%)
</td>
<td valign="top" nowrap width="100">
Annual change (%)
</td>
</tr>
<tr>
<td valign="top" nowrap width="147">
Australian Bureau  of Statistics
</td>
<td valign="top" nowrap width="161">
0.5
</td>
<td valign="top" nowrap width="100">
-2.1
</td>
</tr>
<tr>
<td valign="top" nowrap width="147">
RP Data-Rismark
</td>
<td valign="top" nowrap width="161">
-1.2
</td>
<td valign="top" nowrap width="100">
-3.6
</td>
</tr>
<tr>
<td valign="top" nowrap width="147">
Australian Property  Monitors
</td>
<td valign="top" nowrap width="161">
0.4
</td>
<td valign="top" nowrap width="100">
-1.6
</td>
</tr>
<tr>
<td valign="top" nowrap width="147">
Residex
</td>
<td valign="top" nowrap width="161">
-0.7
</td>
<td valign="top" nowrap width="100">
-3.3
</td>
</tr>
<tr>
<td valign="top" nowrap width="147">
Average of 4 providers
</td>
<td valign="top" nowrap width="161">
-0.25
</td>
<td valign="top" nowrap width="100">
-2.65
</td>
</tr>
</tbody></table>
Writing on her blog, Wakelin says the averaged figures pass the “smell test”.
“They concur with what we see and hear around the country – that is, prices are probably down around 5-10% or so across our major capital cities over the last 12 months, but that the market has been reasonably steady in the last quarter, as participants begin to respond to lower interest rates.
“While these figures are by no means definitive or irrefutable evidence that the property market has bottomed, they should give investors and home buyers a fair degree of confidence that the worst is behind us,” Wakelin says.
In his June quarter update, REIV chief executive Enzo Raimondo made similar observations about the Melbourne property market.
Raimondo says a combination of "broader economic factors, slowing population growth and continuing low levels of consumer confidence, have resulted in no real capital growth in the residential market this year".
“Both buyers and sellers are approaching the market in a conservative manner. This is translating into a lower number of sales than is present in a strong market and as a result, no real price growth has been recorded," Raimondo says.
“The real estate market moves in cycles and, after the initial price falls in 2011, it is now in a period of stability marked by low activity.
“The median price has fallen 5.3% over the past 12 months but, as the overall median has not changed in the past six months, this indicates that the market has plateaued and is likely to remain like this until confidence improves."
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Melbourne property market 'flat as a pancake' but the worst is behind us: Monique Sasson Wakelin

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Median rents in the Queensland mining town of Gladstone have increased an average of 62% in the past two years, according to PRDnationwide.
The greatest rental increase was for four-bedroom houses, where the median rent rose 86% from $350 to $650. The smallest increase was 42% for three-bedroom houses, where the median rent rose from $285 to $490. 
<img src="/images/stories/2012/08/prdaug74.gif">
For more, download our free eBook <a href="http://propertyobserver.com.au/ebooks/free-ebook-property-investing-in-queenslands-resources-boom" target="_blank">Residential Property Investment Amid Queensland's Resources Boom.</a>
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