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“Minister Chanthivong and his team have shown real leadership in replacing an outdated two-year bond with cover that matches the lifespan of the buildings people are buying into.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

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The Darwin suburb of Nightcliff is the most crowded in the Northern Territory, according to RP Data. It has a population of 3,655 in an area the size of 1.45 square kilometres for a density of 2,519 people per square kilometre.
However, this is positively empty when compared with the 20,165 people per square kilometre in <a target="_blank" href="https://www.propertyobserver.com.au/demographics/sydney-dominates-top-20-most-crowded-suburb-list-with-elizabeth-bay-first-and-southbank-the-only-melbourne-entry-tim-lawless/2012070255369">Australia's most crowded suburb, Sydney's Elizabeth Bay. </a>
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cknowlton-QnEa6ntUYP

Nightcliff Darwin's most crowded suburb: RP Data

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<img height="225" width="400" src="/images/stories/2012/fallscreek.gif" alt="fallscreek">
It’s been almost a year since Morry Schwartz sold 77 Falls Creek apartments in Australia’s biggest auction of alpine property. With the ski season now well underway Property Observer spoke to local agents to see how the market has reacted to the sales.
In late August 2011, <a target="_blank" href="https://www.propertyobserver.com.au/residential/falls-creek-snow-bargains-for-the-brave-beautiful-and-blinkered/2011082951319">Schwartz sold all his apartments in the Huski, Silverski and St Falls complexes in one massive auction event </a>with buyers settling on their purchases after the season wrapped up. 
The no-reserve auctions attracted 350 people with 300 registered bidders. The cheapest property sold was a 13.5 square metre unit in the Silverski complex, which sold for $30,000.
RT Edgar Falls Creek agent Christa Zirknitzer says one year down the track things aren’t as bad as expected.
“Yes, it did affect the market, but it was quite limited,” she says. “People have to reset their price expectations based off that auction if they’re motivated to sell.”
“But there are still buyers left, I just sold one down in the village, and I’ve had an offer on another one.”
Now a recent REIV report says property prices in the Alpine region are down 22% for the year ending March.
She says a lot of vendors were upset with the massive auction, but not everyone was angry with Schwartz.
“A lot of them do say it’s good the properties are now off the market.”
Her colleague Rob Ford in Hotham says the soft market makes it hard to see the effect.
“It’s difficult to say whether it affected us or not. The market has been quite soft for a couple of years now. I didn’t actually notice any difference at Hotham.”
“It definitely took 77 buyers out of the market, but at the same time there are a lot of vendors with stock. And with these properties it’s hard to compare the apples with the apples,” Ford says.
The nature of many of the apartments sold put strict requirements on who could buy the properties at Schwartz’s auction.
Some 40 of the properties sold required bidders to have annual incomes of $250,000 or $2.5 million in net assets as they were offered under an unregistered management investment scheme operated pursuant to Australian Securities and Investment Commission instrument 11-0572.
“Because of the management options, they weren’t applicable to lots of people,” Zirknitzer says.
“A lot of people might look at a room that sold for $250,000 but then we would sell a similar apartment for $400,000 if it was free of any title or management charges,” Ford says.
One thing is clear, though. The market here is determined by the weather. The more snow, the more money there is to be made.
Apartments 208 and 209 in the Silverski Lodge are still up for sale for $44,500. The price is the figure the vendor paid for them in Schwartz's mass sell-off.
And apartment 202 in the St Falls building is up for sale for $495,000.
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One year after Morry Schwartz’s no-reserve alpine auction, prices still chilled in Victoria’s ski fields

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<img alt="Novotel-St-Kilda-420x0" src="/images/stories/2012/Novotel-St-Kilda-420x0.gif" height="225" width="400">
Property tycoons Lindsay Fox and Max Beck are among those reported showing interest in the prized Novotel Melbourne St Kilda overlooking Port Phillip Bay, which has been marketed both locally and to international investors.
The hotel was listed for sale in June by Tourism Asset Holdings Limited (TAHL) with market observers expecting a price between $55 million and $60 million.
An international marketing campaign has been handled by Wayne Bunz and Mark Wizel of CBRE Hotels with expressions of interest closing yesterday.
The recently refurbished hotel, which has 211 rooms over six levels on a 5,791 square-metre site boasting 270-degree views of Port Phillip Bay, has reportedly caught the eye of Fox and Beck. Fox owns the nearby Luna Park.

The pair has undertaken a number of joint ventures together including Essendon airport and a retail project in the Melbourne suburbs, the Australian Financial Review reported.
Other buyers believed to be circling the Novotel, include Stewart Baron’s private development company Baron Corporation, as well as  local Asian investors and offshore Asian investors from Singapore Malaysia and Hong Kong.
Overseas investors identified as possible bidders include Singapore hotel magnate Michael Kum and Singapore-listed developer Chip Eng Seng Corporation.
The strong interest shown in the Novotel comes as a new report from hotel researchers STR Global was released this week, favouring the Brisbane and Perth hotel markets in the short term, but revealing very little new hotel stock set to be added to either the Sydney or Melbourne hotel markets in the next four years, keeping vacancy rates tight.
Th report revealed that Melbourne has a development pipelines comprising just 2% of total room stock with only Sydney having a smaller development pipeline of the major capital cities of 1.7%.
According to STR Global Melbourne had a 1.5% rise in occupancy to 76.9% and 0.5% growth in room rates to $176 over the past year.
In the Sydney CBD market, the occupancy rate fell to 84.2% while room rate growth was 2.4%.
The research compiled by STR Global indicates that there will be strong growth in Perth and Brisbane hotel room rates and occupancy levels over the next year driven by demand from the resources sector.
However, these markets could weaken in the medium term due to a strong pipeline of new hotel stock.
The hotel occupancy rate in Perth climbed 3.8% to 85.3% over the year while the average daily room rate rose 12.8% to $218, reported STR Global.
However, Perth will see an extra 881 new hotel rooms added to its existing stock over the next two to four years – around 9% of total room stock.
The Brisbane hotel daily room rate increased by 4% over the year to $185, while occupancy levels rose 1.1% to 79.1%.
Brisbane has an even bigger supply pipeline than Perth with an additional 1,300 rooms added – 11% of total room stock – over the next two to four years.
The latest Roy Morgan Research Holiday Tracking Survey for the May quarter found an increasing number of Australian plan to take a holiday over the next 12 months, but no increase in the percentage who will holiday at home.
According to Roy Morgan 68% of Australians (12.8 million) intend to take a holiday over the next year, up from 67% for the May 2011
However, only 55% will take their holiday in Australia, unchanged from last year but down from 57% in May 2007.
The percentage of Australians intending to go overseas for their next holiday is steady at 9% when compared to same period last year, although this has been slightly increasing over the past five years.
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Lindsay Fox and Max Beck circling Melbourne’s St Kilda Novotel, but Perth and Brisbane the short-term hotel sweet spots

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The Sunday Age reported recently that there were large numbers of homes for sale in a range of the city’s outer suburbs.
 
On the face of it, this appeared concerning; however, analysis of the local market and the role of those suburbs in housing our growing population shows that it’s not the case.
The fact is that the city has always had growth suburbs with lots of homes for sale. Forty years ago it was suburbs such as Fawkner and today it’s the likes of Doreen.
It is remarkable just how many homes have been built and sold in those locations.
For instance, the ABS has reported that in Derrimut, Point Cook and Werribee 15,875 homes have been sold and moved into over the past decade. When contrasted with the 2,961 reported for sale, this does not sound nearly as much.
And almost the entire suburbs of Doreen and Merdna have been built in that time, with 5,581 homes added. It was reported there were 3,718 homes for sale there. However, as any resident there will tell you, 65 % of homes don’t have For Sale signs on them. Clearly, these numbers include the pipeline of supply to ensure the community’s housing needs can be met in an affordable manner.
The fact that two years ago The Age reported concerns that there were not enough homes for sale and now there are too many, shows nothing more than the usual development cycle in operation.
The development cycle is subject to the same rises and falls that are present in the broader real estate market.
Enzo Raimondo is CEO of the <a href="https://www.reiv.com.au/" target="_blank" rel="nofollow">Real Estate Institute of Victoria</a>.
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Doreen and other growth suburbs provide housing for thousands: REIV

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{yoogallery src=[images/stories/2012/07/georgev2cinema]}

The once popular but now vacant and silent three-screen George Cinema on Fitzroy Street in St Kilda has been listed for auction next month with price hopes in excess of $2.75 million.
The cinema was leased and operated by the Melbourne film family the Zeccolas, owners of the arthouse Palace cinema chain, from 1996 to 2010.
It opened with a bang in 1994, showing Quentin Tarantino’s cult classic Pulp Fiction in sold out showings and was successful for a number of years, before falling victim to more competition from the nearby multiplexes such as the 15-screen Cinema Nova in Carlton and 15-screen Jam Factory in South Yarra.
The Zeccolas planned to refurbish the George, but changed their minds and it closed in October 2010, with The Age reporting at the time that sessions were so sparsely attended “that the complex can resemble a ghost town”.
It has been owned by local businessman and cinema-lover Ralph Taranto since 1999, who leased it to the Zeccolas before opening it himself in March last year.
But it closed less than two weeks later.
Sadly, its second closure came just a month before the centenary of the opening of the first, purpose-built cinema in St Kilda, at what is now 145 Fitzroy Street, a few metres from the Aurora.
Perhaps a portent of its failure, Cinema Aurora opened with the Ben Affleck financial crisis piece The Company Men, a film about executives that all lose their jobs. It played the Oscar-winning The Social Network and Black Swan in its last week. Now listed for sale, with also the opportunity to redevelop subject to council approval, the Aurora’s three separate cinemas can seat up to 820 popcorn-eating patrons on a site of 1,142 square metres over two levels and also has a foyer, newly fitted candy bar, two full-fitted projection rooms and recently refurbished toilet facilities.
It is being marketed by Graeme Wilson of Wilson Commercial, alongside colleague Nicole Scrofan.
It comes with a liquor licence for 750 patrons.
Wilson says the cinema has the potential to bring in annual income in excess of $400,000, which would equate to a yield above 14% at a price of $2.75 million.
It was previously leased at $410,000 per annum (plus outgoings and GST) but is now being offered as vacant possession.
The cinema sits within a six storey mixed used building comprising apartments, shops, a restaurant and public car park.
It stands next to local St Kilda landmark the George Hotel, is surrounded by St Kilda apartment dwellers and is well serviced by trams and buses.
Fitzroy Street is a popular night-time destination in Melbourne lined with fashionable cafes, restaurants and bars, which Wilson believes makes the cinema a viable venue.
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St Kilda cinema complex seeking popcorn loving investor or savvy developer with $2.75 million to spare

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Serviced apartments group Quest has agreed to lease all 131 apartments that form the residential component of the Kyren Group's $100 million new mixed-use development currently under construction in the Adelaide CBD. The project, which is now 100% leased, is being marketed by Colliers International director of office leasing Nicholas Shinnick, who describes it as a “substantial mixed-use development, one of the biggest to get underway in the city for at least a decade”.
He says the decision to include a serviced apartment component comes of the back off Adelaide’s high occupancy rates for short-term apartments.
The residential component of the 17 storey project had been marketed as Franklin Street apartments, but failed to attract any buyers.
Kyren Group managing director Theo Samaras blamed this on a soft residential market and an Adelaide City Council unwilling to "incentivise" inner-city living.
Quest is currently on an aggressive expansion drive with <a href="https://www.propertyobserver.com.au/leisure/construction-begins-on-%2425-million-quest-wodonga-serviced-apartment-project-with-seven-more-in-the-pipeline/2012071155532">seven projects to be completed over the next 12 months</a>.
Earlier this month it kicked off construction on a new apartment project in Wodonga on the NSW/Victoria border.
Quest is bullish about the Adelaide CBD market with The Adelaide Advertiser reporting that it is in negotiations with developers for more locations in Adelaide, including sites at the southern end of King William Street and the eastern end of Flinders Street. The 70 Franklin Street project has reached the halfway mark in its construction and is due to be completed in early 2013.
Aside from the serviced apartment component, the project incorporates a 20,000 square metre office space and 700 square metres of retail space.
An adjoining 700 bay car park in Young Street has already been completed.
Three office floors have been pre-committed, including the top two levels which will be taken up by law firm Piper Alderman.
Quest’s Andrew Weisz says Adelaide is fast becoming an “international hub for the corporate sector, so it's imperative that our business follows corporate travellers as they move into the city”.
"This development, along with other major projects in Adelaide, represents a great opportunity for the serviced apartment industry and Quest will continue to respond to corporate demands for quality accommodation," he says.
The Lucid Consulting Engineers and Cheesman Architects-designed building has been awarded a five star NABERS rating.
Samaras says investing in five star buildings is a way to stand out in the marketplace and to attract premium tenants.
“In the future, a five star build is likely to be the normal benchmark. With the right project team, these developments can deliver on the bottom line,” he says.
“70 Franklin Street is also ideally located to benefit directly from access to Victoria Square, Adelaide’s Central Market and Chinatown, all of which are situated only a short walk away; this type of amenity is highly regarded.”
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Quest to operate 131 serviced apartments in Kyren Group’s $100 million Adelaide CBD development

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Recently, we found a fabulous property for a client wanting to do a granny flat project with Property Bloom.
It was fabulous for two main reasons;
<ul>
<li>It was a large 950 square metre block with extra wide frontage and rear lane access.</li>
<li>It was renovated.</li>
</ul>
Normally, for this development strategy we would look for houses that need a cosmetic renovation. Our definition of a cosmetic reno is internal paint and perhaps external paint (if absolutely necessary, sometimes a good gurney is all that’s needed), new carpet/floor coverings and some repairs, and perhaps a little work to the front garden to increase the street appeal. We’d be looking to spend no more than $10,000. Often once we start our cosmetic reno we find lots of other repairs and upgrades that should or could be done and clients sometimes decided that they really do want a new bathroom or kitchen after seeing the house empty and painted. The older kitchen that looked fine before the fresh paint now looks a little drab. They start saying, “If we do the kitchen, we may as well do the bathroom...” and so the reno budget expands. But where do you draw the line?
As project mangers our job is to keep the emotion out of it and advise our clients on what’s required to achieve a certain rent. It all comes back to the return on investment and we don’t want to overcapitalise.
With our cosmetic renovation we can increase the rent quite dramatically in this town; usually we’d see a jump in rent of around $60-$80.
The real benefit of finding this fully renovated house meant that not only was all the hard work done, but the risk in renovating was also removed. Also, it wasn’t just cosmetically renovated it was fully renovated. It had a new kitchen, new bathroom, had been painted, floating timber floor boards, new carpet, new internal doors, new light fittings and ceiling fans, revived built-in-robes, new blinds, had been rewired and even a new solar powered hot water service had been installed. The cost of the renovation done by the previous owners was well over $40,000.
The big win for us was the price of this property. The median price in this suburb is $246,000. We paid $265,000, so just $19,000 above the median. This property is above average due to the size of the land and its location – close to schools, shops and walking distance to the local club. Un-renovated this house may have sold for around $250,000 in today’s market; the previous owners purchased it years ago so they still made good money. So in reality, for an extra $15,000 we have a fully renovated property and the “unknown” was removed.
The other major benefit was that the house is not occupied and we negotiated access to hold open houses to find a tenant during the settlement period, so the day after settlement our clients will start receiving rent without any down time due to renovations. The expected rental return on this property is $340 per week; on a purchase price of $265,000 this is already a 6.7% gross yield.
Property Bloom will add further value by building a granny flat for around $96,000, which will rent for $280 per week and our end result will be a strong 9% gross yield.
Sometimes the value has already been added to properties. As long as you can purchase at the right price what’s the point of renovating yourself if the numbers stack up? Save yourself the time and pain and move onto your next deal.
Jo Chivers is director of <a href="https://www.propertybloom.com.au/">Property Bloom</a>, which manages property development.
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To renovate or not to renovate? That is the question.

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Melbourne was the strongest performing capital city detached housing market over the June quarter, recording a 1.6% rise to a median of $531,167, according to figures compiled by Fairfax's Australian Property Monitors (APM).
Dr Andrew Wilson, senior economist at APM, says the Melbourne market is being driven by demand at the lower-end and top-end of the market.
"We've seen a big lift in first home buyers since the announcement of the end of state incentives which has brought demand forward," Wilson told Property Observer.
"In May this year we had the highest numbers of first home buyers since first home buyer incentives were introduced in 2009," he says.
There has also been "solid resilience in the top end leafy suburbs" with prices rising off a low base.
In addition, Wilson says there has been improved affordability and interest rate cuts – though oversold as a driving force – have also been a significant contributor to the recent stronger performance.
Furthermore, auction clearance rates have also pushed up of late.
"It will be interesting to see, when this wave of first home buyers are out of the market, whether the upper end resilience can sustain the market over spring."
"The middle section of the market is always susceptible to the wider Melbourne economy and things like wages growth."
"The Melbourne market is on watch."
Wilson's explanation aside, the APM data is likely to create more confusion for investors and buyers as to the direction of the Melbourne market, with other providers recording different results over the same period of time:
<ul>
<li>RP Data-Rismark recorded a substantial 3.1% drop in Melbourne house prices over the June quarter to a median of $517,500, though it did record a 1.4% gain over the month of June, with Rismark CEO Ben Skilbeck saying the market had “rebounded”. 
</li>
<li>Residex recorded a 1.3% fall in Melbourne house prices over the June quarter to a median of $555,500 and a 0.5% fall over the month of June.</li>
</ul>
<ul>
<li>The Real Estate Institute of Victoria (REIV)’s results could be read as the most bullish, with the institute recording a 2.9% gain to $535,000 over the June quarter, with the metropolitan Melbourne market described as “steady”.</li>
</ul>
Nationally APM reported little change in house and unit prices with house prices up 0.4% to a median of $536,075 and unit prices down 0.8% to a median of $411,810.
Over the 12 month period to June, house prices are down only 1.6% while unit prices are unchanged.
Sydney and Perth house prices hardly moved over the quarter – both up 0.2% to medians of $642,425 and $536,151 respectively.
<img src="/images/stories/2012/stratified-prices1.gif" alt="stratified-prices1" height="181" width="470">
Among capital city unit markets, the trend was down, led by Perth (down 4.5% to a median of $348,960) and Hobart (down 3.9% to a median of $260,393) with Sydney unchanged and a 1.2% fall recorded in Melbourne.
Only two capital cities recorded gains in their median unit prices over the quarter, led by Canberra, recording a 2.5% gain to a median of $421,339 and Adelaide, up 1% to a median of $296,802.
<img src="/images/stories/2012/stratified_prices2.jpg" alt="stratified_prices2" height="193" width="504">
Commenting on the June quarter data, Dr Andrew Wilson, senior economist at APM, says that following a subdued period of buyer activity, “most Australian capital city housing markets appear to have bottomed out in the December quarter 2011, with modest price growth evident over the first two quarters of 2012 in Sydney, Melbourne, Perth, Canberra, Hobart and Darwin."
“Brisbane and Adelaide however are the exceptions, with no clear signs of median house price revivals in those markets,” he says.
“This trend towards modest improvements can be expected to continue in most capital city markets over the second half of 2012, underpinned by the prospects of an active spring selling season signalled by recent improvements in auction clearance rates, recent interest rate cuts and positive ABS home loan data.”
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Melbourne house prices up 1.6% in June quarter to lead 0.4% national gain: Australian Property Monitors 

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The freehold price of the 141 strata apartments at Rydges Mount Panorama hotel has emerged as $8.35 million.
The hotel, which overlooks the Bathurst race track, <a target="_blank" href="https://www.propertyobserver.com.au/leisure/bathursts-citigate-mount-panorama-sold-to-avi-rubinstein-andrew-schwartz-consortium/2012020953315">sold earlier this year to Avi Rubinstein from St Ives in Sydney and Andrew Schwartz from Hawthorn in Melbourne, heading the sydnicate assembled by property investment bank Qualitas.</a>
Rubinstein is a former managing director of FAI Property Services Ltd and has been active for many years in the accommodation industry in Australia and New Zealand.
Andrew Schwartz is the former Babcock &amp; Brown Australian property head.
The four directors of the purchasing company are listed as Rubinstein, Andrew Schwartz, Alan Schwartz from Toorak and the Abacus head, Frank Woolf from Cammeray in Sydney. Andrew, Alan and Alan’s wife, Carole, are all on the board of the private equity Qualitas Property Partners.
The hotel was listed for sale in May last year by the court-appointed receivers The Royal Bank of Scotland subsidiary BOS International (Australia) Ltd, which held the first of three registered mortgages. Babcock &amp; Brown held the third registered mortgage.
The hotel, positioned to give motoring fans a prime view of the famed Bathurst 1000 race in the western NSW city, was developed for more than $50 million but its owner went into receivership in 2007 when it was 90%. The offering included commercial splace plus 135 apartments consisting of 65 studios, 59 x 1 bedroom, 2 x 2 bedroom, 9 x 3 bedroom units; plus a 2 bedroom manager’s residence.
A creditors’ report showed the company owed $30.7 million when it fell into receivership. By August last year that had risen to $49.3 million.
Set on a 1.6 hectare holding the hotel opened in September 2009 and its revenue for 10 month period of July 2010 - April 2011 was $4.2 million, reflecting a steady growth trajectory.
Operating with 118 rooms, the accounts illustrated the hotel achieved an average room rate of $145.74 on average occupancy of 53.3% – both above the regional average.
Occupancy for the local market has operated in the low to mid 50% range for the last 10 years.
Bathurst councillor Ross Thompson told the Western Advocate in November last year that the hotel was available for a “steal”.
The four-star hotel, which features 135 residential apartments over seven levels, has been in receivership since opening its doors to the public in September 2009, “a period marred by the economic downturn,” according to the investment report.
The accommodation was entirely sold out for last year’s Bathurst 1,000.
Rydges has taken over as managers of the resort and is promoting it as the “new Rydges Mount Panorama Bathurst”.
Mirvac Hotels previously managed the hotel as the Citigate Mount Panorama and initially Best Western held the management rights when billed as the most prestigious and largest tourism boon to the Bathurst region by RFMedia who introduced the legendary Peter Brock as the project's ambassador.
"Brock's untimely death saw Best Western exit," according to the then publicist Rae Francis.
It had been listed through CRBE after court appointed receivers.
 
 
 
 
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jchancellor-FAypfDUnLy

Mount Panorama, Bathurst hotel sale price comes through as $8.35 million

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Vendors on the Gold Coast are forced to offer average discounts of 10.9% off their original price hopes to secure sales, according to APM's latest "chill chart".
This is down from a peak average discount of 14.5% in August 2011 but considerable above the recent low or 6.9% in April 2010, according to Australian Property Monitors analyst Clinton McNabb. 
<img src="/images/stories/2012/07/apmjuly62.jpg">
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