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“Minister Chanthivong and his team have shown real leadership in replacing an outdated two-year bond with cover that matches the lifespan of the buildings people are buying into.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>
I'm unsure which is the greater crime: dishonesty or incompetence. 
The question arises in my mind almost daily as I observe the work of journalists and the outpourings of politicians. 
Both are guilty of misuse and abuse of statistics to achieve their respective objectives, which have in common the goal of easy headlines. 
The victims are consumers. Real estate consumers are perhaps the ones who suffer the most. People tune into media to become gather knowledge but often come out the other side of the process with their heads full of misinformation. 
Whenever I speak at conferences and seminars, most questions from the floor are based on misinformation. Questioners usually have no idea the knowledge they think they have is tainted. 
It's a serious issue because property investors base their decisions on the assumption that what they read is accurate. They entitled to do so, but at the same they're fools if they do. Hundreds of thousands of dollars are at stake. 
Both politicians and journalists misuse statistics in equal measure. 
Last year I had a major stoush with a senior federal politician who misused real estate statistics in the most outrageous way to score political points. I wrote a newspaper column that showed his conclusions were wrong and argued he should have known better. No one with half a brain would chart monthly median price movements in towns that average one or two sales per month. 
He demanded apologies and threatened legal action. I put a considerable amount of time into proving he was categorically wrong. 
Amid the protracted tussle, I was unable to determine whether the politician had deliberately mangled the statistics or whether he didn't understand the vagaries of median house prices. 
He was either dishonest or he was incompetent. Either way, he was unfit to be a senior member of a major political party. 
The same argument applies to journalists, who through lack of expertise or a lack of ethics place erroneous interpretations on real estate statistics. 
Every scrap of data is given unwarranted significance. Screeds of newspaper space is devoted to commentary on monthly changes in median prices, written by people who don't understand how median prices work and are apparently unaware that they are misinforming consumers about property "values". 
The latest monthly data on housing loans has been given an optimistic spin by some and an unreasonably negative emphasis by others, all of them guilty of over-doing the import of the figures. Monthly movements are largely irrelevant – only the long- term trend matters. 
The ABS has been at pains to inform journalists that too much emphasis should not be placed on monthly changes in the jobs data, as it is a survey only and has a broad margin of error. But the latest figures were reported without any regard for the ABS warning. "Economy sheds 27,000 jobs", shouted one inaccurate headline in a metropolitan newspaper. 
Are they ignorant or do they simply not care about accuracy? I suspect sometimes it's both.
Terry Ryder is the founder of <a href="https://www.hotspotting.com.au/" target="_blank">hotspotting.com.au</a> and can be <a href="https://www.twitter.com/hotspotting" target="_blank">followed on Twitter</a>.
</body></html>

terryryder-YECXbqmri2

Housing price data 101: Why the misrepresentation and misunderstanding of pollies and journos is hurting consumers

<html><body>
Rents are expected to rise the most in the resources state of Western Australia over the next year, according to NAB's June Residential Property Survey.
With a 5% increase tipped by the 300 industry participants in the survey, WA is tipped to secure double the rest of the country.  The other major resources state Queensland is its nearest rival for rent increases. 
Expectations for Victorian landlords to secure any rental growth ought remain in the negative for the next year, according to the respondents.
Click to enlarge
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Rents expected rise to 5% in WA over next 12 months: NAB June Residential Property Survey

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While today there might be many varied definitions of “family”, one the most natural ways to describe a family is a group of people living together and functioning as a single household. And no matter how we choose to describe families, be they based on social, economic, ethnic or traditional ties, the family unit has a big impact on the property industry.
By being aware of how “family formation” impacts our market we are better able to engage people at different stages of their life journey but also ensure that we are delivering product that will meet their needs. Some of the impacts are easy to highlight: with a growing family there will be a need for more space, people get married, they break up, households reduce in size as kids head off, we relocate to secure employment, health becomes an issue and this can for example lead to people looking to reduce travel times.
As we move through these cycles, the impact on the structure of the housing market is a big issue, and marketing needs to be well-versed with the changing face of the communities in which we work.
The singles market
The singles market is the starting point. It is also a demographic that is at the pointy end of the housing market (because singles are the most mobile part of the market) and it is therefore capable of generating big changes. The single person has always been the take-off point in the housing cycle, but the composition of this group is also fluid.
What might have been a typical pattern a few decades ago would have been for the majority of single persons to get a job and leave behind the family nest and for many before they were 21.
This move out of home might have also included going to university and may well have led to some years in shared accommodation, and it still does. Shared accommodation is a common first encounter with the real estate market for many people – shared rent, bonds and responsibility – the first step on the housing ladder and a target market for investors, no doubt.
Then some time after with a secure job and some money saved, the aim might have been to buy a small apartment in an area close to work so that friends and familiar things were nearby.
Today while these steps are still recognisable ones, the singles market has changed. Many young people are staying put longer with mum and da. Household sizes as a result are now increasing in real terms and this may well be fuelling future pockets and periods of pent up demand.
Singles are not only living with parents sometimes into their 30s, but also with their partners, and sometimes still in shared accommodation. There are different spins here that can be seen as impacting the demand for better quality rental apartments.
Well-paid singles are sharing expensive homes and apartments; their choice is to pay higher expenses including higher rents so that they can enjoy homes they could not normally afford alone. In many markets the rental on a million-dollar apartment may well be less than any mortgage.
Then when singles do eventually buy into the market many are looking at doing so alone. As greater numbers either do not marry or stay single longer, they look for well-located apartments close to great facilities and lots of social connections on offer.
This group then as a result, is looking for quality apartments, but they are happy to forgo space for better social access.
We have already seen for some years now, increased demand for this style of accommodation in almost every major CBD and developments have been deliberately designed to meet this demand.
Here come the kids
Single, turns to being partners and then, for some, here come the kids. The arrival of children is another big incentive and reason to consider moving house, possibly the biggest and having children has once again become a big factor in the housing market.
But in today’s market it is now more complex part of family formation because parents can be older, same sex, with more money and with a greater eye on facilities like childcare and schools. Currently birth rates are stable, we have a higher birth rate than the UK, Canada or Singapore but we lag behind New Zealand and the USA. We are not exactly a match to the 1950s and ’60s, but still growing, and a trend that will have its own set of impacts on the housing market.
What is no real surprise is where families move to as their focus and needs changes. With a trend for more children to be placed into early and ongoing childcare, the backyard is not so important. What is more important is assess to quality facilities and easy transport to and from work and home so that not all day is taken up with travel.
Couples are also having children later, and grandparents are more involved, both factors that might lead those trading house to look to stay close to established family ties.
Getting a bigger house is one of the leading impacts on the housing market. The 2011 census shows that detached homes still make up the biggest part of Australia’s housing stock at 75.6%, apartments account for 13.6% and most homes are three-bedroom, at 43.6%.
However, the figures do vary from state to state and metro region to entire states – Sydney, for instance, has to 58.9% detached homes and 27.6% apartments with terraces and townhouses making up a further 12.8% of housing stock.
As we move through the issues impacting family formation it is impossible to miss the connection between these everyday shifts in lifestyle and how they impact project marketing. Reaching out to our targets requires a deep understanding of how best to communicate and what type of product projects need to supply.
As more people live in apartments, as they live there longer, and with more families, and with varied generations; then providing residential developments that match this more complex market impacts on demand, design and construction.
Communal areas are important and more a focus being inviting shared spaces, not just utility spaces. And while care needs to be taken by not over-inflating costs, developers are keen to give buyers some ways to express their individualism.
We are seeing examples where the facades are faceted and under the control of individual owners, with balconies of varied shapes being more common and different colours used on the exterior to also give each apartment a personality. These are changes that I feel reflect how family formation is being accommodated as the apartment market matures along with shifts in target demographics.
I would be keen to have your thoughts on this very human side of the development market, and in particular are we keeping pace with the social changes and shifts taking place.
Peter Chittenden is managing director for residential of <a target="_blank" href="https://www.colliers.com.au/Colliers%20Corporate/Residential.aspx">Colliers International</a>
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pchittenden-eLqUUC8TWW

The changing nature of families, and their impact on the property industry

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Melbourne is heading for an oversupply of apartments as families head to the outer suburbs for more affordable housing to suit their needs, according to a new report by Monash University.
The report also slams the city’s current urban expansion strategy.
Titled The End of Affordable Housing in Melbourne and written by Monash University population expert Dr Bob Birrell and his team of researchers, it shows that new apartments are too small and too expensive to appeal to those family-friendly housing.
The report notes that few apartments of 110 square metres or more are being built in Melbourne.
Instead, much smaller apartments measuring less than 70 square metres are being built in the CBD and its surrounds, which are being purchased off-the-plan by investors.
“For projects in planning or under construction, the trend is towards even smaller apartments,” says the Monash report, which warns that an oversupply of these small apartments is looming.
The report also notes that cost of infill (undeveloped urban land) in Melbourne has risen to levels that most new households cannot afford because the cost of the land on which to build has escalated.
It warns that those planning Melbourne’s future have not come to grips with the causes of Melbourne’s affordability crisis, primarily to do with the costs of producing apartments, infill and fringe housing.
“Proposals to facilitate even more high-rise apartment blocks or to extend the urban growth boundary (UGB) ever further outwards —the current Victorian government’s strategy — will not provide a solution,” says the report.
However, the report does not expect a housing crash in Melbourne.
Instead, it says it is likely there will be a slowdown in dwelling construction in Melbourne because new households cannot afford the product being offered.
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Melbourne apartments too small, too expensive, but no housing crash coming: Monash's Bob Birrell

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HatchMyHouse.com allows the bride and groom to involve friends and family in their quest to purchase or decorate a marital home. They can build a graphic of their desired home and set a range of prices for the marriage registry such as $25 for a flower pot, $200 for a bay window, $900 for a marble column, or an unlimited amount for a home deposit.
To date the service claims to have helped couples raise more than $543,000 towards a house deposit. The US-based HatchMyHouse also operates in New Zealand and Canada and Australia, although its testimonials don’t have any apparent Australian couples. It's been going for about two years.
<a href="https://twitter.com/hatchmyhouse" target="_blank"><img src="/images/stories/2012/07/hatchtweet.jpg"></a>
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jchancellor-FAypfDUnLy

Who needs china, cutlery and cotton linen? Australian wedding guests can give a house: Tweet of the Day

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A private investor has paid $3,686 per square metre for a 434-square-metre whole office floor in the Melbourne CBD as a new report from Urbis shows strong demand from smaller investors for strata office space.
The investor paid $1.6 million for level five in 171 La Trobe Street, a Fender Katsalidis-designed 14-level office building in a deal negotiated by Savills directors Nick Peden and Clinton Baxter.
The sale set a new record for the building.
The previous record was $3,248 per square metre achieved in 2007 when a single floor sold for $1.41 million – the last time a floor has changed hands.
The Fender Katsalidis building stands on the corner of Russell and La Trobe streets, and according to Nick Peden, is widely regarded as the best strata office building in Melbourne.
Expectations were in excess of $1.5 million.
The floor space is leased to the existing owner-occupier until January 2013.
The building comprises 10 office floors – each individually owned – as well as two two-storey penthouses with projecting balconies, a ground-floor showroom on La Trobe Street and a 12-space lower ground floor car park.
It was constructed by builder LU Simon in 1991 and picked up a merit award from the Royal Australian Institute of Architects upon completion.
In 1995 it was subdivided into 13 units and in the early 2000s the 10 office floors were sold off individually.
The site was bought in two parcels for $3.4 million between March and September 1988. The lots were divided between the owners through entitlements in equity in September 1995.
In June Savills manager of office leasing Mark Bolis leased level eight in the building at $490 per square metre gross.
Peden and Baxter say the space attracted a great deal of interest from both investors and owner-occupiers keen to enter a market with such historically strong fundamentals.
“Clearly there remains some anxiety about world economies and at such times investors primarily, but also owner-occupiers with an eye to the future, seek out assets that will show both rental growth and capital appreciation over time and the Melbourne market has demonstrated its ability to do that time and again,” says Peden.
The 171 La Trobe Street office floor sale follows soon after a 410 square metre office floor in a new mixed-use development in Hawthorn (6 kilometres east of the Melbourne CBD) is believed to have changed hands after auction for around $2.375 million.
The strata space, level 6 at 523 Burwood Road, included a 38 square metre terrace and 12 secure car parks, was marketed by Hamish Burgess and Ben Baines, of Colliers International.
It had pre-auction expectations of around $2.45 million with a five year lease to Drive Projects from June this year.
According to a recent report by Urbis, Docklands could soon rival Melbourne’s historical office hot spot, Collins Street, with the Docklands precinct particularly sought after by small businesses in search of modern strata space in new buildings.
Roger Scrivener, Urbis director and author of the Melbourne Strata Office Market report, says the Melbourne strata market is now a well-established component within the overall investment office market.
The Urbis report found the Melbourne CBD strata office market is now well established and mature, with some 130 strata sales being recorded each year on average over the last decade.
“There are some 1,800 strata units within the Melbourne CBD, with an average sales turnover approaching 130 units per annum – this represents 7% of total stock,” Scrivener says
The Urbis report found three of the five new strata CBD office developments constructed since 2007 were within Docklands, though notably none had a Collins Street address.
These included:
<ul>
<li>Aquavista at 401 Docklands Drive, Docklands (205 units, built 2007)</li>
<li> Site One at 757 Bourke Street, Docklands (53 office units, built 2007)</li>
<li>Q2 at 2 Queen Street, Melbourne (120 units, built 2008)</li>
<li>Life Lab at 198 Harbour Esplanade, Docklands (94 units, built 2008)</li>
<li>373 King Street, Melbourne (30 units, built 2009).</li>
</ul>
Daniel Wolman, Colliers International executive of CBD sales, says commercial strata investments are generating strong interest from what would traditionally be residential investors, motivated by almost double the net yield returns.
“Commercial strata price points are within reach of most real estate investors,” he says
Wolman says he has noticed a distinct increase in demand for strata space in Docklands.
“We are seeing a continued growth in demand for good quality, purpose-built strata office facilities in sound locations and with strong sustainability features.
“Docklands ticks all the boxes in this respect, and a growing number of tenants, investors and developers are jumping on the bandwagon.”
According to Wolman, the Docklands precinct has the potential to become a hotspot for businesses in the market for flexible, modern strata office space.
“The continued strong growth in white-collar employment that we are seeing in Victoria creates employment opportunities not only for medium and large organisations but also for small, fledgling businesses,” he says
He says existing office facilities for those businesses seeking smaller office space is poor, with a clear market demand for modern facilities that meet the demands of current office working practices.
Only one strata office project is under construction or actively proposed in Docklands – Lifestyle Working Collins Street at 838 Collins Street.
Wolman says there has been an overwhelmingly positive response for this development.
“Strata occupants look for several key features in new premises,” he says.
“Proximity to other office buildings is of significance, particularly as the majority of occupiers of strata office suites depend on the occupants of larger office buildings as their primary client base.
“Accessibility is also a crucial factor. Despite the continuing trend towards public transport, occupiers of strata office suites still require good private vehicle accessibility and parking facilities.
“And, as with the broader office market, the amenity of nearby retail, restaurant, bar and entertainment facilities is important to the strata office market,” Wolman says.
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Investor pays $3,686 per square metre for whole floor in Fender Katsalidis Melbourne office block  

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Perth house prices fell 4.26% in the June quarter to a median of $467,000 – the lowest median price since March 2009, according to the latest figures from Residex.
The WA capital was the worst-performing detached housing market over the past three months, just ahead of Hobart, where prices fell 4.15% to a median of $357,000.
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Source: Residex
Residex CEO John Edwards says the Perth result was a “surprise” as there was nothing dramatic to point to quarterly drop of more than 4%.
He tells Property Observer the interest rate cuts in May and June may have played a role in undermining confidence in Perth, where borrowers are less sensitive (in a positive way) to interest rate cuts.
According to Residex, Perth home owners have the second highest amount of after-tax income ($1,025), behind Canberra ($1,262) and thus are less concerned about adjustments to interest rates.
Perth house prices picked up in March but fell by 1.8% in May and by 1.8% in June, when the RBA cut rates by 50 basis points and 25 basis points.
Edwards says the two rate cuts may have “spooked” a market where affordability is not as much of an issue as in the other markets.
“In markets where house prices are overly unaffordable, rate cuts impact in positive ways, but the ABS census 2011 numbers showed that affordability is nowhere near as bad as we thought it was it – and Perth is one of the most affordable market,” he says.
Sydney house prices were virtually flat (down 0.18%) to a median of $666,500, with Australia’s largest housing market outperforming the national market, which recorded a modest 0.7% fall over the quarter to a median of $423,000.
The strongest-performing capital city housing market by far over the quarter was Darwin, with house prices up 7.13% to a median of $511,500.
Darwin also registered a 2.19% gain in house prices for the year to June – the only capital city to record a price gain over the 12 month period.
Melbourne house prices fell 1.31% to a median of $555,500 while the Brisbane median house price fell 3.75% to a median of $412,500.
Over the past 12 months to the end of June Hobart is the weakest-performing capital city housing market, with a fall of 7.48%, followed by Brisbane (- 6.49%) and Melbourne (- 6.41%).
Perth house prices have fallen 1.72% over the year to June, but any decline in capital value has been more than offset by rental returns, which Residex says are up more than 15% in Perth.
Melbourne and Brisbane recorded rental growth of 6.58% for the year to June, with Sydney managing rental growth of 3.7% to a median weekly rent of $560.
Edwards says the outlook for Melbourne is for very limited house price growth and rental growth.
“Perth will pick up in the medium term, and we expect quite good rates of growth with moderate rental increases,” he says.
Edwards describes Sydney, alongside Perth, as a “fragile” market in terms of confidence.
However it is a balanced market in terms of stock levels, and a lack of building activity will see it head into a situation of having a housing shortage.
Melbourne, on the other hand, “is massively oversupplied,” Edwards says.
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Perth house prices at three-year low after ‘surprise’ 4.26% fall in June quarter: Residex

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Western Australia is the only housing market where optimists outweigh pessimists, according to a survey of members of the First National Real Estate network.

A third of the more than 400 First National estate agents expect WA house prices to rise over the next six months, compared with 17% who expect them to fall.

Half expect WA prices to be flat over the next six months.

Queensland has the next highest number of optimists – 26% of agents – but they are just shaded by pessimists (27%), with 47% expecting no change in prices.

Just under a quarter (22%) of agents are optimistic that prices will rise in NSW/ACT, compared with 23% of agents who are pessimistic. The majority (55%) expect no price change.

Tellingly, no agents expect house prices to rise in Victoria, Tasmania and South Australia.

Nationally, pessimists (16%) outweigh the optimists (28%), with the majority expecting house prices to remain flat.
House price expectations
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<a href="/images/stories/2012/07/prdjuly18.jpg" rel="shadowbox" title="Click to enlarge"><img src="/images/stories/2012/07/prdjuly18thumb.jpg"></a>
The picture is similar for units, although a small percentage of agents (6%) expect Melbourne unit prices to rise.

The outlook is strongest for Perth (33% of agents optimistic), followed by NSW/ACT (20%) and Queensland (16%).

Unit price expectations
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Commenting on the findings of the survey, Ray Ellis, chief executive of First National Real Estate, says there is an “overall sense of optimism among our members that the current prime buying conditions will stimulate activity in the property market in the coming six months”. 

“There are many positive signs already that the market has turned a corner in some areas, however, any recovery will be slow and gradual.”

According to Ellis, NSW prices fell during the GFC, but are now in an ideal position to bounce back quite quickly.

“However, interest rates, buyer confidence levels, the global economy and lower levels of new listings will be the key influencing factors for the state over the next six months.

An improvement is also expected in Queensland, with this market driven by interest rates, confidence, the wider economy and job security.

“As will the Western Australia property market, which will also benefit from the onset of planned infrastructure projects and better buying conditions,” says Ellis.

“In South Australia, the market should begin to rise, after steadying in the first half of the year and sales activity is already strengthening.

“Tasmania and Victoria are the states where recovery could take a little longer. Tasmania's market is still suffering with low levels of confidence in the state's economy. Rising unemployment levels is leading to a higher number of properties coming onto the market,” says Ellis.

“Victoria's property market held up quite well during the GFC, so it has to experience some decline as the market plays catch up with the rest of the country, although some parts of Victoria are already stabilising and are primed to turn at any moment.”

According to the survey, the strongest growth will come from the upgrader and investor sectors, for all states except Western Australia, where first-home buyers are expected to be in the best position to capitalise on bargain properties.

However, Ellis says weak consumer sentiment and nervousness around job security may keep the housing market soft and any recovery slow and gradual.

“Healthy supply rates run at about 200,000 homes for sale at any given time and Australia currently has 301,414 homes for sale,” Ellis says. 

“Even a 1% or 2% drop in interest rates is unlikely to make an impact on their saleability unless it is combined with sharp market pricing and aggressive marketing.”
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WA best placed for housing market recovery, Victoria the worst: First National survey

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Sydney continues to be Australia’s most expensive city in which to rent or buy a home.
Housing affordability has hit a crisis point. In Sydney it now costs 9.2 times the median household income to purchase a home, while 20 years ago it cost five times the median income.
While Melbourne’s median house price is around $529,000, Sydney’s has grown to a whopping $641,000. This has flowed through to the rental market, with the median weekly asking rent for a house in Sydney now at a high of $500, while Melbourne is around $350.
One of the main reasons Sydney’s housing market has hit crisis point is a lack of housing supply.
Over the past five years, Melbourne dwelling approvals totaled 182,026 while Sydney’s lagged behind at 97,884.
In 2010, the total shortfall of housing as estimated by the National Housing Supply Council was 73,700, with projections that this shortfall would continue to grow rapidly, eventually reaching 190,000 by 2020.
The McKell Institute recently made a submission to a New South Wales government discussion paper that will inform the development of a new Sydney Metropolitan Strategy.
In our submission, we exposed that over the last five years only two of Sydney’s 10 regions met their housing targets as set by the previous Metropolitan Strategy. 
This has resulted in a Sydney-wide deficit of over 46,000 homes since 2006, based on the previous Metropolitan Strategy targets.
One of the key reasons for this under-delivery is the increase in narrow minded, self-interested individuals who oppose the building of any new homes in their suburbs.
Not in My Backyard (NIMBY) resistance to new housing is stifling Sydney’s ability to provide the number of homes the city needs and further exacerbating Sydney’s housing affordability crisis. 
The current planning system in New South Wales has placed too much emphasis on mitigating the local impacts of new housing development and less on the state and regional importance of providing homes for people. 
The McKell Institute proposes a detailed action plan to ensure Sydney begins to boost the supply and affordability of homes in Sydney. 
The McKell Institute action plan proposes: 
The return of the Sydney terrace - The proliferation of terrace and semi-detached housing in Sydney will significantly increase density, while providing a form of housing that residents seek. The Institute has identified 41 middle-ring suburbs ripe for a terrace revolution, whereby existing quarter-acre blocks with one home could be knocked down and developed into three new terrace homes. 
Dual occupancies - From the mid 1990s, restrictive policies effectively banned this form of development. The McKell plan would see those restrictions lifted. 
Code-assessable approach to development and binding timeframes – Developments that conform to the relevant statutory plan should be allowed to proceed immediately, and binding timeframes should be in place to prevent lengthy delays for all development proposals. 
One plan to rule them all - The metropolitan strategy should have legal weight and take precedence over the local plans of NIMBY-inclined councils. 
Transport-oriented development - A renewed focus is needed on constructing high-density housing around Sydney’s railways stations and transport hubs. 
In recent years Sydney has failed to deliver the housing people seek at a cost they can afford. 
The McKell Institute’s action plan provides a roadmap to meet the housing needs of the majority, not the self-interests of the few, and allow Sydney to reach its full potential in the years ahead. 
The institute’s full submission can be found <a target="_blank" href="https://mckellinstitute.org.au/wp-content/uploads/2012/07/McKell-Institute-submission-to-Sydney-over-the-next-20-years.pdf">here</a>.
Peter Bentley is executive director of the McKell Institute
For more on Sydney's current market and where it is headed, download our free eBook <a target="_blank" href="http://propertyobserver.com.au/ebooks/free-ebook-sydney-embracing-the-world-of-tomorrow">Sydney: Embracing the world of tomorrow. </a> 
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pbentley-8Q6MroTYvo

Government should ignore the self-interested NIMBYs and fix Sydney's affordability crisis: Peter Bentley

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Harry Triguboff’s Meriton has spent $48.5 million to buy the controversial Lewisham Estates development site through Colliers agent Ray Younes.
It’s a lucrative site with the amended potential for between 377 and 430 units given its proximity of the Lewisham railway station, the light rail route due in 2014, bus routes and public Ray Younespedestrian and cycle pathways.
Triguboff has boasted he'd beaten Frasers Property, Toga, Crown Group and Ralan to win the tender. Charlie Demian of the Demian Group paid $8.5 million for the site in 2005.
<img src="/images/stories/2012/07/triguboffcartoon2.jpg">
(Source Marrickville Greens circa 2009)
It was in 2009 when Marrickville Council resolved to prepare a masterplan for the land known as the McGill Street precinct. The initial application was for 524 units in high-rise towers of up to 14 storeys. All were vigourously opposed by the <a href="https://marrickvillegreens.wordpress.com/issue/lewisham-part-3a-development/" target="_blank">Marrickville Greens</a>, the No Lewisham Towers Residents Action Committee, and the Summer Hill Action group with its Labor Party political context warranting publication of a story on the <a href="https://www.crikey.com.au/2009/05/11/nsw-stand-off-between-tebbutt-and-keneally/" target="_blank">Crikey </a>website written by Alex Mitchell.
<img src="/images/stories/2012/07/lewisham.jpg">
An amended development application was referred by ministerial delegation to the NSW Planning Assessment Commission last September seeking seven buildings between four and 10 storeys, which was approved in March after modifications including seeing its publicly accessible open space being increased from 1,300 square metres to 3,097 square metres.  
Earlier this year <a href="https://smh.domain.com.au/real-estate-news/inaccurate-images-anger-residents-20120220-1tjox" target="_blank">the SMH reported the Demian Group was ordered by the Department of Planning to redo the images</a> that were publicly exhibited for the project after questions were raised over their accuracy.
The $150 million project has a maximum 38,896 square metres gross floor area. It will come with two basement levels of car parking, but no supermarket as initially sought. There will be a cafe. The maximum overall floor space ratio will be 3.15:1.
The precinct is bounded by Old Canterbury Road to the east and south, Hawthorne Canal and the Rozelle Goods Line to the west and Longport Street to the north.
The site had been earmarked by the NSW Planning Department as suitable for genuine transport-oriented redevelopment, one of several nodes around the city earmarked for additional density development.
Marrickville Council suggested to the PAC there was a need for all three current applications; 78-90 Old Canterbury Road, Lewisham; the Allied Mills site in the Ashfield LGA; and the Sydney Light Rail Extension, to be assessed in a coordinated manner to realise the cumulative impacts of the developments.
The council also suggested the applicant's environment assessment report commented that the site was not flood prone without any investigation or analysis.
The site is not currently zoned as flood prone land as Council has not undertaken a flood study of the Hawthorn Canal Catchment, but the council seems it “very likely” that the site is at risk of flooding as the Hawthorne Canal runs adjacent to the site west of the railway line.
The initial plans for the Lewisham project raised the ire of the local community during the public consultation period because of its height, its density and the potential impact on local traffic, stemmed around nine buildings of up to 14 storeys. The campaigners at the Marrickville Greens produced an emotive artists' sketch (pictured above) which depicted the scheme when it was envisaged as 14 storeys and supermarket.
Meriton has been long mooted as the buyer of the site at 78-90 Old Canterbury Road, Lewisham, subject to rezoning. Meriton intend to now proceed with securing the final development approvals with the Tony Owen Partners' concept (pictured below) for the 13,000-square-metres former Packsite site. It is likely to market the off the plan apartments in late 2012. 
<img src="/images/stories/2012/07/lewisham2.jpg">
Council town planners had previously described the initial concept proposal as a "dog of a development" especially as it in an area dominated by single-storey homes.
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