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“Minister Chanthivong and his team have shown real leadership in replacing an outdated two-year bond with cover that matches the lifespan of the buildings people are buying into.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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NSW is home to the cheapest land prices, with Murray’s median lot price at $71,000. South Australia had the most regions on the top 10 cheapest land prices  list, with Tasmania featuring strongly.
<img src="/images/stories/2012/07/leastexpensive.gif">
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awalsh-7Ub9EypybQ

Murray, NSW, has cheapest land prices in Australia: RP Data-HIA

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Expectations that the NSW housing market might be on the road to recovery have been quashed in the latest NAB Australian Residential Property Survey. 
NSW house prices are expected to fall by 0.4% over the next two years, according to the June survey of more than 300 property market participants. 
This compares with an expectation just three months ago in the March NAB Australian Residential Property Survey that NSW house prices would rise modestly by 1.6% over the next two years. 
According to survey respondents, NSW house prices will fall by 1.5% over the next 12 months, with the pace of decline slowing from mid-2013. 
The outlook for NSW is worse than that for the national housing market. 
While the national outlook has also declined, there is still an expectation that house prices will rise by 1% over the next two years. 
In the March survey, survey participants anticipated a 1.4% increase in national house price over the next two years. 
This change in mood is reflected in the NAB Residential Property Index (a measure of housing market confidence and expectations), which fell 11 points in the June quarter compared with a five-point rise in the first quarter of the year.
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NSW is not the only market expected to struggle over the next two years. 
Property market participants are most pessimistic about Victoria, with weak demand, low rates of economic growth and slower population growth underpinning a further 0.7% fall in prices over the next two years.
 
The outlook for these two markets is in contrast to the outlook for the mining states, with improved forecasts for both WA and Queensland as well as South Australia/Northern Territory. 
In WA, house prices are forecast to rise by 4.1% over the next two years, compared to a previous forecast of 3.4% while Queensland prices are tipped to rise 2.5% compared to the March estimate of a 1.5% gain.
House prices in SA/NT are expected to rise 1.9% over the next two years. 
Nationally, those surveyed say the recent rate cuts and the prospect of a further rate cut in the third quarter of the will slow the pace of house price declines.
“Combined with an underlying national shortage of housing that is unlikely to be rectified soon given currently low levels of building activity, we would expect house prices to start growing again in 2013 and beyond,” says NAB. 
The survey found that positive rents and falling home values were still supporting rental yield growth, however national rental growth slowed to 0.4% in the second quarter of 2012, from 1.1% in the first quarter of the year. 
“This largely reflected a softer Victorian rental market where rising vacancy rates, slower population growth and higher construction rates saw rents fall by 1% in the second quarter of 2012,” says NAB. 
However, the rental outlook has softened relative to the March quarter survey, with rents now expected to grow by 3.5% (4.3% previously) over the next two years. 
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Expectations softened in all states except WA (6.7% from 5.7% previously), where vacancy rates are likely to continue tightening as population increases are driven by strong state economic growth. 
Rental expectations in the next two years are weakest in Victoria (1.4%), followed by NSW (3.4%) and SA/NT (3.5%). 
The other key findings of the report are: 
<ul>
<li>First-home buyers and resident investors were more active in the new property market in the second quarter. </li>
<li>Demand is strongest for inner-city houses and lo-rise apartments/townhouses, but overall demand still very soft.</li>
<li>Tight credit conditions and housing affordability the most “significant” constraints on new housing development. </li>
<li>The extent of concern over interest rates falling rapidly as official rates continue being cut.</li>
<li>Demand for existing property weaker in most locations and for most property types in the June quarter.</li>
<li>Houses are still the most preferred type of property, especially in the inner city. Owner-occupiers are still the biggest players in the market. </li>
<li>Capital growth expectations are strongest in the sub-$500,000 price range, while the outlook for properties over $2 million remains “poor”.</li>
<li>Employment security now viewed as the biggest impediment to purchasing existing property, especially in Victoria and Queensland. </li>
<li>Access to credit is also still a major issue.</li>
</ul>
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False dawn for NSW housing price recovery but mining state sentiment improves: NAB June residential property survey

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Sydney tenants are now paying almost the same weekly rent for apartments as they do for houses, according to June quarter rental report released by Australian Property Monitors (APM).
Over the three months to June, the median weekly asking rental for Sydney units increased by 4.4% to $470 while weekly rentals for houses remained unchanged at $500.
There was a $50 a week gap in the previous quarter. In June 2010 the gap was $40, with houses at $480 a week and units at $440 a week.
Sydney house rents have not changed in the year to June 2012.
APM attributed the gains in Sydney unit rentals in the June quarter to increasing demand by tenants for apartments, “with this rental market remaining highly competitive for prospective tenants, with low vacancy rates being recorded in most areas”.
“In the Sydney market, the price increases in units over the quarter reflect growing demand for this type of accommodation that typically is located closer to the CBD and provides more established urban infrastructure,” says Dr Andrew Wilson, senior economist at APM.
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Nationally median asking rents for houses rose over the quarter by 0.7% while units rose by 2.5% over the three months ending June 2012.
Perth was the other mainland capital city rental market that performed strongly, with house rents up 7.5% to $430 and unit rents up by 8.6% to $380.
Perth has also delivering strong returns for investors over the past 12 months, with year-on-year gross rental yields of 14.4% for houses and 15.2% for units.
In comparison, Sydney has returned a gross rental yield of 2% year-on-year for houses and 3.3% for units.
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Despite the big rise in Perth rents, many tenants there would be better equipped to cope with rises than those in Sydney, where rents are already $70 higher for houses and $90 more for units than they are in the WA capital.
The most recent Australian Bureau of Statistics data shows WA's median gross weekly income was $1,466 in 2009-10, compared with $1,319 in New South Wales.
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Among the smaller capital city rental market, Darwin house rents soared by 14% over the quarter to a median of $650, which is $150 more than they are in Sydney.
Darwin units increased by 8.7% over the June quarter to a median of $500, making them $30 more expensive than Sydney.
Darwin has delivered investors gross rental yields of over 20% for both houses and units year-on-year to June.
In contrast to Sydney and Perth, Melbourne remained a stagnant market for landlords and the most tenant friendly market of all the mainland capitals, with rental growth for both houses and units remaining subdued.
Weekly rentals for Melbourne house and units remain at the same price they were a year ago of $360 and $350 respectively.
In the closely watched Brisbane apartment market – <a href="https://www.propertyobserver.com.au/developments/construction-of-david-devines-madison-heights-tower-begins-with-87-of-units-sold-off-the-plan/2012071155517">there are over 40 new apartment projects underway in the inner-city suburbs</a> – unit rents fell by 1.4% over the June quarter from $365 to $360 and are unchanged over the 12-month period.
Brisbane house weekly rents were unchanged over the quarter at $380 but up 2.7% over the 12 months to June
Canberra unit rents rose 2.3% over the quarter to a median of $440.
Outside of Sydney, particularly in Perth, Darwin and Canberra, Wilson says “ongoing shortages of accommodation and low levels of new supply are placing upward pressure on rentals, which can be expected to continue over the rest of 2012”. 
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Demand for inner-Sydney apartments drives up rents while Melbourne rents stagnate: APM

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The national office vacancy rate eased by 0.6 percentage points to 7.8% in the second quarter of the year despite a net absorption of 73,900 square metres of office space, according to statistics released by Jones Lang LaSalle Research. 
Net office absorption is the amount of space leased minus the amount of space vacated over a given time frame. 
Of the 73,000 square metres absorbed over the three months to the end of June, Perth accounted for 64,000 square metres or 88% of the total.
 
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Prime gross effective rents in Perth increased by 3.2% over the quarter and are now up 31.8% from the cyclical low in the third quarter of 2010.
During this period the Perth vacancy rate increased from 2% to 2.9% principally due to the completion of Brookfield’s 45-storey City Square office tower in June, which has added 85,000 square metres of office and retail space to the CBD.
Mining giant BHP Billiton is the tower’s anchor tenant, taking 60,000 square metres of space.
Perth now has only 8,633 sqm of new office space under construction, equating to 0.5% of total stock.
Prime gross effective rents in Perth increased by 3.2% over the quarter and are now up 31.8% from the cyclical low in the third quarter of 2010.
“The price signals from the space market in Perth have yet to translate into development activity. We expect that a number of pre-commitments will conclude over the next six to 12 months,” says Kevin George, Jones Lang LaSalle’s national head of office leasing.
“Nevertheless, the first completions in the next development cycle are unlikely to occur until 2015 at the earliest, keeping Perth vacancy at a very low rate over the next three years.”
The other big project to complete over the June quarter was GPT’s 111 Eagle Street in Brisbane, which consists of 44 levels and 64,000 square metres of net lettable space.
George says the completion of City Square North 111 Eagle Street “finally dispels the myth that these markets have significant development pipelines”.
“Both of the projects were substantially leased before practical completion, vacancy is low and the development outlook is moderate,” he says.
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In the Brisbane CBD, net absorption was 11,700 square metres, with the office vacancy rate increasing from 6.1% to 8.8%.
“Projections of mid-teen vacancy rates in the Brisbane CBD following the completion of 111 Eagle Street have proven to be inaccurate,” says George.
“The pre-production phase of large-scale resource and energy projects is very labour intensive and continues to underpin the demand for office space. Similar to Perth, I expect a number of pre-commitments to be announced over the next 12 months.”
Net absorption was essentially flat (+1,000 square metres) in the Sydney CBD, but the vacancy rate tightened by 0.1 percentage point to 8.6% in the second quarter. Prime gross effective rents were unchanged over the quarter.
George says the pre-commitments made by Westpac, KPMG and Lend Lease to the first two commercial towers planned for Barangaroo South shows that major leasing transactions can still be concluded.
The Melbourne CBD was one of the weakest markets, recording negative net absorption of -16,400 square metres with the vacancy rate increasing from 5.8% to 7.4% in the second quarter.
“The 2011-12 financial year will be remembered as Melbourne’s annus horribilis. The finance sector contracted, while the Victorian government confirmed 3,500 public sector job cuts in the May budget. As a result, sub-lease availability increased to 1.3% of total stock,” says Jones Lang LaSalle head of capital markets research Andrew Ballantyne.
There is a further 236,700 square metres of space under construction in the Melbourne CBD to be delivered by the first half of 2014.
“If demand remains weak in the 2012-13 financial year, vacancy could be moving out towards 10% in Melbourne,” says George.
The Adelaide CBD office market recorded net absorption of 5,800 square metres, with the vacancy rate tightening to 7.7%.
Canberra recorded a fourth successive quarter of positive net absorption of 7,800 square metres with the vacancy rate tightening to 9.9% – the first time vacancy has been below 10% since the fourth quarter of 2009.
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Perth steams ahead as best-performing CBD office market: Jones Lang LaSalle

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The Mitre Tavern – the nooky thriving English-style pub with a Queen Anne feel dating back to its 1910s makeover – is listed for August 10 Alexander Robertson auction with $6.5 million-plus hopes.
Set on Bank Place, between Collins and Little Collins streets, it last traded at $6.3 million in 2008 when bought by the Toorak investor Ian Hicks from the hotelier Robertson family. There was a $4.6 million transfer in 2006 and a $5.75 million transfer in 2004.
It has one of the city's largest outdoor beer spaces.
Classified as being of historical and social significance to Victoria, the Mitre claims to hold one of the oldest continuous pub licences, granted in 1868 when a two-storey private dwelling was converted to a drinking house.
The bluestone coaching house Mac's Hotel in Franklin Street has been operating since 1853.
In 1930 <a target="_blank" href="https://www.propertyobserver.com.au/https://trove.nla.gov.au/ndp/del/article/4107472">The Argus</a> noted no other pub was like it.
The selling agents Kristian Peatling and Warwick Bramich say its current net annual income is $430,000 plus GST.
It's being offered with a long-term lease.
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Mediaeval Melbourne pub the Mitre Tavern up for auction

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Across each capital city housing market there is a significant gap between those houses that have the lowest rate per square metre and those that have the highest.
All figures quoted in this report are based on median sale prices over the 12 months to January 2012 and the average lot size of those properties that have sold. Although the analysis doesn't take into account qualitative factors such as the quality or size of the home, views, state of repair or other factors, the analysis provides a simple proxy for the premiums being paid for housing in certain areas.
Generally it is the inner-city suburbs within each capital city that have recorded the highest average rate/sqm over the past year. Not only are these suburbs characterised as being close to the city centre, they have also recorded a subsequent high median selling price and tend to have a fairly small average lot size. As a result of these conditions the rate/sqm is highest in these inner city areas and representative of the premium residents will pay to purchase in these regions even if it means they are acquiring a relatively small lot.
Focusing on those suburbs with the cheapest rate/sqm within the capital cities, it is typically acreage areas and/or those on the outskirts of the city that have made the list. Not only are these suburbs further away from the city but their acreage nature means that demand is typically lower for these properties. It is also important to note that often houses in these areas are not linked to town water and sewerage.
The table below details the five most expensive and five most affordable suburbs on a rate/sqm basis across each capital city.
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The beachside suburb of Tamarama in Sydney recorded the highest rate/sqm ($11,449/sqm) based on a median house price of $4,337,500 and an average lot size of 379 sqm over the past year. Tamarama has a relatively limited supply of houses and the fact that many have ocean views has resulted in the high median prices. In recent years the area has also seen the introduction of a lot more small lot housing which has contributed to the higher rates/sqm.
In fact, the five most expensive suburbs on a rate/sqm basis in Sydney were more expensive than any other suburbs across the other capital cities capital cities.
Sydney and Melbourne were the only two cities to have suburbs with an average rate/sqm of more than $5,000. Across Sydney, 26 suburbs had a rate/sqm in excess of $5,000 and in Melbourne seven suburbs did. Not surprisingly, all of these suburbs with a rate/sqm in excess of $5,000 were located relatively close to the city centre and many had a relatively small average lot size.
With a median house price of $398,000 and an average lot size of 72,387 square metres, Mt Mee in Brisbane had the lowest rate/sqm at just $5/sqm. Although the suburb is undoubtedly desirable, it is located 47 kilometres away from Brisbane and has very little local amenity. The large average lot size of 72,387 square metres also contributes to the low rate/sqm. Overall the evident trends are to be expected, residents pay a significant premium to be located close to the city centre and this is reflected by the fact that those suburbs close to the CBD have a much higher rate/sqm compared to those situated further away. Acreage properties on the outskirts of the city on the other hand may have a relatively high median sale price however, the large lot sizes result in a fairly low rate/sqm.
As inner-city areas continue to undergo densification we would expect that the rate/sqm in these suburbs will continue to increase. The reason being that not only is demand likely to remain strong and possibly increase for inner-city properties but also as many homes get knocked down and replaced by higher density construction, there will be fewer opportunities to purchase houses in these areas. As a result, the prices paid for these homes is likely to be higher as the supply of these homes is actually lower than it has been historically.
This article originally appeared on <a href="https://www.smartcompany.com.au/index.php" target="_blank">SmartCompany</a>.
Cameron Kusher is senior data analyst at <a href="https://www.rpdata.com.au/" target="_blank">RP Data</a>.
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Buyers pay a high premium for every square metre of inner-city living: Cameron Kusher

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An imitation Gothic castle in Paradise Point that sold for $5,325,000 at auction was this week’s top reported sale, according to RP Data.
With seven bedrooms and nine bathrooms, <a href="https://www.propertyobserver.com.au/queensland/imitation-gothic-castle-on-sovereign-islands-loses-its-crown-at-auction-as-buyers-have-less-kingly-inclinations/2012070455420">the Paradise Point property</a> had a $20 million tag when it first listed in 2010.
It was finished in 2009 on a 1,458-square-metre block bought for $3.75 million in 2007.
This week’s second place spot was taken by a five-bedroom house in the Sydney suburb of Burwood, which sold for $3.02 million at its Saturday auction.
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This was $520,000 above the reserve, according to Richard Matthews Agent Matthew Everingham.
The 2,340-square-metre property includes three bathrooms, leadlight detail, high ceilings and a tennis court.
No Victorian properties made the top 10 list this week, with seven of the top 10 in NSW and the rest in Queensland. 
1. <a href="https://www.myrp.com.au/n/55-knightsbridge-parade-west-paradise-point-qld-4216/myrp-490?propertyId=6753124">55 Knightsbridge Parade West, Paradise Point, QLD, 4216</a>, seven-bedroom house, sold at auction on June 3 by Ray White The Runaway Bay Group for $5.325,000
2. <a href="https://www.myrp.com.au/n/8-minna-street-burwood-nsw-2134/myrp-490?propertyId=1653802">8 Minna Street, Burwood, NSW, 2134</a>, five-bedroom house, sold at auction on June 7 by Richard Matthews Real Estate for $3.02 million
3. <a href="https://www.myrp.com.au/n/66-evans-street-rozelle-nsw-2039/myrp-490?propertyId=5982687">66 Evans Street, Rozelle, NSW, 2039</a>, five-bedroom house, sold at auction on June 7 by Belle Property Annandale for $2.4 million
4. <a href="https://www.myrp.com.au/n/58-milroy-avenue-kensington-nsw-2033/myrp-490?propertyId=3291870">58 Milroy Avenue, Kensington, NSW, 4670</a>, six-bedroom house, sold after auction on June 7 by Ray White Maroubra for $1.92 million
5. <a href="https://www.myrp.com.au/n/47-phillip-road-putney-nsw-2112/myrp-490?propertyId=5635153">47 Phillip Road, Putney, NSW, 2112</a>, four-bedroom house, sold at auction on June 7 by McGrath Estate Agents for $1.91 million
6. 90 Little Chester Street, Newstead, QLD, 2360, three-bedroom house, sold at auction on June 7 by Ray White New Farm for $1.9 million
7. <a href="https://www.myrp.com.au/n/32-heeley-street-paddington-nsw-2021/myrp-490?propertyId=5268768">32 Heeley Street, Paddington, NSW, 2021</a>, four-bedroom house, sold at auction on June 3 by Bradfield Cleary Real Estate for $1.84 million
8. <a href="https://www.myrp.com.au/n/20-radio-avenue-balgowlah-heights-nsw-2093/myrp-490?propertyId=1231236">20 Radio Avenue, Balgowlah Heights, NSW, 2093</a>, four-bedroom house, sold on June 6 by Richardson &amp; Wrench Seaforth for $1.805 million
9. <a href="https://www.myrp.com.au/n/16-snowbell-close-stretton-qld-4116/myrp-490?propertyId=14183033">16 Snowbell Close, Stretton, QLD, 4116</a>, five-bedroom house, sold at auction on June 7 by L J Hooker Sunnybank Hills for $1.8 million
10. <a href="https://www.myrp.com.au/n/18-darvall-road-eastwood-nsw-2122/myrp-490?propertyId=2206597">18 Darvall Road, Eastwood, NSW, 2122</a>, five-bedroom house, sold at auction on June 7 by McGrath Estate Agents for $1.75 million
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Paradise Point castle takes out top sale of the week, with five-bedroom Burwood property next at $3.02 million: RP Data

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Regional areas have outperformed capital cities in the year to March, according to ANZ.
"Despite being lower in annual growth terms, regional house prices have been more stable than capital city house prices, which have seen larger price falls across all major states and territories," notes the Australian Housing Chartbook.
The bank expects the ACT market to remain soft in the year ahead.
"While we continue to expect continued divergence within South Australia and ACT regional housingmarkets, a broadly soft economic outlook for the South Australia and ACT economies combined withrelatively balanced housing markets should contain house price growth in the coming year across most regions."
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Source RP Data, Rismark, ANZ
 
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North-south divide in Canberra as South Canberra records negative house price growth in year to March: ANZ

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The soil has this week been turned on a new Quest serviced apartment project in Wodonga on the NSW/Victoria border, with seven more projects to be completed over the next 12 months. 
The new $25 million Quest Wodonga located on the Scout hall site on Reid Street in Wodonga is expected to open before next Easter and will feature 48 units comprising a mix of studios, one-, two- and three-bedroom apartments.
Currently Quest is selling apartments in four projects in Launceston (starting at $280,000), Gladstone ($487,000 for two-bedroom), Maitland (starting at $235,000) and Moonee Valley ($330,000 for two-bedroom unit). 
The Wodonga apartments will not be available for investors to purchase individually, a spokesperson for Quest says. 
Serviced apartments are seen as a growth market in Australia. 
A <a target="_blank" href="https://www.propertyobserver.com.au/leisure/serviced-apartments-to-outperform-hotels-in-next-three-years-atchison/2012031253796">report released by Atchison Consultants earlier this year</a> said the serviced apartments sector would outperform the hotel sector over the next three years with total ungeared returns of between 13% and 15% per annum compared with 10% to 11% per annum for hotels. 
They are also a way for smaller investors to get a direct foothold into the leisure market. 
In March this year Quest set up a specialist property division – Quest Property – to sell serviced apartments to investors. The group manages about 5,000 serviced apartments. 
The apartments are sold with 6.5%+ fixed rental income, guaranteed full tenancy and no management fees. 
The Quest Wodonga will cater for business travellers in the area and will complement the Quest Albury already operating on the other side of the state border. 
In May <a target="_blank" href="https://www.propertyobserver.com.au/leisure/quest-to-operate-serviced-apartments-in-rothelowman-designed-frankston-property/2012050854596">Quest revealed that it would operate a new property in Frankston, Victoria</a> after signing a lease with development partners the Deague family’s Asian Pacific Group.
The $50 million project will refurbish the Nepean Highway complex known as the Peninsula Centre and create 81 serviced apartments within the 150-apartment RotheLowman-designed building, which is expected to be completed in early 2013.
The Quest Wodonga and Quest Frankston serviced apartment projects are among eight new serviced apartments that will be completed between August this year and mid-2013. 
The new projects are: 
<ul>
<li>Quest Bundoora – Opening August 2012</li>
<li>Quest Frankston Central – Opening early 2013</li>
<li>Quest Wodonga – Opening June 2013</li>
<li>Quest Albion – Opening November 2012</li>
<li>Quest Rockhampton – Opening Mid-Year 2013</li>
<li>Quest at Sydney Olympic Park – Opening November 2012</li>
<li>Quest on Franklin – Opening April 2013</li>
<li>Quest Whyalla – Opening August 2012 </li>
</ul>
The serviced apartment group has also announced that it has started working on a $2 million stage two refurbishment of its Quest Docklands property, which is expected to be completed in October. 
Stage two will involve the restyling of Quest Dockland's 133 apartments with a warmer colour scheme, new interior furnishings and larger work desks. 
In stage one Quest restyled the property's lobby, reception and common areas, created a high-tech business centre and a property-wide Wi-Fi internet upgrade. 
Quest Serviced Apartments, which was established in 1988 by Paul Constantinou and now has more than 142 properties in Australia, New Zealand and Fiji with corporate travellers making up 80% of revenue. 
Other serviced apartment operators include the Mantra Group, Oaks Hotels &amp; Resorts, Accor Hotels, Toga Hospitality, Mirvac Hotels &amp; Resorts, Meriton Serviced Apartments, Q Resorts and StayWell Hospitality Group. 
<a target="_blank" href="https://www.propertyobserver.com.au/developments/harry-triguboff-s-meriton-group-to-build-700-serviced-apartments-next-year-across-australia/2011120752737">Harry Triguboff’s Meriton group is set to add around 700 apartments to its portfolio this year.</a>
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Construction begins on $25 million Quest Wodonga serviced apartment project, with seven more in the pipeline

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In the Northern Territory, only the region of Barkly had positive house price growth in the year to March, according to ANZ in its Australian Housing Chartbook.
However, the bank is optimistic about NT regional areas in the year ahead, forecasting resources projects to have a flow-through effect on housing prices in the territory. 
"The outlook for house price growth across the Northern Territory regions is buoyant, with significant mining and energy investment (i.e., Icthys gas project) expected to drive solid state economic growth and broad regional houseprice increases through the second half of 2012 and through 2013," says the Australian Housing Chartbook.
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Source RP Data, Rismark, ANZ
 
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