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“Minister Chanthivong and his team have shown real leadership in replacing an outdated two-year bond with cover that matches the lifespan of the buildings people are buying into.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>
Asian investors, hotel operators and high-net-worth individuals looking for a luxury retreat are lining up as potential buyers of the Ruffles Lodge &amp; Spa in Willow Vale in the Gold Coast hinterland.
The property is being marketed by Paul Fraser and Dean Humphries from Jones Lang LaSalle Hotels, with Fraser expecting it to sell for between $6 million and $8 million.
It is about 25 minutes north-west of Surfers Paradise and 45 minutes south of Brisbane.
According to the information memorandum, the lodge made a net operating profit of around $215,000 in the 2010-11 financial year.
Annual gross revenue has ranged between $1.1 million and $1.45 million since the lodge was expanded in late 2008.
The average daily room rate across the 12 villas has also ranged from $449 to $482 per night over the last three trading years despite occupancy ranging between 30% and 50%.
“This level of occupancy is largely representative of the lodging industry, which places more emphasis on achieving a high room yield as opposed to the number of room nights occupied,” reads the information memorandum.
“As a result room yield (RevPAR) has ranged between $181 and $240, akin to other five-star hotel operations in Brisbane and the Gold Coast.”
Fraser says the asset would appeal to someone like mining magnate Clive Palmer, who has already snapped up a number of bigger resorts in the struggling regional Queensland tourism market.
“It is tough market, but there is a lot of stock-standard hotel stock out there.
“Ruffles is a premium offering targeted at niche, high-end clientele. It gets a lot of repeat business. It’s a step up. No expense has been spared,” Fraser tells Property Observer. 
Alternatively, he says it could be turned into a private residence.
“This asset is very versatile,” he says.
The resort, which operates under the Peppers brand, is owned and operated by John and Jan Nicholls, who acquired the 18 hectares of elevated land in 2003.
The Nicholls spent 16 years running a charter boat business taking guests around the Western Pacific islands and the Great Barrier Reef before moving to Sydney in 1987 and building a much larger charter boat business, which they sold in 1996.
Following construction of the 12 luxury villas, including a two-bedroom private residence and conference and restaurant facilities, the lodge opened its doors in 2008.
The day spa, owners’ cottage and three of the villas were designed by Sydney architectural firm Allen Jack + Cottier, which also designed Elysia, the award-winning spa and health retreat in the Hunter Valley.
The main building is an extension of the Queenslander style with large veranda, stone walls, high ceilings and aged timbers re-milled from 100-year-old wharves along the Brisbane River.
The restaurant has two separate dining rooms, both with views of the coast.
According to the Ruffles website, the “‘garden gazebo”, situated on a raised knoll with views in all directions and the sun all day, is an “ideal place to relax with a book”.
“It was a massive passion of the Nicholls to build the lodge,” says Fraser. “They are selling as they are retiring and moving to Sanctuary Cove.”
Aside from the 12 luxury villas, the property includes a health spa, infinity pool, restaurant and conference facilities.
While Fraser does not yet have revenue figures, he says it has attracted a substantial number of bookings due to its location in the hinterland (as opposed to being on the coast), with little competition in the area.
Prices range from $379 for a two-night stay in the garden villa to $959 for one night in the two-bedroom executive spa.
A "5 Senses Food Fantasy Weekend" starts from $775 per night, and a degustation lunch prepared by executive chef Steve Houghton costs $100.
“The immaculate, architect-designed luxury lodge is five kilometres from Dreamworld, but its tranquil location makes it seem worlds away. Set high on a hill in manicured gardens, five private villas, three tree houses, and an executive lodge suite with an expansive separate living room have views to the Gold Coast beaches and high-rises as well as the surrounding bushland,” is how accommodation review website Fodors describes the lodge.
Ruffles Lodge is being sold via an international expressions-of-interest campaign closing July 12.
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lschlesinger-FZcF9M3vE6

Asian investors interested in five-star Gold Coast Ruffles resort

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WA estate agents are enjoying an improved operating environment in 2012 following a difficult 2011, says David Airey, president of the Real Estate Institute of Western Australia (REIWA). 
His comments follow the surprise finding of the 2012 <a href="https://www.propertyobserver.com.au/industry-news/one-in-five-queensland-and-wa-real-estate-offices-made-a-loss-in-2011-macquarie-benchmarking-report/2012061955194" target="_blank">Macquarie Residential Real Estate Benchmarking report</a> that 18% of WA estate agents made a loss in 2011. 
Airey attributed 2011 difficulties to “sluggish turnover” off the back of low consumer confidence. 
“Thankfully, we have seen things turn around in December 2011 and March this year, with prices up slightly and turnover jumping by 24% for the start of this year,” he tells Property Observer. 
Airey says listings have now come down to a long-term average and the market has returned to a more usual pattern after bouncing around for the past five years. 
Figures released by the REIWA on June 6 show that the number of properties for sale in Perth has come down significantly to be at its lowest level since April 2010.
The institute says the number of properties on the market including houses, units and land fell to 12,975 in early June. 
At the end of May, REIWA data showed current listings in the metropolitan region sitting at 13,291, with the number of listings trending downwards during 2012 after a peak in March of 14,358. 
“We are now at a level below the start of the year and have pretty much returned to the equilibrium we might expect from normal market conditions. 
“This is because the 2,840 listings for land is over-represented when compared with historic trends, and more developers are now listing on reiwa.com,” Airey says. 
At the same time as listing are falling, the REIWA says reported sales have been showing a steady increase as the market returns to average turnover levels. 
Airey says the high number of listings and lesser number of sales in 2011 made life difficult for many agencies, some of which were relying on rent rolls for bread-and-butter income.
The Macquarie report found that 20% of Queensland estate agents made a loss in 2011.
Real Estate Institute of Queensland (REIQ) CEO Anton Kardash says the reduction in profitability for Queensland real estate agencies in 2011 is not overly surprising "given the terrible natural disasters we experienced last year".
“These adverse weather events, coupled with the ongoing national and global economic uncertainty at the same time, meant that Queensland real estate agencies experienced some of these leanest times in many years. Indeed, many agencies choose to close their doors, reduce staff, or amalgamate to remain financially viable," Kardash says.
“This year, however, is heralding a much better period for Queensland agencies with greater overall confidence being reported in the market as well as strengthening levels of activity.
“Many agents believe the bottom of the Queensland market has passed which, together with lower interest rates and more affordable property prices, is starting to attract buyers.”
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Improved operating environment for WA estate agents in 2012: REIWA’s David Airey

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Led by Western Australia, Australia's annual population growth rate was 1.4% for the year ending December 31, 2011, according to the Australian Bureau of Statistics (ABS).
Over the same period, Australia's population increased by 302,600 people to 22.5 million (22,485,300) people.
Net overseas migration accounted for 55% of the growth for the year ending December 2011, with the remaining 45% due to natural increase (births minus deaths).
The preliminary net overseas migration estimate for the year ending December 2011 (184,000 people) was 9% (or 15,100) higher than that for December 2010 (168,800 people).
Based on preliminary figures, there were 296,700 births registered in the year ending December 2011.
It was 2.5% (or 7,200) more than the previous year (289,500).
The number of deaths registered was 147,000, 2.5% (or 3,600) more than the previous year (143,400).
Click to enlarge
<a href="/images/stories/2012/06/absjune20.gif" rel="shadowbox" title="Click to enlarge"><img src="/images/stories/2012/06/absjune20thumb.gif"></a>
The official population estimates were derived from the 2011 Census counts and other ABS sources.
The estimates include Australian residents temporarily overseas on census night plus an estimate of people not counted on census night.
They exclude temporary overseas visitors in Australia.
Official population estimates also take into account births, deaths and migration trends.
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jchancellor-FAypfDUnLy

Australia’s population increased 1.4% in past year, led by WA and increased immigration: ABS

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Soft trading conditions over the past 12 months have caused six Melbourne suburbs to drop off the million-dollar perch.
The first-quarter median house prices have revealed their medians to fall short of the $1 million mark.
These suburbs include <a target="_blank" href="/news">St Kilda East</a> ($875,000); <a target="_blank" href="/news">Port Melbourne</a> ($921,250); <a target="_blank" href="/news">Balwyn North</a> ($980,000); <a target="_blank" href="/news">South Melbourne </a>($967,000); <a target="_blank" href="/news">Carlton North</a> ($837,250) and <a target="_blank" href="/news">Prahran</a> ($940,000). Of these suburbs, St Kilda East suffered the biggest decline in median price over the year, with the median house price declining from $1,125,000 in quarter one last year to $875,000 in quarter one this year, according to the Real Estate Institute of Victoria (REIV).
<img src="/images/stories/2012/06/milliond.jpg">
Source: REIV *Median price is based on fewer than 30 house sales
South Melbourne's fall off the million-dollar list <a target="_blank" href="https://www.propertyobserver.com.au/renovating/south-melbourne-terrace-price-sales-a-guide-for-the-block-2012-contestants-and-june-30-auction-bidders/2012061955120">will no doubt worry contestants of The Block 2012</a>, whose South Melbourne terraces are going to auction June 30.
There were four suburbs in the million-dollar club in 2005, with the list steadily increasing to a peak 27 suburbs in 2011, according to the <a href="https://blog.realestateview.com.au/author/enzo-raimondo/" target="_blank">REIV's Enzo Raimondo on his realestateView.com.au blog.</a>
The current top three positions are the inner-eastern suburbs of Toorak ($1,860,000), Canterbury ($1,676,250) and Malvern ($1,585,000).
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Six Melbourne suburbs lose their million-dollar status: REIV

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The Top Ryde Shopping Centre has been given a $350 million price valuation, according to the Australian Financial Review.
The valuation was ordered by receivers a few weeks ago for the centre in Sydney’s north-west as a prelude to its anticipated sales marketing campaign.
But it’s being held back from sale for now while the banks mull over their options, the AFR suggests.
The centre owes $600 million to its banking collective creditors after Bevillesta was placed into administration with BRI Ferrier in February 2011.
The centre had been on and off the market over the past few years with no result.
The 78,215-square-metre centre will be the first big regional mall in years to come to market as a full sale.
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Sydney’s Top Ryde shopping Centre valued at $350 million, leaving bankers short

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Another iconic Australian live music venue could one day become a residential development following the listing of the Tivoli live music venue in Fortitude Valley in inner Brisbane. 
The 1,500-seat music venue with its Art Deco façade is located at 48-52 Costin Street in and is considered one of Fortitude Valley’s premier live entertainment venues, hosting recent performances by Katy Perry and Lily Allen. 
It follows the listing of the former <a href="https://www.propertyobserver.com.au/leisure/jerry-pilarinos-melbourne-venue-the-palace-formerly-the-metro-nightclub-listed-for-receivership-sale/2012061955174">Metro nightclub</a> – currently The Palace live music venue – in Melbourne. 
The Tivoli is being marketed by Leon Alaban and Sean Dollar of Ray White Hotels Australia on behalf on behalf of Dromahair Pty Ltd, which acquired it in 1999 for $1.65 million and has operated it as a music venue since. 
John O’Rourke – part of the O’Rourke property development family – is the managing director of Dromahair Pty Ltd, a hospitality business based in NSW, and has also been the manager of the Tivoli since 2004. 
Since purchasing the Tivoli he has invested millions in turning it into a premier music venue. 
O’Rourke is also the managing director and owner of Longyard Golf course in Tamworth and Strutters Nightclub in Rockhampton. 
The venue, which occupies a site area of approximately 2,160 square metres, is licensed to operate from 10am to 2am, Monday to Sunday. 
It will be auctioned onsite at 11am on Wednesday, July 18, 2012. 
Alaban says the O’Rourke family have decided to sell the Tivoli as a freehold going concern. 
“The O’Rourke family have decided to divest the Tivoli, as it forms part of a family trust and is therefore being sold to dissolve the trust and pay out the beneficiaries,” he says. 
A price well in excess of the previous selling price is expected, with Alaban telling Property Observer the O’Rourke family is putting it to auction to let the market decide its value. 
Potential buyers include entertainment promoters looking for a foothold in the industry as well as investors who would want to turn the Tivoli into a residential development further down the track. Hoteliers and pub and tavern owners may also show interest, says Alaban. 
The Tivoli has no development approval and is currently zoned for small recreation or nightclub use with an eight-storey height limit. 
There is no heritage protection for the property. 
The Tivoli, which has a distinctive Art Deco façade, was built in 1917 and started life as bakery.
It adjoins the massive $2.9 billion redevelopment of the RNA Showgrounds on the northern fringe of Fortitude Valley. 
“The showgrounds precinct is set to be transformed into a lifestyle and cultural hub for the community which will have enormous economic and infrastructure benefits to Brisbane and the immediate surrounding areas,” says Alaban.
“The venue presents immaculately and has an enviable reputation throughout the entertainment industry,” he says. 
“The Art Deco-style auditorium with mezzanine holds 1,500 standing or 700 seated patrons. The Tivoli also features a reception and foyer, a main bar, lower bar, mezzanine bar, artists lounge, kitchen and designated outdoor smoking area.”
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Brisbane’s Art Deco Tivoli nightspot up for sale and could be potential residential development site

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Residential apartments are currently outperforming the rest of the Sydney property market in terms of sales, with the increasing population, changing demographics, stamp duty concessions, low supply levels and affordability concerns all having an impact. Apartment projects delivered at attractive price points in near CBD locations and integrated with social and transport infrastructures are experiencing solid demand.
Discovery Point, Australand’s master-planned community south of the CBD in Wolli Creek, is a prime example of the strong performance of apartments in Sydney. All apartments have now been sold in the fourth and fifth residential buildings, known as Linc and Arc, with all 214 sales being made within the past 12 months.
 
From a demographic perspective, there has been an increase in the number of people looking to downsize to smaller dwellings while still enjoying the features and convenience of a modern apartment. The increasing prevalence of smaller families makes apartment-style living a more reasonable long-term residential option than it was for previous generations.
The impact of stamp duty concessions for newly constructed and off-the-plan apartments cannot be understated either, given the affordability concerns affecting the Sydney market in particular. Stamp duty is a major affordability barrier, and any savings accessible here will understandably resonate with buyers.
 
Finally, well-located apartments are also more attractive from an investment perspective, and demand from investors for quality modern stock has supported the performance of the apartment market.
Developments such as Discovery Point and Clemton Park Village, which provide contemporary lifestyle options in close proximity to essential services and transport links, continue to appeal to savvy investors looking to take advantage of the low rental vacancy, strong rental returns and the decline in interest rates.
Nigel Edgar is <a href="https://www.australand.com.au/">Australand</a>’s NSW residential division general manager.
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nedgar-3hE7D6y8Rv

Sydney CBD apartments outperforming wider market

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Today I am writing with the intention of contradicting myself. Yes, I am encouraging people to spend time on an element of the property investing process that I just <a href="https://www.propertyobserver.com.au/residential/buying-is-just-a-small-part-of-residential-property-investment-cameron-mcevoy/2012052754849" target="_blank">recently advised people not to spend too much time on</a>! Let me explain. While I did write about the “purchase” itself being the area where you actually invest the least amount of your time in (compared with pre-purchase due diligence and post-purchase ongoing management, of course), I'd like to take some time to address the actual purchase process itself, and give an overview of what to expect once you've done all your due diligence, crunched the holding cost numbers, made an offer and had the offer accepted.

Once your offer has been accepted, you'll need to act very quickly to meet a lot of deadlines, which can be very stressful, not because the work needed to reach them is hard, but because there are just so many little things to do, so many people to engage with (and sometimes chase up when they don't act) and little deadlines to meet, all before that “holy grail” of the process: final settlement.

[smartcode_project:default project_id=3494]

An acceptance of offer can be stressful for new investors because there are so many hard and fixed deadlines to meet – yet there are “unknowns” that need to become “known” , ducks to get in line and new processes you'll need to learn in order to achieve them. And all the while you'll be questioning yourself. Questions like: “is it normal for a solicitor to ask for this form?” or “why does this part have to take so long?” are common, along with more stressful questions like “what am I getting myself into?”, or even worse “I didn't budget for that cost and I've maxed my borrowing capacity, but it's too late to back out – what do I do?!”.

So to best illustrate this I thought I'd run you through the typical steps/actions/stages that I tend to go through my offer has been accepted on an investment property. I do not have all the answers, but I think I can shed some light on some of the hoops you'll need to jump through, some things to look out for, and why time really is your enemy during the process. It's a pretty specific part of the overall process and is actually one of the most stressful.

[smartcode_project:default project_id=7275]

1) The first deposit. To secure your offer and prevent being gazumped, you'll need to get to the agency very quickly, sign contracts, and put down a 0.25% deposit. Let's say your property purchase amount is $350,000. This means a deposit of $875 will need to be supplied to the agency. You sign contracts (of course, assuming you've had your solicitor/conveyancer already review and discuss this with you) and are now entered in to a “cooling off period” of five to 10 business days. Please be wary that some states such as Tasmania have a completely different approach for offer acceptance, so you should Google your state's policies on this. But the most populous states tend to follow this process. Additionally, if you didn't already do this at previous inspections of the property, ask to see it again, taking notes, pictures and videos, along with measurements where needed. It might not seem that relevant now (even if you don't have any renovation or works plans upon purchase), but once you get it tenanted at ownership, it is very difficult for you to get future access.

2) Prevention of being gazumped Upon signing, my recommendation is that you ensure the agent agrees to label the property as being “under offer” in any online or print advertising immediately. This deters other enquiries and subsequent offers from coming in. You also reduce the risk of being gazumped (this is where someone places a higher offer than yours after you've entered into cooling-off period, and the vendor “rescinds the sale” with you in favour of the higher offer). Gazumping is frowned upon and measures have been taken in some states to prevent it occurring, however some agents still practise this – remember, they are motivated purely by the best possible selling price.

3) Due diligence checks and cooling-off extension During the cooling-off period, you are obligated to do further due diligence. Triple-checking that your finance is all in order with your lender or mortgage representative is critical. If you back out of the sale during this stage, your $875 deposit is not refundable, and the property can be listed back on the market for sale. Also, if you find yourself on day eight or nine in a position where you are still awaiting much-needed information, you can extend your cooling-off period (in most states/territories). Don't think that you can't; your solicitor will help make this happen for you, if needed. Ensure the front page of the contract featuring the “included items” are ticked as per your inspection. For example, if you saw a dishwasher in the kitchen during inspection, make sure that box is ticked. Sounds small, but you'd be surprised how many overlook these details.

[smartcode_project:default project_id=3298]

4) Full deposit payment On the last day of cooling off, you are now contractually obliged to buy the property. As such, you'll be required to pay a 10% deposit of the property to the estate agency. But you deduct the 0.25% initial holding deposit, so the amount you pay is actually 9.75%. Oftentimes agencies won't accept personal cheques so you may need to get a bank cheque made out. Be aware of how many days this may take to clear and factor this in.

5) Additional upfront payments Having done all of your due diligence already, you'll know your precise amounts for other payments that are required at this point. These will include lenders mortgage insurance (only if you must pay it, depending on your loan-to-value ratio and also if it is rolled into your mortgage product or not) and apportioned strata, council, and water costs for the calendar quarter during which you purchase (for instance, if your settlement occurs in the middle of a three-month quarter, you'll need to pay that six weeks' worth of strata/council/water apportioned to the time you've started to 'own' the property, during that quarter). Other fees like lender fees, account fees, etc, may become relevant.

6) Final payments in the week prior to settlement. Most purchases have a 42-day (six-week) standard settlement period. This time allows for all other stakeholders (solicitors, councils, government departments and other stakeholders) to work behind the scenes to ensure all details are completed prior to payment. At this time you'll need to pay any additional difference in sums, should your loan amount come to less than 90% of the value of the property. You'll be required to pay whatever this difference is, just before settlement. For example, If your loan is for 75% of the value of the home, you'll need to pay $350,000 - 0.25% - 9.75% - 75% = 15% which equals $52,500. Again, a bank cheque will be required, not a personal cheque. You need to send this with enough time for the funds to clear, otherwise settlement date will be delayed until it clears.

[smartcode_project:default project_id=26730]

7) Final inspection before settlement This should take place 24 to 48 hours before settlement date. The purpose of you inspecting the property again is to ensure it is in a reasonable condition similar to when you first exchanged contracts six weeks prior. Obvious things to look for are missing or suddenly damaged or missing items that weren't in that condition when you first inspected.  (sometimes air-conditioners, dishwashers, etc, magically “disappear” before settlement!), stains or damage on walls, etc, magically “appear”, and (more often in houses than units) rubbish may be present that was not there when you inspected. Especially with houses, check to any garages/sheds/under-house storage does not contain rubbish from previous tenants or owners. Its removal is the vendors’ responsibility, not yours. If refuse, you can delay settlement until they remove it.

8) Collection of keys on settlement day Most states don't “action” the settlement until about 2pm on the day of settlement. Confirm this with the managing agent. You don't want to assume you'll have keys at 9am when it could be halfway through the day. It makes a big difference if you've booked a new leasing agent to see the property for rental appraisal.

Cameron McEvoy is a NSW-based property investor and maintains a blog, <a href="https://propertyspectator.blogspot.com.au/" target="_blank">Property Spectator.</a>
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cmcevoy-Go82SmsJA9

The eight steps a property buyer takes after an offer is accepted

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expensive property a six-bedroom Templestowe house that sold at auction for $2,195,000.
In May this year 10 Summerhill Road in the middle-ring Melbourne suburb of Templestowe was listed for rent at $1,900 per week, and it was previously up for sale in November 2006. The house has a tennis court, indoor and outdoor pools, spa, sauna, gazebo, gas-fired and wood-fired oven and outdoor gas barbecue.
Ray White listing agent Frank Perri describes it in its marketing as palatial and says it offers “exquisite lifestyle in the lap of luxury”.
The second most expensive sale of the week was tightly held 4 Stathfield Avenue, in the Sydney suburb of Strathfield. The seven-bedroom house sold at its weekend auction for $2.35 million and was last sold in 1998 for $750,000, according to RP Data. The vendor also attempted to sell it in 2008.
Those two properties were the only reported sales over the $2 million mark this week, with the rest of the top 10 sales ranging from $1.7 million to $1.98 million. Four of the top 10 sales were in Victoria, with the rest in New South Wales.
1. <a href="https://www.myrp.com.au/n/10-summerhill-road-templestowe-vic-3106/myrp-490?propertyId=13499916">10 Summerhill Road, Templestowe, VIC, 3106,</a> six- bedroom house, sold at auction on June 16 by Ray White Manningham for $2,915,000
2. <a href="https://www.myrp.com.au/n/4-strathfield-avenue-strathfield-nsw-2135/myrp-490?propertyId=6494886">4 Strathfield Avenue, Strathfield, NSW, 2135</a>, seven-bedroom house, sold at auction on June 16 by Strathfield Partners for $2.35 million
3. 30A Parslow Street, Malvern, VIC, 3144, four-bedroom house, sold at auction on June 16 by Kay &amp; Burton South Yarra for $1.98 million
4. 14A Wilfield Avenue, Vaucluse, NSW, 2030, four-bedroom house, sold at auction on June 16 by Hart Estate Agents for $1.97 million
5<a href="https://www.myrp.com.au/n/73a-mont-albert-road-canterbury-vic-3126/myrp-490?propertyId=10257570">.</a><a href="https://www.myrp.com.au/n/73a-mont-albert-road-canterbury-vic-3126/myrp-490?propertyId=10257570"> 73A Mont Albert Road, Canterbury, VIC, 3126</a>, four-bedroom house, sold at auction on June 16 by Jellis Craig Real Estate Balwyn for $1.83 million
MYRP:
6. <a href="https://www.myrp.com.au/n/3-winton-street-warrawee-nsw-2074/myrp-490?propertyId=7313350">3 Winton Street, Warrawee, NSW, 2074</a>, five-bedroom house, sold at auction on June 16 by L J Hooker Wahroonga for $1.82 million
7. <a href="https://www.myrp.com.au/n/21-bromley-avenue-pymble-nsw-2073/myrp-490?propertyId=5638952">21 Bromley Avenue, Pymble, NSW, 2073</a>, five-bedroom house, sold at auction on June 16 by Century 21 Cordeau Marshall for $1.75
8. 11 Hudson Street, Hampton, VIC, 3188, four-bedroom house, sold at auction on June 16 by Hodges Sandringham for $1.74 million
9. 5/9 Lower Wycombe Road, Neutral Bay, NSW, 2089, two-bedroom unit, sold on June 14 by Raine &amp; Horne Mosman for $1.7 million
10. <a href="https://www.myrp.com.au/n/195-queens-road-connells-point-nsw-2221/myrp-490?propertyId=1923363">195 Queens Road, Connells Point NSW, 2221</a>, four-bedroom house, sold at auction by McGrath Estate Agents for $1.7 million
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cknowlton-QnEa6ntUYP

No reported sales over $3 million as Templestowe house takes top price of the week: RP Data

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A lack of infrastructure and long commutes are likely to prevent property values rising in Melbourne’s six new suburbs, says market commentator Monique Sasson Wakelin.
Speaking on ABC radio, Wakelin said one of the limitations of people who live out there will be that they will be “reliant on V-Line [trains] and/or their car”.
“Given the distances we are talking about out of the city, where most of the employment opportunities are, there limitations to what people can expect in the medium term and even in the long term in terms of capital appreciation,” Wakelin says.
The six new suburbs are Diggers Rest near Sunbury, Lockerbie near Greenvale, Lockerbie North, Manor Lakes in Wyndham, Merrifield West in the city of Hume and Rockbank North near Melton.
They extend Melbourne’s urban growth boundary by almost 6,000 hectares of former farm and green wedge land.
They are between 20 to 40 kilometres from the Melbourne CBD, with Lockerbie North the furthest away and Rockbank North the closest at about 20 kilometres.
Rockbank North and Lockerbie are serviced by nearby but busy V/Line rail stations, with a rail station is ''proposed'' in Lockerbie but there is no timeline for its completion.
However, Wakelin says for those aspiring to buy own homes but have very limited funds to do it, “this is a fabulous opportunity to get in”.
She says the new suburbs present opportunities for those wanting their own home on a relatively large block and with access to the bush – as long as buyers don’t mind the commute.
“It’s a heck of a commute – let’s face it … and not very green either if you are taking the car or going by train,” she says.
“If you’re feeling energetic, on a nice day when it’s not teeming with rain or very hot, you could push-bike it in.”
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