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“Minister Chanthivong and his team have shown real leadership in replacing an outdated two-year bond with cover that matches the lifespan of the buildings people are buying into.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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There were 845 sales in Perth this week, and 38 of them were in the northern Perth suburb of Highgate, according to the Real Estate Institute of Western Australia. There were 779 sales the same week last year and just 526 the same week last year. 
<img src="/images/stories/2012/06/reiwajune8.jpg">
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cknowlton-QnEa6ntUYP

Perth records 845 sales this week, with Highgate most actively traded suburb: REIWA

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ING Direct will pass on 20 out of  25 basis points to variable mortgage holders following the RBA's 25 basis point cash rate cut on Tuesday.
The bank will reduce the interest rate on its variable mortgages by 0.20%, effective Friday 15 June with the rate on its most popular variable rate product,Mortgage Simplifier, reducing to 6.22% per annum.
ING Direct, part of Dutch banking giant ING, passed on 30 out of 50 basis points following the May RBA double cash rate cut.
It passed on both November and December quarter percentage point cash rate cuts in full to borrowers.
The ING Direct announcement follows Bank of Queensland passing on 20 basis points on Tuesday and QT Mutual Bank passing on all 25 basis points yesterday.
None of the major banks have made any announcements yet on rates.
ING Direct is the sixth largest home lender in the country with $38 billion in mortgages – ranking behind the Big Four banks and fifth biggest lender, BankWest, owned by the Commonwealth Bank.
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lschlesinger-FZcF9M3vE6

ING Direct to cut variable mortgage rates by 20 basis points

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So it’s now official. All the analysts, commentators, and policymakers who told you that Australian economic growth was decelerating, “sub-trend” (a popular phrase), “modest”, “below capacity”, or about to head into recession were woefully misguided. Anyone who predicted interest rate cuts over 2011 and 2012 on the basis of a weak domestic economy was right, but for the wrong reasons.
Indeed, if the “sub-trenders” had any intellectual honesty, they would be calling for a spate of rate hikes right now. If the (falsely, and now revised) low real GDP print in the final quarter of 2011 was grounds for hysterical calls for cuts, the last four quarters of growth data combined with the many months of jobless rate data are surely an even more persuasive basis for hikes? One of the smartest strategists in Australia did write to me today, unsolicited, and state, “I was wrong – economy doing OK…[and] yes, you were correct.”
Australia’s economic growth rate over the last four quarters has been a stunningly strong 4.3%, well in excess of estimates of the trend rate of growth of around 3% per annum. Australia’s jobless rate was just 5.1% in May, slightly up from a revised 5% in April, but down on a three-month moving average basis from 5.2% in March. Since 1990, the jobless rate has averaged 6.9%.
At the same time, we know that business investment continues to boom (and businesses plan to invest at record rates for years to come), household consumption, which is the biggest driver of economic growth, is expanding at a rate way above historical trend, housing credit growth is tracking incomes very closely, which is what we would expect, and the total wages bill rose at an above-trend pace in the first quarter.
Based on the information we have available to us today, the RBA’s pre-November monetary policy settings—remember they take 12 to 18 months to have their full effect—were pitch perfect, as I  argued in the past. It was those settings, and not subsequent cuts, that gave us a more acceptably low inflation rate.
Those calling for savage rate cuts in the second half of last year badly misread the economy. The bottom line is, as both Professor Warwick McKibbin and I have previously argued, if you assume the appreciation of the Australian dollar was a once-off event, there was no domestic economy basis for rate cuts as the inflation benefits (in late 2011 and early 2012) would be temporary.
The RBA board and its staff have a lot of explaining to do for their post-November decision-making. Governor Glenn Stevens has repeatedly told the community that the RBA does not believe it can forecast with accuracy over the long term. He repeatedly pushed the notion that it needed to focus on “nowcasting” in justifying its rate cuts in late 2011. When the RBA got a downward revision to the second quarter inflation data in June 2011 from 0.8% to 0.6%, it used this data point to materially change the stance of monetary policy from restrictive to neutral. But it turned out that this core inflation estimate was wrong: it subsequently got revised back up to an unacceptably high 0.8%.
As any inflation forecaster knows, you do not get a consistently low inflation rate with real GDP growth of 4.3% per annum, an unemployment rate of 5.1% and a currency that is stable or declining.
In the latest inflation numbers, domestic (or so-called “non-tradeable”) inflation printed at around 3.5%, well above the RBA’s 2-3% per annum target. Australia’s low inflation pulse in late 2011 and early 2012 was being driven mainly by internationally priced goods and services (or so-called tradeables), which were actually falling in value as a result of the temporary currency appreciation.
So something important in the RBA’s decision-making changed late last year. It stopped nowcasting and started forecasting. It increasingly ignored the very low unemployment data despite the fact that the unemployment rate is the single most important variable in its inflation forecasting models.
It has ignored a great deal of “partial” data – business investment, household consumption spending, wages, domestic demand, and even the narrowly measured monthly retail data – and calibrated policy on the basis of utterly subjective and, it appears, quite incorrect forecasts.
 
 
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In a tiny cohort of analysts – including Adam Carr – I have consistently argued that the December, May and June rate cuts were unnecessary (and received immense push-back for doing so). I’ve maintained that the RBA was bowing to pressure from a community that has not seen a recession since 1991, a public that has become incredibly complacent, with many generations having been exposed to declining interest rates and a falling unemployment rate for most of their lives. The RBA has been relentlessly bullied by both sides of politics and their proxies (e.g., leading union officials and aligned commentators), and, we know, the six private sector doves that dominate the RBA’s board (to say nothing of the Treasury Secretary).
It is clear that the RBA has rejected its own decision-making logic by setting policy not on hard and dependable economic data, but rather on the basis of speculation and, most worryingly, financial market expectations.
The RBA’s inflation forecasts are now all wrong. The pulse of economic growth is much higher than it has assumed. The unemployment rate is well below the 5.5% it expected. Even after today’s terrific jobs report, the Aussie dollar is still materially lower than the 103 US cents it presumed (as are oil prices).
I coined a term late last year: the “Glenn Stevens put”, which insinuated that the RBA was doling out insurance to vested interests and the financial markets when it had no business doing so.
It has punished hard-working Australian savers in preference for less prudent borrowers. On the basis of today’s data, interest rates in Australia are probably a good half to three quarters of a percentage point lower than they need to be.
There are certainly no signs of a household deleveraging induced recession in the manner predicted by the likes of Steve Keen. Sure, house prices have endured a modest correction. Yet this has been largely driven by the luxury sector.
Since January 2011, 80% of all Australian suburbs have experienced total house price declines of less than 3%. Yet the most expensive 20% of suburbs have suffered house price falls of around 7%.
One of my regular memes has been that we have had a valuation re-rating in the million dollar-plus market due to the (permanent) contraction in financial services earnings growth. That’s not a bad thing.
The droves of analysts that called for much lower rates on the basis of sub-trend economic growth should front up and admit they were wrong. An inquiry is needed into the RBA board’s decision-making processes, which appear predisposed to persistent error.  Australia’s average core inflation rate since 2001 has been amongst the highest of our developed country peers. At a minimum, we need to get rid of the RBA board’s highly conflicted private business sector executives and replace them with professionals who understand how the aggregate economy works.
Christopher Joye is a leading financial economist and a director of <a href="https://www.ybr.com.au/savings/index.cfm" target="_blank">Yellow Brick Road Funds Management</a> and Rismark. The author may have an economic interest in any of the items discussed in this article. These are the author’s personal views and do not represent the opinions of any other individual or institution. This material is not intended to provide, and should not be relied upon for, investment advice or recommendations.
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The RBA has gotten it entirely wrong – the economy growth rate is stunningly strong: Christopher Joye

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All the core problems afflicting the real estate industry can be encapsulated in one word: government. 
All three levels of government are key forces impacting property – and none of them are forces for good. State governments, which are responsible for real estate laws, have the greatest impact and do the greatest damage. 
The first of many problems is that the only interest politicians have in the real estate industry is its role as a cash cow. The concern of most politicians for property starts and ends there. 
Stamp duty, land tax, capital gains tax, rates, infrastructure charges and the GST – property is a core source of funding for all levels of government. 
These taxes hurt property consumers because they add layers of costs. They are a massive burden impinging on the critical matter of affordability. Many politicians say they care about housing affordability, but the lack of action suggests otherwise. 
Grants to first-home buyers have never been an effective remedy. They create short-term distortions in the market and do little to address the core issues. 
We have the bizarre anomaly where a state government will provide a grant to a buyer of a first home and then charge her more in stamp duty when she buys that first home. Only a bureaucratic mind could make sense of that. 
Beyond short-term tinkering with grants, the response by federal and state governments to the issue of affordability has been deafening silence. 
State governments also harm real estate through the lack of a timely and effective response to problems that arise, particularly those that relate to consumer protection. 
Most state and territory governments have changed real estate laws during the past decade or so. These laws have seldom been effective in protecting buyers and sellers, for two reasons. 
Reason one: before legislating the politicians have consulted “the real estate industry” for advice on what to do. This is a farcical approach because the real estate industry – primarily developers and real estate agents – is the problem. It’s like consulting the mafia for advice on how the stop the drug trade. 
Reason two: having enacted laws to deal with matters such as under-quoting in ads, dummy bidding at auction and sundry other rorts, politicians render them irrelevant by failing to enforce them. Each jurisdiction has an office of fair trading or consumer affairs department, and their track record in enforcing consumer protection laws is pitiful. 
The biggest rip-off in real estate is the growing practice whereby developers offer kickbacks to professionals who bring them buyers for off-the-plan apartments. Accountants, financial planners, real estate agents, marketers masquerading as buyers agents and other “advisers” can earn up to $35,000 for each buyer they recommend. 
When we asked Queensland’s Fair Trading Minister, a fresh-faced kid named Jarrod Bleijie, what he was doing about it, his response was: “This is not an issue that has been raised with us by the real estate industry.” 
Translation: he knows nothing about it and doesn’t intend to find out. 
And of course the industry hasn’t raised this issue with the minister. Key elements of the industry are benefiting from this rip-off. 
The other way state governments are harming real estate is with their economic policies. State and territory governments seem to believe we’re in a recession and that austerity is the answer, with public service numbers cut, programs slashed and jobs-creating projects scrapped. 
Victoria, NSW and Queensland have recently elected Liberal-National governments. Each new regime seems to believe it has a solemn duty to tear down everything started by their predecessors – and to hell with the consequences. 
Residents of regional areas of Victoria, who probably expect a few favours from a conservative government, must be wondering what hit them. Government offices are being closed, which is costing local jobs. Programs and project funding has been slashed or refused, with particular impact on universities and TAFE campuses, again costing jobs. 
Tasmania, which is the nation’s struggle state, desperately needs strong leadership and economic stimulus from its government. Instead it’s getting austerity. New infrastructure spending is almost non-existent and there is no growth anywhere. 
I make my living identifying the future hotspots around Australia. I can’t identify a single location in Tasmania worthy of recommendation – and the state government is a major part of the problem. 
I’m beginning to think we’d all be better off if we scrapped this layer of government. New Zealand doesn’t have stamp duty or land tax because it doesn’t have this middle tier of government. Do we really need it?
Terry Ryder is the founder of <a target="_blank" href="https://www.hotspotting.com.au/">hotspotting.com.au</a> and can be <a target="_blank" href="https://www.twitter.com/hotspotting">followed on Twitter</a>.
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Government is the core problem afflicting the property market: Terry Ryder

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Housing is at its most affordable level since December 2009, but rental payments as a proportion of family are still hovering around four year-highs, according to the latest REIA/Deposit Power report.
The latest report shows that rental affordability has hardly improved since March 2008 – around the outbreak of the GFC – when rents as a proportion of family income increased to 24.7%.
Rents as proportion of family income remain well above the national long-term average since the December 1995 of 22.7% – despite median family income rising over the March quarter by 1.3% to $1,552.
The March quarter report shows the proportion of weekly family income required to meet weekly rent for a three-bedroom house stands at 24.9%, compared with 24.8% in the December quarter and 25.1% in March 2011.
<img src="/images/stories/2012/06/reiajune7.gif">
Over the March quarter, the biggest increase in rents as a proportion of family income was recorded in the Northern Territory, where the proportion rose from 22.9% to 24.1%, with smaller increases in WA (20.1% to 20.8%) the ACT (16.5% to 16.7%) and South Australia (26.2% to 26.3%).
South Australia’s rents are amongst the lowest in the country, with the median rent for a three-bedroom house at $325 per week. The median two-bedroom other dwelling rent is $275 per week.
ACT rents are amongst the highest in the country at $470 per week for a three-bedroom house, and $445 for a two-bedroom other dwellings.
Rental affordability improved in Victoria during the quarter (alongside housing affordability), with the proportion of income required to meet median rents decreasing 0.6 percentage points, from 22% in the previous quarter to 21.4%. Compared with the March quarter of the previous year, this figure declined 1.5 percentage points.
Renting in NSW remains the biggest drain on family finances – accounting for 28% of family income, down from 28.8% in the December quarter but up from the 27.7% recorded a year ago.
Tasmania, where incomes are lower, is the second most expensive place to rent at 26.6% of family income, though there has been a noticeable drop from 29.5% a year ago, when it was the most expensive state to rent.
The historically high cost of renting is influencing the behaviour of real estate agents in a challenging operating environment, according to REIA chief executive Amanda Lynch.
Lynch says some estate agents are relying on their management of rental properties as a source of income.
Over the March quarter, the biggest increase in rents as a proportion of family income was recorded in the Northern Territory, where the proportion rose from 22.9% to 24.1%, with smaller increases in WA (20.1% to 20.8%) the ACT (16.5% to 16.7%) and South Australia (26.2% to 26.3%).
South Australia’s rents are amongst the lowest in the country, with the median rent for a three-bedroom house at $325 per week. The median two-bedroom other dwelling rent is $275 per week.
ACT rents are amongst the highest in the country at $470 per week for a three-bedroom house, and $445 for a two-bedroom other dwellings.
Rental affordability improved in Victoria during the quarter (alongside housing affordability), with the proportion of income required to meet median rents decreasing 0.6 percentage points, from 22% in the previous quarter to 21.4%. Compared with the March quarter of the previous year, this figure declined 1.5 percentage points.
Renting in NSW remains the biggest drain on family finances – accounting for 28% of family income, down from 28.8% in the December quarter but up from the 27.7% recorded a year ago.
Tasmania, where incomes are lower, is the second most expensive place to rent at 26.6% of family income, though there has been a noticeable drop from 29.5% a year ago, when it was the most expensive state to rent.
The historically high cost of renting is influencing the behaviour of real estate agents in a challenging operating environment, according to REIA chief executive Amanda Lynch.
Lynch says some estate agents are relying on their management of rental properties as a source of income.
<img src="/images/stories/2012/06/reiajune72.gif">
The March quarter REIA/Deposit Power report shows that nationally, the proportion of family income required to meet loan repayments decreased by 0.9 percentage points compared with the previous quarter and now sits at 32%.
This pushed up the REIA Home Loan Affordability Indicator (HLAI) – the ratio of median family income to average loan repayments – to 31.3, its highest point since December 2009, but still well below the long-term average of 38.6.
“Housing affordability is still not at ideal levels, but at least we are now heading in the right direction,” says REIA president Pamela Bennett.
“If other factors continue to trend in the same direction, the interest rate cuts in May, and those announced yesterday should bring further good news for housing affordability next quarter,” she says.
First-home buyer participation in the housing market decreased in the March quarter.
The number of new finance commitments to first home buyers decreased 18.8% to 23,637 compared to 20.2% of buyers in March 2011 while the number of first home buyers, as a percentage of total owner occupied housing commitments, decreased to 18.0% during the quarter, compared to 20.0% in the December quarter 2011.
This proportion is dramatically down from the 30.6% level of the June 2009 quarter.
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Housing affordability improving but rental costs still at four-year high: REIA

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Today I drew inspiration from a lovely young man I had coffee with. His name is Matt, and he’s one of our clients.  Matt’s a switched-on guy, maybe about 30 or so, has a psych degree, owns three investment properties, all high yielding (I’m talking 9 to 15%!), runs his own importing business, has been to a property seminar or two, and he and his wife are expecting their second child in a couple of weeks. Oh, and he’s also very polite.
We’ve just finished a development project for Matt and now we had the actual end figures confirmed, we caught up to reflect on how his first project went with Property Bloom and what he could be doing to plan for his next.
That’s what I like about Matt. He’s a planner, a big-picture guy, yet he still keeps track of all the fine details. Here he is, two weeks out from having his second child and we’re sitting discussing property development options (we did also touch on the benefits of epidurals!).
We chatted about current economics, the estate of affairs here in Australia with our political uncertainty, the constant barrage of whether Julia Gillard is a worthy prime minister, the lousy situation in Europe – is Spain going down and when?  How will Greece pull through? The Queen’s Diamond Jubilee and how cool Kylie Minogue’s outfit was (OK, that was my comment; I don’t think Matt had an opinion on that one).
We covered off the “two-speed economy” of Australia, the state of China and how much coal do they actually need (a lot, thought Matt, as he visits China regularly for business and has seen for himself the massive changes taking place).
We both agreed that the current state of affairs was actually the perfect property investment environment for those who could block out the noise and focus on what was happening right under our noses.
We’d concluded that we didn’t actually care about what’s happening in the global arena (apart from seeing our superannuation cut in half over the past year).  While we weren’t being irresponsible, we just both decided that it didn’t really impact on our big picture.
This comment from Matt said it all:
”Jo, I’m not going to wait around for the world to determine my future.”
There it was. His words really resonated with me.  His statement so bold but yet so matter of fact, making perfect sense.
There’ll always be something to wait for. Let’s wait til after the new baby comes. Let’s wait for the next election. Let’s wait to see what happens in Europe. Let’s wait to see what the share market does. Let’s wait to see if the RBA cuts rates… Let’s wait, let’s wait, let’s wait!
Before you know it, you’ll be 65 asking “Why did we wait?... If only we invested in property back in 2012 when rates were low, yields were high and it was a buyer’s market.  What were we waiting for?”
For my client Matt, I’ve got a great next development project coming his way because he’s not going to hang around waiting.  So by the time his new baby turns one, he’ll have another great project under his belt.
So what are you waiting for?
Jo Chivers is director of <a href="https://www.propertybloom.com.au/" title="Property Bloom" target="_blank">Property Bloom</a>, which manages property development.
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Now is the perfect time to invest in property if you can block out the noise

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Well, here is some more good economic news.  Henny Penny doesn’t know which way to run!
Australia’s economy grew much faster than forecast, up 1.3% during the March quarter.  On an annual basis, our economy is growing by 4.3%, again much faster than 3.3% market forecasts.
Remember, this is historical data but it does cover a period of weakening commodity prices, falls in mining profits and weak demand in some sectors of the domestic economy.  It also covers the natural disasters – and yes, they did have an impact – but our little Aussie engine was running much better than it sounded.  This helps explain the recent fall in our jobless rate to 4.9%.
It is also more than mining that has helped our economy grow.  What the eggheads call “non-farm GDP” grew by 1.2%, which points to more a buoyant domestic economy than most realise.  Household savings also remain high at 9.3%.
Also, farmers out there have had lots of rain – which is often problematic in the short term, but is great news and provides serious economic support into the future.  Too few make comment about the farmers’ impact on our economy these days.  Wet is good, dry bad – it isn’t that hard to remember.
So, was Tuesday’s interest rate decision a wise one?  For mine, as noted, the RBA should have cut by 0.5 percentage points.  Remember, the RBA cut the official rate because of concerns about the international situation and the inflation outlook (at present) is benign.
Further interest rates cuts (given the 0.25-percentage-point official drop) might occur, but they won’t now be due to our domestic economy but because of further crises in the eurozone.
A 50-basis-point drop would have boosted local confidence and allowed the majors to pass on a meaningful drop to mortgage holders, and especially small business owners.  But for mine, structural reform is more important – given how low interest rates already are – than monetary easing, and sadly there is no sign of any relevant action.
As I have noted, much more needs to be done to kick-start new housing than just dropping interest rates.  Structural reform, not cyclical tinkering, is urgently needed.   Housing isn’t the only engine that desperately needs a major overhaul.
Australia’s structural problems require welfare, tax, regulatory and IR reform.  Further interest rate cuts might happen, but there is a real risk of putting the monetary policy cart before the structural reform horse.
Roll on the next federal election – and we must hope for a government seriously interested in economic reform.
And despite the current absolute economic incompetence, the ABS’s latest quarterly health check on corporate Australia found that although profits were down, sales, inventory and wages all grew at a reasonable rate during the first three months of this year.  In fact, we are creaming most of the world.
Australia’s annual growth pace of 4.3% compares with 1.9% in the USA; a zero to negative result in the eurozone; a 0.1% contraction in the UK (and I thought it was just the crappy music at the Queen’s Diamond Jubilee that was putting the pucker on Her Majesty’s face) and 2.6% growth (yes growth) in Japan.  China is currently growing at 8.1% and India by 5.3%.
In short, Australia is a country that barely understands, let alone appreciates, its own luck.
Being so close to good fortune can often make one blind to it.
Michael Matusik is the director of independent property advisory Matusik Property Insights. Michael is a 25-year veteran in the industry and his firm has helped over 550 new residential developments come to fruition. Michael has launched a new initiative, called<a target="_blank" href="https://www.matusik.com.au/"> Think Matusik</a>. Think Matusik brings together expert opinion and select property opportunities.
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Henny Penny doesn’t know which way to run in the face of good economic news

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<a target="_blank" href="/news">Charleville</a>, <a target="_blank" href="/news">Rockhampton</a>, <a target="_blank" href="/news">Mackay </a>and Mount Isa were the only regional areas in Queensland where median house prices rose over the year ending March 2012, according to Residex data.
Mackay has consistently been the best-performing area in Queensland, with 4.96% growth in the last quarter to $408,500, 5.45% growth in the year to March 2012, and an average yearly growth rate of 12.39% over the past decade.
Median house prices dropped in the seven other regional areas surveyed, with Noosa and Cairns recording the biggest decreases of 8.08% to $416,000 and 5.65% to $314,000 respectively.
Noosa has had the lowest average yearly growth over the past 10 years at 6.84%, closely followed by Cairns at 6.9%.
In the recent past Mackay has been performing the strongest with median prices up 3.82% in the last month and 4.96% in the last quarter.
<a target="_blank" href="/news">Cairns</a> has recorded the biggest decreases over the last month, dropping 2.43% to $314,000.
Click to enlarge
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Charleville, Rockhampton, Mackay and Mount Isa only Queensland regional areas with rising house prices over past year: Residex

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The Brisbane housing market is starting to experience the benefits of the resources boom but the Gold Coast remains one of the “worse performing markets,” says CBRE in its second quarter south-east Queensland market view report. 
The report notes that the Sunshine Coast housing market continues to struggle – though not to the same extent as the Gold Coast market – with both coastal markets not seeing much benefit from the mining boom in central and northern Queensland.
Click to enlarge
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CBRE mortgage valuations regional director Tom Edwards says the Gold Coast is clearly a buyers’ market, with slow conditions still prevailing. 
“The Gold Coast remains one of the worst-performing residential markets in Australia, with oversupply in the unit market a major issue,” he says. 
“The oversupply of prestige apartments is still the biggest issue on the Gold Coast, with a lack of active buyers in this sector,” says the report.
The Sunshine Coast faced similar conditions in the second quarter, though the value decline was not as steep. Some signs of increased activity were recorded in the quarter in the lower price brackets, but these markets remain overwhelmingly soft. 
“The prestige market, particularly in Noosa, is still trending down, with agents reporting very low levels of buyer interest,” says Edwards. 
The report says that these two markets are under pressure from low levels of buyer confidence, with sales volumes continuing to trend downwards. 
Illustrating clearly the uneven effects of the mining boom on regional property markets, recent figures released by the Real Estate Institute of Queensland (REIQ) for the March quarter show Gold Coast house prices down 5.1% to a median of $454,000. 
In comparison, house prices in the resource-rich Isaac region are up 28% to a median of $703,000 over the same period. 
Brisbane house prices improved 1.2% over the March quarter, according to the REIQ, to a median of $505,000, but are still down 4.7% over the past year. 
The REIQ says the March quarter result indicates the Brisbane housing market has turned a corner, with “positivity finally returning to the market”. 
However, according to CBRE the improvements in Brisbane have not been sufficient to indicate an increase in capital housing values in the state. 
“Improvements have been identified for properties within a 15-kilometre radius of the Brisbane CBD, though activity is still confined to realistically priced property,” says CBRE global research and consulting associate director Sam Reilly. 
“In some instances, back-up contracts are being sighted by valuers indicating some proven levels of demand that have also been illustrated by reduced selling periods." 
However, tough operating environments remain in areas that are not exposed to the benefits of the resource sector such as the Gold Coast and Sunshine Coast. 
CBRE says that Queensland, while remaining a state that is showing strong prospects courtesy of the huge expansion in the mining sector, is experiencing significant challenges in other sectors. 
Challenged sectors include tourism, manufacturing and construction. 
However, CBRE expects the mining boom to provide longer-term opportunities for the state including in terms of jobs and infrastructure improvements. 
Further west, the Toowoomba market continues to record historically low sales volumes, but buyer sentiment has improved as a result of the change in state government and interest rate reductions, says CBRE. 
According to Edwards, the short- to medium-term outlook for the overall south-east Queensland market is likely to continue remain segmented, with scheduled growth proportionate to resources proximity.
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Brisbane property market recovering but Gold Coast still struggling: CBRE

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The prestige market was somewhat subdued this week, with no sales cracking the $3 million mark, according to RP Data.
A five-bedroom 1930s Kew property that sold prior to auction for $2,836,000 was the top sale of the week. It was marketed by Marshall White agent Walter Dodich, who says it has been “stylishly renovated and updated to accommodate the demands of a contemporary lifestyle”.
The home, on an 1,190-square-metre block, last sold in 1999 for an undisclosed price.  
<img src="/images/stories/2012/06/william.jpg">
The second most expensive sale of the week was the three-bedroom penthouse of the Montage building in Double Bay with harbour views (pictured above). It sold for $2.75 million.
1. 4 Royston Court, Kew, VIC, 3101, five-bedroom house, sold before auction on June 2 by Marshall White Real Estate for $2,836,000
2. 45/51 William Street, Double Bay, NSW, 2028, three-bedroom unit, sold on June 1 by Di Jones Real Estate Woollahra for $2.75 million
3. 92 Morris Street, Williamstown, VIC, 3016, four-bedroom house, sold at auction on June  2 by Williams Real Estate for $2,692,000
4. 687 Park Street, Brunswick, VIC, 3054, five-bedroom house, sold at auction on June 2 by Peter Markovic Real Estate Fitzroy for $2.65 million
5. 14 Bangalla Street, Warrawee, NSW, 2074, six-bedroom house, sold before auction on May 31 by L J Hooker Wahroonga for $2.56 million
6. 19 Yanko Avenue, Bronte, NSW, 2024, five-bedroom house, sold before auction on June 2 by Raine &amp; Horne Double Bay for $2.5 million
7. 86 Stanhope Street, Malvern, VIC, 3144, three-bedroom house, sold at auction on June 2 by R T Edgar Toorak for $2,405,000
8. 46 Burns Crescent, Chiswick, NSW, 2046, four-bedroom house, sold at auction on June 2 by Raine &amp; Horne Concord for $2,401,000
9. 4 Goldsack Street, Glen Osmond, SA, 5064, four-bedroom house, sold at auction on May 30 by Smallacombe Real Estate Burnside for $2.4 million
10. 12 Saywell Street, Chatswood, NSW, 2067, five-bedroom house, sold at auction on June 2 by Shead Property for $2.28 million
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