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“Minister Chanthivong and his team have shown real leadership in replacing an outdated two-year bond with cover that matches the lifespan of the buildings people are buying into.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>
The top two highest priced properties sold this week were in Melbourne, according to RP Data.
A Malvern property of two blocks was the top sale of the week, with the combined properties costing $7,131,510. The property at 39 Mayfield Avenue alone sold for $4,865,000.
It comes with a five-bedroom cottage with a floodlit north/south tennis court in established gardens. There were the three bidders, according to James Buyer Advocates attendee Adam Woledge.
{yoogallery src=[images/stories/may9camberwell]}
The second highest sale of the week was 35 Broadway, Camberwell (pictured above), which was auctioned by Jellis Craig agent Alastair Craig. Caversham, a 1902 Federation house, was marketed by Steve Burke and Andrew Wilkie of Jellis Craig.
“A much-anticipated auction, this one as the property was a rare offering – an original home with fantastic bones on excellent land size and prized north-facing rear,” Melbourne buyers’ agent Mal James says.
James says there were six bidders at the hotly contested auction.
“There was a genuine buzz in the crowd – you could feel it – and many prominent local agents turned up to watch. Thankfully the rain stayed away and in front of around 100 people in the pretty front yard garden setting, auctioneer Alastair Craig was in his element and conducted an entertaining, spirited auction,” he says.
“The auction opened swiftly with a crowd bid of $2.7 million and was announced on the market not long after at $2,910,000. It didn't take too long for bidding to reach the $3 million mark and then limped along in a series of mixed bids to eventually slow down at around the $3.3 million mark. From there the auction limped along mainly in series of $1,000 bids until it was eventually bought by the original bidder at $3,425,000.”
The other top 10 properties comprised two more in Victoria, three in New South Wales, two in Queensland and one in WA.
1. 39 MAYFIELD AVENUE, MALVERN, VIC, 3144, five-bedroom house, sold at auction on May 5 by Kay &amp; Burton South Yarra for $7,131,510
2. 35 BROADWAY, CAMBERWELL, VIC, 3124, four-bedroom house, sold at auction on May 5 by Jellis Craig Real Estate Hawthorn for $3,425,000
3. 9A/5 THORNTON ST DARLING POINT, NSW, 2027, three-bedroom unit, sold at auction on May 2 by Raine &amp; Horne Double Bay for $2,901,000
4. 9 THE PROMONTORY, NOOSAVILLE, QUEENSLAND, 4566, three-bedroom house, sold on May 2 by Dowling &amp; Neylan Real Estate for $2.8 million
5. 53 THE PENINSULA, NOOSAVILLE, QUEENSLAND, 4566, four-bedroom house, sold on May 2 by Dowling &amp; Neylan Real Estate for $2.7 million
6. 38 SUSSEX STREET, BRIGHTON, VIC, 3186, four-bedroom house, sold before auction on May 5 by Hodges Brighton for $2,525,000
7. 81 STEWART STREET, PADDINGTON, NSW, 2021, three-bedroom house, sold at auction on May 5 by McGrath Estate Agents for $2,365,000
8. 51a WILLIAM STREET, BRIGHTON, VIC, 3186, three-bedroom house, sold at auction on May 3 by Buxton Brighton for $2.2 million
9. 34 BUNDOCK STREET, RANDWICK, NSW, 2031, five-bedroom house, sold at auction on May 5 by Laing + Simmons Kingsford for $2.2 million
10. 4 COLUMBA PLACE, PEPPERMINT GROVE, WA, 6011, five-bedroom house, sold at auction on May 5 by Acton Dalkeith for $2.15 million
 
 
 
 
 
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Pool-less Camberwell runs second to Malvern big splash top seller: RP Data

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No equity capital has been raised by A-REITs since March 2011. This is in stark contrast with 2009-10, when almost $17 billion of equity was raised to restore balance sheets. As new equity was issued at a significant discount to net tangible assets (NTA) and not offered as rights issues, this equity was dilutive for existing unit holders. 
For the past year, share buy backs have been a common capital management strategy among A-REITs. Conducting a share buy back when shares are priced at a discount is an effective way to increase NTA. 
In order to fund these buy backs, most A-REITs have undertaken asset sales. This has amounted to $1.1 billion of domestic asset sales and $12 billion of offshore asset sales since the beginning of 2011. Among those conducting the asset sales programs have been: 
<ul>
<li>Westfield Group, which has sold $1.2 billion of non-core assets in the United States. It proposes to buy back up to $1.9 billion of shares of issue, although has conducted only 0.3% of this target to date;</li>
<li>Dexus, which will use part of the proceeds of the sale of a $750 million portfolio of US industrial assets to fund its $200 million buy back;</li>
<li>Stockland has sold $972 million of office and industrial assets this financial year in pursuit of its residential, retail and retirement asset strategy. A portion of the proceeds are being directed to an on-going buy back programme of approximately $675 million;</li>
<li>GPT which is selling its Homemaker assets for a reported $195 to extend its buy back from 5% to 10% for approximately $550 million. </li>
</ul>
Other assets up for sale include GPT’s share in Sydney’s MLC Centre with a value of approximately $750 million; a 50% share in three of Centro Retail Australia’s prime assets worth approximately $665 million and Investa’s interest in its $200 million office asset at 231 Elizabeth Street, Sydney. 
Australian assets worth approximately $3.7 billion are reported to currently be on the market for sale by A-REITs.
Mark Wist is senior asset consultant at <a target="_blank" title="Atchison Consultants" href="https://www.atchison.com.au/">Atchison Consultants</a>.
 
 
 
 
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A-REITs have sold $12 billion worth of assets since the beginning of 2011

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Quest Serviced Apartments will operate a new property in Frankston, Victoria after signing a lease with development partners the Deague family’s Asian Pacific Group.
The $50 million project will refurbish the Nepean Highway complex known as the Peninsula Centre.
There will be 81 serviced apartments within the 150-apartment RotheLowman-designed building, which is expected to be completed in early 2013.
Quest chairman Paul Constantinou says the deal Quest was part of the group tapping into the greatest growing demand, which has been in regional and suburban locations.
“Quest’s expansion into Frankston is part of the company’s accelerated growth strategy, which will see it double its new property openings to 15 per year,” he says.
“We’ve built a solid association with The Asian Pacific Group, having partnered with them on other successful developments including Quest Hawthorn and Quest East Melbourne in Victoria and Quest Potts Point in NSW,” Constantinou says.
Quest Serviced Apartments, which was established in 1988, has more than 140 properties in Australia, New Zealand and Fiji. It caters for corporate travellers, who make up 80% of revenue.
Frankston City mayor Brian Cunial says the people of Frankston have been waiting a long time for the Peninsula Centre to be redeveloped.
The Quest part of the redevelopment is worth $30million of the total $50 million.
 
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Quest to operate serviced apartments in RotheLowman-designed Frankston property 

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There are 10 Perth suburbs with median house prices below $300,000 according to Real Estate Institute of Western Australia statistics. Medina had the cheapest houses, $32,500 cheaper than the median in the second-cheapest suburb, Parmelia.
<table width="328" cellpadding="0" cellspacing="0" border="0"><tbody>
<tr>
<td valign="bottom" nowrap width="83">
Suburb
</td>
<td valign="bottom" nowrap width="245">
Median House Price (December 2011)
</td>
</tr>
<tr>
<td valign="bottom" nowrap width="83">
<a target="_blank" href="/news">Medina</a>
</td>
<td valign="bottom" nowrap width="245">
$232,500
</td>
</tr>
<tr>
<td valign="bottom" nowrap width="83">
<a target="_blank" href="/news">Parmelia</a>
</td>
<td valign="bottom" nowrap width="245">
$265,000
</td>
</tr>
<tr>
<td valign="bottom" nowrap width="83">
<a target="_blank" href="/news">Hillman</a>
</td>
<td valign="bottom" nowrap width="245">
$269,500
</td>
</tr>
<tr>
<td valign="bottom" nowrap width="83">
<a target="_blank" href="/news">Brookdale</a>
</td>
<td valign="bottom" nowrap width="245">
$270,000
</td>
</tr>
<tr>
<td valign="bottom" nowrap width="83">
<a target="_blank" href="/news">Calista</a>
</td>
<td valign="bottom" nowrap width="245">
$270,000
</td>
</tr>
<tr>
<td valign="bottom" nowrap width="83">
<a target="_blank" href="/news">Armadale</a>
</td>
<td valign="bottom" nowrap width="245">
$275,000
</td>
</tr>
<tr>
<td valign="bottom" nowrap width="83">
<a target="_blank" href="/news">Camillo</a>
</td>
<td valign="bottom" nowrap width="245">
$280,000
</td>
</tr>
<tr>
<td valign="bottom" nowrap width="83">
<a target="_blank" href="/news">Orelia</a>
</td>
<td valign="bottom" nowrap width="245">
$280,000
</td>
</tr>
<tr>
<td valign="bottom" nowrap width="83">
<a target="_blank" href="/news">Cooloongup</a>
</td>
<td valign="bottom" nowrap width="245">
$285,000
</td>
</tr>
<tr>
<td valign="bottom" nowrap width="83">
<a target="_blank" href="/news">Leda</a>
</td>
<td valign="bottom" nowrap width="245">
$290,000
</td>
</tr>
</tbody></table>
Source: REIWA
 
 
 
 
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The 10 Perth suburbs with median house prices under $300,000: REIWA

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According to the Australian Tax Office, 825,284 of the 1,10,922 property investors in Australia in the 2009-10 financial year made $80,000 or less per year.
Click to enlarge
<a title="Click to enlarge" rel="shadowbox" href="/images/stories/atomay2.gif"><img src="/images/stories/atomay2thumb.gif"></a>
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About 74% of property investors in 2009-10 made less than $80,000 a year: ATO

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The Housing Industry Association expressed disappointment that the federal budget missed the opportunity to reinvigorate new home building activity and alleviate the nation’s housing affordability pressures.
HIA senior economist Andrew Harvey says it contained nothing to address the ongoing weakness in residential building.
“At a time when new home building is in decline in virtually every state and territory, the budget has failed to deliver any new measure to reinvigorate the home building sector, despite the sector’s health being absolutely crucial to a healthy domestic economy,” says Harvey.
He did welcome the tight budget retaining its existing commitments to the Housing Affordability Fund and the National Rental Assistance Scheme.
He also welcomed the continued investment in training and skills.
“However, the budget was an opportunity to introduce measures to progress housing supply-side reforms with the states and territories, reduce the excessive tax burden on new housing, and expand and extend existing measures aimed at boosting housing supply,” says Harvey.
“The federal government has now been working with the states and territories on housing supply and affordability reform, through COAG, for two and a half years.
“After such a protracted period it is reasonable to have expected the federal budget to include sensible measures to boost housing supply, for example arrangements to help the states and territories remove residential stamp duties on new housing.
“Without dedicated housing policy measures and housing supply-side reforms the residential building sector will continue to act as a drag on the macro-economy and the nation’s growing housing shortage will continue to place undue pressure on the household budgets of home buyers and renters,” Harvey says.
 
 
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Federal budget 2012 a lost opportunity to reinvigorate home building sector: HIA

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Almost $20 million will be spent over four years to provide business and finance training to newly-qualified tradespeople in order to help them start their own businesses. 
The $19.4 million boost builds on the $3 billion invested over six years in last year’s budget, through the Building Australia’s Future Workforce package. 
Grants of up to $5,000 will be available for 500 people in 2012-13, and then 1,000 people each year from 2013-14. 
People can apply for a grant within two years of completing a trade-related apprenticeship. 
According to Minister for Skills, Chris Evans, the new funding will ensure more tradespeople – early on in their careers – get the skills they need to run their own businesses. 
“It will also allow those completing their apprenticeship to access funding to cover the cost of training to improve their business-related skills – something which can be critical to the success of small businesses,” Evans said in a statement. 
Meanwhile, the government is reining in its Australian Apprenticeship spending to encourage higher retention rates in non-National Skills Needs List occupations. 
It’s hoped this will increase the completion incentive for employers to commit to the training of apprentices. 
The government will discontinue the $1,500 standard employer commencement incentive payment for existing worker Australian Apprentices in non-National Skills Needs List occupations. 
However, it will increase the standard completion incentive by $500 to $3,000. 
The change recognises that employers do not face the same level of upfront cost or risk when starting an existing worker in an apprenticeship.
 It also increases the incentive for them to support those employees through to the completion of their training. 
The government will also move the standard commencement payment made to employers for all apprentices, from being paid three months after commencement to six months after commencement.
This article originally appeared on <a target="_blank" href="https://www.startupsmart.com.au/">StartupSmart</a>.
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Federal budget 2012: Grants for young tradespeople to start their own businesses

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In about 21 days middle-income Australians will suddenly discover the full extent of the blows that have been reigned down on them in the 2012-13 budget.  I have always believed that the carefully crafted government attack on middle-income Australia, which was also evident in the 2011-12 budget, is a key, but unstated reason why Julia Gillard is on the nose with big chunks of the electorate. And they have done it again.  The budget documents show that middle-income Australia will have $1.26 billion ripped out of their pockets in 2012-13 by the means testing of private health insurance subsidies. The taxman plans to write to Australia’s middle class and inform them of their fate in about three weeks. In theory the middle class can abandon private health cover, but if they do their Medicare levy will skyrocket so most will stay in private cover, especially given the poor state of public health facilities in many areas.  According to the budget, for a single person the private health subsidy starts dropping when they earn just $84,000 and by the time they get to an income of $130,000 it’s all gone. For families, the figure doubles so it is single middle-income Australia who will be the biggest contributors to the $1.26 billion middle class impost.  The carbon tax will rip around $7.7 billion (including accrued income) out of Australian households and companies, mainly via higher power charges. Lower income people will be more than compensated but the middle class pays close to the full carbon tax, which will be included in their expected increase of 38% in power prices over the next years. (In the vicinity of 7 to 10% of the rise in carbon taxing). In the schoolyard, parents who have combined income below $112,000 with two children will be celebrating the kids' bonuses of $820 for a secondary student and $410 for primary school students - it’s a carbon tax/MRRT dividend. Children whose parents are in the middle class get nothing. The same applies to various family allowances. The middle class will have $370 million extracted from its pocket over the next three years as a result of changes to their medical expense claims, and those with large amounts on deposit will forego $795 million by the decision not to proceed with the 50% tax discount on interest income. In income taxes, the tax free threshold jumps from $6,000 to $18,200, but after that the next $18,800 is taxed at 19% (previously 15%), and between $37,000 and $80,000 the tax take rises from 30 to 32.5%.  Welcome to middle income Australia. You just keep paying.  Many people in middle income Australia have been concentrating on getting their mortgages under control ,but they are often well below where they want to be in superannuation savings with balances under $500,000. Part of the reason for this has been the poor sharemarkets.  They were going to be allowed to put an additional $25,000 (total $50,000) into superannuation in 2012-13 and be taxed at 15%. It’s been deferred for two years, so in 2012-13 they can only contribute $25,000. That deferral raises $580 million in 2012-13 and $730 million in 2013-14.  When it comes to the 2013-14 and 2014-15 budgets, the Treasurer may find that the mineral resources tax has raised nothing like the $4 billion that they are forecasting, assuming the sharemarket outlook for commodity prices is correct.  So the government of the day will be scrambling for money and abandonment of the additional $25,000 will be almost certain. Wayne Swan believes his surplus budget will lower interest rates. But much of the rise in expenditures has merely been deferred – it’s not really a cut – and it’s anticipated that income will keep steaming ahead by about 10% a year.  Yet two of the biggest contributors to income – the carbon tax and the claimed mineral resources tax revenue – are both measures that the Opposition has pledged to drop.  So this is not a sustainable surplus and should not affect interest rates. Those in the middle class with mortgages will get little or no relief from the budget.
This article originally appeared on <a target="_blank" href="https://www.businessspectator.com.au/">Business Spectator.</a>
 
 
 
 
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Federal budget 2012 rips into middle-income Australians' pockets: Robert Gottliebsen

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And everyone thought this was going to be a tough budget. It was a piece of cake, really – Wayne Swan hardly had to employ any smoke and mirrors at all. Just do a bit of pea-and-thimble shuffling of spending out of 2012-13, and revenue in, both forwards and backwards, forecast a bumper 11% increase in tax revenue, and – hey presto! – watch me pull a surplus out of my hat.
That’s right, tax receipts are going to grow by 11% in 2012-13, according to this budget, including company tax up 9% and personal tax up by 8%. On top of that, there’s an extra $5.6 billion from resource rent taxes and $4 billion from the carbon tax. 
This is, at its core, a big-taxing, big-spending budget, including a big increase in welfare. It is the budget of an unpopular government approaching an election, not one that’s tightening the belt.
According to Budget Paper No.2 – Budget Measures, “expense measures” in this budget actually increasespending by $201.2 million.
There are a total of 284 separate increases in spending in the budget, ranging in size from $100,000 (a new Remote Jobs and Communities Programme) to $911 million (continuing “Operation Slipper” in Afghanistan).
On top of that, about $1.6 billion in spending was pulled forward from 2012-13 into 2011-12: $1.1 billion has been thrown at local councils this year in grants that were due to be paid in 2012-13, and another $500 million has been pulled forward by replacing the Education Tax Refund with a “Schoolkids bonus”.
In total, welfare payments, including the school kids bonus and the extra family welfare, go up by $4.8 billion.
Meanwhile the revenue measures in this budget add up to $1.7 billion in extra revenue, but they’re mostly just deferrals of tax cuts and special dividends.
The higher cap for super contributions has been deferred ($580 million more money in 2012-13), the company tax cut has been scrapped ($302 million), another $121 million will be pulled out of super by implementing the so-called “SuperStream” reforms, and $200 million will be yanked out of the Export Finance and Insurance Corporation as a special dividend and a $100 million one-off dividend from the Australian Reinsurance Pool Corporation. Oh, and there’s $127 million from cigarettes and tobacco excise.
Tax receipts usually grow by about 8% a year, thanks to fiscal drag (taxpayers moving into higher marginal brackets), but this year’s increase is a blockbuster 11%. Yes, it’s about $6 billion less than forecast six months ago but that was just a silly forecast.
Is the new one silly as well? Probably, but we won’t really know for 18 months.
Iron ore and coal companies aren’t expecting to pay any MRRT, so the $3.5 billion budgeted from that in 2012-13 looks dodgy, and the rest of the increase depends on economic growth of 3.25% and on the companies that are due to pay the carbon tax continuing to spew out greenhouse gases at the same rate, rather than doing something about it to avoid tax.
The important thing is that, thanks to the budgeted $33.4 billion increase in tax revenue, the government doesn’t have to cut spending and can actually increase it. I know they will tell you that spending is, indeed, being cut, but don’t believe it.
One of the curious things in this budget is that it assumes a cut in staff numbers for the Commonwealth public service of 3,073 to 258,563, or 1.2% – not much, but better than the big increases of previous years. A third of the cut is in the Australian Taxation Office, which is supposed to be losing 1,039 staff, and half the rest is just casual census collectors moving off the books.
Yet the budget also says $378 million is going to be provided to the ATO over four years so it can increase its collection of tax debts, increase its GST collections, and fight tax evasion.
That investment is budgeted to provide a return of $2.4 billion over the forward estimates – six times the investment – but you would think it won’t result in a staff cut of more than 1,000 people in the ATO, if they are supposed to run down that much more tax.
This article originally appeared on <a target="_blank" href="https://www.businessspectator.com.au/">Business Spectator.</a>
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Federal budget 2012: A big taxing, big spending budget: Alan Kohler

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We were promised a Labor budget and we got one, at least Labor in its modern sense of a managerialist party that still faintly remembers the old nostrums of equity and opportunity that form what’s left of its core values. 
If we had a genuine budget process that didn’t involve systematic leaking of major initiatives, one suspects the reporting of this budget would be very different. Between aged care reform, the dental program, a start to a national disability insurance scheme and additional welfare (let’s call it what it is) for low-and middle-income earners, there’s plenty of “Labor” initiatives – although some credit will have to be shared with the Greens. Moreover, unlike big-ticket items like the carbon pricing package or the mining tax, one suspects the aged care reforms and the NDIS will be left intact by the Coalition. 
Despite all that, the budget is scheduled to be back in surplus, albeit virtually a rounding error, without too much pain except from high-income earners, the foreign aid lobby and business, which has seen its promised 1% tax cut vanish before its eyes. The surplus also comes at the cost of Labor’s credibility on personal tax reform, to the extent that anyone remembers the government’s insistent rhetoric about making life easier for taxpayers last year. 
Labor will also be hoping that no one notices that this year’s deficit has blown out yet again by another $7 billion, something else that has helped it get that magical black figure for next year. Some commentators keep talking about the size of the fiscal turnaround between this year and next, forgetting that in fact the two are closely related – Wayne Swan has been busy shifting payments into this year from next, knowing neither the media nor the electorate will pay much attention to it. 
But none of that – putting aside the static of brothel-visiting union officials and accused speakers – is likely to cut through for any sort of turnaround for Labor. It’s more of the same that we’ve got from the government ever since the financial crisis receded – steady, unspectacular, and in my view sound management in an environment where revenue is hard to come by and ministers in spending portfolios have to curb their ambitions. Labor is a prisoner of a mining boom that began, pre-GFC, as a vast tax machine, but has now turned into a vast investment machine, dedicated to expanding resources capacity at the expense of taxable profits. Meantime, more traditional sectors like manufacturing continue to struggle. The impacts on tax revenue will be felt for years to come. 
Labor hopes the extra money flowing to low- and middle-income earners is enough to assuage the electorate’s hostility to the carbon price and that broken promise. The party hopes it’s enough to turn angry, resentful voters into voters at least willing to listen to Labor’s story about how it’s managed the economy through a difficult period pretty well and why the Opposition is all over the place on fiscal policy and economic policy more broadly. The carbon compensation ultimately is the political compensation for years of poor communication by Labor. 
What Labor wouldn’t give for just one year of the conditions Peter Costello enjoyed before the financial crisis, where the main challenge each budget was to find new ways to spend extra revenue. But this is Labor’s economic lot; the party may well rue its luck, just as it rued its luck in entering office on the eve of a financial catastrophe, but you manage the economy you’re given. Swan has been a bland but responsible Treasurer, and history will ultimately offer a fairer judgment of his economic legacy than voters certainly will. But that will be of no comfort to Labor MPs facing a wipeout next time they go to the polls.
This article originally appeared on <a target="_blank" href="https://www.crikey.com.au/">Crikey</a>.
 
 
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