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“Minister Chanthivong and his team have shown real leadership in replacing an outdated two-year bond with cover that matches the lifespan of the buildings people are buying into.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>
GUEST OBSERVATION
Immigration policy will be a critical issue in forthcoming state (Victoria, NSW) and federal elections. The disproportionate impact of immigration on population growth and public infrastructure in Sydney and Melbourne is the key issue.
If we look to the example of another immigrant-friendly country, Canada, however, we can see how giving states and territories a greater role in immigration target setting and selection can help take the pressure off major cities without drastically reducing immigration rates.
Immigration certainly impacts on Australia’s population to a greater degree than most Western nations. Among OECD countries, only Switzerland and Luxembourg have a higher percentage of foreign-born people than Australia.
Today, 28% of the Australian population <a href="http://migrationcouncil.org.au/policy/#the-economic-impact-of-migration-2015" target="_blank">was born overseas</a>. The key issue for Australia is that immigrants are more likely to live in large cities than smaller cities or regional areas. According to the Australian Bureau of Statistics, <a href="http://www.abs.gov.au/ausstats/abs@.nsf/lookup/4102.0main+features102014" target="_blank">85% of immigrants</a> live in major urban areas, compared to just 64% of Australian-born people.
Indeed, <a href="https://publications.iom.int/books/world-migration-report-2015-migrants-and-cities-new-partnerships-manage-mobility" target="_blank">according to the International Organisation for Migration (IOM)</a>, Sydney is now equal-fourth in the world (with Auckland and Los Angeles) with the highest percentage of foreign-born residents (39%), while Melbourne is not far behind (35%). Nearly two-thirds of residents in Sydney, Melbourne and Perth <a href="https://www.theaustralian.com.au/news/inquirer/census-2016-migrants-make-a-cosmopolitan-country/news-story/da01bec138fc8600ea7bb84d1844ea80" target="_blank">have at least one parent who was born overseas</a>.
A new state-based approach?
The stress that rapid population growth has placed on Melbourne and Sydney has recently become a topic of much debate. This week, <a href="https://theconversation.com/australian-prime-minister-foreshadows-cut-to-migration-settings-107262" target="_blank">Prime Minister Scott Morrison pledged</a> to reduce the annual permanent immigration cap of 190,000. Australia <a href="https://www.theguardian.com/australia-news/2018/jul/13/industry-brands-australias-10-migration-intake-drop-disappointing" target="_blank">accepted just 162,417 immigrants</a> last year, the lowest level in a decade.
Morrison has also called for a <a href="https://www.sbs.com.au/news/states-in-best-position-to-determine-skilled-migrant-numbers-morrison" target="_blank">major rethink</a> of the “top-down” approach to immigration in Australia, allowing states and territories to request the number of skilled migrants they’d like to admit each year.
The states and territories currently have a limited ability to nominate applicants for <a href="https://immi.homeaffairs.gov.au/visas/getting-a-visa/visa-listing/skilled-nominated-190" target="_blank">certain skilled visas</a>. But state-nominated and regional visa approvals <a href="https://www.propertyobserver.com.au/https://www.abc.net.au/news/2018-11-13/regional-migration-approvals-stalling-five-year-bush-visa/10488204">have fallen in recent years</a> to just over 36,000 last fiscal year <a href="https://www.sbs.com.au/yourlanguage/punjabi/en/article/2018/07/02/state-nomination-changes-skilled-visas-leave-visa-seekers-lurch" target="_blank">following tighter restrictions</a>.
Morrison <a href="https://www.theaustralian.com.au/national-affairs/immigration/population-plan-not-working-scott-morrison/news-story/f469e167d2e490b55c769b8a69d10c60" target="_blank">wants to see</a> a bigger role for states and territories:
"This is a blinding piece of common sense, which is: how about states who plan for population growth and the Commonwealth government who sets the migration levels, actually bring this together?"
What we can learn from Canada
The Canadian government gave provinces a say in setting targets and selecting economic immigrants – similar to Australia’s skilled migration intake – in the early 1990s. Quebec was first to <a href="https://www.thecanadianencyclopedia.ca/en/article/politique-du-quebec-immigration" target="_blank">receive a high degree of autonomy</a> in the process – it was given the right to set its own level and selection criteria for all economic immigrants. (The ability to speak French was a must.)
Quebec was also granted the right to set all of its integration programs, funded by Ottawa every year. The payments <a href="https://www.theglobeandmail.com/politics/article-quebec-to-get-50-million-boost-in-immigration-funding-even-if-it/" target="_blank">reached C$540 million this fiscal year</a>, or C$13,500 for each newcomer.
After Quebec was given this authority, the other Canadian provinces demanded the same. But they received far more limited rights than Quebec. They can <a href="https://www.canada.ca/en/immigration-refugees-citizenship/services/immigrate-canada/provincial-nominees/works" target="_blank">nominate the number of economic migrants</a> they need as part of the national immigration target set by the federal government, but they can’t independently set their intake target and selection criteria like Quebec.
While provinces nominate – or in Quebec’s case, decide – annual intakes, all cases are still routed through Ottawa for application integrity testing and vetting for criminality, health and security. Ultimately, final approval rests with Ottawa.
Last year, the Canadian government set an <a href="https://www.cbc.ca/news/politics/immigration-canada-2018-1.4371146" target="_blank">ambitious target</a> of admitting 1 million total immigrants from 2018-2020. The target for next year is 330,000 immigrants, of which about <a href="https://www.canada.ca/en/immigration-refugees-citizenship/news/notices/supplementary-immigration-levels-2019" target="_blank">190,000 will be economic migrants</a>. The remainder will enter under the family reunification category and the refugee, humanitarian and protected category.
About one-third of the economic migrants (61,000) will be admitted through the Provincial Nominee Program. This figure excludes Quebec, which will set its numbers separately.
How the Canadian system encourages rural immigration
Giving the provinces a greater immigration policy role has helped to dramatically shift the settlement of immigrants beyond Canada’s biggest cities.
According to immigration statistics, <a href="https://www.canada.ca/content/dam/ircc/migration/ircc/english/pdf/pub/annual-report-2018.pdf" target="_blank">34% of economic migrants in 2017</a> landed in destinations outside Canada’s three most populous provinces, Ontario, Quebec and British Columbia – compared to just 10% in 1997.
After immigrants arrive, the key issue for the provinces is retention, since immigrants can leave at any time. The provinces put a strong emphasis on ensuring that economic migrants receive a strong welcome on arrival and are provided with support programs, including education, access to local migrant community networks and assistance finding a job for those who are not sponsored by employers.
One of the biggest success stories of the Provincial Nominee Program is thinly populated Manitoba, which has <a href="https://www.cbc.ca/news/canada/manitoba/provincial-nominee-program-anniversary-immigration-manitoba-1.4907396" target="_blank">added 130,000 migrants since 1998</a>. Ninety percent have gotten a job within a year of arriving and nearly the same number has ended up staying in Manitoba permanently. New arrivals also <a href="https://umanitoba.ca/faculties/arts/research/media/A_Manitoba_Success_Story.pdf" target="_blank">express some of the greatest feelings</a> of belonging of all immigrants in western Canada.
Why this could work in Australia
South Australia, Tasmania and the Northern Territory – as well as other regional and rural areas across Australia – want more immigrants and refugees.
Attracting immigrants to less-populated states is the easy part: those willing to settle outside Sydney and Melbourne can receive more points if they are skilled migrants, possibly making the difference as to whether they come to Australia or not. The key issue is retention.
<a href="https://theconversation.com/refugees-are-integrating-just-fine-in-regional-australia-101188" target="_blank">My fieldwork with refugees in Australia</a> has shown that the majority of these migrants love living in regional communities and have received a warm welcome from locals. Our research also found they are willing to stay in regional areas if they can get jobs there. Another way of encouraging more immigrants to settle in regional areas could be to offer them priority in the family reunion process.
Importantly, Canada also doesn’t politicise immigration policy. Australia should follow Canada’s lead by giving the states a bigger seat at the immigration policy table and resisting the temptation to blame immigration for complex growth problems in our overcrowded cities.
Reducing the immigration intake cap will have no significant impact on reducing congestion or strain on public infrastructure in Sydney and Melbourne, but it could <a href="http://migrationcouncil.org.au/policy/#the-economic-impact-of-migration-2015" target="_blank">severely constrain economic growth</a>.<img src="https://counter.theconversation.com/content/107283/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1" style="border: none !important; box-shadow: none !important; margin: 0 !important; max-height: 1px !important; max-width: 1px !important; min-height: 1px !important; min-width: 1px !important; opacity: 0 !important; outline: none !important; padding: 0 !important; text-shadow: none !important;">
Jock Collins, Professor of Social Economics, UTS Business School, University of Technology Sydney
This article is republished from <a href="http://theconversation.com" target="_blank">The Conversation</a> under a Creative Commons license. Read the <a href="https://theconversation.com/why-canadas-immigration-system-has-been-a-success-and-what-australia-can-learn-from-it-107283" target="_blank">original article</a>.
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j.ballantyne1990-6AQqhLzZaK

Why Canada’s immigration system has been a success, and what Australia can learn from it

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Hope Island is set to host a new store from the famous American restaurant chain Carl’s Jr.
The store will be in the $65 million Hope Island Marketplace, which is set to open in December.
The chain is known for its burgers, chicken strips and ice cream shakes.
Franchisor the Bansal Group will open the store’s doors on December 6 at 8.30am, with an ‘eat free for a year’ voucher offer for the first 50 customers.
The shopping centre is located at the intersection of Broadwater Avenue and Mervyn Drive.
“Carl’s Jr. is a household name in America and love for the brand is growing in Australia, so we’re thrilled to have the next restaurant opening here at Hope Island Marketplace,” said developer Lennon Lin.
The centre’s opening celebration will be on Saturday 8th December from 10am.
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jonathanchancellor-7SQnKwU6yx

Carl's Jr store coming to new Hope Island shopping centre

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EXPERT OBSERVATION 
While global and Australian shares had a nice bounce from their late October lows – rallying about 5%, partly reversing their 10% or so top to bottom fall, they have since fallen back to their lows as the worries about US rates, bond yields, trade, tech stocks, etc, have morphed into broader concerns about global growth and profits. Fears of a credit crunch and falling home prices are probably not helping Australian shares either, which this week dipped below their October low. Our assessment remains that it’s too early to say we have seen the lows, but we remain of the view that it’s not the start of major bear market.
The three bears – correction, gummy &amp; grizzly
Very simply there are three types of significant share market falls:
<ul>
<li>
corrections with falls around 10% (of course these aren’t really bear markets – but some might feel that they are!);
</li>
<li>
“gummy” bear markets with falls around 20% meeting the technical definition many apply for a bear market but where a year after falling 20% the market is up (like in 1998 in the US, 2011 and 2015-16 for Australian &amp; global shares); and
</li>
<li>“grizzly” bear markets where falls are a lot deeper and usually longer lived (like in 1973-74, US and global shares through the tech wreck or the GFC).</li>
</ul>
I can’t claim the terms “gummy bear” and “grizzly bear” as I first saw them applied by stockbroker Credit Suisse a few years ago. But they are a good way to conceptualise them. Grizzly bears maul investors but gummy bears eventually leave a nicer taste (like the lollies). Corrections are quite normal and healthy as they enable the sharemarket to let off steam and not get too overheated. As can be seen in the next chart, excluding the present episode since 2012 there have been four corrections and one gummy bear market (2015-16) in global and Australian shares. Bear markets generally are a lot less common, but arguably what we saw in 2015-16 was a gummy bear market.
<a href="https://www.propertyobserver.com.au/images/2018/11/22/bear%20market%201.jpg" target="_blank">Click here</a> to enlarge
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2018/11/22/bear%20market%201.jpg" alt=""> 
The next table shows conventionally defined bear markets in Australian shares since 1900 – where a bear market is a 20% decline that is not fully reversed within 12 months. The first two columns show bear markets and the size of their falls. The third shows the percentage change in share prices 12 months after the initial 20% decline. The fourth column shows whether they are associated with a recession in the US, Australia or both.
<a href="https://www.propertyobserver.com.au/images/2018/11/22/bear%20market%202.jpg" target="_blank">Click here </a>to enlarge
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2018/11/22/bear%20market%202.jpg" alt="">
If a gummy bear market is defined by a 20% decline after which the market is higher 12 months later whereas as grizzly bear market sees a continuing decline over the subsequent 12 months after the first 20% decline, then since 1900 there have been 12 gummy bear markets (these are highlighted in black) and there have been six grizzly bear markets (highlighted in red). Several points stand out. First, the gummy bear markets tend to be a bit shorter and see much smaller declines averaging 26% compared to 46% for the grizzly bear markets.
Second, the average rally over 12 months after the initial 20% fall is 15% for the gummy bear markets but it’s a 23% decline for the grizzly bear markets.
Finally, and perhaps most importantly the deeper grizzly bear markets are invariably associated with recession, whereas the milder gummy bear markets including the 1987 share market crash tend not to be. Five of the six grizzly bear markets saw either a US or Australian recession or both whereas less than half of the gummy bear markets saw recession.
It’s also the case that US share market falls are much deeper and longer when there is a US recession.
What’s it likely to be this time?
Our view remains that a grizzly bear market is unlikely because, short of some unforeseeable external shock, a US, global or Australian recession is not imminent. In relation to the US:
<ul>
<li>
Business and consumer confidence are very high.
</li>
<li>
While US monetary conditions have tightened they are not tight and they are still very easy globally and in Australia (with monetary tightening still a fair way off in Europe, Japan and Australia). We are a long way from the sort of monetary tightening that leads into recession.
</li>
<li>
Fiscal stimulus is continuing to boost US growth.
</li>
<li>We have not seen the excesses – in terms of debt growth, overinvestment, capacity constraints and inflation – that normally precede recessions in the US, globally or Australia.</li>
</ul>
Reflecting this, global earnings growth is likely to remain reasonable – albeit slower than it has been – providing underlying support for shares. In relation to Australia – yes housing is turning down and this will weigh on consumer spending, but it will be offset by a lessening drag from mining investment, strengthening non-mining investment, booming infrastructure spending and solid growth in export earnings. Growth is unlikely to be as strong as the RBA is assuming but it’s unlikely to slide into recession either. So, for all these reasons it’s unlikely the current pull back in shares is the start of a grizzly bear market.
However, we have already had a correction in mainstream global shares and Australian shares (with circa 10% falls) and with markets falling again it could turn into gummy bear market, where markets have another 10% or so leg down – a lot of technical damage was done by the October fall that has left investors nervous, the rebound from late October was not particularly convincing and many of the drivers of the October fall are yet to be resolved. Some positives
However, there are three developments that help add to our conviction that we are not going into a grizzly bear market. First, recent comments by Fed Chair Powell and Vice Chair Clarida indicate that the Fed remains upbeat on the US economy and a December hike looks assured (for now), but it is aware of the risks to US growth from slowing global growth, declining fiscal stimulus next year, the lagged impact of eight interest rate hikes and stock market volatility and appears open to slowing the pace of interest rate hikes or pausing at some point next year. The stabilisation in core inflation around 2% seen lately may support this. Past gummy bear markets (1987, 1998, 2011, 2015-16) all saw some pause or relaxation by the Fed.
Second, while it’s messy after the US/China standoff at the recent APEC forum there have been some positive signs on trade. Talks between the US and China on trade have reportedly resumed ahead of a meeting between President Trump and President Xi at the G20 summit next week and President Trump has repeated that he is optimistic of a trade deal with China and that the US might put any further tariff increases on China on hold if there is progress. The US/China trade dispute is unlikely to be resolved quickly when Trump and Xi meet. Perhaps the best that can be hoped for is agreement to have formal trade talks with the aim of resolving the issues and the US agreeing to delay any further tariff increases. With Trump wanting to get re-elected I remain of the view that some sort of deal will be agreed before the tariffs cause too much damage to the US economy. Rising unemployment (as fiscal stimulus will turn to contraction next year if current and proposed tariffs/taxes on China go ahead) and higher prices at Walmart will sink Trump’s re-election prospects in 2020. Of course, investors are now highly sceptical of any progress on the trade front. So any breakthrough in the next six months could be a big positive.
Finally, while the 30% plunge in the oil price since its October high is a short-term negative for share markets via energy producers, it has the potential to extend the economic cycle as the 2014-16 oil price plunge did. The main drivers of the fall in the oil price are slower global demand growth, US waivers on Iranian sanctions allowing various countries to continue importing Iranian oil, rising US inventories, the rising $US and the cutting of long oil positions. While oil prices are unlikely to fall as much as in 2014-16 when they fell 75% (as OPEC spare capacity is less now) they may stay lower for longer. This is bad for energy companies but maybe not as bad for shale producers as in 2015 as they are now less indebted and their break-even oil price has already been pushed down to $50/barrel or less. It will depress headline inflation (monthly US inflation could be zero in November and December) and if oil stays down long enough it could dampen underlying inflation. All of which may keep rates lower for longer. And its good news for motorists who see rising spending power. For example, Australian petrol prices have plunged from over $1.60 a litre a few weeks ago to below $1.30 in some cities. That’s a saving in the average weekly household petrol bill of around $10.
<a href="https://www.propertyobserver.com.au/images/2018/11/22/bear%20market%203.jpg" target="_blank">Click here </a>to enlarge
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2018/11/22/bear%20market%203.jpg" alt="">
Shane Oliver is Head of Investment Strategy and Chief Economist at AMP Capital.
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The story of the three bears and the share market: Shane Oliver

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A new commercial development in Fremantle is set to be the first mass timber-framed office development in Western Australia.
Located on the corner of Josephson and High Streets, 'hArbour' by Yolk will be developed by Yolk Property Group in partnership with Harris Jenkins Architects and Josh Byrne and Associates.
The six story project will comprise 1895 sqm of office space and 150sqm for a café/bar/retail offering.
It will feature a vertical garden across more than half of the building’s exterior.
Yolk Property Group Director Pete Adams said “studies have shown workplaces that utilise natural materials like wood, incorporate plant life and allow for natural light, result in happier and more productive employees” 
“Our aim with this this project is not just to develop a highly sustainable building but to create an environment that has a positive impact on those within it." he said.
City of Fremantle Mayor Brad Pettitt said “This project is an example of a development using sustainability and innovation to create positive outcomes for the community." 
Situated in the heart of Fremantle, it is just 100 metres from the new King Square development.
The development will take 18 months to build, with completion expected mid-2020.
Strata spaces at hArbour by Yolk range from 57 sqm to full floors of 380 sqm and are available to purchase from $347,500, with leasing opportunities also available. 
Additional sustainability features that will be incorporated include solar usage and storage system; storm and grey water collection, distribution and recycling; and a new commercial greywater system using filtration and ozone disinfection to recycle shower and hand basin water to the planters in the green façade.
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WA's first mass timber office building set for Freemantle

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Lendlease has officially opened Australia’s tallest engineered timber office building, 25 King in Brisbane.
Designed and manufactured by Lendlease and sold to IIG, the ground floor plus nine-storey timber commercial tower features open and flexible office spaces.
Global engineering firm, Aurecon, has committed to 6,500 square metres on a 10-year lease and currently occupies 43.5% of the net lettable area, with IIG working with Lendlease to secure new tenants for the remaining office space.
<img src="https://www.urban.com.au/images/2018/11/22/25%20king%202.JPG" alt="">
Located in the Brisbane showgrounds precinct, Lendlease is targeting a 6 Star Green Star rating, 5 Star NABERS Energy rating and WELL Core &amp; Shell rating for the 25 King Street tower.
The building is LendLease’s fifth engineered timber building in Australia.
The 65 metre tall tower is a Queensland first and the world's largest by gross floor area.
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Australia's tallest timber office tower 25 King unveiled

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GUEST OBSERVER
Prime Minister Scott Morrison’s comments about setting migration caps to alleviate congestion pressures in in our biggest cities are an interesting response to a highly contentious issue.
There is no doubt people in Melbourne, Sydney, and Brisbane feel the liveability of their neighbourhoods and their overall city is eroding.
Rightly or wrongly, many ascribe this fact to the pace of overseas immigration.
The Federal Coalition’s proposal to involve state, territory and local governments in managing and planning Australia’s changing population was commendable since they bore most of the responsibility for providing infrastructure for their growing populations.
Immigration is only one of many complex factors at play in the growth and development of our cities and regions, and Mr Morrison has missed an opportunity to take a strategic and nuanced approach to shaping Australia’s future.
If Australia had an integrated national urban policy – something planners have been advocating for some years – we could alleviate the pressures now being felt in Sydney and elsewhere whilst ensuring that those regions which actually want more immigrants were not left behind.
As matters stand, there is no agreed vision for Australia’s future pattern of settlement, no consistent planning parameters. As well as no nationally agreed objectives on housing, employment or infrastructure.
In such a vacuum, how will the states and territories determine their population targets?
The Commonwealth’s policies and expenditure decisions have a major influence on where jobs, new housing and population growth are located, and these needed to be considered holistically.
Cutting immigration has consequences and trade-offs and these need to be explained to the Australian public.
The Australian economy is in good shape now, with strong job creation. If skilled immigration levels are cut, who is going to fill the jobs?
Or do we simply accept this constraint to our short-term economic growth?
Secondly, if the cuts continue into the medium term, then we will not have the flow of younger immigrants to balance our ageing population, which in turn threatens our long-term economic growth.
Australia needs a nationally consistent set of solutions to ensure the continued liveability and sustainability of our cites.
These include:
1) Development of a National Settlement Strategy that provides context for better targetted national taxation, investment and migration policy; informs the growth parameters to be applied to settlement strategies; and resolves roles and responsibilities associated with growth management, land use and infrastructure planning within the context of Australian federalism.
2) Infrastructure funding aligned to the National Settlement Strategy so that future Commonwealth investment and prioritisation of “growth’’ infrastructure is targetted to those areas aligned with state and territory growth strategies.
3) Appointment of a National Chief Planner by the Commonwealth with the role of coordinating policy evaluation and national settlement strategy preparation.
4) A spatial review and evaluation of Commonwealth policies, including, taxation, investment and immigration policies, to determine the effects these have on how different cities take shape and perform.
5) COAG recognition of strategic planning, which would build on the COAG Reform Council National Criteria for City Strategic Planning (2012), with an emphasis on explicit spatial outcomes and city structures which can improve the productive capacity and living conditions of our cities through more effective integration of land use and infrastructure.
6) City Deals realigned to National Settlement Strategy (including regions)
With bipartisan support, these solutions would serve us well into the future.
BRENDAN NELSON is the National President of the Planning Institute of Australia (PIA).
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Greater Commonwealth leadership needed on cities: PIA's Brendan Nelson

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A Terrigal restaurant and apartment has been sold for $3.35 million to a Sydney-based investor.
Savills Australia’s Aaron McLean brokered the deal on behalf of the locally based vendor, achieving a rate of $5,135.85 per sqm and an initial yield of 5.15 per cent.
Located at 10 Kurrawyba Avenue Mr Mclean said “we received 66 direct enquiries for this campaign, with a total of nine offers submitted.”
“The buyer’s family regularly visits Terrigal as their favourite ‘Sydney getaway’ destination so they will use the four-bedroom apartment for family holidays, while holding on to the renowned Le Chat Noir restaurant as the retail tenant,” he said.
Last sold in 2001 the property went for $727,500 making this latest sale a 9.4% year on year increase in price.
Set on a 651 sqm block the property has a fully leased rental potential of $173,198pa net.
Situated 100m to Terrigal Beach, restaurants, cars and cafes the building holds a corner position with 58m of frontage.
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2018/11/21/Terrigal%202.jpg" alt="">
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Savills sells Terrigal restaurant and apartment for $3.35 million

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Victoria’s largest business park continues to grow as Salta Properties open a new $50 million building at 10 Nexus Court in Mulgrave.
Set on 8,400 sqm the brand new office development at Nexus Corporate comprises of six levels with an average floor plate of 1,600 sqm. 
Salta Properties Managing Director, Sam Tarascio, said “we are grateful to the City of Monash for supporting our long-term vision at Nexus Corporate, allowing us to see this business park come to life and deliver ongoing economic benefits to the local community.”
Large multinational companies occupy a number of tenancies at Nexus Corporate with most of the new building already occupied.
City Holdings has taen the lead tenancy with 4,485 sqm of space to house its business operations followed by Brenntag Australia (1,259sqm), Renault Australia (804sqm), Group Four Building Surveyors (804sqm), Knight Frank Australia (400sqm) and Entrust Datacard South Pacific (233sqm).
Architecturally designed by Gray Puksand, the building offers amenities that such as a rooftop futsal and basketball court, end-of-trip facilities, bike storage and 300 car spaces.
Work life at Nexus Corporate also provides access to on-site concierge services via the Equiem portal, child care facilities, health and wellness programs and a variety of cafes.
Nexus Corporate opened in 2002 and now houses more than 60,000 sqm of office space across nine buildings with a predicted end value in excess of $500 million.
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Salta Properties opens new building at Nexus Corporate

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EXPERT OBSERVATION
There is no relief for tenants looking to move over the short to medium term or for those facing lease renewals.
Over the last 12 months, Sydney’s metropolitan office vacancy rate has fallen below 5%.
The last time that happened was during the late 1980’s boom.
Moreover, the period of low vacancies has only just begun, with BIS Oxford Economics forecasting a sub-5% vacancy rate for at least three more years.
That is not good news for tenants with a short to medium term lease expiry – they will face much higher rents and limited relocation options.
Conversely, the balance of power in lease negotiations has shifted back towards building owners and will stay there for some time yet.
Sydney’s office vacancies have fallen significantly over the last two years, as moderate net absorption (underpinned by a solid NSW economic and employment growth) was met by below average completions and close to zero net additions to stock.
By the end of 2018, it is estimated the Sydney metropolitan vacancy rate will fall to 4.6%.
Sydney’s problem is on the supply side, not the demand side.
With almost nothing added to stock over the last two years, demand is starting to be constrained by a shortage of available space.
With vacancy rates a primary driver of rents, CBD prime average net stated rents have risen by over 20% since December 2016 with effective rents (taking into account leasing incentives) up by one third.
Indeed, since the post GFC cycle trough in 2009 face rentals have risen by close to 70% and around 125% in effective rent terms.
The bad news for tenants facing upcoming lease expiries is there is no relief from rising rents in sight for at least three years.
The current round of office projects underway – focused on the CBD, North Sydney, Parramatta and Eveleigh – will be easily absorbed by the market, keeping the metropolitan vacancy rate below 5% until at least 2021, with the CBD even tighter.
Low metro-wide vacancies mean there will be limited options available for CBD tenants seeking to move out of the City to avoid rising rents in the medium term.
Rents will be rising strongly in the suburban markets as well.
Building owners’ time has come within the Sydney office market and it looks set to stay that way for some time to come.
LEE WALKER is the responsible for BIS Oxford Economics's Sydney and Perth commercial forecasting studies
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The Sydney office market is facing at least three more years of low vacancies: Lee Walker

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EXPERT OBSERVATION
For years Melbourne has been renowned for its trend-setting restaurant and fashion scene, often teaching big sister Sydney a thing or two.
More recently, Melbourne’s property market has caught our eye with its striking and daring architectural designs and robust opportunities for investors.
It’s almost impossible to escape headlines declaring prices falling in housing markets in major Australian capital cities, spreading widespread concern and creating an irrational fear of residential property investment.
But all indicators point to Melbourne as a prime investment location supported by strong population growth, stable political leadership and a high level of government investment in infrastructure.
Despite on-going media reports on negative housing trends, Melbourne continues to show solid economic growth and is likely to come out of this ‘softening period’ relatively unscathed.
Melbourne has managed to counteract the alleged housing market slowdown as the city’s median house price is up 5% in the past 12 months.
According to the Real Estate Institute of Victoria (REIV), there was a 13.6% increase in the value of homes sold on the private market and an 0.6% increase in the value of those sold at auction over the past 12 months.
The good news for investors transcends stabilising house prices as 2018 has also seen a boom in population growth which has allowed Victoria to take out the number one spot this year in CommSec's "State of the States" economic rankings, outranking New South Wales for the very first time.
In fact, Victoria experienced Australia’s largest population growth between 2016 and 2017 with Melbourne experiencing the largest and fastest growth of all capital cities.
According to the Australian Bureau of Statistics, Melbourne grew by approximately 144,400 people at a growth rate of 2.7%.
This record population growth continues to fuel demand for housing maintaining an overall undersupply in the market.
It is predicted that Melbourne could become Australia’s largest city as early as 2030 with its population expecting to reach 6.1 million.
Melbourne is on the verge of overtaking Sydney as the nation’s largest city and remains a ‘safe bet’ for investors in terms of securing tenants and both rental and capital growth.
The city also has no shortage of infrastructure projects making the city desirable for new residential dwellings.
Melbourne has a larger land radius in the city centre than Sydney allowing for more development and will soon have Australia's tallest skyline, with more than 140 skyscrapers higher than 100 metres completed, planned or under construction.
The Victorian economy has arguably been the best managed State across both sides of government for decades providing a resilience unseen in other states.
The Victorian Government is committed to ongoing investment in world-class transport infrastructure including the $11 billion Metro Tunnel Metro Tunnel and the $1.75 billion Regional Rail Revival program.
The future outlook remains positive with forecast budget surpluses for the next four years provide a stable economic environment in Victoria, allowing the government to expand its ongoing investment in infrastructure.
The housing market slowdown will likely dominate the headlines for the foreseeable future, but the reality is the property market is dynamic and there are always opportunities if you know where to look.
Investors need to do their homework and seek professional advice and ensure the fundamentals are strong before leaping into an investment opportunity.
JAMES NIHILL is the Managing Director of Patrick Leo
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