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“Minister Chanthivong and his team have shown real leadership in replacing an outdated two-year bond with cover that matches the lifespan of the buildings people are buying into.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 beachfront Base Backpackers on Magnetic Island has hit the market.
Tenanted to Base Backers of Tourism Adventure Group, the property at 1 Nelly Bay Road sits on a near 1.1 hectare site fronting the water.
The main building occupies a total area of 1,244 sqm and the accomodation is in huts and campsites.
<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/2018/11/19/Base3.jpg" alt="">
There are a total of 186 beds, 11 campsites, a commercial kitchen and a swimming pool.
Savills Hotels senior executive Christian Tsalikis says the offering will stand as a secure investment, underpinned by the lease to Base Backpackers. 
“Tourism Adventure Group owns and operates 28 backpackers across Australia and New Zealand through their three brands – BASE, NOMADS, and UNITED,” Mr Tsalikis said. 
<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/2018/11/19/Base4.jpg" alt="">
Tsalikis is handling the marketing with Leon Alaban, Savills Hotels director, who said the unparalleled location attracts both international and domestic tourists who want to experience the best of what Queensland has to offer.
“The offering provides investors with the ideal beachfront asset, a solid covenant with a lease to Base Backpackers, who operate a business that procures an excellent trading history."
Offers to purchase close December 5.
 
 
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jrobinson-rf4aSBido9

Base Backpackers on Magnetic Island hits the market

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The former Bondi Junction commercial space of the Traditional Chip Shop is being offered with no rental payments until next year.
The Traditional Fish Shop had had a brand new lease term of 10 x 10 years when the property at 1/78 Bronte Road sold two years ago for $1.74 million.
They were paying $104,000 per annum for the lease. The shop has been up for lease since May when it was asking $93,600 per annum.
<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/2018/11/19/chip2.jpg" alt="">
The two level property, which was marketed as recently built when sold in 2016, has 165 sqm space including the loading dock and storage area.
It is equipped with a grease trap, cool rooms and freezer.
The Brit-targeted Traditional Chip Shop was set up by an Irish couple living in Sydney. 
TV chef Colin Fassnidge, from Dublin, was on hand at the official opening in 2015.
</body></html>

Bondi Junction's former Traditional Chip Shop space offering free rent until 2019

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The home of Blender Gallery on Paddington's Elizabeth Street has sold with approved plans for a major renovation.
The commercial terrace at <a href="https://www.realcommercial.com.au/property-retail-nsw-paddington-502978750" target="_blank">16 Elizabeth Street</a> features a freestanding two level studio at the rear of its 100 sqm site.
Plans approved earlier this year allow for three separate rental revenues with approval to renovate and add off-street parking.
<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/2018/11/19/Blender2.jpg" alt="">
Last traded for $1,325,000 in 2016, BresicWhitney Darlinghurst agents Ivan Bresic and Michael Seally were asking $1.55 million following its unsuccessful auction campaign. 
They initially sought $1.6 million.
Blender Gallery was established in 2001 and sells prints and iconic images of music and musicians over the last 50 years.
<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/2018/11/19/Blender3.jpg" alt="">
Blender Gallery has become the major brand in fine art music photography in Sydney, Australia.
Blender Gallery is the official Australian representative of Rockarchive.com based in the UK and The Morrison Hotel Gallery of the USA.
 
 
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Elizabeth Street Paddington gallery with David Bowie mural sold

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EXPERT OBSERVER
Regional NSW is now one of the most compelling growth markets in Australia. There are locations right across the state with growing sales activity and many places are delivering double-digit annual price growth.
Regional NSW continues to move in the opposite direction to Sydney. While there are now few rising markets in the state capital, there are growth locations spread across the regions of NSW: a record 39 local government areas have rising markets.
Queanbeyan on the ACT border (above) is the leading precinct, as it continues to stand out as an affordable growth alternative to Canberra. The LGA of Queanbeyan-Palerang has seven Rising Steadily suburbs/towns. Quarterly sales in Queanbeyan (the suburb) have been 39, 40, 50, 59, 38 and 62 in the past 18 months. Many locations in this precinct have had double-digit annual price growth, headed by Crestwood (up 18%).
Newcastle and nearby LGAs also form a compelling growth precinct. Suburbs in the City of Newcastle have had very strong price growth (many have risen between 10% and 20% in the past 12 months).
Now the momentum has shifted to neighbouring Lake Macquarie (which has five suburbs with strongly rising demand) and locations in the nearby Hunter Region (including Maitland, Cessnock, Singleton and Muswellbrook) and neighbouring Port Stephens. Jointly the Newcastle/Hunter region has 19 suburbs with rising markets.
The Maitland LGA has five of them, including Rutherford (median $400,000) where quarterly sales have been 64, 75, 70, 91, 83, 99, 96, 81 and 102 in the past two years, while Aberglasslyn (median $470,000) has recorded 27, 37, 41 and 48 sales in the past year. Both locations have recorded 6% rises in their median prices, with further growth expected. 
Muswellbrook and Singleton continue to improve after the previous downturn caused by over-development and a downturn in the coal industry. Muswellbrook’s quarterly sales have risen from 41 to 52 to 57 to 74 to 83– and its median price has risen 11% over 12 months to $305,000.
Many suburbs in the Lake Macquarie LGA have had strong annual price growth, including Belmont (up 13%), Edgeworth (up 12.5%), Warners Bay (12.5%) and Swansea (15.5%).
Port Stephens just outside Newcastle is also producing growth markets, with demand rising in Medowie, Corlette and Shoal Bay, and solid markets also in Nelson Bay, Salamander Bay and Raymond Terrace. Many of these locations have had double-digit annual price growth, including Nelson Bay (up 17%) and Medowie (up 12%).
Others to stand out as above-average markets in Regional NSW include Albury, Armidale, Bathurst, Dubbo, Gunnedah, Lismore, Orange, Tamworth and Wagga Wagga. Sales in Casino in the Richmond Valley area have been 62, 65, 63, 71, 74 and 91 in recent quarters, with the median price up 14% to $285,000.
A number of regional towns that would normally not attract much attention from investors are rising, including Broken Hill, Glen Innes, Gloucester, Inverell, Kempsey, Kyogle, Leeton, Malua Bay, Mudgee and Tumut.
Quarterly sales in Inverell have been 52, 56, 56, 69, 69, 60 and 81, with the median price rising 16% to $275,000 in the past 12 months.
Areas which were among the Regional NSW growth stars previously, but have now levelled out with plateau markets, include locations close to Sydney which caught a ripple effect from the city boom, such as the Blue Mountains, the lifestyle towns of Wingecarribee Shire (the Southern Highlands) as well as Wollongong and nearby locations. 
Other previous growth stars now past their peaks include Port Macquarie, Coffs Harbour and the Tweed region – but all remain solid markets with prices rising.
The Central Coast LGA, which has been busy for 2-3 years, is still producing growth markets, although it has a greater number of plateau markets. Many Central Coast locations have recorded strong price growth in the past 12 months – including Point Frederick (up 15%), Kincumber (15%), Wamberal (17%) and Gwandalan (13%).
Other regions delivering big price movements include Ballina in the north-east of the state, where Ballina, East Ballina, Lennox Head and West Ballina (up 28%) have lifted significantly the past year. 
Other north-eastern areas with rising prices include Kyogle (up 15%), Lismore (12%) and Casino (14%).
Terry Ryder is the founder of hotspotting.com.au
<a href="https://mailto:ryder@hotspotting.com.au">ryder@hotspotting.com.au</a>
twitter.com/hotspotting
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terryryder-YECXbqmri2

Queanbeyan leads the 39 rising growth areas in regional New South Wales: Hotspotting's Terry Ryder

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EXPERT OBSERVATION 
The expected bounce in employment appeared in the October Labour Force Survey with a 32.8k rise.
The market median was for 20k. However, just as we saw in September, the mix was again positive with a 42.3k rise in full-time and a small 9.5k decline in part-time employment. In addition hours worked rose 0.3% following on from a 0.4% gain in September.
<a href="https://www.propertyobserver.com.au/images/2018/11/15/westpac%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/2018/11/15/westpac%201.jpg" alt="">
 
Source: Westpac IQ
Perhaps more important is the continuation of the trend improvement in unemployment.
Sure, in the month unemployment was flat at 5.0%, but this is a good result seeing as the 0.3ppt drop in unemployment to 5.0% in September was due to a large drop in participation rather than a strong employment print.
As such there was always a risk the participation rate would bounce this month. Participation did rebound this month, but the 0.1ppt rise to 65.6% still left it under the 65.7% print in August.
<a href="https://www.propertyobserver.com.au/images/2018/11/15/westpac%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/2018/11/15/westpac%202.jpg" alt="">
Source: Westpac IQ
Last month suggested that you need to take a holistic view of the Labour Force Survey and accept that some of the monthly volatility is associated with the survey groups being rolled into, and out of, the sample. This meant that while the 5.6k print (revised to 7.8k) on employment was too soft compared to underlying momentum, the fall in unemployment to 5.0% was also too aggressive. As such Westpac was forecasting a bump in employment in October and also a rise in unemployment (to 5.1%).
The fact that employment had a robust rise in October, and the unemployment rate was flat due a modest rise in participation, suggests the trend decline in unemployment remains in place. We had been forecasting that unemployment would end the year around 5.1%. Based on the current trend, it is more likely to be around 5.0%, if not below. It is only our expectation for participation to drift back up to 65.60% (currently 65.56%) that is holding unemployment at 5.0% at year end.
In terms of risks for November, the ABS notes that the outgoing sample group has the same employment to population group as the sample average, so by itself, the rolling of that group will not impact employment. However, that same group has a higher unemployment rate compared to the sample average so rolling that group out will lower the sample average. All else held equal, this presents downside risk to our unemployment forecast for November.
<a href="https://www.propertyobserver.com.au/images/2018/11/15/westpac%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/2018/11/15/westpac%203.jpg" alt="">
Source: Westpac IQ
For a few months we have noted the robust labour market conditions in Victoria where unemployment had fallen to be almost on par with NSW (the national low for a large state). The last time this happened was when Victorian unemployment was on a rising trend. This matters because Victorian wages have been more responsive to changes in labour market conditions than the other states but especially compared to NSW. This month unemployment fell 0.1ppt to 4.5% in Victoria while it was flat in NSW at 4.4% (a 10 year low for this state). So Victoria continues to narrow the gap to NSW in terms of unemployment suggesting we need to keep a close eye on Victorian wages going forward.
<a href="https://www.propertyobserver.com.au/images/2018/11/15/westpac%204.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/2018/11/15/westpac%204.jpg" alt="">
Source: Westpac IQ
By state, the largest gains in employment were in NSW (+16.3k following +1.1k in September) while Victorian employment fell (–3.5k after a robust +20.7k). It is the ongoing trend decline in Victorian participation that has been a key driver of falling national unemployment hence we are a little nervous about following this trend to generate a sub 5% unemployment rate by end 2019. Victorian female participation has trended below female participation in NSW, a very rare event. In that regard, while we would expect to see female participation rise in Victoria, we have to acknowledge that female participation could ease in NSW from its current record high level.
<a href="https://www.propertyobserver.com.au/images/2018/11/15/westpac%205.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/2018/11/15/westpac%205.jpg" alt="">
Source: Westpac IQ
Employment fell again in Qld (–3.2k following –11.9k in September) and unemployment rose 0.3ppts to 6.3. Meanwhile, the recovery in the other mining state, WA, continues with a 3.1k lift in employment (+3.3k in September) while the unemployment rate fell again by 0.3ppt to 5.7%. This is the first time WA unemployment has been below 6.0% since January 2018.
Overall, we emphasise the need to look through the monthly volatility in the Labour Force Survey and focus on the broader trends in the labour market. The pace of employment growth has eased back from the 4.3%yr peak in 2017 to 2.5%yr in October and the six month annualised pace is also 2.5%. Both seem about right compared to leading indicators if you take into account the employment overshoot through 2017/2018. As such, while we do expect participation to trend higher, the rising trend in female participation may have come to an end (for now) just as male participation has stabilised.
The October survey is a sound update and it increases the risk that the unemployment rate could end this year with a 4 handle.
Justin Smirk is senior economist at Westpac.
You can find the complete chart pack <a href="https://westpaciq.westpac.com.au/wibiqauthoring/_uploads/file/Australia/2018/November/Labour-FI_chart_packOct18.pdf" target="_blank">here</a>. 
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j.ballantyne1990-6AQqhLzZaK

Employment stats show continuing robust trend: Westpac's Justin Smirk

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Frasers Property Australia were recently fielding enquiries from tenants looking to set up shop in Ed.Square, their so-called game-changing mixed-use community set to be the new urban heart of south west Sydney.
More than 200 homes had been sold at Ed.Square by August. 
It signalled in August the next apartment building had been fast-tracked for release.
The more recent homes release, Chelsea Pocket, offering a collection of 1, 2, 3 &amp; 4 bedroom designer townhomes, were part of the VIP sales launch last month. 
Coles and Liquorland were confirmed as tenants in the future town centre
Frasers Property secured leases over 25% of the available 25,000sqm of retail space in stage one of Ed.Square Town Centre just weeks after the leasing campaign kicked off.
Ed.Square was poised to become the new social centrepiece for south west Sydney, according to Tim Moore at Frasers Property Australia.
<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/2018/8/24/EP1%20R02_Retail_Eat%20St.jpg" alt="">
Stage one of Ed.Square Town Centre is expected to open in early 2020. On completion of stage two, of up to an additional 15,000sqm, the development will comprise 40,000sqm of retail space with over 120 shops integrated with a landmark 68-metre high residential tower atop the town centre.
Some 1,800 homes were envisaged in the Frasers Property community.
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Ed.Square poised to become the new social centrepiece for south west Sydney

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A review of housing completions across metropolitan Sydney indicates that many councils are not carrying their fair share of growth.
The Department of Planning’s Housing Monitor lists housing completions across all of Sydney’s councils each month.
The top ten councils are completing more than 2,000 homes each over the last year but the bottom ten councils are only averaging around 200 homes a year.
Leading the development of new homes over the last year are the City of Sydney with 4,351 completions, The City of Parramatta with 4,231, Blacktown with 3,325 and Bayside with 3,073 new homes.
At the other end of the housing supply performance are Willoughby with 201 completions, Randwick with 200, Waverley with 119 and Mosman with only 8 new homes.
The housing completion numbers are taken from September 2017 to August 2018 from the NSW Government’s Housing Monitor for each council across Metropolitan Sydney.
The council areas that should be pulling their weight more are the ones with good rail infrastructure like the North Shore rail line.
It is disappointing to see that Willoughby with its excellent rail connections is in the bottom 10 performers with only 201 housing completions.
Other North Shore councils with rail stations that seem to be not pulling their weight on housing supply include Ku-ring-gai (899), Hornsby (724), North Sydney (638) and Lane Cove (605).
The Eastern Suburbs, admittedly with smaller councils, that are under performing are Randwick (200), Waverley (119), and Woollahra (73).
These suburbs are close to the quality jobs in the CBD and are very desirable places to live.
The best performers are two councils which are the focus of the Greater Sydney Commission’s ‘Metropolis of Three Cities’ concept in the form of Sydney and Parramatta, The City of Sydney topped the list with 4,351 new homes completed over the last year followed by the City of Parramatta with 4,231 new homes.
The Greater Sydney Commission’s Sydney District Plans identify 5-year housing targets to be achieved by 2021 for each council area.
A number of councils are well on track to achieve their targets including Penrith which needs to complete 1,320 new homes a year and exceeded this in the last year with 2,271 completions.
The City of Ryde has a target of 1,520 new homes a year but completed 2,275 new homes over the last year and Bayside Council has a target of 2,030 new homes a year over 5 years and exceeded this with 3,073 in the last year.
A number of councils are performing below the GSC targets including Randwick which has a low target of 450 a year but only achieved 200 over the last year.
Georges River Council has a target of 960 new homes a year but only achieved 495 completions over the last year.
The Urban Taskforce believes part of the concerns related to over development are coming from councils that are carrying the major housing growth on behalf of Greater Sydney.
There needs to be a fairer distribution of growth across the whole of Sydney particularly where good public transport infrastructure exists or is being constructed.
<img src="https://www.urban.com.au/images/2018/11/15/Housing%20Completions%202018.JPG" alt="">
CHRIS JOHNSON is the CEO of Urban Taskforce 
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Sydney’s growth is not being spread evenly across councils: Chris Johnson

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EXPERT OBSERVATION 
Average loan sizes took a knock back in September 2018, both for investors and owner-occupiers, although the average loan size remained higher than a year earlier (substantially so for first-time buyers), so perhaps this in itself isn't all that surprising under tighter lending conditions.
<a href="https://3.bp.blogspot.com/-bxxzaICFUWk/W-dWLQiV_iI/AAAAAAAAsyE/LZZIlGnEfz0aTGbUPXMg9XKFHBKyGuutACLcBGAs/s1600/A1.jpg"><img src="https://3.bp.blogspot.com/-bxxzaICFUWk/W-dWLQiV_iI/AAAAAAAAsyE/LZZIlGnEfz0aTGbUPXMg9XKFHBKyGuutACLcBGAs/s640/A1.jpg" width="640" height="364" data-original-height="785" data-original-width="1380"></a>
It doesn't matter if you're borrowing at a rate of 4 per cent or even lower today, you'll still be assessed at 7¼ per cent, so there's oodles of headroom, but mortgage processing seems to have become a painstaking process and transaction volumes have crashed.
Frozen fever
The weak ABS housing finance figures - <a href="http://petewargent.blogspot.com/2018/11/housing-finance-smashed" target="_blank">see here</a> - don't pick up the full extent of this yet, especially since there are still thousands of apartments settling from off-the-plan purchases, but the apartments pipeline has shrunk quite dramatically of late so the line in the chart below will continue to fall through 2019.
<a href="https://3.bp.blogspot.com/-NSCHgfvGr1w/W-dWLzhUQGI/AAAAAAAAsyI/2pcJj36ptkwCZXstlXjoC_LxGT9q288eQCLcBGAs/s1600/A2.jpg"><img src="https://3.bp.blogspot.com/-NSCHgfvGr1w/W-dWLzhUQGI/AAAAAAAAsyI/2pcJj36ptkwCZXstlXjoC_LxGT9q288eQCLcBGAs/s640/A2.jpg" width="640" height="376" data-original-height="798" data-original-width="1354"></a>
It's not all doom and gloom for realtors, or property owners, especially around some of the regional markets. 
And the urban services economy is buzzing with people and employment, so some properties with a scarcity value are still faring well with mortgage rates so much lower than they used to be. 
There was an auction just across the street from our place <a href="https://www.realestate.com.au/property-apartment-nsw-pyrmont-129585290" target="_blank">in Sydney yesterday</a> with Cooley's auctioneers reporting a whopping 41 bids and a thumping price tag of $2.675 million, implying that borrowers with equity and of high credit quality are being treated with reverence by increasingly twitchy lenders.
I don't go to Melbourne much unless I have to (kidding lol...I'm down there next week), but the <a href="http://www.catebakos.com.au/sundayblog/the-correlation-between-property-scarcity-and-auction-result/" target="_blank">experts in the know down there</a> will doubtless report a similar story about demand and scarcity value. 
Make no mistake, though, many parts of the housing market are being smoked, volumes have been crunched, and they'll be plenty of real estate agents seeking alternative forms of employment in 2019, if they aren't already. 
Non-bank lenders have alleviated some of the pressure, though volumes were down here too in September. 
<a href="https://1.bp.blogspot.com/-jCv9kDxCafs/W-deCU2gi2I/AAAAAAAAsyg/sz8G6eOtlV89m1Ty6lnVc_-VnK6LjcHRQCLcBGAs/s1600/Nonbanks.jpg"><img src="https://1.bp.blogspot.com/-jCv9kDxCafs/W-deCU2gi2I/AAAAAAAAsyg/sz8G6eOtlV89m1Ty6lnVc_-VnK6LjcHRQCLcBGAs/s640/Nonbanks.jpg" width="640" height="378" data-original-height="803" data-original-width="1357"></a>
The Treasurer has evidently become a tad agitated, requesting that banks keep their lending channels open to prevent money growth from seizing up more than it already has. 
Financial markets haven't been unduly fazed, on the whole, presumably adopting a benign stance in the belief that an engineered slowdown in lending could be relaxed.
Meanwhile bank stock valuations have largely followed international leads through reporting season, following an initial relief rally after the draft Royal Commission report was released. 
<a href="https://2.bp.blogspot.com/-I-qru6R6i7Y/W-dg9oi5hMI/AAAAAAAAsys/dsfNvbv7jyYnVcWNF_ebCQEh41_rQwhIACLcBGAs/s1600/CBA2.jpg"><img src="https://2.bp.blogspot.com/-I-qru6R6i7Y/W-dg9oi5hMI/AAAAAAAAsys/dsfNvbv7jyYnVcWNF_ebCQEh41_rQwhIACLcBGAs/s640/CBA2.jpg" width="640" height="382" data-original-height="799" data-original-width="1338"></a>
Finally, spare a thought for those that bought units off-the-plan in some of the big inner-city tower block developments, with settlement valuations often coming in way short of purchase prices as valuers look nervously over their shoulders. 
PETE WARGENT is the co-founder of AllenWargent property buyers (London, Sydney) and a best-selling author and <a href="https://petewargent.blogspot.com/" target="_blank">blogger</a>.
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pwargent-M4siyDbqQY

Loan sizes trimmed in September: Pete Wargent

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The veteran pub family patriarch Arthur Laundy has bought the The Bells Hotel in Woolloomooloo, swooping pre-auction as an acquisitive battle continues between rival Sydney publicans across Sydney.
The price guidance had been around $15 million, highlighting the frothiness in hotel prices over recent years.
The historic 1920s pub was sold before Thursday's scheduled auction to the Laundy family which now owns almost 30 hotels across NSW, including venues such as the Watsons Bay Hotel, the Woolwich Pier near Hunters Hill and the Quarryman's Hotel in Pyrmont.
Laundy recently expressed concern about "silly prices", signalling he'd be steering clear of what he called a "crazy market", but The Bells was irresistible.
Rival hotelier Justin Hemmes had been pinpointed as also having an likely interest in buying the pub.
The Laundy family net worth is put at $500 million while Hemmes' is estimated to preside over a $950 million hospitality and liquor empire.
The 77 year old Laundy is credited as heading the biggest independent hotel operator in New South Wales, which includes the neighbouring Woolloomooloo Bay Hotel which cost $20 million two years ago.
It was the Miles family who called time at The Bells after initially securing the leasehold in 1976.
The family bought Tooth out in 1990.
The pub at 1 Bourke Street was known for legendary matriarch Lil Miles, who worked behind the bar until age 96.
Erin Petersen, from the Miles family, said there had been a number of pre-auction offers.
“The family has loved the 45 years at Bells and while it is the end of an era for us we are happy to sell to Arthur, a long time local publican, who we are sure will only be an asset to further develop the potential of our much-loved pub” said Petersen.
The sale was secured by Andrew Jolliffe who has sold more than $1.75 billion of pubs in the past six years including the Centennial in Woollahra on behalf of the Medich family to Merivale's Justin Hemmes.
The Laundy family company, which has been in pubs since the 1940s, includes scions Stuart, the socialite publican who briefly won Sophie Monk's heart on The Bachelorette, and the politician Craig, who has been the Liberal member of Reid since 2013.
Arthur Laundy typically fronts up every day at the Laundy headquarters in the Twin Willows Hotel, built in 1963 by his late father at Bass Hill in Sydney's south-west after the land cost 38,000 pounds. 
The family pub business had began when Arthur's parents Arthur Sr and Veronica took on the Sackville Hotel at Rozelle in 1945.
It was in 1969 when young Arthur and wife-to-be Margaret took the reins of the family business, which was then just two hotels including the Twin Willows.
Jolliffe noted that interest in the Bells, a prominently positioned asset, was drawn from a wide spectrum of well-known hospitality operatives and commercial property specialists.
There have been four other hotel properties in the past few weeks, Jolliffe noted.
Sydney's biggest publicans include the Waugh family, the Ryan family, Peter Calligeros, the De Angelis family, the Arnout brothers, and Pat and Angela Gallgaher.
Hemmes and his family have ownership of 70 hotels, restaurants and venues around Sydney.
The sale comes on the eve of hotel giant Redcape’s billion-dollar stock market listing later this month.
The Bells Hotel, located adjacent to the Woolloomooloo Finger Wharf, features a main bar, bistro, courtyard, accommodation spanning the entire first level, and eight electronic gaming machines.
There had been a pub on the 340 square metre Bourke Street corner address since the 1860s.
The original ale house was called Punches servicing the workers of the wharves.
The Miles family lost a family member at the hotel in 2004 when Shane Miles, died from massive head injuries after being hit in the head with a bar stool during a wild brawl at his family's pub.
This article first appeared in The Daily Telegraph.
 
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jchancellor-FAypfDUnLy

Pub patriarch Arthur Laundy purchases The Bells Hotel in Woolloomooloo

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A syndicate of five former students from St Joseph's, Hunters Hill has bought the Lady Hampshire Hotel at Camperdown.
The buyers are cellar master, Greg Parker, Chris Traill, former chief concierge of Sydney’s Park Hyatt, Matthew Comensoli, Andrew Rigney and David Vaughan.
They were at the school in the early to mid 1990s.
“From boarding school to the boardroom this group of mates has enjoyed consistent results, with the Lady Hampshire the next chapter to be written in this success story," Parker told the pub website, pubtic.com.au.
The Parramatta Road hotel was sold by hotelier Paddy Coughlan.
Coughlan intends concentrating on his new beverage enterprise, Frank Strongs.
Coughlan retains the Lord Gladstone and Botany View Hotel.
Camperdown’s Hampshire Hotel was reopened in 2016 by Coughlan’s Bourke St group, then rebranded the Lady Hampshire to complement nearby sister venue the Lord Gladstone.
Manenti Quinlan’s Nick Butler brokered the introduction of The Lady to the former St Joseph’s students.
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