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“Minister Chanthivong and his team have shown real leadership in replacing an outdated two-year bond with cover that matches the lifespan of the buildings people are buying into.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>
Graceland, the Cleveland Street boarding house in Redfern, has been listed for sale for the first time in over two decades.
Formerly known as Meath House and Illoura, the property at <a href="https://www.commercialrealestate.com.au/property/461-cleveland-street-redfern-nsw-2016-2014718038" target="_blank">461 Cleveland Street</a> last traded for $725,000 in 1996.
The grand three storey terrace is the tallest on the long street.
<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/2018/10/22/Grace2.jpg" alt="">
It was built in the mid 1800s and was called home by Patrick Stanley, the four time mayor of Redfern.
The bright blue 485 sqm building is now a fully licenced 10 room, 20 person boarding house.
Fashion designer Melanie Greensmith also once called Gracelands home.
<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/2018/10/22/grace3.jpg" alt="">
She said it was full of musicians and artists, including singer-songwriter Tex Perkins. 
There's a two storey cottage on the rear of the 455 sqm land parcel which is currently leased at $750 a week until July 2019.
The boarding house is being offered as a going concern by TGC agent Scot Robertson, who has a November 17 auction.
Operated as fully-licensed budget accommodation, the house currently<a href="https://www.commercialrealestate.com.au/property/461-cleveland-street-redfern-nsw-2016-2014718038" target="_blank"> </a>returns about $190,000 a year gross.
 
 
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jrobinson-rf4aSBido9

Redfern boarding house icon Graceland listed

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The Real Estate Institute of New South Wales has accused the NSW Fair Trading department of putting little value on its opinions.
The REINSW chief executive Tim McKibbin has quit the department's industry forum which was established to consult on real estate reform.
McKibbin claimed Fair Trading had a “systemic lack of industry knowledge and misguided beliefs.”
He claimed a real estate reference group established in 2015 by former minister Victor Dominello was "an exercise in futility."
“They put us in a forum; that essentially gave us the impression we were being listened to and we were being worked with,” Mr McKibbin told Domain.
“I feel extremely conned and feel they essentially gave me some colouring-in pencils and told me to sit in the corner.
“We met quite regularly but we did not achieve really anything in three and a half years,” he said.
“[Fair Trading] come to these things with the view that they know what they’re doing and they don’t.
“They got us along and we had minutes and meetings and agendas, and we were completely ignored, so the risk of [now] being outside of the conversation is minuscule in my view.”
REINSW chief executive Tim McKibbin outburst comes <a href="https://www.domain.com.au/news/nsw-renters-set-to-see-biggest-shakeup-of-states-rental-laws-20180920-h15mq6-765151/">less than a week after </a>Innovation and Better Regulation Minister Matt Kean introduced rental reforms into State Parliament, which apparently caught the institute by surprise.
Mr Kean hit back at the criticism, saying he was disappointed with the REINSW’s decision.
“It’s disappointing REINSW have chosen not to provide a voice for their members in this important forum, but I welcome real estate agents to engage directly with NSW Fair Trading.”
Government sources alleged to Domain that the REINSW had been relentlessly trying to undermine Fair Trading so that it was removed as a regulator.
Shadow minister for innovation and better regulation Yasmin Catley was concerned by the move and said the institute’s resignation showed the minister and Fair Trading were not engaging with a key stakeholder effectively.
“If you don’t have the peak body at the table … you won’t deliver the key outcomes for consumers,” she said.
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j.ballantyne1990-6AQqhLzZaK

Conned REINSW surrenders any influence with NSW State Government  

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EXPERT OBSERVER
Australian capital city home prices have fallen for 12 months in a row and are down 4% from their peak.
Most of the weakness relates to the previous boom time cities of Sydney and Melbourne but prices are continuing to fall in Perth and Darwin.
<img src="https://www.urban.com.au/images/2018/10/18/OLIVER%20G1.JPG" alt="">
This begs the questions: how far will prices drop? and what will it mean for the broader economy?
 High prices and high debt – how did it come to this? 
Real house prices started to surge in the mid-1990s. This has led to them being expensive relative to income, rents, their long-term trend and by global standards. On our valuation measures prices are around 30% overvalued. The boom since the mid-1990s has rolled through different cities at different times, eg, starting in Sydney &amp; Melbourne, then Perth, then Sydney &amp; Melbourne again more recently. 
As a result, affordability is poor and while interest rates may be low it’s become hard to save for a sufficient deposit.
The surge in home prices has gone hand in hand with a surge in household debt. See the next chart. This has taken the household debt to income ratio from the low end of OECD countries to the top end. The shift to overvaluation and high debt mostly occurred over the 1995-2005 period.
<img src="https://www.urban.com.au/images/2018/10/18/OLIVER%20G2.JPG" alt="">
It’s popular to blame negative gearing, the capital gains tax discount and foreign buying for high home prices and debt. However, the basic drivers are a combination of the shift from high to low interest rates over the last 20-30 years boosting borrowing power, along with a surge in population growth from mid-last decade and the inadequacy of a supply response (thanks to tight development controls and lagging infrastructure) to suppress the resultant rise in the ratio of prices to incomes.
Since 2006, annual population growth has averaged about 150,000 above what it was over the decade to the mid-2000s, which required roughly an extra 50,000 new homes per year, but dwelling completions have only recently caught up.
The tide has turned – expect more price falls
However, starting about a year ago it seems the tide has turned against property prices reflecting a range of factors.
Poor affordability - which has reduced the pool of buyers. 
A tightening in bank lending standards under pressure from regulators - particularly around tougher income and expense verification and total debt to income limits for borrowers. The latter will particularly impact cities like Sydney and Melbourne which have high price to income ratios necessitating high debt to income ratios. It will also impact property investors with multiple properties (with around 1.5 million properties held by investors with multiple properties) with banks cracking down on lending to such investors. This is all making it harder to get housing loans. 
A significant pool of interest only borrowers are scheduled to switch to principal and interest over the next few years resulting in a sharp rise in total debt servicing costs. 
Banks withdrawing from lending to Self-Managed Super Funds – reducing the pool of property investors. 
A cutback in foreign demand, partly due to Australian authorities making it more difficult. Chinese investment into Australian real estate has fallen by roughly 70% since 2015.
Rising unit supply – as the ongoing surge in unit construction completes and hits the market with Sydney and Melbourne most at risk. This risk is highlighted by Australia’s residential crane count of 528 cranes being way above the total crane count (ie residential and non-residential) in the US of 300 and Canada of 123! 
Out of cycle bank mortgage rate increases may also be playing a role – although a minor one as the moves have been small, mortgage rates remain near record lows and some banks have cut rates for new borrowers. • Falling price growth expectations in response to falling prices risks resulting in a negative feedback loop for prices – as the FOMO (fear of missing out) phenomenon of up until a year ago risks turning into FONGO (fear of not getting out), particularly for investors as they realise they are only getting very low returns from net rental yields of around 1-2%.
Expectations that negative gearing and capital gains tax concessions will be made less favourable if there is a change of government are likely also impacting and have the potential to become a major drag on prices. On their own some of these are not significant, but together they risk creating a perfect storm for the property market.
Home price outlook
For some time, we have been expecting top to bottom falls in Sydney and Melbourne prices of 15% spread out to 2020, implying price declines around 5% per annum. However, the risks are starting to skew to the downside – particularly around tighter credit and falling capital growth expectations made worse by fears of a change in tax arrangements.
Auction clearances in recent weeks have been running around levels roughly consistent with 7-8% pa price declines.
<img src="https://www.urban.com.au/images/2018/10/18/OLIVER%20G3.JPG" alt="">
As such we are now allowing for a 20% decline in prices in these cities, again spread out to 2020, which would take average prices back to first half 2015 levels.
<img src="https://www.urban.com.au/images/2018/10/18/OLIVER%20G4.JPG" alt="">
By contrast home prices in Perth and Darwin are either at or close to the bottom having fallen back to levels seen more than a decade ago, and prices are likely to perform a lot better in Adelaide, Brisbane, Canberra and Hobart along with regional centres as they have not seen anything like the boom in Sydney and Melbourne. But they will see some impact from tighter credit.
Overall, we now expect national average prices to fall nearly 10% out to 2020 which is a downgrade from our previous expectation for a 5% national average fall.
 A crash is a risk but remains unlikely
With prices now falling naturally the calls for a property crash are getting a lot of airing. But these have been wheeled out endlessly over the last 15 years or so. Our assessment remains that a crash (say a 20% or more fall in national average prices) is unlikely unless we see much higher interest rates or unemployment (neither of which are expected) or a continuation of recent high construction for several years (which is unlikely as approvals are falling) and a collapse in immigration.
Strong population growth is continuing to drive strong underlying demand for housing. While mortgage stress is a risk, it tends to be overstated: there has been a sharp reduction in interest only loans already; debt servicing payments as a share of income have actually fallen slightly over the last decade; a significant number of households are ahead on their repayments; and banks’ non-performing loans remain low.
Finally, while Sydney and Melbourne are at risk other cities have not seen the same boom and so are less vulnerable. However, the risk of a crash cannot be ignored given the danger that banks may overreact and become too tight and that investors decide to exit in the face of falling returns, low yields and possible changes to negative gearing and capital gains tax.
 The property cycle and the economy
The downturn in the housing cycle will affect the broader economy via slowing dwelling construction, negative wealth effects on consumer spending, less demand for household goods and via the banks as credit growth slows and if mortgage defaults rise.
This will provide an offset to strong growth in infrastructure spending and solid growth in business investment and will constrain economic growth to around 2.5-3% which in turn will keep wages growth and inflation low.
All of which is consistent with our view that the RBA won’t be raising rates until 2020 at the earliest and given the downside risks related to house prices it may have to cut rates. Housing weakness will also continue to constrain bank share returns.
<img src="https://www.urban.com.au/images/2018/10/18/OLIVER%20G5.JPG" alt="">
Implications for investors
Over the very long-term, residential property adjusted for costs has similar returns to Australian shares. So, there is a role for it in investors’ portfolios. However, now remains a time for caution regarding housing as an investment destination – particularly in Sydney and Melbourne where it remains expensive, prices are likely to fall further &amp; it offers very low rental yields. Best to look at other cities and regional areas that offer much better value.
Dr Shane Oliver                                                                              Head of Investment Strategy and Chief Economist AMP Capital
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soliver-smf6LQXgW9

Boom turns to bust - some home prices now set to fall up to 20 percent: Shane Oliver

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<div>EXPERT OBSERVER</div>
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<div>Despite a record investor boom since 2013 vacancy rates are now falling as investment loans are squeezed harder, with the national rental vacancy rate down from 2.3 per cent to 2.1 per cent over the year to September 2018 according to SQM's latest release. </div>
<div> </div>
<div>In absolute terms, that represents a decrease from 72,955 to 70,172 rentals. </div>
<div> </div>
<div>
Every month I'm bombarded with theoretical constructs about how Canberra's land tax experiment won't impact the rental market...and every month the rental vacancy rate falls further, now down from about 2½ per cent to just 0.6 per cent since taxes were initially all but doubled. 
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<div>
 I guess the idea was that people in the ACT earn high incomes so homeowners can afford to pay exorbitant taxes, but unfortunately ludicrously high taxes don't discriminate and it's turning out to be a disaster (especially for asset-rich but income-poor homeowners, and now for renters too).  
</div>
<div>The ABS rental CPI index has more lag than my nanna's boiler, but more timely industry asking rents indices are now pointing to double-digit rental price increases for the nation's capital. </div>
<div> </div>
<div>Indeed, SQM Research's asking rents index shows the median asking rent for houses increasing by 31½ per cent over the past three years.</div>
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Plotted below are the capital city vacancy rates reported by SQM Research on a 6mMA basis so that you can see the trends. 
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<div>Click here <a href="https://2.bp.blogspot.com/-3RxbEjERnck/W8X2yGCInEI/AAAAAAAAsZY/f4GIMl4KzdAZAGf9ItxZ555CwkI0nYt8wCLcBGAs/s1600/SQM1.jpg" target="_blank">to enlarge.</a>
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<div class="separator"><img src="https://2.bp.blogspot.com/-3RxbEjERnck/W8X2yGCInEI/AAAAAAAAsZY/f4GIMl4KzdAZAGf9ItxZ555CwkI0nYt8wCLcBGAs/s640/SQM1.jpg" width="640" height="358"></div>
<div class="separator"> </div>
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Ouch.
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<div>
Hobart rentals evaporate Hobart has increased in popularity over the past few years, but with banks either dithering or knocking back investor loans the rental stock has now totally evaporated.
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<div> </div>
<div>With median asking rents in in the Tasmania capital city already up by 29 per cent over the past 3 years new rental supply should be abounding.</div>
<div> </div>
<div>But instead it has completely crashed to sit close to the lowest level on record for any Australian capital city at just 0.4 per cent. </div>
<div> Asking rents for houses in Hobart were up by more than 6½ per cent over the past quarter alone. </div>
<div>
 With only 108 (!) rental vacancies now remaining - please see the definition of a rental vacancy before emailing me - Hobart rents are now destined to increase by more than 50 per cent through this cycle. Meanwhile kamikaze commentators continue to call for tighter lending criteria for investors and scrapping negative gearing. Before you pile in to Hobart real estate too late in the cycle remember that small markets can be more volatile and building approvals in Hobart are just coming off <a id="LPlnk756867" class="OWAAutoLink" href="http://petewargent.blogspot.com/2018/08/hobart-building-boom" target="_blank">99-month highs</a>.  I suppose a supply shock is one way to get consumer price inflation somewhere closer to the target range, with some forecasters already anticipating another dismal 1¾ per cent CPI print next time around. 
</div>
<div> </div>
<div>Adelaide is heading in a similar direction, with the vacancy rate now down to just 1.1 per cent. </div>
<div> </div>
<div>
Brisbane has considerably more breathing space following its preceding record apartment construction boom, with the vacancy rate down far more comfortably from 3½ per cent to 2.9 per cent over the past year.  As an interesting aside, check out how seasonal Melbourne's rental market these days as population flows become more fluid, partly due to more international students.
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<div> </div>
<div>Click here <a href="https://3.bp.blogspot.com/-0PuL9sCcSUw/W8YW5Itzm4I/AAAAAAAAsZw/NyweL3IoJ1sg6G74P5mzonQMXxuV8F6FwCLcBGAs/s1600/MEL.jpg" target="_blank">to enlarge.</a> 
<div class="separator"><img src="https://3.bp.blogspot.com/-0PuL9sCcSUw/W8YW5Itzm4I/AAAAAAAAsZw/NyweL3IoJ1sg6G74P5mzonQMXxuV8F6FwCLcBGAs/s640/MEL.jpg" width="640" height="380"></div>
 
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<div>
Christmas could be interesting this year. 
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<div>Sydney elevated</div>
<div> </div>
<div>The only major city that's seen a meaningful increase in rental vacancies over the past year is Sydney at 19,469 or 2.8 per cent (largely due to investors that bought off the plan a couple of years ago). </div>
<div> </div>
<div>Unfortunately for these investors that bought new at inflated prices they'll probably be in negative equity as they settle. </div>
<div> </div>
<div>While most of the city doesn't have especially high vacancy rates - for example, the Canterbury-Bankstown region sits only at 2.2 per cent - some parts are experiencing a surge of completions, and thus very high rates of vacancy, including most notably the Hills District.</div>
<div> </div>
<div>Click here <a href="https://4.bp.blogspot.com/-02AnfdeLLGU/W8X2yCqKNjI/AAAAAAAAsZU/DdtwNEpHYrE30_SiNlu0DAQzbAHF-bGdwCLcBGAs/s1600/SQM2.jpg" target="_blank">to enlarge.</a>
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<div class="separator"><img src="https://4.bp.blogspot.com/-02AnfdeLLGU/W8X2yCqKNjI/AAAAAAAAsZU/DdtwNEpHYrE30_SiNlu0DAQzbAHF-bGdwCLcBGAs/s640/SQM2.jpg" width="640" height="372"></div>
 
<div>19,469 sounds like a lot for Sydney vacancies, and it sort of is - arguably about 16,000 would be a rental market in balance - but let's face it, at the present rate of population growth this could turn around into a rental shortage on a dime if investors pull up stumps. The summer months tend to be much busier in Sydney and Melbourne these days, so let's see what happens over the festive period. Finally, the coal price bust and subsequent super-boom has seen the vacancy rate in the Hunter Valley tumble from sky-high levels in 2015 to just 1.3 per cent. There could be an interesting twist in the tail for the coal-mining towns that took such a hit in the aftermath of the resources construction boom. The coking coal price has burned up into the stratosphere at $215/tonne (or about A$300/tonne) which is huge for Queensland. </div>
<div> </div>
<div class="separator">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>.</div>
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pwargent-M4siyDbqQY

Canberra and Hobart are turning into rental disaster zones

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GUEST OBSERVATION
The Commonwealth government’s decision to wave through a controversial tourism development in the Tasmanian Wilderness World Heritage Area was made in defiance of strident opposition from the expert statutory advisory body for the region’s management, <a href="https://www.propertyobserver.com.au/https://twitter.com/giblinite/status/1052020975775014912" target="_blank">it was recently revealed</a>.
In August, federal environment minister Melissa Price’s office <a href="http://epbcnotices.environment.gov.au/_entity/annotation/d3c5c54d-18af-e811-b817-005056ba00a7/a71d58ad-4cba-48b6-8dab-f3091fc31cd5?t=1539327928331" target="_blank">decided</a> the proposed luxury development on Halls Island did not need to be assessed under the Commonwealth Environment Protection and Biodiversity Conservation (EPBC) Act.
But according to documents tabled in Tasmania’s parliament by the Greens this morning, the state’s <a href="https://www.parks.tas.gov.au/index.aspx?id=1715" target="_blank">National Parks and Wildlife Advisory Council</a> had advised the opposite, as well as recommending that the proposal should not be approved at all in its current form. The council also argued “contentious projects” like this one should not be considered for the Tasmanian Wilderness World Heritage Area without “an agreed framework to guide assessment”.
This situation is not unique, and reveals a deeper problem with our national environmental laws. They may look strong on paper, but their strength can be eroded by bureaucratic discretion.
From conservation to commercialisation
Tasmania’s wilderness has long been ground zero for the struggle between conservation and commercialisation of our natural estate. In the 1980s, the Commonwealth government nominated the area for <a href="https://www.propertyobserver.com.au/https://whc.unesco.org/en/list/181" target="_blank">World Heritage listing</a> to stop the state government building a hydroelectric dam on one of Australia’s last truly wild rivers.
The “locking up” of large parts of wilderness from industrial development has prompted deep social divisions. Nevertheless, the Tasmanian Wilderness World Heritage Area (TWWHA) has since become part of Tasmania’s cultural and natural fabric. Yet this wilderness is now under renewed threat, as commercial interests seek to capitalise on its tourism potential.
World Heritage Areas must have an up-to-date management plan to ensure compliance with Australia’s obligations under the <a href="https://whc.unesco.org/en/convention/" target="_blank">World Heritage Convention</a>. In 2016 the Commonwealth and Tasmanian governments <a href="https://dpipwe.tas.gov.au/Documents/TWWHA_Management_Plan_2016.pdf" target="_blank">revised the TWWHA management plan</a> to reflect its “socio-economic” value, allowing a range of tourism uses that were banned under the previous 1999 plan.
The World Heritage Committee <a href="https://whc.unesco.org/en/decisions/6290/" target="_blank">warned in 2015</a> that without “strict criteria for new tourism development”, there would be significant risks to the area’s “wilderness character and cultural attributes”. Australia accepted the recommendation but has still not meaningfully implemented strict criteria to assess and protect wilderness values, even as it accepts proposals for tourism developments.
<a href="https://images.theconversation.com/files/240388/original/file-20181012-119123-mwlla0.jpg?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=1000&amp;fit=clip"><img src="https://images.theconversation.com/files/240388/original/file-20181012-119123-mwlla0.jpg?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=237&amp;fit=clip" alt=""></a>
Proposed commercial infrastructure projects involving built structures, transport, and modification of the natural environment in the Tasmanian Wilderness World Heritage Area, which have received preliminary or final approvals at October 2018. 30 proposals have been made and additional projects are likely to be announced as the EOI process continues. (c) Nick Fitzgerald 2018.
Since both levels of government agreed to open up the TWHHA, a range of commercial interests have proposed tourism developments there. Expressions of interest for commercial developments are done behind closed doors, but it is clear that <a href="https://www.propertyobserver.com.au/http://www.abc.net.au/news/2018-06-12/hodgman-challenged-over-lake-malbena-development/9860202" target="_blank">at least 30 commercial development proposals have been made</a> for sites in the TWWHA, including projects involving permanent huts, lodges and camps, and some that would necessitate helicopter access.
Halls Island
The first of these proposals to be released for public comment and assessed under the 2016 management plan is a plan to build a “luxury standing camp and guided ecotourism experience” at Halls Island in <a href="https://www.parks.tas.gov.au/index.aspx?base=3904" target="_blank">Walls of Jerusalem National Park</a> – a remote highland region of the TWWHA.
The plan includes <a href="https://www.propertyobserver.com.au/http://www.abc.net.au/news/2018-06-12/hodgman-challenged-over-lake-malbena-development/9860202" target="_blank">reclassifying the lake surrounding Halls Island from “wilderness” to “self-reliant recreation”</a>. On March 22, 2018, the proponent (Wild Drake Pty Ltd) <a href="http://epbcnotices.environment.gov.au/_entity/annotation/6fdfc222-f732-e811-886f-005056ba00a8/a71d58ad-4cba-48b6-8dab-f3091fc31cd5?t=1539138560646" target="_blank">referred the proposal to the Commonwealth Environment Minister</a> to determine whether it should be formally assessed under the EPBC Act.
Upon referral the proposal met with widespread opposition from scientists, conservation specialists, civil society, and recreational users of the park, especially the fishing community. What became clear today is that it was also strongly opposed by the expert advisory council for the TWWHA.
Expert advice
The National Parks and Wildlife Advisory Council (NPWAC) is a statutory body of independent experts, with responsibility to advise on the management of the TWHHA in line with Australia’s national and international World Heritage commitments. <a href="https://www.propertyobserver.com.au/https://twitter.com/giblinite/status/1052020975775014912" target="_blank">The documents released today</a> show that on July 13 2018, the NPWAC argued strongly against the proposal being allowed to proceed, stating that it “does not support this project progressing at this time”.
It cited a range of objections, including the fact that the development would effectively grant “exclusive private commercial use” of an area in the TWWHA, and that the opening up of airspace to helicopters would set an unwelcome precedent. It also described the development’s planned “standing camp” as a “pretence” because it would involve the construction of permanent buildings for year-round use. And it pointed to the proposal’s failure to address adequately the risk to threatened species and the fire-sensitive nature of the property.
Like the World Heritage Committee, NPWAC argued that the range of projects currently proposed for the TWWHA “should not be considered until there is an agreed framework to guide assessment”. Yet despite this, the minister’s delegate allowed the proposal to proceed without further assessment under the EPBC Act.
Commonwealth government’s decision
On August 31, 2018, the delegate of the minister decided that the referred action “is not a controlled action”, which means that it will not be subject to any further assessment, or even attention, by the Commonwealth government. No other reasons were given to reject the NPWAC’s recommendations, or the submissions from 78 individuals (including expert scientists) and 808 campaign submissions opposing the development.
Government ministers are not bound to act on expert advice. But they do have a duty to take it into account in a meaningful way. That is especially the case when expert advice is so clear, and supported by a range of relevant, independent and compelling public submissions from scientists and specialist groups.
In the case of Halls Island, these factors should have tipped the balance towards undertaking a proper, legal assessment of the proposal and its likely impacts.
In a response to The Conversation, Price said her department had considered a range of advice and concluded that the proposed development is “not likely to have significant impacts on any nationally protected environmental matters, including the value of the World Heritage Area”.
Examined against the government’s increasingly cavalier attitude to our national estate, world heritage, and role in global environmental governance it is tempting to conclude that Tasmania’s wilderness has become yet another place where economic values trump conservation ones.
The Commonwealth is supposed to provide a check and balance on states’ self-interest in exploiting areas of outstanding universal value. But with another 29 development proposals on the list, our fear is that Tasmania’s World Heritage “wilderness” will become a lot less wild in the future.<img src="https://counter.theconversation.com/content/104854/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;">
Brendan Gogarty, Senior Lecturer in Law, University of Tasmania
Nick Fitzgerald, PhD candidate, University of Tasmania
Phillipa C. McCormack, Lecturer, Faculty of Law, University of Tasmania
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/green-light-for-tasmanian-wilderness-tourism-development-defied-expert-advice-104854" target="_blank">original article</a>.
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Green light for Tasmanian wilderness tourism development defied expert advice

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The vacancy rate of bulky goods premises is now quickly dropping as new retail ventures emerge with the resurgence in the local economy and employment levels, according to the latest Herron Todd White (HTW) report.
The valuation firm took a look at the changing faces in the retail sector across the nation. 
"To help revitalise the Mackay CBD, landlords of vacant premises are being encouraged to allow more pop up shops. It is hoped that this concept will give the opportunity for new would be retailers to gauge how successful their venture would be without committing to a long term lease. Hopefully this will stimulate activity in the city centre and will eventually attract small retailers for longer terms," the HTW valuer noted. 
"We are aware that a major real estate agency/insurance broker is well advanced in the relocation of their premises to a central Victoria Street location which will assist in generating more foot traffic around the city centre."
Super Amart has relocated from Highway Plaza, Mount Pleasant to a tenancy of approximately 5,500 square metres in the old Bunnings building in the Greenfields Precinct at Mount Pleasant for a 15 year term, and World Gym has leased approximately 1,870 square metres for a seven year term.
Rents are confidential but incentives were considerable to fill these very large areas.
Beacon Lighting has leased a prominent tenancy at the corner of the Bruce Highway and Heaths Road and Central Queensland’s original discount retailer, Silly Solly’s, is set to make a comeback in the Greenfields Precinct.
"Heading further north, new bulky goods retailers including Fantastic Furniture and Pet Stock have commenced trade in the former Masters building at Richmond. At the time of writing, Anaconda was close to opening. We understand that Spotlight and Nick Scali will also be represented in this complex," HTW noted. 
A Mackay 108 square metre retail showroom plus office has been listed for lease with the price of $32,000 per annum.
The shop situated at <a href="https://www.realcommercial.com.au/property-retail-qld-mackay-501226811" target="_blank">206 Victoria Street</a> comes with kitchenette and bathroom.
It is close to Caneland shopping centre and other major retail shops.
<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/2018/10/4/mackay%202.jpg" alt="">
Another offering is a CBD 56 square metre retail space with lease price of $1300 per month.
<a href="https://www.realcommercial.com.au/property-retail-qld-mackay-501806070" target="_blank">The shop 2 at 134 Evan Street </a>features off street customer parking, internal toilet/skink and air condition. 
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Resurgent local economy boosting Mackay retail market: HTW commercial

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<div>A piece of Brisbane's shadier side, the site of the notorious Bubbles Bath-House, illegal casino and massage parlour is going to auction</div>
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<div>An infamous icon in Brisbane <a id="LPlnk688392" href="https://urldefense.proofpoint.com/v2/url?u=http-3A__icm-2Dtracking.meltwater.com_link.php-3FDynEngagement-3Dtrue-26H-3DbtYXC68syxnIlVIaW0qBweEUHWPFwuN5EgnqFgPj0oiC1OMl9zi1Rv2F4jZny7CfL6vyd-252FrE6G3KQzlJ7Gdu4zxqNVFznuL1pvAPy0eKs8JHwpZkQ32GLoLtNaPrIb8Y-26G-3D0-26R-3Dhttps-253A-252F-252Fwww.raywhitecommercial.com-252Fqld-252Ffortitude-2Dvalley-252F1977143-252F-26I-3D20181016062735.0000001a8f9b-2540mail6-2D113-2Dussnn1-26X-3DMHwxMDQ2NzU4OjViYzU4NGQ1YjJkYjFjZmM3YTE3OTAzYjsxfDEwNDY3NTk6dHJ1ZTs-253D-26S-3DM6xalPtS5nYvmAOnHJlA3bhURzrcwJ7EmcEcmN9iFaM&amp;d=DwMFaQ&amp;c=o287o4p3TtY268cDKC-bxg&amp;r=G1CoL82Gq4RVaeGrv6lfTX4ksv9s4DAsIhSVJzcs_Do&amp;m=Ant-44-aMmt8W7FbjszqRf8-Hmycah7rao270ELRzm4&amp;s=qlH2SWi7Bl3RzmE_M3d0AYhUmNnWLw1vYCzEXHn7G-8&amp;e=" target="_blank" data-auth="NotApplicable">144 Wickham Street</a>, the home of Fortitude Valley institution Les Bubbles, goes to auction 16 November.</div>
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<div>It comes fully tenanted over two leases with five years remaining on each.</div>
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<div>Containing a net leasable area of 543 sqm on a land area of 238 sqm over three levels, Ray White Commercial Gold Coast Commercial's Simon Robertson and Brad Merkur are marketing the property.</div>
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<div>Mr Robertson said the property was steeped in history and offers potential buyers a rare opportunity to purchase an asset that has gone down in Brisbane folklore and also functions as a tourist attraction.</div>
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<div><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/2018/10/17/A22I0306-X3.jpg" alt=""></div>
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<div>“There’s no doubting the historical significance of this building. Not only is it heritage listed, but it was formerly known as Brisbane’s most famous illegal casino,” he said.</div>
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<div>“The property has transformed in time with a well-established restaurant/bar and massage therapy on the upper level."</div>
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<div>He believes this property is ideal for an investor, developer or a self-managed super fund, as it’s currently occupied by two tenants and returning $91,246.87 p.a.</div>
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<div>The property is located roughly two kilometres from the Brisbane CBD. </div>
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Brisbane history up for sale

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The RBA has noted the trend in the commercial property market, with valuations continuing to rise rapidly in the eastern states and yields continuing to fall.
They stated, "there is a risk that if the rising valuations prove unsustainable, then price falls could see highly leveraged investors breach their loan covenants. This could trigger sales and further price falls."
The risks appear greatest for retail commercial property owners with challenging trading conditions, particularly the drought-affected agricultural sector in the eastern states, and some bricks-and-mortar retailers in the consumer goods sector.
The financial health of the business sector is "good" supported by positive economic conditions and low interest rates, however, yields on commercial property are now very low by historical standards, as growth in commercial property values has continued to outpace rents.
<img src="https://www.urban.com.au/images/2018/10/17/RBA%20G1.JPG" alt="">
The RBA noted, "this has occurred despite a slight increase in long-term interest rates over the past six months. It has resulted in further compression of the spread between returns on commercial property investments and long-term risk-free assets."
This yield compression has been evident across office, industrial and retail markets.
<img src="https://www.urban.com.au/images/2018/10/17/RBA%20G.JPG" alt="">
The RBA theorised that "one contributor could be the long lead-time in commercial property projects, meaning supply can be slow to respond to investor demand."
It could be that the demand to own commercial property exceeds projected tenant demand, for example, if investors view commercial property as offering a more attractive return relative to the low yield on many other assets.
"This would lead to an increase in property values that is not matched by rising rents, thus lowering yields on commercial property assets. There is some support for this hypothesis from the fact that recent transaction prices have exceeded estimated valuations based on existing rental yields," stated the RBA.
According to the RBA, the banks have also noted that the current low yields pose risks to the commercial property sector.
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Risks for commercial property stability in the eastern states: RBA

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A mixed-use childcare centre in Melbourne's Doreen has fetched $15 million.
It ranks as Australia’s largest childcare centre sale for 2018.
Savills Australia’s Clinton Baxter, Jesse Radisich and Benson Zhou brokered the deal for the 2,780 sqm property at the corner of Painted Hills Road and Hazel Glen Drive at a yield of 5.8 per cent.
“The sale of this landmark retail and childcare asset demonstrates the strong market appetite for premium property generating solid income in growth locations,” Mr Baxter said.
The three-level asset situated at 59 Painted Hills Road, attracted more than 135 registered parties.
It includes early learning centre, Guardian Childcare, seven ground-level retail shops, and undercover parking for 66 cars.
“Buyers were attracted to the brand new asset, completed in early 2018, underpinned by a large, fully enrolled Guardian Childcare centre and in one of Melbourne’s primary growth corridors,” Mr Baxter said.
The complex generates a net rental total of $871,324 per annum and is fully leased.
Tenants include Fletchers Real Estate and 12 Round Fitness, all with long-term leases in place and fixed annual rental growth.
”The recent opening of the Mernda rail extension and extensive housing estate developments has provided a huge boost to the local area, providing investors with the opportunity to capitalise on one of Melbourne’s growth hot spots,” Mr Baxter said.
"The property was purchased by a Singaporean investor with a local partner, demonstrating that off-shore money continues to flow into the Melbourne market in abundance,” Mr Radisich concluded.
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Savills sells Melbourne childcare asset at $15 million

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Golden Age boss Jeff Xu has sold his Melbourne laneway building for $14.5 million.
McKillop House, at 12-14 McKillop Street between Bourke Street and Little Collins Street, was bought by the Mantzis family, operators of Sleepeezee Bedding and other furniture businesses.
It comprises a freestanding, five level Manhattan-style building over 1706 square metres featuring bespoke floors of 250 square metres and large industrial style windows.
The 361 square metre corner site has 22 metres frontage.
Xu paid $11.5 million for the property in September 2015.
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