<p><a href="https://www.apartments.com.au/developers/wickton">Wickton</a>’s completed Linacre Rise development in Hampton is giving Bayside downsizers the opportunity to move into a spacious apartment near the beach, with the developer covering stamp duty for a limited time.</p>

<p>The 27-residence development has been designed for buyers who want to simplify their living arrangements without giving up the space, warmth and quality associated with a long-term family home. Most apartments have already been secured by Bayside locals, leaving a select collection of two and three-bedroom residences and penthouses available.</p>

<p>Two-bedroom apartments are priced from $1.275 million, three-bedroom residences from $2.25 million and penthouses from $3.375 million, with the completed homes available to inspect and move into now.</p>

<p>[smartcode_project:default project_id=95289 project_image_fid=366760]</p>

<p><a href="https://www.apartments.com.au/buildings/linacre-rise-hampton-8-10-linacre-road-hampton-vic-3188">Linacre Rise</a> occupies an elevated position on one of <a href="https://www.apartments.com.au/developments/hampton-vic-3188">Hampton</a>’s quiet, tree-lined streets, around 250 metres from the bay and 500 metres from Hampton’s village centre. Its setting gives residents access to the beach, local cafés, shops and Hampton Train Station while retaining the feel of an established residential neighbourhood.</p>

<p>Architecture and interiors by <a href="https://www.apartments.com.au/architects/ewert-leaf">Ewert Leaf</a> draw on the warmth and permanence of traditional brickwork, with the building integrated into terraced landscaping by <a href="https://www.apartments.com.au/landscape-architect/john-patrick-landscape-architects">John Patrick</a>. Ground-floor apartments are elevated above the street and include private garden courtyards, while several upper-level residences have generous balconies and outlooks toward the bay.</p>

<p>Inside, the residences favour natural materials and generous proportions. Herringbone-pattern European oak flooring, natural stone benchtops, premium joinery and Swiss V-ZUG appliances are among the key inclusions, while integrated storage has been incorporated across kitchens, bathrooms, studies and living areas.</p>

<p>The kitchens have been planned as practical spaces for both everyday use and entertaining, with substantial island benches, detailed cabinetry and adjoining dining and living zones. Full-height wardrobes, plush bedroom carpeting and carefully considered lighting reinforce the residential character Wickton sought to retain for buyers moving from larger homes.</p>

<p>[smartcode_project:default project_id=95289 project_image_fid=366769]</p>

<p>A Linacre Rise purchaser said the completed apartment had delivered the space, outlook and construction quality they had been seeking.</p>

<p>“The unit is very light, has views to die for over the bay, all construction materials and fittings are premium quality, we have secure parking for three cars, EV charging at very competitive rates, the neighbours are friendly and there is just a lovely ambiance about the place,” the purchaser said.</p>

<p>Environmental features include solar panels, shared electric vehicle charging stations, rainwater harvesting for toilet flushing and landscape irrigation, double-glazed windows and water-efficient fixtures and appliances.</p>

<p>[smartcode_project:default project_id=95289 project_image_fid=366762]</p>

<p>The development was built by Balmain &amp; Co, with Wickton managing the broader development process through its in-house team.</p>

<p>For downsizers, the project’s completed status removes much of the uncertainty associated with buying off the plan. Purchasers can inspect the finished apartments, understand their outlook and proportions, and move in without waiting for construction to conclude.</p>

<p>The remaining selection includes north-oriented balconies, corner configurations and penthouses with elevated bay views. The developer-paid stamp duty initiative is available for a limited time, with potential savings of up to $200,000 depending on the residence purchased.</p>

<p>[smartcode_project_cta:default project_id=95289]</p>


Joel Robinson

Limited-time stamp duty offer at completed Linacre Rise apartments in Hampton

<p>Luxury apartment buyers have long prioritised design, space and finishes, but increasingly they're placing equal importance on something less tangible: how easily they can live without relying on a car.</p>

<p>At <a>Richmond Square</a>, <a href="https://www.apartments.com.au/developers/fortis">Fortis</a> believes that convenience begins beyond the apartment itself, with the mixed-use precinct earning a near-perfect Walk Score of 99.</p>

<p>The development has been planned around the idea that some of the most valuable amenities aren't contained within a building, they're the restaurants, cafés, parks, transport connections and daily conveniences that can all be reached on foot.</p>

<p>Located just behind Swan Street and Church Street, <a href="https://www.apartments.com.au/new-apartments/richmond-square-1-wiltshire-street-richmond-vic-3121">Richmond Square</a> places residents within one of Melbo​u​rne's most established lifestyle precincts while offering a quieter residential setting removed from the busiest thoroughfares. East Richmond Station is moments away, trams run along both Swan and Church Streets, and the MCG, Melb​​ourne Park, Yarra River trails and the CBD are all within walking distance. At the same time, the precinct itself will introduce a curated mix of dining, retail, hospitality and wellness offerings, creating a destination that extends well beyond its residential buildings.</p>

<p>[smartcode_project:default project_id=13181 project_image_fid=348530]</p>

<p>For Fortis, that combination of location and scale was what made the site unique.</p>

<p>"<a href="https://www.apartments.com.au/developments/richmond-vic-3121">Richmond</a> is one of Melb​o​urne's most established and distinctive inner-city neighbourhoods, with a rare combination of dining, culture, recreation, public transport and proximity to the CBD," the developer said.</p>

<p>"The opportunity at Wiltshire Street was particularly compelling because the site sits slightly removed from the activity of Swan and Church Streets while remaining only moments from everything that makes the area desirable."</p>

<p>Rather than developing a standalone apartment building, Fortis consolidated 15 individual properties to create one of the larger development parcels assembled on Mel​b​ourne's city fringe in recent years. That allowed the team to deliver a genuine mixed-use precinct comprising 107 residences across Wiltshire House and Carmine House, premium office space, hospitality venues, retail, wellness offerings and a future 57-room hotel.</p>

<p>"The scale of the site allowed Fortis to think beyond a standalone apartment building," the developer said.</p>

<p>"Richmond Square could be planned as a complete lifestyle precinct, bringing homes, workplaces, dining, retail, hospitality and wellness together around a series of activated public spaces. The aim was to create a destination that feels connected to Richmond rather than separate from it."</p>

<p>[smartcode_project:default project_id=13181 project_image_fid=348533]</p>

<p>The emphasis on walkability has also resonated with buyers.</p>

<p>Interest has been strongest from established owner-occupiers, particularly downsizers from Richmond and Melb​ourne's inner east who want to remain close to familiar restaurants, workplaces, family and social networks while moving into a more secure, lower-maintenance home. The project is also attracting Mornington Peninsula and interstate buyers seeking a Melb​ourne residence they can lock up and leave between visits.</p>

<p>Many are looking for generous living spaces, room to entertain, quality finishes and confidence in the project team, but location remains one of the biggest deciding factors.</p>

<p>"For many buyers, Richmond Square provides a way to simplify the practical side of home ownership without reducing the quality of their lifestyle," the sales team said.</p>

<p>"Location is also a major driver of interest. Buyers can remain connected to the CBD, major sporting events, the arts centres, local restaurants, cafes and bars and their family while living in a private and secure residence that is easy to lock up and leave for weekends or longer periods away."</p>

<p>[smartcode_project:default project_id=13181 project_image_fid=348549]</p>

<p>The residences themselves have been designed with that buyer in mind. Award-winning architecture practice SJB and interior designers Hecker Guthrie have created spacious two and three-bedroom apartments and penthouses that prioritise generous living areas, natural light, bespoke joinery and private terraces. Above, a rooftop sanctuary by Acre includes landscaped lawns, bookable dining rooms, barbecue facilities, wellness spaces and panoramic views across the CBD, the MCG and Port Phillip Bay.</p>

<p>Fortis believes Richmond Square reflects a broader evolution in apartment living, where the surrounding neighbourhood becomes just as important as the residence itself.</p>

<p>"Richmond Square introduces a different proposition: generously proportioned residences within a genuinely mixed-use, hospitality-led destination," the developer said.</p>

<p>"The project's location and Walk Score of 99 further support a lifestyle where residents can complete many everyday journeys without relying on a car."</p>

<p>Fortis has assembled an experienced team that includes <a href="https://www.apartments.com.au/architects/sjb-architects">SJB</a>, <a href="https://www.apartments.com.au/interior-designers/hecker-guthrie">Hecker Guthrie</a>, <a href="https://www.apartments.com.au/landscape-architect/acre">Acre</a> and builder <a href="https://www.apartments.com.au/builders/hacer-group">Hacer Group</a>, reflecting the developer's commitment to creating projects with enduring design quality and meaningful connections to the communities in which they sit.&nbsp;</p>

<p>Richmond Square is an expression of that philosophy, bringing together homes, workplaces, hospitality and wellness within one of Me​lb​ourne's most walkable neighbourhoods.&nbsp;</p>

<p>Construction is now almost complete, providing purchasers with growing confidence ahead of its expected September 2026 completion.</p>

<p>[smartcode_project_cta:default project_id=13181]</p>


Walk Score of 99 places Richmond Square at the heart of Melbourne's most connected lifestyle

<h3 data-end="19" data-section-id="1dvgwoe" data-start="0">Summary</h3>

<ul data-end="634" data-start="21">
	<li data-end="170" data-section-id="1o77v31" data-start="21">Walker Corporation has lodged plans for a second major residential development in the Maroochydore City Centre, a 29-storey tower known as Celeste.</li>
	<li data-end="327" data-section-id="1lb0y6t" data-start="171">The Plus Studio-designed proposal at Lot 30 Sunshine Coast Parade would deliver 208 apartments, including four four-bedroom sub-penthouses and penthouses.</li>
	<li data-end="487" data-section-id="za720" data-start="328">The application comes as Walker doubles down on Maroochydore following the strong sales campaign at SOL by Walker, where the first tower is nearing sell-out.</li>
	<li data-end="634" data-section-id="5sovec" data-start="488">Walker is a key partner in the transformation of the Maroochydore City Centre, which is expected to ultimately deliver at least 4,000 new homes.</li>
</ul>

<p data-end="859" data-start="714">Walker Corporation is doubling down on Maroochydore following the successful sales campaign at its first residential project in the emerging CBD.</p>

<p data-end="1044" data-start="861">The national developer has filed plans for <a href="https://www.apartments.com.au/new-apartments/celeste-30-sunshine-coast-parade-maroochydore-qld-4558">Celeste</a>, a new 29-storey apartment tower at Lot 30 Sunshine Coast Parade, just metres from its under-construction SOL by Walker development.</p>

<p data-end="1317" data-start="1046">The plans, prepared by Plus Studio, would see 208 apartments delivered across a 100-metre tower on the 2,376 sqm site, which fronts Sunshine Coast Parade, First Avenue and Future Way within the Maroochydore Priority Development Area.</p>

<p data-end="1317" data-start="1046"><img alt="Walker" data-entity-type="file" data-entity-uuid="17038209-6fea-4ed2-855d-fd4df65b3d02" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-10%20at%2010.24.16%E2%80%AFAM.png?VersionId=iZD.oVXcQn.aLpUytDAW.CWjxP4puWMy" /></p>

<p data-end="1507" data-start="1319">The proposed apartment mix comprises 36 one-bedroom apartments, 48 two-bedroom apartments, 72 two-bedroom apartments with an additional multipurpose space, and 48 three-bedroom apartments.</p>

<p data-end="1806" data-start="1509">The upper levels would be capped by two four-bedroom sub-penthouses and two four-bedroom penthouses, taking the total apartment count to 208. The preliminary yield study also provides 262 car spaces, 114 resident bicycle spaces and storage for each apartment.</p>

<p data-end="1965" data-start="1808">It represents Walker's next major residential move in the new Maroochydore CBD after the success of SOL by Walker, its $220 million two-tower project nearby.</p>

<p data-end="2278" data-start="1967">SOL launched to market in early 2025 and has since seen strong demand, particularly from local owner-occupiers. By February this year, Walker said the first SOL tower was nearing sell-out, with a strong waitlist also emerging for its recently released penthouse collection.</p>

<p data-end="2457" data-start="2280">Construction is already underway on SOL, with the first tower expected to be completed in late 2027 and the second to follow in early 2028.</p>

<p data-end="2457" data-start="2280">[smartcode_project:default project_id=147777 project_image_fid=319846]</p>

<h2 data-end="2518" data-section-id="1b2dyo5" data-start="2459">Celeste to rise 100 metres over Maroochydore City Centre</h2>

<p data-end="2595" data-start="2520">Celeste would take a different form to the twin 19-storey buildings at SOL.</p>

<p data-end="2767" data-start="2597">Plus Studio has designed a single 100-metre tower above an activated podium, with the architecture responding to the site's prominent position and three street frontages.</p>

<p data-end="3095" data-start="2769">The podium would incorporate commercial tenancies and public art, with sweeping façade elements wrapping the street edges. The scalloped concrete podium has been inspired by the patterns created in sand at low tide, while extensive landscaping would continue vertically through the tower.</p>

<p data-end="3351" data-start="3097">The ground level plans show three commercial tenancies addressing Sunshine Coast Parade alongside the residential lobby and landscaped public realm. The podium would then accommodate several levels of car parking before the residential tower rises above.</p>

<p data-end="3351" data-start="3097"><img alt="Celeste" data-entity-type="file" data-entity-uuid="121f77b1-71c5-46d7-9b36-0a7d474211ca" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-10%20at%2010.24.47%E2%80%AFAM.png?VersionId=MGrg9Hb7HgzLN0Lelq_xrXNAruVl77ia" /></p>

<p data-end="3577" data-start="3353">Plus Studio said the tower had been designed to maximise views from each apartment, taking in the Maroochy River, Sunshine Coast hinterland, Cotton Tree and Maroochydore Beach and ocean.</p>

<p data-end="3751" data-start="3579">Those views have also shaped one of the project's key features, with Walker proposing to put the primary resident amenity on Level 29 rather than lower within the building.</p>

<p data-end="4049" data-start="3753">The rooftop would feature a 284.9 sqm pool area with an infinity edge, along with a cold pool, spa, sauna, 93.2 sqm gym, sunset lounge, BBQ and dining areas, pool deck and private dining space. Cabanas and day beds are also shown across the recreation level.</p>

<p data-end="4158" data-start="4051">The two penthouses would extend across the upper levels and each feature private terraces and plunge pools.</p>

<h2 data-end="4202" data-section-id="v5f4ix" data-start="4160">Walker's growing Maroochydore footprint</h2>

<p data-end="4301" data-start="4204">Celeste further reinforces Walker's commitment to the transformation of Maroochydore City Centre.</p>

<p data-end="4580" data-start="4303">Walker is one of the key partners delivering the new CBD alongside Sunshine Coast Council and SunCentral Maroochydore, with the broader 62-hectare Priority Development Area occupying the former Horton Park Golf Course and surrounding land.</p>

<p data-end="4752" data-start="4582">The precinct is ultimately expected to accommodate at least 4,000 new homes as Maroochydore evolves into the Sunshine Coast's principal commercial and residential centre.</p>

<p data-end="4993" data-start="4754">When SOL secured approval in February 2025, Walker Managing Director and CEO David Gallant described it as the "first of many residential projects" the company planned for the Maroochydore City Centre.</p>

<p data-end="5063" data-start="4995">Celeste now provides the clearest indication yet of what comes next.</p>

<p data-end="5303" data-start="5065">The site sits immediately within the new CBD, with the design report identifying Sunshine Plaza and surrounding parkland within walking distance and Maroochydore Beach around a five-minute drive away.</p>

<p data-end="5656" data-start="5532">For Walker, the timing of the application comes as its first residential bet on the new CBD appears to have been vindicated.</p>

<p data-end="5986" data-start="5658">SOL has progressed from planning approval to construction while its first release has approached sell-out, giving Walker confidence to push ahead with another 208 apartments and take its residential pipeline in the Maroochydore City Centre to around 450 dwellings across the two projects.</p>

<p data-end="6204" data-is-last-node="" data-is-only-node="" data-start="5988">Celeste remains subject to planning approval, with the architectural material describing the scheme as a preliminary yield study that may change through the assessment process.</p>


Walker doubles down on Maroochydore with 29-storey Celeste apartment tower

<p data-end="294" data-section-id="19m9s1w" data-start="191">For most Australians, buying an apartment is one of the biggest financial decisions they'll ever make</p>

<p data-end="477" data-start="296">The location, floorplan and price are often the first considerations, but in recent years another question has become increasingly important: who is actually delivering the project?</p>

<p data-end="947" data-start="479">A series of high-profile builder collapses, construction delays and defect concerns have fundamentally changed how many Victorians approach buying off the plan. The collapse of Porter Davis in 2023, which reportedly left around 1,700 homes unfinished, became one of the most visible examples of the risks that can emerge when a construction company fails. <a href="https://www.equifax.com.au/sites/default/files/lpassets/pdf/Final-Business-Market-Pulse-June-Sector-Deep-Dive-Report-2.pdf">Similar challenges across the broader construction sector</a> have left buyers asking more questions before signing a contract.</p>

<p data-end="1099" data-start="949">As Victoria continues encouraging higher-density housing to address supply shortages, transparency is becoming just as important as location or price.</p>

<p data-end="1490" data-start="1101">One tool increasingly entering the conversation is the <a href="https://icirt.com/">Independent Construction Industry Rating Tool (iCIRT)</a>, an independent assessment framework designed to help buyers better understand the developer or builder behind a project. Originally developed by Equifax in consultation with government and industry as part of NSW's Construct NSW reforms, the system has since expanded nationally.</p>

<h2 data-end="1519" data-section-id="7nmx3" data-start="1492">What is an iCIRT rating?</h2>

<p data-end="1593" data-start="1521">Most Australians are familiar with independent ratings in everyday life.</p>

<p data-end="1748" data-start="1595">We compare ANCAP safety ratings before buying a car. We look at Health Star Ratings in supermarkets. Banks rely on credit assessments when lending money.</p>

<p data-end="1930" data-start="1750">Until recently, however, there has been very little independent information available to help apartment buyers assess the business responsible for delivering a residential project.</p>

<p data-end="1979" data-start="1932">That gap is what iCIRT was designed to address.</p>

<p data-end="2559" data-start="1981">Builders, developers and other construction professionals with an iCIRT rating have demonstrated high-trust characteristics through an independent, evidence-based assessment across six criteria: Character, Capability, Conduct, Capacity, Capital and Counterparties. This involves a rigorous review of financial health, past project track record, and ethical conduct. Crucially, an iCIRT rating could help provide property buyers with confidence that they are working with a professional who has demonstrated the capability, capacity, and willingness to return and rectify issues.</p>

<p data-end="2822" data-start="2561">Importantly, iCIRT is not a recommendation to purchase a particular property, nor is it a traditional credit rating. It is an independent assessment framework designed to provide objective information about a construction business using a <a href="https://icirt.com/sites/default/files/2025-08/iCIRT-Methodology-Issue1-May-2021.pdf">published methodology</a>.</p>

<p data-end="3082" data-start="2824">The system has been widely adopted in New South Wales, where more than one-third of medium and large residential builders and developers now hold an iCIRT rating, representing over two-thirds of the state's residential building market by value as of 2025/26.</p>

<h2 data-end="3126" data-section-id="h6ohtj" data-start="3084">Why buyers are doing more due diligence</h2>

<p data-end="3254" data-start="3128">For many buyers, particularly those purchasing off the plan, the biggest risk isn't whether they'll like the kitchen finishes.</p>

<p data-end="3388" data-start="3256">It's whether the project will be delivered on time, to the expected quality, and by a company capable of completing the development.</p>

<p data-end="3773" data-start="3390"><a href="https://icirt.com/sites/default/files/2026-07/iCIRT%202025%20Consumer%20Survey%20Report%20v05.pdf">Consumer research commissioned by iCIRT</a> found more than half of respondents believed current protections do not adequately safeguard buyers from builder insolvencies or defective projects. Other research found 88 per cent of prospective buyers would seek independent ratings or due diligence before purchasing, while 90 per cent said trust in construction professionals is essential.</p>

<p data-end="3837" data-start="3775">That doesn't mean buyers should rely on a single rating alone.</p>

<p data-end="3978" data-start="3839">Independent legal advice, understanding the contract, and seeking financial advice all remain important parts of the due diligence process.</p>

<p data-end="4092" data-start="3980">However, an independent assessment can provide another source of information alongside those traditional checks.</p>

<h2 data-end="4138" data-section-id="pquzxc" data-start="4094">Trust is becoming a competitive advantage</h2>

<p data-end="4188" data-start="4140">The conversation isn't only changing for buyers.</p>

<p data-end="4296" data-start="4190">Developers are also recognising that trust has become an increasingly important part of the sales process.</p>

<p data-end="4389" data-start="4298">Five years ago, purchasers typically asked about floorplans, finishes and settlement dates.</p>

<p data-end="4538" data-start="4391">Today, sales teams are increasingly being asked about the developer's experience, financial stability, previous projects and construction partners.</p>

<p data-end="4734" data-start="4540">For companies with strong governance and established delivery records, an independent iCIRT rating provides another way to demonstrate those credentials before buyers even visit a display suite.</p>

<p data-end="4910" data-start="4736">According to Equifax, the assessment can also help businesses drive sales and <a href="https://icirt.com/resources-for-business/icirt-rating-helps-scion-secure-high-value-projects">secure high-value projects</a>, as well as identify operational improvements and <a href="https://icirt.com/resources-for-business/mirvac-reinforces-brand-trust-and-quality-independent-icirt-rating">attract top talent</a>.</p>

<h2 data-end="4962" data-section-id="1j54ng5" data-start="4912">Beyond buyers: lenders are paying attention too</h2>

<p data-end="5049" data-start="4964">The influence of independent construction ratings is also extending beyond consumers.</p>

<p data-end="5281" data-start="5051">According to Stamford Capital's Real Estate Debt Capital Markets Survey, an increasing number of lenders now incorporate iCIRT ratings into their due diligence processes when assessing residential development finance applications.</p>

<p data-end="5612" data-start="5283">The survey found lender adoption has continued to rise, with many respondents saying independent assessments provide additional insight into governance, counterparties and delivery capability beyond traditional financial analysis. Some lenders also reported declining funding applications where businesses had poor or no ratings.</p>

<p data-end="5770" data-start="5614">As construction costs remain elevated and access to development finance becomes more selective, demonstrating credibility is becoming increasingly valuable.</p>

<h2 data-end="5801" data-section-id="1qazuxs" data-start="5772">What it means for Victoria</h2>

<p data-end="5855" data-start="5803">Victoria's apartment market is entering a new phase.</p>

<p data-end="6014" data-start="5857">The state is seeking to accelerate higher-density housing while simultaneously introducing reforms aimed at improving confidence in residential construction.</p>

<p data-end="6131" data-start="6016">For buyers, that means there are more tools available than ever before to research the businesses behind a project.</p>

<p data-end="6261" data-start="6133">For developers, it signals that transparency is becoming another point of differentiation in an increasingly competitive market.</p>

<p data-end="6464" data-start="6263">Buyers are asking more questions than ever before and increasingly expecting independent information, not just marketing material, before making one of the biggest financial commitments of their lives.</p>

<p data-end="6464" data-start="6263">Find out how to get iCIRT rated <a href="https://www.icirt.com/sites/default/files/2025-08/iCIRT-Infographic-Assessment-Process-Final.pdf">here</a>.</p>

<hr data-end="6469" data-start="6466" />
<p data-end="6861" data-start="6471"><em data-end="6861" data-start="6471">The information contained in this article is general in nature and does not constitute personal, financial, legal or tax advice. It does not take into account your personal objectives, financial situation or needs. Therefore, you should consider whether the information is appropriate to your circumstances before acting on it and, where appropriate, seek independent professional advice.</em></p>

<p data-end="7088" data-start="6863"><em data-end="7088" data-start="6863">This article contains links to third-party websites. These links are provided for convenience only. Equifax Australia does not control and is not responsible for the content, accuracy or privacy practices of external sites.</em></p>

<p data-end="7191" data-start="7090"><em data-end="7191" data-start="7090">Copyright © 2026 Equifax Australia Information Services and Solutions Pty Ltd. All rights reserved.</em></p>


Buying off-the-plan in Melbourne? How independent iCIRT ratings are set to change Victorian property

<p style="text-align:left; margin-top:8px; margin-bottom:8px">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;</p>

<p>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.</p>

<p>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;</p>

<p>[smartcode_project:default project_id=111820 project_image_fid=344699]</p>

<p>The change forms the final tranche of amendments arising from the 2021 statutory review of the Strata Schemes Management Act 2015 and related legislation.</p>

<p>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.</p>

<p>“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.</p>

<p>“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.”</p>

<p>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.</p>

<p>[smartcode_project:default project_id=136442 project_image_fid=374084]</p>

<p>The reform also places NSW within a wider national shift.</p>

<p>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.</p>

<p>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.</p>

<p>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.</p>

<p>“With the legislation passed, the focus now turns to making it work for buyers,”&nbsp;Nugent said.</p>

<p>“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;</p>

<p>“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.”</p>

<p>[smartcode_project:default project_id=134954 project_image_fid=4553]</p>

<p>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.</p>

<p>Resilience Insurance acknowledges the NSW Government’s continued focus on strengthening consumer protection while supporting housing delivery across the State.</p>

<p>Fast Facts: What the reform means</p>

<ul>
	<li>Proven at scale:&nbsp;Decennial cover has operated in NSW since 2022, protecting thousand of apartments.</li>
	<li>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>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>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>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>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>Market position:&nbsp;Resilience originated LDI in Australia and has delivered it in NSW since 2022.</li>
</ul>

<p>Fast Facts: What is Resilience LDI?</p>

<ul>
	<li>Resilience Latent Defects Insurance (LDI):&nbsp;Covers major structural defects for 10 years from completion.</li>
	<li>Consumer-first:&nbsp;Direct claim access, no need for lengthy legal action.</li>
	<li>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>Market leader:&nbsp;&nbsp;Resilience Insurance originated LDI in Australia and is the national market leader.</li>
</ul>


NSW parliament passes 10-year defect insurance laws for new apartment buyers

<p>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.</p>

<p>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;</p>

<p>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.</p>

<p>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.</p>

<p>Even in the low seasons of May and June, occupancy levels reach around 40 per cent.</p>

<p><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" /></p>

<p>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</p>

<p>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.</p>

<p><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" /></p>

<p>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.<span><span><span><span><span><span><span><span><span><span><span><span><span><span><span><span><span><span><span><span><span><span><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" /></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span><span><span><span><span><span>​</span></span></span></span></span></span></p>

<p>The apartments will feature modern amenities and contemporary designs with expansive windows capturing sweeping views of The Remarkables mountain range.&nbsp;</p>

<p>Interiors are equipped with modern finishes, premium appliances, and secure electronic key-locked doors, ensuring a comfortable living experience for residents and guests alike.</p>

<p>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;</p>

<p>Queenstown’s sustained demand for visitor accommodation and rental properties is underpinned by a shortage of housing options, attracting both local and international buyers.</p>


Safari Group offers low-touch investment proposition in Queenstown’s popular ski fields district

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<div>The Victorian Parliament has passed the Residential Tenancies Amendment Bill 2018, which includes more than 130 reforms providing increased protections for renters, while ensuring rental housing providers can still effectively manage their properties.</div>
<div> </div>
<div>When the new laws come into effect, renters will be able to: </div>
<ul>
<li>have a pet with the written consent of their residential rental provider. Consent can only be reasonably refused through a Victorian Civil and Administrative Tribunal (VCAT) order </li>
<li>make certain modifications without first obtaining the residential rental provider's consent, such as installing picture hooks, and furniture anchors to stop televisions and other heavy items falling on children.</li>
</ul>
<div> Other key changes will: </div>
<ul>
<li>require every rental home to meet basic minimum standards, to be set out in regulations, such as providing functioning stoves, heating and toilets</li>
<li>require residential rental providers to undertake mandatory safety maintenance for gas, electricity, smoke alarms and pool fences</li>
<li>implement the recommendations of the Royal Commission into Family Violence that relate to rental housing. These include: </li>
</ul>
<ul>
<li>allowing victims to end a lease in family violence situations without first needing a final intervention order, and</li>
<li>ensuring victims are not held unfairly liable for debts created by perpetrators of the violence  </li>
</ul>
<ul>
<li>allow caravan and residential park residents to seek compensation if their park closes</li>
<li>clarify rights of entry and photography when a landlord needs to sell a rental property, and</li>
<li>streamline the rules dealing with goods left behind at the end of a tenancy. </li>
</ul>
<div>Work will continue next year on complementary reforms to provide easily accessible and informal dispute resolution through VCAT. </div>
<div> </div>
<div>The reforms respond to extensive community feedback during the Victorian Government’s Fairer Safer Housing consultation to review the <em>Residential Tenancies Act 1997</em>. More than 4,800 public comments were received from a wide range of people and organisations. </div>
<div> </div>
<div>The changes will come into force progressively, and further consultation will be undertaken where necessary to develop guidelines around the new laws. We will provide updates on the new laws as implementation progresses.</div>
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The lowdown on Victoria's new rental laws

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<p class="article-details">EXPERT OBSERVER</p>
<p>Following the strong GDP Report Westpac has lifted its growth forecasts for 2018 and also revised slightly its forecasts for 2019 and 2020.</p>
<p>However, the key themes that growth will slow in 2019 and remain below the 2018 pace in 2020 are intact.</p>
<p>The June quarter GDP report was released this week. Due to upward revisions of around 0.5 percentage points, the Australian economy was revealed to be much stronger than we had been led to believe.</p>
<p>Real GDP expanded by a solid 0.9% in the June quarter and annual growth printed 3.4% – well above potential of around 2.75%. Markets were expecting annual growth of around 2.8% with most of the lift being attributed to revisions of earlier quarters.</p>
<p>These accounts have prompted a review of our growth outlook.</p>
<p>We have lifted our growth forecast for 2018 from 2.7% to 3.3%.</p>
<p>The growth forecast for 2019 has been lifted from 2.5% to 2.7% and the 2020 forecast has increased from 2.8% to 3.0%.</p>
<p>While the levels of the growth forecasts have been lifted, the profile of an economy that will slow into 2019 and lift modestly in 2020 remains.</p>
<p>Furthermore, these growth rates (following 2.4% in 2017) are insufficient to make any meaningful impact on the spare capacity in the economy and therefore our inflation and wages forecasts remain essentially unchanged.]</p>
<p>Bill Evans is the Chief Economist for Westpac</p>
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Westpac still expects a growth slowdown in 2019 despite recent strong GDP report: Bill Evans

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<p>ASX-Listed Buymyplace.com.au (BMP) has purchased an end-to-end DIY property management company for $2 million.</p>
<p>Pleased.Property (Pleased) was founded 18 mponths ago by Jeremy Goff, alongside Gerard Holland and Domenic Saporito of GADA Technology.</p>
<p>It offers optional live video condition inspections for long-distance property management.</p>
<p>“Pleased enables owners and renters to carry out every possible interaction, communication and transaction for their rental property on a single secure platform,” said Goff</p>
<p>“Our best-in-class technology platform will further enhance BMP’s core value proposition, allowing customers greater choice and control over their property investments.</p>
<p>“This transaction is a win-win solution for all parties involved.”</p>
<p>Colin Keating, CEO of BMP, said the success of BMP to date proves that the real estate sector is ripe for disruption.</p>
<p>“Rental transactions are a relatively untapped opportunity for our business, but one where we can immediately begin to capture greater revenue from our existing customer base, expand our market and offer our customers greater choice and control across the spectrum of property transactions</p>
<p>“This acquisition is a key pillar in our buy, rent and sell strategy.”</p>
<p> </p>
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Buymyplace snaps up DIY property management startup for $2 million

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<p>The NSW Government has announced a new a regulatory framework to govern the short-term holiday letting industry.</p>
<p>Short-term holiday letting has rapidly expanded in recent years due to the growth of online booking services such as Airbnb and Stayz.</p>
<p>The regulatory framework is designed to ensure that local communities continue to gain from the economic benefits of short-term holiday letting, while protecting neighbours from anti-social behaviour.</p>
<p><strong>What is the new framework?</strong></p>
<p>The new framework will include new planning laws, an industry Code of Conduct and new provisions for strata scheme by-laws.</p>
<p><strong>Planning laws</strong></p>
<p>New planning laws will allow short-term holiday letting under certain conditions. If the host is present, they can use their home for short-term holiday letting all year round as exempt development. That is, they do not need to submit a development application to local council.</p>
<p>If the host is not present, that residence can be used for short-term holiday letting up to 180 days per year in Greater Sydney, with 365 days allowed in all other areas of New South Wales. Councils outside Greater Sydney will have the power to decrease the 365 day limit to no less than 180 days per year.</p>
<p>There will also be additional conditions for bushfire prone land to ensure visitor safety.</p>
<p><a href="https://www.propertyobserver.com.au/images/2018/9/4/regulation%201.jpg" target="_blank">Click here to enlarge</a></p>
<p><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/2018/9/4/regulation%201.jpg" alt=""></p>
<p><strong>Code of Conduct</strong></p>
<p>A mandatory Code of Conduct will be introduced that will apply to anyone involved in providing or using short-term holiday letting including hosts, guests, online platforms, and letting agents.</p>
<p>The Code will establish the ‘two strikes and you’re out’ policy. Hosts or guests who commit two serious breaches of the Code within two years will be banned for five years. Platforms and letting agents will not be permitted to offer services to anyone, or any dwelling, that is listed on the exclusion register.</p>
<p>A strike will include any behaviour which unreasonably interferes with a neighbour’s quiet and peaceful enjoyment of their home.</p>
<p>The Code will establish a complaints system, which will be available to neighbours of short-term holiday letting premises, strata committees and owners corporations.</p>
<p>Complaints will be assessed by independent and impartial adjudicators, approved by the Commissioner for Fair Trading. Adjudicators will be required to make decisions on evidence and after giving both complainants and respondents a chance to put forward their case.</p>
<p><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/2018/9/4/regulation%202.jpg" alt=""></p>
<p>Strikes will be recorded on an online register to ensure that guests and/or hosts cannot 'platform shop'. Platforms and property agents will have to check the register before taking on new customers. Failure to do so may result in significant penalties of up to $1.1million for corporations and $220,000 for individuals.</p>
<p>NSW Fair Trading will have powers to police online platforms and letting agents. The Code, its enforcement, the compliance system and the register will be funded by industry.</p>
<p><strong>What about strata schemes?</strong></p>
<p>Strata scheme management laws will be amended to clarify that by-laws can prohibit short-term holiday letting, but only for lots that are not a host’s principal place of residence.</p>
<p>That is, if a host is genuinely sharing their home, they will still be able to use a spare room for short-term holiday letting, and will be allowed to let out their principal place of residence while they are away on holidays.</p>
<p>NSW Fair Trading will also develop guidelines to advise owners corporations on how they can use other existing strata laws to help deal with short-term holiday letting.</p>
<p><a href="https://www.propertyobserver.com.au/images/2018/9/4/regulation%203.jpg" target="_blank">Click here to enlarge</a></p>
<p><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/2018/9/4/regulation%203.jpg" alt=""></p>
<p><strong>When will the new framework start?</strong></p>
<p>The NSW Parliament passed the Government’s short-term holiday letting reforms on Tuesday 14 August. The new framework is expected to start in 2019.</p>
<p>The Code of Conduct will be developed in consultation with Government agencies, and industry and community groups during 2018.</p>
<p>The reforms will be reviewed a year after they commence.</p>
<p><strong>How was the framework determined?</strong></p>
<p>In October 2016, the NSW Parliament Legislative Assembly Committee on Environment and Planning made several recommendations to the Government following its public inquiry on the Adequacy of Regulation of short-term residential accommodation.</p>
<p>The Committee’s report was released in October 2016 and made 12 recommendations, mostly relating to planning and strata laws.</p>
<p>In mid-2017, the Government released an Options Paper on short-term holiday letting.</p>
<p>The Options Paper explored approaches to implement a whole of Government regulatory framework for the industry that addressed land use and planning issues and strata scheme management issues, including the amenity and safety of existing residents.</p>
<p>Community and industry feedback on these options helped guide and inform the Government's reforms to the regulations of short-term holiday letting.</p>
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NSW government announce new short-term holiday letting regulations

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<p>EXPERT OBSERVER</p>
<p>Over the past few weeks three of the four major banks in Australia have announced that they are going to be increasing variable mortgage rates. </p>
<p>While there has been a lot of adjustments to mortgage rates over recent years, the big difference with the latest announcement is that the higher mortgage rates are going to affect owner occupiers. </p>
<p>Most of the previous mortgage rate changes announced by the major banks have only affected investors and those with interest only mortgages.</p>
<p>Click here <a href="https://www.propertyobserver.com.au/images/2018/9/7/KUSH1.jpg" target="_blank">to enlarge</a></p>
<p><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/2018/9/7/KUSH1.jpg" alt=""></p>
<p>Many of the smaller regional banks have pushed mortgage rates for owner occupiers higher over recent months citing higher short-term funding costs. </p>
<p>Although until now the major banks had resisted making an adjustment to mortgage rates it seems they too have had their hand forced by higher funding costs.  The above chart highlights the cost of short-term funding to banks (the three-month bank bill swap rate) and it clearly shows that the cost of short-term funding has increased.  It currently sits at 2.26% compared to the official cash rate which remains unchanged at 1.5% since August 2016.</p>
<p>Click here <a href="https://www.propertyobserver.com.au/images/2018/9/7/KUSH2.jpg" target="_blank">to enlarge</a></p>
<p><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/2018/9/7/KUSH2.jpg" alt=""></p>
<p>Short-term funding costs have certainly risen recently however, it is also interesting to look at the composition of funding to Australia’s banks. Short-term funding is not an insignificant part of the funding profile (slightly more than 20%), although the share of funding from short-term debt has fallen over recent years as domestic deposits have increased. </p>
<p>There are other ways to handle higher short-term funding costs rather than lifting mortgage rates but that would likely mean cutting dividends which lenders seem reluctant to want to do or reducing deposit interest rates which would likely see a further reduction in the primary funding source: domestic deposits.</p>
<p>From a housing market perspective the timing of the announcement of higher interest rates is an interesting one. </p>
<p>After many years of strong value growth, Sydney and Melbourne housing is now well embedded in a downturn.  Tighter credit conditions, higher mortgage rates for investors and interest-only borrowers and reduced affordability have already led to the falls of -5.6% from the peak in Sydney and -3.5% from their peak in Melbourne.  This has occurred so far without higher interest rates for owner occupiers paying off principal and interest however, that is about to change.</p>
<p>The timing of the hikes to mortgage rates is also interesting in that it has been announced right at the beginning of the Spring Selling Season.  Although spring, in my mind and according to the data, is somewhat overhyped as a good time to sell, more stock does typically become available for sale over the period and buying activity typically increases. </p>
<p>The other usual occurrence at the beginning of spring is that lenders offer enticing mortgage rates to the market to jostle for market share.  By contrast this year, major lenders are announcing higher mortgage rates.</p>
<p>Higher mortgage rates have already driven a slowing of demand for investors over the past year.  Although the magnitude of the mortgage rate increases announced is fairly small (around 15 basis points by each lender) it is likely that the higher mortgage rates will impact on housing market sentiment. Furthermore it may end up further exacerbating the declines which are already occurring in Sydney, Melbourne, Perth and Darwin and the slowing of value growth being experienced elsewhere. </p>
<p>Overall this move seems likely to lead to a continuation of the currently weak housing market conditions over the coming months and may weaken the market further.  From the lenders perspective, clearly they realise that the housing downturn is becoming entrenched (particularly in Perth and Darwin, but more recently in Sydney and Melbourne) and they are doing what they can to maintain profitability in the face of lower mortgage volumes.</p>
<p><em><span>CAMERON KUSHER</span> is a property research analyst for CoreLogic</em></p>
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Higher mortgage rates likely to prolong the housing market weakness: CoreLogic

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<p>Record prices have been achieved for commercial property in the southern end of the Sydney CBD.</p>
<p>More than $78 million worth of assets have been sold in the past few months in Haymarket and surrounding streets.</p>
<p>These suburbs are making a comeback on the back of new infrastructure and development, with recent changes to planning controls attracting a new wave of buyers, according to Savills.</p>
<p>Executive for Metropolitan &amp; Regional Sales at Savills Australia, David Hickey, said the Sydney CBD’s southern corridor was becoming one of the city’s “most dynamic locations”.</p>
<p>His observations follow the sales of 410 Pitt Street for $22.5million, 810-812A George Street ($14.65million) and 94 Hay Street ($16.3million) in Haymarket, and 332 Kent Street ($25million) in Sydney CBD.</p>
<p>“Haymarket is known for its proximity to the southern end of the CBD and all the amenities that it has to offer, including major colleges and universities, Chinatown and Central Station,” Hickey said.</p>
<p>“The recent changes in planning controls give incoming purchasers and developers a substantial opportunity to maximise the uplift and achieve greater density in new projects, providing they can amalgamate adjoining properties.”</p>
<p>Hickey and colleagues Tom and Nick Tuxworth will bring another Haymarket property, 8 Cunningham Street, to market with expectations of circa $5 million.</p>
<p>It is a three-level freehold with 434 square metres of internal area in the heart of Chinatown’s retail trade precinct.</p>
<p>Hickey said it allows for a variety of future configurations and uses, including multi-level office space, hospitality, retail or student accommodation, subject to council approval.</p>
<p>He also predicts an increased level of interest from the residential market for this property because the residential market in Sydney has slowed considerably across the metro area.</p>
<p>"But the city and fringe suburbs have remained extremely strong,” he said.</p>
<p>8 Cunningham Street is within close proximity of a variety of public transport options, including Central Station, several bus routes and the George Street zone of Sydney Light Rail.</p>
<p>There is secure off-street parking for one car.</p>
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Savills sees price resurgence in Haymarket, Sydney commercial sites

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<p>GUEST OBSERVATION</p>
<p>REIWA is encouraging all members of WA Parliament to oppose the foreign owner duty surcharge.</p>
<p>The tax is poorly timed and will only serve to further stifle the state’s property market.</p>
<p>WA has the lowest level of foreign investment and foreign students of any capital in the country, besides Darwin. The state is also on the verge of a skills shortage and we need foreign families to fill that void.</p>
<p>This type of misguided policy will dampen the incentive for foreigners who are not permanent residents to locate and live here. The WA Government should be implementing policies that attract people to the state, not deterring them with unfair taxes.</p>
<p>Those that do come to WA, will be forced into the rental market for the duration of their stay, or until they obtain permanent residency. This will cause an upward pressure on rental prices, affecting everyone.</p>
<p>This new tax will also impact West Australians with foreign spouses.</p>
<p>West Australians with foreign spouses who purchase a home together would also be affected by this surcharge, with 50 per cent of the value of the property eligible for the seven per cent tax under the government's proposed legislation.</p>
<p>This policy has been touted as an investor tax, that only targets the big end of town, but that simply is not the case. In fact, land bought to be developed into eight or more dwellings is exempt.</p>
<p>Western Australia has a long history of migrants, coming to WA to work and raise a family. This surcharge sends a clear message that the door is closed, and there certainly won’t be a welcome mat!</p>
<p>This kind of Nationalistic policy will only dampen the property market and cause skills shortages to the detriment of everyone in WA.</p>
<p><em><strong>Hayden Groves</strong> is President of the REIWA.</em></p>
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WA foreign buyer surcharge sends wrong message: REIWA

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<p>The proposed value capture policy by the City of Parramatta Council has not responded to earlier industry concerns that the policy could stop development.</p>
<p>The Draft Planning Agreement Policy to go to the meeting of the City of Parramatta Council on 10 September has not responded to industry concerns despite referral to an Independent Panel Review.</p>
<p>The Urban Taskforce presented concerns to a council meeting on 25 June and specifically requested deferral to a workshop with industry groups.</p>
<p>The concern our members had was that the consultant advice that council was getting on the policy did not seem to understand real world economic viability. We expected the Independent Panel to request submissions or hold public hearings as required by item 4 of the council resolution that established the panel but it seems they only relied on advice from council’s consultants.</p>
<p>The Review Panel in item 9 of their overview state ‘This review did not specifically test the 50% value sharing … as to feasibility.’ The review only relied on advice provided by council’s consultants. These are the same consultant that the Urban Taskforce met with previously where a number of errors in testing feasibility were found.</p>
<p>The Urban Taskforce urgently requests the City of Parramatta Council to have a detailed workshop with the development industry as we originally requested and as was required by the motion that established the Review Panel. We recommend that council defer the item until there has been proper industry input into the financial viability implications of the policy.</p>
<p>The value capture policy was evolved in the first half of 2017 when the housing market was very healthy and put on exhibition on 23 August 2017. Since this time there has been a big drop in home sales prices and in apartment pre-commitments which is leading to a drop in the economic feasibility of projects. The Urban Taskforce assumed we would have the opportunity to convey these concerns to the Review Panel and that this would have led to a rethink of the policy.</p>
<p><em>Chris Johnson is the Urban Taskforce CEO</em></p>
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Parramatta value capture will stop development unless industry input is considered: Chris Johnson

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<p>EXPERT OBSERVER</p>
<p><span>For years now, many have told us that Australia is heading for an imminent recession. By contrast official forecasts have long been looking for several years of above trend growth. In the event neither has happened and we don’t see them happening anytime soon. Against this backdrop there are five things you should know about the Australian economy.</span></p>
<p><strong>First – the economy grew solidly over the last year</strong></p>
<p><span>After several years of muddling along the Australian economy actually perked up over the last year with GDP growing a surprisingly strong 3.4% year on year, its fastest since 2012.</span></p>
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<p><span><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/2018/9/6/amp%201.jpg" alt=""></span></p>
<p><span>That growth has been able to range between just below 2% and just above 3% over the last six years despite a large drag on growth from the fall back in mining investment is actually pretty good. But it’s below the norm for Australia, which has averaged around 3% GDP growth per annum over the very long term. It should also be remembered that strong population growth has been one of the reasons for the relative resilience of Australia’s economy, but over the last year per capita GDP growth at 1.8% has been running below that in the US and in line with that in Europe.</span></p>
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<p><strong>Second – growth is likely to slow a bit from here</strong></p>
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<p><span>While economic growth averaged a strong 1% quarterly pace in </span>the first half of the year it’s likely to slow going forward:</p>
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<li>The housing construction cycle is turning down as approvals trend down and the cranes come down. Falling alterations and additions won’t help.</li>
<li>Growth in consumer spending is likely to slow given weak wages growth, high levels of underemployment and slowing wealth gains as home prices fall. With falling home prices its unlikely that households will be prepared to keep running down the household saving rate – which is now at a 10 year low of just 1% - to make up for weak income growth.</li>
<li>Business investment plans for the current financial year are still subdued pointing to roughly flat investment (if plans for this year are compared with those made a year ago) and political uncertainty could start to weigh ahead of a potential change in government.</li>
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<p><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/2018/9/6/amp%202.jpg" alt=""></p>
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<li>Drought could knock 0.5 percentage points off economic growth this year.</li>
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<p><span>While agricultural production as a share of GDP is now just </span>2.5%, a 20% slump in farm production as seen in past droughts would still knock 0.5% off economic growth. If it turns into an El Nino phenomenon it could be worse.</p>
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<p><strong>Third – but it’s not going into recession</strong></p>
<p>Despite these drags, recession will continue to be avoided justas it has been over the past 27 years:</p>
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<li>Over the past five years or so the slump in mining investment back to more normal levels has knocked around 1.5% per annum from GDP growth. However, mining investment is no longer 7% of the economy and it’s near the bottom so its drag on GDP growth is approaching zero.</li>
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<p><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/2018/9/6/amp%204.jpg" alt=""></p>
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<li>Net exports are likely to add to growth as the completion of resources projects boosts resources export volumes, although a US/China trade war is a threat here.</li>
<li>Profits for listed companies are rising in contrast to the 2014-16 period. This is a positive for investment.</li>
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<p><span>While profit growth has slowed from 17% in 2016-17 to </span>around 8% it’s positive and 77% of companies in the recent reporting season (the highest since the GFC) have seen rising profits with 86% of companies raising or maintaining their dividends indicating confidence in the outlook.</p>
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<p><span>So while housing construction will slow and consumer spending is constrained, a lessening drag from mining investment and slightly stronger non-mining investment along with solid export growth provide an offset and are expected to see growth between 2.5-3% going forward. Down from over the last year and slower than the RBA expects, but stronger than many doomsters see.</span></p>
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<p><strong>Fourth – spare capacity will remain for a while yet</strong></p>
<p>With the economy’s potential (or sustainable) growth rate <span>running around 2.75% and actual economic growth likely to run <span>around this spare capacity in the economy will be with us for a <span>while yet. To use it up we really need a long period of </span>above </span></span>trend economic growth, but this looks unlikely. Spare capacity remains most obvious in the labour market where the underutilisation rate remains historically high at near 14%. With it likely to remain high for some time to come it’s hard to see much acceleration in wage growth or inflation in the economy.</p>
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<strong>Fifth – which means RBA rate hikes are a long way off</strong><br><div class="layoutArea">
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<p><span>The RBA’s forecasts for continuing solid economic growth and a gradual rise in underlying inflation argue against a rate cut and support the case for an eventual hike. But our more constrained view on growth implying lower for longer wages growth and inflation along with the risks posed by likely further falls in Sydney and Melbourne home prices, tightening bank lending standards and the drought indicate a rate hike is unlikely to be justified any time soon. The next move in rates is probably still up but not until second half 2020 at the earliest and there is a risk that the next move will actually be down if falling home prices pose a significant threat to consumer spending and inflation starts falling again.</span></p>
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<p><strong>Implications for investors</strong></p>
<p><span><span>There are several implications for Australian investors.</span></span></p>
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<p><span>First, continuing growth should provide support for reasonable </span>returns from Australian growth assets.</p>
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<p><span>Second, bank deposits are likely to provide poor returns for </span>investors for a while yet.</p>
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<p><span>Third, while Australian shares are great for income, global </span>shares are likely to remain outperformers for capital growth.</p>
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<p>Finally, the outlook remains for a further fall in the $A. With the RBA comfortably on hold and the Fed raising rates every three months (with the next move coming this month), the interest rate gap between Australia and the US will go further into negative territory making it even more attractive to park money in the US and not Australia which will drag the $A down. Threats to global growth from a trade war and problems in emerging countries will also weigh on the $A.</p>
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<p><em>Dr Shane Oliver<br>Head of Investment Strategy and Chief Economist AMP Capital</em></p>
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soliver-smf6LQXgW9

Five things you need to know about the Australian economy: Shane Oliver

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<p>The Pullman on the Park, a five star hotel near the Melbourne Cricket Ground, has been purchased by iProsperity.</p>
<p>The price is not disclosed, but the 419-room hotel located at 192 Wellington Parade has been on the market with <a href="/expert-insights/investing/melbournes-pullman-on-the-park-hotel-for-sale">$200 million plus hopes since February</a>.</p>
<p>The deal will add to the $1.8 billion real estate portfolio controlled by iProsperity, which is led by Michael Gu.</p>
<p><span>The diversified wealth management outfit had been pinpointed as </span><span>targeting Melbourne's </span><span>Pullman</span><span> on the Park in a deal topping $200 million in July by The Australian.</span></p>
<p>They focus on investing for "Asian elites."</p>
<p>The Australian Financial Review suggests iProsperity is rapidly coming one of the biggest hotel owners in Australia, particularly through its backing of the $1 billion SB&amp;G Hotel Group.</p>
<p>They also own the Novotel Glen Waverley in Melbourne, the Century City Walk shopping mall in Glen Waverley and Sydney's 122-room Park Regis Hotel which is on the market with $55 million hopes.</p>
<p>Mr Gu said that he remains on the lookout for strategic assets as we continue on a growth trajectory towards $10 billion of assets under management by 2020.</p>
<p>The former Hilton on the Park has been managed by AccorHotels under its Pullman brand since 2015 - prior to that it was the Hilton on the Park - with a $12.5 million upgrade to its lobby and bar recently completed.</p>
<p>The hotel, which was offered with the possibility of vacant possession, includes conference facilities, a 1000-person ballroom and parking for 215 cars.</p>
<p>It was marketed by JLL's Peter Harper and Craig Collins alongside McVay Real Estate's Dan and Sam McVay.</p>
<p>Mr Harper said, "it's the fourth major deal we've negotiated in short succession all to international groups."</p>
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