Melbourne developer Spacious Group has completed Voyage Altona, one of the closest new apartment developments to Altona Beach.

Off the plan purchasers have started moving into the 49-apartment project on Pier Street, with the remaining move-in-ready one-, two- and three-bedroom apartments starting from just over $500,000.

Display apartments have now been fitted out, allowing prospective buyers to inspect the completed residences by appointment.

[smartcode_project:default project_id=112195 project_image_fid=372638]

The completed apartments feature open-plan living and dining areas which extend onto private balconies and terraces, while full-height glazing maximises natural light throughout the interiors.&nbsp;

Hybrid timber-look flooring, stone benchtops, Miele appliances, porcelain-tiled bathrooms and generous storage feature throughout the building which also features landscaped communal areas, expansive shared terraces, lift access and secure on-grade parking.

Drawing inspiration from its bayside setting, Voyage adopts a restrained palette of warm neutral tones and textured finishes. Many of the apartments take advantage of views across Port Phillip Bay, while the indoor-outdoor living spaces have been designed to make the most of the coastal outlook.

[smartcode_project:default project_id=112195 project_image_fid=3286]

Voyage was developed to address what Spacious Group identified as an undersupply of higher-quality apartment product in Altona, with a focus on owner-occupiers looking to remain within the bayside community.

"Voyage responds to very strong local buyer demand for quality, owner-occupier-focused product," says Barry Plant Projects Director Jarrod Farey, who has handled sales since the project's launch.

"The project delivers an elevated lifestyle proposition, with its design and quality of finish far exceeding anything previously produced in the area, as well as its proximity to Pier Street Village and the beach."

The majority of purchasers have been local downsizers and owner-occupiers looking to stay within the Altona community but who previously had limited opportunities to buy a brand-new apartment.

[smartcode_project_cta:default project_id=112195]

Joel Robinson

Spacious Group completes Voyage Altona in Altona's beachside precinct

Homecorp has secured approval for a $360 million apartment development at Budds Beach, paving the way for one of the Gold Coast's most amenity-rich residential projects to launch later this year.

Gold Coast City Council has approved Lýon Residences, a 32-level tower that will deliver 178 two and three-bedroom apartments across a prominent corner site at 8-10 Acacia Avenue and 25-27 Oak Avenue.

The approval comes as developers continue to invest in premium lifestyle-driven apartment projects on the Gold Coast, where owner occupiers are increasingly prioritising amenity as much as apartment size and location.

<a href="https://www.apartments.com.au/new-apartments/l-on-residences-25-27-oak-avenue-surfers-paradise-qld-4217">Lýon Residences</a> has been designed around a resort-style wellness offering, headlined by a Moroccan-inspired spa precinct featuring treatment rooms, a Nordic sauna and steam room, hot and cold plunge pools, a soaking pool and a residents-only juice bar.

The rooftop will include a heated infinity pool and spa, residents' lounge with private kitchen and bar, gymnasium, yoga and Pilates studio, outdoor entertaining areas and barbecue facilities overlooking the Surfers Paradise skyline.

<img alt="Lyon" data-entity-type="file" data-entity-uuid="2d3e29af-8793-486e-a684-52cef862241f" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-07-15%20at%204.32.26%E2%80%AFPM.png?VersionId=ayG2zpLf3SS6Zy8XmKDcQods4kVWb0gm" />

Homecorp Founder and CEO Ron Bakir said Budds Beach provided the ideal location for the company's latest luxury apartment project.

"Budds Beach represents one of the most unique and sought-after pockets of the Gold Coast, and Lýon Residences has been designed to reflect that sense of rarity and refinement," Bakir said.

The project arrives as wellness continues to become a defining feature of new residential developments both in Australia and internationally.

The latest Global Wellness Institute figures show wellness real estate remains the fastest-growing segment of the global wellness economy and is forecast to exceed $1.8 trillion by 2030. Australia continues to rank among the world's 15 largest wellness real estate markets, with developers increasingly integrating health, recreation and community facilities into apartment projects.

Queensland is also experiencing strong population growth, with the Gold Coast continuing to outperform many other Australian cities as demand for new housing remains elevated ahead of the 2032 Olympic and Paralympic Games.

Bakir said the project had been designed to respond to that shift in buyer expectations.

"Strong population growth and sustained demand across the Gold Coast continue to highlight the need for well-designed new housing supply. Lýon Residences responds directly to this demand while setting a new benchmark for residential living," he said.

Each apartment has been designed to maximise views across the coastline, the Nerang River and the Gold Coast hinterland.

Located just minutes from Surfers Paradise beach and the Broadwater, the development also offers easy access to the light rail network, Broadbeach and Burleigh Heads.

Early site works are underway, with construction expected to commence later this year.

Homecorp approved for Budds Beach apartment tower, Lýon Residences

New apartment developments with uninterrupted, north-facing views over Perth's Swan River are exceptionally rare.

Recognising just how limited those opportunities are, <a href="https://www.apartments.com.au/developers/edge-visionary-living">Edge Visionary Living</a>, one of Perth's most respected builder-developers, targeted <a href="https://www.apartments.com.au/developments/applecross-wa-6153">Applecross</a>, assembling an unrepeatable 6,342 sqm riverfront site on the corner of Moreau Mews and Canning Beach Road to create one of Perth's only new north-facing apartment developments directly overlooking the Swan River.

Today, <a href="https://www.apartments.com.au/buildings/riviere-residences-applecross-59-canning-beach-road-applecross-wa-6153">Rivière Residences</a> offers buyers a unique opportunity to choose between completed residences ready to move into now and off-the-plan homes in the final stage, Rivière West.

[smartcode_project:default project_id=28384 project_image_fid=3823]

Across the completed East and Central buildings, residents are already enjoying the development's luxury amenity, while two of the precinct's hospitality venues are now open.

The completed component of the development gives buyers the advantage of experiencing the finished product firsthand, including its uninterrupted river views, while still having the opportunity to secure a residence in the final stage.

"People are wowed by the view and the quality of the apartments,"&nbsp;Edge Visionary Living Sales Executive, Holly McSweeney, says.

"They're looking for the convenience of lock-and-leave living, but they're not looking to downsize on quality."

[smartcode_project:default project_id=28384 project_image_fid=3826]

The rarity of the development hasn't been lost on prospective buyers, McSweeney says.

For McSweeney, it all comes back to a location that is becoming increasingly difficult to replicate.

"Location, location, location," she says. "We are nestled right on the front of the Swan River. You can never get built out, so wherever you are in Rivière Residences, you've got views of the river forever."

The unique waterfront position has resonated particularly strongly with local downsizers. McSweeney says many buyers are long-time Applecross residents looking to transition from large family homes into a luxury apartment without sacrificing space, quality or the lifestyle they've enjoyed for decades.

<iframe allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" allowfullscreen="" frameborder="0" height="315" referrerpolicy="strict-origin-when-cross-origin" src="https://www.youtube.com/embed/N_FowNW0wu8?si=vb25XFq1wZ-iufAW" title="YouTube video player" width="560"></iframe>

A major focus for Edge in recent years has been resident amenity. Across its apartment portfolio, from beachfront developments in Scarborough to luxury towers in South Perth, the developer has increasingly invested in the spaces beyond the apartment itself.

The strategy has largely been shaped by downsizer demand. Many buyers are moving from large family homes with swimming pools and established gardens. While they're looking to leave the maintenance behind, they don't want to compromise on lifestyle.

At Rivière, <a href="https://www.apartments.com.au/architects/hillam-architects">Hillam Architects</a> designed the resident facilities as an extension of each apartment. A 25-metre heated swimming pool takes advantage of the north-facing river outlook, complemented by a large gym, sauna and steam rooms, private dining spaces, residents' lounges, a cinema, games room, and dedicated wine and whisky rooms.

[smartcode_project:default project_id=28384 project_image_fid=372542]

The waterfront location has also proved to be a major drawcard. Residents are within walking distance of the Raffles Hotel, South of Perth Yacht Club, the Heathcote Cultural Precinct and the cafés, restaurants and boutiques along Ardross Street.

Beyond the location and amenity, McSweeney says many buyers take confidence from Edge's fully integrated development model.

Having delivered apartments across Perth for decades, Edge now designs, develops and constructs its projects in-house, giving the company greater control over quality, delivery and the finished product.

"What I love is when people walk through their apartment for the first time and say, 'This is better than what we imagined,'" McSweeney says. "We hear that all the time."

Completed apartments in the East and Central buildings are now available to inspect by appointment, while Rivière West, the final stage of the precinct, is expected to be completed in the first quarter of 2027.

[smartcode_project_cta:default project_id=28384]

North-facing Swan River views drive demand at Rivière Residences in Applecross

Nearly 60 per cent of apartments at McNab Group's $220 million The Tannery development in Brisbane's West End have sold ahead of the project's public launch, including a suburb-record $2.57 million sale for a two-bedroom apartment.

The early sales campaign has secured buyers for 50 of the project's 87 apartments, highlighting continued demand for larger owner-occupier apartments that combine generous floorplans with premium lifestyle amenities in one of Brisbane's most tightly held inner-city suburbs.

[smartcode_project:default project_id=143337 project_image_fid=374768]

McNab Group Executive Chairman Michael McNab said selling more than half the project before launch reflected changing buyer expectations.

"Selling more than half the project before public sales open tells us buyers are actively seeking apartments that offer something genuinely different," McNab said.

"Today's buyers are looking beyond four walls. They want homes that genuinely enhance the way they live, with spaces that support health, connection and everyday wellbeing."

[smartcode_project:default project_id=143337 project_image_fid=374767]

A key point of difference for the project is the adaptive reuse of the heritage-listed Dixon's Tannery building, which will become The Retreat, a residents-only wellness precinct rather than being redeveloped into additional apartments.

The Retreat will feature a sauna and steam room, hot and cold plunge pools, a commercial-grade gym, Pilates studio, cinema, library, co-working spaces and private dining room. Rooftop amenities will include a swimming pool, landscaped gardens, outdoor entertaining areas and dog-friendly spaces.

[smartcode_project:default project_id=143337 project_image_fid=374760]

Designed by Cottee Parker Architects with interiors by Tom Mark Henry and landscape architecture by Aspect Studios, The Tannery comprises 87 two, three and four-bedroom apartments across 11 levels overlooking the Brisbane River.

Cottee Parker principal Dee Passenger said preserving the original tannery building had been central to the project's design.

"The easy option would have been to maximise the site's development potential with additional apartments. Instead, McNab has chosen to preserve the original tannery as a shared wellness retreat, ensuring this important piece of Brisbane's history remains at the heart of the community."

Passenger said sustainability also played a key role in the design, with materials from the original industrial site salvaged and repurposed throughout the development.

[smartcode_project:default project_id=143337 project_image_fid=374761]

Motiv CEO Carly Cottam said buyers had responded strongly to the combination of larger apartments, wellness facilities and the West End lifestyle.

"We are seeing more buyers looking for homes in the sky that provide the space and functionality of a traditional home, while benefiting from the convenience and lifestyle that apartment living brings," Cottam said.

She said purchasers included both owner occupiers and investors, with demand coming from local buyers as well as interstate purchasers.

Coinciding with the public launch, McNab also announced a partnership with Queensland Ballet, whose neighbouring Thomas Dixon Centre shares historical ties with the original Dixon family.

Located on a 4,465 sqm site at 439 Montague Road, The Tannery overlooks the Brisbane River and is around 10 minutes from the CBD.

Construction is underway, with completion expected in the second half of 2027.

[smartcode_project_cta:default project_id=143337]

More than half of residences sold before public sales as McNab announces significant partnership with Queensland Ballet

McNab's The Tannery nears 60 per cent sold before public release, sets two-bedroom West End record

Iwan Sunito's vision for a landmark mixed-use precinct in Sydney's Inner West has taken a major step forward, with approval granted for the $1.9 billion Five Dock development first unveiled earlier this year.

The approved scheme by <a href="https://www.apartments.com.au/developers/one-global-capital">One Global Capital</a> will deliver an 80,500 sqm mixed-use precinct comprising 840 apartments, integrated hotel accommodation, commercial and retail space, alongside publicly accessible open space designed to create a new destination for the growing suburb.

"This is a significant milestone for One Global Capital and for the future of housing delivery in Sydney," Sunito said.

"The Housing Delivery Authority was established to identify major housing projects capable of delivering meaningful supply more efficiently, and we are delighted that Spencer Street has been recognised as one of those projects.”

He said the declaration reflected the rapid progress achieved since acquiring control of the site.

"In less than seven months we have progressed from taking control of the site to securing entry into one of the NSW Government's most important planning pathways. It reflects the experience of our team, the strength of our consultant group led by Urbis, and our long-term commitment to delivering transformational projects that contribute to Sydney's future."

When the project was revealed earlier this year, Sunito described the opportunity as one of the strongest development sites he had worked on.

"I probably hadn't appreciated the uniqueness of the site until more recently when putting together the concept plans," Sunito said.

"The proximity to the water, and the golf course opposite, is unlike any other part of Parramatta Road. We have a unique position and view corridors over the water that makes this one of the best sites I've worked on."

The development has evolved since its initial announcement, with the approved plans increasing the residential component from the originally proposed 750 apartments to 840 homes while retaining the project's focus on creating an integrated neighbourhood rather than a standalone residential development.

Read more:&nbsp;<a href="https://www.apartments.com.au/news/nsw/a-city-within-a-city-iwan-sunito-flags-1-5-billion-mixed-use-precinct-in-five-dock">"A city within a city": Iwan Sunito flags $1.5 billion mixed-use precinct in Five Dock</a>

The precinct will combine apartments with hotel accommodation, commercial workplaces, retail offerings and public spaces, creating a mixed-use environment intended to serve both residents and the broader Five Dock community. The proposal also continues the collaboration between One Global Capital and internationally recognised architect <a href="https://www.apartments.com.au/architects/koichi-takada-architects">Koichi Takada</a>, whose previous work with Sunito includes Infinity, Arc and Skye North Sydney.

Takada previously said the design was driven by a philosophy of integrating nature into the built environment.

"The concept for this development is born from our design approach to naturalising architecture," Takada said.

"The public realm benefits from biophilic design that integrates generous landscaping, and the development is optimised for natural daylight, airflow and water views to foster wellbeing, sustainability and spaces that foster community interaction."

Sunito has consistently described the project as a "city within a city", with a strong emphasis on creating a destination that extends beyond housing.

"We want to create a development that's not only to be seen, but to be experienced by the whole local community," he said.

The approval comes as Five Dock continues its transformation ahead of the opening of the Sydney Metro West line, with the new Five Dock station set to significantly improve connections between the Inner West, Parramatta and the Sydney CBD.&nbsp;

The precinct will also benefit from its proximity to the Parramatta Road corridor, nearby waterfront parklands and established retail and dining offerings that have made Five Dock one of Sydney's most tightly held Inner West suburbs.

Iwan Sunito secures approval for $1.9 billion Five Dock mixed-use precinct

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A home South Coast of New South Wales has been sold by mortgagees for $510,000.
The home at <a href="https://www.realestate.com.au/sold/property-house-nsw-wandandian-127654914" target="_blank">55B Hayward Road in Wandandian</a> sits on 2.5 acres.
It has four bedrooms, two bathrooms, a timber kitchen and French doors.
It last traded for $150,000 in 2003.
Vinny Cannon from Ray White secured the sale.
 
 
 
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j.ballantyne1990-6AQqhLzZaK

Wandandian home sold for $510,000 by mortgagee

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Veteran investor Charles Curran has listed the Springdale horse stud near Canowindra in the Lachlan Valley in central western NSW.
Curran, who will turn 80 this year, maintains investments in shares, property and rural assets. 
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<a href="https://www.propertyobserver.com.au/%20https:/www.realestate.com.au/property-mixed+farming-nsw-canowindra-7953290" target="_blank">Springdale Stud Farm</a>, a 104 hectare property on the Belubula River, has been developed as a thoroughbred horse breeding property.</div>
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<div>Its best known standard bred being Inter Dominion winner Koala King. 
It is being marketed by Chris Meares at Meares &amp; Associates who expects between $3.3 million and $3.6 million given interest from the horse world, as well as from commercial lucerne farmers or rural lifestyle investors.
Springdale includes a four-bedroom brick home in established gardens, along with a brick horse complex including six stables and separate grooms' quarters.
This article was first published in the Saturday Daily Telegraph.
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jchancellor-FAypfDUnLy

Charles Curran lists farm at Canowindra

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A southern Sydney four bedroom house has been listed for sale by Mitchell Wynn and Laura McKay from Highland Property Agents.
The auction has been scheduled for April 7.
Combining a north aspect, spacious family comfort and sublime entertaining areas, the Woolooware home is just moments from Cronulla Beach.  
<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/2018/3/15/woolooware%202.jpg" alt="">
The home at <a href="https://www.realestate.com.au/property-house-nsw-woolooware-127856674" target="_blank">5 Seaforth Avenue </a>comes with five bedrooms, open family/dining area with outdoor flow, Caesarstone gas kitchen and solar heated in-ground swimming pool.
Additional features include covered outdoor entertaining area with built-in barbecue, double garage, and north facing backyard.
The land size is 650 sqm close to schools, shops and transport.
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Woolooware four bedroom house for sale 

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The State Infrastructure Plan produced by Infrastructure NSW (INSW) while outlining a forward program of projects has raised concerns about the ageing population in NSW.
The detailed plan by Infrastructure NSW raises concerns about the fact that the NSW population is getting older and this will reduce income from taxation.
The number of people over 70 will increase by 85 percent by 2036 according to INSW. This will increase health services by 50 percent while less people will be contributing taxes.
A fundamental change will occur in how Sydney siders operate over the next 20 years with INSW predicting that train trips will almost double from 1.1 million now to 2.1 million in 2036.
Surprisingly INSW predicts that electricity consumption will only increase by 2 percent by 2036.
INSW calls for the government to make better use of government owned land in terms of development.
They have recommended that the Department of Planning and Environment establish by 2020 a housing and employment supply pipeline to ensure a 5 year supply. This will require action on zoning and on the development pipeline.
One recommendation (No 12) by INSW is that Major Project Planning approvals must be improved as they take too long and this adds to the cost.
The Urban Taskforce agrees totally with INSW that major projects need a much better approval process that the current slow and complex process.
They also call for ways to reduce bid costs for major project procurement.
INSW raise concerns about value capture by saying ‘In most cases it will not have a transformational impact on the funding equation.'
There is some visionary ideas about the use of digital data with suggestions that NSW could learn from Singapore in this regard.
With over 100 recommendations, mainly to other NSW Government agencies, there is a lot of content in the State Infrastructure Plan and its repeated references to the Regional Plan for Sydney and the Transport Plan for Sydney and for NSW.
It is good to see a number of NSW Government agencies working together.
The Urban Taskforce is keen to work with all of the NSW Government agencies to ensure Sydney grows in a sustainable manner.
Chris Johnson is the Urban Taskforce CEO
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jrobinson-rf4aSBido9

Infrastructure plan raises concerns about ageing population: Urban Taskforce

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Located 10 minutes south of the township of Broke, a three bedroom house with mountain views has been sold by mortgagees for $425,000.
It was sold by Michael Cruickshanks and Luke Papworth from LJ Hooker.
The Broke property had last sold for $255,000 in 1997.
Featuring a three bedroom split level home,<a href="https://www.realestate.com.au/sold/property-house-nsw-broke-127029850" target="_blank"> the 1015 Wollombi Road</a> home comes with large family/dining adjoining the kitchen, separate formal lounge room and huge lounge or games room.
There is also an inground pool, large farm shed and garage with workshop.
The suburb's median house price sits on $550,000 according to CoreLogic. 
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Broke three bedroom house sold by mortgagee

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The Planning Institute of Australia (PIA) has welcomed the appointment of experienced professional town planners to the new Independent Hearing Assessment Panels (IHAPS) being implemented across the greater Sydney and Wollongong regions.
Of the 41 chairs allocated to the IHAPS by the NSW Department of Planning and Environment, 18 are accredited planners and PIA members.
The panels became operational on 1 March.
PIA chief executive David Williams said that many eminent NSW planners had been successful, who will bow help to grow the NSW government’s partnership with councils, local communities and environmental groups.
PIA represents over 5000 planners nationally, and each year engages with nearly 10,000 planners working in the public and private sectors.
Planners who are PIA members have undertaken accredited planning degrees and gained professional experience working in diverse areas of planning ranging from the neighbourhood to the national level.
They also adhere to a comprehensive Professional Code of Conduct.
Experienced planners understand the complexity of legislation that impacts Australia’s diverse urban environments and appreciate the critical role played by community in the planning process, Williams said.
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Professional planning experts to play critical part of IHAPS

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A Westdale three bedroom house at Tamworth, in New South Wales has been sold by mortgagees for $340,000.
It was sold by the agent Marie Fenn from Fenn Real Estate in January.
<a href="https://www.realestate.com.au/sold/property-house-nsw-westdale-126506106" target="_blank">The 30 Lindsay Road house</a> on a 740 sqm block comes with three bedrooms, open plan kitchen/dining area and separate living area.
The conservative estimated weekly rental was given as $350 to $360 per week.
It had been sold at $62,000 in 2008 as a building block.
According to CoreLogic, the suburb's median house price sits on $325,000.
It took 120 days to sell.
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Westdale, Tamworth three bedroom home sold by mortgagee

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From Bondi Junction to Broken Hill, NSW first home buyers are "back in the game," NSW Treasurer Dominic Perrottet exclaimed recently.
But first home buyers aren't there to play a game, and should pay very close attention to market conditions.
They ought not dive in simply because of the government incentives on offer.
The top location for stamp duty relief under the FHB grants scheme has been Liverpool where more than 400 buyers have taken up home ownership since last July.
It has been busy too in regional NSW with Gosford having 316 buyers, Wyong (224) and Wollongong (158). Also Wagga Wagga (251), Orange (230) and Dubbo (182).
The 222 Queanbeyan buyers suggests Canberrans are moving across the border. 
Since last July, the government grants have encouraged more than 19,000 home buyers to purchase their first home across NSW.
It was up from 5400 over the corresponding prior period in 2016.
NSW Premier Gladys Berejiklian has been "thrilled" that her tax changes have had such a big impact. 
She had made helping first home buyers one of her first priorities as Premier, when she took over from Mike Baird.
She concedes there is always more to do on tackling housing affordability. Indeed the Housing Industry Association executive director David Bare said the government's attempts were meagre considering that up to 40 per cent of new house purchases were made up of local, state and federal government taxes.
CoreLogic's head of research Cameron Kusher has recently warned first home buyers must be vigilant to avoid negative equity.
"Don't be lured into buying at the peak of the market because of attractive incentives," he advised.
From last July FHBs don’t have to pay stamp duty for new and existing homes for properties up to $650,000.
It represents a saving of maybe $26,000 to $34,000 depending on the purchase.
Stamp duty has also reduced for buyers paying between $650,000 and $800,000, along with incentives for new builds. 
The volume of new loans to FHBs has climbed substantially over recent months. But average loan sizes have only increased slightly which suggests FHBs are wisely not using the removal of the stamp duty barrier to borrow more. 
Kusher maintains first home buyers are the most sensitive to changes in interest rates. 
Although he expects the cash rate to be on hold until 2019, potentially higher mortgage rates should raise some alarm bells for potential buyers.
The removal of stamp duty has come at the same time as the APRA-induced decline in investor activity so the FHB fill a vital void.
Kusher maintains a better option may be for FHBs to remain on the sidelines somewhat longer "as values potentially continue to slide".
He adds it will allow more time to save an even larger deposit.
This article was first published in the Saturday Daily Telegraph.
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First home buyers back in the game - but need to know the rules

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A three bedroom Tumut house has been sold by mortgagees for $160,000.
The southeastern <a href="https://www.realestate.com.au/sold/property-house-nsw-tumut-124600810" target="_blank">New South Wales home </a>was sold by Ray White.
It had last sold at $160,000 in April 2017.
The 11 Kinred Street home came with three bedrooms, large size living area with wood heater &amp; wall air conditioner, and entertaining area plus single garage and carport. 
According to CoreLogic, the suburb's median house price is $260,000.
 
 
 
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No price growth for Tumut, NSW home sold by mortgagee

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The strata building bond and inspections scheme applies where a developer and builder enter into a contract from 1 January 2018 in NSW.
The scheme applies to building work to construct residential or partially-residential strata properties that are four or more storeys. Buildings that are three storeys or under are covered under the <a href="http://www.fairtrading.nsw.gov.au/sites/ftw/Tenants_and_home_owners/Home_building_and_renovating/Home_building_compensation_fund.page" target="_blank">Home Building Compensation Fund</a>.
This scheme includes a building bond and mandatory defect inspection reports. It provides a structured, proactive process that resolves building issues quickly and cost effectively.
Developers must lodge a building bond with NSW Fair Trading equal to two percent of the contract price for residential and mixed-use high rise strata buildings.
The building bond secures funds (up to the amount of the bond). The building bond can then be used to pay the costs of rectifying any defective building work identified in a final inspection report.
Stages in the process:
1. Preparing to lodge the building bond - The developer should prepare to lodge the building bond once they and the builder have entered in to a contract. The bond is equal to two percent of the contract value of work.
2. Bond lodgement - The lodgement is uploaded online through a form, with bond payment and supporting documents and information.
3. Appointing a building inspector - The developer sources a building inspector through the Strata inspector panel. The building inspector must be independent of the developer.
4. Interim inspection and report - The building inspector conducts their first inspection of the strata property and completes a report identifying any defective building work. This happens between 15 and 18 months after the building work has been completed.
5. Final inspection and report - The building inspector arranges with the owners corporation to conduct a final inspection of the property. This happens between 21 and 24 months after the building work has been completed.
6. Payment of bond - If there are no defects, the bond is released in full to the developer.
7. Completing the process - The Building Bond Secretary facilitates the release of the bond money. The owners corporation must use any money they receive to fix the defects identified. After the defects are fixed, any money left over must be returned to the developer.
Developers, building inspectors, builders, the owners corporation and a strata inspection panel will all be included in the process.
To read more about the building bond and inspections scheme <a href="http://www.fairtrading.nsw.gov.au/ftw/Tenants_and_home_owners/Strata_schemes/Building_bond.page" target="_blank">click here.</a>
 
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