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Earlier this week, Property Observer reported on a new survey from ME Bank that recorded 18% of respondents believing they would never be able to afford to buy their own home.
For people aged under 30 and women this<a href="/news/nearly-one-in-five-believe-they-will-never-be-able-to-buy-a-home-survey"> figure rose even higher</a>, to 26% and 21% respectively.
The survey also found that 51% of people expect rises over the next 12 to 24 months, with just 9% expecting prices to fall.
ME Bank general manager asset products, Luke Easton said that many first time buyers are now adapting different strategies in order to purchase a home.
When surveying respondents aged 18 to 29, one trend was clear. This bracket of buyers is keen to work harder, make cutbacks and try new things to get into the market.   
Here are the five strategies young buyers are considering:
<ol>
<li>24% of young buyers are finding ways to save more to purchase property, double the national average of 12% 
</li>
<li>20% are finding ways to increase their income, compared to 11% overall 
</li>
<li>19% would choose a property based on eligibility for a first home owner grant 
</li>
<li>14% would buy jointly with friends and family, compared with just 6% overall 
</li>
<li>12% would change their expectations on size, quality or location, compared to 6% overall</li>
</ol>
Easton said that financial challenges are encouraging creative attitudes.
However, he warned against property speculation.
“Trying to pick the market is impossible and you’re better off focusing on what you can control – saving for a deposit,” he said.
“Similarly, investors would be wise to build their investment strategy based on long-term capital growth and ignore short-term price fluctuations”. 
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The five strategies of young buyers: ME Bank

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<li>
A median price is not an ‘average’, and isn’t necessarily even that indicative of prices in an area. It’s the middle price of the set of sales figures available. Essentially that means that an equal number sold below that price as did above – suggesting that cheaper properties have also sold. While median price changes can suggest changes in value, it is often a change in the composition of sales (that is, if an expensive new prestige development is launched, the sales prices are likely to increase. This doesn’t mean that nearby older units have gone up in value). Here’s some more information on exactly <a href="/expert-insights/investing/how-to-determine-the-median-house-price">what a median price is, and how it is calculated</a>. 
</li>
<li>
Looking at sold prices is more effective than looking at ‘for sale’ prices  However, do consider them in concert with each other. What properties have actually sold for is the price that is of most importance to you – particularly when the sale is recent and of a similar property (with similar attributes and in a comparable location). What a property is listed as is not necessarily what the vendor will end up achieving. Some properties go for more or less than their listed price. It’s your job to try and figure out whether it’s worth paying their asking price after all. 
</li>
<li>
It’s worth your time and money to consider the property beyond your initial impressions Think the kitchen is ugly, or the colour is horrendous? Sometimes, the discount you will achieve on the property due to its presentation can easily outweigh the cost to rectify the bad style choices. If the problem is fixable, and cheaply so, then you may be able to get the home of your dreams and for a discount. 
</li>
<li>
Know that there’s another property around the corner  Yes, you love this home – we’ve all been there and done that. However, you will “love again”. If it goes beyond your budget, or is already, it may not be worth another offer. Do not stretch yourself financially to the limit because you become emotionally involved in the home. Ensure you are purchasing with your own financial ability in mind. Be practical. At the same time, if your instinct tells you that the property isn’t right – also don’t ignore yourself and your gut feeling. You need to be comfortable with the purchase that you make in the long run. 
</li>
<li>
Remember that interest rates move  We may be at record lows now but it’s very unlikely these will continue on forever. Ensure you know the impact of a change in rate on your loan, particularly if you’re opting for a variable rate, and know what you can afford. 
</li>
<li>
Inspect more than once if you’re going to make an offer  When searching for a property, you want to pop the hood a few times. That first walk through may have sealed the deal for you, but have you visited in the evening, or during rush hour? Have you listed to the noise from that busy nearby street during peak commuting times? It may not make a difference, but at least you’ll know that property inside out before you make a commitment. 
</li>
<li>
Keep in touch with the real estate agent  Let them know you’re interested (if you’re concerned about appearing “too” interested, say it’s one of a few on your list) and stay in regular contact. You want to know if anything happens to the home – if it’s discounted or otherwise. You also want to know if anything similar to it is coming onto the market or is on their books. Real estate agents may not be working for you, but they can certainly be very useful. Some real estate agents regularly provide sales updates to prospective buyers and sellers – this can all be part of your research. 
</li>
<li>
Don’t forget that the costs don’t end when you’ve purchase  Fixing items, council rates, strata levies and, of course, your ongoing mortgage costs. Running costs and maintenance can significantly affect your finances post-ownership. Make sure you can really afford the property you’re getting – particularly if you’re upgrading from a smaller rental. Your bills are going to be larger, and you may even need more furniture at some point. 
</li>
<li>
Preparation is the key to success Whether it’s pre-approval, and taking those steps to ensure you’ll be able to repay your loan comfortably, or getting a building and pest inspection, success is all in the work before you buy. Plan as carefully as possible, and do your checks and balances. This is not the time for scrimping. 
</li>
<li>
If you lose your job you still need to pay that mortgage  Prepare yourself for if you lose your job – there may be certain insurances worth your while. This is a big financial commitment, and you want to ready yourself for whatever life throws at you. Ensure you aren't stretching yourself to the limit, consider a financial buffer built into your LVR where possible and try to have a contingency plan in the way of repaying extra or savings when you do buy. 
</li>
<li>
Prices don’t always go up  What do you do if you can’t sell in five years time as you may be planning to do? Know what to do if the property price drops to ensure you won’t be left out cold. Can you stay in this property long-term? Be honest about the possibility of prices dropping in the area you’ve selected.</li>
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11 things every first home buyer should know

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BRW’s Young Rich 2014 is out and two young property moguls made their debut on the list.
Nine of those on the list had their main industry and source of wealth listed as ‘property’, with the strong property market in some capitals over 2013 and 2014 clearly translating into a strong uptick in wealth. Developers, in particular, seem to have fared well. 
While nine were listed with ‘property’ as their main earning, there were some for whom bricks and mortar boosted their wealth, despite their main industry being elsewhere.
One of these is John Palermo, ranked at 95. Obtaining much of his wealth from financial services, notably accounting, he is said to have “extensive investments in Australian shares and residential and commercial real estate”. The Perth-based director of Palermo Chartered Accountants’ wealth is put at $22 million. The Australian Financial Review refers to him as "riding the crest of the property boom".
Much of the top ranking members of the 100 were involved in the financial services, education and technology industries.
Of course, all our nine young property moguls were men.
When comparing our 9% of property entrants on the Young list to the BRW Rich 200 from June this year it's interesting to note that there were 53 older entrants, or 26.5% of the list, that noted property as their main source of wealth.
While some young property moguls slipped in their overall positions on the BRW Young Rich 2014 list’s ranking, all entrants but one increased their wealth over the past year - some more than doubling their overall value position.
<ol>
<li>
Jonathan Hallinan (BRW ranking: 17) BPM Construction and Development Group Currently worth $113 million, last year he clocked in with $75 million. The 39 year old is up one position on his last year entry to the list. 
</li>
<li>
Luke Hartman (BRW ranking: 20) Metro Property Development This is Hartman’s first time on the list, and at age 38 he has accumulated $92 million in wealth. 
</li>
<li>
Paul Fridman (BRW ranking: 27) Fridcorp Having last made the list with $70 million, he is now down three places, but increased his wealth to $78 million. Fridcorp has been expanding in the Sydney market over the past 12 months, most notably with Eve Apartments in Erskineville. 
</li>
<li>
Tim Gurner (BRW ranking: 28) Gurner At age 32, he now sits at $77 million, substantially more than last year’s $26 million estimation. Having launched his own development company, Gurner, in 2013 after previously developing with Morry Schwartz, he has acquired nine projects including FV in Brisbane’s Fortitude Valley. 
</li>
<li>
Ronnie Elhaj (BRW ranking: 32) Nicheliving Last year ranked at 31 with $63 million, the figure is now estimated at $68 million. He has also started an online business network, and has a 32% stake in WA property development company Nicheliving. 
</li>
<li>
Patrick Coughlan (BRW ranking: 45) Riversdale Group Worth $42 million this year, last year his wealth was estimated at $26 million. The 40 year old’s property wealth is mainly in hotels. His blueprint has been to buy underperforming pubs for rejuvenation, initially in Sydney, and he appears set to take his method to New York. 
</li>
<li>
Paul Fischmann (BRW ranking: 46) 8Hotels Group His $42 million estimation, up $2 million from last year, the 39 year old seen him sell some of his hotels over the past year, including to offshore investors. He is building a hotel near Sydney airport. 
</li>
<li>
Marcus Gilmore (BRW ranking: 58) MLG Realty Having benefited from the mining boom, ranked last year at 47 with $40 million, he is current at $35 million and the only property-related entrant to have a lower estimated wealth figure this year. He owns the Newman Hotel, and has a substantial portfolio of residential property in Perth through MLG Realty, all at 38 years old. 
</li>
<li>
Nick Georgalis (BRW ranking: 76) Geocon Georgalis’ debut on the list, he is estimated as being worth $27 million at age 38. Having founded Geocon, he is said by BRW to have benefitted from the apartment boom of the past 10 years. He has plans to build Wayfarer Apartments, the tallest residential building in Canberra.</li>
</ol>
You can <a href="https://www.brw.com.au/lists/young-rich/2014/" target="_blank">see the full list here</a>.
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The nine young property moguls that made the BRW Young Rich 2014

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Heading to an auction to purchase a property can be an exciting time for any home buyer or investor, however, if you want to avoid a number of “nightmare” scenarios then you need to research carefully.
EPS Property Search’s Patrick Bright, who wrote the Insider’s Guide to Saving Thousands at Auction, said with the practice of underquoting widespread  in Sydney and Melbourne, it’s more important than ever to do your research.
“As soon as searching for a property becomes a major chore, people tend to start cutting corners on the research that’s needed just to get the process over and done with,” said Bright. You don’t want to be that person.
“Remember a property is likely to be one of the biggest purchases you will make in your life,” he said.
“From my experience in reading hundreds of building and pest reports, around one in three properties have what I would regard as significant structural damage, and or, pest issues that you need to take into consideration when making an offer.”
He recommends researching 100 properties ahead of time.
 “Researching 100 properties may sound like a lot of work but it’s really only 10-12 properties a week over a 10-week period,” said  Bright.
“Given that this work will save you tens if not hundreds of thousands of dollars I would think it’s a very worthwhile investment of your time.”
So what are the major traps you can get caught in? Here are his four nightmares and how to avoid them:
<ul>
<li>Getting carried away</li>
</ul>
Everyone wants to be a winner and unfortunately auctions can turn into an expensive game or an ego play for inexperienced and highly emotional bidders. The problem is that one extra bid can easily turn into a handful of extra bids which could result in you paying a price above fair value and beyond your financial means.
If you’re the type of person who could get carried away in the moment then engage a trusted friend or family member or a professional buyers’ agent to bid at the auction on your behalf.
<ul>
<li>Forgetting the selling agents’ role</li>
</ul>
You need to always keep in mind that the selling agent is acting in the best interest of the seller not the buyer. On auction day, don’t let the selling agent pressure you into increasing your bid if the auction stalls.
If you’re the highest bidder and the property isn’t on the market, then allow the property to be passed in and start your negotiations in the post auction environment. Stay focused on the job at hand in order to avoid bidding against yourself at auction.
I witness this happening quite often and in speaking recently with two auctioneers with over 40 years’ experience between them they estimate it happens at roughly one in three auctions.
Typically the highest bidder gets caught up in the moment of the first call, second call and ends up bidding against themselves through fear of missing out as they are not sure if they are the highest bidder at that time.
<ul>
<li>Over-extending yourself</li>
</ul>
Follow my 20-25-20 rule which is a 20% deposit and no more than 25% of your income in repayments over a 20 year loan.
When purchasing a home or investment property you should always aim to put down at least a 20% deposit so that you avoid paying mortgage insurance and have some equity in your property.
I call this “the ability to sleep peacefully at night buffer”. That way you know that you and your family can cope if unexpected financial challenges arise.
<ul>
<li>Ignoring property inspections</li>
</ul>
You’ve already paid for pest and building inspections on two previous properties that you’ve missed out on buying. You’ve found another property and you’ve convinced yourself that you don’t need the checks on this one.
You start thinking these inspections aren’t really necessary. Wrong! You absolutely need to know what you’re buying into.
The property may be termite infested, the construction may be shoddy or the wiring and plumbing may be faulty. Any of these major faults will costs significant dollars to fix and this expense should be factored into the equation when working out your maximum bid figure prior to auction.
Source: Patrick Bright
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Four auction nightmares and how to avoid them

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Home equity withdrawal has become increasingly popular over the past decade, despite the convulsions caused by the global financial crisis, a new peer reviewed study has found.
The study from the Australian Housing and Urban Research Institute (AHURI), Housing equity withdrawal: uses, risks, and barriers to alternative mechanisms in later life, sheds some interesting light on the way different people use their wealth in this critical period of their life.
In 2010, 18% of older home owners took some, or all, cash out of their housing equity. In 2001/2002 this sat at 13%.
The dominant form of home equity withdrawal for those under pension age is “in situ” equity borrowing (staying in the home and borrowing on the asset).
For those above pension age there is a shift towards downsizing or selling up.
It is noted that home owners making these decisions are more likely to suffer from material deprivation than those who do not touch their home equity, while those who withdraw equity are “also have more housing-oriented wealth profiles”.
“Unsurprisingly, income poor-housing asset-rich groups feature prominently among groups cashing in housing equity,” the report notes.
Mortgage equity withdrawal (MEW), however, is used by those who appear to have sounder economic positions than those downsizing or selling up.
MEW was found to most commonly be a technique used by people under pension age as they look to spend on a wide range of items, including holiday spending, home maintenance, car repairs, upgrades or children’s education costs.
Meanwhile, older home owners selling up, usually have little income or assets to fall back on, relying on housing-dominated portfolios with little other assets.
“They are also the least able to raise emergency funds among all the groups investigated, and so most likely to sell up when financial emergencies arise,” the study notes.
“While in situ equity release by adding to mortgages is common, particularly in the group approaching retirement, and associated with pressing spending needs, the typical in situ equity borrower has a relatively strong financial and employment context. These owners are becoming more indebted, but their borrowing is not reckless.”
If serious misfortune is, however, faced, then financial stress may not be far away.
Those downsizing or selling up were found to have most likely faced ill health, separation, divorce or bereavement prior to sale.
“One senses that amidst older downsizers and sellers, in situ MEW is no longer an option to cushion living standards in the face of adversity. Importantly, they appear to be options that older female, single person households are prone to fall back on.”
Selling up is, ultimately, seen by most as a last resort.
Risks the study notes you should be aware of:
<ul>
<li>Adverse life events can quickly alter your ability to repay any new borrowings.</li>
<li>Life events can force quick financial decisions to be made that are not well thought out, leaving an elevated risk of making a poor decision.</li>
<li>Transaction costs when downsizing can be substantial.</li>
<li>Social isolation can occur on the sale of your primary home.</li>
<li>Those selling up to re-enter the rental market may face a lack of security.</li>
</ul>
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Borrowing against house increasingly popular, but selling up a last resort

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The South East Queensland market is gathering momentum, Stockland managing director Mark Steinert said in his address at the company’s annual general meeting earlier this week.
Steinert said Melbourne is steady with high levels of activity, while Perth’s vacant land market is continuing to moderate.
Stockland’s newly released projects, Elara and Willowdale in New South Wales and Calleya in Western Australia, have seen strong demand. Meanwhile, their major projects in Victoria’s Lockervie and Davis Road, as well as Queensland’s Caloundra are progressing well for a 2015 launch and 2016 settlements.
“Overall we have around $460 million of redevelopments underway and $700 million of redevelopments in our next wave of commencements, all of which are expected to deliver incremental internal rates of return of 12-14% and 7-8% stabilised FFO yields,” Steinert said.
He noted that as part of the growth strategy for Stockland they have acquired 2,300 lots adjoining their successful projects that will provide returns at or above their hurdle rates.
“We also made good progress establishing our strategy to reach new customers with medium density products and completed homes and this will see us commence work on 550 new homes in FY15,” he said.
Their projection is that they are on track to settle at the top end of 5,000 to 6,000 net deposits through the cycle range “assuming current residential market conditions continue”, given the first quarter saw 1,652 net deposits, which was noted as the strongest period in four years.
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South East Queensland’s residential momentum continues: Stockland

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The Chatswood development is seeking VIP registrations ahead of its forthcoming launch.
Located in Sydney's North Shore suburb of Chatswood, <a href="https://thechatswood.com.au/" target="_blank">The Chatswood</a> will feature a design from KANNFINCH architecture and thoughtful outdoor creations from Arcadia Landscape Architecture.
Bringing one, two and three bedroom apartments with parking, ground level retail, a central courtyard and private rooftop gardens with views to the skyline of Sydney CBD, there will be BBQ facilities, seating and pergolas, as well as shaded dining areas for functions.
Developed by Toga Group in partnership with Reyhoda Pty Ltd, The Chatswood is marketed by CBRE.
<img src="/images/2014/10/30/chatswood-oct-30-one.jpg" alt="">
Last year, a submission for development approval for 28, 32, 36 Anderson Street, 1 Help Street and 2A McIntosh Street in Chatswood was made for a U-shaped developed of seven to 12 storeys and a landscaped podium.
The application also included basement car parking and lower ground floor car parking for 193 vehicles (34 visitor spaces and 26 commercial spaces, the rest being those for the shop-top homes).
In total, 136 apartments were requested, including 62 one bedroom, eight one bedroom plus study, 23 two bedroom, 33 two bedroom plus study, two three bedroom and eight three bedroom and study apartments.
VIP preview registrations are now open with <a href="https://thechatswood.com.au/" target="_blank">a display suite coming soon</a>.
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The Chatswood in Sydney's North Shore, set to launch soon

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A new report from Knight Frank, shared on Twitter by associate director Michelle Ciesielski, includes a forecast that Perth’s capital growth will remain steady.
The Perth Apartments Residential Market Brief for Q3 2014 points to local and foreign developers pushing ahead with new projects in Perth, with the strongest projected population growth for all capital cities across the country.
<a href="https://www.propertyobserver.com.au/https://twitter.com/MCiesielski_AU/status/527624334504763392" target="_blank"><img src="/images/2014/10/30/tweet-oct-30-one.jpg" alt=""></a>
“Three quarters of Western Australia’s population live in the capital of Perth. Over the next 30 years this population is projected by the Australian Bureau of Statistics (ABS) to rise annually by 3.5% to 4.2 million persons, far outstripping the projected annual Australian average of 1.7 percent,” writes Ciesielski <a href="https://content.knightfrank.com/research/313/documents/en/perres1410-2427.pdf" target="_blank" style="line-height: 1.3em;">in the report</a>.
In the year to August 2014, a total of $177 million of development sites were purchased. Foreign buyers were noted as making up 25% of these sales.
When looking to building permits to July 2014, the Australian Bureau of Statistics tallied 7,036 approvals – up 24.2% on the previous year.
The strongest LGAs were as Stirling - with 1,157 approvals - Belmont and Cockburn.
However, even with strong population figures and apartment developments, Knight Frank expect a steady environment rather than strong capital growth in 2015.
They believe vacancies may trend above the 3% “market equilibrium” for the medium term due to new supply coming onto the market.
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Knight Frank predict steady Perth unit market: Tweet of the day

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A substantial rezoning and fast tracking of applications has been occurring in Geelong, according to Victorian Planning Minister Matthew Guy.
Announcing the fast tracking of “job-creating major projects” in Geelong, Guy noted that there would be a number of substantial changes in the area.
These included approving the Armstrong Creek Town Centre structure plan, rezoning the Lovely Banks future growth area to an Urban Growth Zone and the final implementation of reformed residential zones across Geelong.
The Fyansford residential and commercial development has been streamlined, approval given to the Winchelsea-Colac Princes Highway duplication, a sustainable farms agribusiness project at Lara and a retail and logistics precinct at Avalon Airport.
The industrial precincts, including the Geelong Ring Road Employment Precinct, will also see fast tracked planning approvals.
“We will put in place fast-tracked approvals for manufacturing, warehousing and logistics projects by July 2015. With this new reform, Geelong’s industrial precincts will be the most attractive in the state for job-generating investment,” Guy said.
“This reform will boost the Geelong Ring Road Employment Precinct as an ideal location for investment.”
The residential zone implementation are looking to both protect neighbourhood character and stimulate the construction industry with new infill projects “where appropriate”.
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Geelong rezoning to reform residential zones: Matthew Guy

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Sales of multi-units hit a new cyclical high in September, even while the total new home sales figure fell flat, according to the Housing Industry Association’s (HIA) New Home Sales Report. 
Over the month of September, new home sales were stagnant while an 11% increase in multi-unit sales was recorded.
The 11% rise follows a strong increase in August, with multi-unit sales now up 8.7% for the quarter.
September’s seasonally adjusted detached house sales fell by 2.3% over the month, now down 6.5% over the September 2014 quarter.
Detached house sales were up 13.4% in Queensland over the month, while New South Wales recorded a 9.9% fall.
Further drops were seen in Western Australia, South Australia and Victoria, at 5.6%, 3% and 2.4% respectively.
Over the quarter, the only state where sales for detached houses increased was New South Wales, which was up 2.6%.
Victoria was down 15.1%, while Western Australia, South Australia and Queensland also recorded drops of 8.5%, 2.8% and 1.5% respectively.
“A moderate decline in detached house sales have been driving an overall loss of momentum in new home sales,” said HIA chief economist Harley Dale.
“Conversely, sales of multi-units have gained a second wind since June this year, driven by both apartments and semi-detached/townhouse product.
“The overall profile for new home sales is consistent with a healthy year for dwelling construction in 2014/15. It would be desirable to see that outcome in detached and low density construction in addition to the high rise sector.”
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Multi-unit sales have hit new cyclical high: HIA

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."

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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.

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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.

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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.

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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.

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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."

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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.

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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.

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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.

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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.

Jennifer Duke

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