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The New South Wales government have acted upon many of the recent Samson report on local government, however further reform is needed to ensure an effective council structure, particularly in Sydney’s metropolitan areas, said Urban Taskforce CEO Chris Johnson.
The New South Wales government have announced its 'Fit for the Future' blueprint for local governments, which includes a package of financial incentives to encourage amalgamations across Sydney and joint organisations of councils in rural areas.
“The final report by the Independent Local Government Review Panel released in October 2013 proposed amalgamating councils in metropolitan Sydney to form between 12 and 18 new councils to replace the 41 smaller existing councils,” said Johnson.
“The government’s incentive package strongly encourages individual councils to fit into the review panel’s structure. The Urban Taskforce supports more efficient councils particularly if they relate to the state government’s regional structure for planning and other service delivery.”
This incentive package totals $1 billion, according to New South Wales Premier Mike Baird who launched the program. This is broken down into $258 million to assist councils who merge, cheaper finance for councils who need to build and maintain community facilities and up to $100 million in savings through cuts to red tape. Another $5.3 million has been set aside to establish regional joint organisations.
He noted that councils could acquire more planning powers with critical mass, with larger planning offices able to help Sydney’s growth – particularly when taking a regional approach.
“A number of large Western Sydney councils are already demonstrating a pro-growth professional attitude to planning and this needs to continue,” Johnson said.
“The proposal for regional councils to create new regional Joint Organisations where savings can be made through shared services is a good move and could also apply in Sydney if not enough councils want to amalgamate.”
At present, there are 41 councils in Greater Sydney. The blueprint notes that: “This means multiple licences, fees and approvals for small business and different development rules for people who want to build or renovate their homes.”
Councils are required to submit proposals on “how they plan to be Fit for the Future” by 30 June 2015 for an independent review.
The official timeline expectations see the changes taking place by September 2016, when new local government elections will occur. Mergers are expected to be complete, with a new Local Government Act in place, rural councils commencing and the regional joint organisations established.
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jduke-EHk3XBmHkn

Council amalgamations key to Sydney’s planning growth: Urban Taskforce

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Greenland’s latest development to be launched is Leichhardt Green – a mix of terraces and apartments, with parking and views towards the city skyline.
Featuring one and two bedroom apartments, and three bedroom terraces with two bathrooms, <a href="https://www.leichardtgreen.com.au" target="_blank">Leichhardt Green</a> is marketed through CBRE as “like nothing else” in the area, with their first time offered emails now distributed.
The display suite for the Bates Smart-designed properties is yet to be opened.
The landscaping is from McGregor Coxall, who have included balcony planter boxes for top street facing apartments and extensive gardens for the development.
Artist impressions include an in-ground swimming pool.
The 22 George Street project has also been marketed on <a href="https://www.myfun.com/au-cn/apartment-leichhardt-117872575" target="_blank">REA Group’s Chinese portal My Fun</a>.
The George Street site covers 1.01 hectares and was called a “once in a lifetime” opportunity when sold through Colliers International. It came with an indicative architectural scheme of 244 apartments covering five buildings of three to eight storeys in height.
The DCP allowed for 21,780 square metres of building area including 1,400 square metres of mixed-use space.
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Greenland offers Leichhardt Green for the first time

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A new Australian website, calling itself a world first, has been launched that will help prospective property owners crowd source their mortgage and skip brokers.
The site, which began as an idea in 2010 and is now called Flongle, sees borrowers anonymously post what they want in an ideal mortgage. In response, banks, non-bank lenders and brokers “bid” to obtain the customer’s business. Flongle is presenting this as a mortgage “contest”, whereby the lender ‘wins’ the client.
Michael Lee, who is behind the website and comes from the mortgage industry, said that it provides an unbiased way to see out a deal before choosing the one that best meets their needs and at the lowest price.
The site notes that they include 2,500 plus mortgage deals “below retail” that are exclusively discounted. Each of the “Flongle deals” is noted as pre-approval insured as each bid is prepared by a human being. It comes with some hefty testimonials too, with Money Magazine and Barefoot Investor Scott Pape quoted on their site.
Flongle does not take commissions from lenders, with consumers instead paying. It costs $399 for a prospective borrower to undertake the service, or they can up their cost to $799 for a mortgage expert to guide you through the process. This comes with a money back guarantee that they’ll get the loan that fits their need at the best possible price or they will receive a refund.
Their ‘mortgage contests’ run for up to seven days, and they note that it can attract hundreds of bids. Currently registered are more than 50 lenders and mortgage brokers that have been verified by Flongle. Flongle will also rank the bids based on how they match the requirements noted by the borrower, and the costs (including hidden fees) using a proprietary technology.
“For too long, consumers have been baffled by choice, complexity in pricing, an array of similar, but not necessarily the same features and some outrageously dishonest advertising and promises, which, largely, go unchecked,” said Lee, who believes Flongle gives the power back to the borrower.
They note that as commissions and incentives are not required to be disclosed by brokers, which add up to $2.1 billion paid out annually to Australian brokers, this adds transparency to the process.
“The mortgage is without a doubt the biggest household expense for most Australians and yet too many people are on dud deals that leach away at their wealth and happiness,” Lee said. 
“Despite the massive impact their mortgage has on their wealth, most Australians just don’t have the time to learn what they need to know, let alone to apply it – which means they wind up handing their biggest and most important financial decision over to a salesperson.”
Lee said that the reality is that bias from brokers can cost consumers thousands if they pick based on commission rather than based on the genuine best deal for the borrower.
Those looking for new home loans, to health check or to refinance can use the service, with your mortgage call out taking less than two hours to make.
Lenders currently listed on the site include Commonwealth Bank, St George Bank, BankSA, ING Direct, Suncorp, Citibank, Heritage Bank, Westpac Bank, Bank of Melbourne, Newcastle Permanent, Homeside (NAB), ME Bank, The Rock Building Society, Plan Lending, National Australia Bank, ANZ Bank, BankWest, Resi, Macquarie Bank and Circle Credit Union.
The site is a wholly owned subsidiary of CQ Now Pty Ltd, and neither owns nor is owned by a lender or mortgage broker.
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New mortgage website allows lenders to "bid" to win customers' business

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The ACT is a market that not every investor looks to tackle, with most heading to neighbouring New South Wales for strong performance.
However, while <a href="/expert-insights/investing/john-mcgrath-s-10-sydney-suburb-picks">Sydney did secure 10 places on industry expert John McGrath’s hotspot list</a>, Canberra took out three choices.
Property Observer decided to take a closer look at his three selections, the prominent statistics and the differences between the areas.
<ul>
<li><a href="/news">AINSLIE</a></li>
</ul>
McGrath calls north-east Canberra’s Ainslie a “strong reliable performer”. The large and tightly-held area caught his eye for a significant segment of the suburb that is elevated and able to capture city views, as well as that it backs onto bush reserve.
The reserve in question is Mt Majura Nature Reserve, which sits to the east of the suburb. It is further bound by Limestone Avenue and Majura Avenue to the west.
“It is walking distance to the city with wide leafy streets and vibrant village shops and cafes. Also has easy access to the employment hubs of Russell &amp; Barton,” he said.
Less than a 10 minute drive to the centre of Canberra, it appears that it could take around 40 minutes to walk.
The area includes a number of leafy reserves and open space areas, including Corroborree Park, Majura Oval and Ainslie Football Park, as well as trails through the reserve.
It has bus routes through the main local roads of Campbell Street, Ebden Street, Office Crescent and Cowper Street. The suburb includes an IGA supermarket at its centre, a laundrette, pharmacy, liquor store, and a few eateries. There is a local football and social club.
The 2011 Census put the area as containing 5,100 people, with a median age of 40. Of the dwellings, 82.8% are separate houses, with the majority including three bedrooms (49.2%), closely followed by three bedrooms and two bedrooms at 22.3% and 20.7% respectively. In total, 38.3% were recorded as renters.
Statistics to know
<ul>
<li>Vacancy rate: 2.3%</li>
</ul>
Source: SQM Research
Houses
<ul>
<li>Median price: $695,000</li>
<li>Median advertised weekly rent: $510</li>
<li>Gross rental yield: 3.82%</li>
<li>12 month growth: 3.42%</li>
</ul>
Units
<ul>
<li>Median price: $717,000</li>
<li>Median advertised weekly rent: $550</li>
<li>Gross rental yield: 3.99%</li>
<li>12 month growth: -5.35%</li>
</ul>
Source: RP Data
Other neighbouring suburbs: <a href="/news">Braddon</a>, <a href="/news">Dickson</a>, <a href="/news">Hackett</a>, <a href="/news">Campbell</a>
See over page for McGrath's other ACT picks - Turner, Crace and Franklin
<hr class="system-pagebreak">
<ul>
<li><a href="/news">TURNER</a></li>
</ul>
Turner is seen by McGrath as a “very solid performer” and one of the closest established suburbs to the CBD. He notes that a lot of new boutique developments of apartments and townhouses are going in, and that it has “low long-term vacancy rates &amp; reliable capital growth”.
It is also close to the Australian National University (ANU), which he says makes it popular with students, academics and CBD executives.
A five minute drive north of the CBD, and less than 30 minutes to walk, the suburb is bound by Northbourne Avenue to the east, Barry Drive to the south and David Street to the north. It has a substantial amount of green parkland throughout, particularly through the central corridor, including Masson Street Oval and Haig Park West. Much of this surrounds Sullivans Creek, which runs vertically through the centre of the suburb.
Bus routes are regular along Boldrewood Street, McCaughey Street and Northbourne Avenue.
The area is home to Treehouse in the Park Early Learning Centre and Turner School, with adjacent Turner School Playing Field. ANU is just outside the suburb’s boundaries, to the south. Those looking for options to buy units, should note that higher density dwellings are more common in the northern part of the suburb.
The 2011 Census recorded 3,595 people in residence in the suburb, with a median age of 30. In total, 72% of the dwellings were recorded as flats, units or apartments, with another 20.2% recorded as separate houses. The most common dwelling were two bedrooms, at 42.6%, followed by one bedroom and three bedrooms at 27.4% and 20.4% respectively. In the area, 62.8% are rented.
Statistics to know
<ul>
<li>Vacancy rate: 2%</li>
</ul>
Source: SQM Research
Houses
<ul>
<li>Median price: $1,185,000</li>
<li>Median advertised weekly rent: $520</li>
<li>Gross rental yield: 2.28%</li>
<li>12 month growth: 29.37%</li>
</ul>
Units
<ul>
<li>Median price: $460,000</li>
<li>Median advertised weekly rent: $455</li>
<li>Gross rental yield: 5.14%</li>
<li>12 month growth: -1.07%</li>
</ul>
Source: RP Data
Other neighbouring suburbs: <a href="/news">O’Connor</a>, <a href="/news">Braddon</a>, <a href="/news">Acton</a>
See over page for John McGrath's third pick - Crace and Franklin
<hr class="system-pagebreak">
<ul>
<li><a href="/news">CRACE</a>, <a href="/news">FRANKLIN</a></li>
</ul>
These two suburbs are neighbours, and thus make the list as one entry. McGrath notes that they’re relatively new and popular with families due to their modern housing, landscaped parks, sporting facilities, cafes and schools.
“Crace is Australia’s fastest growing housing market according to the Housing Industry Association, based on the value of new home approvals and population growth,” he said.
Crace and Franklin are located within a 40 minute drive of each other, the lengthy time to drive to a neighbouring suburb due to the presence of Gungaderra Grasslands Nature Reserve between the two. Both are located within a 15 minute drive north of the CBD, some 10 kilometres away, and both are within the Gungahlin District.
The leafy Crace includes a number of parks, a Hilltop Reserve and even a community garden. It is bound by the Barton Highway and Gundaroo Drive. It saw the roads and display homes finished in 2009, so has some time until it is established. It was <a href="https://www.crace.com.au/" target="_blank">developed over the past five years as a joint venture</a> between project manager CIC Australia, and Land Development Agency, as well as Defence Housing Australia, Community Housing Canberra and Tatebrook Pty Ltd.
The sales and information centre closed permanently from the end of January this year, and the area won the 2014 ACT Property Council of the Year award for Project Development of the Year, as well as Best Masterplanned Community in the Innovation and Excellence Awards.
The area includes Abena North apartments (featuring 20 units), on the main boulevard, as well as terraces, including 17 townhouses in the Greenleigh Park development, and freestanding homes across the estate. About 1,600 homes were estimated on completion, with sales strong in the latter part of 2013. A number of other apartment projects are also located in Crace.
The bus route is not as comprehensive in this area, with services at Langtree Crescent and Abena Avenue.
Of course, the 2011 Census data will be a little less up to date than that for other suburbs. As of 2011, it notes that 563 people were in residence, with a median age of 27. There were 327 dwellings, with 45.6% of them being semi-detached, row or terrace houses, most likely with three bedrooms (35.2%) or two bedrooms (32.2%). At that point in time, 36.3% were rented.
Franklin, which is adjacent to the Mulanggari Grasslands Nature Reserve, also includes the Guburb Dhaura Heritage Park. It is primarily bound by Flemington Road, Well Station Drive and Gungahlin Drive.
The main bus route covers Hoskins Street, Oodgeroo Avenue and Flemington Road. There is an early childhood home in the area.
The 2011 Census data records a total of 3,804 people in the suburb, with a median age of 28. Of the dwellings, 82.3% were separate houses, of which 57.2% had four or more bedrooms. A further 30% had three bedrooms. Tenants in the area amount to 29.1% of the population.
Statistics to know (Crace) (Vacancy rate and unit data not available)
Houses
<ul>
<li>Median price: $562,000</li>
<li>Median advertised weekly rent: $450</li>
<li>Gross rental yield: 4.16%</li>
<li>12 month growth: 0.81%</li>
</ul>
Source: RP Data
Statistics to know (Franklin)
<ul>
<li>Vacancy rate: 2.6%</li>
</ul>
Source: SQM Research
Houses
<ul>
<li>Median price: $543,000</li>
<li>Median advertised weekly rent: $460</li>
<li>Gross rental yield: 4.41%</li>
<li>12 month growth: -7.26%</li>
</ul>
Units
<ul>
<li>Median price: $308,000</li>
<li>Median advertised weekly rent: $375</li>
<li>Gross rental yield: 6.34%</li>
<li>12 month growth: -3.30%</li>
</ul>
Source: RP Data
Other neighbouring suburbs: <a href="/news">Gungahlin</a>, <a href="/news">Mitchell</a>, <a href="/news">Harrison</a>, <a href="/news">Palmerston</a>, <a href="/news">Giralang</a>, <a href="/news">Kaleen</a>, <a href="/news">Nicholls</a>
YOU MIGHT ALSO WANT TO READ: 
<a href="/news/qld/john-mcgrath-s-five-south-east-queensland-hotspots">John McGrath's five south east Queensland hotspots</a>
<a href="/news/act/canberra-ranked-the-best-place-to-live-but-its-certainly-not-the-best-place-to-buy">Canberra ranked "the best place to live", but it's certainly not the best place to buy: Terry Ryder</a>
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John McGrath’s three Canberra hotspots under the microscope

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Have you been refused a loan and concerned about looking elsewhere?
While there are a number of reasons you may not be eligible for the home loan you need, one may be that you aren’t seen as “serviceable”.
This, essentially, means that you are not deemed able to pay off the loan due to calculations that say you have too many other potential areas of debt that needs repaying or daily costs. If you are unsure what serviceability means, or how it is calculated, have a <a href="/expert-insights/finance/what-is-serviceability-investment-terms-explained">look at our investment terms explained article here</a>.
In the meantime, there are other things you can do to increase your serviceability and secure the loan you want.
<ol>
<li>
Shop around Firstly, see if you are calculated as being more serviceable elsewhere. An understanding of different lending policies, which a good broker may be a help with, can assist. You can read this article here about <a href="/expert-insights/finance/how-to-pick-the-best-mortgage-broker">choosing the best mortgage broker for you</a>. Different calculations are used by different banks and lenders. 
</li>
<li>
Pay down debt (and avoid taking on more!) If you can, it’s time to supercharge your debt repayments and clear them as quickly as possible. This is particularly good for buyers who are not intending to get into the market for some time. Avoid upgrading your phone to a new expensive plan and taking on increasing levels of debt, all of these additional costs will decrease your serviceability (and your borrowing power). You might also consider putting off that extra child until you've purchased - children, due to the high level of expenditure required to raise them, are seen in the "outgoings" category. Consolidating debt and spending some time paying this down may be one of the most important options here. 
</li>
<li>
Reduce credit card limits High credit card limits affect your serviceability – even if you haven’t used them to their limits and do not intend to. Reduce them as best possible. You can increase them after you have your loan. 
</li>
<li>
Decrease other overheads where possible Yellow Brick Road’s <a href="/expert-insights/finance/the-20-tips-to-ensure-you-get-your-loan">Mark Bouris recommends reducing your overheads</a>, as well as avoiding taking on more. “Fancy car leases, big smart phone plans and cable TV charges can reduce your net income and affect your serviceability,” he says as one of his 20 tips to ensure you get your loan. You could consider consolidating short-term debt into longer term debt to reduce your monthly repayments. 
</li>
<li>
Ensure all your income is taken into account Usually, tax returns and payslips are used to determine your income. If you receive substantial sums in bonuses or commissions each year that significantly lifts your overall earnings, and this hasn’t been addressed by your broker, then you want to bring it up. 
</li>
<li>
Split debt evenly with your partner You may be purchasing together, but if the property is to be secured in your own name then make sure you have evenly divided up liabilities between both of you. Noting down all the debt and outgoings as your own, rather than as 50/50 in your relationship, will significantly lower your personal borrowing capacity in the eyes of a lender.
</li>
</ol>
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Lender says no? Tips and tricks for increasing your borrowing capacity

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First time buyers are, by definition, less experienced than those purchasing around them.
Competition is rife, the financial consequences are significant and every purchaser wants to buy well and make good decisions.
Despite this, there are mistakes that Property Observer hears first time buyers making regularly that are all avoidable. Here are our top 10.
<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/2014/07/04/yellow-one.jpg" width="32" height="32" style="float: left;">Overextending yourself
There’s nothing more painful than diving in, thinking that you’re going to handle your repayments well, and then struggling each time your mortgage needs paying.
Property requires some hefty upfront costs, even if you’re getting a first home owner’s grant, and selling too soon because you aren’t prepared for the financial commitment can cause you to lose money in the long run, or living off of tinned baked beans.
Think this isn’t common? In October 2013, a <a href="/expert-insights/almost-50-new-buyers-concerned-about-affording-repayments-mortgage-choice">Mortgage Choice survey saw almost 50% of new buyers concerned about being able to afford their repayments</a>. Ensure you aren’t one of them.
Solution: Prepare yourself in advance and get honest about what you can afford. This means knowing about the process of getting your first loan, the implications and ensuring you know what you can and cannot put aside in the way of funds.
<ul>
<li><a href="/expert-insights/buying/getting-your-first-loan-heres-what-you-need-to-know">Getting your first loan? Here’s what you need to know </a></li>
<li>
<a href="/expert-insights/buying/getting-your-first-loan-heres-what-you-need-to-know">Preparing yourself for debt: </a><a href="/expert-insights/buying/preparing-yourself-for-debt-10-things-to-do-now-to-make-home-ownership-easier">10 things to do now to make home ownership easier</a>
</li>
<li><a href="/expert-insights/finance/what-to-do-if-you-are-in-mortgage-stress">What do I do if I am in mortgage stress?</a></li>
</ul>
<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/2014/07/04/yellow-two.jpg" width="32" height="31" style="float: left;">Purchasing for the wrong reasons
There are many reasons to consider home ownership and there are many reasons people opt to continue renting or to push back their property buying goals. These are individual circumstances and no one, other than yourself, can decide whether or not entering into a long-term mortgage and financial commitment is going to be right. 
Unfortunately, many home buyers buy for the wrong reasons – this could be due to familial or peer expectations, “fear of missing out” or any number of reasons. You do not want to resent your decision.
Solution: Make sure you buy when you’re ready, and you know the reasons why home ownership is important to you. This is no small decision, and should be looked at logically and carefully.
Think about your ‘pros’ and ‘cons’ and always try to be your own devil’s advocate.
Finally, ask yourself: Why do I want to buy a property? Never feel rushed into a purchase.
<ul>
<li><a href="/expert-insights/buying/the-10-signs-that-you-may-not-be-ready-to-buy">The 10 signs that you may not be ready to buy</a></li>
<li><a href="/expert-insights/renting-v-buying-how-does-it-stack-up-for-you">Renting v buying: How does it stack up for you?</a></li>
</ul>
<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/2014/07/04/yellow-three.jpg" alt="" style="float: left;">Not researching an area properly
It's easy to get swept up in buying the perfect home and not thinking about whether it's in the perfect area.
Big backyards, high ceilings and nice furnishings are all fun - considering whether the suburb is well serviced by public transport, serves as an employment hub, has good schools or houses unattractive factories is not so fun.
But the suburb of your prospective purchase is one of the main determinants of its future (and current) value, so pay attention.
Even if the house is perfect, many people search for properties by area, not house type, so it could go unnoticed when you're trying to sell the home.
Solution: Check out suburbs' median prices and historical price growth. See if it offers amenities that attract other buyers, and keep an eye on any news (like future infrastructure developments) that could affect its future value.
<ul>
<li><a href="https://www.propertyobserver.com.au/finding/location/suburb-data" target="_blank">Our suburb data pages </a></li>
<li><a href="https://www.propertyobserver.com.au/finding/residential-investment/suburb-spotlights" target="_blank">The suburb spotlight series </a></li>
</ul>
<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/2014/07/04/yellow-four.jpg" alt="" style="float: left;">Not getting the right insurance
Insurance is another part of a home purchase that often goes overlooked - it's hardly as exciting as the other parts of a house hunt.
If you're purchasing your first home with a deposit under 20%, you'll often need lenders mortgage insurance, to protect the lenders against a default. It's worth investigating this option as it could affect how you buy your home. But once you purchase your home, you'll need to protect yourself against natural disaster, vandalism or theft, which can all cost you a lot of money at unexpected times.
You also might find yourself in financial hardship if you are injured or suffer an illness down the line.
Solution: Home and contents insurance will protect your assets, and personal insurance will protect you (don't think you're too young to need it). Income insurance will help cover you if your income is ever threatened by illness or injury and you find it hard to keep up with your mortgage payments or bills.
<ul>
<li><a href="/expert-insights/investing/first-home-buyers-need-personal-insurance-joe-sirianni">First home buyers need personal insurance</a></li>
<li><a href="/expert-insights/investing/ask-margaret-do-i-need-flood-insurance-if-i-pay-body-corporate-fees">Ask Margaret: Do I need insurance if I pay body corporate fees? </a></li>
<li><a href="/expert-insights/buying/you-insure-your-home-so-why-not-your-income">You insure your home, but why not your income?</a></li>
</ul>
<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/2014/07/04/yellow-five.jpg" alt="" style="float: left;">Taking “bad” advice
"Spruikers", "property sharks"; you’ve probably heard all the names given to the charlatans of the property industry.
However, bad advice comes from all quarters – family, paid advisers and members of the industry. Many property buyers have bought in areas on bad advice, even from well-meaning uncles and aunts at a barbecue, and have paid for it in opportunity cost and often more.
Solution: Do your due diligence on all the advice you’re given. This may mean double checking the reasons someone thinks an area is a hotspot and doing research on the area yourself. It could be checking to see whether that person is really looking out for your best interests.
Bad advice takes many forms, <a href="/expert-insights/investing/the-deadly-formula-of-bad-investment-advice">even masquerading as news on occasion</a>, and you must always be careful about the information you take onboard.
<ul>
<li>The property investment pandemic: <a href="/expert-insights/the-property-investment-pandemic-how-to-avoid-spruikers-and-bad-advice">How to avoid spruikers and bad advice </a>
</li>
<li>Free advice: <a href="/expert-insights/buying/free-advice-five-experts-you-can-go-to-for-information">Five experts you can go to for information</a>
</li>
</ul>
This article continues on the next page. Please click below.
<hr class="system-pagebreak">
 
<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/2014/07/04/yellow-six.jpg" alt="" style="float: left;">Not getting a building inspection
While it's easy to tumble into the purchase process, you need to know that the house you're hoping to buy is stable and sound - especially if you're not familiar with properties. If you don't carry out a building inspection before purchasing a home, you could be saddled with an unsafe house with structural problems or asbestos.
Those problems will end up costing you a lot of money to fix up further down the line.
If you're intending to carry out renovations or alterations in the future you need to know what is possible with the existing house.
Solution: Before you sign a contract, have a reputable independent builder carry out a building inspection. While they may not be able to catch every problem, they can save you from making a bad purchase. <a href="/news/how-to-choose-a-building-and-pest-inspector"></a>
<ul>
<li><a href="/news/how-to-choose-a-building-and-pest-inspector">How to choose a building and pest inspector</a></li>
<li><a href="/expert-insights/investing/the-importance-of-building-inspections-in-property-transactions">The importance of building inspections in property transactions </a></li>
<li><a href="/expert-insights/buying/how-to-navigate-the-building-and-pest-inspection">How to navigate the building and pest inspection</a></li>
</ul>
<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/2014/07/04/yellow-seven.jpg" alt="" style="float: left;">Being unwilling to compromise
Buying your first house is a big decision, and one you want to get right. But know now: there's no such thing as the perfect property. If you're operating on a tight budget, don't expect to get a perfect home, with the perfect aspect, in your dream suburb, down the road from your favourite cafe. You're at the beginning of your property buying journey, not the end of it.
Waiting too long for the perfect home may leave you downwind of a market that's long left you behind. You may realise that the three bedroom house that was 10 minutes further out than you had hoped for is now well out of your budget, even though you could have purchased it six months ago.
Solution: To know when to compromise and when to stick to your guns, think about the fundamentals that affect property values - location, land size and aspect, among others - and think about much they matter to you and to potential buyers further down the track.
Remember to consider your wants in the future - will you want to stay in this home for more than 10 years, or are you planning to move overseas or to a more familiy-friendly house later on?
The best house you can afford now might not be the best house for you in the future, and that's alright.
<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/2014/07/04/yellow-eight.jpg" alt="" style="float: left;">
Not getting pre-approval
It’s a simple step, but one that many don’t consider: the simple pre-approval.
Not obtaining this piece of assurance, even with the limitations it has, can leave you unsure about what you can afford to purchase and subsequently nervous in an auction situation.
It may cause you to bid beyond your means and put you in substantial strife, particularly when buying at auction where cooling off periods and other conditions do not apply. Consider pre-approval a little added boost of confidence.
Solution: Get home loan pre-approval!
Understand the restrictions around the approval, and know how regularly you need to have it updated, however going through this process is one of the most powerful pre-auction and pre-property searching steps you have available.
It will also let you know what property is and is not within your purchasing range, allowing you to rule out some of the pricier options you’ve been looking at earlier on – before you get too attached.
<ul>
<li><a href="/expert-insights/finance/a-quick-guide-to-home-loan-pre-approval">A quick guide to home loan pre-approval</a></li>
<li><a href="/news/five-things-you-must-do-before-buying">Five things you must do before buying</a></li>
<li><a href="/expert-insights/finance/why-you-should-secure-finance-pre-approval-before-looking-for-property">Why you should secure finance pre-approval before looking for property</a></li>
</ul>
<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/2014/07/04/yellow-nine.jpg" width="33" height="31" style="float: left;">Buying with the wrong person
It could be your best friend, your sibling, or even your spouse - no matter who it is, it only takes one person in a property buying duo to sink the ship.
As soon as you purchase with another person, you'll realise that their financial woes are your financial woes. Suddenly, you'll be very interested in their employment status, their spending habits and their ability to make mortgage payments.
Solution: If you're buying with another person, make sure you have clear and simple financing arrangements, with a contingency plan. Also consider your future investment plans - if you decide you want to sell the house when the market is hot in five years but your friend wants to stay on, or she decides to move overseas, you'll be faced with some difficult decisions.
Make sure you go into any buying decisions with open eyes, and think about having a lawyer go over any joint financing agreements you make.
<ul>
<li><a href="/expert-insights/buying/should-i-buy-a-property-with-a-friend-six-things-to-consider-first-ask-margaret">Ask Margaret: Should I buy a property with a friend? </a></li>
</ul>
<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/2014/07/04/yellow-ten.jpg" width="32" height="31" style="float: left;">Buying when it’s too “hot”
A hot market, where everyone is rushing in to buy buy buy, is not always going to be the most prudent place for a first home buyer to look.
Investors regularly rush in and lose money by seeking to make a quick buck in a hotspot. It’s commonly said that when you’re buying with the crowd, you’ve missed most of the growth already.
First time buyers are especially vulnerable to the market’s heat and inexperience. At a busy auction, it can be much easier to overpay if bids are busy and emotions are running high. If you can’t stick to your guns on what you’re prepared to pay, then you should not be considering a market that’s running too hot.
Solution: Know how to identify a market that is hot, <a href="/news/nsw/the-market-psychology-behind-the-sydney-property-boom-pete-wargent">the reasons behind it</a>, and determine whether the prices are still reflecting market value.
By this stage, you should know the markets that it would be prudent to take a step back from or to enter with caution.
And if you are going to consider it? Here are <a href="/expert-insights/investing/tips-for-buying-in-a-hot-market">some tips for buying in a hot market</a>.
<ul>
<li><a href="/expert-insights/buying/my-advice-for-buying-in-a-hot-market-dont-terry-ryder">My advice for buying in a "hot" market? Don't: Terry Ryder</a></li>
<li><a href="/expert-insights/buying/investor-saturation-in-suburb-hotspots-will-have-consequences-for-residents-and-investors">Investor saturation in suburb hotspots will have consequences for residents and investors</a></li>
<li>
<a href="/expert-insights/investing/overheated-markets-set-to-see-a-2015-correction">Overheated markets set to see a 2015 correction</a><a href="/expert-insights/buying/investor-saturation-in-suburb-hotspots-will-have-consequences-for-residents-and-investors">: Michael Matusik</a>
</li>
</ul>
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10 first time buyer mistakes and how to avoid them

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It make sense to go to some local auctions as part of your research and due diligence – even if you’re not quite ready to purchase yet.
If it’s going to be worth your time and effort, then you need to know what it is you’re looking to learn. For instance, here's what Catherine Cashmore took away from <a href="/news/eight-lessons-to-learn-from-the-blocks-lacklustre-auction">The Block 2011's lacklustre auction result</a>.
Here are the five things that you should be trying to gain from heading to an auction.
<ol>
<li>
Market activity After you’ve been to a few auctions in an area, you should start to get a feel for the demand for property. Is it strong? Are there lots of bidders? Remember that just because a property draws a crowd, those attending may just be watching – and may not be genuinely interested in purchasing. Taking note of how busy it is on the day is one thing, but you should also note how many bids are made and how competitive the bidding becomes. This will let you know whether you will likely be entering an auction that will be quiet. Potentially this could give you the upper hand for lower bidding and negotiating if the property is passed in, or knowing if you need to put all your cards on the table. Keep an eye out for repeat bidders regularly attending auctions of similar properties – this can suggest who the highly motivated buyers are. 
</li>
<li>
Comparative pricing Another useful thing to note about auctions is exactly what price they end up selling or passing in for. It may take some time for auction results to be properly recorded, depending on the area you’re considering and the type of property and so to get the most real-time information possible it’s worth visiting a few. As you get to normally inspect the property one last time prior to auction, you can also note how much it went for and whether it is inferior or superior to the property you have your eye on. This should quickly let you know if what you’ve been estimating to spend will achieve you the property you want in the area. 
</li>
<li>
Reserve prices Another factor to note down is when the property is officially “on the market”. While you can’t always get a specific indication of reserve price, when a bid goes above it the auctioneer will tend to announce this. Every property is different and every vendor will set a different reserve, but this will help you prepare your strategy and to know when you might be interested in bidding. If you want to be the top bidder when a property is passed in, this will be of particular interest. 
</li>
<li>
Common language used and strategies Familiarising yourself with strategies used by buyer’s agents and common prospective purchasers, as well as the weaknesses that others have when bidding, can prepare you for when it’s your time to bid. Regular, auction success is said to be <a href="/expert-insights/investing/winning-at-auction-isnt-amount-having-the-most-money-its-about-strategy">all about the strategy you employ</a>. It’s worth also getting to grips with the process and the type of language used by auctioneers and the increments of bidding so that you don’t get thrown off. Familiarise yourself with the process so you’re more comfortable when it’s your turn. You can also become familiar with local auctioneers’ styles. Some are very good at hyping up a crowd and drawing out the bids. You should be prepared for how they may auction the property you really want. Here's Patrick Bright's <a href="/news/understanding-auction-talk-patrick-bright">guide to understanding "auction talk"</a>. 
</li>
<li>
Neighbourhood information from locals The final factor to keep an eye out for is how the locals react and what they say. A neighbour may tell you that a developer has been around trying to purchase all the properties in a specific block or of a certain size. Another might tell you about any reasons people are leaving the street, or even about other neighbours. As local experts in their own right, it pays to listen – the information may be crucial later on. Don’t feel as though you can’t ask them about the good and bad streets, or if they know of any other properties coming up for sale. As with all information, do your due diligence and confirm it yourself, but it may just lead you on to better things.
</li>
</ol>
YOU MIGHT ALSO WANT TO READ:
<a href="/expert-insights/buying/twelve-tips-for-bidding-at-property-auctions">12 tips for bidding at auction </a>
<a href="/expert-insights/buying/buying-your-first-property-at-auction-a-step-by-step-guide">A step-by-step guide to buying your first property at auction</a>
</body></html>

Not ready to buy yet? Five things you can still learn at auction

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Foreign ownership rules do not need strengthening but rather existing laws need to be properly enforced, according to the Real Estate Institute of Australia.
The organisation notes that an $85,000 fine already exists for breaching current regulations.
In the latest release of REIA News, Issue 38, chief executive officer Amanda Lynch notes that the fine has not been invoked, as the Foreign Investment Review Board has “apparently not prosecuted a single foreign buyer for breaching foreign ownership rules”.
Lynch points to e-Conveyancing as a method which would assist in more stringent enforcement of existing regulations.
This suggestion was recently put to the House of Representatives Standing Committee on Economics for the Inquiry into Foreign investment in Australian real estate by First National’s Ray Ellis, who is also an REIA board member.
Looking at the 2012-2013 Foreign Investment Review Board Annual Report, Lynch notes that 11.4% of foreign investment in real estate by value comes from China, while 9.5% comes from the USA and 9.5% comes from Canada.
“This is a particularly interest fact to note as media articles on foreign investment are frequently dominated by stories highlighting only one particular source country, China,” she says.
<a href="/news/letter-from-the-editor-talking-about-foreign-buyers">Property Observer has been vocal about the importance of discussing foreign investment without a xenophobic overtone</a>, as well as the difficulties facing journalists reporting on the topic.
Lynch says that the REIA supports foreign investment due to its assistance with increasing supply.
The report shows that 2012-13 was the first year since 2009-2010 that the purchase number of sub-total of 5,101 ‘developed’ stock, or existing homes, exceeded the sub-total of 4,549 ‘new dwellings’.
The report paints an interesting picture of the growth of the developed stock sector.
It states that the purchase of developed stock is “primarily [by] temporary residents in Australia acquiring one existing residential property for use as their residence in Australia”. A footnote suggests it includes a small number of approvals relating to foreign companies acquiring residential property for company employees to reside in.
The sudden increases between the 2009-10 and 2010-11 reporting periods can be explained by a shift in government regulations during that period.
On 24 April 2010 temporary residents were no longer exempt from notifying the government of proposed acquisitions of established residential real estate for their own residence, nor new property or vacant land. This exemption was brought in for just one year, from 1 April 2009, where it was noted that temporary residents, in previous years, was said to have accounted for around two-thirds of real estate applications.
{plotalot id="23"}
</body></html>

We don't need stronger foreign buyer regulation, we need more stringent enforcement: REIA

<html><body>
Property and banks are seen as the safest places to put your money, according to the latest Westpac/Melbourne Institute index of consumer confidence.
Banks were seen as the wisest place to put new savings, with 34.3% selecting this option, up 6.8% over the quarter.
Another 25.7% of respondents were keen to put savings into property.
In the past 41 years, CommSec chief economist Craig James noted that there have only been five higher readings for consumer confidence in banks.
Paying off debt was the choice of 13.7% of those surveyed, followed by shares and superannuation at 8.5% and 4.0% respectively.
“Aussie consumers aren’t keen to spend any extra money they have or to pay off any more debt, believing the funds should just stay in the bank or go towards a property purchase,” said James.
Despite this, the statistics around whether consumers believed it was “time to buy a dwelling” noted that those saying it is the time dropped 8.2% in the September quarter. This is now 23.2% down over the year.
“Investors don’t seem to agree according to latest lending figures,” noted James.
It was noted that the Reserve Bank is likely not to move before 2015, while the savings intentions are positives for the financial sector and for home building stocks.
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 Banks and property seen as wisest places to put new savings

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Vacancy rates in the inner and outer Sydney suburbs led a downward shift in available rental properties, however Albury is the most difficult area in which to get a rental across the state, according to the Real Estate Institute of New South Wales statistics.
In the August 2014 REINSW Vacancy Rate Survey, Albury’s vacancy rate increased by 0.1%, but at 1.7% it is the most difficult place to find rental accommodation.
Coffs Harbour saw a 0.3% rise to 3.4%, with the Northern Rivers increasing 1.7% to 3.7%, the highest figure for the area in more than two years.
Inner Sydney in general, however, isn’t far behind with the survey recorded a 0.2% vacancy drop to 1.8%.
REINSW president Malcolm Gunning said that outer Sydney suburbs dropped 0.1% to 1.8%. Middle ring suburbs actually increased by 0.2%, to 2.1%.
“We hit the bottom of the availability trend in March 2014 with 1.4% and have been tracking upwards for the last five months,” said Gunning.
“This decline could really be considered a slight glitch. Over the next few months it is expected that availability will continue to improve as more properties enter the marketplace as a result of the construction boom in Sydney,” he said.
The Hunter’s availability dropped 0.5% to 3.3%, reversing gains made in July, while Newcastle slipped the same amount from 3.2% to 2.7%.
The Illawarra dropped 0.1% to 2.0%, and Wollongong increased 0.1% to 2.2%.
Even vacancy rates in New England slipped, after being at an 11 year high, to 3.5% - a 0.7% drop. Orana continued the trend, falling 1.0% to 2.1%.
</body></html>

Which New South Wales region has the lowest vacancy rate? (And it's not Sydney)

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.

Jennifer Duke

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