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Perceptions about Australian property being overvalued are significantly higher among first-home buyers then owner-occupiers, the latest QBE LMI Mortgage Barometer shows.
This was one of the key findings of the report, which found an overall improvement in sentiment about the property market with more than a quarter (26%) of Australians looking to buy property in the next 12 months despite nearly one in two believing it to be overvalued.
More than three quarters (76%) of first-home buyers believe property is overvalued with nearly half (48%) believing prices are overvalued by more than 10%.
Click to enlarge
<a href="/images/stories/2013/06/qbejune19one.gif" rel="shadowbox" title="Click to enlarge"><img src="/images/stories/2013/06/qbejune19onethumb.gif"></a>
In comparison just 41% of owner-occupiers and 48% of Australians believe property prices are overvalued, according to the online survey of 1,107 adult Australians responses of which 763 have a mortgage, 680 considering buying property and 399 qualifed as both.
This finding combined with concerns about changes to first-home buyer grants favouring new homes only and another finding from the survey - 69% of FHB respondents worry they’ll never be able to afford their own home – provide insights into why the segment of the market has shrunken in recent times.
Other findings from the report suggest a frustrated first-home buyers market despite recent improvements in affordability.
The report quotes ABS figures showing that since February 2013, the number of FHBs as a percentage of total owner-occupied housing commitments has fallen by more than 5% since September 2012 and now sits at 14% nationally, an eight year low. .
This is due to record low FHB commitments in NSW and QLD (both less than 10%) – a plunge of more than 10% since the grants were replaced, while other states saw FHB commitments rise.
"There are concerns that Victoria will follow suit as it replaces its First Home Owner Grant with a $10,000 newhome owner grant as of 30 June 2013," says the report.
Figures compiled the<a href="/news"> Real Estate Institute of Australia (REIA)</a> found the number of home loans to NSW first-home buyer in the March quarter totalled 2,647 - 57% lower than a year ago and a 40.6% fall in the March quarter alone.
This was the largest annual decline recorded across the country but in line with a national trend of dwindling first-home buyer demand.
In Queensland, a state which has also cancelled its first-home owner grant in favour of a $15,000 handout for new homes in September last year, home loans to first-home buyer decreased by 43.7% over the March quarter  to 2,557 - the largest quarterly decline across the nation the REIA found.
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Overvalued, unaffordable property keeping first-home buyers on the sidelines: QBE LMI survey

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The number of suburbs where you could be financially better of buying rather than renting has risen from 494 suburbs in December to 692 as of July, according to the latest RP Data Buy vs Rent Report.
The theoretical report lists suburbs across Australia where renters should think about doing the sums and perhaps looking at buying an equivalent property (if they can find one) rather than paying rent to a landlord.
The latest list is dominated by Queensland suburbs which make up more than third (242 suburbs) out of the 692 suburbs.
Greater Brisbane accounts for 71 suburbs while the remaining 171 can be found in the regional areas of the state.
There are 193 suburbs in NSW (73 are in Sydney), 75 in WA, 54 in Tasmania and 45 each in Victoria and South Australia.
Just two out of the 45 Victoria suburbs are in Melbourne.
Reflecting their relative unaffordability, there are just 29 Northern Territory suburbs on the list and six in Canberra.
A discounted variable mortgage rate of 5.4% and a three-year fixed mortgage rate of 5.15% have been assumed as part of the analysis.
Additionally, RP Data has assumed buyers hold a 10% deposit.
The full report is available to download for free at <a href="https://www.rpdata.com.au/buyorrent" target="_blank">rpdata.com.au/buyorrent</a>
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Queensland dominates list of 692 suburbs where you could be better off buying than renting: RP Data

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Borrowers who don’t have a 20% deposit will be forced to pay higher lenders mortgage insurance (LMI) premiums following the two dominant providers – Genworth and QBE LMI – both increasing their premiums in the last 12 months. 
This is despite Australia having among the lowest mortgage default rates in the world. 
Fitch reported that mortgage delinquencies rose from 1.57% in the December 2011 quarter to 1.6% in the first quarter of 2012 – equating to about $35 million worth of loans turning bad. 
LMI is a one-off premium that protects lenders if a borrower defaults on their home loan - if the property sells at a loss, the lender can make a claim against its LMI provider for the shortfall. 
LMI can added thousands of dollars to the cost of buying a home and is particularly an issue for first-home buyers given the 20% deposit requirement. 
Calculations using the Genworth LMI premium estimator show that a first-home buyer borrowing 95% on a house valued at $500,000 (so a $25,000 deposit) would be required to pay an LMI premium of close to $16,000 on a 30 year variable-rate loan. 
A 10% deposit would reduce the premium to just under $8,000. 
A further issue is a lack of portability – if borrowers refinance with a new lenders and they still don’t have a 20% deposit, LMI must be paid again. 
Mortgage broker and director of Investors Choice Mortgages, Jane Slack-Smith, says she would expect LMI premiums to increase if there was an increase in delinquent loans “however it is not something I have seen in my business and not something that I have heard either LMI provider discuss in their updates”. 
Slack-Smith suggests that with interest rates so low, potentially the LMI providers are expecting issues for today’s buyer in the future when rates return to the long term norm of around 7.5% - “a way of hedging the future risk”. 
QBE LMI chief executive Jenny Boddington told Property Observer it increased base premiums on its core LMI products as of July 1 this year.
"We regularly review our pricing to ensure stable and reliable provision of our lenders’ mortgage insurance across the economic cycles,” she says.
Boddington says changes to premiums in recent years have mainly been driven by increased regulatory capital requirements, continuing subdued returns on our investment portfolio and slight increases in claims.
A spokesperson for Genworth confirmed that premiums have increased in the Australian market over the past twelve months.
“As a prudent insurance business, Genworth regularly reviews all elements associated with our product offering.
“This review takes into consideration the current market environment and the costs associated with providing our product and service delivery, including the cost of capital, portfolio performance and changing investment yields.
“Each individual LMI premium is calculated on the basis of a wide range of factors related to the size of the borrower’s deposit, the loan purpose, and the property. As such, pricing changes are based on a detailed analysis of each risk factor.”
Updates sent to brokers by lenders confirm the increases as well as changes to some products and offerings. 
An email sent to mortgage brokers by the Commonwealth Bank’ in June tells them that LMI will increase for “home/investment home loan and line of credit applications created from Sunday 2 June 2013”. 
“We are making these changes in line with pricing changes from our preferred LMI provider, Genworth,” says the Commonwealth Bank’s head of third party banking Kathy Cummings. 
An email sent to brokers by Suncorp says QBE LMI will increase base premium on three of its products - “lmiHOME™, lmiINVEST™ and lmiFIRST HOME™”. 
It’s not all bad news.
The Suncorp note also says QBE has of July 1 extended the eligibility criteria for its lmiFIRST HOME product - a discounted lenders mortgage insurance offering designed for first home buyers - to individuals who are purchasing or building a residential property for owner-occupation and who also qualify for the first-home owners grant and FHB stamp duty concessions.
The move is presumably to take in those FHBs who have qualified for the bigger state grants now available for new home purchases.
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More pain for first-home buyers as Genworth and QBE LMI push up mortgage insurance premiums

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First-home buyers have deserted the NSW property market in droves with improved housing affordability and significantly reduced interest rates not having any impact on the willingness of this key market segment to climb onto the property ladder.
The number of home loans to NSW first-home buyer in the March quarter totalled 2,647 - 57% lower than a year ago and a 40.6% fall in the March quarter alone, the latest Real Estate Institute of Australia (REIA) figures reveal.
This was the largest annual decline recorded across the country but in line with a national trend of dwindling first-home buyer demand.
According to the REIA, first-home buyers made up 14.5% of the national owner-occupier market in the March quarter compared to 16.5% in the December quarter 2012 - the lowest level since the June quarter of 2004.
The number of new finance commitments to first home buyers decreased 22.5% to 18,348 in the March quarter.
Compared to the first quarter of 2012, new finance commitments to first home buyers decreased 21.3%.
Some of the blame for the  steep slide in NSW first-home buyer numbers will be attributed to the state government’s decision to axe the $7,000 first-home owner grant on September 31 in favour of a $15,000 grant for new homes only.
In Queensland, a state which has also cancelled its first-home owner grant in favour of a $15,000 handout for new homes in September last year, home loans to first-home buyer decreased by 43.7% over the March quarter  to 2,557 - the largest quarterly decline across the nation.
Victoria, the ACT, South Australia and Tasmania all plan similar changes to first-home buyer grants in the coming months.
Both <a href="/news">Property Observer</a> editor Jonathan Chancellor and <a href="/news">hotspotting.com.au’s Terry Ryder</a> have highlighted the ill-directed nature of such schemes (Ryder called Queensland’s grant “a new definition of insanity”) which attempt to dangle a financial carrot in front of the noses of first-home buyers to sway them towards new homes over existing ones.
The REIA is also campaigning for a re-commitment by these states to a universal grant available for both new and existing homes.
It should be borne in mind that first-home buyer numbers have declined despite housing affordability as measured by the REIA improving for seven consecutive quarters following the RBA cutting cash rate by 200 basis points since November 2011 and much of this (around 80%) being passed on by lenders to variable rate mortgage holders.
Over the same period, dwelling prices have risen by a moderate 2.4%, according to RP Data figures.
Clearly other forces are also at play including relatively low consumer confidence, concerns about job prospects and the high cost of home ownership in key markets like Sydney and Melbourne, despite recent incremental improvements.
Victoria, which has yet to implement its new homes only $10,000 first-home buyer grant, recorded a more modest 15.4% drop in the number of loans to first home buyers over the quarter to 6,053. However, the figure is unchanged compared with the same quarter of the previous year.
South Australia was the only state or territory to record a rise in the number of loans to first home buyers, up by 1.8%.
For the year, Western Australia recorded the largest increase in loans to first home buyers, up by 19.2%.
The number of first home buyers in Tasmania dropped by 3.9% over the quarter but increased 15.9% compared to the March quarter of the previous year, to 349. During the quarter, first home buyers made up 16.8% of owner-occupier market in Tasmania.
The number of first buyers’ loan commitments in the Northern Territory dropped 23.8% to 231 over the quarter but increased 0.9% compared to the March quarter of 2012. Of all owner-occupier housing finance commitments in the territory, first home buyers made up 21.9% during the first quarter 2013.
The number of first home buyers in the Australian Capital Territory fell 0.5% to 367 during the quarter. This is 9.9% higher than the figure recorded during the March quarter 2012.
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With existing homes ineligible for state grants, NSW suffers 57% annual drop in first-home buyers: REIA

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The decision by the ACT government to withdraw the $7,000 first-home owner grant on August 31 and replace it with a $12,500 grant for new homes only from September 1, means six states and territories have shifted their incentives in favour of what Ray White boss Brian White says is effectively a “builders’ grant”.
NSW, Victoria, Queensland, South Australia. Tasmania and the ACT have all withdrawn (or will withdraw in the coming months) their handouts for first-home buyers who buy an established home.
The Real Estate Institute of Australia's (REIA) campaign for these states and territories to honour the “uniform” nature of the original InterGovernmental Agreement struck in 2000 that “an eligible home will be new or established” is unlikely to succeed.
For first-home buyers, these are the grant handouts available in their state and territory markets currently as well as what’s about to change in the coming months:
(Click on the state names for links to the relevant state revenue office pages).
<a target="_blank" href="https://www.osr.nsw.gov.au/benefits/first_home/">NSW</a>
The NSW state government offers a $15,000 grant for first-home owners who purchase or build a new home valued at up to $650,000. The grant was available until December 31, 2013, reducing to $10,000 from January 1, 2014, but the 2013 State Budget<a target="_blank" href="/news"> extended the availability of the $15,000 </a>until January 2016.
<a target="_blank" href="https://www.sro.vic.gov.au/sro/sronav.nsf/alltitle/First%20Home%20Owners?open">Victoria</a>
The Victorian government offers a $7,000 first-home owner grant for both new and existing homes until from June 30. The grant is available if the price of the property or construction of the home does not exceed $750,000. From July 1 a new $10,000 grant for newly constructed homes under $750,000 begins.
<a target="_blank" href="https://www.osr.qld.gov.au/first-home-owner-grant/index.shtml">Queensland</a>
The Queensland government offers a $15,000 great start grant for first-home buyers buying or building a new home valued under $750,000.
<a target="_parent" href="https://www.finance.wa.gov.au/cms/content.aspx?id=344">Western Australia</a>
The WA government offers the $7,000 first-home owner grant for both existing homes and new homes. A cap limits the total value of properties (i.e. total value of home and land) to $750,000 or less, or if the home is located north of the 26th parallel to $1,000,000 or less.
<a target="_blank" href="https://www.revenuesa.sa.gov.au/fhog/index">South Australia</a>
The South Australian government offers a FHOG of $15,000 for new homes. It also offers a maximum Housing Construction Grant (HCG) of $8,500  to all home buyers (FHBs and non-FHBs) who are purchasing or building a new home with a market value of under $400 000. Above $400,000 to a maximum of $445,000 the grant decreases in increments of $5,000.
For first home buyers buying an existing home there is a First Home Owner Grant (FHOG) of $5,000.
The Housing Construction Grant expires on June 30 2013. The $5,000 FHOG grant for existing homes expires on June 30 2014.
<a target="_blank" href="https://www.revenue.act.gov.au/home_buyer_assistance">ACT</a>
The ACT government offers a $7,000 grant to first home buyers buying both existing and new homes capped at the total value of home and land of $750,000 or less. This expires on August 31. From September 1 first-home buyers in the ACT will receive $12,500 if they buy or build a new home or buy one that has been substantially renovated.
<a target="_blank" href="https://www.sro.tas.gov.au/fhog">Tasmania</a>
The Tasmanian government currently offers a one-off FHOG payment of up to $7,000. The grant is not means tested and there is no cap on the value an eligible home.
There is also a First Home Builder Boost (FHBB), a payment, in addition to the FHOG, of up to $8 000. It is available for eligible applicants, purchasing a newly built home or who are owner-builders between 1 January 2013 and 30 June 2014 and who meet the required time frames for commencement and completion of the house.
Both these grants will end on June 30, 2014.
From July 1 2014, Tasmanian first-home buyers who build or buy a new home (including off-the-plan) will be entitled to a $7,000 FHOG.
<a target="_blank" href="https://www.treasury.nt.gov.au/TaxesRoyaltiesAndGrants/HomeOwnerIncentives/Pages/default%20220213.aspx">Northern Territory</a>
The Northern Territory offers a first-home owner grant for both new and established homes that remains ongoing.
FHOG is not means tested however, from 1 January 2010 eligibility ceases to apply if the consideration for, or the value of the home is more than the transaction eligibility threshold (see table below). This includes the unencumbered value of the land on which a home is to be built. The amount of the transaction eligibility threshold is determined based on the commencement date of the eligible transaction.
The commencement date of an eligible transaction is:
for a contract to purchase or construct a home, the date when the contract is made; or
for an owner builder, the date the laying of the foundations commenced.
<table cellpadding="0" cellspacing="0" border="1" style="width: 470px;"><tbody>
<tr>
<td width="318" valign="top">
Commencement date of eligible transaction?
</td>
<td valign="top">
Transaction eligibility threshold?
</td>
</tr>
<tr>
<td width="318" valign="top">
On or after 4 December 2012?
</td>
<td valign="top">
$600 000?
</td>
</tr>
<tr>
<td width="318" valign="top">
From 1 January 2010 - 3 December 2012?
</td>
<td valign="top">
$750 000?
</td>
</tr>
<tr>
<td width="318" valign="top">
Prior to 1 January 2010?
</td>
<td valign="top">
No threshold applied?
</td>
</tr>
</tbody></table>
The amount of the grant increased on 4 December 2012 in relation to eligible transactions that commenced on or after that date. From that date, the amount of the grant also varies depending on the type of transaction and location of the property.
If the commencement date of the eligible transaction is on or after 4 December 2012, the amount of the grant is the lesser of the consideration actually paid for the eligible transaction, or:
a) $12 000 if the home is an established home in the urban area;
b) otherwise - $25 000
If the commencement date of the eligible transaction is before 4 December 2012, the amount of the grant is the lesser of the following:
a) the amount of consideration actually paid for the eligible transaction;
b) $7000
An established home is one that has been previously sold or occupied, and is lawfully fit for occupation.
An urban area means all land located wholly within the boundaries of:
<ul>
<li>the Darwin, Palmerston or Litchfield municipalities;</li>
<li>Wagait Shire;</li>
<li>the Darwin Waterfront Precinct;</li>
<li>the “prescribed area” for the Darwin Rates Act.</li>
<li>any other area prescribed by regulation.</li>
</ul>
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First-home owner grants: a state-by-state guide

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This week the NSW government <a href="https://www.propertyobserver.com.au/news/everything-you-need-to-know-about-the-nsw-first-home-buyer-%2415000-grant-scheme/2013061762349?utm_source=po&amp;utm_medium=aida&amp;utm_campaign=newsplus" target="_blank">extended its $15,000 first-home buyer grant scheme</a> for new homes only through to January 2016 as part of its June 2013 state budget.
The grant amount was originally scheduled to reduce to $10,000 from January 1 2014. Instead it will now only reduce from January 1 2016.
Following the release of other state and territory 2013-14 budgets over the past few months, the following pages contain the key dates and information first-home buyers (FHBs) and non-first-home buyers need to know in their state and territory as they consider property purchases:
(All information current up to June 20 2013)
NSW
No current expiry date - New Home Grant Scheme
Under the NSW New Home Grant Scheme, a $5,000 grant will be available to buyers of new homes, whether off the plan or newly built, with a value up to $650,000 and to buyers of vacant land that is intended to be the site of a new home valued up to $450,000. This is grant is not available to investors and owner occupiers, not FHBs.
No current expire date - First Home - New Home stamp duty concessions and exemptions
The First Home—New Home scheme provides exemptions or concessions on transfer duty for people who are buying their first home in NSW. This includes buying vacant land on which they intend to build their first home. It provides eligible purchasers with exemptions on transfer duty on new homes valued up to $550,000 and concessions on transfer duty for new homes valued between $550,000 and $650,000.
Eligible purchasers buying a vacant block of residential land to build their home on will pay no duty on vacant land valued up to $350,000 and will receive a concession on duty for vacant land valued between $3550,000 and $450,000.
Duties can be calculated using  the <a target="_blank" href="https://www.apps05.osr.nsw.gov.au/erevenue/calculators/fhnh.php">First Home—New Home calculator</a>
January 1 2016 - FHOG
From this date the NSW $15,000 First Home Owner Grant (New Home) to help eligible FHBs purchase or build a new home, will be reduced to $10,000 with no end date set.
More information: <a target="_blank" href="https://www.osr.nsw.gov.au/benefits/first_home/">NSW Office of State Revenue</a>
 
<hr class="system-pagebreak">
VICTORIA
June 30, 2013
The date the Victorian government ends its $7,000 first-home owner grant. The grant is available if the price of the property or construction of the home does not exceed $750,000. An exception to this requirement is where the contract relates to a home that is on, or to be built on, primary production land.
July 1, 2013
From this date eligibility for the First Home Owner Grant will be limited to FHB of new homes and will be increased from $7,000 to $10,000. To qualify for the Grant, the price of the property or construction of the home must not exceed $750,000.
July 1 2013
The land transfer duty discount for eligible first home buyers purchasing a principal place of residence (PPR) valued at not more than $600,000 increases from 30% to 40%. To be eligible for the duty reduction, the FHB must have received or be entitled to receive the FHOG and must also reside in the property for a continuous period of 12 months commencing within 12 months of settlement.
September 1 2014
The land transfer duty discount for eligible FHBs purchasing a principal place of residence (PPR) valued at not more than $600,000 increases from 40% to 50%.
 
More information: <a target="_blank" href="https://www.sro.vic.gov.au/sro/sronav.nsf/LinkView/B82157FB72EC77C8CA2575CA00826CDD6BF180369BCB3975CA2575A1004420CF">Victoria State Revenue Office website</a>.
QUEENSLAND
No current expiry date - Great Start Grant
The $15,000 grant is available for first-home buyers buying or building a new home valued under $750,000.
No current expiry date – stamp duty concessions
The Queensland government offers stamp duty concessions for both first-home buyers and non-first-home buyers. A scaled first-home concession is available up to $550,000, no duty is paid on vacant land up to $250,000 with scaled concessions up to $400,000. For no-FHBs, the concessional transfer duty rate of $1 for each $100 or part of $100 applies to the first $350,000 of the consideration or value of the home.
<a target="_blank" href="https://www.osr.qld.gov.au/duties/transfer-duty/exemptions-and-concessions/concessions-for-homes.shtml">Full details on concession rates can be found here.</a>
 
<hr class="system-pagebreak">
WA
No current expiry date - FHOG
The WA government offers the $7,000 first-home owner grant for both existing homes and new homes. A cap limits the total value of properties (i.e. total value of home and land) to $750,000 or less, or if the home is located north of the 26th parallel to $1,000,000 or less.
No current expiry date - stamp duty concessions for FHBs
When a home buyer is eligible for the FHOG, a concessional rate of transfer duty will apply if the value of the dutiable property is below certain thresholds.
The First Home Owner Rate of Duty applies to a dutiable transaction with a dutiable value of up to $600,000 for a house and land, or $400,000 for vacant land.
If the property includes a home
<table style="width: 470px;" cellpadding="0" cellspacing="0" border="0"><tbody>
<tr>
<td valign="top" width="211">
Dutiable Value
</td>
<td valign="top" width="357">
Rate of Duty
</td>
</tr>
<tr>
<td valign="top" width="211">
$0 - $500,000
</td>
<td valign="top" width="357">
Nil
</td>
</tr>
<tr>
<td valign="top" width="211">
$500,000 - $600,000
</td>
<td valign="top" width="357">
$22.51 per $100 or part of $100 above $500,000
</td>
</tr>
</tbody></table>
For vacant land
<table style="width: 470px;" cellpadding="0" cellspacing="0" border="0"><tbody>
<tr>
<td valign="top" width="211">
Dutiable Value
</td>
<td valign="top" width="357">
Rate of Duty
</td>
</tr>
<tr>
<td valign="top" width="211">
$0 - $300,000
</td>
<td valign="top" width="357">
Nil
</td>
</tr>
<tr>
<td valign="top" width="211">
$300,000 - $400,000
</td>
<td valign="top" width="357">
$13.01 per $100 or part of $100 above $300,000
</td>
</tr>
</tbody></table>
No current expiry date - stamp duty concessions for principle place of residence
This concessional rate of duty applies to a purchase of a residential property valued at less than $200,000, which will be the primary place of residence for the purchaser.
<ol></ol>
The rates of duty are as follows:
<table style="color: #000000; font-family: Arial, Helvetica, sans-serif; font-size: 12px; width: 470px;" border="1" cellpadding="0" cellspacing="0"><tbody>
<tr>
<td width="235" valign="top">
Dutiable Value
</td>
<td width="333" valign="top">
Rate of Duty
</td>
</tr>
<tr>
<td width="235" valign="top">
$0 - $100,000
</td>
<td width="333" valign="top">
$1.50 per $100.00 or part of $100.00
</td>
</tr>
<tr>
<td width="235" valign="top">
$100,000 - $200,000
</td>
<td width="333" valign="top">
$1,500 + $4.39 per $100.00 or part of $100.00
</td>
</tr>
</tbody></table>
 More information <a target="_blank" href="https://www.finance.wa.gov.au/cms/content.aspx?id=344">available here</a>
SOUTH AUSTRALIA
No current expiry date
The South Australian government offers a FHOG of $15,000 for new homes.  The property value must not exceed $575 000.
June 30 2013
The $8,000 Housing Construction Grant (HCG) will expire on this date. It applies to contracts entered into between 15 October 2012 and 30 June 2013, or in the case of owner builders, where construction commenced between 15 October 2012 and 30 June 2013. A property value cap of $450,000 applies.
June 30 2014
The $5,000 FHOG grant for existing homes expires on this date. The property value must not exceed $575 000.
June 30 2014
Up until this date first home buyers are eligible for an off-the-plan stamp duty concession of up to $21,330 (capped at stamp duty payable on a $500 000 apartment).
The concession is available if you purchase a new or substantially refurbished apartment:
<ul>
<li>within the area of the Corporation of the City of Adelaide;</li>
<li>on any land within the area where the Bowden Redevelopment project (Bowden Village); or</li>
<li>on any land located within the area known as 45 Park, Gilberton;</li>
</ul>
This concession is in addition to the FHOG.
FHBs can work out their entitlements under this scheme on a dedicated <a target="_blank" href="https://www.revenuesa.sa.gov.au/stamps/sdofftheplan">OTP Concession</a> page.
June 30 2016
A partial off-the-plan stamp duty concession will be available for contracts entered into between 1 July 2014 and 30 June 2016.
FHB can work out their entitlements under this scheme on a dedicated <a target="_blank" href="https://www.revenuesa.sa.gov.au/stamps/sdofftheplan">OTP Concession</a> page.
More information on the <a target="_blank" href="https://www.revenuesa.sa.gov.au/IamaFHB">Revenue SA website</a>.
 
<hr class="system-pagebreak">
ACT
August 31 2013
The existing $7,000 FHOG will end on this date. The cap limits the total value of eligible properties (i.e. total value of home and land) to $750,000 or less.
September 1 2013
FHBs in the ACT will receive $12,500 if they buy or build a new home or one that has been substantially renovated. 
August 31 2013
On this date the Home Buyer Concession Scheme (HBCS) to assist persons in purchasing a new residential home or residential vacant land by charging duty at a concessional rate ceases. The HBCS applies to new or substantially renovated properties for transactions dated 5 June 2013 to 31 August 2013.
The property thresholds and concessional duty rates are worked out in accordance with the following table.
<table style="width: 470px;" cellpadding="0" cellspacing="0" border="1"><tbody>
<tr>
<td valign="top" width="255">
If the Dutiable Value of an Eligible Property or Eligible Vacant Block is… 
</td>
<td valign="top" width="274">
the Concessional Duty Payable… 
</td>
</tr>
<tr>
<td valign="top" width="255">
equal to or less than the lower threshold
</td>
<td valign="top" width="274">
is $20
</td>
</tr>
<tr>
<td valign="top" width="255">
more than the lower threshold, but less than the upper threshold
</td>
<td valign="top" width="274">
is the concessional duty rate for each $100 (or part thereof) by which the dutiable value exceeds the lower threshold (with a minimum of $20 payable)
</td>
</tr>
<tr>
<td valign="top" width="255">
equal to the upper threshold or more
</td>
<td valign="top" width="274">
does not apply (i.e. there is no concession and full duty is payable)
</td>
</tr>
</tbody></table>
 
1 July 2012 – pensioner duty concession
The Pensioner Duty Concession Scheme (PDCS) is to assist eligible pensioners to move to accommodation more suited to their needs (e.g. from a house to a townhouse) but who may find the duty involved to be a significant impediment.  Such persons are assisted to purchase a residential home or residential vacant land by paying duty at a concessional rate.  The PDCS has been extended for a further three years from 1 July 2012. The latest upper and lower value thresholds, which are updated every six months for eligible property and vacant land (usually 1 January and 1 July) to ensure that they remain current, <a target="_blank" href="https://www.revenue.act.gov.au/home_buyer_assistance/pensioner_duty_concession/1_January_2013_-_30_June_2013">can be found here</a>.
More information on the <a target="_blank" href="https://www.revenue.act.gov.au/home_buyer_assistance">ACT Revenue website</a>.
Tasmania
June 30, 2014
Up until this date, Tasmanian FHBs of established homes are entitled to a $7,000 grant. The grant is not means tested and there is no cap on the value an eligible home.
June 30, 2014
Up until this date the $8,000 First Home Builder Boost Scheme grant available to Tasmanians building a new home (including off-the-plan) if the qualify for theFHOG will end on this date.
July 1, 2014
From July 1, 2014, the FHOG is only available to those who buy or building a new home, including off the plan and house and land packages.
More information can be <a target="_blank" href="https://www.sro.tas.gov.au/domino/dtf/SROWebsite.nsf/v-all/1D7587F444344511CA2575C10011ACBE?OpenDocument&amp;menuitem=First%20Home%20Buyers">found here.</a>
 
<hr class="system-pagebreak">
Northern Territory
No current expiry date - FHOG
The Northern Territory offers a FHOG for both new and established homes that remains ongoing. FHOG is not means tested however, from 1 January 2010 eligibility ceases to apply if the consideration for, or the value of the home is more than $600,000. The amount of the grant increased on 4 December 2012 in relation to eligible transactions that commenced on or after that date. From that date, the amount of the grant also varies depending on the type of transaction and location of the property.
The amount of the grant is the lesser of the consideration actually paid for the eligible transaction, or:
<ul>
<li>$12,000 if the home is an established home in the urban area;</li>
<li>otherwise - $25,000</li>
</ul>
An urban area means all land located wholly within the boundaries of: the Darwin, Palmerston or Litchfield municipalities; Wagait Shire; the Darwin Waterfront Precinct; the “prescribed area” for the Darwin Rates Act, any other area prescribed by regulation.
No current expiry date – stamp duty concession
The Northern Territory Government provides a stamp duty Principal Place of Residence Rebate (PPRR) to persons purchasing a new home or land on which to build a home.  A new home is a home that has never been previously lived in or sold as a place or residence. Substantially renovated homes may be considered as a new home for the purpose of the PPRR. The PPRR is an amount up to $7000 off the duty payable.
A calculator is available on the NT government website to work out the <a href="https://www.treasury.nt.gov.au/TaxesRoyaltiesAndGrants/StampDuty/StampDutyCalculators/Pages/PPRR-Calculator.aspx">amount of duty payable</a>.
No current expiry date – Senior, pensioner and carer concession
The Senior, Pensioner and Carer Concession (SPCC) aims to assist eligible senior citizens, pensioners and carers that are not first home owners acquire a home or land on which to build a home by reducing the stamp duty that would otherwise be payable. The SPCC is an amount up to $8,500 off the stamp duty payable which represents the stamp duty on approximately the first $263,200 of the value of the property acquired.
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State by state government property grants and stamp duty concessions: The expiry dates you need to know

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Kevin Rudd’s first-home buyer housing initiative – the first-home saver account (FHSA) incentive – has topped 40,000 savings accounts with a surge in new accounts over the first three months of the year.
In total $416.8 million is held in 40,200 accounts equating to average savings per account of around $10,300.
The scheme, which was slow to gain traction when launched is still no where near the planned 750,000 savings accounts the government hoped would be opened by 2012.
There were 1,200 new savings accounts opened over the first three months of the year, more than double the 500 opened in the final quarter of 2012, according to APRA figures.
First home saver accounts
<img src="/images/stories/2013/larry_uploads/fhs_accounts.png" width="470" height="84" alt="fhs_accounts">
Source: APRA
The scheme aims to help first-time buyers save for a deposit for their first homes. 
Under the FHSA, the government contributes 17% on the first $5,500 of individual contributions made each year. Account holders are required to keep savings in the FHSA for four financial years before they can use the funds to buy a home.
The government amended the scheme last May to allow savings in an account to be paid into an approved mortgage at the end of the minimum four-year qualifying period, if they saver bought a home earlier, rather than require that the money be paid into a superannuation account.
However, should a saver decide not to buy a home (for example they may decide to head overseas), the money must still be transferred into the saver's super fund and can only be accessed when they retire.
<a href="/news">In February last year </a>Property Observer noted the scheme was gaining traction among first-home buyers, despite the abandonment of the scheme by the Commonwealth and ANZ banks.
According to APRA, the savings accounts are offered through 17 institutions the bulk of which are credit unions and building societies, but also the Commonwealth Bank and AMP.
ANZ pulled out of the scheme in October last year.
A spokesperson for the Commonwealth Bank said it was no longer offering new accounts.
The main features of these accounts are:
<ul>
<li>The interest you earn on the account is only taxed at a rate of 15%.</li>
<li>You have to save at least $1,000 each year over at least 4 financial years before you can withdraw the money. These 4 years do not need to be consecutive.</li>
<li>The maximum account balance is capped at $90,000 but this cap will be indexed in future years. After your savings reach this level, only interest and earnings can be added to the balance.</li>
<li>The money has to be used for your first home. If it is not, it is added to your super and you can't access it until you are retired or can meet another <a target="_blank" title="condition of release" href="https://www.moneysmart.gov.au/glossary/c/condition-of-release">condition of release</a>.</li>
<li>If you buy your first home before the 4 year period is up, you can withdraw the money in your account at the end of the 4 year period to put towards your mortgage. You will not be able to make any more deposits once you have built or bought a property.</li>
</ul>
Source: ASIC
<ul></ul>
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Kevin Rudd’s first-home saver account scheme gathers pace with $417 million set aside for future home purchases

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The government’s proposed changes to superannuation are likely to impact on the most satisfied account holders, the latest Roy Morgan Research Superannuation Satisfaction report suggests.
The government proposes a <a target="_blank" href="/news">tax of 15% on super income above $100,000 per annum</a> from July 1 2014, which is expected to impact on around 16,000 super funds with income-earning assets (such as property) of around $ 2 million or more – assuming a return of 5%.
Many of these 16,000 super funds are likely to be self-managed super funds.
According to Roy Morgan, over the six months to January, self-managed super funds, which have a growing proportion of their assets in direct property, remain the clear leader with a 72.2% financial performance satisfaction rating.
And satisfaction with the performance of SMSFS has been rising since about September last year.
In comparison, satisfaction with other fund types, where members have less control, has been declining since the GFC and continues fall.
Industry funds are a distant second with a satisfaction rating of 48.7% with retail funds further back (41.9%).
The results of the survey suggest on overall high-level of dissatisfaction with super fund performance with the satisfaction rating for financial performance of superannuation across all types of funds in the six months to January 2013 of just 46.6%.
Click to enlarge
<a title="Click to enlarge" rel="shadowbox" href="/images/stories/2013/04/roymorganapril15one.gif"><img src="/images/stories/2013/04/roymorganapril15onethumb.gif"></a>
The survey also found that satisfaction with financial performance of superannuation increases the bigger the super balance.
The highest satisfaction rating (65.7%) was for funds with balances higher than $500,000 with the satisfaction decline to 56.9% for funds with balances from $250,000 to $499,999; to 48.7% for fund with balances from $100,000 to $249,999 and to just 43.7% for funds with balances under $100,000.
Click to enlarge
<a title="Click to enlarge" rel="shadowbox" href="/images/stories/2013/04/roymorganapril15two.gif"><img src="/images/stories/2013/04/roymorganapril15twothumb.gif"></a>
The findings are based on over 30,000 interviews with people with superannuation.
“Our research shows that although there is a strong correlation between satisfaction with superannuation financial performance and the amount in super, the issue regarding who manages the super also has a major impact,” says Norman Morris, industry communications director at Roy Morgan Research.
“It appears that satisfaction with superannuation has a lot to do with the level of engagement, which is higher among self-managed funds and higher balances. “The poor satisfaction levels of Retail Funds across all balance levels obviously are of concern, considering that financial planners are more likely to direct their clients to them,” he says.
Photo by Martin Howard, courtesy of Flickr.
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SMSF satisfaction rates soar above disgruntled retail and industry fund members: Roy Morgan 

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First-home buyers in Victoria wanting to buy an existing home have just two months to make their purchases and still receive the existing $7,000 first-home owner grant.
The Victorian state government has announced, ahead of its May 7 state budget, that on June 30, it will join NSW and Queensland by ending the long-running handout instead in favour of a bigger $10,000 grant – launching on July 1 - but only for newly constructed houses and apartments under $750,000.
The grant is available to homes and apartments built under a home building contract, built by an owner-builder, purchased off the plan or sold for the first time as a residential premise.
All first-home buyers will benefit from fast-tracked stamp duty savings, which will increase from 30% to 40% on homes valued up to $600,000, beginning on July 1.
The changes to the Victorian first-home owner grant, aimed to assist first home buyers and create jobs in the struggling housing construction industry comes at as the Real Estate Institute of NSW (REINSW) campaigns for the reinstatement of the $7,000 first-home owner grant for existing homes in NSW.
In September last year, Queensland ended its $7,000 first-home owner grant in favour of $15,000 construction grant to buy or build a new home, since renamed the ‘Great Start Grant’.
In October, NSW ended its $7,000 first-home owner grant in favour of a $15,000 grant to buy or build a new home.
With other changes set to occur to different state incentive schemes for first-home buyers over the next six to 18 months, these are the key dates that prospective FHBs need to put into their calendars:
All dates correct as of April 29 2013 and may change with the release of state budgets later in the year.
June 30, 2013 - Victoria
The date the Victorian government ends its $7,000 first-home owner grant. The grant is available if the price of the property or construction of the home does not exceed $750,000. An exception to this requirement is where the contract relates to a home that is on, or to be built on, primary production land.
June 30 2013 - South Australia
The $8,000 Housing Construction Grant (HCG) will expire on June 30. It applies to contracts entered into between 15 October 2012 and 30 June 2013, or in the case of owner builders, where construction commenced between 15 October 2012 and 30 June 2013. A property value cap of $450,000 applies.
June 30 2013 - ACT
The Home Buyer Concession Scheme (HBCS), offering stamp duty concession to first-home buyers and anyone else purchasing a new home or residential vacant land under certain thresholds (<a href="https://www.revenue.act.gov.au/home_buyer_assistance">details on the ACT government website</a>), is due to expire on June 30. 
July 1, 2013 – Victoria
The start of the $10,000 grant in Victoria for newly constructed homes. In addition, the state government will also increase stamp duty cuts of 40% for all first home owners (including those buying existing homes) for homes valued up to $600,000. The combination of a $10,000 first-home owner grant and 40% stamp duty cut means that Victorians buying a newly constructed first home for $400,000 will save over $16,500.
January 1, 2014 - NSW
The $15,000 grant for first-home owners who purchase or build a new home in NSW valued at up to $650,000 will reduce to $10,000 from this date.
June 30, 2014 – South Australia
Up until this date, South Australian first-home buyers of established homes are entitled to a $5,000 grant. From July 1, 2014, no first-home owner grant is available to purchasers of established homes.
June 30, 2014 – South Australia
Stamp duty concessions for first-time buyers who purchase an apartment off the plan in the Adelaide CBD will end on this date. The scheme is available on the transfer of a new CBD apartment or a "substantially refurbished apartment" for a contract entered into from May 31, 2012, to June 30, 2014, capped at stamp duty payable on a $500,000 apartment of $21,330.
June 30, 2014 – Tasmania
The $8,000 First Home Builder Boost Scheme grant available to Tasmanians building a new home (including off-the-plan) if the qualify for the first-home owner grant will end on this date.
September 1, 2014 - Victoria
All first home buyers (whether purchasing newly constructed or established homes) will benefit from a 50% stamp duty concession for homes valued up to $600,000.
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Victorian government to end $7,000 FHOG: the state-by-state deadlines you need to know

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Melbourne postcode 3029 comprising the outlying south-westerly suburbs of Hoppers Crossing and Tarneit received the highest number of applications for the soon-to-be-cancelled $7,000 first-home owner grant over the nine months to March 2013, the Victorian government’s state revenue office has revealed.
The figures come as the Victorian Government announced plans to scrap the $7,000 first-home owner grant on June 30 for existing homes and apartments, replacing it with a $10,000 grant for new homes and apartments only.
These are the Top 10 postcodes for applications the $7,000  first-home owner grant for the nine months from July 1 2012 to March 31 2013:
<img src="/images/stories/2013/04/fhogtop10april29one.jpg" width="470" height="174" alt="fhogtop10april29one">
Source: State Revenue Office
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Hoppers Crossing and Tarneit leads Victorian top 10 FHB grant application locations

Repeat buyers are one of the strongest measures of confidence in any apartment development.

At <a href="https://www.apartments.com.au/new-apartments/era-newcastle-west-124-126-bull-street-newcastle-west-nsw-2302">ERA</a> in Newcastle West, some purchasers are returning to <a href="https://www.apartments.com.au/developers/gwh">GWH</a> after living at the developer's One Apartments. Their decision to purchase again was driven by the quality of life they found after moving into their first GWH home.

Keith Wilton had spent years living in a house in East Maitland before deciding it was time for a change. Apartment living had always been on his radar, but he was selective about what he wanted.

<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/FH_1EzB-1vs?si=XScVlP1ERsTDJoME" title="YouTube video player" width="560"></iframe>

"I had some boxes I wanted to tick," he says.

Keith points to the open-plan design, generous outdoor areas and considered inclusions as key reasons One Apartments worked for him.

“One of those things was a nice indoor open plan area, but also I wanted a nice outdoor open area that I could entertain on in summer or Christmases or birthdays,” he says.

He also found value in the smaller details, from integrated appliances to shared resident spaces including the pool, cinema and rooftop areas.

[smartcode_project:default project_id=135096 project_image_fid=356818]

After comparing several developments, he chose One Apartments because of GWH's longstanding local reputation and his own experience working with the developer on a commercial project more than a decade earlier.

"I knew that they were local, that the quality of the build was going to be up there. I'd looked at other apartment complexes around and close by, and I just knew that here was a better decision location wise."

Today, Keith says the move has completely changed how he experiences Newcastle.

"I enjoy living in this location because it's more of a lifestyle change. That Newcastle city living where you can walk to restaurants and bars and even beaches and parks and even shopping across the road."

[smartcode_project:default project_id=135096 project_image_fid=356828]

Beyond the location, he says it's the sense of community that has surprised him most.

"Everyone loves living here because they chose to live here, but everyone looks out for each other. It's a real great community feel here."

For Aimee and Lyle Goodman, the journey started almost by chance.

<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/tsioMLcnjas?si=zq-ys3JuWpfa5hFv" title="YouTube video player" width="560"></iframe>

The couple happened to be having coffee in Newcastle when they noticed the site where One Apartments was about to begin construction.

"We were aware GWH was planning a development," Aimee says. "We made one phone call and things moved pretty quickly after that."

As busy business owners, they initially thought apartment living would simply reduce the maintenance that came with larger homes. Instead, it fundamentally changed how they spent time together.

"We actually catch up more as a family now," Aimee says.

"We've had homes with big yards and lots of space, but everyone ended up in different rooms. Here we'll have dinner together, the kids can play, and we spend far more quality time together."

[smartcode_project:default project_id=135096 project_image_fid=356829]

Lyle says their confidence came from GWH's reputation within Newcastle's building industry.

"I know people who've worked across different apartment projects, and whenever GWH came up the feedback was always the same. They're rock solid. They're quality."

That confidence only grew throughout the buying process.

"One of the things that really impressed us with GWH was the whole process, was the communication," Lyle says. "It was consistent, it was regular, there was no problem if we had some weird questions, there was no problems in getting answers."

[smartcode_project:default project_id=135096 project_image_fid=351104]

Aimee says one moment stood out.

"The project actually finished on time. We realised we needed to hurry up and sell our house because everything was happening exactly when they said it would."

The positive experience at One Apartments ultimately gave all three buyers the confidence to purchase again with GWH, this time at ERA.

Their confidence reflects what many buyers are seeking in today's apartment market. Location remains important, but so too does certainty around delivery, quality and long-term liveability.

[smartcode_project:default project_id=135096 project_image_fid=356822]

ERA builds on those foundations with 280 one, two and three-bedroom apartments across two landmark towers in <a href="https://www.apartments.com.au/developments/newcastle-west-nsw-2302">Newcastle West</a>.&nbsp;

Designed by <a href="https://www.apartments.com.au/architects/fk-australia">Fender Katsalidis</a>, the project will include more than 2,000 square metres of resident amenities, including a resort-style pool, gym, sauna, private cinema and rooftop entertaining spaces overlooking the harbour and coastline.&nbsp;

The development is also within walking distance of the Newcastle Interchange, Honeysuckle, Darby Street, the harbour foreshore, restaurants, retail and the city’s beaches, continuing the walkable lifestyle that existing GWH buyers say has transformed how they live.

[smartcode_project:default project_id=135096 project_image_fid=356826]

For Keith, the appeal remains straightforward.

"You feel at home even before you've moved into your home."

For Aimee, the change is measured in time.

“I just felt like I had more time,” she says.

[smartcode_project:default project_id=135096 project_image_fid=351102]

Construction at ERA is now underway, with more than half of the residences already sold and limited two and three-bedroom apartments remaining in the East Tower release. Priced from $980,000 for two-bedroom residences and $1.46 million for three-bedroom residences, buyers can secure an apartment with a 10 per cent deposit, with premium homes offering ocean views from Level 8 and harbour views from Level 10.

ERA is also backed by Resilience Insurance's 10-year Latent Defects Insurance policy, providing protection against structural or waterproofing defects for 10 years after completion. The project is anticipated to be completed in early 2028.

[smartcode_project_cta:default project_id=135096]

Joel Robinson

From ONE to ERA: Why buyers are choosing GWH again in Newcastle West

Virgate Property Group is preparing to commence construction of Verdé, its new apartment development in Melbourne's Arts Precinct at Southbank, following a strong run of sales that has seen more than half of the project's 173 apartments secured.

Verdé has attracted a broad mix of first home buyers, owner-occupiers upgrading from nearby inner-city suburbs and investors, with younger owner-occupier couples aged between 28 and 45 accounting for the strongest enquiry. Many are already living in Southbank, South Melbourne, Albert Park, Port Melbourne, South Yarra and the CBD.

"Verdé is located in one of the most desirable pockets of southern Melbourne," Blair Property Group Director Darren Blair, who is managing sales at Verdé, said.

"It's within walking distance of the Arts Centre, Royal Botanic Gardens, Albert Park Lake, and Southbank's restaurants and retail. It's a great lifestyle location with strong amenity and liveability, which made it a very attractive choice for the project."

[smartcode_project:default project_id=4661 project_image_fid=372549]

Virgate was already familiar with the precinct, having previously delivered the successful Domain House development in neighbouring South Melbourne. That experience gave the developer confidence to acquire the Coventry Street site and continue expanding its presence in Melbourne's inner south.

"We had been keeping an eye on the site and the broader precinct for a few months before deciding to move forward with the acquisition," Virgate said.

The project was ultimately secured in 2020 following feasibility studies, planning assessments and due diligence, with the brief centred on delivering "a high-quality, considered design that feels both refined and fit for purpose."

[smartcode_project:default project_id=4661 project_image_fid=314259]

Designed by <a href="https://www.apartments.com.au/architects/bruce-henderson-architects">Bruce Henderson Architects</a>, Verdé comprises 173 one, two and three-bedroom apartments priced from $599,000. The architecture is distinguished by a faceted glass façade that responds to both the site's outlook and Melbourne's changing light conditions.

According to Bruce Henderson Architects, the coloured glazing gives the building a distinctive identity while also providing privacy and solar shading, with residences oriented to capture views across the bay, city skyline and surrounding parklands.

Inside, <a href="https://www.apartments.com.au/interior-designers/designoffice">DesignOffice</a> has created interiors focused on natural light, efficient planning and enduring materials. Apartments feature engineered oak flooring, natural stone benchtops, floor-to-ceiling glazing and SMEG appliances, while a restrained material palette aims to complement the expansive outlooks rather than compete with them.

[smartcode_project:default project_id=4661 project_image_fid=372550]

Resident amenity has also been designed around everyday functionality rather than occasional use. Facilities include a concierge-serviced lobby, residents' lounge with fireplace, library and co-working space, gym, terrace garden with barbecue facilities, ground-floor café, and package delivery management.

The project's location continues to be one of its strongest drawcards. Positioned on Coventry Street, Verdé sits within walking distance of the National Gallery of Victoria, Arts Centre Melbourne, Royal Botanic Gardens and Albert Park Lake, while Southbank's dining precinct, Sturt Street trams and the new ANZAC Station are all nearby. The surrounding education catchment also includes Melbourne Grammar, Melbourne Girls Grammar, Mac.Robertson Girls' High School and several major university campuses.

The sales team says buyers have responded particularly well to the combination of location, design quality and long-term liveability.

"They're responding really positively to the quality of the design, premium resident amenities and the uninterrupted views. Many also appreciate the location and how connected it is to everything they need."

The ability to secure stamp duty savings before completion has also been a key factor for purchasers, alongside the opportunity to personalise finishes ahead of settlement.

With construction set to commence soon and more than half the apartments already sold, Verdé enters its next phase as one of the Arts Precinct's more established apartment developments, offering remaining buyers an opportunity to secure a residence before construction advances further. Expected completion is scheduled for late 2027.

[smartcode_project_cta:default project_id=4661]

Virgate's Verdé Southbank moves toward construction as sales fly past halfway stage

Downsizer-focused apartment development Kooyongkoot in Hawthorn has been recognised at the 2026 Better Future Melbourne Design Awards, taking home Gold and Silver awards in two categories.

<a href="https://www.apartments.com.au/new-apartments/kooyongkoot-hawthorn-1-kooyongkoot-road-hawthorn-vic-3122">Kooyongkoot</a>, currently being delivered by developer PQD and designed by Cera Stribley, received Gold in the Interior Design – Proposed category and Silver in the Architecture – Proposed category.

The dual recognition reflects the design approach behind the boutique development on prestigious Kooyongkoot Road, where the focus has been on creating homes for downsizers seeking the space, quality and functionality of a detached house within a low-rise apartment building.

Rather than maximising apartment numbers, <a href="https://www.apartments.com.au/developers/pqd">PQD</a> and <a href="https://www.apartments.com.au/architects/cera-stribley-architects">Cera Stribley</a> limited the development to just 18 residences, allowing for larger floorplans, greater privacy, generous landscaping and expansive communal spaces.&nbsp;The majority of the apartments also benefit from corner aspects, allowing for dual sources of natural light.

Now around 70 per cent complete and on track for completion in November 2026, Kooyongkoot will comprise a mix of garden residences, ter​race apartments, sub-penthouses, and is crowned by two half-floor penthouses with direct lift access and private rooftop terraces.

[smartcode_project:default project_id=102717 project_image_fid=355297]

The Silver Award for Architecture recognised the way the building responds to its prominent corner position at the ent​rance to Hawthorn's Scotch Hill precinct, one of Melbourne's most established residential neighbourhoods.

Rather than competing with the grand homes that line Kooyongkoot Road, the architectural approach focused on restraint and longevity, using curved brickwork, generous landscaping and carefully considered proportions to integrate with the existing streetscape.

"The form feels fluid and timeless, as though shaped by the landscape itself – architecture that belongs, rather than competes," said Chris Stribley, Co-Founder and Managing Principal of Cera Stribley.

The judging submission also highlighted practical innovations throughout the building, including lift cores servicing only nine homes each, a central landscaped lightcourt designed to bring daylight and ventilation into the building, and fully enclosed private storage rooms with lighting, power and shelving to better accommodate residents transitioning from larger family homes.

[smartcode_project:default project_id=102717 project_image_fid=355293]

The Gold Award for Interior Design recognised the project's focus on long-term liveability rather than display-home aesthetics.

According to the awards submission, the interiors were designed from the inside out, prioritising how homes would function over decades of daily use through generous proportions, practical storage, durable natural materials and flexible layouts.

The specification includes natural stone throughout, upgraded acoustic glazing, V-ZUG appliances and fully enclosed storage rooms, alongside an amenity offering focused on wellness, entertainment and everyday convenience.&nbsp;

Residents will have access to a gym and yoga studio, a wellness centre featuring traditional and infrared saunas, a cold therapy shower and treatment room, as well as a residents' lounge and golf simulator/cinema room for entertainment.&nbsp;Kooyongkoot has also considered the everyday convenience of its residents by offering a private carwash and pet wash facilities on site as well as dedicated parcel lockers and oversized fully enclosed storage rooms.&nbsp;

[smartcode_project:default project_id=102717 project_image_fid=355303]

The project's attention to detail has already resonated with buyers. Earlier this year, Kooyongkoot recorded one of Boroondara's highest apartment sales when an $8 million penthouse was purchased by a Melbourne CEO downsizing from a nearby family home.

"Every detail feels deliberate, from the overall design down to the smallest touches," the purchaser said.

"The level of quality and refinement is exceptional, but what really sold it was how liveable it felt... It felt like a place where everything had been considered, not just a luxury building."

[smartcode_project:default project_id=102717 project_image_fid=355304]

Sustainability also formed a key part of both award submissions. Kooyongkoot is targeting a minimum 7.5-star NatHERS rating across all residences, supported by passive design principles, high-performance glazing, EV charging infrastructure, water reuse systems and a wellness model focused on lower-energy dry facilities rather than pools and large wet areas.

Located within walking distance of Scotch College, Methodist Ladies' College, Koo​yong Lawn Tennis Club, Aubur​n Village and Camberwell Junction, Kooyongkoot continues to target owner-occupiers looking to remain in Melbourne's inner east without compromising on space or quality. A limited selection of two, three and four-bedroom residences remains available, with prices starting from $1.9 million.

[smartcode_project_cta:default project_id=102717]

Kooyongkoot wins Gold and Silver at Better Future Melbourne Design Awards

New apartment supply has become increasingly constrained across <a href="https://www.apartments.com.au/developments/parramatta-nsw-2150">Parramatta</a> in recent years, with fewer projects progressing through to completion as development conditions have become more challenging.

It makes <a href="https://www.apartments.com.au/developers/novm">NOVM</a>'s 2021-completed <a href="https://www.apartments.com.au/buildings/the-lennox-parramatta-12-phillip-street-parramatta-nsw-2150">The Lennox</a> one of the most recently completed residential towers on the Parramatta River, and among the newest apartment developments in Sydney's second CBD.

With the project largely completed before the sharp escalation in construction costs and inflation following the pandemic, The Lennox is now offering pricing that would be difficult to replicate in a comparable new development in Parramatta today, or across much of Western Sydney.

The majority of the 413 apartments at The Lennox sold before and shortly after completion. A limited release of the remaining apartments has recently been brought to market by capital partner <a href="https://www.apartments.com.au/project-marketer/equitifund-group">Equitifund</a>, with entry-level pricing from $700,000 and two-bedroom apartments available from under $1 million.

Rising above the Parramatta River at 12 Phillip Street, The Lennox comprises one, two, three and four-bedroom apartments, appealing to first home buyers, young professionals, families, downsizers and interstate investors seeking a completed apartment in one of Australia's fastest-growing economic centres.

[smartcode_project:default project_id=5743 project_image_fid=372394]

Rather than positioning Parramatta as an alternative to Sydney's CBD, Equitifund believes the city has reached a point where it stands on its own merits.

"Parramatta is no longer simply an alternative to Sydney CBD, it's becoming a destination in its own right," Equitifund Executive Chairman Greg Huxley said.

"The Lennox captures that evolution with a level of quality and amenity that's difficult to match at its price point."

[smartcode_project:default project_id=5743 project_image_fid=953]

Designed by <a href="https://www.apartments.com.au/architects/marchese-partners">Marchese Partners</a>, the tower responds directly to its riverfront setting through expansive glazing and open-plan layouts that maximise views across the Parramatta River and city skyline. Interiors feature engineered timber flooring, stone benchtops, stainless steel appliances and floor-to-ceiling glazing, while generous balconies extend the living spaces outdoors.

Marchese Partners says the project was conceived to balance high-quality apartment living with practical, long-term functionality, pairing larger, efficient floorplans with amenities more commonly associated with five-star hotels.

That emphasis continues through the resident facilities, which include a 20-metre rooftop swimming pool, fully equipped gym and wellness spaces, full-time concierge, a residents' lounge, function room, private lifts, secure basement parking and rooftop communal areas overlooking the Parramatta River. Ground-floor boardwalk retail and dining further activate the riverfront and integrate the building into the surrounding public realm.

[smartcode_project:default project_id=5743 project_image_fid=925]

Australian housing and finance group Equitifund has secured the remaining apartments, believing there are few completed apartment opportunities in Parramatta that offer the same combination of location, amenity and pricing.

Equitifund National Sales Director Ben Hamblett says buyers are increasingly recognising that premium apartment living no longer needs to come with Sydney CBD pricing.

"The Lennox is where aspirational living becomes attainable," Hamblett said.

"Wake to river and mountain views, step into Sydney's Second CBD, and arrive home to resort-calibre amenities, all without the harbour price tag."

Hamblett says owner-occupiers are also attracted by the convenience of having Westfield Parramatta, Church Street's dining precinct, Parramatta Park, Riverside Theatres, Western Sydney University and major transport connections all within walking distance.

"At The Lennox, lifestyle is not an afterthought, it is the foundation."

[smartcode_project:default project_id=5743 project_image_fid=5374]

The Lennox places residents within walking distance of Parramatta Square, Westfield Parramatta, Church Street Eat Street, Parramatta Station, the ferry wharf, Light Rail, the future Sydney Metro West, Parramatta Park and CommBank Stadium, reinforcing Parramatta's position as one of Australia's most connected metropolitan centres outside Sydney's CBD.

Equitifund says buyers visiting the display suite consistently comment on the quality of the finishes, generous floorplans, river and skyline views, and the walkability of the location. The project has attracted a broad mix of local professionals, upsizers, downsizers, buyers relocating from Sydney's inner suburbs and interstate investors seeking long-term growth opportunities.

That demand aligns with Parramatta's continued evolution as an economic powerhouse. Equitifund Research and Market Insights specialist John Bekiaris says sustained population growth, infrastructure investment and expanding employment opportunities continue to support long-term housing demand across the city.

"Parramatta has evolved from a satellite city into one of Australia's most important economic centres. Population growth, infrastructure investment and employment are all supporting sustained long-term housing demand."

[smartcode_project_cta:default project_id=5743]

The apartment price gap drawing Sydney buyers west

A luxury beachfront apartment at Rainbow Bay has more than doubled in value since it sold off the plan six years ago, setting a new local apartment record in the process.

The three-bedroom apartment in the Flow development on Petrie Street, the first of four new projects locally by Paul Gedoun's S&amp;S Projects, has sold for $7.4 million, after originally selling for $3.27 million when the project launched in 2020.

The seventh-floor apartment, comprising 187 sqm of internal living space and a 54 sqm balcony overlooking Froggies Beach and Snapper Rocks, was purchased by a local family.

The transaction was negotiated by Pezet Matheson director Kerry Pezet and equates to more than $30,000 per sqm.

Pezet said the sale reflected the limited opportunities to buy into the boutique beachfront development.

"The sale highlights the rarity of opportunities within the boutique beachfront development, where residences seldom become available," Pezet said.

"Flow is one of the Gold Coast's most tightly held buildings. Buyers from our database move quickly when residences become available, and achieving an off-market sale at $7.4 million demonstrates the depth of demand for property of this calibre."

<img alt="Flow" data-entity-type="file" data-entity-uuid="c585b206-2130-4eee-a50c-3f27c51a7c70" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-07-06%20at%208.33.25%E2%80%AFPM.png?VersionId=m3pHRDV62Y3fvN.XQuQHq.52ilTWpRLf" />

Flow was the first of four luxury apartment developments delivered by Paul Gedoun's S&amp;S Projects at Rainbow Bay and was completed in 2023.

Positioned on the beachfront overlooking Snapper Rocks, the residence includes three bedrooms, three bathrooms, a powder room and views stretching north along the coastline towards Surfers Paradise.

Pezet Matheson Residential principal Mitchell Lambert said buyers continued to prioritise quality beachfront apartments in tightly held locations.

"Flow Residences offers a rare combination of elevated beachfront positioning, architectural excellence, comprehensive resident amenity and premium finishes, which is exactly what discerning purchasers are seeking," Lambert said.

"The transaction further reinforces Rainbow Bay's reputation as one of Australia's premier coastal lifestyle destinations, where limited supply and growing demand continue to support strong market performance."

Pezet Matheson originally marketed and sold out Flow off the plan, making the latest transaction a return to one of the project's original buyers.

Paul Gedoun is selling his third project, <a href="https://www.apartments.com.au/new-apartments/radia-rainbow-bay-271-boundary-street-coolangatta-qld-4225">Radia Rainbow Bay</a>, after recently completing, and selling out, <a href="https://www.apartments.com.au/buildings/esprit-217-227-boundary-street-coolangatta-qld-4225">Esprit</a>. He has plans for a <a href="https://www.apartments.com.au/news/qld/first-look-s-s-projects-proposes-88-apartment-wellness-tower-at-coolangattas-boundary-street">fourth building</a>, 88 apartments on <a href="https://www.apartments.com.au/new-apartments/209-213-boundary-street-coolangatta-qld-4225">Boundary Street</a>.

Larry Schlesinger

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