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The Queensland government has officially renamed its $15,000 first-home owner construction grant (FHOCG) the 'great start grant' without noting the irony.
Just 126 first-home buyers have taken advantage of the <a href="https://www.propertyobserver.com.au/queensland/the-%2415000-queensland-first-home-owner-construction-grant-what-first-home-buyers-need-to-know/2012091156510" target="_blank">FHOCG </a>since it was launched on September 12 last year, replacing the $7,000 first home-buyer grant that was available to first-time buyers of both new and existing homes.
Last week Terry Ryder launched a scathing attack on the <a href="/news">Queensland government’s first-home buyer incentives</a> calling them a “new definition of insanity”.
“The government’s solution is to keep the scheme unchanged but to rebrand it.
“I’m an optimist by nature but I despair of politicians ever understanding real estate or implementing measures that genuinely help the industry.
“The Queensland flop continues a long history of failure by government grant schemes for housing. Despite the low success rate, governments continue to offer small sums of money to first-time buyers and wonder why it never works," Ryder wrote.
The <a href="https://greatstartgrant.osr.qld.gov.au/index.php" target="_blank">great start grant </a>is available for first-home buyers buying or building a new home valued under $750,000.
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lschlesinger-FZcF9M3vE6

Queensland $15,000 first-home buyer construction grant gets new name after less than “great start”

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The regional housing market is at its most affordable in almost a decade, according to the latest HIA-CBA Housing Affordability Index.
Overall housing affordability improved by 5.5% over the 2012 December quarter representing an 18.4% advance on the same period of 2011.
Affordability improved in all capital city and state regional housing markets with the biggest regional improvement occurring in NSW, where the affordability multiple improved from 1.43 to 1.31.
The HIA defines the affordability multiple as “the number of full time average incomes required to reach the qualifying income to service a loan on a median priced home”.
Tasmania is the most affordable regional market with a multiple of 1.13 with Hobart also the most affordable capital city market with a multiple of 1.20.
Click to enlarge
<a href="/images/stories/2013/03/hiamarch22.gif" rel="shadowbox" title="Click to enlarge"><img src="/images/stories/2013/03/hiamarch22thumb.gif"></a>
Sydney remains the least affordable capital city housing market with an affordability multiple of 1.75.
Victoria is the least affordable regional housing market with a multiple of 1.55.
Overall, the index improved from 65.3 to 68.9 with the national affordability multiple improving from 1.53 to 1.45.
A year ago it was 1.72.
“This is the eighth consecutive quarter of increase in the index, bringing it close to levels not seen since the depths of the GFC during 2009,” says HIA senior economist, Shane Garrett.
“For regional areas, affordability is at levels last seen during the early 2000’s decade. Affordability is on the increase in every part of the country.
“This has been driven by the weakness of price developments as well as the two cash rate reductions effected by the RBA in the final quarter. Continued growth in earnings has also served to make housing more affordable”.
“It is worth noting that affordability would be even more favourable to householders had recent RBA rate cuts been passed on fully be lenders.”
Despite the continued improvement in housing affordability first-home buyer numbers remain at <a target="_blank" href="/news">near record eight year lows</a> with Garrett noting that “transactions activity on the ground is very sluggish”.
“This underlines the need for stronger interventions from the RBA in terms of interest rates and from the government with regard to the heavy taxation of home purchase,” he says.
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Regional housing affordability at its best since early 2000s: HIA

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First-home buyers continue to stay on the sidelines of the housing market with economists noting the flow-on effect this is having for the wider housing market recovery. In addition the <a href="/news">different incentives on offer in state and territory housing markets</a> and with different expiry dates, is distorting the picture, pulling forward demand in some cases, but with a vaccum likely to follow when incentives are withdrawn.
ABS housing finance figures show that first-home buyer activity retreated further in March with this segment accounting for 14.2% of total owner-occupied housing finance compared with 14.4% in February.
First-home buyer numbers, as a proportion of the total dwellings financed, are at their lowest level since May 2004 – a nine-year-low..
A year ago they made up 18.1% of the market with the first-home buyer market peaking at 31.4% in May 2009, with first-home buyers spurred on by the $7,000 first-home owner boost (FHOB) for existing homes and $14,000 bonus for new homes, which ran from October 2008 to December 2009 (halved in the final two months).
<img src="/images/stories/2013/05/fhbmay14twothumb.gif" width="470" height="328" alt="fhbmay14twothumb">
This decline in first-home buyers is against a backdrop of a stronger-then-expected rise in home lending, which lifted 5.2% in March led by strong gains in NSW and Victoria.
Westpac economist Matthew Hassan highlights a point made by other economists like <a href="/news">AMP Capital’s Shane Oliver</a> that the current housing market recovery has been weak by comparison to previous easing cycles
He told the Australian Financial Review it had taken “a very long time to generate any movement in the sector", but that prior to yesterday’s housing finance bounce, the recovery had been “sub-par”.
Hassan pointed to the lack of activity in the first-home buyer market as a key issue for a sustained recovery, as they typically purchase the homes of those looking to upgrade and move up the property ladder.
“Ultimately you need a new entrant to drive ongoing growth on the buyer side,” he said.
A similar point was made by Commonwealth Bank economist Michael Workman who called first-home buyers “still the missing link to the overall housing activity story”.
“Higher levels of first home buyers in the market are needed to make a solid impact on total housing activity,” he said.
ANZ property market analysts David Cannington and Paul Braddick said that “looking through the distortions from state and territory government first-home buyer policy changes in recent months” the March data indicates “the combined impact of improved housing affordability and low rental vacancy rates (putting upward pressure on rents) is supporting moderate growth in first-home buyer finance, albeit from low levels”.
"First-home buyer activity increased in March (on a trend basis), however its share of the total value of housing finance commitments (excluding refinancing) decreased to 10.9% - the lowest first-home owner share since April 2004," said Cannington and Braddick.
"Growth in the number of first home-buyer commitments in March was lowest in Tasmania, followed by the Northern Territory (-21.3% m/m and -17.5% m/m respectively).
"The withdrawal of the First Home Buyer Grant on established homes in NSW and Queensland and the unwinding of Northern Territory first-home buyer concessions have weighed on first- home buyer lending in these states.
"However, moderate growth in first home-buyer finance in many states in recent months indicates the combined impact of improved housing affordability and low rental vacancy rates (putting upward pressure on rents) issupporting first home buyer activity," the said.
ANZ prepared the following sets of graphs to show how the first-home buyer segment is tracking in each of the state and territory markets, with the five biggest markets – NSW, Victoria, Queensland, Western Australia and South Australia – showing mild improvements, but declining trends in the three smallest states.
Click to enlarge
<a href="/images/stories/2013/05/fhbmay14one.gif" rel="shadowbox" title="Click to enlarge"><img src="/images/stories/2013/05/fhbmay14onethumb.gif"></a>
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Lack of first-home buyer recovery halting stronger housing market rebound: Matthew Hassan

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The decision by the WA state government to increase the first-home owners grant to $10,000 for those who purchase a new home (with only $3,000 for existing homes) from September 15 brings it into line with the other state and territory governments as part of plans to boost the take-up of new homes as the population expands.
From September 1, the ACT government will replace the $7,000 first-home owner grant  with a $12,500 grant for new homes only.
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:
<div>
<div>
(Click on the state names for links to the relevant state revenue office pages).
<a href="https://www.osr.nsw.gov.au/benefits/first_home/" rel="nofollow" target="_blank">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 up until January 2016.
<a href="https://www.sro.vic.gov.au/sro/sronav.nsf/alltitle/First%20Home%20Owners?open" rel="nofollow" target="_blank">Victoria</a>
The Victorian government offers a $10,000 grant to build or purchase a new home under $750,000.
<a href="https://www.osr.qld.gov.au/first-home-owner-grant/index.shtml" rel="nofollow" target="_blank">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 href="https://www.finance.wa.gov.au/cms/content.aspx?id=344" rel="nofollow" target="_blank">Western Australia</a>
The WA government currently 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. From September 15 the firrst-home owners grant will increase to $10,000 for those who purchase a new home with only $3,000 for those who purchase an existing home.
<a href="https://www.revenuesa.sa.gov.au/fhog/index" rel="nofollow" target="_blank">South Australia</a>
The South Australian government offers a FHOG of $15,000 for new homes. For first home buyers buying an existing home there is a First Home Owner Grant (FHOG) of $5,000, which expires on June 30 2014.
<a href="https://www.revenue.act.gov.au/home_buyer_assistance" rel="nofollow" target="_blank">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 href="https://www.sro.tas.gov.au/fhog" rel="nofollow" target="_blank">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 href="https://www.treasury.nt.gov.au/TaxesRoyaltiesAndGrants/HomeOwnerIncentives/Pages/default%20220213.aspx" rel="nofollow" target="_blank">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 border="1" cellspacing="0" cellpadding="0"><tbody>
<tr>
<td valign="top" width="318">
Commencement date of eligible transaction?
</td>
<td valign="top">
Transaction eligibility threshold?
</td>
</tr>
<tr>
<td valign="top" width="318">
On or after 4 December 2012?
</td>
<td valign="top">
$600 000?
</td>
</tr>
<tr>
<td valign="top" width="318">
From 1 January 2010 - 3 December 2012?
</td>
<td valign="top">
$750 000?
</td>
</tr>
<tr>
<td valign="top" width="318">
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>
Carrots photo courtesy of Rahims/flickr.
<ul></ul>
</div>
</div>
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The new house and apartment buyers' guide - state-by-state first-home owner grant availability

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Economist and property bear Steve Keen says housing grants are a “poisoned chalice” that inflate house prices leaving first-home buyers worse off, not better off.
<a target="_blank" href="https://www.propertyobserver.com.au/trends/housing-grants-a-help-to-sell-not-a-help-to-buy-steve-keen/2013070362962?utm_source=po&amp;utm_medium=aida&amp;utm_campaign=realitytv">Speaking from Paris</a>, Keen said government housing schemes “drag people into the market who otherwise would not be able to get in" in an interview on the Keiser Report, a program on Russian English language news channel RT.
“What it does is increase the supply of buyers," said Keen.
“It’s a 'help to sell' not a 'help to buy' because those who are flogging their properties suddenly get a whole bunch of people with money in their pockets."
His comments were made in the wake of UK chancellor George Osborne’s heavily criticised ‘Help to Buy’ scheme, which provides state mortgage subsidies.
Keen said he agreed with the likes of the IMF and outgoing governor of the Bank of England, Mervyn King that Osborne's scheme is a bad idea.
Keen referred to the Australian experience of the government introducing first-home owner grants in an effort to bring more people into the housing market, which created housing bubbles each time such schemes were introduced, made housing more unaffordable and made buyers “worse off not better off”.
“When the Australian government doubled and trebled the scheme (through the first-home owner boost which ran from October 2008 to December 2009) house prices went up 8% and 12% per annum.
“[That is] 12% more unaffordable. If you can’t control it becomes a poisoned chalice."
Keen said governments sponsoring asset price bubbles to make themselves look like good economic managers was a “perennial theme” in Australia dating right back to when Bob Hawke came to power.
“One of the first schemes he introduced in the 1980s was a first home owners grant of a few thousand dollars, which started a little mini-bubble in housing
“After the 1987 stock market crash they did it again with a much larger amount of money that also started a huge bubble.
Prices rose 20% and 30% and then they fell 20% and 30% on the other side of it.
“In 2000 it was brought back and then doubled by John Howard in 2001. Eeach time they did it, it pumped up house prices even more.
“Housing grants have become part of furniture in Australia," he added.
By comparison, before the government began introducing these schemes, Keen says average house price increases were "one half of one percent" compared to consumer price increase over a year.
After the first scheme was introduced by Hawke, the average was 4% growth per year he said.
Keen also returned to his most controversial 2008 prediction about house prices falling 40%.
“House prices were falling when I made my call that they would fall 40% over 10 to 15 years.
“That’s when the government doubled and trebled the first-home owners scheme, which I renamed the first-home owners 'vendors' scheme.
“That restarted the bubble and they kept it going until mid-2010 when house prices started to fall again.”
“House prices fall much more slowly than the stock market. They don’t have the total crash.
“The biggest crash was in the US where house price did fall about 40% over four years.
“What I had in mind for Australia was the Japanese case of a slow bleed, where prices have fallen 70% over 20 years.”
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Housing grants a “poisoned chalice” that create bubbles and leave buyers worse off: Steve Keen

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Opportunities are increasing for vendors to advertise and sell properties themselves online, bypassing the use of estate agents and potentially avoiding thousands of dollars in commission.
Earlier this month a new player entered the DIY space – Intouch Real Estate founded by former Wizard Home Loans’ Paul Ryan – which immediately sparked an expected outcry from real estate agents on industry website Real Estate Business.
Ryan says selling your home yourself is a challenge vendors need to be up for.
Some of the issues DIY sellers must deal with, Ryan says, include ensuring photos, floor plans and description are true and correct, that vendors don’t misrepresent the property or mislead potential buyers, the negotiation process, attracting enough interest in the property and being at the open for inspections.
“Some people don’t like the concept of meeting people attending inspections, answering questions or hearing negative comments about their property,” he says.
But he maintains the sale process is far more transparent.
“The vendor can accept the offer they wish to accept and not be coerced into waiting until the campaign finishes or the auction date and potentially lose a buyer,” he says.
“You obtain genuine feedback, not clouded by real estate agent talk,” Ryan says.
And if the DIY campaign does not prove successful, Ryan says the vendor still has the option of transferring the sale to an agent.
Lorri Baxter, operations manager from Commission Free Real Estate (crfe.com.au), which offers to assist DIY sellers, says most vendors who go it alone have no idea of how to present their property, have an over-inflated opinion of the worth of their property and don't know how to finalise a sale if they find a buyer.
CRFE's service includes a professional advertising script, helping with negotiation and getting DIY listings on websites like realestate.com.au.
"In years gone by, many people have felt they needed to list with a local real estate agent to obtain a successful sale. Let me tell you, those days are long gone! It has become increasingly popular to sell your own home, as this is the only way to avoid paying excessive agent fees," she says.
Among Australia’s most dominant online real estate listings providers – realestate.com.au, domain.com.au and realestateview.com.au – only Domain.com.au provides what it calls a “self-service” offering, and most estate agents, not surprisingly, are firmly against the idea.
Robert Larocca, policy and public affairs manager at the Real Estate Institute of Victoria (which runs realestateview.com.au), says the trend of DIY selling has become more obvious because of the internet but warns that it has always “represented a false economy and still does – regardless of the apparent ease of the internet.
“In the first place, it simply may not be cheaper; many of the websites are simply conduits for a range of service providers seeking to sell a range of services that are often included in the professional fees charged by estate agents.
“Secondly, by not utilising the professional services of agents, consumers can be left exposed. They are less likely to get the best sale price and face the likelihood of having to spend countless hours doing the work normally done by their estate agent. “It may seem cheaper, but will it really be cheaper when you take into account the cost of your time and a lower sale price?”
Despite the large number of online DIY sites (see our list below) DIY listings make up a tiny proportion of the overall market.
As an example, for the post code of 2000 (Sydney CBD), realestate.com.au has over 750 listings while Domain.com.au has nearly 950.
Buymyplace.com.au – which claims to be the no.1 DIY listings website - lists just six properties for sale in the same postcode.
The results are similar for other postcodes Property Observer tried such as 3000 and 2011.
Vendors who do wish to explore the DIY route have a number of online ventures that offer services tailored at this market.
Services range from simply providing a template to completing an online listing to providing a collection of services such as featured listings on sites like realestate.com.au, organising professional photographs, preparing property reports, providing open-for-inspection signs and providing a legal partner for conveyancing.
Most charge a base fee, which rises as more services and features are added to a basic agreement.
Aside from the challenge of marketing, promoting and dealing with buyers, there are also legal obligations and potential hurdles, which can land DIY sellers in trouble.
Vendors must engage a solicitor or conveyance to ensure the necessary legal documents are in place and to also hold the deposit in trust.
Other challenges include estimating a fair price, vetting potential buyers and determining a settlement period.
Despite these challenges, there are numerous well-known advocates for DIY sales
Hotspotting.com.au’s Terry Ryder published a book Real Estate Without Agents, while consumer advocate Neil Jenman also backs the practice as a way to avoid commission costs and the risk of dealing with an unscrupulous agent.
Property Observer has scoured the internet to come up with a comprehensive list of online DIY offerings:
<a href="https://www.intouchrealestate.com.au/" target="_blank">www.intouchrealestate.com.au</a> 
Cost: starts from $995
Services: Access to LiveOffer system which allows vendors to monitor offers on their property online and in real time, yard signs, in-house online listings, listing with realestate.com.au, domain.com.au, promotional flyers. A more expensive vendor-assisted offering is also available for $1,995.
<a href="https://www.buymyplace.com.au/" target="_blank">www.buymyplace.com.au</a>
Cost: starts from $270 to $599
Services: Listing on bymyplace.com.au, for sale sign, six photographs. Auctioneering services, property reports, sales contracts and price negotiation services can be purchased for an extra charge.
<a href="https://selfservice.domain.com.au/">selfservice.domain.com.au</a> 
Cost:  $250 - $499
Services: The ability to build your own listing online and then publish it on domain.com.au. Prices vary dependent on suburb location.
<a href="https://www.forsalebyowner.com.au/">www.forsalebyowner.com.au</a> 
Cost: starts from $699 
Services: Listing on forsalebyowner.com.au, realestate.com.au plus other smaller listings websites, for sale board, property report, printable brochure and ability to manage your own account.
<a href="https://www.noagentproperty.com.au/">www.noagentproperty.com.au</a>
Cost: $295 
Services: Listing on noagentproperty.com.au, 12 photos, unlimited description and time, listing on the Trading Post online.
<a href="https://cfre.com.au/">www.cfre.com.au</a> 
Cost: $699 for “value plus” package (also offers $299 “sell it quick” package)
Services: This is a vendor-assisted offering. It includes a six month listing on realestate.com.au and Domain.com.au, for sale sign and sold sticker, property brochure, solicitor/conveyancer advice form, how to negotiate kit.
<a href="https://www.propertynow.com.au/" target="_blank">www.propertynow.com.au</a>
Cost: $390 listing fee + $90 recurring monthly fee 
Services: Online listing on propertynow.com.au, plus option to buy for sale sign for $75
<a href="https://www.forsaleforlease.com.au" target="_blank">www.forsaleforlease.com.au</a>
Cost: $399 + $99 per month or $795 until sold 
Services: Listings on all major websites, ability to change ad yourself. Extras cost for for sale signs, photographs, a listing on domain.com.au, floorplans etc.
<a href="https://www.owner.com.au/" target="_blank">www.owner.com.au</a>
Cost: $0 - $110 
Services: Standard listing on site with one photograph. For $110 you get unlimited photographs and a pair of for sale signs. Listings are free to renew.
<a href="https://www.diyrealty.com.au/" target="_blank">www.diyrealty.com.au</a>
Cost: $169  
Services:  This covers standard listing on site. ptional services. Optional services that can purchased at an extra cost include additional signage, feature listings and the option of listing on other real estate sites.
<a href="https://www.smartvendor.com.au" target="_blank">www.smartvendor.com.au</a>
Cost: $0 -$2,299
Services: The free offer includes an online ad, five photographs. The top package includes a Google advertising campaign, a listing on domain.com.au, personalised for sale sign and 300 personalised flyers.
 
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Selling the house by owner gets new website advocate assisting the DIY challenge 

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Greater financial incentives are being offered to first-home buyers in Victoria following the raising of the stamp duty discount for homes priced under $600,000 from 20% to 30%.
The higher discount kicked in on January 1, 2013, and applies to both existing homes and new homes, delivering first-home buyers additional savings starting from $600 to a maximum of just over $3,000 on a house price at $600,000.
First-home buyers can work out their stamp duty savings using this table provided the <a href="https://www.sro.vic.gov.au/sro/sronav.nsf/LinkView/C88211C9E07486F0CA2578B70001025018E490D796850F8ECA2575C1008187C7" target="_blank">Victorian government’s State Revenue Office.</a>
Maximum stamp duty savings are now over $9,000. Combined with the existing first-home owners' grant of $7,000 there is nearly $16,000 in savings for those first-home buyers who are willing to venture into the property market in 2013.
The stamp duty discount will rise to 40% on January 1, 2014, and to 50% on September 1, 2014.
To qualify for the stamp duty discount, first-home buyers must also qualify for the $7,000 first-home owners’ grant.
All added up it means Victorian first-home buyers purchasing an existing home receive the highest amount of financial support from their state government.
South Australia, NSW and Queensland all offer higher total incentives and savings, but these are restricted to buying or building a new home.
This is what the other states are offering first-home buyers in 2013:
NSW
A first-home buyer who purchases a $550,000 new home will get $35,240 in assistance.
This includes a $15,000 grant for first-home owners who purchase or build a new home valued at up to $650,000. The grant is available until December 31, 2013, reducing to $10,000 from January 1, 2014.
Non-first-home buyers who buy a new home are eligible for $5,000 whether the new home is off the plan or newly built with a value up to $650,000, The $5,000 grant is also available to buyers of vacant land that is intended to be the site of a new home valued up to $450,000.
First-home owners are also eligible for a maximum stamp duty saving of $20,240 for homes up to a value of $550,000, with duty concessions for new homes valued between $550,000 and $650,000. The transfer duty exemption cap on vacant land is $350,000, with duty concessions for vacant land valued between $350,000 and $450,000.
Queensland
A $15,000 first-home owner construction grant (FHOCG) is available. The FHOCG applies to new property bought or built at a value under $750,000.
First-home buyers also pay no duty on purchases up to $500,000, with a phasing-out rebate applicable for values up to $600,000.
For non-first-home buyers, the Queensland government offers a concessional stamp duty rate of 1% up to a value of $350,000, with stamp duty charged at normal rates for the remaining value of the home purchase. The buyer must occupy the home for a period of 12 months – an applicant may lose the concession if he sells or leases part or all of the home before moving in or within a year of moving in.
 
<hr class="system-pagebreak">
 
South Australia
South Australian first-home buyers have the chance to secure $23,500 from the state government, provided they build a new home.
The $23,500 handout comprises a doubled first-home owner grant of $15,000 for contracts entered into on or after October 15 and up to a value of $575,000, plus a further $8,500 housing construction grant (HCG). The housing construction grant replaces the $8,000 first-home bonus grant.
The HCG is available to all builders of new homes for properties valued up to $400,000, phasing out for properties valued up to $450,000 where contracts are entered into between October 15, 2012, and June 30, 2013, inclusive.
Concessions could rise to $39,830 if first-tome buyers buy an apartment off the plan in the Adelaide CBD under $400,000, where a stamp duty concession of $16,330 applies.
This part of a new stamp duty concession scheme 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.
An example where a $39,830 saving would be available to a first-home buyer is <a target="_blank" href="https://www.realestate.com.au/project-aria+on+gouger-sa-adelaide-600000551">Aria on Gouger Street </a>being developed by Brock Urban Projects, where two-bedroom apartments are priced from $335,750.
Up until June 30 2014, 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.
 
WA
A $7,000 first-home owner grant remains in place for a newly constructed or established home. It does not apply to vacant land purchased to build a new home. The total value of the home must not exceed $750,000 if the property is located south of the 26th parallel of South Latitude, or $1 million if located north of the 26th parallel of South Latitude. First-home buyers eligible for the $7,000 grant pay no stamp duty on homes valued up to $500,000 and up to $300,000 for vacant land.
ACT
A $7,000 first-home owner grant remains in place for both existing and new homes where the price of the property or construction of the home does not exceed $750,000.
Tasmania
A $7,000 first-home owner grant remains in place for both existing and new homes, with no cap on the value.
Tasmanian first-home buyers buying or  building a new home (including off-the-plan) are eligible for an additional $8,000 under the First Home Builder Boost Scheme, which applies from January 1 2013 to June 30 2014 if the qualify for the first-home owner grant.
Northern Territory
A $7,000 first-home owner grant remains in place for both existing and new homes where the price of the property or construction of the home does not exceed $750,000.
The NT government also offers first-home owners stamp duty concession of up to $26,730 (the duty owed on the first $540,000 value of a property).
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Victorian government offers bigger carrot to first-home buyers: Government housing incentives in 2013

<html><body>
Queensland-based bank Suncorp financed 6.1% of all first-home buyer loans arranged by AFG mortgage brokers over December, according to new AFG figures.
It was the top-ranked lender outside the major banks with nearly 40% of all first-home buyer home loans processed in December either financed by the Commonwealth Bank or its subsidiary Bankwest, the latest AFG’s quarterly Competition Index shows.
Second on the non-major bank list was AFG’s own mortgage products, which accounted for 5% of all first-home buyer loans, up from 1.9% at the start of the year.
The other non-major bank lenders to appeal to first-home buyers were WA government-owned lender KeyStart with 4.9% of the market, recording the “most dynamic performance among non-major lenders” growing market share from just 0.1% in January.
ING Direct (2.1%) and South Australian government lender Homestart (1.1%) were the only other non-major bank lenders to pick up more than 1% of the first-home buyer market.
According to the index, the CBA accounted for 29.6% and Bankwest for 9.3% of all first home loans in December with the major banks taking 77.5% of the first-home buyer mortgage market.
The Commonwealth Bank’s success with first-home buyers has helped it pick up overall mortgage market share, which has risen from 17.4% in January to 20.7%
Despite accounting for nearly one in 10 first-home buyer home loans in December, Bankwest’s share of the total mortgage market has fallen from 7% to 4.2% over the past 12 months.
AFG bills itself as Australia’s largest mortgage broker, with its brokers writing one in 10 home loans in Australia.
NON MAJOR LENDER MARKET SHARE FIRST HOME BUYERS DECEMBER

Suncorp 6.1%

AFG 5.0%

ING 2.1%

Citibank 0.7% -

Macquarie 0.2%

Circle 0.2%

AMP 0.4% -

ME Bank 0.8%

Liberty 0.4%

Pepper 0.1%

Homestart 1.1%

Wide Bay 0.8%

Adelaide 0.1%

Heritage 0.3%

Rock 0.1%

Keystart 4.9%

Other 0.3%

All Non 22.5%

 
<div> </div>
<div align="left"></div>
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Suncorp ranks as top non-major bank first-home buyer lender as Commonwealth Bank grabs lion’s share of market: AFG

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Improving housing affordability is failing to encourage first-home buyers to step onto the property ladder – in fact the exact opposite is happening.
Despite the proportion of income required to meet loan repayments decreasing 1.4 percentage points to 30.4% over the December quarter, the number of new finance commitments to first-home buyers decreased 9.1% over the quarter and 17.4% over the year to be at their lowest level since the March quarter of 2005, according to the latest Adelaide Bank/REIA Housing Affordability Report.
The report found that first-home buyers made up just 16.5% of the market over the December quarter compared to 19% in the September quarter.
This trend looks set to continue with <a target="_blank" href="/news">mortgage broker AFG </a>recording first-home buyers as accounting for just 12.9% of home loans arranged by the group over February, down from 13.2% in January.
First-home buyer numbers fell dramatically in NSW from 11,117 in the December quarter of 2011 to just 4,459 in the December quarter of 2012, according to the REIA.
In comparison first-home buyer numbers increased in Victoria over the same time frame from 6,528 to 7,169 and also increased in WA from 3,699 to 5,014.
REIA president Peter Bushby says that largely due to a higher average income, the ACT remains the most affordable state or territory in which to buy a home, with the proportion of income required to meet loan repayments at 18.7%.
“Though the proportion of income required to meet loan repayments decreased to 36.0%, New South Wales remained the least affordable state or territory in which to buy a home,” he adds.
“Compared to the 2011 December quarter, all states and territories recorded improvements in housing affordability, the largest in Queensland and South Australia.”
<img src="/images/stories/2013/03/reiamarch6.jpg" width="470" height="304" alt="reiamarch6">
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First-home buyer numbers fall to near eight year low despite improving housing affordability: REIA

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The appeal of acquiring residential investment property by borrowing through a self-managed super fund (SMSF) has been revealed in the latest Genworth Homebuyer Confidence Index.
The report found that almost one in ?ve (18%) of surveyed SMSF holders have a mortgage through their fund, with the majority of these mortgages (75%) secured on residential property.
Among those who don’t have a mortgage on a residential property through their fund, a quarter would consider taking one out, and a quarter of those without commercial property would consider taking out a mortgage on a commercial property through their fund, Genworth found.
Property makes up about 15% of the total value of assets held by Australian SMSFs, the majority of which is made up of Australian property (less than 1% is made up of overseas property), according to ATO figures.
The value of residential property held in SMSFs grew by 12.3% in the year to December 2012.
The Genworth report also found that just over half (59%) of all mortgages were held in multiple member funds - multiple member funds make up the majority of all SMSFs, with most being two member funds, according to ATO data.
The most recent ATO figures for the December 2012 quarter reveal the  growing popularity of SMSFs with around 7,000 new SMSFs established over this period.
The ATO revealed this week it expects more than <a target="_blank" href="/news">1,000 applications a week </a>to be lodged for SMSFs in May and June this year.
Almost 950,000 Australians are now members of an SMSF.
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One in five SMSF holders have a mortgage through their fund: Genworth

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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