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As a certified <a href="https://www.bcorporation.com.au/">BCorp</a> and signatory to <a href="https://au.architectsdeclare.com/">Architects Declare</a>, ClarkeHopkinsClarke spoke with Urban.com <a href="/news/735-australian-architects-agree-to-become-entirely-carbon-neutral-by-december-2020">recently</a> about the practicalities of going carbon neutral in response to the climate emergency. We invited Partner Toby Lauchlan and Senior Architect Janice Tan to discuss changing demands in the Multi-Residential sector and the role for developers, designers and buyers in creating high impact, resilient development.

Over recent months we’ve seen a positive impact emerge from the global climate emergency and Australia’s bushfire crisis: increased interest in better Environmentally Sustainable Design (ESD), homes with higher energy star-ratings and carbon-neutral development. As more of us experience the climate emergency personally and recognise the ecological, financial and social costs of policy inaction, we’re looking for better ways to build and live.

Property buyers are savvier and better informed. They know building and construction accounts for nearly 40% of energy-related carbon dioxide emissions globally. They understand our cities are growing rapidly and putting our natural habitats under unsustainable pressure. They want to feel like they’re part of the solution, not the problem, by buying homes and living lives that feel – and are – far more sustainable environmentally, socially and financially.

This interest is creating a demand for higher energy star-ratings. Where 6-star homes are mandatory and 7-star homes desirable, we’re seeing increased demand for developments of 7-8-stars and more. That’s on top of now-standard expectations for refined communal spaces and expansive roof gardens. Much currently rests on higher star ratings, but their nuances aren’t well understood by buyers and they don’t tell the whole ESD story. Some developments offer a host of great ESD features that aren’t actually captured by star ratings. So it’s hard for buyers to assess their worth and compare apples with apples. 

There’s an important role for architects, developers and builders in helping buyers understand what star ratings like Green Star, NatHERS and BESS do and don’t measure and the practical impact of various ESD features and materials. Choosing durable materials right down to internal linings, for example, is an important way of ensuring lower replacement costs and less waste over the life of a building.

As an industry, we need a better process for giving buyers and building users more holistic and meaningful user manuals. Currently, builders supply manuals and they tend to focus on operating appliances. Designers and developers need to contribute too and broaden the focus to include clear explanations of ESD in practice and how and when to use features like thermal chimneys, external shading and passive heating, making it easier for people to operate their homes to their full potential. And of course, building owners and users need to apply the same scrutiny to their habits within their home and neighbourhood, too. An 8-star, fossil-fuel-free home is a great start on a low-impact lifestyle. But social and environmental sustainably also means considering things like our transport use, waste management, shopping and eating habits and social connectivity. 

Designers can build on the growing demand for better ESD by making it more convenient and much more visible. That means clearly expressing water tanks and solar panels. Making shared facilities visible from the street, from veggie patches and composting to bike storage and electric and solar car charging. 

Involving residents in the management of their physical environment so they’re more invested in using it efficiently is central to our mission. At a new fossil-fuel-free development in Brunswick East, we’re planning to place building management panels just inside front entrances to show residents precisely how much energy they’re currently using and how they can reduce it. Ultimately, we believe, it’s this kind of visibility and emotional investment that’ll make better ESD more desirable and drive demand for architecture with social impact that’s plain to see.

Obviously, there’s an upfront cost associated with higher star-ratings and more ambitious ESD initiatives but there is multiple time and cost savings too. Clients tell us better ESD and higher ratings help sell properties more quickly, saving them substantial time and money. Councils tend to support developments with good ESD because they align with their broader vision, create better outcomes for residents and impact less on existing infrastructure. A smoother path through planning represents time and cost savings too. 

Ultimately, clients, builders and architects are becoming more conscious of their legacy on the built environment and looking for ways to create a more positive impact. That’s true of others in industry too, like the financial institutions now distancing themselves from fossil fuel-based projects and offering home loan incentives to buyers of carbon-neutral and high-ESD homes. The industry as a whole is under increased media scrutiny, and we know we’ll be held to account for our social and environmental impact. More ambitious ESD and more inclusive, better-connected communities offer the best path forward. Why wouldn’t we take it?

Lead image: Bourke Road, Credit: ClarkeHopkinsClarke.
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Olivia Round

Astute home buyers could be the driving force behind environmental change in off-the-plan building practices

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Renowned property developer Lendlease released a survey which detailed first home buyer sentiment and concluded that many young Australians are taking steps towards attaining their first home in 2020. A study by McCrindle on behalf of <a href="/developers/lendlease-development">Lendlease</a> interviewed 1005 Australians aged between 18-40. It revealed 8 in 10 people believed they would own a home in future, with almost half (47%) commenting that they are looking to buy within the next five years. The survey also found a majority of young Australians (58%) would be more inclined to buying or building a new home, over an existing home (42%).

Further positive sentiment found that young home seekers were <a href="/news/first-home-buyers-snap-up-property-due-to-fear-of-missing-out">feeling confident in the market</a>, with 25% believing <a href="/guides/five-reasons-why-now-could-be-a-good-time-to-buy-off-the-plan">2020 is the right time to buy a home</a>, and 30% claiming that they would be in a better position to purchase over the next 12 months, than the past year. You could attribute the resurgence of optimism among buyers to several reasons. However, the underlying driving factor behind the desire to own a home is said to be because young Australians want ‘a place to call home’. And rightly so.

To gain a more in-depth understanding of the results of the survey, we reached out to Ben Christie, Head of Residential Developments at Lendlease, who provided us with more insight into both the incentives and hindrances for buyers. Ben also shared some valuable advice for buyers looking to break into the market over the next 12 months.

Urban.com.au: The Lendlease ‘Young Aussie Home Ownership’ Home study found that 8 in 10 Australians dream of owning their own home, yet only 25% believe 2020 is the year to buy. Why do you think that is? What changes can be made within the property industry to change that perception?

Ben Christie: We know that affordability is a key challenge for young Australians looking to purchase their first home, particularly in the major cities. To help young Aussies get onto the property ladder, across the industry we’re seeing a number of additional incentives made available, beyond the Federal Government’s First Home Buyer Scheme. At Lendlease we’re offering first home buyers up to $10,000 off selected lots at a number of our communities, including Alkimos Beach, Alkimos Vista, Aurora, Atherstone, Elliott Springs and Harpley.

U: 58% of respondents decided that they would prefer a new home over an existing one. What do new homes offer that existing properties do not?

BC: New homes can offer greater flexibility in home design, and the chance to be part of a thriving community with lots of available amenity. We find that first home buyers looking to purchase outside of the major cities value the mix of access to urban living and nature that a new community can provide. This gives them the best of both worlds at a more affordable entry point to the property market.

U: What do you think are the key factors preventing young Australians from buying property?

BC: Our research into homeownership amongst young Australians found that the dream is still very much alive for many, however a key obstacle is saving for a home deposit. Yet despite this, our study found that many young Aussies are still optimistic about owning a property in the next three to five years.

U: Do you believe it is more likely that buyers are facing issues with raising capital or that buyers are wary of servicing a mortgage?

BC: Securing a big enough deposit, and raising the capital needed is an issue for many young would-be property purchasers. Our research found that to bolster savings for a deposit, many young Australians are saving hard by cutting back on smaller luxuries such as eating out, larger luxuries such as holidays, and almost one quarter have started a ‘side hustle’ to help get the funds together. 

U: The survey also found that many Gen Z respondents would choose a location which allowed them to live more sustainably. Since buyers are becoming more discerning about living an environmentally conscious lifestyle, do you think developers are responding to this demand?

BC: Yes, absolutely. At Lendlease, we are committed to leading the evolution of our industry to be truly sustainable environmentally, socially and economically. Providing a sustainable environment for our purchasers is fundamental to our vision to create the best places, places for people today and for generations to come. Lendlease is recognised as an international leader by the Global Real Estate Sustainability Benchmark with five Lendlease managed funds ranked number one in the respective global or regional categories, in 2017.

U: The First Home Loan Deposit Scheme only supports 10,000 loans each financial year. Do you believe that this is enough to cater to the volume of applications?

BC: The government’s First Home Loan Deposit Scheme is a positive scheme and we hope it will provide a number of first home buyers with the opportunity to get on the property ladder. It’s also been an effective initiative to get the topic of homeownership back on the agenda and inspire many developers to look at ways to make property more affordable and deliver extra value, for the First Home Buyer market.

U: What advice would you have for buyers who dream of securing property but don’t yet have the funds raised for a deposit?

BC: Our research data would have you believe the answer is to start a ‘side hustle’ or engage in other creative ways to save for a deposit! Whatever the saving mechanism is, it’s important to be realistic about what you can afford and research the available offers and incentives that may be able to help with costs. Many developers have compelling initiatives right now so buyers should make sure they understand the different options and assess these together with the value of buying from a trusted developer that delivers on promises and prioritises amenity.

U: What should first home buyers look for in a new home?

BC: First home buyers looking to purchase a new home should look for a location that offers the amenity they need. This may include cafes and other retail options, as well as schools, childcare services, good infrastructure and transport links. Those who want to live, and raise a family, amongst nature, should look at quality master-planned communities that offer plenty of open green space, including walking and biking trails, and parks, together with the important elements of an urban lifestyle, at a more affordable price.
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Survey finds young property seekers favour new homes over existing properties

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<h2>OPINION:</h2>

Real Estate isn’t an industry renowned for its propensity for embracing new technologies and innovation. In fact, the industry has evolved very little in Australia and internationally over the last half a decade.

Now, however, the rumblings of change are being felt in real estate offices around the world, and Australia is no exception. With investment in real estate technology in 2017 reaching $7.65 billion — 36 times higher than it was five years previously — we’re seeing a seismic shift in attitudes towards progression in the sector.

In any other field, companies are having to learn to swim in the sea of new tech available on the market, because without learning fast, drowning is inevitable for any organisation. This is finally becoming the case for real estate agencies.

Research from Unissu explains that since 2013 there has been a huge 428% growth in the number of PropTech companies in existence in Australia, illustrating just how vastly intense the progression of this national industry upswell has been. Although it may be easy to claim causation of such a spurt to be the direct result of successful research and an international drive towards tech-focussed business models, the rising implementation these initiatives could also be a result of Australia’s positive residential property market growth, which has witnessed a price inflation of around 47% since 2012.

There are, however, numerous reasons for the industry’s history of hiccups when it comes to the adoption of new technology. For one, agents can resist adapting to the evolution of change and innovation within the industry. Often the needs of the agency are poorly understood and assessed, so the technologies are inadequately matched. This consistently results in programmes that are single purpose, siloed and lacking in cohesion — ultimately challenging the value of the intended results.

There are a few misconceptions standing in the way of the implementation of new technologies in the sector. Agents and managerial staff often believe that much of it is too hard to learn and use, discounting the huge upside of the use of digital software and innovative tech before trying it. There is also a misconstruction of cost, which is hugely outweighed by ROI. Some agents — used to a more traditional approach to real estate — also struggle with moving on from hard copy documents and writing things down, claiming reliance on ‘tried and tested’ methods, which are ultimately outdated and destined to prove costly for the sector in the long run.

Although change has been slow, many factors have necessitated its catalysation. The ubiquity of smartphones in modern life has meant that ease of access and speed of interaction are paramount for keeping clients engaged. The expectation of ‘now’ means that people don’t want to wait to see the layout of their <a href="/new-apartments">off-the-plan home</a>, they don’t want to wait for the inspection date to have a tour inside an open home, and they don’t want to be told to wait to have a sneak peek at the carefully curated fixtures of their dream kitchen.

Technology has and will continue to revolutionise the way people buy homes; we need to invest, pressure test and apply innovative technologies consistently. Innovation is progression, and it’s the only way forward in the new world, we must adapt or get left behind.

Overall, most people are sceptical of change and innovation, like with anything new, it takes time. The old adage of ‘if it ain't broke, don’t fix it’ holds true with many agencies, but with the pace of technology catching up with us all, there’s just no avoiding the inevitable. There is, however, a lot of noise in the tech space, with ‘innovative tech solutions’ cropping up in every direction. It really pays to be smart with all this competition, be open-minded and do your research — to stand out from all this noise you’ve got to be the loudest and boldest voice in the room.

I have always found off-the-plan developments a tricky one, you’re quite literally buying airspace. However, with the recent shift in technology, you get a feel for the design elements of the internal spaces; the views, height, aspect and you really get a solid idea of what you are buying even before it’s built. Elements such as display suite technology, signage prototypes, <a href="/guides/introducing-bvn-real-off-the-plan-virtual-reality-house-viewings-are-here">virtual reality</a> and custom projections allow for buyers to actually be placed in relevant rooms and spaces, which ultimately seals the deal for them.
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How is digital tech disrupting real estate?

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<h2>OPINION: </h2>

Some say that patience is a virtue, but a lot must be said about “hustling while you wait” and more aptly, that “time is money”. Indeed, time remains one of the most significant parameters of business. It is arguably a more important factor in project delivery, construction, finance, and management, than even the quantum of profit, or administration, or procurement practices. And we have totally lost sight of this all-significant factor in the NSW Planning System today.

We heard through the official channels as late as last week that assessment times for Development Applications (DAs) have reduced by 50%, following the introduction of the new online lodgement system. This ostensibly appears to be a greater victory than that of Alexander the Great over Darius III in 331 BC.  But for those of us who are currently toiling away, shackled and enslaved with the labyrinthine NSW Planning System, we cannot see or feel in a single Development Application that this may be remotely true. But we have stopped complaining because what we thought was slow ten years ago, is now considered “lightning fast”. 

<figure><a class="colorbox colorbox-insert-image" href="https://res.cloudinary.com/dz9xllyip/image/fetch/q_auto:good/https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/screen_shot_2020-03-04_at_10.57.01_am.png" rel="gallery-all"><img alt="" class="image-article-full-width-580px" height="385" src="/s3/files/styles/article_full_width_580px/public/pictures/article-images/screen_shot_2020-03-04_at_10.57.01_am.png?itok=NKFdi6x5" width="580"></a></figure>One still wonders if the current information on halving DA times is truth or aspiration when it is so unrepresentative of the overwhelming experience of the NSW property industry. The pervasive pattern thus far has been to introduce more rules and regulations that are designed to help us do better and go faster. Except we do worse and go slower. And though we have been conditioned to heed the touted fears of an “unregulated” world, having a DA for a complying project take 24 months and a rezoning stretch to 5 years, cannot be in anyone’s best interest – unless I am mistaken.

That has to be, by anyone’s standard, “snail’s pace”. Now when you consider that the average garden snail, crawls along at around 0.05 km/h, and assuming it travels for 16 hours per day, the snail could within 24 months, travel around 584 km. That is the equivalent of crawling from the Sydney Opera House, to Parliament House in Canberra, and back before the average building DA is approved.

<figure><a class="colorbox colorbox-insert-image" href="https://res.cloudinary.com/dz9xllyip/image/fetch/q_auto:good/https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/screen_shot_2020-03-04_at_10.57.15_am.png" rel="gallery-all"><img alt="" class="image-article-full-width-580px" height="385" src="/s3/files/styles/article_full_width_580px/public/pictures/article-images/screen_shot_2020-03-04_at_10.57.15_am.png?itok=JTqnqczU" width="580"></a></figure>While so wanting to go faster, is undoubtedly everyone’s aspiration, including state and local government, in scrutinising the lived-experience and reflecting upon the stark reality that in NSW Planning today, this is more a “piped dream” that a “deliverable”  in today’s commercial world. And this has always been a problem confined to the development industry – until you have to lodge a simple DA for your pergola or driveway, and begin to experience the expense and entanglement of your simple application travelling at “snail’s pace” through the NSW Planning System.

And nobody wins. The council or the state uses up a lot of time and resource to get to the same result, and the consumer suffers financially crippling delays that render applicants so anguished, they almost abandon their applications after years of trying and tens of thousands of dollars of real expense. 

So I can’t see how allowing one’s application to go online has already halved the approval times of DAs. It sounds difficult to believe if you understand the complexity of the preparation of a DA and its pathway to assessment. But after 21 years of being immersed in this ocean of complexity - I am ready to try anything: voodoo; a monastic experience; even e-planning.

Perhaps it is better to go back to basics. The sagacious Justice Sutherland once reminded applicants:

<blockquote>
“Salus Populi Suprema Lex Est” - that “the welfare of the people is the supreme law”. 
</blockquote>

And I say that the “welfare of the people” today needs to be better than what we have now: the “snail’s pace” that is the NSW Approval Process. Here’s to hoping.
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News that DA assessment times have halved are grossly exaggerated

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Purchasing <a href="/guides/how-to-invest-in-property-in-2020-the-ultimate-guide">an investment property</a> can be one of the best ways to invest your money and <a href="/guides/housing-market-effect-on-wealth">increase your wealth</a>. If you invest strategically, you could generate a return through passive income and tax breaks. However, a lack of research, knowledge and <a href="/guides/top-7-tips-on-how-to-value-a-house">understanding of the real estate market</a> could lead to poor financial gain. We’ve created a list of key factors to consider when securing the financial future of your investment property from choosing the right location to choosing an investment loan that is right for you. 

<h2>1. Do your research </h2>

<figure><a class="colorbox colorbox-insert-image" href="https://res.cloudinary.com/dz9xllyip/image/fetch/q_auto:good/https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/screen_shot_2020-02-27_at_10.13.43_am.png" rel="gallery-all"><img alt="" class="image-article-full-width-580px" height="385" src="/s3/files/styles/article_full_width_580px/public/pictures/article-images/screen_shot_2020-02-27_at_10.13.43_am.png?itok=IKLA-Bv_" width="580"></a></figure>Always do your research before making any real estate or financial decisions. 

When it comes to investing in property, there isn’t always a “safe option” financially, as it often requires a little financial risk to get the most return. Keep track of your investments by thoroughly <a href="/guides/understanding-the-property-cycle-when-buying">understanding the property cycle</a> and always remaining ahead of the market. You should also be <a href="/guides/how-to-negotiate-when-buying-a-house">open to negotiation</a> with real estate agents for better deals.  

<h2>2. Define your ideal tenant</h2>

It is essential to spend time getting to know any potential tenants, to determine whether they will be suitable for your rental property. Discuss how many people will be living in the house, whether they have stable employment or if they have lived in many rental properties previously. If they have a pet, ask whether they are house-trained.

While these questions may sound trivial, they could help you in selecting a great tenant who will look after your property.

<h2>3. Choose a popular location among renters </h2>

It is crucial to ensure the location of your investment property will <a href="/buildings/nbh-at-lachlan-s-line-25-27-epping-road-macquarie-park">attract tenants</a> and meets the requirements of their lifestyles.

For example, if your ideal tenant is a student, the property should be close to a university or library, whereas, if they are a young family, the property should be near a kindergarten (childcare), primary school and/or local playground. This will help to increase the popularity of your property among property seekers with specific requirements.

<h2>4. Find a property that is close to public transport </h2>

<figure><a class="colorbox colorbox-insert-image" href="https://res.cloudinary.com/dz9xllyip/image/fetch/q_auto:good/https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/screen_shot_2020-02-27_at_10.13.26_am.png" rel="gallery-all"><img alt="" class="image-article-full-width-580px" height="385" src="/s3/files/styles/article_full_width_580px/public/pictures/article-images/screen_shot_2020-02-27_at_10.13.26_am.png?itok=_ZcCm1T0" width="580"></a></figure>Houses near public transport are a desirable feature for those who prefer <a href="/news/city-of-melbourne-wants-to-see-less-cars-more-space-for-sustainable-transport-in-its-municipality">a more sustainable transport option</a> and do not drive. Finding a home on a popular tram, train or bus route will become a key selling point when you go to market your home for rent.

<h2>5. Seek advice from renters  </h2>

One way to determine the suitability of a rental apartment is to talk to tenants currently living within the building. Ask them how they feel about the environment, the value for money and the attentiveness of the body corporate, as this information could give you a better idea of the quality of the building and its maintenance. You could also seek advice from successful investors who are experienced and understand the property cycle. Based on Urban data, here is <a href="/guides/what-investors-are-looking-for-in-australian-properties-based-on-urban-data">what investors are looking for in Australian properties</a> and which <a href="/guides/insider-property-guide-booming-melbourne-suburbs-you-should-be-considering">Melbourne suburb you should be considering</a>.

<h2>6. Collate funds for your down payment </h2>

A downpayment is an initial payment in credit, cash or an equivalent form of payment, which goes towards the purchase of an expensive item such as a car or house.  When purchasing an investment property, you will be required to provide a down payment – which could cost more because mortgage insurance does not apply to investment properties. There are also additional expenses for approval requirements and renovations; you can read them <a href="/guides/top-10-hidden-costs-of-buying-a-house-or-apartment-in-2021">here</a>. 

<h2>7. Do your sums</h2>

<figure><a class="colorbox colorbox-insert-image" href="https://res.cloudinary.com/dz9xllyip/image/fetch/q_auto:good/https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/screen_shot_2020-02-27_at_10.03.29_am.png" rel="gallery-all"><img alt="" class="image-article-full-width-580px" height="384" src="/s3/files/styles/article_full_width_580px/public/pictures/article-images/screen_shot_2020-02-27_at_10.03.29_am.png?itok=lv9aS0jc" width="580"></a></figure>Calculate the additional income you already have and match it with the amount you can borrow. Once you’ve found a property, you are interested in purchasing, create a contingency budget to allow for any renovation expenses (if renovations are required), the overall operational cost of running an investment property and a fallback for any unforeseen issues. We recently explored how much buyers actually need to spend on an apartment; you can read about it <a href="/guides/how-much-do-you-really-need-to-spend-on-an-apartment">here</a>. 

<h2>8. Avoid overspending on your first investment</h2>

Investment advisors suggest that even if you are willing to spend a million dollars on an investment property - it is wise to select a property <a href="/guides/buying-right-investment-wise">between the lower-midrange price bracket of $225,000</a>. Keeping the range as low as possible also keeps you in a safe-zone as an investor, as it keeps you from losing money if you do not meet your expected profits. Did you know there are also ways you can <a href="/guides/how-to-invest-in-property-with-no-money">invest in property with no money</a>? 

<h2>9. Consider investment loan options </h2>

When collecting funds towards your first investment property, there are several investment loans you should research before purchasing. Ideally, you may want to <a href="/guides/how-to-choose-the-right-home-loan">select a loan</a> that provides you with the option to split the credit with a line-of-credit-facility. 

<h2>10. Choose any investment partners carefully</h2>

If you wish to purchase your investment property with a friend or business partner instead of taking out an investment loan, you will need to choose your investment partner carefully. You should look to base this decision on their financial security, reliability, experience as an investor and the status of your relationship, as well as any financial implications of the partnership agreement. Before embarking on any financial venture with another person, it is very wise to get a contract drawn up to avoid any disputes in future (even if you don't anticipate any to arise).

<h2>11. Use the 1% rule</h2>

<figure><a class="colorbox colorbox-insert-image" href="https://res.cloudinary.com/dz9xllyip/image/fetch/q_auto:good/https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/screen_shot_2020-02-27_at_10.03.18_am.png" rel="gallery-all"><img alt="" class="image-article-full-width-580px" height="384" src="/s3/files/styles/article_full_width_580px/public/pictures/article-images/screen_shot_2020-02-27_at_10.03.18_am.png?itok=U26qOnU7" width="580"></a></figure>The real estate investment term ‘1% rule’ refers to the method investors can use to determine whether a property is worth investing in. The rule suggests that an investment property should have a monthly return of no less than 1% of the price it was purchased at, including the additional costs of renovations.

<h2>12. Understand the expense of hiring a property manager</h2>

Some property investors choose to serve as landlords, managing day to day operations and engaging with their tenant, whilst others prefer to hire an external property management service. A property manager will be available throughout the day to help your tenants with any requests, and most real estate firms also have round the clock care for renters should any issues arise. Using a <a href="/guides/tips-for-negotiating-with-real-estate-agents">rental agent</a> is more of a time-saver than money saver as they do charge a fee. 

<h2>13. Investment properties require you to fork out funds regularly</h2>

An investment property is not a one-off purchase and requires <a href="/guides/18-ongoing-rental-property-costs-and-which-ones-are-tax-deductible">ongoing maintenance</a>. Landlords (investors) are expected to <a href="/guides/2019/06/24/own-rental-property-here-are-14-things-to-check-to-avoid-major-problems-in-future">financially cover issues that may occur in the house</a>. One way to financially manage this is to create a budget or add your current household budget so you know where, how much and when to allocate funds when they are required. 

Additional expenses include:

<ul>
<li>Property tax (required)</li>
	<li>Homeowners insurance (required)</li>
	<li>Property management expenses (optional)</li>
	<li>Home-owners corporation fees (case-by-case)</li>
	<li>General upkeep costs such as cleaning and landscaping (required)</li>
</ul>
<h2>14. Research the risks</h2>

Purchasing an investment property is no different from any other business deal in terms of the associated risks which can lead to loss of money. 

<ul>
<li>Some of the risks include: </li>
	<li>Your property might not meet the 1% rule </li>
	<li>You may spend more money on the renovations than anticipated</li>
	<li>The local market economy could change, for example, the value of the suburb may decrease due to an increase in crime</li>
	<li>The property taxes may be increased </li>
	<li>An accident or disaster may occur and you may have to pay for expensive repairs</li>
	<li>You could have bad tenants with poor hygiene or that break your rules, resulting in cleaning, repair or eviction cost</li>
</ul>
<h2>15. Invest in high-quality fixtures </h2>

<a href="/guides/20-things-you-should-look-out-for-before-you-buy-property">Before you buy property</a>, you should look out for high-quality fixtures within the home or determine where you should include them on the property. Investing in high-quality fixtures may help prevent any incidents or damage, and limit the amount and cost of repairs required in your investment. It will also add to the design of the house and encourage tenants to take pride in and look after the property. Urban has created an <a href="/guides/home-inspection-checklist-step-by-step">inspection checklist</a> that could help you determine what fixtures may need to be included, upgrades and what tenants will be looking out for in your investment property. 
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How to ensure financial return on your property investment in 15 simple steps

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<h2>OPINION: </h2>

Australia’s housing market is a topic which I regularly encounter, whether with our customers, readers or even just friends. Whether you are a homeowner, investor or potential buyer, the housing market will impact you in one form or another.

Since the start of 2020, the market has been <a href="/guides/overwhelming-sales-statistics-last-week-reveal-reinstated-confidence-in-the-off-the-plan-market">performing strongly</a>, where we saw last week’s clearance rate around 80% in both Melbourne and Sydney. The number of properties going under the hammer was also the strongest since 2019, with 1000 and 800 respectively. This statistic was also reflected by the significant increase in listings in our weekly magazine.

While the signs look positive locally, how will the Coronavirus impact Australia’s property market? The main thing to look at is the impact on Australia’s economy. The Coronavirus is set to be declared a pandemic, due to the ease at which it appears to be spreading worldwide. If it can’t be contained quickly, then the impact on economic growth would look dire.

The way I see it, the impact of the virus on Chinese interests in Australian property will be both good and bad. <a href="https://firb.gov.au/">Foreign Investment Review Board (FIRB) reported</a> that foreign investment plunged by 58% year-on-year from $30 billion to $13 billion in the 2017/18 fiscal year – the lowest level in nearly a decade. This will be compounded by the uncertainty around the virus, so in the short term, we will definitely see a drop in demand.

The <a href="https://dfat.gov.au/news/news/Pages/continuing-travel-ban-to-protect-australians-from-the-coronavirus.aspx">current travel ban</a> has limited many Chinese nationals to enter Australia, especially the international students with many either buying for the short term or buying when they continue living in Australia after graduation. Also, if China continues to restrict the flow of funds out of their country to protect their own economy, it limits the ability of Chinese investors to <a href="/guides/2019/06/17/urbans-first-home-buyer-guide">buy property in Australia</a>. 

On the other hand, in the long term, many more Chinese may want to migrate overseas, as the virus has made them feel vulnerable in China. If so, we will see a resurgence of strong demand from Chinese foreign buyers in the near future. But a lot is dependent on how the Chinese Government limits the flow of funds to overseas if the economy is doing poorly and also if any easing of Australia’s policy towards foreigner buyers. 

Unfortunately, no one has a crystal ball to be able to accurately predict the future. We can’t be sure how the Coronavirus health crisis will pan out globally. We also can’t be exactly sure how it will affect the Australian economy or our property market until we see an end to the crisis.

<div class="rtecenter">Read next: <a href="/news/first-home-buyers-snap-up-property-due-to-fear-of-missing-out">First home buyers snap up property due to ‘fear of missing out’</a>
</div>
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How will the Coronavirus impact Australia’s property market?

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You heard right, Australia's first private indoor waterpark has now opened for residents of Melbourne's Jubilee Estate in Wyndham Vale. Over the weekend, residents of the community joined the development team for the official opening of the state-of-the-art facility, named Club Jubilee One.

The multi-million dollar development is the first of its kind, breaking the status quo of traditional residential amenity. Club Jubilee One took 18 months to construct and features a three-lane 25-metre lap pool, a leisure pool, a 'learn-to-swim' area, toddler's splash zones, two impressive water slides and a junior play pool with water cannons, ground sprays and fountains. 

<figure><a class="colorbox colorbox-insert-image" href="https://res.cloudinary.com/dz9xllyip/image/fetch/q_auto:good/https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/_dsc9489.jpg" rel="gallery-all" title="Image supplied. "><img alt="" class="image-article-full-width-580px" height="387" src="/s3/files/styles/article_full_width_580px/public/pictures/article-images/_dsc9489.jpg?itok=hPaMaZYH" title="Image supplied. " width="580"></a>

<figcaption>Image supplied.</figcaption></figure><figure><a class="colorbox colorbox-insert-image" href="https://res.cloudinary.com/dz9xllyip/image/fetch/q_auto:good/https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/_dsc8488.jpg" rel="gallery-all" title="Image supplied. "><img alt="" class="image-article-full-width-580px" height="387" src="/s3/files/styles/article_full_width_580px/public/pictures/article-images/_dsc8488.jpg?itok=4bVHOkK4" title="Image supplied. " width="580"></a>

<figcaption>Image supplied.</figcaption></figure><figure><a class="colorbox colorbox-insert-image" href="https://res.cloudinary.com/dz9xllyip/image/fetch/q_auto:good/https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/_dsc8844.jpg" rel="gallery-all" title="Image supplied. "><img alt="" class="image-article-full-width-580px" height="387" src="/s3/files/styles/article_full_width_580px/public/pictures/article-images/_dsc8844.jpg?itok=sUCrIuNa" title="Image supplied. " width="580"></a>

<figcaption>Image supplied.</figcaption></figure>Designed by Baldasso Cortese Architects, and realised by McCorkell Constructions, the team will now hand Club Jubilee One over to specialist waterpark operator, Bluefit, to manage the leisure facility. A Learn to Swim programme will be available for both adults and children to ensure the inclusive enjoyment of the facility by all residents. Club Jubilee will also include a fully-equipped gymnasium with a training room dedicated to group fitness classes and Yoga.

Entrance to any of the three planned leisure centres within Jubilee Estate will be available to all residents via the homeowner's association. The extensive leisure amenity offering came about due to the developer's commitment to fostering holistic lifestyles within the Jubilee community. 

<blockquote>
"Our commitment is to create a unique community for current and future residents at Jubilee, and the completion of Club Jubilee One is the first step in our journey towards building a community with true heart and soul, whereby our facilities act as a central hub for residents to meet and socialise."
</blockquote>

Daniel Smith, Lotus Living General Manager

<blockquote>
"At Lotus Living we are about the people, and with this at the forefront of everything we do, the Jubilee community has been designed for family fun and a healthy, happy lifestyle to ensure we can create a truly cohesive and self-sufficient neighbourhood for our residents." 
</blockquote>

<h2>What else does Jubilee Estate offer residents?</h2>

Lotus Living's 482-hectare legacy project will include a 5.4-hectare town centre, with 8,000 square metres of retail and commercial space, as well as a 1.2-hectare neighbourhood shopping centre, 33-hectare employment zone and 88-hectares of open parklands. The landscaped parkland within the precinct will include picnic and relaxation areas, walking and fitness trails, children's playgrounds and barbeque facilities. 

Homes on offer include a complete range, from apartments and townhouses, to sections, to house and land packages.

<h2>What's in the pipeline for 2020?</h2>

Later in the month, Jubilee will open its doors to the new early childhood centre, Nido Early School. Children between the ages of 6-months up to school age will be able to attend the school, which offers a creative curriculum and features architecturally designed learning spaces. 

<figure><a class="colorbox colorbox-insert-image" href="https://res.cloudinary.com/dz9xllyip/image/fetch/q_auto:good/https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/insite_wyndham_vale_mb-64-1013x675.jpg" rel="gallery-all" title="Image supplied. "><img alt="" class="image-article-full-width-580px" height="386" src="/s3/files/styles/article_full_width_580px/public/pictures/article-images/insite_wyndham_vale_mb-64-1013x675.jpg?itok=lzkUqSIe" title="Image supplied. " width="580"></a>

<figcaption>Image supplied.</figcaption></figure><figure><a class="colorbox colorbox-insert-image" href="https://res.cloudinary.com/dz9xllyip/image/fetch/q_auto:good/https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/insite_wyndham_vale_mb-79-1013x675.jpg" rel="gallery-all" title="Image supplied. "><img alt="" class="image-article-full-width-580px" height="386" src="/s3/files/styles/article_full_width_580px/public/pictures/article-images/insite_wyndham_vale_mb-79-1013x675.jpg?itok=vrZ8xy-w" title="Image supplied. " width="580"></a>

<figcaption>Image supplied.</figcaption></figure><figure><a class="colorbox colorbox-insert-image" href="https://res.cloudinary.com/dz9xllyip/image/fetch/q_auto:good/https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/insite_wyndham_vale_mb-11-1013x675.jpg" rel="gallery-all" title="Image supplied. "><img alt="" class="image-article-full-width-580px" height="386" src="/s3/files/styles/article_full_width_580px/public/pictures/article-images/insite_wyndham_vale_mb-11-1013x675.jpg?itok=xJOAuqeH" title="Image supplied. " width="580"></a>

<figcaption>Image supplied.</figcaption></figure>Lead image: Club Jubilee One render. Credit: Lotus Living.
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Australia's first residential waterpark: The house your kids will beg you to buy

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In celebration of the 5th anniversary of the Woodlea community, the team behind the master-planned precinct have announced an extravagant birthday giveaway. Five lucky homeowners will receive their 5% land deposit back, which could be up to $20,000 each.

In addition to this prize, anyone who purchases property* within the Woodlea community during March will receive a $10,000 prepaid Visa card. 

<h2>What is Woodlea?</h2>

Woodlea is a master-planned community, located in the suburb of Aintree, 40 kilometres west of Melbourne city. Delivering the decade-long project is Victoria Investments and Properties (VIP), and ASX listed property developer <a href="/developers/mirvac">Mirvac</a>. With over 2,800 homes sold to date, the new development is now home to over 5,000 residents.

Property available within the precinct includes sections, house and land packages, <a href="/news/vip-mirvac-launch-sixth-woodlea-townhouse-development">architecturally-designed townhomes</a>, and Porter Davis detached dwellings. In November, Mirvac announced that many of their Woodlea townhouses will also include <a href="/news/save-the-planet-and-your-bank-balance-woodlea-introduces-smart-solar-packages-for-townhouse-buyers">smart solar packages</a>, enabling residents to save up to 80% on electricity bills – with scope to eliminate all electricity costs in future. 

<blockquote>
"Since its launch five years ago, Woodlea has gone from strength to strength, taking out the title as Australia's fastest-selling community and is making leaps and bounds in its efforts to become Australia's healthiest community."
</blockquote>

Lora Armstrong, Woodlea Sales and Marketing Manager

The precinct also sits on 711 hectares, with a large portion dedicated to green open space for both residents and the broader community to use. Woodlea has the capacity to host major sporting events with an Australian Rules football oval, cricket pitches; tennis and netball courts; and state-of-the-art facilities. The community also includes a selection of playgrounds and cafes. 

Upon completion, Woodlea will be home to over 20,000 residents. According to the 2019 HIA Population &amp; Residential Building Hotspots Report, Rockbank’s population experienced a 59.4% growth in 2017/18 and over $224 million in building approvals – which goes to show the extent <a href="/news/number-of-residents-in-the-woodlea-development-expected-to-double-by-2020">Woodlea’s exponential growth</a> is having on the wider community.

<figure><a class="colorbox colorbox-insert-image" href="https://res.cloudinary.com/dz9xllyip/image/fetch/q_auto:good/https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/woodlea_adventurepark.jpg" rel="gallery-all" title="Woodlea adventure park. Image supplied."><img alt="" class="image-article-full-width-580px" height="387" src="/s3/files/styles/article_full_width_580px/public/pictures/article-images/woodlea_adventurepark.jpg?itok=3LgEyhs4" title="Woodlea adventure park. Image supplied." width="580"></a>

<figcaption>Woodlea adventure park. Image supplied.</figcaption></figure><h2>Could March be a good time to buy at Woodlea?</h2>

Next month Woodlea are planning to release a brand new collection of 60 unique lots, with their $10,000 prepaid Visa card becoming available to new buyers within the community. Sections within the new release will start at $288,000, providing buyers with an affordable entry price point.

Woodlea Sales and Marketing Manager Lora Armstrong explains that the birthday rewards were a way of helping first home buyers enter the property market by giving them a head start financially. 

<blockquote>
"None of this would be possible without the support of our customers and our community, with over 5,000 residents currently calling Woodlea home. It seemed only fitting to give back to new home buyers who are trying to climb the property ladder."
</blockquote>

The five winners will be be announced at the start of April and will be drawn at random (game of chance).
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Woodlea's birthday giveaway: Win your way into a new home

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INPG Sales Director Andrew Steele had a chat to Urban CEO Mike Bird following his win of Urban's top-performing sales agent for the month January. Andrew shares his tops tips for property seekers and stresses the importance of thorough due diligence.

<iframe allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="415" src="https://www.youtube.com/embed/4TeDPfyHs18" width="660"></iframe>

<div class="rtecenter">RELATED ARTICLES</div>

<div class="rtecenter"><a href="/guides">55 important questions to ask the sales agent when buying off-the-plan</a></div>

<div class="rtecenter"><a href="/guides/step-by-step-guide-to-placing-an-offer-on-a-house">Step-by-step guide to placing an offer on a house</a></div>

<div class="rtecenter"><a href="/guides">How does buying off-the-plan work?</a></div>

<div class="rtecenter"><a href="/guides">Tips for buying off-the-plan with confidence</a></div>

 

Full video transcription

Mike: Hi, I'm Mike Bird, the CEO of Apartments.com.au. Today I'm here with Andrew Steele from INPG. 

Andrew: Hi, how are you doing?

Mike: Good mate.

Andrew: That's good.

Mike: Today we have got a special new segment where thousands of buyers every month make inquiries on urban on projects across Australia and in every single of them we ask them: how their experience was with

the agent. 

Andrew: And Andrew has beaten out thousands of agents to be the number one performer in terms of your feedback for January. 

Mike: Congratulations mate 

Andrew: Thank you very much. That's great. Great news. 

Mike: And so what we're looking at, what we've been discussed with Andrew today is really what should buyers be looking out for and what are some of the pitfalls they can avoid? So you know, first of all, what should we be looking out for in the off-the-plan sector? 

Andrew: I think with buying off-the-plan there can sometimes be a bit of ambiguity,  so I think what's important for buyers is to get detail, you know, ask your agent lots of detailed questions have a really clear understanding of what you're looking for as well before you going out and having these appointments with agents and looking at different projects 

Mike: So you mean like looking at getting questions, preparing questions before you go to the appointment 

Andrew: Yeah I think that's important, I think you know buying off-the-plan, have a think about your current living situation what do you like about where you're living currently? What don't you like about where you're living currently? And you know, Where do you want to see yourself? What sort of home do you want and what's important to you? 

Mike: So, in certain terms of comparing, this can be quite hard, I think, for buyers looking at plans and really understanding that within the context.  What does that actually mean in terms of size? What are some ways that they can get around that? 

Andrew: Yeah, so like I said before details are important, so things like size like you said,  so get an understanding of, trying to read the floor plan, that can be a difficult part of buying off-the-plan and you can use the display suite potentially. Sometimes they might be built to scale so you can get an understanding of how that relates to the floor plans that you're looking at. 

Mike: Yeah.

Andrew: Also measure at your current home and sort of look at sizing there – how your furniture fits and how it would fit in the off-the-plan apartment or townhouse that you’re looking at. That's a good thing to look at too. Other details that are super important for buyers is get an  understanding of specifications – fixtures and fittings.

Mike: So what do you mean by fixtures? Is that the brands? 

Andrew: It’s branding. Developers spend a lot on displays [display suites] they're very beautiful, very impressive. You can walk in be wowed. You've just got to make sure that, what you're looking at and what you're buying is either the same as the display suite or find out what's different. Find out what in the display is a standard spec and what is an upgrade.

Mike: Is that like buying a brand new car where you kind of, sometimes you go to a test drive, there's a price on the wall, and then you do a test drive in the super-deluxe model and you find out there to get that one that's going to cost all this extra money?

Andrew: Yeah, certainly. Exactly right. So you go and you see the top-end model, and then you drill down and sort of talking about your price point it doesn't come with all the bells and whistles. So just make sure when you're looking off-the-plan that you're finding out what appliances are included. What's the brand? The size? The spec? What stone? Is timber flooring an upgrade? Is that a standard inclusion? All those things ask the ask your agent find out from the developer what you're actually getting if they can provide the more detail that they can provide the more comfortable you should be moving ahead.

Mike: How important is the developer and the builder and that whole piece, or is it more about the agent, what do you think?

Andrew: I think of all of it. I think the developer's very important. If they've got a proven track record in delivering projects that they've sold in the past and delivering what they were selling on time is important. I think what is also important is a developer's pipeline. What have they got in the future?

Mike: Why does that matter? 

Andrew: I think that matters because what they're currently selling,  so you as a buyer you come into the display suite, if they've got projects in the future, then you've got to make sure they deliver on the one that you're looking at.  

Andrew: So the success of the current approach will determine this test of their future projects as well. 

Mike: One of the things we've focused on when we're building Urban is thinking how can we help buyers to tell the difference between a really experienced developer and one that isn't as experienced. And one of the ways we've done that is through developer track record.

Andrew: Yeah.

Mike: So basically, what we're doing is allowing buyers to see all of the projects, just as you said.

Andrew: Yeah.

Mike: Of the that the developers previously delivered and all the ones that I've got coming up so definitely check that out if you're

thinking about it. 

Andrew: Yeah and I think it's important the team that they're working with too, there are new developers out there that are doing a fantastic job. Again the more detail you can get from your agent the more transparent they are, the more knowledgeable they are, the more comfortable you should be buying. 

Mike: I think we mention as well that sometimes buyers ask you about speaking to someone from the development team themselves. This sounds like a pretty reasonable idea. 

Andrew: Yeah, I think so, I think if the developer's transparent, you should have more confidence in that developer. If it's just the agent you're dealing with, and you can't seem to be getting through to the developer or maybe the builder, you've got to worry about after settlement. What sort of care are you going to get if there are any issues which you hope won't happen, but they do. 

Andrew: After service care is very important, so you want to make sure that you're still dealing with the agent after the development has been built, to make sure that things go smoothly. 

Mike: Well, thanks for sharing the tips.

Andrew: No worries! 

Mike: Congratulations mate, you've done bloody well. 

Andrew: Thank you very much. 

Mike: Good on you. 

Andrew: Appreciate it. 

Mike:  And we'll see you next time. 

Andrew: Thanks, guys! 
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Urban's top-performing sales agent Andrew Steele shares valuable advice for property seekers

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When you buy an item of clothing, there are often many considerations you take into account before reaching the cashier. How the garment fits, the style, quality, price, ethics of its production, if there are any sales/discounts available and even whether you need it. The same thought process is applicable when purchasing property. 

You'll want to think about:

<ul>
<li>Whether the home suits your lifestyle</li>
	<li>Whether you like what the property/apartment building offers</li>
	<li>If the quality of the building is up to your standards</li>
	<li>Whether the property value falls within your price point</li>
	<li>How far you'll need to travel to get to your new home</li>
	<li>If it's the right time for you to purchase a home</li>
	<li>What concessions and savings could you be eligible for?</li>
</ul>
With this in mind, we've outlined some key considerations you might like to mull over when deciding how much you really need to spend on your dream home, as well as some savvy ways you can save money. 

<h2>Purchase the right configuration</h2>

<figure><a class="colorbox colorbox-insert-image" href="https://res.cloudinary.com/dz9xllyip/image/fetch/q_auto:good/https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/screen_shot_2020-02-17_at_4.32.39_pm.png" rel="gallery-all"><img alt="" class="image-article-full-width-580px" height="386" src="/s3/files/styles/article_full_width_580px/public/pictures/article-images/screen_shot_2020-02-17_at_4.32.39_pm.png?itok=lzhYF26K" width="580"></a></figure>Buying an unbuilt, off-the-plan property can give you a great deal of flexibility to customise your home to meet your needs. Each square metre of a house can cost you thousands, so it's worth assessing how much space you want, versus how much space you need. If you rarely have guests to stay, you could instead purchase a decent futon sofa, rather than a whole extra bedroom. However, if you're regularly welcoming friends, family or <a href="/guides/breezybnb-chooses-urban-s-5-best-brisbane-apartments-for-airbnb">Airbnb</a> guests to stay, then a spare bedroom could be a worthwhile investment.

In recent years, the population of Australian cities is rapidly increasing, which is prompting a rise in both apartment construction, and apartment purchases. In our feature about the shift to <a href="/news/is-australia-ready-for-smaller-footprint-apartment-living">smaller footprint living</a>, we asked architect Nicholas Gurney, what this meant for Australian homes and their inhabitants. 

<blockquote>
"A reduction is positive. There is something very satisfying about inhabiting spaces without surplus or excess and this can only be experienced through positive change. The obvious benefits of more quality time and less financial burden are obvious advantages."
</blockquote>

Nicholas Gurney, Principal at <a href="https://www.nicholasgurney.com.au/">Nicholas Gurney Architects</a>

While many buyers feel that they need lots of space "just in case", or because it's what they are used to, you may find that smaller footprint living could lead to a more stress-free, low maintenance lifestyle. If you look for a smaller home, you could free up your budget for optional upgrades, or a house closer to the city.

<h2>Opt for a home with flexible spaces</h2>

<figure><a class="colorbox colorbox-insert-image" href="https://res.cloudinary.com/dz9xllyip/image/fetch/q_auto:good/https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/screen_shot_2020-02-17_at_4.34.13_pm.png" rel="gallery-all"><img alt="" class="image-article-full-width-580px" height="386" src="/s3/files/styles/article_full_width_580px/public/pictures/article-images/screen_shot_2020-02-17_at_4.34.13_pm.png?itok=9noLjavs" width="580"></a></figure>Many new apartments and townhouses feature an ergonomic design in response to our modern lifestyles. Workspaces are seamlessly integrated within living spaces to accommodate residents who work remotely, while we've also seen a shift in laundry facilities moving from in-house to communal areas. Flexibility within the home is excellent for both space-saving and cost-saving.  

<h2>Pay close attention to the number of on-site amenities</h2>

<figure><a class="colorbox colorbox-insert-image" href="https://res.cloudinary.com/dz9xllyip/image/fetch/q_auto:good/https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/screen_shot_2020-02-17_at_4.34.00_pm.png" rel="gallery-all"><img alt="" class="image-article-full-width-580px" height="385" src="/s3/files/styles/article_full_width_580px/public/pictures/article-images/screen_shot_2020-02-17_at_4.34.00_pm.png?itok=kmZYZ7eT" width="580"></a></figure>If you follow the rule, "the more amenities, the higher the strata levies" then you're less likely to receive a shock when your strata or body corporate fees start rolling in. Each amenity costs the property owner maintenance fees, so if you're trying to stick to a tight budget, avoid viewing facilities as 'perks' of apartment living. However, if you're going to get a lot of use out of the swimming pool and gymnasium, then purchasing an apartment with these inclusions will mean you can cancel any auxiliary fitness memberships. Effectively making your <a href="/guides/how-to-make-strata-fees-work-in-your-favour">strata/body corporate fees work in your favour</a>.

<h2>Weigh up the cost of commute versus the value of the property</h2>

<figure><a class="colorbox colorbox-insert-image" href="https://res.cloudinary.com/dz9xllyip/image/fetch/q_auto:good/https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/screen_shot_2020-02-17_at_4.33.47_pm.png" rel="gallery-all"><img alt="" class="image-article-full-width-580px" height="386" src="/s3/files/styles/article_full_width_580px/public/pictures/article-images/screen_shot_2020-02-17_at_4.33.47_pm.png?itok=KulRZWWt" width="580"></a></figure>Doing a weekly transport budget is a great way to assess how much extra money you could have to fork out each week to get to the places you visit most. These could include your workplace, the city or family and friend's houses. For example, you may find your dream home 20 kilometres out of town. While the upfront cost of a home closer to the city may have a higher asking price, it could work out equally cost-effective once you evaluate commuting costs. Alternatively, you may discover that you get more value for your money by purchasing <a href="/buildings/nbh-at-lachlan-s-line-25-27-epping-road-macquarie-park">a home further out of the city</a>, but at least you have weighed up all options and arrived at a decision that's right for you. There's nothing worse than worrying, "what if...?", so it's always a good idea to research all options, so you feel confident with your purchase. 

<h2>Look beyond aesthetics + invest in quality</h2>

<figure><a class="colorbox colorbox-insert-image" href="https://res.cloudinary.com/dz9xllyip/image/fetch/q_auto:good/https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/screen_shot_2020-02-17_at_4.33.34_pm.png" rel="gallery-all"><img alt="" class="image-article-full-width-580px" height="385" src="/s3/files/styles/article_full_width_580px/public/pictures/article-images/screen_shot_2020-02-17_at_4.33.34_pm.png?itok=yzp0zFXG" width="580"></a></figure>Interior aesthetics have the power to charm a buyer and encourage them to overlook any underlying issues within the development. It's your responsibility as the buyer to look beneath the surface and find out whether the property meets your standards. Superficial features can always be changed, refreshed and upgraded. However, the structural, built features of an apartment or townhome are far more challenging and costly to retrofit. 

Save yourself the stress by undergoing thorough <a href="/guides">due diligence</a>, <a href="/guides">asking the sales agent lots of questions</a> and acquiring as much paperwork as you can. A structurally sound, well-built house is probably worth investing more money in than one that looks nice on paper. If buying off plans, you can research the track record of the developer, builder and architect to ensure you're happy with their previous work.

<blockquote>
"The tendency to get too far ahead and caught up with the aesthetics of a property often distracts people from considering other essential points. Savvy buyers think beyond the home. What is the local council like and how do their services measure up? How has the suburb been trending in the past few years? How is the home positioned and what are the neighbours like? Are their good schools nearby? Is there adequate public transport? Are there infrastructure or building development plans near the property?" 
</blockquote>

Macquarie Bank, <a href="https://www.macquarie.com/au/personal/home-loans/expertise/first-home-buyer-mistakes/">First Home Buyer Mistakes</a>

In general, quality is not something you'll want to sacrifice. By paying more for higher quality fixtures and fittings, or a home with better insulation and glazing will mean you'll pay more upfront but could enjoy savings long-term. More energy-efficient homes are also continuing to provide homeowners with significant utility bill savings.

<h2>Utilise concessions/grants</h2>

<figure><a class="colorbox colorbox-insert-image" href="https://res.cloudinary.com/dz9xllyip/image/fetch/q_auto:good/https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/screen_shot_2020-02-17_at_4.33.11_pm.png" rel="gallery-all"><img alt="" class="image-article-full-width-580px" height="385" src="/s3/files/styles/article_full_width_580px/public/pictures/article-images/screen_shot_2020-02-17_at_4.33.11_pm.png?itok=j51ssILh" width="580"></a></figure>Buying off-the-plan can come with several financial benefits, the first being the ability to purchase with a low deposit of often just 5%. In addition to the low deposit, many first home buyers may be eligible for a new home government grant, which, depending on the state you're buying in, could be around $10,000. Stamp duty savings are also often available for purchases of brand new off-the-plan homes, so it can be very beneficial to research all options before purchasing a new home.

<div class="rtecenter">For more information, you may find our comprehensive state by state guides useful:</div>

<div class="rtecenter">The state-by-state guide to Australia's off-the-plan Stamp Duty concessions</div>

<div class="rtecenter"><a href="/guides/how-to-navigate-australias-first-home-buyer-grants">How to navigate Australia's First Home Buyer Grants</a></div>
</body></html>

How much do you really need to spend on an apartment?

Around 400 additional homes could be built at Southwark Grounds on Port Road, lifting total site capacity from 1300 to around 1700 dwellings.

A recently approved code amendment would allow apartment towers of up to 14 storeys in some areas of Renewal SA’s redevelopment of the former West End Brewery.

Renewal SA Acting Chief Executive Shane Wingard said he welcomed the code amendment, with the increase in heights and homes making a positive impact on the supply of high-quality, well-connected housing close to the city.

“By going higher across some parts of Southwark Grounds, we are adding a substantial number of very well-located homes with little impact on project delivery time or planned open space,” Mr Wingard said.

Since the project officially launched in 2025, Mr Wingard said more than 12,000 enquiries had been received about living at Southwark Grounds.

“The very strong early interest we’ve seen since homes were first released in the precinct reinforces our plans to create more housing opportunities,” he said.

The Southwark Grounds code amendment was launched in December last year, with community engagement undertaken over five weeks from January.

It proposed increasing maximum building heights from eight to 14 storeys on the eastern section of Southwark Grounds, and to 12 storeys across the remainder of the site, with minimum building heights ranging from two to four storeys.

The code amendment was implemented through an Early Commencement policy in late January, allowing developers to quickly explore the viability of increased height and housing yield while other planning processes continue.

One of the first developers delivering apartment sites have already finalised redesigns to increase the number of apartments following the code amendment.

Samaras’ development adjacent to the future Colonel Light Park is now planning to deliver 125 apartments across 11 storeys, significantly greater than original plans of around 50 apartments across four storeys.

The developer is also exploring the potential for additional affordable housing outcomes.

Most of the apartments at Southwark Grounds will be delivered within a master-planned precinct on a large parcel of land on the eastern portion of the site, covering around two-thirds of its 8.4 hectares.

Wingard said detailed precinct planning over the coming months may identify further opportunities to increase yield further that could see total apartment numbers at Southwark Grounds, exceed this number.

Affordable homes at Southwark Grounds will also see a net increase, with Renewal SA maintaining its commitment to a minimum of 20 per cent affordable housing across the development.

&nbsp;

&nbsp;

Civil works have begun across the site, with construction under way on the first new roads surrounding a townhouse precinct in the south‑west corner of Southwark Grounds. This includes Renewal SA’s 17 Founder’s Row homes, which are on track for completion by Christmas.

“We expect to have people living at Southwark Grounds by the end of the year, so delivering roads and public spaces for those residents is among our highest priorities.”

Construction of 40 townhouses off Anderson Street, known as West Village and being delivered by Contour, is forecast to begin in mid‑2026. Kolabb’s Anderson Lane development will follow shortly after, delivering a further 26 townhouses.

Southwark Grounds is a state government‑led urban renewal project now set to deliver around 1,700 homes over the next decade.

Homes will be supported by a supermarket, a range of retail and hospitality offerings anchored by a revitalised Walkerville Brew Tower, a childcare centre, car parking and well‑connected public spaces.

Joel Robinson

400 new homes planned for Adelaide's former West End Brewery site

Brisbane developer&nbsp;<a href="https://www.apartments.com.au/developers/cavcorp">Cavcorp</a> has lodged plans for a new mixed-use residential development at <a href="https://www.apartments.com.au/new-apartments/55-wyandra-street-teneriffe-qld-4005">55 Wyandra Street</a>, Teneriffe, anchored by an 85-metre public laneway designed to reconnect the suburb’s riverfront with the Gasworks precinct.

The buildings, known as Teneriffe House and Teneriffe Lane, would replace the existing Queensland Cotton head office site with a 15-storey residential tower transitioning to eight storeys toward Helen Street. The project has been designed by Plazibat Architects and lodged as a code assessable development application for 93 apartments across a 3,401 sqm mixed-use site within the Newstead and Teneriffe Waterfront neighbourhood plan.

Central to the scheme is the transformation of an existing service easement into a publicly accessible cross-block connection linking Wyandra and Helen Streets. Cavcorp says the new laneway will act as both a pedestrian shortcut and a landscaped civic space between the Teneriffe Riverwalk, ferry terminal, and Gasworks precinct.

<img alt="First Look: Cavcorp unveils Teneriffe House and Teneriffe Lane plans for landmark wellness tower in Teneriffe" data-entity-type="file" data-entity-uuid="26e7f058-b065-4de8-b13d-a2b8cb64dfcc" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/bldg.png?VersionId=sELS0ZKYi361oYipUa1BIKfe_.DLZoFV" />

“The revised proposal delivers a legacy public-realm cross-block link, permanently secured for community use, transforming an existing private easement into a safe, high-quality pedestrian connection between the Teneriffe heritage riverwalk and the Gasworks–Long Island precinct,” the planning report states.

The laneway will sit beneath a large subtropical loggia integrated into the podium levels of the development. The design incorporates deep landscaping, water gardens, lobby spaces, business lounges, and ground-floor apartments to create what Cavcorp describes as a climate-responsive “urban verandah.”

The tower itself has been designed as a slender form with recessed floorplates and curved translucent corners inspired by contemporary Japanese architecture. The building height aligns with the Commercial Road precinct controls, which permit towers up to 15 storeys within proximity to Longland Street.

<img alt="First Look: Cavcorp unveils Teneriffe House and Teneriffe Lane plans for landmark wellness tower in Teneriffe" data-entity-type="file" data-entity-uuid="a8a17d40-43b6-4718-b3fd-67676fcbb485" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/pers%202_1.png?VersionId=i3VwDtp5AmL_8InW7w4qRbDFEpb744Jt" />

The project will comprise a mix of larger-format apartments aimed at owner-occupiers, downsizers, and families. The proposed apartment mix includes 11 loggia apartments across the lower levels, 50 four-bedroom Sky-Terrace apartments from levels three to seven, and 32 Sky-Pool Homes occupying the upper tower levels. The Sky-Pool Homes will feature private thermal plunge pools integrated into oversized balconies.

According to the application, the apartments are intended to reinterpret the scale and character of Teneriffe’s woolstore conversions and Queensland homes within a vertical residential format.

“The sky-pool homes build on Cavcorp’s previous projects and introduce a distinct apartment typology to Teneriffe, informed by both local and international precedent and responding to an identified market demand for enhanced safety, space and amenity,” the planning submission notes.

A major focus of the proposal is its five-level wellness and lifestyle offering, extending from the basement through to the rooftop.

Amenities proposed include a rooftop Swim &amp; Racquet Club with a 25-metre Olympic lap pool and tennis court, coworking spaces and libraries, golf simulators, wine storage, concierge facilities, business lounges, pet wash areas, and rooftop longevity-focused wellness spaces with spas, outdoor fitness zones, and landscaped terraces.

<img alt="First Look: Cavcorp unveils Teneriffe House and Teneriffe Lane plans for landmark wellness tower in Teneriffe" data-entity-type="file" data-entity-uuid="944b352c-49b9-4247-a4c6-5967b4b69fda" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/amenity.png?VersionId=Ed_qKjAtMwFT.5gfl3jiA9QwdWxSMsaX" />

All parking will be concealed within basement levels accessed from Wyandra and Helen Streets. Cavcorp says the deep-basement engineering approach allows the entire ground plane to prioritise landscaping, pedestrian movement, and active frontage rather than vehicle infrastructure.

The development continues Cavcorp’s concentration in Newstead and Teneriffe, where the Brisbane developer has delivered a number of apartment projects including Lucent, Le Bain, and Luminare, as well as the Long Island Wellness Precinct nearby. Several of those projects have received national design and architecture awards, including recognition under Brisbane’s “Buildings that Breathe” program.

Cavcorp unveils wellness-focused Teneriffe House and Teneriffe Lane apartment buildings

Focus Group Investments has lodged plans for a new apartment development at <a href="https://www.apartments.com.au/new-apartments/64-70-hanover-street-fitzroy-vic-3065">64–70 Hanover Street</a> in Fitzroy, seeking to utilise the Victorian Government’s recently introduced Great Design Fast Track pathway to accelerate approvals for the project.

The proposal is among the latest developments to emerge through the state-led initiative, which was established to fast-track well-designed residential projects in activity centres and transport-connected inner-city locations. The pathway allows qualifying developments that meet elevated design and housing benchmarks to bypass traditional council planning timeframes and instead be assessed directly by the Department of Transport and Planning.

Designed by SJB, the development will comprise a mix of apartments above activated lower levels, with a strong focus on architectural articulation, landscaping, and communal amenity. The design response seeks to balance the industrial character of Richmond’s former warehouse precincts with a more contemporary residential form.

<img alt="First look: Focus Group Investments taps Victoria’s Great Design Fast Track for Richmond apartments" data-entity-type="file" data-entity-uuid="abea51cc-d85b-479e-9aef-a589f3b37ca7" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/ground.png?VersionId=e1Kf8EyPWwyiVumtqQ4rM5S4GpOR3CCz" />

Proposed are 63 new dwellings, a wide ranging mix of studio, one-, two-, and three-bedroom apartments, and townhouses and duplexes. They will be spread across a part-three, part-eight storey building.

The Planning and Urban Context Report by Tract says the development is of an "exemplary architectural standard" and has been carefully crafted by SJB Architects.

"Dwellings&nbsp;will benefit from excellent access to natural light, cross-ventilation opportunities and extensive communal space," the report noted.

The architectural material highlights the project’s integration of landscaped elements and communal spaces throughout the building. The proposal also incorporates sustainability initiatives aligned with the Victorian Government’s push for higher-performing apartment developments under the fast-track program.

The Great Design Fast Track was unveiled by the Victorian Government in 2024 as part of a broader housing supply strategy aimed at accelerating the delivery of new homes. Projects assessed through the pathway must demonstrate high-quality architecture, sustainability outcomes, and housing diversity while being located close to public transport and existing infrastructure.

<img alt="First look: Focus Group Investments taps Victoria’s Great Design Fast Track for Richmond apartments" data-entity-type="file" data-entity-uuid="afdbe834-8dc4-4a77-a943-ba07bc927348" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/site_11.png?VersionId=0J657j.TaChAZfp93wqJYBTqSsnREJx2" />

Focus Group, founder and led by Paul De Lutiis, is increasingly active across Melbourne’s inner suburbs, targeting well-connected urban renewal locations suited to medium and higher-density residential development. The Fitzroy proposal continues that strategy, leveraging the area’s strong transport links, established retail amenity, and proximity to the CBD.

Fitzroy has been one of the most popular spots for developers and buyers in recent years. The likes of PACE Development Group, SMA Projects, Crema Group and Chapter Group, currently selling projects in the suburb.

First look: Focus Group Investments taps Victoria’s Great Design Fast Track for Fitzroy apartments

The Gold Coast Planning Committee has supported the preliminary approval for the Benowa Gardens Urban Village project following an extensive community consultation and assessment process.

The proposal will now proceed to a full council vote on June 2.

The application sought approval for a masterplanned urban village on the existing Benowa Gardens Shopping Centre site, combining new housing, retail, dining, health and lifestyle amenities within a walkable, integrated precinct.&nbsp;

The proposed redevelopment includes around 413 apartments integrated above a revitalised mixed-use centre featuring a full-line supermarket of 4,000 sqm, 6,000 sqm of specialty retail and dining space across around 30 retailers, a 7,000 sqm health and wellness precinct, and roughly 9,630 sqm of office and medical suites.&nbsp;

<img alt="$1b Benowa Gardens Urban Village moves to Full Council following Planning Committee support" data-entity-type="file" data-entity-uuid="fb36ae47-80bc-45f0-9914-31b0c7b6007d" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/PR26576%20Ashmore%20Road%20C4%201121%20FI.jpg?VersionId=6mRKk2uU4r67TmTt39DKGUlvFRbTVqWa" />

The broader masterplan also includes very significant traffic and transport improvements, wide pedestrian walkways, upgraded pedestrian and cycle connections, and enhanced public areas designed to create a more connected and walkable community environment.&nbsp;

Centre owner Patrick Lu said the milestone reflected months of detailed planning, technical assessment and ongoing communication with local residents, businesses, schools and stakeholders.

“We appreciate the time, consideration and care Council officers and the Planning Committee have given this proposal throughout the assessment process,” Lu said.

“We also sincerely thank the local community for engaging with us, sharing feedback and participating in the consultation process over many months.

<img alt="$1b Benowa Gardens Urban Village moves to Full Council following Planning Committee support" data-entity-type="file" data-entity-uuid="32fd1fc3-d0e6-485f-ac57-9916c9bcb818" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/PR26576%20Ashmore%20Road%20C5%201121%20FI_2.jpg?VersionId=fz8qQKDBLQ7MyFRc856Zccfbh9nFwLOe" />

“We understand projects of this scale bring questions and concerns, which is why we have worked hard to listen carefully, provide information transparently and continue refining elements of the proposal where possible.

“Our vision has always been to create a well-designed, community-focused urban village that responds to the changing needs of the Gold Coast, while delivering improved amenity, housing diversity, healthcare access and local lifestyle benefits.

“This proposal is about creating a genuine live-work-play environment where residents can access everyday services, schools, healthcare, dining, shopping and green space within walking distance, while also supporting local jobs and economic activity.”

<img alt="$1b Benowa Gardens Urban Village moves to Full Council following Planning Committee support" data-entity-type="file" data-entity-uuid="50dfbd04-590e-4fc6-983b-766880947867" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Dining%20Day%20Time%20-%20High%20Resolution.jpg?VersionId=BP7ZoKJ0DdL_8iRkkC8VVx99moICV6kg" />

Lu said the proposal had evolved significantly through consultation and technical review, particularly around traffic, pedestrian and student safety and neighbourhood connectivity.&nbsp;

Melissa Griffin, Director at Urbis, said the recommendation recognised the strategic importance of delivering more housing and services within established urban areas already supported by infrastructure.

“This proposal represents the type of thoughtful, integrated growth that planning frameworks across South-East Queensland are encouraging,” Ms Griffin said.

“The project seeks to place housing, retail, healthcare and employment opportunities together in a highly accessible location close to schools, transport and existing services.

“Importantly, the process has involved significant technical assessment and community engagement to ensure local issues and feedback were properly considered throughout the planning pathway.”

$1 billion Benowa Gardens Urban Village heads to council vote following Planning Committee support

Surfers Paradise is officially set for its first new residential development with a 45-storey skybridge connecting the two towers.

John Camilleri’s Celestino Developments has been given the green light by the Gold Coast City Council to develop its major beachfront precinct across its huge 4,000 sqm oceanfront site at <a href="https://www.apartments.com.au/new-apartments/63-79-garfield-terrace-surfers-paradise-qld-4217">63–79 Garfield Terrace</a>, just five months after its <a href="https://www.apartments.com.au/news/qld/first-look-exclusive-billionaire-winx-breeder-s-bold-two-tower-surfers-paradise-play-with-45th-storey-skybridge">submission in late 2025</a>.

The approved scheme will deliver two towers rising 55 and 48 storeys, connected by a skybridge positioned on level 45 that will house a range of resident-only wellness and entertainment spaces.

In its notice of approval, the Gold Coast City Council said the&nbsp;proposed overall built form has been designed to complement the scale, intensity and protect the adjacent amenity and surrounding streets through the use of varied setbacks, site cover and architectural elements.

<img alt="First look exclusive: Billionaire Winx breeder’s bold two-tower Surfers Paradise play with 45th-storey skybridge" data-entity-type="" data-entity-uuid="" src="https://res.cloudinary.com/dz9xllyip/image/fetch/f_auto,c_limit,w_1440,q_75/https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/field/image/Screenshot%202025-12-30%20at%209.53.48%E2%80%AFAM.png?VersionId=ADyPJ_TFbJvSU9wZFOiCBnlPtgF7VWqW" />

Designed by <a href="https://www.apartments.com.au/architects/dbi">DBI</a>, the development will comprise 275 apartments across the two towers, including a mix of two-, three-, and four-bedroom residences, as well as several penthouses. The apartments will sit above a landscaped podium featuring more than 90 metres of beachfront pool frontage, private resident lawns, lounges, and wellness spaces.

DBI said the design draws heavily from the movement and form of the coastal environment, with curving balcony lines and sculpted façades intended to soften the scale of the towers while maximising ocean outlooks and passive shading outcomes.

“The project occupies a rare, uninterrupted oceanfront site and has been shaped by a design philosophy that merges architectural elegance with environmental responsiveness and a carefully curated lifestyle experience,” DBI said in planning documents submitted to the Gold Coast City Council.

The most distinctive element of the approved project is the skybridge linking the two towers at level 45. The elevated communal space is planned to include executive lounges, formal dining areas, wellness facilities, and panoramic ocean-facing outlooks.

“The skybridge enhances the identity of the development, promotes social interaction, and delivers a lifestyle experience not found elsewhere on the Gold Coast,” DBI said.

At podium level, residents will have access to a suite of resort-style amenities, including resident lounges, private dining rooms, a yoga lawn, gymnasium, plunge pools, and treatment spaces. The beachfront pool has been designed with separate lap, lounge, and children’s areas extending across the width of the site.

The project will also introduce new food and beverage offerings along the Enderley Avenue and Oceanway frontages, contributing additional activation to the beachfront precinct.

Olivia Round

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