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Knowing how to negotiate effectively is the key to securing your home at a reasonable price. In this guide, we will teach you about preparation, research, and placing an offer – as well as many helpful tips for winning your dream home, for your ideal price. 

There is a <a href="https://www.psychologytoday.com/us/blog/how-do-life/201406/the-psychology-negotiating">psychology of negotiating</a> and having a basic understanding of it, along with being well-prepared, will help you to secure a favourable deal. It is also important to make peace with the fact that you may not secure the deal and need to walk away. By making this clear to yourself before negotiating, you can steer clear of getting into deep water with a price that you <a href="/guides/how-much-can-i-borrow-for-a-new-home">cannot afford</a>.

This guide has been updated for 2020.

<h2>Negotiation preparation</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/negotiationpreparation.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/negotiationpreparation.png?itok=ToT9YTid" width="580"></a></figure>One of the most important preliminary steps for how to negotiate when buying a new house is your <a href="/guides/5-tips-every-first-home-buyer-needs-to-know">information gathering and preparation</a>. You want to understand the recent sales for properties of a similar style in the same location to ensure that your offers are realistic and fair. When budgeting, you'll also want to take into account some of <a href="/guides/top-10-hidden-costs-of-buying-a-house-or-apartment-in-2021">the hidden costs that can come with buying a house</a> to ensure you are completely covered.

Here are some of the essential points you will want to be aware of when preparing for negotiation:

<ol>
<li>
	Research the market you are purchasing in to understand its current state
	</li>
	<li>
	Plan how you will deal with realtors
	</li>
	<li>
	Consider the services of a buyer's agent
	</li>
	<li>
	Research the property you are looking to purchase
	</li>
	<li>
	Decide on your budget
	</li>
	<li>
	Plan any special conditions that may be required as part of the deal
	</li>
</ol>
Once <a href="/new-apartments">you have found the right property for you</a> and you are ready to make an offer, you'll move into the negotiation phase. Understanding the market is a crucial element here, and a lot is riding on you negotiating well. Any money you save doesn't stop at the purchase price; it also means less stamp duty and home loan interest. Plus, who wouldn’t like a bit of extra play money <a href="/expert-insights/buying/essential-household-items-for-your-new-apartment">when it comes time to deck out your new home or apartment</a>?

<h2>Market 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/marketresearch.png" rel="gallery-all"><img alt="" class="image-article-full-width-580px" height="435" src="/s3/files/styles/article_full_width_580px/public/pictures/article-images/marketresearch.png?itok=Ye1mwmct" width="580"></a></figure>The first step is understanding how much the property you are considering buying is worth. Look at and compare similar properties in the area, specifically ones that have sold in the past few months to determine how the property market is trending in that particular suburb. This is just <a href="/guides/20-things-you-should-look-out-for-before-you-buy-property">one of the ways to also ensure that the property you are considering is a good deal</a>. 

Once you understand the real value of the property, you will have a level of bargaining power during negotiations.

<h2>Dealing with agents</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/dealingwithagents.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/dealingwithagents.png?itok=0yvwG09O" width="580"></a></figure>You may be in a position where you have two types of agents involved in your purchase.

The first is the real estate agent, and it is essential to remember that they work for the vendor and are trying to get them the best deal. They are working towards the opposite goal that you are. They want you to spend as much as possible, and this is where it is vital to know how much you are comfortable spending and sticking to it. Keep your budget to yourself and don't give away how much you really love and want the property. Be upfront and communicate clearly with the real estate agent; be easy to deal with and <a href="/guides/step-by-step-guide-to-placing-an-offer-on-a-house">put all offers in writing</a>.

The second agent is on your team. If you decide to employ a buyer's agent, they will work as an advocate for you, not only in finding the right property, but also helping you during the negotiation process. This may even have the benefit of access off-the-market <a href="/guides">or off-the-plan properties</a> that are yet to be seen by the wider public.

<h2>Property 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/propertyresearch.png" rel="gallery-all"><img alt="" class="image-article-full-width-580px" height="382" src="/s3/files/styles/article_full_width_580px/public/pictures/article-images/propertyresearch.png?itok=AuBAEHOK" width="580"></a></figure>Along with understanding the market, you also need to <a href="/guides/understanding-the-property-cycle-when-buying">understand the specific property</a>, including its features and why the vendor may be looking to sell it.

You'll want to try and gather information on whether or not the vendor is looking for a quick sale. You should learn how long the property has been on the market for and if there are any issues or building defects.

Understanding the motivation behind the sale can be <a href="/guides/tips-for-negotiating-with-real-estate-agents">a very helpful negotiating tip when it comes time to talk to the real estate agent</a>. For example, someone after a fast sale may be more willing to accept a lower price. 

<h2>Understanding your budget</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/understandingyourbudget.png" rel="gallery-all"><img alt="" class="image-article-full-width-580px" height="431" src="/s3/files/styles/article_full_width_580px/public/pictures/article-images/understandingyourbudget.png?itok=TOfivNtt" width="580"></a></figure>Whether on your own or with the help of an accountant or financial planner, <a href="/guides/looking-for-a-home-on-a-budget-here-are-10-melbourne-apartments-under-385-000">work out your budget</a>. This may also require a conversation with your financial institution to understand your borrowing capacity and <a href="/guides/how-to-choose-the-right-home-loan">that you are picking the right loan for your situation</a>. You will want to ensure that you have pre-approval before making any offers, or, a condition that states your offer is subject to finance. Once you know this figure, you need to stick to it. This can sometimes be tricky in negotiation situations, so it's important not to let your emotions get the better of you. 

There will likely be competition from other buyers and various other pressures. It can be hard to walk away from a property you have decided you want, but if it comes to destroying your budget, you need to know when to fold the cards. 

Offer an amount that is less than your maximum, which both allows you room to negotiate and has the potential to provide you with a saving. If you go too high, too fast, the negotiations will result in the price possibly going over and above your limit. Depending on the situation, offering far less than the asking price may very quickly remove you from the list of potential buyers, so you need to keep things reasonable and fair. 

<h2>Negotiating tips</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/negotiatingtips.png" rel="gallery-all"><img alt="" class="image-article-full-width-580px" height="381" src="/s3/files/styles/article_full_width_580px/public/pictures/article-images/negotiatingtips.png?itok=pXJdeE5O" width="580"></a></figure>When it comes time for the big negotiating event, the following tips should be kept in mind:

<ul>
<li>
	Set your goal for the negotiation in regards to purchase price, terms of the contract and what a deal that you will be happy with looks like
	</li>
	<li>
	Understand the motivation behind the sale to help navigate which terms you can include in the agreement and where to land with price
	</li>
	<li>
	Understand that negotiation, by its very definition, is about give and take and compromise with a desirable outcome for everyone involved
	</li>
	<li>
	Walk away if you need to, <a href="/new-townhouses">there are plenty of other property options</a>
	</li>
	<li>
	Make yourself heard but be sure to listen to the other party as well; good negotiations go hand in hand with good communications
	</li>
	<li>
	Be patient. If you rush, you are more likely to make mistakes 
	</li>
</ul>
The ability to successfully negotiate is based around the idea that you shouldn't be afraid to ask for what you want. Be assertive and challenge the points that don't align with your goals. As we have mentioned a few times, it is vital to remove emotion, which means being assertive without anxiety or anger. 

During negotiations, you are looking to take care of your own interests, but should also maintain respect for the interests of the other party. Remember, they have something you want, and vice versa. 

<h2>Negotiations can be the make or break in your new property purchase</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/negotiationscanbethemakeorbreak.png" rel="gallery-all"><img alt="" class="image-article-full-width-580px" height="383" src="/s3/files/styles/article_full_width_580px/public/pictures/article-images/negotiationscanbethemakeorbreak.png?itok=zCaBlgTi" width="580"></a></figure>It is vitally important that you remain cool and calm during negotiations, and completely remove emotion from what is a significant business transaction.

Allowing yourself the ability to walk away means you are negotiating with options. If the only outcome for you is the purchase of the property in question, you lose your ability to say no. If the seller picks up on this, they have you in a corner. Always be willing to walk away and be comfortable with it as an option. If the other party sense desperation, you put yourself at a significant disadvantage.

You may love the property in question, it may be your dream home, but putting yourself into a tricky spot financially will significantly reduce the enjoyment of your new place. Do your research, understand what deal you will be happy with and aim for, knowing that you will walk away if you do not achieve that goal. Being comfortable with the idea of <a href="/developments">finding another development</a> should this one not work out is essential.

Your plans and budget are the most important things to maintain, plus you will likely feel a lot better with your purchase, knowing that you were able to successfully negotiate a great deal.
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urban.com.au

How to Negotiate When Buying a House

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One of the most daunting aspects of <a href="/guides/how-to-buy-a-house-in-2021-a-guide-for-first-time-home-buyers">buying a new home</a> is running through the home inspection checklist to ensure that everything is up to scratch. After all, you don't want to miss something that will become a potentially expensive problem for you later.

A home buyer inspection list isn't just there to ensure everything is ready for you to move in, it's also to alert you to any significant issues that may mean you shouldn't be buying the property at all. This is particularly pertinent <a href="/guides/2019/06/24/own-rental-property-here-are-14-things-to-check-to-avoid-major-problems-in-future">if you are dealing with a potential investment property</a> as the new tenants will be coming to you with any issues.

The main goal is to ensure that the property you are purchasing is exactly how you expected and you are getting what you paid for. <a href="/">To assist, Apartments.com.au</a> have prepared this home inspection checklist to show you what to look for in a brand new property. This guide has been updated in 2020.

<h2>What to look for in a new home inspection</h2>

[smartcode_project:default project_id=8082]

It is important to remember that professional inspectors will be looking over the home for significant potential problems such as structural issues, damaged fixtures, or anything that may need to be replaced.

It is also <a href="https://nakedrealestate.com.au/blog/the-importance-of-conducting-a-pest-inspection-before-purchasing-property">a good idea to have a pest inspection</a> to save hassles later. You don't want to find out you could have prevented a white ant problem after the fact. This is also an excellent chance to be aware of any potential for pest issues that may pop up in the future based on the location of your home and the materials used in its construction.

For properties with a swimming pool, it is vital to have an inspection of the pool fencing, surrounding area, and the pool itself. For safety, you'll want to make this a regular activity. 

It is also a good idea to obtain a surveyor's report which will identify the boundaries of your property, so you understand what exactly is your land and what is not.

<h2>House inspection checklist</h2>

[smartcode_project:default project_id=27783]

<a href="/new-townhouses">Once you have decided which property is right for you</a>, always perform a comprehensive check before the settlement of the following elements to ensure there will be no potential issues.

1. Water pressure and drainage

This can be tested by flushing toilets and running all taps, the shower and bath, keeping an eye out for leaks, drainage issues, or low pressure.

2. Windows and doors

Check for draughts on closed windows, open and close everything to ensure it is functioning correctly.

3. Flooring

Check for anything that seems uneven, bumps, warping, and survey the edges where walls and flooring meet.

4. Electricity

Turn switches on and off and test each outlet with something like your phone charger to ensure it operates correctly.

[smartcode_project:default project_id=29048]

5. Cupboards

Open and close all cabinets and drawers, remember to be aware of any bad odours which could mean mould or poor ventilation.

6. Walls 

Inspect the paint job, in particular, corners and window frames.

7. Outdoor areas 

A general check for any aesthetic issues. 

8. Wall plastering

Look for fine cracks on the internal wall plastering which can be caused by the incorrect application of wall plastering. Plaster can crack further causing a more significant issue down the track.

9. External roof lines

Ensure that roof lines are straight with no deflections. It is also best to check the roof gutters from the top side to ensure they are not corroded and that all roof downpipes discharge into stormwater soak wells. 

10. Drain holes on external walls

In particular, if you have a multi-storey property, window and door frames should have small holes on the suspended slab levels which allow water to escape, so it does not penetrate the internal walls.

<h2>What happens if you find a problem?</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/whathappensifyoufindaproblem.png" rel="gallery-all"><img alt="" class="image-article-full-width-580px" height="391" src="/s3/files/styles/article_full_width_580px/public/pictures/article-images/whathappensifyoufindaproblem.png?itok=b7mvu5Fb" width="580"></a></figure>If the above checklist does reveal some issues, you have the time and are well within your rights to ask that it be rectified. All properties need to pass an inspection before they can be sold. 

If the seller refuses to fix any <a href="/news/australia-called-we-want-our-building-codes-updated-and-regulated">non-structural issues</a> you identify, you may look to ask for a <a href="/guides/tips-for-negotiating-with-real-estate-agents">lower price</a> to allow for the fact that you will need to spend money making the repairs yourself. Just be aware that you may be in a <a href="/buildings/nbh-at-lachlan-s-line-25-27-epping-road-macquarie-park">competitive market</a> and another buyer may be willing to take the property and deal with the issues themselves, making it an easier, and therefore more attractive sale for the current owner.

Homes or <a href="/guides">apartments that are purchased off the plan</a> may require contact with the builder to fix any problems, just remember, rectifying these issues before you move in is the best course of action.

<h2>Professional home inspection contingency</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/professionalhomeinspectioncontingency.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/professionalhomeinspectioncontingency.png?itok=-2D88bpb" width="580"></a></figure>You may have the passing of a professional home inspection as a contingency in your contract. If you do not, you <a href="/guides/tips-for-negotiating-with-real-estate-agents">may wish to add this as part of your negotiations</a>. This means that if significant defects are found during an inspection, you can retract your purchase offer without penalty.

Keep in mind that the potential problems covered here need to be serious (you can't back out due to chipped paint) but it is an extra level of protection during the sale.

In most contracts, the home inspection clause for a newly built residence will cover an inspection from a professional inspector including:

<ul>
<li>
	Foundations
	</li>
	<li>
	Pre-drywall
	</li>
	<li>
	A full walk-through is performed of the completed home.
	</li>
	<li>
	If issues are a safety issue, major or minor defect
	</li>
	<li>
	Items that need replacement 
	</li>
	<li>
	Items that should be monitored closely
	</li>
	<li>
	An exterior inspection
	</li>
	<li>
	Grading
	</li>
	<li>
	The garage or carport
	</li>
	<li>
	Roof
	</li>
	<li>
	Interior inspection
	</li>
	<li>
	Plumbing
	</li>
	<li>
	Electrical
	</li>
	<li>
	Heating, ventilation, and air conditioning 
	</li>
	<li>
	Water heater
	</li>
	<li>
	Kitchen appliances
	</li>
	<li>
	Laundry
	</li>
	<li>
	Fire safety
	</li>
	<li>
	Bathrooms
	</li>
</ul>
Choose your inspectors wisely as they vary in experience and thoroughness. A typical inspection should last two to three hours, and it is a good idea for you to be present to receive a firsthand explanation of all findings. This is also a good opportunity to ask any questions you may have about potential issues with the property.

<h2>Things that will not be covered in a home inspection</h2>

Home inspectors are really only working off of visual cues meaning things like a slanted floor or issues under flooring will be missed.

Things that home inspectors will not do include looking inside walls, pipes, sewer lines, chimneys, and behind electrical panels. It is also unlikely that they will check for termite damage, site contamination, and asbestos.

<h2>Running through your real estate inspection checklist</h2>

[smartcode_project:default project_id=89720]

There are few purchases in life as significant as buying a property. There are also few things that cause great expense when there are issues like property can. For this reason, being diligent and thorough when you have the opportunity, namely before you move into a new home, is vital.

It can be hard; you are excited to get into your new place and happy to overlook things that seem like small issues. Try to avoid this as minor issues become more prominent, and you will need to deal with them at some point. <a href="/guides/top-10-hidden-costs-of-buying-a-house-or-apartment-in-2021">There are plenty of other costs coming your way</a> with a new property so no need to add to the list.

Don't be averse to investing in professional assistance to ensure that things have been done correctly and never be worried about speaking up if you believe there is an issue. You've paid a lot of money for this new asset, make sure that the dollars were well spent.

<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/urban_-_infographicccccc.jpg" rel="gallery-all" title="Home Inspection Checklist (Step by Step) Infographic."><img alt="" class="image-article-full-width-580px" height="2169" src="/s3/files/styles/article_full_width_580px/public/pictures/article-images/urban_-_infographicccccc.jpg?itok=Du98RYPy" title="Home Inspection Checklist (Step by Step) Infographic." width="580"></a>

<figcaption>Home Inspection Checklist (Step by Step) Infographic.</figcaption></figure>
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Home Inspection Checklist (Step by Step)

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If you're in the market for a <a href="/new-townhouses">new home</a> or <a href="/new-apartments">apartment</a>, there will probably come a time when you need to figure out how much you need to borrow to secure your dream home. You'll need to ensure that you create your own budget prior to any loan approval to ensure the mortgage repayments you will be making each month for the years to come are manageable.

Borrowing the highest amount you can may get you your dream property, but the <a href="/guides/top-10-hidden-costs-of-buying-a-house-or-apartment-in-2021">added costs of buying a house</a> along with maintenance, repairs and possible interest rate rises can whittle the bank balance down quickly.

Here's a 2020 guide which will teach you about interest rates, equity, borrowing as an investor, and more.

<h2>1. Understanding interest rates</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/1understandinginterestrates.png" rel="gallery-all"><img alt="" class="image-article-full-width-580px" height="442" src="/s3/files/styles/article_full_width_580px/public/pictures/article-images/1understandinginterestrates.png?itok=K6oN3cIK" width="580"></a></figure>You will have two different rate choices when choosing a home loan, fixed or variable.

The fixed-rate option locks your rate in for a specific time period (often 1, 3 or 5 years) protecting you from potential rate rises. The flip-side is that if rates drop, you won't see the benefit of that. Many people are happy to forgo the gamble of possible rate drops for the security of knowing exactly what their repayments will be to make it easier for budgeting. It is essential to keep in mind that breaking your fixed-rate period early will incur a fee.

The variable rate is the exact opposite; the rate fluctuates with <a href="https://www.rba.gov.au/monetary-policy/int-rate-decisions/2019/">any changes the Reserve Bank of Australia (RBA) decides to make</a>. This means your payments can both increase or decrease, which can either save you money or add to your costs. This option is essentially a gamble.

When viewing home loan offers, it is important to be aware of some terminology in reference to rates, including:

<ul>
<li>
	Standard variable rate: The rate your loan will revert to when the fixed-rate period ends
	</li>
	<li>
	Comparison rate: All financial institutions are required to advertise this rate as it shows the real cost of your loan inclusive of fees built into the percentage
	</li>
	<li>
	Split loan: One part of your loan may be at a fixed-rate, the other variable 
	</li>
	<li>
	Assessment rate: The rate used to assess the serviceability of your loan which is often slightly higher than whatever your actual rate will be to provide a buffer
	</li>
</ul>
<h2>2. How much can I borrow?</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/2howmuchcaniborrow.png" rel="gallery-all"><img alt="" class="image-article-full-width-580px" height="377" src="/s3/files/styles/article_full_width_580px/public/pictures/article-images/2howmuchcaniborrow.png?itok=lVsA0w6h" width="580"></a></figure>Ultimately your income and expenses determine your borrowing amount, but you will need to take into account any future financial goals and <a href="/guides/top-10-hidden-costs-of-buying-a-house-or-apartment-in-2021">the hidden costs associated with buying a home</a>. 

You'll want to account for:

<ul>
<li>
	Necessary renovations and repairs on the new property
	</li>
	<li>
	Current debts, credit cards, and personal loans
	</li>
	<li>
	Living expenses
	</li>
	<li>
	A savings buffer in case you run into trouble
	</li>
</ul>
Once you decide on a reasonable limit, stick to it, regardless if you are offered more to avoid overcommitting. There are three factors to what you can safely borrow:

<ol>
<li>
	The size of your deposit 
	</li>
	<li>
	The amount you make 
	</li>
	<li>
	Your expenses
	</li>
</ol>
Today in Australia, <a href="https://www.theguardian.com/australia-news/2019/feb/04/key-points-and-recommendations-of-the-banking-royal-commission-report">mainly thanks to the Royal Banking Commission</a>, lenders are stringent and will look at a variety of factors before determining your pre-approval figure. To get a ballpark figure, a recommendation is to multiply your savings by 10.  If you had $40,000 deposit, you could safely afford a $400,000 property.

<h2>3. Equity in your home</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/3equityinyourhome.png" rel="gallery-all"><img alt="" class="image-article-full-width-580px" height="378" src="/s3/files/styles/article_full_width_580px/public/pictures/article-images/3equityinyourhome.png?itok=PybNNw6e" width="580"></a></figure>If you already have a property and are <a href="/guides/how-to-invest-in-property-in-2020-the-ultimate-guide">looking at purchasing another</a>, you can use 80% of the equity in your asset. You will, however, need to account for a possible reduction in this figure based on your income and overall capacity to pay back the loan.   

To determine the exact amount you have to play with <a href="/guides/how-does-equity-work-in-property">when it comes to equity</a>, you'll need a property valuation. The amount will come down to 80% of what your property is valued minus what you owe on your mortgage.

If you are looking at making the second property an investment, <a href="/guides/2019/06/24/own-rental-property-here-are-14-things-to-check-to-avoid-major-problems-in-future">you'll need to consider a few other points as well</a>.

<h2>4. What sort of home can I afford?</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/4whatsortofhome.png" rel="gallery-all"><img alt="" class="image-article-full-width-580px" height="449" src="/s3/files/styles/article_full_width_580px/public/pictures/article-images/4whatsortofhome.png?itok=J4a4XhqR" width="580"></a></figure>The money you earn increases your borrowing power. Your income, living expenses, debt, and the size of your deposit all play a role. If you make $50,000 a year and spend around $600 on living expenses, you may land in the $250,000 and $310,000 range, depending on the lender.

Those in the lower brackets may wish to <a href="/guides">consider an off-the-plan apartment</a> which lowers the price based on the fact you won't actually physically see the property until it is built. This can often be a great way to get a foot in the door in the world of property ownership.

<h2>5. How are my living expenses calculated?</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/5howaremylivingexpenses.png" rel="gallery-all"><img alt="" class="image-article-full-width-580px" height="367" src="/s3/files/styles/article_full_width_580px/public/pictures/article-images/5howaremylivingexpenses.png?itok=rx378bFR" width="580"></a></figure>The <a href="https://www.canstar.com.au/home-loans/household-expenditure-measure-explained/">Household Expenditure Measure (HEM)</a> is a guide that lenders will use to determine a person or couple's average yearly expenses. They will often be quite generous, and often a little unrealistic when it comes to expenses to ensure you have room to move.

If you are borrowing against the equity will help raise your borrowing amount, or you could look at having a guarantor. A guarantor helps secure your loan and is legally responsible for the loan if the borrower can no longer handle the debt.

<h2>6. Borrowing as an investor</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/6borrowingasaninvestor.png" rel="gallery-all"><img alt="" class="image-article-full-width-580px" height="380" src="/s3/files/styles/article_full_width_580px/public/pictures/article-images/6borrowingasaninvestor.png?itok=aoK7cbMf" width="580"></a></figure>Investment properties often require a larger deposit but also take into account any income that the investment property can generate as well as added costs of ownership. The main costs will include:

<ul>
<li>
	Loan repayments 
	</li>
	<li>
	Council rates
	</li>
	<li>
	Maintenance 
	</li>
	<li>
	Property manager's fees
	</li>
	<li>
	Vacancy periods 
	</li>
</ul>
One <a href="/guides/how-to-invest-in-property-in-2020-the-ultimate-guide">advantage to the investment property scenario</a> is negative gearing, which can offer a tax break based on the deficit caused by the cost of owning a property if it outweighs the income the investment is earning.

It is crucial to keep in mind that a negative profit on an investment provides tax advantages but is still an element that is costing you money. For example, if the overall costs for your investment are $2000 per week, and you receive $1750 in rent per week, you will receive a tax deduction of $250. The catch is that the $250 is coming out of your pocket.

For this reason, negative gearing is suitable for high-income earners purely for the tax benefits. When looking at investing, your risk profile needs to be considered carefully. 

<h2>7. Borrowing for your new home</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/7borrowingforyournewhome.png" rel="gallery-all"><img alt="" class="image-article-full-width-580px" height="438" src="/s3/files/styles/article_full_width_580px/public/pictures/article-images/7borrowingforyournewhome.png?itok=zM1AAiJL" width="580"></a></figure>When you begin down the road of securing finance for a new property, keeping a sensible, realistic, and affordable mindset is the most important thing to do.

Not overcommitting to a hefty financial burden is all you really need to worry about. Remember, you will have this loan for many years, and while it seems possible to stretch yourself a little thin now for a nicer place, this may not always be so easy. Sometimes you will need to sacrifice the home or location of your dreams to ensure you can still live a comfortable lifestyle.

There <a href="/guides/20-things-you-should-look-out-for-before-you-buy-property">are plenty of facets to consider when buying property</a>, doing your research, and making smart decisions will save you many headaches or a potential disaster down the track. Always have a buffer, and your foray into property ownership should be a smooth ride.
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How Much Can I Borrow for a New Home?

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The old adage that you need to spend money to make money could not be more accurate when talking about the costs of selling a house (or apartment). There will be agents' fees, marketing expenses, and conveyancing costs to consider, and depending on how long it takes for your property to sell, these figures can be quite significant. You <a href="/new-townhouses">are not the only person looking to sell property</a>, so the competition also needs to be considered.

Still, it's a necessary evil for a much greater gain, so rather than be deterred, be informed and answer the question "how much does it cost to sell a house (or apartment)?" with this guide <a href="/">compiled by Apartments.com.au</a>.

<h2>1. It starts with the right agent</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/1itstartswiththerightagent.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/1itstartswiththerightagent.png?itok=nZsuJFRa" width="580"></a></figure>The main reason why you should be aware of the costs involved in selling a property is to ensure that the exercise will provide the financial gain you are expecting. The three most significant expenses you will need to consider are

<ol>
<li>
	Conveyancing
	</li>
	<li>
	Marketing
	</li>
	<li>
	Agent's fee/commission
	</li>
</ol>
<a href="/guides/tips-for-negotiating-with-real-estate-agents">Choosing the right agent</a> can be a crucial driver in the success of your sale, and this is not a decision that should be made on cost alone. The best candidate to represent you should have a proven track record of successful sales and happy clients as opposed to just the lowest fees.

Let's look at the three main costs of selling a house, why they exist, and what you should prepare for.

<h2>2. Conveyancing fees</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/2conveyancingfees.png" rel="gallery-all"><img alt="" class="image-article-full-width-580px" height="301" src="/s3/files/styles/article_full_width_580px/public/pictures/article-images/2conveyancingfees.png?itok=fGVcgbhY" width="580"></a></figure>Conveyancing entails the legal transfer of ownership for your property and is a required part of every real estate purchase. To perform this correctly, you will need <a href="https://www.nelsonalexander.com.au/news/difference-conveyancer-solicitor/">licensed conveyancers and solicitors</a>, and it is in your best interest to choose someone local. 

A local solicitor has local knowledge, which can be invaluable when it comes to things like special conditions or information specific to a particular area. Conveyancing costs can land anywhere in the ballpark of $800 to $2000.

<h2>3. Marketing costs</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/3marketingcosts.png" rel="gallery-all"><img alt="" class="image-article-full-width-580px" height="373" src="/s3/files/styles/article_full_width_580px/public/pictures/article-images/3marketingcosts.png?itok=8_P5UHm5" width="580"></a></figure>The size of your marketing budget has a direct correlation to how effective and speedy your sale will be. There is often a lot of competition in the housing market, so ensuring that your property stands out above the crowd is crucial.

The cost of marketing your property falls solely on you. It is common that your agent will recommend a particular marketing campaign, but you are able to tweak this as you see fit. We strongly recommend listening to the agent, especially if you have followed the first point and picked them for their knowledge and expertise, but <a href="https://www.wordstream.com/blog/ws/2015/04/16/real-estate-marketing">some of the common marketing strategies</a> you may want to consider can include:

<ul>
<li>
	A 'For Sale' board in front of the house
	</li>
	<li>
	A listing on realestate.com.au
	</li>
	<li>
	Professional photography
	</li>
	<li>
	A clear floor plan
	</li>
	<li>
	Engaging copywriting
	</li>
	<li>
	Various press advertising
	</li>
</ul>
You can also make use of various social media or free listing websites to increase your reach without having to add more to the marketing budget. For the most part, however, the size of your marketing budget determines the strength of your sales campaign.

A marketing campaign can cost anywhere between $4000 to $10,000 on average.

<h2>4. Agents' fees</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/4agentsfees.png" rel="gallery-all"><img alt="" class="image-article-full-width-580px" height="375" src="/s3/files/styles/article_full_width_580px/public/pictures/article-images/4agentsfees.png?itok=MbWFWL8X" width="580"></a></figure>When deciding on your real estate agent, it is most common for there to be two options for how they charge their fee:

<ul>
<li>
	A flat fee
	</li>
</ul>
This will be a fixed fee agreed upon between you and the agent regardless of what your property sells for

<ul>
<li>
	The percentage of sale fee
	</li>
</ul>
As the name suggests, the agent will receive a certain percentage of the final sale price, often ranging from 1% to 3% depending on property value and competition

When deciding between these two options, you will need to keep in mind that while a fixed fee locks in your cost, an agent may work harder to get the best sale price if working for commission. 

In some cases, vendors agree to incentive bonuses for the agent. This is usually a percentage-based bonus that is paid if the sale price is higher than the agreed reserve. It is common for this to be around 10% of the amount over the reserve.

Regardless of which option you take, it is vital to discuss and agree to all fees before signing anything with the agent.

<h2>5. Other fees</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/5otherfees.png" rel="gallery-all"><img alt="" class="image-article-full-width-580px" height="367" src="/s3/files/styles/article_full_width_580px/public/pictures/article-images/5otherfees.png?itok=hpwotbr9" width="580"></a></figure>Outside of the main three costs, you will need to consider <a href="https://www.finder.com.au/home-loan-fees">any applicable lender fees</a> if you have a mortgage on the property you are selling. When paying off your remaining mortgage after the sale of your property, you will likely need to pay a discharge or early exit fee. This varies significantly by a financial institution and was probably explained to you when you first signed for the loan.

In some cases, particularly if taking out a new loan on a new property with the same institution, you can negotiate a waiver of this fee. It is also important to note that the discharge process can take anywhere between 14 and 21 days.

<h2>Maximising your sale price</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/maximisingyoursaleprice.png" rel="gallery-all"><img alt="" class="image-article-full-width-580px" height="324" src="/s3/files/styles/article_full_width_580px/public/pictures/article-images/maximisingyoursaleprice.png?itok=uksv7mh5" width="580"></a></figure>You may wish to outlay some extra funds on maintenance or professional styling to help increase the attraction and saleability of the property. Keep in mind that you are trying to convince a potential buyer walking into your house that they love it and could comfortably live there. <a href="/guides/20-things-you-should-look-out-for-before-you-buy-property">Consider the things people may look for in a new home</a>. Styling makes the property as appealing as possible, to help the decision-making process for the buyer.

The cost of styling is very subjective. You may have an interior-design eye and are capable of arranging the rooms in such a way that they look best, or you may need to outsource this task to get the most out of your space. Either way, the importance of a well-presented property is crucial. It could be as simple as some light garden maintenance, or you may need to spend some money or more extensive repairs to damaged doors or dented walls.

Never underestimate the impact of a fresh coat of paint and some good quality carpet cleaning.

<h2>The (real) costs of selling a house (or apartment) that you need to be aware of</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/therealcostsofsellingahouse.png" rel="gallery-all"><img alt="" class="image-article-full-width-580px" height="381" src="/s3/files/styles/article_full_width_580px/public/pictures/article-images/therealcostsofsellingahouse.png?itok=UfZ8xsTD" width="580"></a></figure>As with any sale, you need to take the costs of the process into account when determining your profit. If you have waited long enough, or are lucky to be in a boom area, the expenses listed above will be but a small dent in your overall profit.

If the margin is tight, this may deem your property sale a fruitless venture. This is why understanding the above charges in the context of your budget is crucial to the successful sale of your property.

Exact costs will also depend on which state your property is in, and you can also obtain an online property value estimate to ensure you are working on the correct budget. It is always a good idea to book a property appraisal which will shine a light on which maintenance tasks can help increase your home’s value.

If you have an ideal sale date in mind, you can divide by the number of weeks until said date by your expected costs to form a realistic budget. Just remember to leave a buffer for any unexpected expenses that may arise — being generous when budget planning is never a bad idea.
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How Much Does It Cost to Sell a House (Or Apartment)?

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Updated for 2021! 
You may be at the point where you have decided it’s time to invest in some property. This can be a very exciting process; however, it can also be stressful and confusing. The hidden costs of buying a house (or apartment) can often throw a spanner into the works when it comes to planning your finances and budget, affecting the areas or properties you may be considering.

As with most things, being well-informed will save you many headaches throughout the process, especially when buying a property. So, to help you achieve this, <a href="/">Apartments.com.au</a> have put together this guide that covers the top ten hidden costs of buying a house (or apartment), so you will be well prepared.

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<h2>1. Government fees</h2>

While there are also <a href="/guides/victorian-first-home-buyers-save-over-a-billion-dollars-in-two-years">plenty of concessions from the Government</a> that you should consider, there is also a stack of fees. The first government fee we will discuss is the mortgage registration fee, which is a charge put on the registering of a home loan that differs in price with each state. This registration means prospectors can check future claims on the property. To give you an idea of the cost, at time of writing the fees around Australia looked like this:

<ul>
<li>
	VIC $116.80
	</li>
	<li>
	NSW  $141.60
	</li>
	<li>
	QLD   $187
	</li>
	<li>
	WA   $171.20
	</li>
	<li>
	SA    $163
	</li>
	<li>
	TAS    $135.09
	</li>
	<li>
	NT    $145
	</li>
	<li>
	ACT    $145
	</li>
</ul>
You will also need to consider the transfer registration fee, which covers the service of transferring the title of your property into your name. This is calculated based on the total cost of your property but has a cap in most states (<a href="https://exactly.net.au/calculate-vic-stamp-duty/">in Victoria for example it is of $3,606</a>).

<h2>2. Stamp duty</h2>

While it's technically a Government fee, we're giving stamp duty it's own category because it's a significant fee. It also isn't really "hidden" as plenty of people are aware of stamp duty, but once again, it makes the list because it's essential, and some people may not know the exact cost.

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Stamp duty put simply, is the tax you pay on whatever property you are purchasing. Once again, this varies per state and is also dependent on:

<ul>
<li>
	The property type
	</li>
	<li>
	If this is the first property you're purchasing 
	</li>
	<li>
	If the purchase is for an investment property
	</li>
</ul>
The difference based on the points above can be significant. For example, in Victoria, there could be a difference of around $3000 in the stamp duty of a property for someone who is a first home buyer versus someone who isn't.

The calculation of stamp duty is based on a sliding scale as a percentage of the property purchase price; <a href="https://www.yourmortgage.com.au/calculators/stamp_duty/">click here for a handy calculator</a>.

<h2>3. Financing fees</h2>

[smartcode_project:default project_id=27728]

If applying for a loan, there are a number of financing fees you will need to consider, most of which will be once-off charges. These will include:

<ul>
<li>
	Lenders' mortgage insurance (calculated based on the size of your deposit and how much is borrowed)
	</li>
	<li>
	Mortgage registration
	</li>
	<li>
	Settlement attendance
	</li>
	<li>
	Loan establishment
	</li>
	<li>
	<a href="/guides/how-australia-s-interest-rate-cuts-could-impact-first-home-buyers">Interest rates </a>
	</li>
</ul>
<h2 class="rtejustify">4. Property inspection costs</h2>

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It is always a good idea to <a href="/guides/20-things-you-should-look-out-for-before-you-buy-property">run a number of inspections</a> on any property you are considering purchasing to ensure you don't run into significant costly issues down the track. There are plenty of providers for these inspections so you will have the opportunity to shop around a little, but you will want to consider running the following checks on any potential purchase:


<ul>
<li>
	Building inspection
	</li>
	<li>
	Pest inspections
	</li>
	<li>
	Conveyancing (a fee of anywhere between $1,000 to 2,000)
	</li>
	<li>
	Property valuation (anywhere between $100 and $600)
	</li>
</ul>
You will be able to get an estimated value on your property based on current market trends from your real estate agent; however, an official property valuation will give a more exact figure.

<h2>5. Moving and ongoing costs</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/top5movingandongoingcosts.png" rel="gallery-all"><img alt="" class="image-article-full-width-580px" height="369" src="/s3/files/styles/article_full_width_580px/public/pictures/article-images/top5movingandongoingcosts.png?itok=p0xArrf8" width="580"></a></figure>Don't forget that moving into your new place, <a href="/expert-insights/buying/essential-household-items-for-your-new-apartment">and decking it out with essentials</a>, will cost money. You will need to organise the connection of your utilities, incorporate any removalist and cleaning costs, and consider the finalisation costs and bills for your current residence.

Unfortunately, homeownership costs never stop. There will be plenty of ongoing fees that you'll need to consider and incorporate into your budget including insurances, strata or body corporate fees if applicable to your property type (usually apartments) as well as council rates and emergency services levy.

<h2>6. Insurance</h2>

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Just as you wouldn't drive your car without insurance, you shouldn't live in a property without it either. You will need to <a href="https://www.finder.com.au/home-insurance/best-home-insurance">organise building and contents insurance</a>, specialised personal effects for specific items of worth and if you are using the property as an investment, landlords insurance.

You may also need to consider insurance for any common grounds, specifically in apartment complexes which require public liability insurance. This cost is usually split between all of the property owners that the land applies to.

<h2>7. Information costs</h2>

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As we mentioned earlier, being informed is the best way to avoid a myriad of pitfalls during the property-purchase process. To take this to the next level, you may want to consider <a href="https://www.corelogic.com.au/">reviewing suburb property reports</a> which often comes with a fee.

This can sometimes cost around $150 for a suburb report, and depending on how long it takes you to find the right property, these costs may stack up. The benefit, however, is the valuable insights and information that these reports offer to help you make an informed decision on where to best spend your money. There <a href="http://www.residex.com.au/">are specific resources</a> that will provide free versions of this information; however, the content is limited.

<h2>8. Professional advice</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/top8professionaladvice.png" rel="gallery-all"><img alt="" class="image-article-full-width-580px" height="218" src="/s3/files/styles/article_full_width_580px/public/pictures/article-images/top8professionaladvice.png?itok=10_5l82n" width="580"></a></figure>You may be seeking professional help during this process, which could include a licensed accountant or financial planner, <a href="/guides/tips-for-negotiating-with-real-estate-agents">as well as the right real estate agent</a>. These costs can sometimes go as high as $200 per hour so you will need to not only take that into account but consider if having these elements handled by professionals is worth the expense. 

In most cases, the answer is yes, especially when it comes to organising your budget and ensuring that you do not over-commit to a financial responsibility that you won't be able to maintain. At least one initial consult with a financial planner is usually a good idea.

<h2>9. Travel costs</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/top9travelcosts.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/top9travelcosts.png?itok=Mwp-daLC" width="580"></a></figure>It seems like a simple one, but it is often overlooked the time and money that is required to go and view any properties that you may be considering purchasing to ensure you <a href="/guides/how-to-settle-into-your-new-neighbourhood">end up in the right neighbourhood</a>. And we can't stress this enough, ALWAYS see a property before purchasing, it seems obvious, but once again, you'd be surprised...

The groundwork of searching for a property includes petrol, parking, and tolls, as well as your time, which may mean leaving work for a few hours for a property viewing or saying goodbye to a Saturday as you drive around to various inspections.

<h2>10. Bank cheque fee</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/top10bankchequefee.png" rel="gallery-all"><img alt="" class="image-article-full-width-580px" height="342" src="/s3/files/styles/article_full_width_580px/public/pictures/article-images/top10bankchequefee.png?itok=Wk6q9ZX9" width="580"></a></figure>We figured we'd end on a slightly humorous cost. Even though it is 2021 and technology has created the simple transfer of funds between financial institutions, you will likely need to buy your property with a good old fashioned cheque. 

We have no idea why this hasn't changed yet, <a href="https://www.news.com.au/finance/business/banking/cheques-tipped-to-disappear-entirely-in-australia-by-the-end-of-2019/news-story/fa5b7121fbef137f6aaffb0e22929b30">even though it may soon</a>.

Cheques, which take three to five days to clear, require your physical presence in a bank and use paper, are still the currency of choice in this exchange as opposed to a quick and easy electronic transfer. It baffles us, but expect to pay around $10–15 per bank cheque because...let's say, nostalgia?

Keeping informed when buying a house (or apartment in 2021)

<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/keepinginformedwhenbuyingahouse.png" rel="gallery-all"><img alt="" class="image-article-full-width-580px" height="382" src="/s3/files/styles/article_full_width_580px/public/pictures/article-images/keepinginformedwhenbuyingahouse.png?itok=HY2YRfUU" width="580"></a></figure>Despite the fact there are many things to consider it what can sometimes be a stressful process, purchasing property is a valuable experience that you will likely enjoy if you are well prepared.

Just <a href="/new-apartments">remember to stay informed</a>, budget accordingly and never bite off more than you can chew and you will be well on your way to an excellent investment and new home. Best of luck.
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Top 10 Hidden Costs of Buying a House (Or Apartment) in 2021

With the level 22 tower topped out as of this week, works remain on getting interiors apartment-ready. Core box removed and crane dismantled, streetscape including ground floor tenant spaces still being fitted to accommodate the stores.

The tallest tower for <a href="/buildings/melbourne-village-377-spencer-street-west-melbourne">Melbourne Village</a> glass facade is at level 15 with concrete floor plates being poured for the 23rd floor this week. The core box has almost topped out, just two floors off its intended height.

The entire development shall be completed by early 2020 with purchasers moving into the shorter tower late 2019.

Architect: <a href="/architects/bruce-henderson-architects">BHA</a>

Developers: <a href="/buildings/melbourne-village-377-spencer-street-west-melbourne">Deague Group</a>, Ironfish Developments.

Builders: <a href="/builders/maxicon">Maxicon</a>

Melbourne Village construction update

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Situated within the heart of the thriving new Tullamore precinct in Doncaster, <a href="/buildings/folia-59-stables-circuit-doncaster">Folia Apartments of Tullamore</a> provides a great opportunity for savvy buyers to secure a designer home in a modern development from just $395,000.

Each of the 102 off-the-plan residences has been crafted to effortlessly blend into the natural landscape, with an organic sculptural exterior adorned with vertical greenery. The architecturally-designed apartments feature 1, 2 and 3+ bedroom configurations and 171 square metre luxury penthouses – all apartments featuring generous open plan living spaces, high-quality appliances and balconies or terrace gardens with inbuilt planter boxes.

<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/folia2.jpg" rel="gallery-all" title="Artist Impression. Credit: Mirvac"><img alt="" class="image-article-full-width-580px" height="280" src="https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/styles/article_full_width_580px/public/pictures/article-images/folia2.jpg?itok=VRdNsjDJ" title="Artist Impression. Credit: Mirvac" width="580"></a>

<figcaption>Artist Impression. Credit: Mirvac</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/folia7.png" rel="gallery-all" title="Artist Impression. Credit: Mirvac"><img alt="" class="image-article-full-width-580px" height="235" src="https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/styles/article_full_width_580px/public/pictures/article-images/folia7.png?itok=tag5wYkh" title="Artist Impression. Credit: Mirvac" width="580"></a>

<figcaption>Artist Impression. Credit: Mirvac</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/folia5.png" rel="gallery-all" title="Artist Impression. Credit: Mirvac"><img alt="" class="image-article-full-width-580px" height="355" src="https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/styles/article_full_width_580px/public/pictures/article-images/folia5.png?itok=dKsQpA6K" title="Artist Impression. Credit: Mirvac" width="580"></a>

<figcaption>Artist Impression. Credit: Mirvac</figcaption></figure>The crown atop Folia is the stunning Conservatory space, which is a semi-enclosed entertaining area on the rooftop featuring floor to ceiling glass. It features an outdoor BBQ area, indoor kitchen and island bench and communal workspaces. Residents of the Tullamore precinct are also invited to enjoy the use of the on-site Next Gen Health &amp; Wellness Club (anticipated to be completed in 2020) which includes state-of-the-art fitness facilities, heated indoor and outdoor swimming pools, regeneration spa and hotel-style tennis courts. 

It has been Mirvac’s mission to focus on cultivating thriving natural green spaces throughout the precinct. The team have masterfully achieved this by dedicating 20% of the entire development to green, open spaces; creating new playgrounds; walking and cycle trails; preserving established trees, and thoughtful landscape design.

The Tullamore precinct has been designed with the owner-occupier in mind and provides a great opportunity for those seeking a lifestyle upgrade, only 30 minutes from Melbourne’s CBD.

Interested to learn more about Folia Apartments of Tullamore? <a href="/buildings/folia-59-stables-circuit-doncaster">Enquire today.</a>

<div class="rtecenter">RELATED</div>

<div class="rtecenter"><a href="/news/next-gen-health-lifestyle-club-to-open-in-doncaster">Next Gen Health + Lifestyle Club to open in Doncaster</a></div>

<div class="rtecenter"><a href="/news/mirvac-s-latest-apartment-building-to-offer-private-gardens-co-working-spaces-and-unparalleled-entertaining-facilities">Mirvac’s latest apartment building to offer private gardens, co-working spaces and unparalleled entertaining facilities</a></div>
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Folia Apartments of Tullamore: A generation of modern living 

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<a href="/developers/central-equity">Central Equity</a>’s next-generation project Southbank Place recently completed construction in June 2019 and is now welcoming new residents. Apartments.com.au was invited to partake in an exclusive tour of the development to see the design realised.

Here are a few stand-out features to note:

<h2>A greater focus on the importance of space</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/vs-sbp_type_l1_3511_living_1.jpg" rel="gallery-all"><img alt="" class="image-article-full-width-580px" height="414" src="/s3/files/styles/article_full_width_580px/public/pictures/article-images/vs-sbp_type_l1_3511_living_1.jpg?itok=-3Mtfc9G" width="580"></a></figure>Central Equity has focused on creating living spaces which effectively utilise space, including elements such as smart storage, built-in wardrobes, and clever design touches like concealed air-conditioning. These features are available in 1, 2 &amp; 3 bedroom designs up to 125m2, which are genuinely spacious and practical family homes.

<h2>Focus on soundproofing</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/southbank_place_gh_elevation_023_a2.jpg" rel="gallery-all" title="Credit: Central Equity"><img alt="Credit: Central Equity" class="image-article-full-width-580px" src="/s3/files/styles/article_full_width_580px/public/pictures/article-images/southbank_place_gh_elevation_023_a2.jpg?itok=D_t4ylAy" style="width: 580px; height: 414px;" title="Credit: Central Equity"></a>

<figcaption>Credit: Central Equity</figcaption></figure>Given Southbank Place's fantastic central location, it’s amazing to note how quiet every room is, regardless of level or positioning. This is thanks to the high-quality double glazing and quality insulation used in each apartment.

<blockquote>
"Central Equity has learned over 30-odd years that sound attenuation in an apartment is very important, so we do a lot of working behind the scenes, behind the walls, to be certain that every apartment's liveability and interior is of exceptional quality."
</blockquote>

- Jeremy Vile, Central Equity Marketing Manager

<h2>Attention to detail</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/img_9032.jpg" rel="gallery-all" title="Jeremy pointing out one of the selected artworks displayed on level 41"><img alt="Jeremy pointing out one of the selected artworks displayed on level 41" class="image-article-full-width-580px" src="/s3/files/styles/article_full_width_580px/public/pictures/article-images/img_9032.jpg?itok=6pd8axHv" style="width: 580px; height: 435px;" title="Jeremy pointing out one of the selected artworks displayed on level 41"></a></figure>Central Equity Marketing Manager Jeremy Vile explained that the development builds on the company's legacy of spacious, thoughtfully designed apartments. Their team has worked to ensure every detail is considered - from practical storage spaces to acoustically engineered interiors that provide tranquil living in every apartment.

<h2>Maximisation of communal space</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/southbank_place_gh_l41_terrace_015_a2.jpg" rel="gallery-all" title="Credit: Central Equity"><img alt="Credit: Central Equity" class="image-article-full-width-580px" src="/s3/files/styles/article_full_width_580px/public/pictures/article-images/southbank_place_gh_l41_terrace_015_a2.jpg?itok=oYFMm4uh" style="width: 580px; height: 285px;" title="Credit: Central Equity"></a>

<figcaption>Credit: Central Equity</figcaption></figure>The Horizon Club on level 41 offers residents the opportunity to entertain friends and family while enjoying spectacular views of Melbourne’s skyline. The generous communal space features full kitchens, dining tables, rooftop deck with BBQs and even a 14-seat luxe cinema.

<h2>Luxury amenity</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/sbp_facili_pool_04.jpg" rel="gallery-all" title="Credit: Central Equity"><img alt="Credit: Central Equity" class="image-article-full-width-580px" src="/s3/files/styles/article_full_width_580px/public/pictures/article-images/sbp_facili_pool_04.jpg?itok=dXTDOjWD" style="width: 580px; height: 580px;" title="Credit: Central Equity"></a>

<figcaption>Credit: Central Equity</figcaption></figure>Level 9 wellness facilities feature a fully-equipped gym, spacious yoga studio and a 22-metre heated pool with multiple pool-side lounges. The resort-style design provides a relaxing space to escape the busy city and unwind in peace.

<h2>Impressive city views</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/sbp_type_l1_3511_bed1_2a.jpg" rel="gallery-all" title="Credit: Central Equity"><img alt="Credit: Central Equity" class="image-article-full-width-580px" src="/s3/files/styles/article_full_width_580px/public/pictures/article-images/sbp_type_l1_3511_bed1_2a.jpg?itok=Q9kEoByj" style="width: 580px; height: 414px;" title="Credit: Central Equity"></a>

<figcaption>Credit: Central Equity</figcaption></figure>The decision to opt for floor-to-ceiling windows means the apartments boast stunning, sunlit layouts which feel warm and inviting. It’s great to see how an investment in quality fixtures, such as larger windows, can dramatically increase the liveability of an apartment. 

<h2>World-class service</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/southbank_place_gh_foyer_003_a2_fix_logo_w_concierge_bm_edit.jpg" rel="gallery-all" title="Credit: Central Equity"><img alt="Credit: Central Equity" class="image-article-full-width-580px" src="/s3/files/styles/article_full_width_580px/public/pictures/article-images/southbank_place_gh_foyer_003_a2_fix_logo_w_concierge_bm_edit.jpg?itok=QONhdiUE" style="width: 580px; height: 580px;" title="Credit: Central Equity"></a>

<figcaption>Credit: Central Equity</figcaption></figure>Southbank Place also includes a 24-hour hotel-style concierge service, where residents can request assistance with ordering groceries, making bookings, coordinating events and more. This unique offering gives Southbank Place a competitive edge and sets the development within the luxury realm.

Learn more or book a private inspection (available 7 days) at <a href="/buildings/southbank-place-60-kavanagh-street-southbank">Southbank Place</a>.
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Urban's exclusive tour of Central Equity's Southbank Place

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New statistics reveal 48% of off-the-plan buyers feel more confident to purchase property following Liberal’s election win on Saturday. Since the election result announcement, the property industry has been forecasting the future of the new development sales in Australia, with many forming the opinion that the market is likely to surge. [1]

On Monday 20th May, <a href="/new-apartments">off-the-plan</a> property marketplace <a href="/">Apartments.com.au</a> asked home-buyers how they felt about buying a <a href="/new-apartments">new apartment</a> or <a href="/new-townhouses">town-home</a> under the current policies. Within a week over 500 responses were recorded, with results showing 48% felt more confident, 31% felt no difference and 22% felt less confident.

<blockquote>
"We saw an almost immediate uplift in enquiries across our off-the-plan project database in the days after the election and this week there has been a renewed confidence from our developer partners. By the time Spring comes back around, I am confident we will see prices surge across the market."
</blockquote>

Mike Bird, Apartments.com.au Executive Director

At the beginning of 2019, Colliers Residential Managing Director <a href="https://www.colliers.com.au/people/peter-chittenden/">Peter Chittenden</a> identified ‘lack of confidence’ among buyers as being one of the biggest threats to the housing market. In a recent comment:

<blockquote>
“There was a list of factors eroding confidence, one was the Federal Election and now post-election I suggest that market activity will start to accelerate again, and yesterday’s rebound in the share market reinforces this view. However, how fast the breaks come off the housing market will again, very-much depend upon confidence.”
</blockquote>

Peter Chittenden, Colliers Managing Director Residential

With this sentiment in mind, we explored some of the ways national policy could reinstate confidence in off-the-plan home buyers.

<h2 class="rtecenter">WILL THIS HAVE A POSITIVE IMPACT ON THE PROPERTY MARKET?</h2>

<h2>APRA loosens lending constraints </h2>

The <a href="https://www.apra.gov.au/">Australian Prudential Regulation Authority</a> (APRA) has just announced they will be lowering the minimum interest rate serviceability buffer, providing home-buyers with the opportunity to enter the <a href="/new-apartments">off-the-plan</a> property market again with a smaller deposit.

CoreLogic's senior analyst <a href="https://www.afr.com/real-estate/residential/apra-game-changer-to-boost-prices-20190521-p51pih">Cameron Kusher explained</a> that APRA's policy change could mitigate the future house pricing fall, and hasten the market turn-around, with a positive outlook expected from mid-2020 – to as early as the end of 2019.

Chittenden also identifies that the desire for home ownership in Australia is still prevalent, so with more financial support, the goal of first home buyers acquiring their first home could become more attainable.

<blockquote>
“The results also proved to my thinking that the ‘Australian Dream’ of homeownership is still very much alive in 2019, and that Australians have not given up on the idea, just the opposite.”
</blockquote>

<a href="https://www.cbre.com.au/">CBRE</a>’s Managing Director of Residential Projects Victoria, Andrew Leoncelli also attributes loan constraints to the decline of the off-the-plan market.

<blockquote>
“The fundamentals of the Victorian and wider Australian Economy are good but confidence and momentum had been lost due to the banking royal commission and all of the exogenous bank and APRA attempts to cool the market.”
</blockquote>

<h2>Negative gearing to remain</h2>

Labor’s mission to halve capital gains tax could have had a significant impact on the investor market, making ownership of investment properties less desirable. Concerns suggested that the removal of negative gearing could result in rental increases to accommodate the loss of ROI, however with negative gearing still intact, it is anticipated that a greater sense of confidence could be instilled in investors as the property market regains a stronger sense of stability.

<a href="/tag/marshall-white-projects">Marshall White Projects</a> Director Leonard Teplin identifies the rise in empty nesters entering the property market,

<blockquote>
“One of the mindsets most of us crave is certainty, and since the real estate market opened for business in 2019, the most basic of desires for most Victorians to own property had once more prevailed and buyers (particularly the popular empty nester) are continuing to re-enter the property market in numbers.”
</blockquote>

<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/image_5.png" rel="gallery-all"><img alt="" class="image-article-full-width-580px" height="343" src="/s3/files/styles/article_full_width_580px/public/pictures/article-images/image_5.png?itok=OW4zu9WY" width="580"></a></figure> 

However from 2018 Q2 – 2019 Q2, Apartments.com.au recorded that the significant rise of next home buyers has been notably overtaken by first home buyers, as well as a strong decline in investor market interest.

As the off-the-plan market begins to stabilise following the election result, it will be interesting to see whether investors re-enter the market with greater confidence.

<blockquote>
“A confident Morrison majority and time after the royal commission with banks back lending and APRA relaxing the credit controls and interest rate cuts about to come we can see this as the return of confidence for the local investor to start buying again.”
</blockquote>

Andrew Leoncelli, CBRE Managing Director, Residential Projects Victoria

<h2>Will the election result build a fair playing-field for First Home Buyers and investors alike?</h2>

With the introduction of the new 5% deposit rate for first home buyers, as opposed to the original 20%, buying a first home in Australia could become more attainable to more Australians looking to acquire property.

The introduction of this policy could potentially see a surge in demand, which could in-turn boost property prices, causing a reverse effect. Another consideration is that mortgages will take longer to service, which is great for the bank, but not for the property owner.

For investors, the fact that no changes will be made to negative gearing or the capital gains tax is good for business.

Marshall White’s Leonard Teplin explains that due to the fact that the current government had already introduced restrictive changes to planning laws, tightening of construction funds, tax on foreign buyers etc. – more fears of potential change posed by Labor could essentially, “fuel the fire of uncertainty for an aspirational purchaser.”

<a href="https://www.360propertygroup.com.au/projects">Three Sixty° Property Group's</a> Founder and Managing Director John Meagher held a similar view, commenting that the overall outcome would essentially result in a healthier property market.

<blockquote type="cite">
<div name="messageReplySection">
<div>
A positive Election result for the property industry with no changes to capital gains tax, no changes to negative gearing, a new stimulus for first home buyers through a deposit assist scheme all means no disruption to our industry.  A likely interest rate drop later in the year coupled with record low vacancy rates all points to a heather property market.
</div>
</div>
</blockquote>

Whether the future of homeownership in Australia proves to be advantageous is currently unknown, but what we do know for sure is that the majority of our off-the-plan buyers have regained confidence in the market.

As for property developers ­– as CBRE’s Andrew Leoncelli succinctly states, “Get your projects ready for a strong September and October spring season!”

Thanks to Peter Chittenden, Andrew Leoncelli, Leonard Teplin and John Meagher for sharing your opinions. 

[1] Sources: <a href="https://www.afr.com/news/economy/labor-loss-to-deliver-a-positive-property-shock-20190519-p51ow6">AFR</a>, <a href="https://www.news.com.au/finance/business/banking/melbourne-and-sydney-property-markets-closer-to-the-bottom-after-shock-coalition-victory/news-story/143cdced7fc55ee7b04cf74b93cef9f4">news.com.au</a>, <a href="https://www.smartpropertyinvestment.com.au/tax-and-legal/19598-property-industry-reacts-to-liberal-party-win">Smart Property Investment</a>

 

<div class="rtecenter">FEATURED PROJECTS</div>

<div class="rtecenter"><a href="/new-apartments/mont-albert-place-801-whitehorse-road-mont-albert">Mont Albert Place</a> | <a href="/buildings/no-1-collins-wharf-915-collins-street-docklands">No.1 Collins</a> | <a href="/buildings/melbourne-grand-560-lonsdale-street-melbourne">Melbourne Grand</a> | <a href="/buildings/haven-townhomes-42-homeleigh-road-keysborough">Haven Townhomes</a> | <a href="/buildings/ensemble-114-116-tennyson-street-elwood">Ensemble</a></div>
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Off-the-plan property buyer confidence surges post-election

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This week Laurence sits down with the CEO and Founder of <a href="https://www.binyan.com.au/">Binyan Studios</a> Andrei Dolnikov. Amongst other things they discuss the company's humble beginnings in Andrei's lounge room to the importance of having an understanding of not just architectural design but also photography. 

<iframe allow="autoplay" frameborder="no" height="166" scrolling="no" src="https://w.soundcloud.com/player/?url=https%3A//api.soundcloud.com/tracks/616830504&amp;color=%23ff5500&amp;auto_play=false&amp;hide_related=false&amp;show_comments=true&amp;show_user=true&amp;show_reposts=false&amp;show_teaser=true" width="100%"></iframe>
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Podcast - Episode 51: Binyan Studios' Andrei Dolnikov

The residential transformation of St Kilda Road is set to continue into with more new apartment plans for the sought-after boulevard.

Wing Tai Asia has lodged plans for a major residential tower at 464-466 St Kilda Road, replacing the former VACC House with an 18-storey mixed-use development designed around a retained heritage podium and a sculpted contemporary tower.

The proposal, prepared under Victoria’s Significant Residential Development with Affordable Housing pathway, would deliver 325 apartments and ground-floor retail across the prominent 4,653 sqm boulevard site in Melbourne’s St Kilda Road North Precinct.

The project centres on the adaptive reuse of the site’s heritage-listed VACC Building, an eight-storey office designed by Bernard Evans that has occupied the address for decades. Planning documents state the development would involve “carefully dismantling and conserving off-site the original metal fabric of the podium visible from St Kilda Road,” before reinstating it as the defining frontage of the new scheme.

Above the restored podium, Wing Tai is proposing a curvilinear residential tower. The scheme includes 172 one-bedroom apartments, 63 two-bedroom apartments, 66 three-bedroom apartments, and 24 four-bedroom apartments, alongside two ground-floor food and beverage tenancies fronting St Kilda Road.

The tower has been designed with substantial articulation and variable setbacks to minimise perceived bulk and maintain view corridors along the boulevard. Urbis, which prepared the planning report, said the design “has been significantly articulated through a curvilinear design” with “an interplay with materials, façade expression and depth” to create visual separation and visual interest.

The proposal also includes 254 basement car spaces, landscaped pedestrian links connecting St Kilda Road and Queens Lane, and a biophilic landscape strategy featuring canopy trees, raised planters, cascading greenery and a glass oculus pool overlooking the eastern frontage.

Planning documents confirm the $270.1 million development will contribute 3 per cent of project costs to the Social Housing Growth Fund as part of the application process.

Wing Tai acquired the St Kilda Road property in 2018 alongside Abacus Property Group for $95.38 million, before later consolidating ownership of the site. The property previously served as the Victorian Automobile Chamber of Commerce headquarters for around 60 years.

The transformation of the St Kilda Rd boulevard is already beginning to materialise, with a number of high-profile projects recently completed, launched, or approaching launch as developers continue to back the long-term appeal of the precinct.

Among the most notable recent completions is Louise by Samuel Property Group, just off the strip on Queens Lane, the same pocket Hirsch &amp; Faigen recently launched The Queensbury. Mirvac is too on the same street with The Albertine, which is approaching completion.

Dexus recently secured approval for its slice of St Kilda Road, while Gurner also has approved plans for the precinct.

Joel Robinson

Wing Tai unveils 325-apartment St Kilda Road tower on former VACC House site

Malaysian developer <a href="https://www.apartments.com.au/developers/s-p-setia">SP Setia</a> is the latest to jump into St Leonards booming Transport Oriented Development precinct.

The developer, which has previously delivered Sapphire by the Gardens apartment development in Melbourne, identified the Atchison Street site in 2023. It filed a Scoping Report around 12 months ago, and now has revealed the designs for the new&nbsp;40-storey mixed-use tower.

The State Significant Development Application covers <a href="https://next-portal.urban.com.au/projects/14650/summary">20-22 Atchison Street</a>, a 1,374 sqm site positioned between St Leonards Station and the new Crows Nest Metro station.

Designed by <a href="https://www.apartments.com.au/architects/cox-architecture">COX Architecture</a>, the project would deliver 181 apartments, above a four-storey commercial podium, five basement levels, and new public domain works along Mitchell Street. The apartment mix comprises 35 one-bedroom apartments, 39 one-bedroom-plus-study apartments, 85 two-bedroom apartments, and 22 three-bedroom residences.

The proposal has been lodged as a shop-top housing development under the NSW Government’s TOD planning pathway, which allows increased density around key transport infrastructure. The site sits within the recently rezoned Crows Nest Accelerated TOD Precinct.

<img alt="First look: SP Setia targets St Leonards skyline with 40-storey TOD tower" data-entity-type="file" data-entity-uuid="b799673d-48e2-46b0-801a-0e33a9330100" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/atchinson%20site.png?VersionId=dPh0UfwfaHpbFL1R7H1cbZNbIW0CHbCC" />

SP Setia acquired the Atchison Street site as part of its continued expansion into the Australian apartment market. In comments made to City &amp; Country (The Edge Malaysia) in 2023, SP Setia President and CEO Datuk Choong Kai Wai described the acquisition as “a strategic move” aligned with the group’s post-pandemic market recovery strategy.

“Our target for this exceptional development is local and overseas buyers, including first-home buyers, downsizers and investors,” Choong said.

The tower has been designed as a slender vertical form rising from a mixed-use podium, with COX Architecture positioning the development as a response to the evolving St Leonards and Crows Nest skyline.

“The purpose of the project is to facilitate the delivery of high-quality housing at a strategically located site and deliver a built tower outcome that is consistent with the desired future character of St Leonards and aligns with the TOD controls,” the design report stated.

<img alt="First look: SP Setia targets St Leonards skyline with 40-storey TOD tower" data-entity-type="file" data-entity-uuid="b1a85eee-76f7-436c-a6da-73ba827b9b13" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/atchinson%20entry.png?VersionId=dA9jHGPMcm.dDbwk4QfxqWiY5bfh3UVt" />

The podium would incorporate retail uses fronting Atchison Street, commercial tenancies, landscaped communal areas, and pedestrian improvements along Mitchell Street. Vehicle access and loading would be consolidated via Atchison Lane.

Residents would have access to more than 665 sqm of communal indoor and outdoor spaces, while the development proposes 96 parking spaces across five basement levels.

The proposal also includes a commitment for 10 per cent of residential floor space to be allocated toward affordable housing through a monetary contribution.

COX said the tower form responds directly to the emerging high-density character of the precinct while seeking to maximise solar access, cross ventilation, and outlook from apartments.

<img alt="First look: SP Setia targets St Leonards skyline with 40-storey TOD tower" data-entity-type="file" data-entity-uuid="2163f85c-f63b-4be3-aafa-f8763976cec5" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Article%20Feature%20Image%20%28Grid%29_5.png?VersionId=WiAmtIKJ6.ZQ41EtYEQ1fol7AeorKBlL" />

“The building is orientated towards north,” the Apartment Design Guide compliance report noted, adding that the tower’s slim form was driven by the constrained inner-urban site dimensions.

The design also incorporates landscaped setbacks and communal open space at podium level, intended to soften the interface with surrounding streets and improve pedestrian amenity.

The project adds to a growing wave of redevelopment proposals reshaping St Leonards and Crows Nest following the opening of the Sydney Metro City line and the NSW Government’s push for higher-density housing around major transport nodes.

Last week Stockland filed plans just down the road. They want to build a <a href="https://www.apartments.com.au/new-apartments/601-pacific-highway-st-leonards-nsw-2065">52-storey tower on Pacific Highway</a>.

Read more:&nbsp;<a href="https://www.apartments.com.au/news/nsw/first-look-stockland-plans-52-storey-538-apartment-st-leonards-tower">First look: Stockland plans 52-storey, 538-apartment St Leonards tower&nbsp;</a>

First look: SP Setia targets St Leonards skyline with 40-storey TOD tower

<a href="https://www.apartments.com.au/developers/urban-property-group">Urban Property Group</a> has revealed plans for a new mixed-use tower at 10 Dangar Street, Wickham, advancing a proposal that would reshape the southern gateway to Newcastle’s city centre with one of the city’s tallest residential buildings.

The State Significant Development proposal, now on exhibition, seeks approval for a <a href="https://www.apartments.com.au/new-apartments/bowline-10-dangar-street-wickham-nsw-2293">43-storey tower</a> immediately adjacent to the Newcastle Interchange. The project would deliver around 200 apartments, including 42 affordable housing dwellings, alongside 99 co-living units, a 171-room hotel, retail space, and new public domain integrated through the site.

The scheme marks a significant escalation of plans previously approved for the site. Urban Property Group took over the prominent 2,904 sqm parcel, where excavation and demolition had already commenced under an earlier consent for a 14-storey mixed-use development.

<img alt="First look: Urban Property Group unveils Newcastle’s next supertower at Wickham interchange" data-entity-type="file" data-entity-uuid="58a96dd9-407f-4d20-86b4-94e4bfeef74b" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/wickham%20podium.png?VersionId=LGlf08pdFGAZDzvx_CXC4XakHNZRuEE0" />

Designed by <a href="https://www.apartments.com.au/architects/sjb-architects">SJB</a>, the tower has been conceived as a landmark transit-oriented development anchored to the Newcastle Interchange precinct. The proposal includes 245 build-to-sell apartments across a mix of one, two, and three-bedroom residences, as well as two penthouses. Fifteen apartments and one operational unit are earmarked for NDIS housing. The co-living component would add a further 99 units, while the podium would accommodate retail uses and hotel facilities.

SJB said the site presents “a valuable opportunity to anchor the precinct by setting the standard for design, active ground planes and character at the key southern gateway.”

The architecture responds directly to the site’s position beside major transport infrastructure and within one of Newcastle’s fastest-evolving urban renewal precincts. The tower form sits above a sculpted podium designed to frame new public spaces, including a through-site pedestrian link connecting Station Street to Hannell Street, landscaped plazas, and activated retail edges.

<img alt="First look: Urban Property Group unveils Newcastle’s next supertower at Wickham interchange" data-entity-type="file" data-entity-uuid="a7bd6ff0-f7db-4ce8-a6dc-ea56e72c6149" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/wickham%20lanne.png?VersionId=xzf39VADyhj7zBQY2I9fx9vI62u2tuSb" />

The design report describes the project as part of the broader transition of Wickham into “a vibrant, high-quality mixed-use urban precinct” that leverages proximity to the station, open space, and regional connectivity.

A detailed public art strategy has also been prepared for the development. The strategy positions the project as “a transit-oriented development of state significance at the gateway to Newcastle’s city centre” and outlines a series of integrated artworks responding to Newcastle’s industrial and transport heritage.

Creative Road’s curatorial framework for the project, titled Unveil, draws on “stratified surfaces, carved volumes, and light-filled apertures” while referencing Newcastle’s transformation from an industrial city into a contemporary education and technology hub.

<img alt="First look: Urban Property Group unveils Newcastle’s next supertower at Wickham interchange" data-entity-type="file" data-entity-uuid="77a882bb-14b1-4d28-99ff-9438e39508c0" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/wickham%20site.png?VersionId=cevgo_vN0eKPK78P8YcEu3mKPLkpFqE7" />

The proposal is being advanced through the NSW Housing Delivery Authority pathway after being declared State Significant Development in June 2025. The accompanying scoping report states the development aims to “maximise the site’s proximity to the Newcastle Interchange by delivering transit-oriented development” while increasing housing supply and affordable housing provision within the Newcastle LGA.

Urban Property Group’s plans align with the long-term strategic vision established under the Wickham Master Plan, which identified the interchange precinct as suitable for substantial uplift in height and density. The current proposal would significantly intensify that vision, positioning the tower among the tallest developments proposed for Newcastle.

The site sits immediately north of the Newcastle Interchange, bounded by Dangar Street, Hannell Street, and Charles Street. It is surrounded by a rapidly growing cluster of residential towers and mixed-use projects that have emerged following the completion of the light rail and transport interchange.

First look: Urban Property Group unveils Newcastle’s latest tower at Wickham interchange

Bottega House has completed settlement of a landmark riverfront site in Macquarie Street, St Lucia, representing its first major Brisbane development.&nbsp;

Positioned on the banks of the Brisbane River, the <a href="https://www.apartments.com.au/new-apartments/180-macquarie-street-st-lucia-qld-4067">premium site at 180 Macquarie Street</a> features uninterrupted river frontage in one of Brisbane’s most tightly held residential precincts.&nbsp;

The proposed development, currently under assessment with Brisbane City Council, has been designed by <a href="https://www.apartments.com.au/architects/plus-studio">Plus Studio</a> with interiors by <a href="https://www.apartments.com.au/interior-designers/mim-design">Mim Design</a> and will deliver a boutique collection of premium residences positioned specifically for owner occupiers and downsizers.&nbsp;

The residences are set to redefine luxury apartment living in the area, with a focus on architectural quality, refined finishes, landscape integration and elevated amenities including curated wellness facilities, resort-style pools and recreation spaces rarely seen in the local market.&nbsp;

Exclusive sales for the project will be led by Keenan &amp; Byrne, ahead of an anticipated launch later this year.&nbsp;

Bottega House Managing Director Nick Malloch said the project reflects the group’s ambition to deliver a highly curated residential offering within one of Brisbane’s most tightly held precincts.&nbsp;

“This is an incredibly rare riverfront opportunity and one we have approached with a long-term perspective,” Malloch said.&nbsp;

“Our vision from the outset was to create a boutique collection of residences that feel more like private homes than traditional apartments, with generous proportions, refined finishes and exceptional amenity throughout."

Malloch says there is a&nbsp;lack of premium owner-occupier stock of this quality in the market, particularly for downsizers wanting space, privacy and a true lifestyle offering without compromise.&nbsp;

"Demand is expected to be strong given the scarcity of premium riverfront opportunities of this nature within Brisbane’s inner-west."&nbsp;

Bottega House secures landmark riverfront site in St Lucia 

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The arrival of the first piling rig officially marks the commencement of construction at SIERA’s new beachside apartment development, Exhale, in Northcliffe.

<a href="https://www.apartments.com.au/new-apartments/exhale-surfers-paradise-8-enderley-avenue-surfers-paradise-qld-4217">Exhale</a>, a glass-encased tower featuring 54 large-scale apartments at 8 Enderley Avenue, is SIERA’s third Gold Coast development. It follows the recently completed PIPIS Bilinga beachfront project, which achieved suburb-record prices, and the soon-to-be-completed Chevron Island development, Tapestry.

[smartcode_project:default project_id=112661 project_image_fid=359603]

<a href="https://www.apartments.com.au/developers/siera">SIERA</a> Founder and Managing Director Brent Thompson said the arrival of the piling rig represented a significant milestone for the development, which is scheduled for completion in late 2028.

Over the next month, around 260 piles are expected to be installed as work progresses on the basement structure. The building is anticipated to rise above ground level early next year, before unveiling its sculptural glass curtain wall, developed in collaboration with specialist façade engineers.

“The façade was designed to maximise panoramic coastal views while creating a distinctive architectural identity,” Thompson said.

[smartcode_project:default project_id=112661 project_image_fid=355935]

Designed by BDA Architecture, Exhale will comprise just 54 two- and three-bedroom residences across 26 levels, a level of low-density living rarely delivered in this beachside pocket between Surfers Paradise and Broadbeach.

The project has been conceived as a resident-only building, with no short-stay accommodation permitted. SIERA says the model is intended to appeal to long-term owner-occupiers rather than transient holiday demand.

[smartcode_project:default project_id=112661 project_image_fid=361052]

Residences have been designed with large-format layouts and expansive glazing, with most apartments featuring more than 30 metres of glass frontage to maximise natural light and ocean views.

The amenity offering spans two levels and centres on wellness and lifestyle, including a heated magnesium pool, sauna, yoga and Pilates studio, gymnasium, private dining facilities, cinema lounge, and dedicated surfcraft storage.

[smartcode_project:default project_id=112661 project_image_fid=359607]

More than half of the apartments have already sold. SIERA has also opened a sales gallery for Exhale at its Chevron Island commercial premises, near its Tapestry tower and the site of its second Chevron Island apartment development, which is slated to launch in early 2027.
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[smartcode_project_cta:default project_id=112661]

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