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Let me confess upfront… I don’t know much about farming.  I don’t know the details, but I feel comfortable with the general concept.  And, that should get me through this discussion.  But, you be the judge.

I do know a bit about <a href="/guides/how-to-invest-in-property-in-2020-the-ultimate-guide">property investing</a>.  Not that I’m an expert.  But, I’ve been doing it since 1984 when I bought my first property, a vacant block of land in Florida.

So, if you do something – anything – long enough, you get to know it.  Consequently, I’ve gotten pretty familiar with property investing over the years.

Now that I’ve confessed my knowledge limitations, let’s talk about how property investing is like farming?

Seeds first, then crop

If a farmer wants to harvest a crop, what must he/she do first?

That’s right, plant seeds!

Now, a farmer would look pretty silly standing around waiting for a crop if he didn’t plant any seeds.  Can you imagine a more ridiculous scenario than this one between Farmer Smith and Jones?

“What are you doing?” asked Farmer Smith.

“I’m waiting for the crop to come up so I can harvest it,” replied Farmer Jones.

“I didn’t see you out planting this year.  Did you plant any seeds this past spring?” questioned Farmer Smith.

“Dog gone-it!” exclaimed Farmer Jones as he threw his hands up in the air, “I knew I forgot something.  You know you’re right, I forgot to plant the seeds! That’s the second year in a row I’ve done that!  Can you remind me next spring to plant the seeds?”

Ridiculous?  Yes.

Bottom line… no seeds, no crop.

No planting season, no harvest season.

Pretty basic stuff.  Easy to understand.  Not complicated.

Farmers are risk-takers

Now, just because a farmer plants seeds doesn’t mean there will be a harvest.  It just means there’s potential for a harvest.

Have you ever heard of farmers doing it tough because the crop failed?

That’s the risk of planting.  There’s no guarantee of a harvest.

That’s the realities of farming or any business venture for that matter.

The farmer takes risks and is therefore entitled to the harvest bounty – if there is one.

Property investing like farming?

So, how is property investing like farming?

Well, the property investor must also plant seeds in order to expect a harvest.  And, just like the farmer, the property investor takes risks.  There’s no guarantee of a harvest.  The same rules apply.

Begin with the end in mind

There are so many books out there to tell you how to be a successful property investor.  So, instead of trying to rehash it all, I’ll just talk about the end result.  Give a scenario that motivates you to “get planting”; get your property garden started, a garden which can grow into a full-blown orchard or farm.

The scenarios involve two people, Mr Smith and Mr Jones.  Both are retired.  Both had the same jobs and the same incomes.

Mr Smith:  How did you amass such a huge property portfolio?

Mr Jones:  I just bought an <a href="/developments">investment property</a> every other year for about 15 years.  I’ve only got eight properties, nothing to call “huge.”

Mr Smith:  Yeah, but how much money is that?  How much income do you get from them?

Mr Jones:  Well, it’s easy to figure.  Let’s see, eight properties by about $300 a week, so that’s an extra $2,400 a week, minus expenses of course.

Mr Smith:  How much do you keep?

Mr Jones:  Most of the loans are paid off so I keep about half.  So, it means an extra $1,200 a week in my pocket.  It’s more than my retirement check so that’s nice.

Mr Smith:  Yeah, I know.  You were lucky; I didn’t have the money to invest in property.

Mr Jones:  Why?

Mr Smith:  Because I had too many bills.  I couldn’t afford to invest in property; I didn’t have any extra money.

Mr Jones:  Are you sure?

Mr Smith:  Of course I’m sure!

Mr Jones:  Didn’t you and the family go on holiday every year?  Didn’t you get a new car every two years or so?  Weren’t you going out to dinner a lot?  Didn’t you always buy everything brand new instead of looking for second-hand bargains?

Mr Smith:  Of course.  We wanted to enjoy life.  We never knew what tomorrow would bring so we lived it up a bit.  When I was working we had the money.  So, why not spend it?  Enjoy it.

And so on and so forth … the same old worn out battle cry - ‘shoulda, coulda, woulda!’

You see, Mr Smith never <a href="/guides/how-much-do-you-really-need-to-spend-on-an-apartment">planted any seeds</a>.  And, just like the farmer who doesn’t plant, he could not expect a harvest.  No chance.  Not going to happen, results in nothing, nada, ziltch.  No risk, but no reward either.

And that’s how property investing is like farming.  Simply put, if you don’t plant any seeds how can you expect a harvest?

You can’t.
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vivian_48447

How is Property Investing like Farming?

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Paying off your mortgage faster can help you to achieve financial security years ahead of time. Here are three simple strategies you can use to pay off your home sooner and become debt-free.

1. Halve your monthly repayments and make them fortnightly instead

If you are currently making monthly repayments on your home loan, switching to fortnightly can help you to afford to make an extra repayment each year. This is best demonstrated by using an example.

Example 1

According to the latest figures from the <a href="https://www.abs.gov.au/ausstats/abs@.nsf/0e5fa1cc95cd093c4a2568110007852b/d672cf4ebe195f15ca256e910077d9c2!OpenDocument">Australian Bureau of Statistics</a>, the average Australian mortgage is $384,700. If you were paying off that amount over a standard 25-year home loan term at an interest rate of 3%, your <a href="https://moneysmart.gov.au/home-loans/mortgage-calculator">monthly repayments would be $1,824</a>. You would hence make 12 monthly repayments each year (a total of $21,888).

However, if you divided your monthly repayment by two and paid $912 per fortnight instead, you would pay 26 fortnightly repayments per year which is a total of $23,712 per year. This equates to an extra monthly repayment of $1,814 per year (i.e. $23,712 less $21,288). 

The reason to explain the extra amount is that there are 26 fortnights per year compared to 12 months. There are also slightly more than 2 fortnights in every month of the year except February. Thus, over the course of the year, paying fortnightly adds up to an extra month’s worth of repayments. 

If these $912 fortnightly repayments were made on the $384,700 mortgage instead of monthly repayments of $1824, the loan would be paid off in 22 years and 3 months instead of 25. In other words, you would pay off your home 2 years and 9 months earlier. You would also save $22,845 in interest.  

2. Take out a mortgage offset facility 

A <a href="/news/the-difference-between-offset-and-redraw-mortgage-loans-that-are-right-for-you">mortgage offset facility</a> allows you to offset any interest you earn on another account from your home loan. 

Example 2

If you owe $300,000 on your home loan and you have $20,000 in an offset account for emergencies or other expenses, you will only be charged home loan interest on $280,000 (i.e. $300,000 less $20,000), rather than the full $300,000 that you owe on your home loan.

3. Refinance to a loan with a lower interest rate

It’s important to understand that even a small difference in home loan interest rates can make a big difference to how long it will take to repay your home loan. Again, this concept is best explained using an example.

Example 3

Let’s assume that you owe the average Australian mortgage amount of $384,700 and that your home loan provider is charging you an interest rate of 4% instead of the 3% that was charged in Example 1 earlier in this article.

If you were being charged 4%, your fortnightly home loan repayments over 25 years would be $1,015.50. 

However, if you refinanced to a home loan at a 3% interest rate and continued to pay the same $1,015.50 fortnightly amount, you would pay off your home in 19 years and 3 months instead. In other words, you would pay off your home 5 years and 9 months sooner simply by refinancing. You wouldn’t need to make any extra repayments to pay off your home loan faster.

It’s important to understand that there is usually a cost to refinancing. However, if the benefits outweigh the costs, then refinancing is a worthwhile financial decision. You should consider refinancing your home loan whenever your individual financial circumstances or market conditions change. Interest rates in Australia are currently at <a href="https://www.businessinsider.com.au/interest-rates-finances-2020-5">record lows</a> and it may be an ideal time to <a href="/expert-insights/buying/resetting-your-finances-during-covid-19-a-financial-coachs-guide">re-evaluate your finances</a> if your employment has been affected by the COVID-19 pandemic. 

The bottom line 
Paying off your home faster helps you to set up your <a href="/expert-insights/buying/resetting-your-finances-during-covid-19-a-financial-coachs-guide">financial future </a>and freedom. Although these are just three simple ways you can pay off your home sooner, you can find other ideas <a href="/guides/how-to-secure-a-mortgage-free-lifestyle-sooner">here</a>.
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How to Pay Off Your Mortgage Faster

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Amongst the many outdated property investment notions is that rent money is supposedly dead money.

However, there is a caveat to that concept.

That’s because life-long renters will likely always struggle financially later in life.

By the time they reach their twilight years, they generally won’t have the property assets to create a comfortable retirement. 

However, some long-term renters will have quietly been <a href="/guides/looking-to-buy-an-investment-property-top-3-things-you-must-do-online-first">growing property portfolios</a> while living in someone else’s property for years. 

By the time they are considering retirement, they may have not even lived in any of the properties that they owned during their working lives. Rather, they rented elsewhere while their investment properties grew in value over the medium to long-term duration. Then, at retirement, they can choose to sell some of their holdings to pay down the mortgage on the home they intend to live in as well as to<a href="/news/lifestyle-choice-or-property-investment-not-an-either-or-equation"> finance their lifestyle</a>. 

According to the latest <a href="https://www.pipa.asn.au/">Property Investment Professionals of Australia</a> (PIPA) Investor Sentiment Survey, the majority (63%) of investors said they would consider rentvesting – which is renting in one location and investing in another as a property investment strategy. Whereas, over one-third of first-time investors in the survey have identified themselves as ‘rentvestors’ – where they’ve bought an investment property while renting elsewhere.

There is no doubt that this way of living and investing is on the rise.

I am one of the many people rentvesting in Australia. 

Today, I live in a $1.2 million home that I rent with my wife, but that money doesn’t come out of our back pockets. Over the past 9 years, we built a $4 million portfolio around Australia, which creates $75,000 in passive income that now pays for our rent, so we get to live rent-free!

However, like any investment strategy, there are pros and cons that need to be considered before deciding whether rentvesting is for you:

Pros: 

<ul>
<li>By adopting a borderless investment mindset, you can buy in growth markets across Australia, which is probably not where you currently live. This allows you to make the most of other markets while remaining in your location of choice. </li>
	<li>It can often be cheaper to rent a property in a desirable location than to buy, depending on where you live.</li>
	<li>Over time, you will see passive income from <a href="/guides/how-to-ensure-financial-return-on-your-property-investment-in-15-simple-steps">investments</a> rather than living in your own home that doesn’t produce income.</li>
	<li>If you run a business and have a home office, you can claim part of the rent/electricity as a tax deduction. You can’t do this in your own home because of future Capital Gains Tax implications. </li>
	<li>When renting, you don’t need to pay for maintenance on the property you live in. You just pay your rent and utility bills, and if there are repairs that need to be completed you simply contact your property manager.</li>
</ul>
Cons: 

<ul>
<li>Smart investors understand that they have to hold their investment properties for the long-term to make the most of <a href="/expert-insights/buying/the-holy-grail-of-property-investment-capital-growth-and-high-yield">capital growth.</a> However, your landlord may decide to sell the property you’re renting for a variety of reasons while you’re living there. This means there is less stability and you might have to move around more than you’d like to do. </li>
	<li>When you live in a property that you own, you can paint the walls or renovate the bathroom as you see fit. In a rental property, on the other hand, you can’t update it, so you can be <a href="/guides/what-to-do-if-your-apartment-building-isnt-being-maintained-to-an-ideal-standard">stuck with issues</a>, such as bad water pressure or no air conditioning, while you live there. </li>
	<li>To make the most of rentvesting, you need to be prepared to be a renter for medium- to long-term as if you build a property portfolio. You then need to wait for your investments to perform before you can make the most of the capital growth and income. </li>
</ul>
Utilising <a href="/guides/renting-vs-buying-a-house-what-s-right-for-you">renting</a> as part of an effective overall investment strategy is a great way to build your property portfolio while living the lifestyle you want. However, with this list of pros and cons, you must consider your own financial circumstances before choosing whether rentvesting is for you. 
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The Pros and Cons of Rentvesting 

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Buying a property can be a daunting, long and <a href="/guides/top-10-hidden-costs-of-buying-a-house-or-apartment-in-2021">complicated process,</a> even for seasoned buyers. It's helpful to know upfront what to expect, what needs to take place and when, to make sure your purchase is as seamless as possible. 

Here is a complete checklist of everything a buyer needs to tick off their list as part of a <a href="/expert-insights/buying/how-will-the-coronavirus-impact-australia-s-property-market">property purchase</a>. 

1. Do your research

Research the <a href="/developments">market and areas </a>in which to purchase. Consider what you’re looking for in a home or investment. What are the deal breakers? Review recent sales in areas you’re interested in.

If you’re a first home buyer, you may be eligible for the <a href="/guides/how-to-navigate-australias-first-home-buyer-grants">First Home Owner Grant </a>scheme (“FHOG scheme”). Look into any other grants or benefits you may be entitled to. 

2. Find out how much you can borrow

Speak to a mortgage broker or your bank to find out how much you can borrow. This will help narrow your search. Don’t forget to also factor in other costs like stamp duty, conveyancing fees, lenders mortgage insurance if applicable as well as moving costs. 

Getting pre-approval will usually help shorten the process once it comes time to secure finance for settlement. 

3. Inspect properties 

This is the point in time when you may find yourself at open houses every Saturday. This can be tedious, but necessary. Create a shortlist of properties online and visit those of interest. Make sure to ask agents questions about any properties you’re interested in. Inspect any properties you’re very interested in more than once if possible and necessary. 

4. Review the contract of sale

For those properties you’re interested in you should request the contract of sale from the agent. Once you have the contract of sale, it is time to engage your conveyancer. The seller's real estate agent or conveyancer generally prepares the contract of sale. The buyer’s conveyancer reviews the contract and negotiates any changes before the parties’ sign.

5. Conduct building and pest inspections

Most contracts are contingent on the satisfaction of certain conditions concerning <a href="/guides/home-inspection-checklist-step-by-step">building and pest inspections </a>as well as financing and a variety of property searches. The purchaser often orders and reviews the inspections whereas the buyer’s conveyancer typically orders and reviews the property searches. The buyer’s obligation is not fixed until all contract conditions are satisfied. 

6. Make an offer or bid at auction 

If the property is going to auction you can consider making an offer ahead of the auction if the seller is interested in offers. Speak to the agent for advice. 

If you want to be in the running at an auction, you must be ready to exchange contracts and complete the sale. That means you need to have all of your ducks in a row from <a href="/expert-insights/buying/assess-your-credit-files-long-before-applying-for-finance-for-your-dream-home">organising finance</a> to securing a conveyancer. To be able to <a href="/guides/tips-for-bidding-at-an-online-auction">bid at an auction</a> you will need to register as a bidder. The highest bidder will be the buyer, so long as the bid exceeds the reserve price. Contracts will be exchanged immediately. 

Alternatively, for a private sale, you can make an offer. If the offer is accepted, you will proceed to the exchange of contracts. 

7. Exchange of contracts

Once both parties have reviewed, signed and exchanged two copies of the contract, the buyer will pay a deposit. The buyer will usually have a “cooling off” period of five days following exchange, but this can be negotiated or waived. In this time the buyer may withdraw from the agreement, forfeiting the deposit but incurring no legal penalty. There is no cooling-off period when purchasing at auction.

Once contracts are exchanged the property will enter the settlement process which is usually about six weeks. The property will be yours once settlement is completed. 

8. Secure financing 

Now is the time to speak to your bank or mortgage broker about finalising your finance. Ensuring your finance is secured in time for settlement will ensure you avoid paying penalties. 

9. Visit the property one last time

Buyers should undertake a final inspection of the property in the presence of the seller’s agent as close to settlement as possible. The buyer should raise any issues as quickly as possible. 

10. Review the title one last time

Your conveyancer will review the title prior to settlement to make sure there are no new ownership interests or <a href="/guides">caveats</a> which will need to be lifted so that a change of ownership may occur. 

11. Sort out insurance 

Home insurance will cover the cost of repairs or damage to your property. Look into the rules in your state to understand at what point damage to the property becomes your responsibility. In some cases, this will be before settlement, so securing insurance in advance of settlement may make sense, especially if you have negotiated to occupy the home ahead of settlement. 

12. Settlement 

This is the big day. Buyer, seller and lender exchange legal documents and the remaining purchase price is paid. There may be final adjustments for taxes, rental fees and the release of existing mortgages. 

Your lender will notify relevant authorities of the change in ownership and lodge transfer documents with the Land Titles Office.

13. Get the keys!

The property is now yours! Given you most likely won’t attend settlement, you will need to organise to get the keys. Make sure you also have the codes for any security devices. 

The <a href="/guides/how-to-navigate-buying-property-during-the-covid-19-crisis">process of buying a property</a> is rarely completely smooth. Whether it be issues with finance or contract concerns, it is common for unexpected surprises to pop up. This is why it's critical to establish a great team around you including your conveyancer and mortgage broker to handle any issues and ensure settlement occurs by the deadline.
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A new (step by step) home buyer checklist for 2020 [Post-COVID 19]

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With the <a href="/news/everything-you-need-to-know-about-australias-25-000-homebuilder-grant-how-much-off-the-plan-homebuyers-could-save">HomeBuilder grant</a> offering eligible Australians $25,000 towards building or renovating their home, many Australians will be engaging with builders - some for the very first time. 

To ensure your project goes as planned, it is critical you work with a <a href="/builders">trustworthy and reputable builder</a>. However, many Australians struggle to know how to separate the good from the bad. 

A history of unscrupulous behaviour 

We’ve all heard of someone who has had a bad experience with a builder or perhaps even had a bad experience with a builder ourselves. The prevalence of dodgy projects and dodgy behaviour by builders is obvious when you examine the statistics. Over the last ten years, new homeowners across the nation have encountered a $10.5 billion bill to fix defects such as leaks, cracks, issues with plumbing, guttering problems and more.

Another serious issue in the building sector is "phoenixing" where a new company is created to continue the operations of a former company which was liquidated to avoid paying debts. In 2017-2018 in NSW, 561 construction businesses were found to have been involved in phoenixing behaviour. Unfortunately, not all phoenixing activity is illegal and until this is stamped out it will continue to leave consumers vulnerable. 

Why the HomeBuilder scheme could make dodgy behaviour worse

The danger is that schemes like HomeBuilder which promise quick cash may incentivise those builders with a history of wrongdoing to continue to perpetuate the same behaviour. Although builders on HomeBuilder projects are required to be licensed or registered prior to the announcement of the scheme this will not fully protect new homeowners against <a href="/news/how-a-proposed-ratings-system-for-builders-could-protect-investors-from-dodgy-developments">dishonest behaviour</a>. 

Another major issue is the length of the scheme. Between the 4th of June and 31st of December 2020, the scheme covers any building contracts entered during that time frame, with construction required to begin within 3 months of the initial contract date. The issue with this is that builders will be incentivised to enter into as many contracts as possible, with chances of taking on an unachievable workload and cutting corners to finish projects. Unfortunately, there are many builders with a great reputation and who consistently deliver high quality builds who will end up being crowded out by those unscrupulous builders. 

How to select a reputable and quality builder 

The good news is that there are countless builders doing the right thing, delivering high-quality projects to budget and to time. Instead of feeling the need and pressure to choose a builder quickly to meet the limited timeframes of the HomeBuilder initiative, consumers should attempt to take the time to do their due diligence to secure a great and trustworthy builder. 

Here are some ways to vet potential builders for your project: 

<ol>
<li>Check the builder is licensed</li>
</ol>
First things first, you should always check that the builder is licensed. In NSW, this is a simple search on the <a href="https://www.service.nsw.gov.au/">Service NSW website</a>. This will weed out any unscrupulous and unlicensed operators. 

Licensed builders are also covered by insurance. In NSW, licensed builders are required to have home building compensation cover for each project over $20,000. This is to protect consumers in the case that the builder can’t finish building work or to fix defects that may arise.

<ol>
<li value="2">Seek out testimonials</li>
</ol>
Ask the builder for testimonials from former clients. If possible, see if you can speak with former clients to get a true picture of what the experience with the builder was like. 

<ol>
<li value="3">Review past projects</li>
</ol>
Have a look at other projects they have completed. Are they high quality? Have there been any defect issues? 

<ol>
<li value="4">Check credit reports and ASIC listings</li>
</ol>
By checking credit reports and <a href="https://asic.gov.au/">ASIC</a> listings, you will be alerted to any debt issues and will uncover any phoenixing behaviour. 

<ol>
<li value="5">Work with a building broker</li>
</ol>
A building broker will undergo a more extensive due diligence process to help you select the right builder. They will have a panel of vetted and accredited builders to choose from and can match you with the right builder for your project. They can also help you avoid any hidden fees or costs and ensure the contract is sound. The service is free for the consumer. 

The last thing consumers need is <a href="/guides/how-to-buy-a-house-in-2021-a-guide-for-first-time-home-buyers">selecting</a> the wrong builder and seeing money and time go down the drain. This can potentially cancel out the financial value of the HomeBuilder grant completely. By doing your due diligence you can make sure you have a trustworthy and quality builder working on your HomeBuilder project and achieve a much better outcome for your building project.
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How to Select a Quality Builder for Your HomeBuilder Project

Open homes are an integral tool for <a href="/guides/how-much-does-it-cost-to-sell-a-house-or-apartment">selling</a> a property. They allow the potential client to personally experience the property which may become their new home or investment property.

There are definite benefits of <a href="/guides/home-inspection-checklist-step-by-step">opening a home</a> for inspection. These include:

<ul>
	<li>Allowing serious buyers to have a second and more informal look at the property</li>
	<li>Facilitating buyers to compare and contrast to other properties in the area</li>
	<li>Choosing the perfect time for your home to be viewed.&nbsp;</li>
</ul>

While open homes can help you get the best price for your client, they can also be disastrous if proper legal considerations, particularly <a href="https://www.finder.com.au/home-insurance/best-home-insurance">insurance</a> are not considered.&nbsp;

Insurance

The single, most important aspect to consider when you are <a href="/guides/home-inspection-checklist-step-by-step">opening a home</a> for inspection is insurance.&nbsp;

<ul>
	<li>Would you ever leave your clients' property unlocked to allow a stranger to pass through and look around?&nbsp;</li>
	<li>Would you allow random people to open your client’s cupboards and drawers?&nbsp;</li>
</ul>

Well, with open home, you are not only leaving the door unlocked, but you are also permitting strangers to peruse the drawers and cupboards. Without the proper and essential insurance, you have not protected yourself or the property from loss and harm.&nbsp;

In some cases, the open home takes place after the seller has vacated the property. Once the seller has vacated, it is probable that they have canceled their home and contents insurance. This means that if someone steals something valuable from the home, the seller’s insurance will not cover them for the loss.&nbsp;

It is also important for you to consider whether to have <a href="https://www.finder.com.au/business-insurance/public-liability">public liability</a> insurance in case an accident occurs in the duration of the open home.&nbsp;

The danger of opening a home

<a href="/guides/home-inspection-checklist-step-by-step">Opening a home</a> for public viewing can be dangerous and cause an agent or seller to gain liability in 3 key ways.&nbsp;

Firstly, something may break or someone steals an item from the open house. Secondly, someone may fall over and hurt themselves. Finally, thieves may use the open home as an opportunity to scope out the property for theft at a later time.&nbsp;

While the last possibility seems far-fetched, it has happened before and unfortunately, if a home is opened for public inspection, it is exceedingly difficult to predict and prevent these issues. In the following two sections, we will consider the first two issues: how these can be prevented and who will be liable if they eventuate.&nbsp;

Theft or breakage during open homes

Most home and contents insurance policies cover the insurance holder for loss and damage caused by theft. However, one of the conditions which exist on almost all of these policies is that of leaving windows or doors unlocked, hence allowing thieves unforced entry.&nbsp; This clause will either completely cancel out your claim or will decrease the payout by the insurer.&nbsp;

It is highly likely that allowing guests at the open home, who later turn out to be thieves, will void the insurance policy that the seller holds.&nbsp;

Real-life example

An owner, who we call Susan* was showing an open home. It was the early 1990’s, so at the time, ducted air conditioning units were very new and expensive. During the open home, one of the viewers stole the unit. In this case, luckily, the seller’s home and contents insurance was still valid and covered most of the cost of purchasing a new unit. It did take some negotiation with the insurance company as they claimed that the house was left open and hence, they should not be responsible. However, the seller and their insurance company settled on an amount that covered most of the cost of the new unit.&nbsp;

Slip and fall accidents

‘Slip and fall’ accidents are a term used to describe the kinds of accidents where someone slips or falls on someone else’s premises. An open home is full of potential occupational health and safety hazards that could cause a slip or fall.&nbsp;

The first step is to identify the hazards and the next step is to fix them before the open home. It is better to avoid an accident then deal with the result of an accident.&nbsp; Potential hazards include ripped carpet, changes in floor level, poor lighting, cracked concrete, wet floors and narrow stairs. If there is a hazard that cannot be fixed prior to the open home, then agents can place signs to warn visitors of dangers. For example, if there is a small step between the carpeted bedroom and the tiled ensuite, you could place a “Watch your step” to warn visitors.&nbsp;

There is only so much that can be done to prevent these types of accidents during an open home, so who will be liable if an accident does occur?&nbsp; The answer to this is that the seller or the real estate agent may be liable depending on how the slip or fall unfolded.&nbsp;

In ascertaining liability for slip and fall claims, the following will need to be proven:

<ol>
	<li>The person or company at fault owed a duty of care, and</li>
	<li>The person or company failed to take this case, and</li>
	<li>The injured person was hurt or suffered a loss.</li>
</ol>

The person or company who is found to have owed a duty of care can be found liable for slip and fall accidents.&nbsp;

Key Tips when considering Open Homes

Understand the risks associated with an Open Home and act accordingly.&nbsp; Check with your <a href="/industry-news/how-are-real-estate-agents-assisting-during-the-covid-19-crisis">Real Estate Agent </a>on how they manage the risks outlined in this article.&nbsp; Check your contract with the Agent to ensure who is liable if an issue arises.&nbsp;&nbsp;

Prepare your home and remove any potential hazards that you are aware of prior to the event.&nbsp; Let your insurer know that you are having an Open Home and ask them for advice to prepare your home.&nbsp;&nbsp;

One piece of advice, while it is enticing it is not advisable to be at your open home as you will not be able to prevent yourself from scrutinising the potential buyers.&nbsp; In addition, those pesky neighbours come by and of course, they will bust your cover.&nbsp;

*Susan is not her real name.

Legal considerations during open homes to keep in mind

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<a href="/guides/2019/06/17/urbans-first-home-buyer-guide">First home buyers</a> often consider <a href="/developments/sydney-nsw">Sydney</a> as overpriced and not an affordable location to purchase property. However, in the current market, this is not entirely true. If you are eligible for the <a href="/news/everything-you-need-to-know-about-australias-25-000-homebuilder-grant-how-much-off-the-plan-homebuyers-could-save">State and Federal Government Grants </a>now available, you can save up to $57,432*!  Hence, it is now the time to strike while the iron is hot by focusing, reviewing and taking advantage of the outstanding grants and <a href="/expert-insights/buying/why-axing-stamp-duty-will-help-everyone">stamp duty</a> concessions accessible to first homeowners.

The First Home Owner Grant of $10,000 has been available since the 1st of January 2016 and is ongoing, however, the $25,000 <a href="/expert-insights/buying/home-building-grant-to-benefit-affordable-areas-and-first-timers">Home Builder</a> boost is set to expire on the 31st of December 2020.

In relation to Stamp Duty savings and concessions for first homeowners, they are state-based and thus, vary. In the example below we will review New South Wales (NSW) specifically:

<ul>
<li>$350,000 maximum purchase price land only -$350,001 - $450,000 concessional discount</li>
</ul>
<ul>
<li>$650,000 maximum purchase one contract - $650,001 - $800,000 concessional discount</li>
</ul>
NSW First Home Owner Grant 

The First Home Owner Grant for <a href="/new-apartments/nsw">new homes</a> has been established for any purchase on or after the 1st of January 2020. If you are buying or building a new home, you may possibly qualify for the $10,000 grant. It is offered for the following purchases; however, you must meet the <a href="https://www.revenue.nsw.gov.au/grants-schemes/previous-schemes/first-home-owner-grant">other eligibility criteria</a>:

<ul>
<li>Newly constructed home or a substantially renovated home with a total value less than $600,000</li>
	<li>Land for building and house packages you intend to build has a combined value of less than $750,000.</li>
</ul>
What do you need to do?

The first step on your homeownership journey is to speak with a finance broker and find out your maximum borrowing capacity. If you have been overspending on credit or debit cards, now would be a good time to stop as lenders will review the last 3 months' statements on all cards. They will base your <a href="/guides/how-much-can-i-borrow-for-a-new-home">borrowing capacity</a> on the following factors and may even request further information:

<ul>
<li>Employment length with your employer</li>
	<li>Gross Income excluding super</li>
	<li>Savings/cash or shares</li>
	<li>Assets</li>
	<li>Liabilities such as:
	<ul>
<li>Personal loans</li>
		<li>Car loans</li>
		<li>Leases</li>
		<li>Streaming subscriptions (Netflix, Stan etc.)</li>
		<li>Gym membership</li>
		<li>Food</li>
		<li>Utilities </li>
		<li>Medical Insurance</li>
		<li>Entertainment</li>
		<li><a href="/expert-insights/buying/how-your-uber-eats-and-afterpay-habits-could-derail-your-home-loan-application">Food delivery services (Uber Eats etc.)</a></li>
	</ul>
</li>
</ul>
What would the grants and concession mean for you?

If you purchase the right type of property you could save tens of thousands of dollars in cash grants and stamp duty concessions. Based on a $600,000 purchase in NSW, the stamp duty saving alone would be $22,432. If you could access the $25,000 Home Builder boost and the $10,000 First Home Owners Grant, combined that would save you $57,432*.  The question is, how long would it take you to save that amount of money?

For example, if you saved $200 per week it would take you about 287 weeks to save that amount or just over 5 ½ years!

Although your first home may not be your dream home, think of it as a stepping stone for your future. Think of the benefits of receiving these grants and consider the questions below as you plan your future:

<ul>
<li>Where can I purchase my own home?</li>
	<li>Can I afford to do this?</li>
	<li>Am I eligible for the grant, rebates, and concessions?</li>
	<li>How much can I borrow?</li>
	<li>How much savings do I require?</li>
	<li>What time frame do I have?</li>
</ul>
With that being said, the window of opportunity is very narrow, so it is time to take advantage of these grants and become a property owner.
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The Time has Come for First Home Owners to Join the Property Ladder

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The summer of 2019-20 was the second hottest on record in Australia, with temperatures 1.88C above average, just below the previous year’s which was 2.14C above average, according to the Bureau of Meteorology.  The intensely hot summer alongside the unprecedented <a href="/news/how-to-protect-yourself-against-bushfire-smoke">bushfire</a> disaster which devastated many communities and wildlife across the nation Regional settingswas part of a long-term warming trend since 1910. 

The majority of Australians are very much aware and concerned about how <a href="/news/a-greener-future-green-building-council-australia-discuss-climate-change">climate change</a> is affecting their lives, and for those looking to purchase property, this concern is being translated into the sustainability features and attributes buyers are seeking today.

In a competitive market, buyers are spoilt for choice in the types of properties available such as detached homes, townhouses, apartments, villa units, house-and-land packages etc. Considering property is a major financial commitment, buyers are seeking investment for the long-term and sustainability is becoming <a href="/news/hip-v-hype-director-of-projects-katya-crema-discusses-sustainable-property-development">‘the new luxury’</a>.  Hence, in the already-choppy economic waters of 2020, this aspect is increasingly setting some property developments above their competition.

On a global scale, sustainable property investments have developed from a niche concern to a mainstream product for new real estate developments over the past decade. Green buildings represent a significant share of global development projects and are expected to further grow.

How is Sustainability Measured?

Energy ratings are the best way for consumers to understand a building’s energy efficiency performance. The Nationwide House Energy Rating Scheme (NatHERS) is the official national rating system in Australia that provide the star rating for all new buildings and used for regulatory purposes through the National Construction Code (NCC). Ratings are conducted by an accredited assessor and issued in the form of a NatHERS certificate with a star rating of between 1 and 10. 

What is Assessed for a 6 Star Energy Rating?

The star rating is determined by the amount of energy required by the building to heat and cool year-round. Thus, the higher the rating, the more efficient the building is. Since 2010, a 6-star minimum efficiency rating has been the standard across most states in Australia. In order to achieve the 6-star energy rating and all other forms of assessments, the following key elements are considered in assessing a building’s thermal performance:

<ul>
<li>Location</li>
	<li>Orientation</li>
	<li>Building resources and materials</li>
	<li>Window specifications and glazing</li>
	<li>Insulation</li>
	<li>Roof and wall colours</li>
	<li>Ventilation</li>
	<li>Ceiling fans</li>
	<li>Lighting</li>
	<li>Floor coverings</li>
</ul>
Buyer Awareness of Sustainability Features

As a property and wealth creation professional, I find my clients are now <a href="/guides/20-things-you-should-look-out-for-before-you-buy-property">proactively asking</a> about the materials used and the energy rating of properties being considered. Property is a major purchase decision regardless of income level, and buyers understand that running costs over the property’s life cycle are a factor that needs consideration before purchasing. If planning to live in the home, these costs translate to a significant direct saving on utility bills every year or if an investment purchase, reduced electricity/gas/water bills are a strong incentive to entice tenants.

The properties I seek out are often NatHERS 7.5 star rated and offer that desirable edge of sustainable luxury. This means they have additional features over and above the most common, such as:

<ul>
<li>Energy Recovery ventilation (EVR) to maintain superior air quality</li>
	<li>5 Star water efficiency in all appliances</li>
	<li>Solar electricity systems which can generate the property’s entire electricity needs </li>
	<li>Specialised gas storage systems to minimise the use of gas</li>
	<li>Battery charging stations for electric vehicles</li>
	<li>Motion sensors to reduce unnecessary lighting cost</li>
	<li>Biophilic design such as green living walls, blended indoor and outdoor spaces, greater use of natural materials </li>
</ul>
One upcoming project by Barwon Water is Salt Torquay which is the first estate located in regional Australia to be recognised as a One Planet Community, a <a href="https://www.bioregional.com/one-planet-living">globally recognised leadership program</a> based on 10 simple principles that enable organisations to plan for, deliver and communicate sustainability.

‘Brown Discounts’ may be coming

Consumers increasingly understand that there are existing properties without any star rating which mean colder winters, hotter summers, more expensive utility bills and less comfort all-round. The average home built in the 1990s had an equivalent energy rating of 0 due to homes not having any ceiling insulation or many other of today's’ standard features.

I think it is likely that some of these properties will not be considered ‘future-proof’ and will successively fall behind when competing for buyers and investors in the mid to long-term future. 

What I expect for those properties is that savvy buyers will demand a discount for the lack of sustainability features and/or compliance with current energy requirements. This is sometimes referred in the as a ‘brown discount,’ a great contrast to a ‘green premium.’

Short-Term Pain for Long-Term Gain

From the perspective of owners and investors, sustainability costs are not immediately equal with resulting energy savings. In other words, energy-saving measures require significant one-off capital expenditures which must be borne by developers in building costs initially, then owners and investors prepared to pay a premium for quality, but the resulting reduction of operating costs will certainly pay off over time.

Following this summer’s global warming wakeup call with increased temperatures resulting in unprecedented bushfires, coupled with escalating utility costs, the choice of ‘sustainable luxury’ is one I expect more buyers to be making. 
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Sustainability: The New Luxury for Property Buyers in 2020

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Sitting in a classroom as a 16 year old, unaware that nearly 2 decades later I’d be running a substantial architecture and design studio, I came to understand that in mathematics there is a solution to every problem. 

I was told that if we continue to work at the problem, we will eventually arrive at the equation that leads to the solution. So I did, I maintained a focus on the solution and eventually excelled in maths as I began to understand the logical approaches to each problem. With practice, the logic became simpler and the solutions more readily apparent. 

This initial exposure to problems and solutions was a firm foundation for my approach to architecture and design. Every project presented its problems and our job was to find a fitting solution for each one. In a sense, as designers, we thrived on understanding and working with the problems presented. A blank canvas led to a design process that was unconstrained and frustratingly difficult. 

2020 has been a year of challenges. From the national bushfires that devastated many communities to the global <a href="/expert-insights/buying/covid-19-and-the-pathway-forward-for-property">COVID-19 pandemic,</a> we found ourselves immersed in a sea of problems. The outlook seemed grim and it was easy for us to be drawn to focus on those problems and subsequently end up in stress, worry and anxiety. 

In the property sector, we saw cities changing overnight, with <a href="/guides/covid-19-is-it-possible-to-practise-social-distancing-at-home-absolutely">physical distancing</a> measures and a pervasive fear amongst the community. Stadiums and arenas were left desolate, retail stores closed, airports bare, restaurants shut and offices emptied. All these occurrences had resounding effects on our <a href="/expert-insights/buying/how-will-the-coronavirus-impact-australia-s-property-market">property</a> ecosystem. Landlords and asset owners faced the chopping block as the operating climate shifted radically right in front of their eyes.

Acting on instinct most of us sought to subscribe to security in order to prolong survival. Landlords extended leases with favourable terms, only to create long-term pressure on <a href="/guides/how-to-ensure-financial-return-on-your-property-investment-in-15-simple-steps">investment returns</a>. Businesses cut staff to reduce costs and extend their lifespan. Individuals took pay cuts only to consign their hopes and dreams to oblivion. All these adjustments sustained the possibility (but no guarantee) of survival but left most in far worse circumstances than before. We found ourselves in bloodbaths of undercutting and devaluation for the vague promise of survival, a spiraling race to the bottom.

As a business leader, I entered this strange period with panic. We looked at ways to cut costs and ways to retain our pipeline. March 2020 was an exhausting month of anxiety-fuelled struggle to survive. Things seemed to be slipping out of our control as situations worsened. We started counting down our days. 

Melbourne CBD empty, but that's starting to Change..

However, during this period of enforced ‘time-out’ I came to the realisation that maybe, if business was like a game of cards, even though the cards I held were the same, the game had changed. But the value of each card in my hand was now different, as the rules of the game flipped mid-stream. 

So, I started to re-evaluate those cards against the new game rules and realised that, just like a math equation, we could solve the problem in many ways as long as we focused on the solution.

As we navigate the unpredictable times ahead, I look back at the challenges mankind has faced over time and to the resilience of humanity. I remember and understand how we surmounted multiple <a href="/news/covid-19-how-the-world-previously-recovered-from-sars-and-whether-or-not-we-can-do-the-same-this-time-round">crises</a> and downturns, and how, amid a myriad of problems and challenges, agile minds among us always came up with solutions to help us edge ahead. 

The questions we face are vast and mostly impossible to answer. But we can move ahead irrespective of circumstances, and continue to grow, if not vertically then sideways. We can continuously shift, adapt, and evolve. And in doing so, we can inject meaning along the way, help communities endure through the challenges, and lead through <a href="/expert-insights/buying/covid-19-a-little-bit-of-positivity-goes-a-long-way">positive</a> influence.
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Solutions for our Post-Pandemic Lives

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The new Federal Government <a href="/news/everything-you-need-to-know-about-australias-25-000-homebuilder-grant-how-much-off-the-plan-homebuyers-could-save">HomeBuilder grant </a>is set to ignite affordable locations and further help first-timers across the nation. The program will be of huge assistance to the construction sector over the next six months, which is good news for everyone given the industry’s importance to the overall health of our economy. The eligibility criteria of the scheme, including maximum income and purchase price limits, means that it will likely benefit <a href="/guides/2019/06/17/urbans-first-home-buyer-guide">first home buyers</a> as well as buyers in more affordable areas the most.

<h2><a href="http://www.firsthome.gov.au/">First Home Buyer Incentive</a></h2>

The HomeBuilder grant program will provide $25,000 for the construction of a new property, which for first home buyers will be additional grant funds to what is already available. 
In most states, there are First Home Owner Grants for the construction of new homes already in place. 
In NSW, it is up to $10,000, in Victoria, the grant is up to $20,000 (depending on the location) and in Queensland, it is $15,000.

So, a quick calculation shows that first home buyers could receive up to about $35,000 to $45,000 between the two grants depending on which state they live in and where they buy. On top of that, most states have stamp duty concessions for first home buyers, which sees them paying no, or a greatly reduced transfer fee. 
Plus, there is the existing <a href="https://www.nhfic.gov.au/what-we-do/fhlds/">First Home Loan Deposit scheme </a>that provides deposit guarantees for first home buyers who have a deposit size as low as 5% of the purchase price. This scheme means that first-time buyers don’t need to pay the Lenders Mortgage Insurance which is another significant saving for them. 
So, with all of these schemes and incentives bundled together, it’s fair to say now is the best time to be a first-time buyer in a very long time! However, like any significant financial decision, it is imperative that they access expert advice before proceeding with a property purchase. That’s because it is a long-term financial commitment that could have negative implications if they select the wrong location or construct an inferior dwelling type.

<h2>Affordable Areas Set to Shine</h2>

All the various grants outlined above, including the HomeBuilder program, have one thing in common: you and the maximum purchase price, which is $750,000. 
In some cities, like Sydney and Melbourne, that won’t buy you much real estate anywhere close to the city, but in others, such as Brisbane, it will. However, in the outer-ring and regional areas where property prices are more affordable the numbers change and with it so do the opportunities. With the maximum price point for the HomeBuilder program set at $750,000, I believe it will be the more affordable areas that will benefit the most. 
My picks in Sydney would be the west and south-west, as well as the Hunter region. 
In Victoria, areas such as Geelong, Ballarat, as well as Melbourne’s western and south-eastern suburbs, are set to strengthen from this new activity and demand. 
In Queensland, where affordable property is almost its middle name, the outer-ring suburbs of Brisbane such as the Logan, Moreton Bay and Ipswich regions are on track for good times.

But so is the Sunshine Coast, where there is a huge number of major infrastructure projects underway already. 
At the end of the day, the HomeBuilder program is designed to stimulate a major part of our economy but the by-products of it will be that more people will become property owners as well as improved market conditions in myriad affordable locations. 
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Home Building Grant to Benefit Affordable Areas and First-timers

Repeat buyers are one of the strongest measures of confidence in any apartment development.

At <a href="https://www.apartments.com.au/new-apartments/era-newcastle-west-124-126-bull-street-newcastle-west-nsw-2302">ERA</a> in Newcastle West, some purchasers are returning to <a href="https://www.apartments.com.au/developers/gwh">GWH</a> after living at the developer's One Apartments. Their decision to purchase again was driven by the quality of life they found after moving into their first GWH home.

Keith Wilton had spent years living in a house in East Maitland before deciding it was time for a change. Apartment living had always been on his radar, but he was selective about what he wanted.

<iframe allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" allowfullscreen="" frameborder="0" height="315" referrerpolicy="strict-origin-when-cross-origin" src="https://www.youtube.com/embed/FH_1EzB-1vs?si=XScVlP1ERsTDJoME" title="YouTube video player" width="560"></iframe>

"I had some boxes I wanted to tick," he says.

Keith points to the open-plan design, generous outdoor areas and considered inclusions as key reasons One Apartments worked for him.

“One of those things was a nice indoor open plan area, but also I wanted a nice outdoor open area that I could entertain on in summer or Christmases or birthdays,” he says.

He also found value in the smaller details, from integrated appliances to shared resident spaces including the pool, cinema and rooftop areas.

[smartcode_project:default project_id=135096 project_image_fid=356818]

After comparing several developments, he chose One Apartments because of GWH's longstanding local reputation and his own experience working with the developer on a commercial project more than a decade earlier.

"I knew that they were local, that the quality of the build was going to be up there. I'd looked at other apartment complexes around and close by, and I just knew that here was a better decision location wise."

Today, Keith says the move has completely changed how he experiences Newcastle.

"I enjoy living in this location because it's more of a lifestyle change. That Newcastle city living where you can walk to restaurants and bars and even beaches and parks and even shopping across the road."

[smartcode_project:default project_id=135096 project_image_fid=356828]

Beyond the location, he says it's the sense of community that has surprised him most.

"Everyone loves living here because they chose to live here, but everyone looks out for each other. It's a real great community feel here."

For Aimee and Lyle Goodman, the journey started almost by chance.

<iframe allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" allowfullscreen="" frameborder="0" height="315" referrerpolicy="strict-origin-when-cross-origin" src="https://www.youtube.com/embed/tsioMLcnjas?si=zq-ys3JuWpfa5hFv" title="YouTube video player" width="560"></iframe>

The couple happened to be having coffee in Newcastle when they noticed the site where One Apartments was about to begin construction.

"We were aware GWH was planning a development," Aimee says. "We made one phone call and things moved pretty quickly after that."

As busy business owners, they initially thought apartment living would simply reduce the maintenance that came with larger homes. Instead, it fundamentally changed how they spent time together.

"We actually catch up more as a family now," Aimee says.

"We've had homes with big yards and lots of space, but everyone ended up in different rooms. Here we'll have dinner together, the kids can play, and we spend far more quality time together."

[smartcode_project:default project_id=135096 project_image_fid=356829]

Lyle says their confidence came from GWH's reputation within Newcastle's building industry.

"I know people who've worked across different apartment projects, and whenever GWH came up the feedback was always the same. They're rock solid. They're quality."

That confidence only grew throughout the buying process.

"One of the things that really impressed us with GWH was the whole process, was the communication," Lyle says. "It was consistent, it was regular, there was no problem if we had some weird questions, there was no problems in getting answers."

[smartcode_project:default project_id=135096 project_image_fid=351104]

Aimee says one moment stood out.

"The project actually finished on time. We realised we needed to hurry up and sell our house because everything was happening exactly when they said it would."

The positive experience at One Apartments ultimately gave all three buyers the confidence to purchase again with GWH, this time at ERA.

Their confidence reflects what many buyers are seeking in today's apartment market. Location remains important, but so too does certainty around delivery, quality and long-term liveability.

[smartcode_project:default project_id=135096 project_image_fid=356822]

ERA builds on those foundations with 280 one, two and three-bedroom apartments across two landmark towers in <a href="https://www.apartments.com.au/developments/newcastle-west-nsw-2302">Newcastle West</a>.&nbsp;

Designed by <a href="https://www.apartments.com.au/architects/fk-australia">Fender Katsalidis</a>, the project will include more than 2,000 square metres of resident amenities, including a resort-style pool, gym, sauna, private cinema and rooftop entertaining spaces overlooking the harbour and coastline.&nbsp;

The development is also within walking distance of the Newcastle Interchange, Honeysuckle, Darby Street, the harbour foreshore, restaurants, retail and the city’s beaches, continuing the walkable lifestyle that existing GWH buyers say has transformed how they live.

[smartcode_project:default project_id=135096 project_image_fid=356826]

For Keith, the appeal remains straightforward.

"You feel at home even before you've moved into your home."

For Aimee, the change is measured in time.

“I just felt like I had more time,” she says.

[smartcode_project:default project_id=135096 project_image_fid=351102]

Construction at ERA is now underway, with more than half of the residences already sold and limited two and three-bedroom apartments remaining in the East Tower release. Priced from $980,000 for two-bedroom residences and $1.46 million for three-bedroom residences, buyers can secure an apartment with a 10 per cent deposit, with premium homes offering ocean views from Level 8 and harbour views from Level 10.

ERA is also backed by Resilience Insurance's 10-year Latent Defects Insurance policy, providing protection against structural or waterproofing defects for 10 years after completion. The project is anticipated to be completed in early 2028.

[smartcode_project_cta:default project_id=135096]

Joel Robinson

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

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

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

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

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

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

Vivian Nguyen

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