<a href="https://www.apartments.com.au/developers/jl-place">JL PLACE</a>'s Veil Brighton is approaching its final months of construction, with the nine-townhouse development at 17 Rooding Street expected to complete in December 2026.

The milestone is bringing the boutique project closer to becoming a finished part of the <a href="https://www.apartments.com.au/developments/brighton-vic-3186">Brighton</a> streetscape, with much of Brighton's everyday amenity within a short walk.

Palace Cinema, Coles Supermarket and North Brighton Station are all around five minutes on foot from <a href="https://www.apartments.com.au/new-townhouses/veil-brighton-17-rooding-street-brighton-vic-3186">Veil</a>, alongside numerous cafés, restaurants and bars. The station provides a direct rail connection toward Melbourne's CBD, while Bay Street and the wider Brighton retail and dining network add to the range of services accessible without relying on a car for every trip.

"The location was fundamental to the project. Brighton is an established suburb where many buyers already have strong connections to the area and want to remain close to the people, places and amenities that form part of their everyday life," the developer said.

"Veil sits in a highly walkable part of Brighton, with a Walk Score of 90/100."

For buyers looking to right-size within Bayside, that level of walkability adds to the appeal of a more manageable way of living. Everyday shopping, dining, entertainment and public transport can be accessed without relying on the car for every trip, while residents remain connected to the places and routines that make Brighton familiar. It allows buyers to simplify day-to-day life without giving up the convenience, amenity and connections they already value.

[smartcode_project:default project_id=7877 project_image_fid=355754]

As completion approaches, the architecture, landscaping and material palette are progressively becoming visible on site, giving prospective purchasers a clearer view of the finished development beyond its plans and renders.

Veil comprises nine townhouses, predominantly three-bedroom homes with between 2.5 and 3.5 bathrooms, two car spaces and, depending on the residence, study areas and private outdoor space. Selected homes include a bedroom on the ground floor.

Veil occupies a middle ground between detached housing and apartment living, retaining private gardens, storage and secure parking within a more manageable residential format.

<a href="https://www.apartments.com.au/architects/schmidt-pang-architects">Schmidt &amp; Pang</a> designed the architecture around natural light, ventilation, privacy and practical use of space. From Rooding Street, the façade has been composed to read as a cohesive residential building rather than nine individual townhouses, with landscaping by <a href="https://www.apartments.com.au/landscape-architect/john-patrick-landscape-architects">John Patrick Landscape Architects</a> integrated throughout the site.

Inside, natural stone, oak flooring, integrated joinery and brushed nickel finishes establish a restrained material palette, while kitchens include Miele appliances and substantial storage such as pantries. Walk-in robes and dedicated study spaces have also been incorporated across the collection.

[smartcode_project:default project_id=7877 project_image_fid=355852]

The project team said the planning of the homes has been informed by how the spaces function for both daily routines and larger gatherings.

"Our new homes owners at Veil have enjoyed the attention to detail in creating efficient layouts that use every space well. Hosting Christmas lunch and large family gatherings is an ease when care is taken to consider how people really live and entertain."

Private landscaped gardens extend the living spaces outdoors, while secure basement parking and bicycle parking are provided below. The homes have also been designed to achieve a 7-star energy rating, supported by double glazing, high-quality insulation, natural ventilation, LED lighting, water tanks and water-efficient fittings. Each residence is backed by a 10-year building guarantee.

Veil is being built by <a href="https://www.apartments.com.au/builders/jeniton">Jeniton</a>.&nbsp;Limited-time stamp duty savings are also currently available on selected purchases at Veil, adding another consideration as the project moves toward completion.

[smartcode_project_cta:default project_id=7877]

Joel Robinson

Veil Brighton nears completion in one of the suburb's most walkable pockets

<a href="https://www.apartments.com.au/developers/mosaic-property-group">Mosaic Property Group</a> has recorded 134 sales worth just over $400 million in two months of pre-release activity at The Riversdale, as the developer brings its $750 million South Brisbane riverfront project to the broader market.

The sales represent more than 60 per cent of the project's 213 apartments, with Mosaic reporting the majority of purchasers have been local owner-occupiers and downsizers.

<a href="https://www.apartments.com.au/new-apartments/the-riversdale-by-mosaic-south-brisbane-91-montague-road-south-brisbane-qld-4101">The Riversdale</a> will rise 39 storeys from its north-facing site at 91 Montague Road, delivering a mix of two, three and four-bedroom apartments alongside a collection of Mosaic's premium Masterpiece Series Sky Homes.

[smartcode_project:default project_id=151614 project_image_fid=371872]

The early buyer response comes ahead of the wider evolution of the northern end of Montague Road, where The Riversdale will be one of the first major residential projects delivered within an emerging riverfront precinct.

Directly adjoining the development is a planned 7.1-hectare mixed-use precinct, set to introduce new residences, parkland and public realm along the river's edge. The Riversdale's position directly on the Brisbane River gives it a relationship with the waterfront that Mosaic says cannot be replicated by future buildings within the precinct.

The site is also the result of a years-long pursuit by Mosaic. The developer first earmarked the <a href="https://www.apartments.com.au/developments/south-brisbane-qld-4101">South Brisbane</a> property in 2018, reflecting what Founder and Managing Director Brook Monahan has described as a deliberately patient approach to acquiring development sites.

[smartcode_project:default project_id=151614 project_image_fid=372083]

"We aren't opportunistic," Monahan previously told Apartments.com.au.

"Every site purchase is carefully considered. As seen with Kangaroo Point and South Brisbane, it can take years to eventuate. There are sites we're looking at now that we may not secure for several years."

Designed in collaboration with <a href="https://www.apartments.com.au/architects/bureauproberts">Bureau Proberts</a>, The Riversdale has been shaped around the qualities of the riverfront site, with apartments oriented to capture northern light and uninterrupted Brisbane River views.

Generous floorplans and expansive balconies extend the living spaces towards the river, while natural materials and a restrained interior palette have been selected with longevity in mind.

[smartcode_project:default project_id=151614 project_image_fid=371890]

Residents will have access to a level of amenity more commonly associated with world-class hotels and private members' clubs, with almost 3,000 sqm dedicated to wellness, connection, recreation and everyday convenience.

At ground level is a business lounge, private meeting rooms and dedicated workspaces. Mid-tower is a wellness sanctuary featuring magnesium hot and cold plunge pools, sauna, steam room, infrared therapy facilities, a Pilates and yoga studio, and a commercial-grade gymnasium.

Crowning The Riversdale is a rooftop featuring a 35-metre swimming pool with lap lane and spa, outdoor dining and seating terraces, firepit lounges and views of the city, river and Mount Coot-tha.

A private members' club-inspired retreat offers private dining rooms, a whisky lounge, media rooms and immersive entertainment experiences. Completing the amenity offering are two hotel-style guest suites and a resident-exclusive electric vehicle fleet and car-share program.

[smartcode_project:default project_id=151614 project_image_fid=371877]

The Riversdale sits at the northern end of Montague Road between South Bank and West End, around 1.3 kilometres from the Brisbane CBD, providing access to the city's major cultural, dining and recreation precincts.

It becomes Mosaic's largest Brisbane project to date and adds to a pipeline already under construction across the city.

In Brisbane, the developer is currently delivering The Bedford and The Carter at Kangaroo Point, both of which are approaching sell-out, with a further four projects being delivered on the Gold Coast. Mosaic has completed more than $2 billion in projects since 2012 and has a further development pipeline exceeding $2 billion across South East Queensland.

Early works are underway at The Riversdale, which will be delivered by Mosaic's in-house construction division. Completion is anticipated in late 2029, with remaining apartments priced from $1.98 million.

[smartcode_project_cta:default project_id=151614]

Mosaic records more than $400m in two months at South Brisbane's The Riversdale

Lender, fund manager and apartment developer Princeton has completed <a href="https://www.apartments.com.au/buildings/marque-rockdale-602-608-princes-highway-rockdale-nsw-2216">Marque Rockdale</a>, the first new apartment development in South Sydney to provide its owners with a 10-year Latent Defects Insurance policy, the most comprehensive insurance available for a new apartment building.

The policy has been a key consideration for prospective purchasers of the 58 one-, two-, and three-bedroom apartments, strategically located between&nbsp;Rockdale Plaza and Rockdale Station.&nbsp;

Buyers have also been drawn to the fact that it is one of few new apartment developments delivered in the suburb in the last 10 years, and the only one located on Princes Highway to be set well back from the street to reduce noise. There's also a communal rooftop, a rarity in the suburb, complete barbecue facilities, landscaped seating areas, a children's play zone and herb gardens.

[smartcode_project:default project_id=136442 project_image_fid=374084]

Ray White Projects’ Matt Otway said buyer enquiry reflected the increasingly diverse and cosmopolitan population that has made Rockdale home.

“We’re seeing strong interest from a broad mix of buyers, including young professionals and people who have rented in Rockdale and the surrounding suburbs and now see Marque as an opportunity to buy a brand-new apartment in an area they already know,” Otway said.

“Proximity to the CBD and Sydney Airport is another key advantage particularly for buyers working in these locations who want the added convenience of living close by.”

Investors have also been attracted to the project, with rental yields of more than five per cent, which is considered a strong result for the Sydney market.

[smartcode_project:default project_id=136442 project_image_fid=374090]

Adding another layer to the buyer proposition is Marque's 10-year Latent Defects Insurance policy from Resilience Insurance, making it the only new apartment development in Rockdale to offer the cover.

The policy protects apartment owners against major structural and waterproofing defects for 10 years following completion, giving Marque purchasers cover until early 2036 at no additional cost.

The likelihood of defects emerging has also been mitigated through the Technical Inspection Service (TIS), which saw independent experts inspect the building at various stages throughout construction to identify potential issues during the build, rather than after the fact.

SDSS, which provided the TIS, consistently ranked the construction quality at Marque, undertaken by iCIRT-rated builder Coplex, among the best across its extensive portfolio of projects.

[smartcode_project:default project_id=136442 project_image_fid=374088]

Otway said the LDI had become a major drawcard for buyers, particularly given Rockdale has seen relatively little new apartment development over the past decade.

"Rockdale hasn't had a lot of new apartment buildings in the last decade, and has never had a project with 10-year defect insurance," Otway said.

"Marque presents a truly rare opportunity at an affordable price point, so well connected to the Sydney CBD."

One-bedroom apartments at Marque start from $735,000.

[smartcode_project_cta:default project_id=136442]

Marque Rockdale completes as South Sydney’s first apartments backed by 10-year defect insurance

Sydney developer <a href="https://www.apartments.com.au/developers/odus">ODUS Property Group</a> is continuing to expand its local Gold Coast development pipeline, filing plans for a new 40-storey tower in the Southport CBD.

Odus, which bought two luxury Main Beach projects, now La Mer and Le Reve, to make its move into the booming Gold Coast apartment market, has secured its third site. But it is tweaking the plans for a previously proposed 50-storey skyscraper, now seeking to deliver 40 storeys.

The project, dubbed <a href="https://www.apartments.com.au/new-apartments/80-marine-parade-74-80-marine-parade-southport-qld-4215">80 Marine Parade</a>, sits on a prime&nbsp;2,032 sqm amalgamated corner site at 74–80 Marine Parade and 4 Welch Street, across the road from the Gold Coast Aquatic Centre. It will have unobstructed, never-to-be-built-out views to the east given its position opposite the Broadbwater Parklands.&nbsp;

The plans are for 316 apartments, ground-floor retail, and resort-style resident amenities. The project sits within Precinct 1 (Central Business District) of the Southport Priority Development Area, where high-density residential and commercial development is actively encouraged.

BGD, ran by Bayden Goddard and the architecture firm behind Le Reve, has revised the original concept plans, substantially reworking the built form. Basement parking has been replaced by an expanded podium designed to improve functionality while reducing the tower's overall visual impact.&nbsp;&nbsp;

<img alt="First look: Odus Property Group plots landmark 40-storey tower for Southport's Broadwater gateway" data-entity-type="file" data-entity-uuid="0f13d065-2cf5-45ec-aa17-1a03754d93d8" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Southport%20da%202.png?VersionId=.9QS2n7kBc_U3PyaI247uOyNSXIqnXSE" />

The tower rises above the eight-storey landscaped podium with a distinctive architectural language defined by sweeping arches, integrated greenery, bronze-toned glazing, and a sculptural rooftop crown.

The development will comprise 104 one-bedroom apartments, 208 two-bedroom apartments, and four four-bedroom penthouses across levels 9 to 36. Apartments are designed to accommodate both permanent residents and short-term accommodation within the same building.

A double-height lobby and reception will anchor the ground floor alongside a 23 sqm food and drink outlet, activating the Marine Parade frontage.

Parking will be accommodated within the podium, providing 288 vehicle spaces and 74 bicycle spaces, accessed from Welch Street.

<img alt="First look: Odus Property Group plots landmark 40-storey tower for Southport's Broadwater gateway" data-entity-type="file" data-entity-uuid="d7528b91-2c47-4094-98b3-5eecbacc0041" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Southport%20da%20podium.png?VersionId=efF5oWs4T9PDvxJwJEDHu5kSQ5eE3IBy" />

Residents will have access to an extensive suite of amenities spread across multiple levels. A podium recreation deck will include a swimming pool, spas, sauna, steam room, cinema, residents' lounge and children's games room, while a second wellness level near the top of the building will feature a gym, co-working spaces, reading room, dining areas and communal kitchen. Extensive podium landscaping wraps the building to soften the built form and strengthen its interface with the surrounding streetscape.

The planning report notes the project responds directly to Southport's ongoing urban transformation.

"Consistent with much of Southport, the surrounding area is undergoing significant transition, with many older low-rise developments progressively being redeveloped for higher-intensity urban outcomes, as envisaged within Precinct 1."

It also states that the proposal "will contribute to a defined and legible eastern gateway to the Southport CBD, reinforcing the area's high-density urban character while maintaining a strong visual connection to the adjoining public open space network."

<img alt="First look: Odus Property Group plots landmark 40-storey tower for Southport's Broadwater gateway" data-entity-type="file" data-entity-uuid="0b9fdebd-4b35-400b-a287-6bd1cdbcdb1b" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Southport%20da.png?VersionId=4LG35XR5mfir7jvG2TShtQx.utMLYBxu" />

Located opposite the Broadwater Parklands, the site enjoys immediate access to the Gold Coast Aquatic Centre, Australia Fair Shopping Centre, TAFE Queensland Southport campus, the G:link light rail corridor and Southport's established commercial precinct. The location places future residents within one of the Gold Coast's fastest-evolving mixed-use centres, where numerous high-rise residential projects are reshaping the CBD skyline.

Odus is headed by development professionals Byron Sakha, Jarrod Younan and Sebastian Younan. The Younans also head family-owned builder Nazero Constructions, established in the 1960s.

They are currently delivering La Mer, 24 luxury apartments on Main Beach Parade, and Le&nbsp;Rêve, on the same street but on the prized beachfront side of the sought-after strip.

ODUS plans landmark 40-storey tower for Southport's Broadwater gateway

A boutique collection of just 10 residences could become the catalyst for the next phase of renewal along the southern end of Surfers Paradise Boulevard, with new plans laid for a mixed-use tower designed to transform a long-vacant site.

The proposal for <a href="https://www.apartments.com.au/new-apartments/3098-surfers-paradise-boulevard-surfers-paradise-qld-4217">3098 Surfers Paradise Boulevard</a> has been conceived as more than a standalone residential project. Designed by <a href="https://www.apartments.com.au/architects/bda-architecture">BDA Architecture</a>, the development aims to spark the revitalisation of what the design team describes as the "South Boulevard" precinct, creating an active streetscape with retail uses at ground level beneath a collection of full-floor luxury residences.

The application, by PR Property Holdings, an entity directed by the Brisbane-based Ryan and Petrovic families, seeks approval for a 17-storey, 62.2-metre mixed-use development on a compact 427 sqm site between Surfers Paradise Boulevard and Appel Street.

The project will comprise just 10 apartments, including eight full-floor residences and two duplex apartments, positioned above a two-level retail podium. Three podium parking levels will accommodate 26 vehicle spaces, while a recreation deck is proposed on Level 4.

<img alt="First look: PR Property Holdings plans boutique apartment tower to kickstart Surfers Paradise's 'South Boulevard' revival" data-entity-type="file" data-entity-uuid="46cfa37d-5051-4449-8d8e-6724f8ca0d59" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Article%20Feature%20Image%20%28Grid%29_8.png?VersionId=e7UkeV1eTZAC2lXhdq72E3jpUbwiFD2t" />

Rather than pursuing apartment volume, the proposal focuses on large-format homes with a slender tower form intended to maximise outlooks while limiting visual bulk.

BDA Architecture said the proposal has been designed to become an urban renewal catalyst for the precinct.

"The ambition of 3098 Surfer's Paradise is that it provides the catalyst for incremental infill redevelopment and upgrade of what is coined the 'South Boulevarde' of Surfers Paradise which connects to the beating heart of Cavill Avenue."

The architects added: "An incremental approach to development that provides quality ground plane interface, human scale design, integrated subtropical landscape and semipublic permeable frontage can over time entirely upgrade a precinct."

The architecture adopts soft curves, articulated balconies and a slender tower profile rising from a human-scaled podium. The design report describes the project as delivering "bespoke residences of enduring distinction, sculpted with precision and quiet sophistication," with a focus on timeless coastal architecture.

The application also includes retail tenancies addressing Surfers Paradise Boulevard, reinforcing the site's role as an active mixed-use destination rather than a purely residential address. The planning report states the combination of the podium, landscaping and active frontage is intended to strengthen the pedestrian experience while contributing to the evolving character of the boulevard.

The site occupies a prominent position in the southern section of Surfers Paradise, directly opposite the G:link light rail corridor and within walking distance of Surfers Paradise Beach, Cavill Avenue, the Nerang River and Bruce Bishop Car Park. It is currently vacant, having previously accommodated a single-storey commercial building that was demolished in 2022. The planning report notes the surrounding area is characterised by a mix of commercial buildings and residential towers, with unlimited building height provisions applying under the Centre Zone.

The proposal also replaces an earlier 2022 approval for a restaurant and bar on the site, instead introducing a permanent mixed-use development that combines retail activation with boutique residential living.

Boutique apartment tower to "kickstart" Surfers Paradise's 'South Boulevard' revival

Sydney’s property market is known for high prices, competitive bidding, and mounting pressure on first home buyers. But change is on the horizon.

From late 2025, eligible first home buyers in New South Wales will have access to a new federal government initiative aimed at addressing affordability: the Help to Buy Scheme.&nbsp;

<h2>What is the Help to Buy Scheme?</h2>

The program introduces a shared equity model intended to reduce the upfront cost of entering the property market, particularly in high-demand urban areas such as Sydney.

The scheme operates under a shared ownership structure in which the federal government takes an equity stake of up to 40 per cent for new homes, or 30 per cent for existing dwellings. This arrangement allows eligible buyers to significantly reduce their loan size and avoid the added cost of Lenders Mortgage Insurance (LMI).

Under this model, purchasers can enter the property market with as little as a two per cent deposit, well below the traditional 10 to 20 per cent usually required. The government’s contribution is not a loan but a co-ownership stake in the property. As such, there is no interest or rent charged on its portion.

Because the government’s equity combined with the buyer’s deposit typically meets or exceeds the 20 per cent threshold, LMI does not apply. The remaining balance, generally between 60 and 70 per cent of the property’s value, is financed through a standard home loan with a participating lender.

The government's equity in the property remains in place until the buyer chooses to repay it voluntarily or until the property is sold. Buyers can buy back the government’s share over time, in increments of at least five per cent, depending on their financial situation.

There is no fixed repayment timeline, but the amount to be repaid will be based on the property's market value at the time of repayment, not the original purchase price.

<h2>How do you qualify for the&nbsp;Help to Buy Scheme?</h2>

To qualify for the Help to Buy Scheme, applicants must meet the following conditions:

<ul>
	<li>Be an Australian citizen at least 18 years of age.</li>
	<li>Be a first-home buyer who does not currently own property.</li>
	<li>Intend to live in the property as their primary residence.</li>
	<li>Earn less than $100,000 per year for individuals, or $160,000 for couples.</li>
	<li>Purchase a property within the regional price caps, currently $950,000 in Sydney, though this is expected to rise to approximately $1.3 million ahead of the program’s launch.</li>
</ul>

While the Help to Buy Scheme does not solve affordability challenges across the board, it does offer a more accessible pathway for a defined segment of the market, particularly younger buyers with moderate incomes who have been priced out of traditional lending routes.

The scheme is expected to commence in NSW in late 2025, as part of a national rollout.

Under the new model, purchasers can enter the property market with as little as a two per cent deposit, well below the traditional 10 to 20 per cent usually required

Help to Buy Scheme: What first home buyers in NSW need to know

The First Home Owners Grant (FHOG) is a government initiative designed to help eligible first-time home buyers by offering financial assistance towards the purchase or construction of a new home.

While the FHOG is a nationwide program, it is administered separately by each state and territory, meaning the eligibility criteria, grant amounts, and property requirements can vary depending on your location. This means that the amount available and the conditions attached to the grant will differ, so it is important to check the specific guidelines for your state or territory.

It’s important to note that the FHOG is just one of several incentives available to first home buyers. In most states and territories, the grant is not linked to stamp duty exemptions or concessions, with the exception of the Australian Capital Territory (ACT). The FHOG is typically a one-off payment, reducing the overall cost of purchasing or building a new home before any stamp duty concessions are applied.

Below, we provide a breakdown of the First Home Owner Grants available across Australia, outlining the specific details for each state and territory.

<h2>New South Wales First Home Owner Grant</h2>

First Home Owner Grant: Offers a $10,000 grant for new homes valued up to $600,000. For land purchases and owner-builders, the threshold extends to $750,000.

Stamp Duty Benefits: Provides full stamp duty exemption for homes valued up to $800,000, with concessions available for properties up to $1 million.

<h2>Victoria South Wales First Home Owner Grant</h2>

First Home Owner Grant: Provides a $10,000 grant for first-home buyers purchasing or building new homes valued up to $750,000.

Stamp Duty Benefits: Offers full stamp duty exemption for properties up to $600,000, with concessions available up to $750,000.

<h2>Queensland First Home Owner Grant</h2>

First Home Owner Grant: Offers $30,000 for contracts signed between 20 November 2023 and 30 June 2025. The FHOG applies to new homes valued up to $750,000.

Stamp Duty Concessions: Provides additional concessions for properties valued up to $800,000.

<h2>Western Australia First Home Owner Grant</h2>

&nbsp;

First Home Owner Grant: Offers a $10,000 grant for new homes valued up to $750,000 in the southern regions and up to $1 million in the northern regions.

Stamp Duty Concessions: Available for homes valued up to $600,000 for transactions entered into on or after 9 May 2024.

<h2>Australian Capital Territory First Home Owner Grant</h2>

First Home Owner Grant: Replaced by the Home Buyer Concession Scheme, offering full stamp duty concessions for eligible buyers.

<h2>South Australia First Home Owner Grant</h2>

First Home Owner Grant: Provides up to $15,000 for new homes, including houses, apartments, and townhouses. As of 6 June 2024, there is no property value cap for eligibility.

Stamp Duty Relief: Available for new homes and vacant land purchases.

<h2>Tasmania First Home Owner Grant</h2>

First Home Owner Grant: Offers a $10,000 grant for new homes and off the plan purchases.

Stamp Duty Exemption: Between 18 February 2024 and 30 June 2026, first home buyers of established homes valued up to $750,000 receive a full exemption on property transfer duty.

<h2>Northern Territory First Home Owner Grant</h2>

First Home Owner Grant: The Northern Territory provides a $10,000 grant for new homes only. Additional government grants and concessions are available for first home buyers.

Stamp Duty Exemption: The only stamp duty exemption available to property buyers is the House and Land Package Exemption (HLPE).

Eligibility criteria and application processes differ across states. Prospective buyers should refer to their respective state revenue offices for full details on grant availability, conditions, and additional concessions.

Every First Home Owner Grant for new property by state

In the ever-evolving landscape of sustainable architecture and environmentally conscious design, systems and ratings in place can help determine the energy efficiency of residential buildings in Australia.

Australia has multiple building rating systems that evaluate energy efficiency and sustainability in existing and new building designs.

Some systems assess individual building components, while others provide an overall rating for the entire structure.

A rating system ensures that homes are comfortable and energy-efficient, whether you are buying, renovating, or building.

NatHERS (Nationwide House Energy Rating Scheme) is a common way for new homes to meet energy efficiency requirements.

As new developments continue to shape the urban environment, understanding NatHERS ratings becomes essential for developers and homeowners. This article delves into the concept of NatHERS ratings, their significance, and how they contribute to creating energy-efficient homes.

<h2>What is NatHERS?</h2>

NatHERS is a national initiative implemented by the Australian government to promote energy efficiency in residential buildings. The scheme aims to provide a standardised method for assessing the thermal performance of homes, considering factors such as insulation, orientation, ventilation, and building materials.&nbsp;

NatHERS ratings are the most common way new homes meet the National Construction Code's (NCC's) minimum energy efficiency requirements.&nbsp;

NatHERS assessments provide thermal and whole-home ratings for new homes, townhouses, and apartments.

The rating helps evaluate the energy performance of buildings, guides homeowners and developers to make informed decisions about the energy efficiency of their properties, and encourages the construction of more sustainable, comfortable, and cost-effective homes.

<h2>How NatHERS Ratings Work</h2>

NatHERS ratings are determined through four accredited software tools (AccuRate, BERS Pro, FirstRate5, HERO) using a calculation engine CSIRO developed to predict building temperature based on various factors.

The tools can model complex effects of building mass, insulation, window size, and other elements.

The outcome is a star rating that reflects the building's overall thermal efficiency, indicating how well it can maintain a comfortable indoor temperature without excessive reliance on heating or cooling systems.

The star rating scale ranges from 0 to 10, with a 6-star rating being the minimum requirement for compliance with the National Construction Code (NCC).&nbsp;

Achieving a higher star rating demonstrates a commitment to energy efficiency and sustainability, as the building is better equipped to minimise its environmental impact and reduce long-term energy costs.

Anyone can use NatHERS tools, but accredited assessors can provide certified ratings and professional advice.

<h2>Benefits of Higher NatHERS Ratings</h2>

Energy Efficiency: Buildings with higher NatHERS ratings are more energy-efficient, requiring less heating and cooling energy. This reduces the structure's carbon footprint and lowers occupants' energy bills.

Cost Savings: Homes with higher NatHERS ratings are generally more energy-efficient, resulting in reduced energy consumption for heating and cooling. This translates to lower energy bills for homeowners, making sustainable living environmentally friendly and economically viable in the long run.

Environmental Impact: Lower energy consumption directly translates to a reduced environmental impact. Buildings with higher NatHERS ratings contribute to the overall goal of mitigating climate change by lowering greenhouse gas emissions associated with heating and cooling systems.

Improved Comfort: Buildings with high NatHERS ratings offer better thermal comfort to occupants. Proper insulation, well-designed ventilation, and optimal orientation maintain a consistent and comfortable indoor temperature, providing occupants with a more enjoyable and healthier space.

Market Value and Desirability: Higher NatHERS ratings can enhance the market value of a property. As energy efficiency becomes a more significant consideration for homebuyers, a well-rated building may attract a premium price and stand out in the real estate market.

Compliance with Building Codes: NatHERS ratings are a vital component of the National Construction Code (NCC), and compliance with these ratings is often a mandatory requirement for new developments. Local councils and planning authorities may set minimum energy efficiency standards that must be met to obtain development approval.

The Nationwide House Energy Rating Scheme (NatHERS) is a crucial initiative shaping the future of energy-efficient, resilient, and cost-effective homes. With its recent upgrades, NatHERS has evolved into a world-leading tool for the building sector, supporting the global commitment to achieving net-zero emissions by 2050.

Staff Writer

What is a NatHERS rating in new off the plan apartment developments?

Mixed-use developments have gained significant popularity across Australia in recent years due to their unique blend of residential, commercial, and recreational spaces.

Unlike traditional single-purpose developments, mixed-use projects offer a harmonious integration of various functions within a single locale.

Residential units seamlessly coexist with commercial establishments, retail outlets, dining venues, entertainment hubs, and recreational facilities, with the combination not only enhances convenience but also fosters a vibrant lifestyle and a sense of community.

<h3>Convenience and accessibility</h3>

Mixed-use developments are designed with convenience in mind. They often integrate residential units with commercial spaces, retail outlets, restaurants, and recreational facilities, creating a self-contained community.

[smartcode_project:default project_id=114215 project_image_fid=204874]

The proximity allows residents to enjoy the convenience of having essential amenities and services within walking distance. Whether it's grabbing a cup of coffee, going grocery shopping, or accessing healthcare services, everything is conveniently located, saving residents time and effort.

<h3>Vibrant lifestyle and community</h3>

One of the major advantages of mixed-use developments is the vibrant lifestyle they offer. With a diverse range of amenities and communal spaces, residents have ample opportunities to interact, socialise, and build a sense of community.

[smartcode_project:default project_id=107714 project_image_fid=214122]

The presence of parks, community centres, and shared spaces fosters a lively atmosphere, encouraging residents to engage in various activities and events. The vibrant lifestyle within these developments creates a unique sense of belonging and camaraderie among the residents.

<h3>Potential for higher rental yields and property value appreciation</h3>

Mixed-use developments tend to attract a broad range of tenants and buyers due to their versatile nature. This high demand can result in higher rental yields for investors and potentially lead to property value appreciation over time.

[smartcode_project:default project_id=139989 project_image_fid=212887]

The integration of commercial and retail spaces attracts businesses, which can provide a stable rental income stream. Additionally, the popularity of mixed-use developments often drives up property values, making them a potentially lucrative investment in the long term.

<h3>Enhanced security and maintenance</h3>

Mixed-use developments typically have comprehensive security measures in place. With controlled access points, CCTV surveillance, and professional security staff, residents can enjoy enhanced safety and peace of mind.

[smartcode_project:default project_id=108019 project_image_fid=212658]

Additionally, these developments often have dedicated maintenance teams responsible for the upkeep of common areas, landscaping, and infrastructure. This ensures that the overall appearance and functionality of the development are well-maintained, creating a pleasant living environment for residents.

<h3>Live-work-play balance</h3>

One of the key attractions of mixed-use developments is the ability to achieve a desirable live-work-play balance. The integration of residential and commercial spaces allows residents to live closer to their workplaces, reducing commuting time and improving work-life balance.

The proximity to various amenities and recreational facilities encourages an active and healthy lifestyle. Residents can easily access fitness centres, parks, restaurants, and entertainment options, all within the same development, leading to a more fulfilling and convenient way of life.

alisonwarters@gmail.com

The top five reasons to buy in a mixed-use development

When buying a property, everyone needs to be aware of the additional costs that come as part of the buying process.

Often the largest outlay, after the deposit which goes to the bank, is stamp duty.

<h2 style="line-height: 1.38;">What is Stamp Duty?</h2>

Stamp duty is an extra tax to pay the government when you buy land, a property, and other certain assets.

It happens when the legal ownership is transferred. It can also be known as property transfer duty or transfer duty.

<iframe allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="415" src="https://www.youtube.com/embed/C32BWkB5--c" title="YouTube video player" width="660"></iframe>

<h2>Who pays Stamp Duty?</h2>

In some circumstances, you may get an exemption. For some states, you won’t have to pay for stamp duty if you are a first home buyer or a pensioner for houses under a particular price. There are also stamp duty concessions, where you may be entitled to a discount.

<h2>How much does Stamp Duty cost?</h2>

Each state has different rules which affect how much you need to pay. These rules can affect the rate you pay, and the timeframe you will need to pay in. Before you buy land or a property, make sure you check the up-to-date information for your state’s stamp duty.

You can use a free stamp duty calculator online to see approximately how much you’ll need to pay. Find out if you’re eligible for an exemption by enquiring on a project via Urban!

Overall, the stamp duty you need to pay will depend on:

<ul>
	<li aria-level="1">How much your land/property is worth</li>
	<li aria-level="1">Where your land/property is located</li>
	<li aria-level="1">What type of land/property it is</li>
</ul>

Want to find out more? <a href="https://www.youtube.com/@UrbanAustralia?utm_source=YouTube&amp;utm_medium=Video&amp;utm_campaign=Subscribe&amp;utm_id=Subscribe">Subscribe to our YouTube channel</a> for more property videos.

Ellen Walker

Off-the-plan property explained: What is stamp duty?

For most Australians, buying an apartment is one of the biggest financial decisions they'll ever make

The location, floorplan and price are often the first considerations, but in recent years another question has become increasingly important: who is actually delivering the project?

A series of high-profile builder collapses, construction delays and defect concerns have fundamentally changed how many Victorians approach buying off the plan. The collapse of Porter Davis in 2023, which reportedly left around 1,700 homes unfinished, became one of the most visible examples of the risks that can emerge when a construction company fails. <a href="https://www.equifax.com.au/sites/default/files/lpassets/pdf/Final-Business-Market-Pulse-June-Sector-Deep-Dive-Report-2.pdf">Similar challenges across the broader construction sector</a> have left buyers asking more questions before signing a contract.

As Victoria continues encouraging higher-density housing to address supply shortages, transparency is becoming just as important as location or price.

One tool increasingly entering the conversation is the <a href="https://icirt.com/">Independent Construction Industry Rating Tool (iCIRT)</a>, an independent assessment framework designed to help buyers better understand the developer or builder behind a project. Originally developed by Equifax in consultation with government and industry as part of NSW's Construct NSW reforms, the system has since expanded nationally.

<h2 data-end="1519" data-section-id="7nmx3" data-start="1492">What is an iCIRT rating?</h2>

Most Australians are familiar with independent ratings in everyday life.

We compare ANCAP safety ratings before buying a car. We look at Health Star Ratings in supermarkets. Banks rely on credit assessments when lending money.

Until recently, however, there has been very little independent information available to help apartment buyers assess the business responsible for delivering a residential project.

That gap is what iCIRT was designed to address.

Builders, developers and other construction professionals with an iCIRT rating have demonstrated high-trust characteristics through an independent, evidence-based assessment across six criteria: Character, Capability, Conduct, Capacity, Capital and Counterparties. This involves a rigorous review of financial health, past project track record, and ethical conduct. Crucially, an iCIRT rating could help provide property buyers with confidence that they are working with a professional who has demonstrated the capability, capacity, and willingness to return and rectify issues.

Importantly, iCIRT is not a recommendation to purchase a particular property, nor is it a traditional credit rating. It is an independent assessment framework designed to provide objective information about a construction business using a <a href="https://icirt.com/sites/default/files/2025-08/iCIRT-Methodology-Issue1-May-2021.pdf">published methodology</a>.

The system has been widely adopted in New South Wales, where more than one-third of medium and large residential builders and developers now hold an iCIRT rating, representing over two-thirds of the state's residential building market by value as of 2025/26.

<h2 data-end="3126" data-section-id="h6ohtj" data-start="3084">Why buyers are doing more due diligence</h2>

For many buyers, particularly those purchasing off the plan, the biggest risk isn't whether they'll like the kitchen finishes.

It's whether the project will be delivered on time, to the expected quality, and by a company capable of completing the development.

<a href="https://icirt.com/sites/default/files/2026-07/iCIRT%202025%20Consumer%20Survey%20Report%20v05.pdf">Consumer research commissioned by iCIRT</a> found more than half of respondents believed current protections do not adequately safeguard buyers from builder insolvencies or defective projects. Other research found 88 per cent of prospective buyers would seek independent ratings or due diligence before purchasing, while 90 per cent said trust in construction professionals is essential.

That doesn't mean buyers should rely on a single rating alone.

Independent legal advice, understanding the contract, and seeking financial advice all remain important parts of the due diligence process.

However, an independent assessment can provide another source of information alongside those traditional checks.

<h2 data-end="4138" data-section-id="pquzxc" data-start="4094">Trust is becoming a competitive advantage</h2>

The conversation isn't only changing for buyers.

Developers are also recognising that trust has become an increasingly important part of the sales process.

Five years ago, purchasers typically asked about floorplans, finishes and settlement dates.

Today, sales teams are increasingly being asked about the developer's experience, financial stability, previous projects and construction partners.

For companies with strong governance and established delivery records, an independent iCIRT rating provides another way to demonstrate those credentials before buyers even visit a display suite.

According to Equifax, the assessment can also help businesses drive sales and <a href="https://icirt.com/resources-for-business/icirt-rating-helps-scion-secure-high-value-projects">secure high-value projects</a>, as well as identify operational improvements and <a href="https://icirt.com/resources-for-business/mirvac-reinforces-brand-trust-and-quality-independent-icirt-rating">attract top talent</a>.

<h2 data-end="4962" data-section-id="1j54ng5" data-start="4912">Beyond buyers: lenders are paying attention too</h2>

The influence of independent construction ratings is also extending beyond consumers.

According to Stamford Capital's Real Estate Debt Capital Markets Survey, an increasing number of lenders now incorporate iCIRT ratings into their due diligence processes when assessing residential development finance applications.

The survey found lender adoption has continued to rise, with many respondents saying independent assessments provide additional insight into governance, counterparties and delivery capability beyond traditional financial analysis. Some lenders also reported declining funding applications where businesses had poor or no ratings.

As construction costs remain elevated and access to development finance becomes more selective, demonstrating credibility is becoming increasingly valuable.

<h2 data-end="5801" data-section-id="1qazuxs" data-start="5772">What it means for Victoria</h2>

Victoria's apartment market is entering a new phase.

The state is seeking to accelerate higher-density housing while simultaneously introducing reforms aimed at improving confidence in residential construction.

For buyers, that means there are more tools available than ever before to research the businesses behind a project.

For developers, it signals that transparency is becoming another point of differentiation in an increasingly competitive market.

Buyers are asking more questions than ever before and increasingly expecting independent information, not just marketing material, before making one of the biggest financial commitments of their lives.

Find out how to get iCIRT rated <a href="https://www.icirt.com/sites/default/files/2025-08/iCIRT-Infographic-Assessment-Process-Final.pdf">here</a>.

<hr data-end="6469" data-start="6466" />
The information contained in this article is general in nature and does not constitute personal, financial, legal or tax advice. It does not take into account your personal objectives, financial situation or needs. Therefore, you should consider whether the information is appropriate to your circumstances before acting on it and, where appropriate, seek independent professional advice.

This article contains links to third-party websites. These links are provided for convenience only. Equifax Australia does not control and is not responsible for the content, accuracy or privacy practices of external sites.

Copyright © 2026 Equifax Australia Information Services and Solutions Pty Ltd. All rights reserved.

Buying off-the-plan in Melbourne? How independent iCIRT ratings are set to change Victorian property

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Little Projects has appointed Hickory Group to build their latest develop Central South Yarra, as the $220 million residential apartment complex reaches 80% in sales.
Located in the Forest Hill precinct, the 30-storey development will house 356 one- and two-bedroom apartments upon completion, and two penthouses.
One of the penthouses were snapped up for over $4 million.
The two bedrooms are priced from $600,000 with the two-bedroom with two bathroom apartments starting from $745,000.
They range in size from 62 square metres to 92 square metres.
The other penthouse is available from $2.75 million.
“The construction of Central signals the next step in our vision for South Yarra – a vibrant and enviable address with access to excellent transport connections, best cafes, eateries and shops at your doorstep,” says Little Projects managing director Michael Fox.
Architecturally designed by RotheLowman and with interiors by Plus Architecture, apartments feature large terrace balconies and kitchens with stone bench tops and Miele appliances.
Residents will have access to a rooftop retreat including a sky terrace, lounge, kitchen, dining room, swimming pool and gym.
“We pride ourselves on delivering high quality residential and mixed-use developments in prime inner-city locations. Central is a dynamic project that will transform this area,” says Fox.
Hickory Group has worked on a number of developments for Little Projects, including the soon to be complete <a target="_blank" href="https://www.propertyobserver.com.au/developments/little-projects-ilk-south-yarra-development-weeks-away-from-completion/2013082864417">ILK</a>, also in South Yarra.
Central South Yarra has an expected completion date of mid-2015.
The median apartment price in <a target="_blank" href="/news">South Yarra</a> is $541,000, a 14.1% change in the past five years, according to RP Data.
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Little Project appoints Hickory Group to build 80% sold Central South Yarra

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Ever since I realised there was a ‘Generation Y’ I’ve been reading how educated, fickle, lazy and entitled they are.
I came to expect that anyone aged 15 to 30 would prefer a laptop to a car and would prefer the flexibility of cool employment to the stability of owning a home.
So it was strange over the past week to find news to the contrary.
A survey from Western Australia – the Financial Fitness Index – found that Generation Y had become more careful with their money than any of the other generations surveyed, with 56% becoming more conservative in the previous year.
In another survey conducted by the Co-Op Bookstore, they found that 94% of 17 – 29 year olds were planning to buy a home in the next five years, with average weekly savings of $150.
This hardly builds an image of complacency. However, watching this big cohort start to chase the Australian dream has made me wonder if the financial system is properly prepared for them.
One of the things we notice about Generation Y is their preparedness to change jobs, with the ABS labour mobility data showing that 20 – 24 year olds are three times more likely to change jobs in a year than 45 – 54 year olds.
Gen Ys also have ready acceptance of contract and project employment, with many of these skills-based projects being conducted with no entitlements.
Earlier generations found it hard to get a mortgage when they were hopping between employers and relying on contracts.
The discrepancy between how Gen Ys want to work and how the financial services industry operates doesn’t stop at mortgages. Our superannuation system is predicated on time spent in pay-as-you-go employment.
How is the generation currently in their twenties going to make this system work for them when their earnings come from contract employment, which usually excludes super?
The solution is not something we can put on the backburner: with an ageing population and with the oldest Gen Ys about to move into their high income years, there are ramifications for our national economy in terms of how financially stable we allow these people to be.
Home ownership is a huge part of financial stability in this country and I believe this generation will, to a certain extent, just have to knuckle down. Simply showing a savings history is not enough – lenders typically look for either full-time employees or long term written contracts.
But as the Gen Ys becomes more conservative, mortgage lenders will have to think about meeting them halfway.
There’s no point in creating an economy filled with contract employment if we then attempt to shut these workers out of the housing market.
So how are we going to make this work? Will Gen Y fake it and go into stable employment long enough to get a mortgage? Or will lenders become realistic about how the labour market works for twenty-somethings?
I’d love to hear what you think. <a target="_blank" rel="nofollow" href="https://twitter.com/markbouris" style="font-size: 14px;">Talk to me on Twitter</a>.
<hr style="font-size: 14px;">
Mark Bouris is executive chairman of <a target="_blank" rel="nofollow" href="https://www.ybr.com.au/">Yellow Brick Road</a>, a financial services company offering home loans, financial planning, accounting and tax, and insurance.
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Gen Y has a different approach to saving than we presume: Mark Bouris

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There’s no denying that Melbourne is the auction capital of Australia – at time of writing - year to date there have been over 18,291 auction sales, which according to REIV figures, is an increase of 13% on this time last year.
As a proportion, auctions only account for around 20% of total sales; the vast majority of transactions take place behind closed doors via private treaty negotiation.  However, for the bulk of buyers focused on sourcing properties in the middle, and particularity inner ring localities of Melbourne (followed by Sydney) – a large proportion of which are investors - for sale by auction tends to be the preferred method of marketing. Therefore, at some point attendance on a Saturday auctionfor a game of deepest pockets wins is all but inevitable.
Whilst auction transactions only capture a relatively small sample of sales, they can be a good indicator to the current heat of consumer sentiment toward the purchase of residential real estate (particularly in the investment sector.) And in a country which has effectively hamstrung development outwards with inelastic supply side levers, ensuring we’re all squashed in a doughnut like shape around the affluent capital city established localities – the concentration given over to the clearance rate each weekend is somewhat understandable - even if it does irk the larger proportion of agencies that work in outer suburban non auction locations.
For an inexperienced buyer in a hot speculative fuelled market, auctions can present a pit fall of dangers.  The typical four week campaign – three weekends of opens with the auction taking place on the fourth – is designed to act as a stimulant, effectively putting a end by date on the period of time they have to conduct any needed due diligence.
And as clearance rates rise (the curve of which prices typically follow) the chance of a listing attracting enough attention to sell prior also increases – shortening the marketing period further still.
Added to this is the general confusion over auction price quotes. It seems silly to point out the obvious, but no buyer likes to play guessing games when it comes to putting a price on an advertised listing.
Everyone understands real estate is a negotiated asset, however, the verbal game playing that now surrounds a proportion of the sales industry is laughable.
Responses to a price enquiry range from a paraphrase of “we won’t know until buyers have told’ us” to a general comment such as “properties in the area are selling in the $400,000s and $500,000s” – effectively giving any said purchaser $200K bracket in which to work it out.
It’s part of the market insanity that surrounds our residential real estate sector. If we were operating in an ideal world, buyers would ignore price quotes altogether and do their own research to establish market value prior to spending hundreds on a pest and building inspections or solicitor fees chasing an unobtainable dream.
However, closely comparable sales data is not always readily available - computer-generated estimates, are, more often than not, hopelessly inaccurate. Suburb reports are equally unhelpful, and while median data will give an indication of the dollars the majority market is spending, it’s no help when evaluating individual property prices.
In Victoria published auction sales often result in undisclosed blank figures and private sales are just that – private. The street name will be listed, but the other relevant and essential data is missing.
It’s one reason I advocate a requirement for vendors to take responsibility for their own (typically) vendor paid advertising campaigns, and ensure reserves – or ranges in which they’re prepared to negotiate – are published at the outset.
Whilst you can argue one way or another at the lunacy that often surrounds Australia’s addiction to all things real estate, we’re not talking about an item on eBay – we’re talking about the biggest financial transaction most make in a lifetime.
Hence why we need transparency in the real estate sector – information should be openly available to enable buyers to make informed decisions without the need to play guessing games and risk poor financial decisions that can have a broader impact on the economic landscape.
According to RPData, Australia’s property market is worth an estimated $4.86 trillion, which is three and a half times the value of Australia’s stock market and combined superannuation funds.
Assessment by Moody’s, shows Australian banks are way ahead of global counterparts in their exposure to property – with two-thirds of their lending tied to the residential sector.
 <img src="/images/stories/2013/08/cashmore_aug_30_graph.jpg" width="470" height="313" alt="cashmore_aug_30_graph">
And as we start to tick into what most assess to be a relative boom of activity in various states – with auction rates once again approaching record highs, and analysts carefully assessing sharp price rises in the <a href="https://www.smh.com.au/business/auction-rates-signal-boom-at-hand-20130818-2s528" target="_blank">established sector</a> - yet sitting a long way from a point at which the RBA can pull the traditional rate rising lever to offset a dangerously overheated market – we remain in a precarious position.
 
<hr class="system-pagebreak">
To argue that this is in anyway good news or to suggest as RBA board member John Edwards did last week in A WSJ interview that <a href="https://www.macrobusiness.com.au/2013/08/rba-house-prices-a-long-way-from-being-a-problem/" target="_blank">“we’re a long way from it being a problem,”</a> – in an environment as Michael Matusik pointed out in his blog, is set against a construction sector currently <a href="https://matusikmissive.com.au/2013/08/27/350000-but-falling/" target="_blank">on its knees</a> - with first home buyers reducing significantly in key markets such as NSW in which they are down from 14.2% in 2011, to a current 7.3%, the lowest share on record – (illustrating aptly the failure of initiatives such as the first home buyers grant) – would be a sharp disconnect from a country that also champions the motto of a fair gofor all.
No matter where you sit in the world’s rat race we all have a core requirement for secure accommodation – a place of residence which is safe, clean, and warm enough to rest at night – it’s the compass that navigates our wellbeing and performance both in and out of work. Therefore, it’s no surprise that the health of our property market dominates conversations across all demographics and remains at the top of concern for voters.
As I said last week, whilst the current rally seems set to last into 2014, the prospect of higher rates coupled with higher unemployment will in my opinion, pull up any lengthy capital city market boom – however in the meantime, we’re in overdrive and the sales industry is predictably doing everything in its nature to add fuel to the fire.
Agents are deriving auction campaigns that last as little as <a href="https://news.domain.com.au/domain/blogs/talking-property/speed-marketing-auction-time-to-shrink-20130827-2smp5" target="_blank">two or three weeks</a> with comments from Sydney agents highlighting:
"There are so many buyers ...we don't need to wait four weeks to identify the likely buyers, two to three weeks would be plenty.”
Reports show homes selling 15-20% above their reserve which is typically derived from a mix of recent comparable sales combined with current interest - and even allowing for emotion, gives way to jaw dropping results as war stories filter in from varying pockets within our capital city markets.
In this atmosphere, auction sales ignite the problem further.  Allowing for the odd exception, I’ve yet to meet a buyer who likes bidding at an auction – and for that matter, I’ve yet to meet a vendor who doesn’t dread their day in the sun as it’s so often termed by sales agents, which in most instances for a purchaser, will result in a battle of sorts, with a group of people guaranteed to lose all sense of rationality if heated bidding happens to occur – which in the current atmosphere holds high probability.
And whilst in a downward market, I would fully agree with advocates such as Neil Jenman who campaign against auctions as a method of sale claiming better results can be achieved via private negotiation - the opposite is the case when the market turns and we start to see mini rallies within certain pockets of the city.
When buyers see properties openly selling above their pre-conceived perception of market value (something that generally doesn’t happen when the sale is conducted via negotiation) it provides very visible reality that the market’s moving and the effects on the mindset act like a kind of contagion.
There’s no doubt a winning bidder will only ever be one step above the under bidder – and in that sense, it could be argued the highest price is never achieved. However, having spent years working with buyers, I can confirm - without shadow of a doubt - that during a rapid moving auction, buyers spend far less time thinking about exceeding budget constraints than they do when, in a rational pre auction moment, they take time to discuss  where to draw a sensible limit for the property in question.
It’s rare to find an agent with the sharp negotiation skills to achieve similar results in private sale scenario.
There have been plenty of <a href="https://fisher.osu.edu/~muhanna_1/pdf/Do%20AuctionWin-jcr07.pdf" target="_blank">academic papers</a> outlining why auctions can achieve significantly higher prices in competitive markets compared to other methods of sale.  The effects broadly fall under the title of a pseudo-endowment effect.
Without going into too much intricate detail, as buyers bid for a property, there is a feeling of partial possession in those who take part.
If the bidding starts low – as it tends to at most auctions – the multiple bids and length of time needed to get the price to its reserve creates momentum and in addition, fuels the emotional attachment and sense of ownership the participants gain towards the property.
The results of the many scientific experiments conducted on auction sales show a strong propensity for buyers to re-assess their pre-estimate of value upwards which stimulates a win or lose mind set, in which the main focus is to beat the competition, above and beyond simply purchasing a home.
To put it another way – when buyers bid at auction, they bid to win and in the process, lose connection to the initial goal of achieving a purchase within a predetermined budgetary limit.
With a talented auctioneer doing all in his power to convince bidders to buy their weekends back with just one more shot – it doesn’t take much for an inexperienced buyer to stretch past his comfort level and lose it.
Smaller increments and repeated bidding can magnify these results.  Hence why you’ll often see buyer advocates attempt to nip the momentum in the bud, with an initial high bid or by using what’s known as a snip technique – coming in right at the end an giving the impression to already stretched buyers, that there’s plenty more in the tank.
And whilst it can be very successful in gaining the vendor an outstanding result – it has little advantage for a buyer, who can end up with a healthy dose of remorse once the initial fervour has worn off.
I attend at least four to six auctions on any said weekend and have witnessed the effect this method of sale has in both downward and upward cycles.
In Melbourne, it plays an active part in driving our boom and bust mentality.  And whilst you can argue on the advantages and disadvantages in comparison to other sales techniques, in the current environment, the bidding wars erupting in both Sydney and Melbourne, are doing a good job at pushing prices into unsustainable territory.
If you’re a buyer – be warned.
 
<hr>
 Catherine Cashmore is a market analyst with extensive experience in all aspects relating to property acquisition.
 
 
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Heat of the moment, the mentality of auction bidding fervour: Catherine Cashmore

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Was Kevin Rudd's "Minister for Cities" policy announcement in Perth on Friday (30/8/13) tokenistic, policy-on-the-run or about time?  A mixture of all three. 

Let's be clear - urban planning is firmly the role of State Governments and Local Governments to implement.  The States and Territories are the ultimate service providers we interact with the most - hospitals, schools, roads, public transport; they are the cornerstone of our federation, yet since the 1940s the States' ability to raise revenue - levy taxes - has diminished leaving them to look up to Canberra for help to implement their policy.  Where historically Australia's political scene has been city versus rural (and in some respects this hasn't changed to this day) with one political party dedicated to the bush - The Nationals, the ALP and Liberal Party have been left to fight over the seats in our capital cities. 

Over the past 70-80 years, on both the ALP and Liberal Party's watch (and in Victoria's case earlier last century, the Country party's watch), we've seen Australia's cities grow on the back of the automobile and for many the insatiable desire to own a house with a backyard in a suburb not too far from family and employment. Yet the problem we have, highlighted so perfectly by Kevin Rudd's speech, is the people who choose to rent, own, play or work in the outer growing fringe areas are running into the ultimate 'gotcha' hat-trick:  

<ul>
<li>private transport has nasty external factors affecting affordability (volatile petrol prices) as well as direct negative effects when solely relied upon (congestion),</li>
	<li>the slow roll out of other essential infrastructure along with the early isolation that is associated with the standard suburban development phenomenon and,  </li>
	<li>access to employment diminishes the further you live away from job clusters.</li>
</ul>
Central Melbourne is now on its own development trajectory.  It's a trajectory that we can quite easily sit back and say we don't need to passionately advocate continuing the momentum for thanks to the work carried out by the visionaries of late last century and the new market which has sprung up around the vision.  The density debate in Melbourne is shifting toward how can the city better utilise its vast array of brownfields sites and under-developed corridors to increase localisation of services whilst also meeting the housing needs through sustainable development patterns.   As our <a href="/developments" target="_blank">Project Database</a> illustrates, urban development has already begun spread beyond the traditional centre of the city - but equally you didn't hear Kevin Rudd talk about increasing density, rather it was a speech targeted directly at the voter-land of the outer swinging seat suburbs regardless of the public transport emphasis.

Kevin Rudd's speech emphasis on Public Transport is a breath of fresh air, but to my mind he lost marks where made an apparent pitch to bringing jobs closer to where people live.  Mass government-funded incentive-driven private sector job decentralisation is a repulsive thought and a rebuke to the quality work that's been happening over the past few decades to make central areas of Melbourne more attractive for business to grow and prosper.  What's needed is leadership in driving new development into existing areas which have scope to cater for increased housing diversity and density allowing the workers to move closer to the workplace - not move their workplace closer to them.  

If it is the Federal Government's job to lead on mitigating the effects of climate change and grow a more prosperous nation, then serious policy leadership on weaning Australian cities off the car and continual low-density suburban expansion (under the misguided "housing afforability" banner) must come from them.  <a href="http://www.carbonneutral.com.au/climate-change/australian-emissions" target="_blank">15% of Australia's emissions come from Transport</a> - of which the private car is the biggest polluter and even if we switched the power source for every car in the country to some as yet mass-marketed device, we still will have congestion and isolating distance problems.   State Governments understand and are actively refreshing and implementing metropolitan strategies which are attempting to curb fringe development (Melbourne 2030, Melbourne @ 5 million and the upcoming Napthine Government planning strategy) and redirecting capital and investment into existing areas but given the same Governments' willingness to shift growth boundaries we're likely to be dealing with the suburban problem for many years yet.  The extra oompf from a small but well resourced Federal ministry in Canberra could be beneficial in keeping States and their strategies in check, as long as they same Federal Government resists the urge to use the same ministry to pander to the interests of the land-owners on the fringes of our cities.

Given the context of the speech - the final week of the Federal election campaign, polls pointing to a wipe out - the policy announcement appeared extremely meek and garnered little analysis on Friday night's news.  Actually, when talked about on the <a href="https://www.propertyobserver.com.au/http://www.abc.net.au/iview/#/view/41909" target="_blank">ABC's The Drum</a> (fast forward to 27m30s) that night, it was tacked on to other policy discussion from the day and then quite literally scoffed off the show by the panelists!

That, right there, is the challenge for urbanists: getting air time and providing proper analysis.  The direction of our cities is not just about big ticket projects like the ALP-favoured Melbourne Metro or the Coalition-favoured East-West link, it's about the sum of the whole.  Canberra holds the considerable purse strings - and always will hold them unless we change our constitution (and the relationship Canberra has with the states) - we should be demanding leadership from this sphere of government, not just having Federal agencies like Infrastructure Australia working within its silo.  As Kevin Rudd said, 80% of this country's economic output is from cities - what's wrong with having leadership ensuring all the policies of the Federal Government and the tools it has its disposal are given a proper urban planning context?
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Alastair Taylor

Federal Government leadership on cities? Yes please

<html><body>
Since June 2000, first-home buyers (FHB), nationally, have averaged around 27% of purchasers in the market seeking finance—from a low of 19% (March 2007) to a high of 42% (May 2009).
A recent <a href="/news">Property Observer article</a> outlined the national situation for FHBs and noted the shallowness of the housing recovery in comparison to previous cycles. 
Focusing on NSW, FHB numbers have averaged some 26% of purchasers over the same period—a low of 11% (May 2013) and a high of 47% (May 2009). Since November 2013, FHB numbers have not exceeded 15% and have averaged about 12%.
The demise of NSW’s FHB is far more than an issue for market—it is the issue. FHB are the foundation market.
By and large, FHBs aspire to become upgraders, since property (or more precisely, the consumption of living space) is a normal economic good—the wealthier we become, the more of it we tend to consume. FHBs possess the momentum investors generally lack; to improve, to buy better, and move up the ladder. With a diminished base, up-graders must either sell into their own market or to investors.
Such momentum is necessary for the state, whose finances are bound to the market’s transactional volumes—Macquarie Street really needs to think that one through and come up with a less volatile revenue stream. Stamp duty in my opinion is a retrospective capital gains tax for the state—since it indirectly taxes the wealth made on the sale of an existing property at the time a new property is purchased.
How fair or sensible is it to tax FHB for wealth they haven’t yet earned? In this regard, stamp duty for FHB is a punitive tax; it sits closer to the suite of measures government employs to discourage self-harming activities, so society doesn’t stray too far from the straight and narrow. It’s surprising to see that first-home ownership is one of them.
In October 2012, the NSW government varied the FHB concessions and grants in the hope of stimulating housing supply and supporting a weak construction sector. Both the $7,000 cash grant and—far more importantly—the stamp duty exemption were replaced by the <a target="_blank" href="https://www.osr.nsw.gov.au/benefits/first_home/first_home_new_home/">first home-new home</a> scheme; increasing the grant to $15,000, raising the price thresholds, exempting stamp duty payment for new homes only.
Following the October 2012 where FHB represented 22.8% of the market, their numbers fell away precipitously compared to the same month a year prior:
<div align="center">
<table cellpadding="0" cellspacing="0" border="1"><tbody>
<tr>
<td valign="top">
November
</td>
<td valign="top">
(14.6%)
</td>
<td width="53" valign="top">
 
</td>
<td width="50" valign="top">
February
</td>
<td valign="top">
(12.3%)
</td>
<td width="51" valign="top">
 
</td>
<td width="40" valign="top">
May
</td>
<td valign="top">
(11.2%)
</td>
</tr>
<tr>
<td valign="top">
December
</td>
<td valign="top">
(12.6%)
</td>
<td width="53" valign="top">
 
</td>
<td width="50" valign="top">
March
</td>
<td valign="top">
(11.5%)
</td>
<td width="51" valign="top">
 
</td>
<td width="40" valign="top">
 
</td>
<td valign="top">
 
</td>
</tr>
<tr>
<td valign="top">
January
</td>
<td valign="top">
(11.9%)
</td>
<td width="53" valign="top">
 
</td>
<td width="50" valign="top">
April
</td>
<td valign="top">
(11.3%)
</td>
<td width="51" valign="top">
 
</td>
<td width="40" valign="top">
 
</td>
<td valign="top">
 
</td>
</tr>
</tbody></table>
</div>
The NSW state government’s policy is failing and is flawed. The numbers speak for themselves, but who is speaking for the FHB?
Cash grants for the most part inflate property prices, ultimately harming those they purport to help—but they win votes, apparently. FHB, by and large, are not new dwelling purchasers; these dwellings more commonly are bought by up-graders and investors for differing reasons. The key factor in the purchase equation for a FHB is stamp duty and how this plays through the purchase transaction via the “funds to complete” scenario. The following table illustrates the situation faced by a FHB prior and post October 2012:
<div align="center">
<table width="460" cellpadding="0" cellspacing="0" border="0"><tbody>
<tr>
<td nowrap width="215" valign="bottom"></td>
<td width="85">
pre-FHOG change
</td>
<td width="64">
current situation
</td>
<td width="96">
Equivalent purchase pre-FHOG
</td>
</tr>
<tr>
<td nowrap width="215" valign="bottom">
Price of property
</td>
<td nowrap width="85" valign="bottom">
350,000
</td>
<td nowrap width="64" valign="bottom">
350,000
</td>
<td nowrap width="96" valign="bottom">
460,953
</td>
</tr>
<tr>
<td nowrap width="215" valign="bottom">
FHOG
</td>
<td nowrap width="85" valign="bottom">
7,000
</td>
<td nowrap width="64" valign="bottom"></td>
<td nowrap width="96" valign="bottom">
7,000
</td>
</tr>
<tr>
<td nowrap width="215" valign="bottom">
NSW Stamp duty
</td>
<td nowrap width="85" valign="bottom">
0
</td>
<td nowrap width="64" valign="bottom">
(11,240)
</td>
<td nowrap width="96" valign="bottom">
0
</td>
</tr>
<tr>
<td nowrap width="215" valign="bottom">
Legals
</td>
<td nowrap width="85" valign="bottom">
(900)
</td>
<td nowrap width="64" valign="bottom">
(900)
</td>
<td nowrap width="96" valign="bottom">
(900)
</td>
</tr>
<tr>
<td nowrap width="215" valign="bottom">
Building &amp; pest inspection
</td>
<td nowrap width="85" valign="bottom">
(470)
</td>
<td nowrap width="64" valign="bottom">
(470)
</td>
<td nowrap width="96" valign="bottom">
(470)
</td>
</tr>
<tr>
<td nowrap width="215" valign="bottom">
Lender's mortgage insurance
</td>
<td nowrap width="85" valign="bottom">
(2,469)
</td>
<td nowrap width="64" valign="bottom">
(2,469)
</td>
<td nowrap width="96" valign="bottom">
(4,066)
</td>
</tr>
<tr>
<td nowrap width="215" valign="bottom">
Bank establishment fees
</td>
<td nowrap width="85" valign="bottom">
(600)
</td>
<td nowrap width="64" valign="bottom">
(600)
</td>
<td nowrap width="96" valign="bottom">
(600)
</td>
</tr>
<tr>
<td nowrap width="215" valign="bottom">
Banks LVR
</td>
<td nowrap width="85" valign="bottom">
85%
</td>
<td nowrap width="64" valign="bottom">
85%
</td>
<td nowrap width="96" valign="bottom">
85%
</td>
</tr>
<tr>
<td nowrap width="215" valign="bottom">
Funds required to complete sale
</td>
<td nowrap width="85" valign="bottom">
49,939
</td>
<td nowrap width="64" valign="bottom">
68,179
</td>
<td nowrap width="96" valign="bottom">
68,179
</td>
</tr>
</tbody></table>
</div>
From the above it can be seen that FHB wishing to purchase a secondhand $350,000 property today will require an additional $20,000 deposit. But, it presumes that they will find a bank willing to lend on a 15% deposit—the banks wish to minimise their risk exposure by qualifying their borrowers. And the banks never lose, which is why lending to upgraders and investors makes so much more sense as they are a far less risky proposition.
Importantly, the table highlights that pre-October 2012, FHB who were in the market to purchase a $460,000 property are now restricted to those priced $350,000 and below. The inference being that FHB will have to consider areas that are cheaper because they are either further out or stigmatised so as to become affordable.
The following chart illustrates in a general way how this could result, by looking at the median 2-bedroom unit values for inner, middle, and outer ring Sydney.
Click to enlarge
<a rel="shadowbox" href="/images/stories/2013/08/bregozzo-sept-2-big.jpg" title="Click to enlarge"><img src="/images/stories/2013/08/bregozzo-sept-2-small.jpg"></a>
This is a claytons solution, since the housing affordability problem is simply being transferred to the less affluent; what happens to the existing residents in these areas?
What the table doesn’t illustrate is the FHB’s life situation; how many are about to start a family (knock around $20,000 off what the banks are prepared to lend)? How many are working as contractual employees (higher mortgage insurance or deposit, if approved at all)? How many are in stagnant businesses where wages haven’t changed, for the better? How many carry education debt?
It would be fair to argue that for some (especially those who have started a family as tenants), October 2012 marked a line in the sand for home ownership. Not only have FHB been dealt a blow to their purchasing power, by delaying their entry into the market, they will fail to benefit from the compounding wealth effect of real estate.
There are long term implications here, unless of course, today’s generation of property owners are smart enough to work out how to transfer the affordability baggage to future generations.
<hr>
Martin Bregozzo is a <a href="https://au.linkedin.com/in/bregozzo" target="_blank">property economist</a> with extensive experience spanning all asset classes, across private &amp; public sectors; specialising in project feasibility and arguing the case for change.
Image opf Sydney courtesy of Michael Coghlan/flickr.
 
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mbregozzo-j6q7uYzhAT

The NSW first-home buyer demise lays a weak foundation: Martin Bregozzo

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The international fashion retailer Zara will open its seventh store in Australia in Westfield Chatswood.
No date has yet been set for the ­opening of the store.
Chatswood will be the fourth Westfield mall to have a Zara store with outlets already at Westfield Doncaster, Westfield Sydney and Westfield Bondi Junction.
Zara, the Spanish-based retailer, also has stores on Bourke Street Mall in Melbourne’s CBD, in the Burnside Village in Adelaide and GPT’s Highpoint Shopping Centre in Maribyrnong.
The opening in June 2011 of Melbourne’s first Zara store in Bourke Street caused a shopping frenzy.
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jchancellor-FAypfDUnLy

Zara heading to Westfield Chatswood for seventh Australian store

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Financial commentator and breakfast television host David Kochie says buyers should learn from previous booms if they want to take advantage of a potential property boom now.
He says rising house prices are indicative of a patchy recovery rather than a price bubble.
He says to be careful of short term statistics but says if there is to be a property boom then buyers should be prepared.
“In a nutshell, the residential property market is patchy, it is recovering on the back of low interest rates and specific regions (such as Sydney) are looking strong,” he wrote for News Limited.
“But if the key property indicators continue to turn up and a solid trend is established in your region, it's worth brushing up on the best strategies to profit from a property boom.
He gave News Limited readers his top five lessons learned from past booms.
<ol>
<li>Adjust your expectations.</li>
<li>You can't time the market exactly.</li>
<li>Don't treat your home like a piggy bank and load up other debt on it.</li>
<li>Do your own research.</li>
<li>Get the financing right.</li>
</ol>
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po-LsXgBTHBmX

David Koch's top five lessons from past property booms

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You’ve got to the stage of receiving your development application and construction certificate consents and you construction finance is in place.  You are ready to start building.  So just how long does the construction phase of your development take?
It’s an important question as you are now down to the pointy end of your development; it may have already taken you six or even twelve months to get to this stage.  You are very keen to start reaping some rewards for all your hard work.  Soon your investment will be earning an income from either rent return or sales proceeds.
How much longer do you need to wait for these rewards?  I guess this is like asking, how long is a piece of string?  Because the answer will depend on many factors such as:
<ul>
<li>
The number of dwellings you are building – single house or multi unit development?
</li>
<li>
The type of construction process; slab and brick, timber floor and walls, prefabricated or partially prefabricated materials used.
</li>
<li>
The size and degree of difficulty of the structure.
</li>
<li>
The weather, how many rainy days will there be?  The site condition, will it be too muddy to work on after small amounts of rain?
</li>
<li>
Material and contractor availability.
</li>
<li>
The builder’s ability to manage his contractors – his relationship with his trades and communication skills.
</li>
<li>
The knowledge and experience of those managing the project.
</li>
<li>
And any issues that may arise during the development process, i.e. hitting rock when excavating and dealing with council inspections.
</li>
</ul>
Generally speaking, the build phases on Property Bloom projects range from a dual occupancy project being completed within four months to a four villa project being completed in six months.
It’s important to have a good idea of how long your builder has taken on other, similar projects.  I have found that it will come back to how organised they are with their ordering and planning systems and their site managers.
Property Bloom currently has construction under two builders and being able to compare them is interesting.  We found some DA approved sites for our clients that were owned by a large builder and so as part of the contract, we had to use this builder.  It’s our first time using this builder.  So one builder is a big national and internationally owned company and the other is our usual local Hunter Region builder. I won’t say too much, but I know why we continue to use our local builder!
<a target="_blank" href="https://www.propertyobserver.com.au/developments/it-s-important-to-have-a-strong-relationship-with-your-builder-jo-chivers/2013040460168">It’s important to have a good working relationship with your builder</a> to ensure the construction phase flows smoothly. Understanding their internal processes will help you also plan how long the completion of your development.
<hr>
Jo Chivers is director of <a title="Property Bloom" href="https://www.propertybloom.com.au/" target="_blank" rel="nofollow" style="font-size: 14px;">Property Bloom</a>, which manages property development.
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jochivers-wq5Bp59R5a

How long should the construction phase of your development take? Jo Chivers

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A boutique development aimed at Sydney’s young professionals in Surry Hills is about 80% sold as construction commences.
East Central, located on Elizabeth Street, features 42 apartments across eight levels.
Developed by Samadi Group, some 32 apartments have already been snapped up.
A selection of one-bedroom apartments are still available priced from $575,000 to $670,000 and a three-bedroom apartment is available from $1.3 million.
Apartments feature terraces, natural stone floors, dark timber joinery and marble bathrooms.
“It’s 170 meters away from Central Station, with restaurants, cafes and bars everywhere,” says selling agent Sam Elbanna of CPM Realty.
“It is already in an in demand area and the young up and comers are looking for spaces where they spend their nights.
“Majority of buyers are owner occupiers, aged between 25 to 45,” says Elbanna.
Architecturally designed by Brenchley Architects, East Central will feature ‘Eat Street’, a ground floor culinary precinct boasting gourmet providers and restaurant spaces.
Elbanna says the development is a great investor opportunity, with the units having a guaranteed return of 5.5% for five years, with annual increases.
The development is the first of two East Central developments being undertaken by Samadi Group.
East Central is expected to be completed by late 2014.
The median apartment price in <a href="/news">Surry Hills</a> is $515,000, a 28.8% change in the past five years, according to RP Data.
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Boutique Surry Hills development East Central almost 80% sold

<html><body>
Despite our property markets having turned the corner and the lowest interest rates for many, many years, the fact that first-home buyers (FHBs) have been sitting on the sidelines rather than buying into the market has confounded many property watchers.
It hasn’t surprised me for a number of reasons:
<ol>
<li>
Looking back at previous cycles, FHBs haven’t been as active at the beginning of the property cycle as later on unless they were induced to buy through enticements like the extra home buyers boosts they received recently; and
</li>
<li>The incentives given to FHBs a few years ago brought forward demand and depleted the pipeline of potential FHBs. 
</li>
</ol>
FHB commitments down 10.6% year-on-year  
While the number of first-home buyer finance commitments rose 17.0% in May, the figures are still down –10.6% year-on-year.
 <img alt="yards_aug_29" height="221" width="470" src="/images/stories/2013/08/yards_aug_29.jpg">      
Based on finance approvals it seems that currently around 12% of property purchasers are first-homebuyers, around 33% are investors and 55% are people buying their second or subsequent home.
 <img alt="yards_aug_29_two" height="329" width="470" src="/images/stories/2013/08/yards_aug_29_two.jpg">  
But they’re not buying new homes…  
While many of the government incentives encourage FHBs to buy a new dwelling, it seems that only 18% or so of them are buying a new home, with most choosing to buy an existing property.  
In many cases they find that they can purchase a two or three-year-old home in the outer suburbs cheaper than they can get a new dwelling or they find an established apartment with a superior floor plan cheaper than they can buy a new apartment.  
According to an interesting report by Westpac:
“The dominant reason FHBs are missing is because of the 'shadow effect' of earlier pull-forwards in activity associated with changes in government assistance. Although these were not as large as the 2009-10 pull-forward they have effectively depleted the pipeline of potential FHBs which could take over a year to rebuild.”  
Also…  
“The Westpac-Melbourne Institute Consumer survey suggests buyer perceptions have also been a restraining factor, most likely relating to affordability issues. Overly conservative assumptions around mortgage interest rates may be muting the response to what is otherwise a reasonably positive picture on affordability.”
 
Is housing really unaffordable?  
Housing affordability has been in the headlines again, however, while first-homebuyers might find it hard to believe, housing affordability conditions in Australia are among the best we’ve seen for decades.  
While house prices may in general be on the up, weighing against that are lower interest rates and rising incomes, which make for a better outlook for those trying to buy.  
Let’s face it, it’s never been easy for FHBs to get their foot on the property ladder, but some are making it harder for themselves by wanting the type of property today that it took their parents 30 or 40 years to afford.  
Many are looking for a three-bedroom home with all the modern appliances and a big front and backyard, while others are looking for a swish apartment in lifestyle suburbs, while their parents are likely to have had more modest expectations for their first property.  
Before you call me unsympathetic to the plight of FHBs…  
Now don’t misunderstand me, I have six children in my blended family, some who own their own homes, but most are still waiting to get in the property market.  
However, only last week one of my sons was offered finance and a mortgage for 95% of the value of his first property, because he’d had a credit card with a major bank for six months. Of course he also passed their other lending criteria.  
The banks are back to lending money again and those who practise the age-old discipline of spending less than they earn, investing the balance and then reinvesting until they have a sufficient deposit will be able to join the ranks of home owners in the future.  
Fact is the property cycle will move on and real estate values will increase.  While some will get on board and buy a home, others who spend money they haven’t got or keep buying the latest toys and gadgets are more likely to remain tenants.
<hr>
Michael Yardney is a director of <a rel="nofollow" href="https://www.metropole.com.au/">Metropole Property Strategists</a>.
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