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

Joel Robinson

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

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

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

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

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

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

Bottega House secures landmark riverfront site in St Lucia 

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

SIERA kicks off construction at Northcliffe tower Exhale

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

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Buying your first home can be both exciting and overwhelming – especially once the first mortgage bill comes through. However, for many buyers, the purchase of a property can be one of the most rewarding and valuable investments of their lives. If you've just bought your first property and are feeling nervous about the 20-30 year tenure of mortgage payments, we've compiled a simple guide with some tips that could help you to pay down your mortgage debt faster. 

From negotiating new home loan rates to using an offset account or using savvy budgeting techniques, here are 23 ways you could secure a mortgage-free lifestyle sooner. 

<h2>1. Purchase a home you can afford</h2>

<figure><a class="colorbox colorbox-insert-image" href="https://res.cloudinary.com/dz9xllyip/image/fetch/q_auto:good/https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/shutterstock_1141644755_0.jpg" rel="gallery-all"><img alt="" class="image-article-full-width-580px" height="387" src="/s3/files/styles/article_full_width_580px/public/pictures/article-images/shutterstock_1141644755_0.jpg?itok=v0faBBD6" width="580"></a></figure>Look to <a href="/guides/how-much-should-you-spend-on-your-first-house-in-2020">purchase a home you can afford</a>, as often you'll be required to attain prequalification first. Prequalification means your bank will investigate your financial circumstances and determine <a href="/guides/how-much-can-i-borrow-for-a-new-home">the loan that is most suitable for you</a>. 

Some questions to help determine whether you’re eligible or ready to take on a home loan are: 

<ul>
<li>Will you be debt-free for three to six months?</li>
	<li>Are you able to provide a 5%-20% down payment?</li>
	<li>Can you afford to take out a 15-30 year fixed-rate loan?</li>
	<li>Is the home repayment 25% less than monthly take-home pay?</li>
	<li>Are you financially able to cover the fee moving expenses and leaving your current residence? </li>
	<li>Can you afford the ongoing maintenance and utility bills for this home?</li>
	<li>Do you have enough funds saved for any emergencies? </li>
</ul>
<h2>2. Consider refinancing your home loan</h2>

Renegotiating your current home loan rate with your mortgage lender, or shifting your home loan to a lender who offers a lower interest rate, may result in cost savings and could help reduce the tenure of your mortgage.

<h2>3. Consider an offset account</h2>

[smartcode_project:default project_id=7275]

An offset account is a savings or transaction account linked to a home loan account. The balance of the account is “offset” daily against the home loan balance, and therefore you are only charged interest on the difference between the total loan balance and the amount offset.

The money held within an offset account is not regarded as taxable income, as the account does not generate interest, which is beneficial for people who deposit large sums of money into the account.

Depositing money into the offset account with extra income from other sources of income such as bonuses and profits from investment can also help lower your interest repayments, as well as contribute to paying off your mortgage sooner. 

Depending on the lender the money within the offset account also can be withdrawn twice or more in a year with <a href="https://www.yourmortgage.com.au/home-loan-guide/redraw-facility-explained-with-tips-to-lower-your-mortgage/79077/">some lenders charging up to $50 per withdrawal</a>. 

<h2>4. Consider refinancing your home loan</h2>

Renegotiating your current home loan rate with your mortgage lender, or shifting your home loan to a lender who offers a lower interest rate, may result in cost savings and could help reduce the tenure of your mortgage.

<h2>4. Keep your credit card debts manageable </h2>

<figure><a class="colorbox colorbox-insert-image" href="https://res.cloudinary.com/dz9xllyip/image/fetch/q_auto:good/https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/screen_shot_2020-02-07_at_4.26.48_pm.png" rel="gallery-all"><img alt="" class="image-article-full-width-580px" height="383" src="/s3/files/styles/article_full_width_580px/public/pictures/article-images/screen_shot_2020-02-07_at_4.26.48_pm.png?itok=0n7kFOF7" width="580"></a></figure>Aim to clear your credit card of debt each month, as the interest rates on your credit cards and personal loans are often much higher than the interest rate on your home loan. When you pay on time, you avoid paying extra interest or late fees and also help keep your credit score healthy.

Personal Loan: A personal loan sits between a home loan and a credit card loan, and provides a faster and easier process than taking out a mortgage. Unlike a credit card loan, to access the personal loan, you are also required to sign a formal contract. 

Credit Card Rate: A credit card's interest rate is the price you pay for borrowing money. The interest rates, known as the annual percentage rate (APR) are stated as a yearly rate. With a credit card, paying interest on purchases can be avoided if the balance is paid in full each month by the due date. 

Hire Purchase: Hire purchase is an arrangement for buying expensive consumer goods, in which the buyer provides an initial down payment and pays the balance plus interest in instalments. Hire purchase agreements state that the ownership of the merchandise is not officially transferred to the buyer until all the payments have been made.

<h2>5. Split your loan </h2>

You may choose to split your loan in half, with a portion fixed, and the rest variable. 

A <a href="/guides/how-to-choose-the-right-home-loan">fixed-rate home loan</a> ensures your loan repayments are charged at the same interest rate for the length of your loan period. If the loan is not repaid by the end of the period and you choose not to enter another fixed-term contract, the rate is reverted to a variable interest rate. 

A <a href="/guides/how-to-choose-the-right-home-loan">variable interest rate</a> is a loan where the interest rate charged on the outstanding balance fluctuates as market interest rates change. 

To successfully split your loan in half you can contribute through fortnightly payments, a method which gives homeowners a sense of security as fixed payments will remain constant while variable payments will see interest rates rise and fall.  

<h2>6. Make repayments at a higher rate </h2>

[smartcode_project:default project_id=2439]

People that choose a loan which is set at the lowest interest rate available can add <a href="https://www.yourmortgage.com.au/home-loan-guide/24-ways-to-get-the-mortgage-monkey-off-your-back-faster/77843/">2-3 points to the repayment amount</a>. For some, this may not make a drastic difference to their bank balance. 

A good idea could be to align repayments with your pay cycle, prior to setting the amount you wish to repay each month. 

<h2>7. Research into smaller lenders as well as big banks</h2>

<figure><a class="colorbox colorbox-insert-image" href="https://res.cloudinary.com/dz9xllyip/image/fetch/q_auto:good/https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/shutterstock_425326012_1.jpg" rel="gallery-all"><img alt="" class="image-article-full-width-580px" height="387" src="/s3/files/styles/article_full_width_580px/public/pictures/article-images/shutterstock_425326012_1.jpg?itok=xkgYwL2C" width="580"></a></figure>There was <a href="https://www.domain.com.au/money-markets/why-borrowers-are-turning-away-from-the-big-banks-863960/">a period in 2019</a> where homeowners were turning away from four major banks [in Australia] in favour of smaller lenders, as they provided more competitive rates. 

Small lenders have been found to sometimes compete more persistently for your business and provide more personalised service. These companies may also offer home loan options such as longer loan terms, lower ongoing fees and lower interest rates. 

<h2>8. Switch lenders </h2>

Finding a home loan at a lower rate can help you save money. However, always make sure to do your research before switching lenders or loans types. Always make sure to understand the rates and features of the loan, and don't be afraid to tell lenders the exact portion of your income you're prepared to allocate to mortgage repayments. 

<h2>9. Find a package deal </h2>

<a href="https://www.canstar.com.au/home-loans/packaged-home-loans/what-is-a-package/">Package deals</a> or package home loans combine home loans and financial products, which can provide fee waivers for a transaction or offset accounts. Sometimes banks may waive annual credit card fees, provide discounts on insurance, discounted or free financial planning sessions and even discounted share trading. 

<h2>10. Watch out for lenders who offer gifts </h2>

[smartcode_project:default project_id=6798]

Introductory rates are commonly referred to as ‘honeymoon rates’, as lenders can try to convince homeowners to select a lower rate for a period of 1-2 years. Although once the honeymoon period has ended or the lender switches to a high variable rate of interest, the person is expected to pay for a much larger rate over the next 20 years. 

Some lenders may also charge costly cancellation penalties for those who opt-out after utilising the honeymoon rates. Don’t be afraid to discontinue business with a lender who is no longer giving you the best service available. 

<h2>11. Portable loans can make moving house easier</h2>

The average home loan is between 25 to 30 years, which is why it is quite common for people to move house whilst still paying off a loan. If you decide to move houses, a portable loan on your existing house that carries to your new property, can save you the inconvenience of refinancing. However, you should be aware of the regulations around buying and selling homes, as there may be <a href="/guides/how-much-does-it-cost-to-sell-a-house-or-apartment">additional charges for the old house</a> and the <a href="/guides/top-10-hidden-costs-of-buying-a-house-or-apartment-in-2021">establishment for the new house</a>.

<h2>12. Pay all your mortgage fees and the charges upfront </h2>

<figure><a class="colorbox colorbox-insert-image" href="https://res.cloudinary.com/dz9xllyip/image/fetch/q_auto:good/https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/shutterstock_701873641.jpg" rel="gallery-all"><img alt="" class="image-article-full-width-580px" height="387" src="/s3/files/styles/article_full_width_580px/public/pictures/article-images/shutterstock_701873641.jpg?itok=AzmNqrWE" width="580"></a></figure>When paying your mortgage fees upfront, it is sensible to pay with the money you already have, rather than borrowing money from the lender to pay fees and charges. 

<h2>13. Pay your first instalment before it's due</h2>

The first instalment of your home loan may not be due for a month after the settlement. If your lender allows, you may be able to pay your first instalment on the settlement date, which can secure your position ahead of the lender for the term of your loan. 

<h2>14. Pay off the principal</h2>

Every mortgage repayment you make attacks the capital which helps you pay a smaller amount of interest. <a href="/guides/how-to-choose-the-right-home-loan">You may want to avoid interest-only loans</a>, as paying interest on your loan for a set period may result in the principal amount being charged at a higher propensity interest-only period.

<h2>15. Use your equity</h2>

[smartcode_project:default project_id=4939]

Equity is the difference between the current value of your property and the amount you owe the lender. If you have already paid a percentage of your home loan, then you would have equity. Some lenders will allow you to borrow money using your equity as collateral. <a href="/guides/how-does-equity-work-in-property">Using equity to improve your property</a> also helps increase its value in the long run. 

<h2>16. Discover what you could be entitled to</h2>

Some lenders <a href="https://www.homeloanexperts.com.au/waived-lmi/">may offer discounts and special conditions</a> to those from specific professions, such as certified medical professionals. In these cases, a lender may waive or lend at a higher loan to value ratio before charging a Lenders Mortgage Insurance, which may provide you with a significant head start on paying off your loan.

<h2>17. Keep ahead of the game</h2>

Check the status of your <a href="/guides/how-to-choose-the-right-home-loan">home loan</a> each year, as well as new home loan offers that you could be applicable for. <a href="/guides/housing-market-effect-on-wealth">Keeping yourself knowledgeable</a> about this will help you to maintain a competitive mortgage rate, and avoid overpaying interest. 

<h2>18. Budget</h2>

When trying to save money, a budget is a good way to organise your finances, balancing your home loan repayments as well as household bills. This will also help determine how much disposable income you have left over.

<h2>19. Know how much you’re spending on luxury items</h2>

<figure><a class="colorbox colorbox-insert-image" href="https://res.cloudinary.com/dz9xllyip/image/fetch/q_auto:good/https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/shutterstock_507639565_0.jpg" rel="gallery-all"><img alt="" class="image-article-full-width-580px" height="348" src="/s3/files/styles/article_full_width_580px/public/pictures/article-images/shutterstock_507639565_0.jpg?itok=_2hu2Qoo" width="580"></a></figure>Keep a budget so that you can identify what you spend most of your earnings on. Perhaps limiting dining at a restaurant or cafe to once a week, and instead, cook meals at home. Reducing your power usage, changing energy providers and upgrading your old appliances can be a great way to ensure your home is more energy-efficient, which will also result in lower power bills. Avoid purchasing low-quality items that are likely to need replacing. For more tips on how to save money, <a href="/guides/how-to-buy-a-house-in-2021-a-guide-for-first-time-home-buyers">check our article</a> about how you can save for a house deposit in a year. 

<h2>20. Using gifted money towards your loan</h2>

If you receive any bonuses at work, cash gifts or inheritance and you’ve opted for a variable interest rate, then you could consider allocating a portion of the amount for your mortgage payments. 

<h2>21. Rent out your home/spare rooms on Airbnb</h2>

<a href="/guides/breezybnb-chooses-urban-s-5-best-brisbane-apartments-for-airbnb">Listing your home on Airbnb</a> can be a great way to bring in some extra funds. Money earned from listing your home can also be put towards your loan repayment. Listing your home while you're away is also a great way to ensure your home is always occupied.

<h2>22. Use your tax refund</h2>

[smartcode_project:default project_id=22057]

Your tax refund can be a great way to make a bulk payment on your home loan. For those that choose to lease their home, the ongoing rental property cost <a href="/guides/18-ongoing-rental-property-costs-and-which-ones-are-tax-deductible">may be tax-deductible</a>.

<h2>23. Seek additional work</h2>

Working a second job if possible, is a great way to save money quickly. Look for work with flexible hours, or casual opportunities that will fit around your schedule.
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Olivia Round

How to secure a mortgage-free lifestyle sooner

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Located in the City of Whitehorse, Box Hill is a traditional business and retail centre located in Melbourne's eastern suburbs that is undergoing rapid change.

With over <a href="/developments/box-hill-vic-3128">50 residential projects in the development pipeline</a>, Box Hill's shopping area will be the focal point for many changes over the coming years. The retail precinct itself will see a major upgrade and Box Hill station will see expansion with the mooted plans to terminate phase 1 of the Suburban Rail Loop at Box Hill.

The suburb is already one of the best in Melbourne connected by public transport with a very large bus network and interchange located at Box Hill central that feeds multiple bus routes into the retail and transport hub.

Station Street is the suburb's primary north-south arterial with Whitehorse Road - also known as the Maroondah highway - is the primary east-west arterial road.

The suburb is home to many educational and health organisations including the Box Hill Institute, Box Hill hospital and Epworth Eastern private hospital.

<h2>How far is Box Hill from the CBD?</h2>

As the crow flies: 14km.

By rail: 25 min stopping all stations (Flinders Street Station to Box Hill direct) or 16 min Box Hill express to Parliament, calling at Richmond only.

By road: 21km via the Eastern Freeway.

<h2>What train line is Box Hill on?</h2>

Box Hill station is served by the Belgrave and Lilydale lines.  Trains to/from Blackburn also stop at Box Hill station.

Trains run every 3-4 minutes in peak, and every 7-8 minutes off-peak.

Box Hill is the 109 tram terminus which connects the suburb along Whitehorse Road to Mont Albert, Balwyn and Kew.

<h2>What is there to do in Box Hill?</h2>

Box Hill Central shopping centre sits atop the suburb's train station and is one of the key retail centres in Eastern Melbourne.  The shopping precinct spills out on to Carrington Road, a street famous for having some of the best Asian cuisine outside central Melbourne.

The suburb is home to <a href="https://www.aqualink.com.au/">Aqualink</a> located in Surrey Park, a large scale aquatic and fitness centre located south of the retail and transport core and the suburb hosts multiple sporting clubs across AFL, Rugby, Athletics and Tennis among others.

Box Hill Gardens has a large grassy area for chilling, a duck pond and also includes facilities to keep you even more active: it has a skateboard park, a basketball court and a 1000m running/walking track.

The <a href="https://www.boxhilltownhall.com.au/">Box Hill Town Hall</a> is the former meeting place for the City of Box Hill (now known as the City of Whitehorse) and is now used for exhibitions and events. 

<figure><a class="colorbox colorbox-insert-image" href="https://res.cloudinary.com/dz9xllyip/image/fetch/q_auto:good/https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/shutterstock_452788339.jpg" rel="gallery-all" title="Box Hill Hospital."><img alt="" class="image-article-full-width-580px" height="435" src="/s3/files/styles/article_full_width_580px/public/pictures/article-images/shutterstock_452788339.jpg?itok=8OK0qx5t" title="Box Hill Hospital." width="580"></a>

<figcaption>Box Hill Hospital.</figcaption></figure><h2>What other institutions are located in Box Hill?</h2>

Box Hill Institute - locally known as Box Hill TAFE - is one of Victoria's main VET/TAFE education providers and the TAFE has two campuses in the suburb - Nelson and Elgar.

Box Hill High School is the main secondary college within Box Hill's school zone. Laburnum Primary School, Kerrimuir Primary School and Box Hill North Primary School as well as St Francis Xavier's Catholic Primary School service Box Hill.

Box Hill hospital underwent a major upgrade that was completed in 2014 that saw the addition of a 10 story building that houses new emergency facilities as well as a maternity, cardiac and intensive care unit.

Private hospital operator Epworth has a presence in the suburb that is also seeing a major expansion with a new 14 storey wing that will house a new emergency department, three new clinical floors, additional operating theatres and additional consulting suites as well as more car parks.

<h2>Who lives in Box Hill?</h2>

Box Hill is one of the most diverse areas of Melbourne. 27% of trhe suburb's population at the <a href="https://www.propertyobserver.com.au/https://quickstats.censusdata.abs.gov.au/census_services/getproduct/census/2016/quickstat/207031163?opendocument" target="_blank">2016 census</a> nominated Chinese as their ancestry and Malaysia, India and Vietnamese feature prominently in the suburb's place of birth statistics.

Mandarin, Cantonese, Greek, Vietnamese and Korean are the top 5 languages other than English spoken at home according to the census and 52% of residents in Box Hill work full time while a further 35% work part-time.

24% of all residents in Box hill commuted by public transport versus 55% who commuted by car and the average weekly income at the 2016 census was $522 for individuals and $1,200 for households.

The median age of people in Box hill was 33 years and children aged 0 - 14 years made up 14% of the population. People aged 65 years or older made up 13% of the population.

<h2>What new Box Hill developments are in the pipeline?</h2>

There are over <a href="/developments/box-hill-vic-3128">50 new developments in the pipeline for Box Hill</a>.  

<iframe frameborder="0" height="500" scrolling="no" src="https://www.urban.com.au/developments/box-hill-vic?embeddable=list-map" width="100%"></iframe>

 
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urban.com.au

Box Hill, Victoria 3128: The complete suburb guide for buyers

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What’s the secret to buying before a suburb boom? Research, knowledge and patience.

There are many factors to consider when choosing where to purchase your first home. From finding a property close to your workplace, near family and friends, or in a suburb you already love. However, if you want to make a sound investment in a suburb which is likely to flourish over the time you’re living there, then follow these simple steps, and you could find yourself purchasing ahead of the market.

Cathie Price, from property development company <a href="https://www.pindan.com.au/">Pindan</a>, explains that the company has noticed an uptake in buyers becoming attuned to identifying burgeoning areas.

<blockquote>
“Plaza Central Buyers are realising the Sunshine Coast is fast becoming one of the most desirable locations in the sunshine state for investment and lifestyle. The Sunshine Coast property market is currently the strongest in Queensland and recent data supports strong prospects for ongoing capital growth.”
</blockquote>

<figure><a class="colorbox colorbox-insert-image" href="https://res.cloudinary.com/dz9xllyip/image/fetch/q_auto:good/https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/plaza_central_-exterior-2018_fa.jpg" rel="gallery-all" title="Plaza Central community. Credit: Pindan."><img alt="" class="image-article-full-width-580px" height="387" src="/s3/files/styles/article_full_width_580px/public/pictures/article-images/plaza_central_-exterior-2018_fa.jpg?itok=YPWd9lCY" title="Plaza Central community. Credit: Pindan." width="580"></a>

<figcaption>Plaza Central community. Credit: Pindan.</figcaption></figure>[smartcode_project:default project_id=26730]

Here are 10 tricks to choosing a neighbourhood before it proliferates

1. Homes sell as soon as they reach the market

<figure><a class="colorbox colorbox-insert-image" href="https://res.cloudinary.com/dz9xllyip/image/fetch/q_auto:good/https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/shutterstock_102169555_0.jpg" rel="gallery-all"><img alt="" class="image-article-full-width-580px" height="387" src="/s3/files/styles/article_full_width_580px/public/pictures/article-images/shutterstock_102169555_0.jpg?itok=y1Zn4gbh" width="580"></a></figure>If homes in the area you’re looking to buy in are in high demand, then this could be a good indicator that the suburb ticks the boxes of other buyers. When buyers flock to one suburb, this can result in the driving of competition, which in turn, drives house prices. If you get in before the boom, then your house price could be drastically increased once exponential growth has plateaued.

2. There are pending infrastructure upgrades

Any government infrastructure spending within a neighbourhood and surrounding suburbs uplift house prices considerably. Infrastructure investment generally supports the community positively, making it a desirable and easy place to live, as well as bringing in traffic which supports local businesses. Look at the local council website and read through any planned infrastructure upgrades, or even attend the next planning committee meeting (these are free for members of the public to attend).

[smartcode_project:default project_id=27575]

3. Excellent public transport on offer

<figure><a class="colorbox colorbox-insert-image" href="https://res.cloudinary.com/dz9xllyip/image/fetch/q_auto:good/https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/screen_shot_2020-01-17_at_4.02.49_pm.png" rel="gallery-all"><img alt="" class="image-article-full-width-580px" height="385" src="/s3/files/styles/article_full_width_580px/public/pictures/article-images/screen_shot_2020-01-17_at_4.02.49_pm.png?itok=DePYVHY3" width="580"></a></figure>Ask any investor what they look for in a rental property, and they will no doubt explain that a good transport offering is a key selling point. Buying a home with a great selection of public transport options within walking distance will help to retain the home’s value, and any new transport infrastructure upgrades can also lift the valuation of your home.

4. An abundance of new businesses and start-ups

Start-up companies will often pick fringe suburbs where the rent is low, but as the company expands and more employees move closer to work, the population of the neighbourhood will eventually grow. As the area becomes more popular, your home is likely to lift in value and trigger the creation of more amenities to facilitate demand for additional goods and services merchants.

[smartcode_project:default project_id=600]

5. The home is within walking distance to many amenities

<figure><a class="colorbox colorbox-insert-image" href="https://res.cloudinary.com/dz9xllyip/image/fetch/q_auto:good/https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/screen_shot_2020-01-17_at_4.01.52_pm.png" rel="gallery-all"><img alt="" class="image-article-full-width-580px" height="384" src="/s3/files/styles/article_full_width_580px/public/pictures/article-images/screen_shot_2020-01-17_at_4.01.52_pm.png?itok=ljxdGPHb" width="580"></a></figure>Looking at a map can warp your view of the proximity of facilities surrounding your future home. Instead, set a timer and walk around the neighbourhood to gauge how close major amenities are in real life.

6. The neighbourhood is home to several high decile or well-regarded schools

Reputable schools are a significant drawcard for families to move to a new neighbourhood. By purchasing a home in an area with excellent schooling options, you’ll be more likely to secure long-term tenants if you ever choose to rent out your property, and the home is also more likely to hold its resale value.

[smartcode_project:default project_id=29358]

7. Lower rental vacancy rate

If a suburb has a <a href="http://%C2%A0https://www.statecustodians.com.au/signs-a-suburb-is-about-to-boom">vacancy rate below 3%</a>, it usually means there is a shortage of rental properties. Higher rental occupancy rates is a good sign that the suburb is a desirable place to live, and could be likely boom due to increased demand over the next few years.

8. First home buyers are flocking there

<figure><a class="colorbox colorbox-insert-image" href="https://res.cloudinary.com/dz9xllyip/image/fetch/q_auto:good/https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/screen_shot_2020-01-17_at_4.46.28_pm.png" rel="gallery-all"><img alt="" class="image-article-full-width-580px" height="387" src="/s3/files/styles/article_full_width_580px/public/pictures/article-images/screen_shot_2020-01-17_at_4.46.28_pm.png?itok=tA8m9zqA" width="580"></a></figure>When first home buyers get priced out of a suburb (due to significant development and gentrification), they will often move to a cheaper suburb. As more people move to the next “it” neighbourhood, trendy local bars and cafes will follow suit, with the suburb eventually becoming the next hip area to live in. Just look at Collingwood or Brunswick in Melbourne or Soho in Manhattan.

[smartcode_project:default project_id=92985]

9. Neighbouring suburbs are already in demand

What happens when a suburb becomes too densely populated and expensive? Buyers venture out to fringe suburbs. Being able to live one suburb away from the place you spend most of your time is a great option for many home seekers.
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9 ways to tell if you’re buying a property in a rising suburb

Purchasing an off-the-plan apartment in Australia is quickly becoming a popular option among property seekers, due to housing demand, affordability and the low maintenance lifestyle offered by apartment living. As one of the largest off-the-plan property platforms in Australia, <a href="/">Urban.com.au</a> has noticed growing confidence among those seeking off-the-plan apartments and townhouses and has helped many buyers secure their dream homes and investment properties.

If you’re looking to make a savvy property purchase in the next 6 to 12 months, now could be the best time to buy off-the-plan for the following reasons:

<h2>Building regulations are stricter today</h2>

Australia has experienced a series of construction failures recently (including faulty cladding and structurally unstable foundations), which has led to a more stringent approach to planning approvals and building practices. As a result of this, the quality of new developments today is likely to be of a higher quality than some of the past.&nbsp;

<a href="/">Urban.com.au</a> provides some great resources for buyers to research off-the-plan properties and prior developments delivered by Developers, Architects and Builders.

<h2>Many buyers may be eligible for stamp duty concessions</h2>

If you’re looking to purchase a new apartment which will be your primary residence for 12 months or more, then you may be eligible for an <a href="/guides/how-to-navigate-australias-first-home-buyer-grants">off-the-plan stamp duty concession</a>. While Stamp Duty concession policies vary state-to-state, the concept generally means that the duty you’re required to pay on the property you’re purchasing is heavily subsidised to account for construction costs.

For example, if you were looking to purchase a $500,000 off-the-plan apartment, but $400,000 of that is to be spent on construction costs, the dutiable value of your home would be $100,000*.

*Stamp Duty = Property price, minus construction cost

<h2>House prices are forecast to increase over the next 12 to 24 months</h2>

One of the differences with purchasing off-the-plan is that the value of the property purchased may change prior to settlement as the broader market conditions change. This can have a negative impact if you buy at the top of the market and then experience a downturn prior to settlement. The inverse of this provides a significant upside for buyers, as you can secure a property while prices are low and see the value appreciation prior to settlement. Currently, Australian property is at the lower end of the market – meaning it might not be an ideal time to sell, but could be a great time to buy.&nbsp;

<h2>Mortgage serviceability has become easier for buyers</h2>

Urban has been <a href="/news/a-borrower-s-market-the-reserve-bank-of-australia-cuts-cash-rate-to-a-record-low">tracking the changes</a> made by the Reserve Bank of Australia to the official cash rate, which is currently at a record low of 0.75%. What this means for property buyers is that home loans can be secured at a lower interest rate, making mortgage serviceability more attainable. Term deposits and savings accounts are likely to accrue less interest due to the cash rate cut, meaning property could be considered a more lucrative investment.&nbsp;

<h2>Finance is easier to acquire due to APRA’s loosened lending constraints</h2>

Earlier this year Australian Prudential Regulation Authority (APRA) announced that it would be reducing the minimum interest rate serviceability buffer, providing home buyers with the option to purchase off-the-plan property with a smaller deposit. This gives home seekers on a lower income a greater opportunity of securing a loan, which consequently makes it easier to enter the property market.

Lead image: The Siding by Deicorp

Five reasons why now could be a good time to buy off the plan

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Placing an offer on your dream home is an exciting process, especially if you’re a first home buyer. As with any significant purchase, doing thorough research is vital before putting your pen to paper, and having a greater understanding of the buying process could help boost your confidence and bargaining power.

In this article, you’ll learn more about:

<ol>
<li>Considerations for getting your finances in order</li>
	<li>Due diligence you could consider undertaking</li>
	<li>The different sale types in the market</li>
	<li>The pros and cons of unconditional vs conditional sales</li>
	<li>How to determine how much you should offer</li>
	<li>Tips to help you place your offer with confidence</li>
</ol>
<h2>1. Getting your finances in order </h2>

Firstly, it is important to determine your budget from the outset before you place an offer on a property. This will help mitigate issues such as offering too much for a home you can’t afford or taking on a mortgage you are unable to service. If you’re a first home buyer, it could also be a good idea to research whether <a href="/guides/how-to-navigate-australias-first-home-buyer-grants"><ins cite="mailto:Shay%20Waraker" datetime="2019-10-21T10:30">any government grants</ins></a> may apply to you.

In the current Australian property market, a minimum deposit on a house can cost anywhere from 5% to 20% of the sale price. You will also need to factor in additional fees such as legal costs, building reports and Stamp Duty*. <a href="http://www.canstar.com.au/home-loans/what-are-the-real-costs-of-buying-a-house/">Additional costs</a> will vary from buyer to buyer, so it is best to consult with a property lawyer about which ones apply to you.

[smartcode_project:default project_id=28314]

*Stamp Duty is the tax associated with buying property in Australia. If you’re looking to purchase a new apartment which will be your primary residence, then you may be eligible for an off-the-plan stamp duty concession. While Stamp Duty concession policies vary state to state, the concept generally means that the duty you’re required to pay on the property you’re purchasing is heavily subsidised to account for construction costs.

For example, if you were looking to purchase a $500,000 off-the-plan apartment, but $400,000 of that is to be spent on construction costs, the dutiable value of your home would be $100,000*.

Once you’ve got a budget in mind, if you’re going to require a home loan then you’ll need to decide whether you would like to opt for a fixed rate or variable rate loan. A fixed rate is where the interest rate remains stable for a certain period of time. This can provide you with more certainty and enable you to set up an automatic payment to make weekly or monthly payments of the fixed rate.

However, a variable rate means that as interest rates fluctuate, so does your repayment rate. This option is more unpredictable, with the potential for your rate to increase or decrease depending on the market.

There are also two ways you may be able to pay your loan.

<ol>
<li>
Principal + interest loan: This type of loan will mean you are paying both the principal (the amount you borrowed to purchase the property) and interest at the same time.</li>
	<li>
Interest-only loan: Interest-only loans can reduce the amount you pay weekly, but keep in mind you will only be paying the interest, without contributing towards the principal.</li>
</ol>
If you are unsure which repayment type suits you, it could pay to seek the help of a financial advisor.

You may also choose to apply for <a href="https://www.canstar.com.au/home-loans/get-home-loan-pre-approval/">home loan pre-approval</a>, which could be a useful way to understand how much you are eligible to borrow from a lender.

<h2>2. Undertaking thorough due diligence </h2>

Due diligence is the research required prior to placing an offer to check whether the property is a good investment for you. Due diligence is undertaken throughout many stages of the buying process, but before you make an offer, it can help you to determine if the property has been constructed to a high standard, using safe and healthy building materials – as well as a tool for deciding what the property may be worth. There are a number of things <a href="/guides/20-things-you-should-look-out-for-before-you-buy-property">to look out for</a>, and some of the key due diligence research can include:

<ul>
<li>When considering buying an off-the-plan property, investigate the track records of developers by running a background check online and reading news articles. It could also be a good idea to consult property industry experts (such as town planners, master builders and environmental consultants) to ask for honest opinions of the quality of work produced by the developer. Another option is to arrange a meeting with buyers of the developer’s previous developments via the sales agent, to discuss whether they’re happy with their home and if it was completed on time.</li>
	<li>Research the suburb where the property is located including checking crime rates, public transport options, planned infrastructure, property value increases/decreases over time and local schools. These factors will impact the overall liveability, safety and value of the property.</li>
	<li>Research the architect and builder responsible for the home. Consider their credibility and visit their completed developments to assess whether you’re happy with the quality of their work.</li>
	<li>Acquire all supporting documents for the property you’re interested in and read through them with a fine-tooth comb.</li>
	<li>Study the minutes from past strata/body corporate meetings and find out what will be required from you time-wise and financially as a resident if buying into an owner’s corporation*</li>
	<li>Find out whether the property has a heritage overlay and what renovations and modifications you are allowed to make to the property</li>
	<li>Take a look at Geospatial data (known as GIS maps) to identify any risks posed by sea level rising; property boundaries; the location of water, sewer and stormwater services; and more.</li>
</ul>
[smartcode_project:default project_id=29329]

*An owner’s corporation applies to shared residences where financial decisions need to be made for collective maintenance projects. 

When you’re ready to place an offer 

<ul>
<li>Consult with a conveyancing lawyer who will outline your rights and obligations</li>
	<li>Find out how the sunset clause* could be enacted in your state and whether you’re protected against loss of finances and/or the off-the-plan property you’re purchasing</li>
	<li>Find out what your rights are if your off-the-plan property is not delivered on time</li>
	<li>Ask how you will connect your property to utility services</li>
</ul>
*The Sunset Clause is essentially the ‘expiry date’ of an off-the-plan development which gives both the developer and buyer the opportunity to dissolve a contract if the building has not been completed on time.

Getting your offer contract drawn up by a conveyancing lawyer

An offer placed on a property is a legally binding contract, so by engaging a lawyer in the process will help to mitigate any miscommunication within the agreement. A specialised conveyancing lawyer can also help you negotiate the best deal. For example, your lawyer may suggest including a clause which highlights that you will not proceed with the sale should the property fail any inspections undertaken by a master builder or surveyor. This could include issues surrounding soil contamination, asbestos, structural issues and more.

<h2>3. Understanding the different sale types </h2>

TENDER 

A tender is often considered a silent auction where prospective buyers will submit an expression of interest offer in writing to the real estate agent, at a value they believe the property is worth. There is no suggested sale price apart from a capital value* to work from, but this is a good way for the vendor to assess how much the market is prepared to pay for their home – to which they can accept, provide a counter offer or decline.

*A capital value or CV is the recommended house and land value provided by a property valuer. If the valuation has been carried out over a year ago, it is worth engaging in a re-evaluation as the property market is constantly shifting, and house prices fluctuate.

SALE BY NEGOTIATION/PRIVATE TREATY 

Sale by negotiation or a private treaty is where the vendor sets the price, and prospective buyers will either make an offer or provide a counter offer. If a subsequent counter offer is provided by the vendor, the buyer may engage in a bartering process so both parties reach a sale price and agreement that they are both happy with.

[smartcode_project:default project_id=27839]

This sale type is often a longer process due to there being no set sale date, giving the vendor more time to settle on an offer they are comfortable accepting.

AUCTION 

The auction process is simple – prospective buyers bid in a competitive environment, with the highest bidder often winning the property on the day if the reserve price is met. In some instances, interested buyers may place an early offer before auction day in an effort to secure the property before it goes to auction. In Australia, auction clearance rates are high, meaning many properties will sell on auction day, rather than progress to a tender.

BALLOTS 

If there is high demand for an <a href="/new-apartments">off-the-plan apartment</a> a waitlist ballot could be created. Interested buyers can enter the ballot, and if their name is chosen at random, then they will be given the opportunity to purchase an apartment at a fixed price.

What do all three sale types have in common? Offers are made via a written contract

A contract offer can either be prepared by the buyer or the buyer’s lawyer. This is a legal document which states the amount the buyer is prepared to pay for the property and includes any conditions that need to be delivered in order for the sale to be finalised. It is encouraged that all offers are drafted with the help of a legal professional in order to help protect you against any unforeseen problems such as any hidden fees, unknown building rectification costs or any other issues that could arise between placing your offer to settlement and beyond.  

4. The difference between unconditional vs conditional sales 

Generally, when you make an offer, you can choose whether your offer is conditional or unconditional. This will generally depend on your circumstances and the property you are purchasing. Sometimes unconditional offers can be a more desirable option for vendors as they can result in a quicker, more seamless sale, however conditional sales can give the buyer the chance to negotiate a better deal.

A Conditional Sale is exactly as the name suggests – a sale with conditions attached. These could include (but not limited to):

<ul>
<li>Buyer’s finance is subject to approval</li>
	<li>Building/pest inspections still to be conducted</li>
	<li>The sale of buyer’s current home to be completed without any complications</li>
	<li>A certain fixture or fitting needs replacing</li>
	<li>The house needs to be professionally cleaned</li>
</ul>
Pros of conditional sale: 

<ul>
<li>If there are aspects of the home which need fixing, changing or even upgrading, buyers may include this in the conditions of sale. If the offer is accepted the vendor must honour these conditions before the buyer takes ownership of the property.</li>
	<li>Less risk involved if the buyer wishes to withdraw their offer, as a clause can be written to provide 14 to 21 days to finalise their decision about the purchase.</li>
</ul>
Cons of conditional sale: 

<ul>
<li>A conditional sale can span across a longer period of time while the buyer secures finance, which could result in the vendor accepting an unconditional offer if they’re looking for a quick transaction</li>
	<li>Unrealistic demands in your conditions may lead vendor to accept another offer</li>
</ul>
[smartcode_project:default project_id=29171]

An Unconditional Sale means that the buyer is willing to accept the property in its current state and can sometimes secure the home for a lower price point because of this. The buyer will have already secured approval for a home loan and has the deposit ready for immediate finalisation of the sale. It is a good idea to consult with a conveyancing lawyer and a registered builder/building inspector before opting for an unconditional sale, as there may be unforeseen issues with the property that might outweigh the savings you made from the sale. While it is imperative that the vendor’s agent discloses all issues present within the building – it is also important to do your own due diligence.

Pros of unconditional sale: 

<ul>
<li>An unconditional offer provides security for the vendor and therefore is more likely to be chosen preferentially over a conditional offer of a similar value.</li>
	<li>Since finance is already secured, buyers are able to place their highest bid with confidence.</li>
</ul>
Cons of unconditional sale: 

<ul>
<li>No longer able to back out of a contract</li>
	<li>The buyer may overvalue the property if making a hasty offer and won’t be able to change it</li>
	<li>If home loan finance is not approved, the buyer may have to forfeit their deposit</li>
</ul>
<h2>5. Deciding how much you should offer </h2>

You’ve got your budget in mind, you’ve accounted for additional upfront costs, now it’s time to decide whether you can comfortably service your mortgage. A great way to figure out your weekly or monthly repayments is by using a comprehensive mortgage calculator. This will factor in your deposit paid, interest, and home loan rate.

[smartcode_project:default project_id=24412]

CASE STUDY: 

NAB have set their principal and interest home loan rate at 4.92% per annum. If a buyer was to borrow $500,000 then their weekly repayments would be $613 p/w over a 30-year term. If the buyer was to borrow an additional $50,000, then this amount would increase to $675 p/w (a difference of $62 p/w).

When determining the price-point of your offer, some factors you may want to consider include how much you believe the property is worth based on market value, the condition of the home and your how attached you are to it. To gauge how much other listing in the area are selling for, you can research market values online, visit open homes in the area and speak with the real estate agents and sign up to mortgage brokering newsletters to stay informed about market trends. But ultimately, you’ve got to be happy with the property and comfortable with price based on your budget.

Depending on the type of sale you’re engaging in, you can generally place a low-ball offer, and have it either accepted or receive a counter offer from the vendor. However, if you’ve found the dream house and have the funds to pay your allocated amount for it, sometimes offering a decent price will avoid the risk of losing the property to a higher bidder if the vendor is looking for a quick sale.

6. Top tips when making an offer 

Know your budget before auction day 

Auctions are generally a high-pressure environment, which may lead some buyers to spend more than they initially intended, however attending an auction with a clear budget in mind is the best way to ensure you don’t exceed your spending capacity.

Seek loan pre-approval 

By securing your home loan before making an offer, your bid will have a stronger chance of being accepted as this provides more certainty to the vendor that you will be able to access the funds.

Have a contingency clause written up 

Worried you’ll get cold feet about the purchase? You can have your conveyancing lawyer write up a contingency clause – a legal document which generally accompanies your offer and is personalised to your requirements. For example, it might allow you 14 days to view the property again before the contract becomes binding. This will give you time to confirm your decision.

Triple check your conditions of sale 

If you’re asking the landlord to fix a window, but also want the property for $10,000 lower than the asking price – you might want to reassess your priorities. Consider the cost of your conditions versus the price you’re offering as the more conditions you can address yourself (and the shorter your list of requests) the more likely the vendor will be to take your offer over someone else's.

Include a personal letter 

Finally, you may like to include a personal letter to the vendor, sharing some background information about yourself and why you have chosen their property. Perhaps you love the house for its Victorian ceiling roses that have been so meticulously restored, or maybe you’re a young family with kids who are going to attend the school nearby. There can be a lot of emotional attachment for both parties when negotiating the sale of a house, so it can be helpful if the vendor is reassured that the property will be going to someone who will appreciate it.
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Step-by-step guide to placing an offer on a house

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Buying a new home is always an exciting process, especially for first home buyers. As with any industry, real estate professionals will often reference terminology that you may not be familiar with unless you have bought property in the past. To help you <a href="/guides">buy off-the-plan with confidence</a>, we’ve compiled a list of 46 real estate glossary terms that will be helpful when navigating the off-the-plan purchasing process. 

Auction: At an auction, the auctioneer kicks the bidding off with a reasonable starting price, which is followed by counter-offers among bidders, creating a highly competitive environment. If the property does not meet the reserve, the property will be likely to go to a Tender, but in Australia auction clearances are high, meaning many homes will sell on auction day.

Adjustments: Adjustment is a way of calculating who pays what in regards to the outgoing costs of the property during the sale period.

Ballots: Many off-the-plan properties in high-demand (such as the likes of Nightingale Housing) are opting for a ballot system, whereby interested buyers will put down their name for the opportunity to purchase an <a href="/new-apartments">apartment</a> at the fixed sale price.

Capital Value: Capital Value = recommended land value + property value (which also takes into account the valuation of other properties in the area). A specialist property valuer provides this information as a guide for prospective home buyers.

Caveat: A legal ownership of a property by a third party.

Chattels: Fixtures and fittings within a home. It’s essential to identify chattel inclusions within the property before signing contracts.

Contingency Clause: A legal document which provides you with a grace period to finalise your decision to purchase your property.

Contract: A Contract of Sale is the agreement made between the buyer and the seller which details terms and conditions, price, caveats, completion dates etc.

Conditional sale: Is a restriction on the purchase made by the buyer. The property will not change ownership until the seller has actioned the caveat.

Conveyancer: A conveyancer is a lawyer who draws up the legal documents, including the offer and contract of sale.

Cooling Off Period: The period following the signing of contracts where the buyer may be able to forfeit the sale.

Covenant: A covenant is a set of rules and restriction around what changes to a site or property are permitted.

Deposit: A percentage of the property value, paid upfront to secure the sale. This amount often ranges from 5% upwards.  

Due Diligence: Is the research required to be undertaken before placing an offer on any property. Due diligence can help you to identify whether construction of a property is of a high standard and a great way to figure out how much you believe the home is worth.

Easement: Shared paths, driveways, communal spaces, which others have access to for servicing and maintenance.

Final Inspection: Before the property changes hands, one last property inspection will help to ensure it meets all standards outlined in the contract agreement.

Fixed-Rate: is where the interest rate remains stable for a specified period.

Freehold: The buyer will own the land and property until they decide to on-sell.

Gazumping: When the vendor has already agreed to a sale (and has not yet signed contracts) but then goes ahead and accepts a higher offer from another buyer.

Heritage Overlay: Buildings which fall under a state’s heritage overlay require sensitive development, and often require retaining some or all of the building’s structure/façade.

Home Loan Pre-Approval: Is the ability for a buyer to secure finance before placing an offer on a property.

Interest-Only Loan: Interest-only loans will often reduce the amount you pay weekly by not contributing towards the Principal.

Lender: Provider of the capital to secure the property (such as a bank).

Off-The-Plan: Buying an unbuilt property based off of viewing the plans.

Owner’s Corporation: The Owner's Corporation is a committee made up of residents within an apartment building. Homeowners attend meetings to discuss financial decisions regarding collective maintenance projects, events, renovations and more.

Mortgage: Sum of money loaned to cover the cost of the property, which is paid off over years of property ownership.

Negative Gearing: The use of <a href="/guides/18-ongoing-rental-property-costs-and-which-ones-are-tax-deductible">rental income</a> to invest in an additional property, when the rental return is less than the total amount of annual interest paid on the secondary property.

Permit: A permit is granted for a developer to commence construction on a project.

Personal Letter: A note provided to the vendor, often stating why the buyer would like to purchase their home.

Principal + Interest Loan: This type of loan will mean you are paying both the principal (the amount you borrowed to purchase the property) and interest at the same time.

Principal Place of Residence Statutory Declaration (PPR): This document identifies that the buyer is going to live in the home they are purchasing. PPR documentation is often required for Stamp Duty Concessions or <a href="/guides/how-to-navigate-australias-first-home-buyer-grants">First Home Buyer Grants</a>.

Private Treaty: (Also known as Sale by Negotiation) This type of sale is where the vendor identifies the price they want for their property, which can start a bartering process among interested buyers and the vendor. There is no set sale date, so this open can mean a longer sale process.

Reserve Price: During an auction, when a bid meets the reserve price, the property will be guaranteed to sell.

Residue: Difference between purchase price and deposit.

Settlement: This marks the day of sale finalisation and homeownership is granted to the buyer.

Stamp Duty: Tax associated with buying property in Australia. For a new property that will be the buyer's primary residence, they may be eligible for an off-the-plan stamp duty concession. Stamp Duty concession rules vary state to state.

Strata: (Also known as Body Corporate) An external company responsible for general maintenance of communal areas within an apartment building.

Strata Fees: (Also known as Body Corporate Fees) <a href="/guides/how-to-make-strata-fees-work-in-your-favour">Strata fees</a> are paid quarterly or annually, to cover general maintenance costs within your apartment building.

Sunset Clause: The ‘expiry date’ of an off-the-plan agreement. This gives both the buyer and the developer an opportunity to break the contract if construction is not completed on time.

Tender: Often referred to as a 'silent auction.’ A Tender invites buyers to place an offer without knowing what price the vendor is willing to sell for.

Title Deed: (Also known as the Certificate of Title) A title deed outlines the information about the property and its owner(s).

Townhouse: A <a href="/new-townhouses">townhouse</a> is a dual storey home, attached to other properties in a development block.

Unconditional Sale: An unconditional sale is where the buyer makes an offer on a home without needing approval on finance, or any remedial work is done on the property prior to purchase.

Variable Rate: Your repayment rate fluctuates at the same time your interest rate does.

Vendor: Seller of the property.

Zoning: Outlines the use of land and the buildings situated within the ‘zoned area’.

Want to learn more about buying off-the-plan? Find out <a href="/guides">how buying off-the-plan works</a>, <a href="/guides">what to ask the sales agent</a> or <a href="/guides/20-things-you-should-look-out-for-before-you-buy-property">20 things to look out for</a> when buying your first home. 

Lead image: L-R Marina Tower and Banksia, Credit: Nicholas Failla
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A-Z real estate glossary terms to know before buying off-the-plan

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Last week, all eleven Woodlea townhomes were snapped up within hours after being launched to market, and by the weekend Yarraville Place had sold 50% of 55 townhomes in the first week of sales. These statistics suggest a high demand for stock in Melbourne’s western suburbs, with buyers ready to move 10-30 kilometres out of the CBD to secure their dream home.

This sentiment follows waves of uncertainty around buying off-the-plan; however, today, there are many reasons why purchasing off-the-plan could be a better time than ever.

Here are five reasons to consider buying a new apartment or townhome.

<ol>
<li>Building regulations are stricter today</li>
	<li>Many home seekers could be eligible for Stamp Duty concessions</li>
	<li>House prices are forecast to increase over the next 12 to 24 months</li>
	<li>Mortgage serviceability has become easier for home buyers</li>
	<li>Finance is more accessible to acquire due to APRA’s loosened lending constraints</li>
</ol>
<h2>Why Woodlea sales were such a success</h2>

Known as Australia’s fastest-growing community, Woodlea has now launched its most affordable product to date – 11 townhomes all of which sold within hours of release.  The two and three-bedroom homes designed by <a href="/architects/dko-architecture">DKO Architecture</a>, with grounds curated by MDG Landscape Architecture, allowed buyers to purchase an architecturally-designed, spacious home for around $339,000, which is rare in today’s market given the average first home buyer loan <a href="https://www.finder.com.au/australian-home-loan-statistics">is about $366,776</a>.

Woodlea’s Project Director Matthew Dean noticed a gap in the market which caters to the need for affordable housing to ease the debt of first home buyers, which is what inspired The Urbanist Collection.

<blockquote>
“It’s unheard of to be able to buy an architecturally designed townhouse that is turnkey ready for under $350,000 so it was important for us to offer a product that catered to the first home buyer market and the loan size in which they can borrow.”
</blockquote>

<figure><a class="colorbox colorbox-insert-image" href="https://res.cloudinary.com/dz9xllyip/image/fetch/q_auto:good/https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/the_urbanist_collection_-_exterior_copy.jpg" rel="gallery-all" title="The Urbanist Collection townhome exterior. Image supplied."><img alt="" class="image-article-full-width-580px" height="326" src="/s3/files/styles/article_full_width_580px/public/pictures/article-images/the_urbanist_collection_-_exterior_copy.jpg?itok=hcA43L2a" title="The Urbanist Collection townhome exterior. Image supplied." width="580"></a>

<figcaption>The Urbanist Collection townhome exterior. Image supplied.</figcaption></figure><figure><a class="colorbox colorbox-insert-image" href="https://res.cloudinary.com/dz9xllyip/image/fetch/q_auto:good/https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/the_urbanist_collection_-_interior.jpg" rel="gallery-all" title="The Urbanist Collection townhome interior. Image supplied. "><img alt="" class="image-article-full-width-580px" height="363" src="/s3/files/styles/article_full_width_580px/public/pictures/article-images/the_urbanist_collection_-_interior.jpg?itok=6mVJog7s" title="The Urbanist Collection townhome interior. Image supplied. " width="580"></a>

<figcaption>The Urbanist Collection townhome interior. Image supplied.</figcaption></figure>The Urbanist Collection is <a href="/developers/mirvac">Mirvac’s</a> latest development within the Woodlea precinct and maintains the high-quality design and functionality synonymous with that of the 711-hectare community. Each home includes luxurious Smeg appliances, 2.5-2.7-metre-high ceilings, spacious living areas, stone benchtops and more.

<blockquote>
“Buyers will be spoilt for choice with a variety of floor plans to choose from, all while being located in the social heart of Woodlea; just 100-metres from the future local Town Centre, an abundance of parks and nearby schools.” 
</blockquote>

Matthew Dean, Woodlea Project Director

Key selling points:

<ul>
<li>Located within walking distance to the local playground, which is found to increase housing values by approximately $20,000</li>
	<li>All townhomes include high-quality appliances, fixtures and fittings</li>
	<li>Townhomes require only a 5% deposit</li>
</ul>
<h2>Why first home buyers are flocking to Yarraville Place</h2>

Property developer ID_Land celebrated a successful opening week of Yarraville Place sales, bringing in a staggering $45 million and selling more than 50% of townhome stock.

ID_Land Joint Managing Director Matthew Belford explained that location was a key driver behind the impressive sales.

<blockquote>
“We think the strength of the sales results to-date indicate that buyers across multiple demographics are back in the market and they’re looking for accessible, premium property in sought-after postcodes like Yarraville. Understanding the demographics of the area, we saw an opportunity to deliver a product that would embrace the character of the location while tapping into the significant demand for three- and four-bedroom dwellings at an affordable price.”
</blockquote>

<figure><a class="colorbox colorbox-insert-image" href="https://res.cloudinary.com/dz9xllyip/image/fetch/q_auto:good/https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/yarraville_place_render_1.jpg" rel="gallery-all" title="Yarraville Place townhome exterior. Image supplied."><img alt="" class="image-article-full-width-580px" height="293" src="/s3/files/styles/article_full_width_580px/public/pictures/article-images/yarraville_place_render_1.jpg?itok=DjRUkMmx" title="Yarraville Place townhome exterior. Image supplied." width="580"></a>

<figcaption>Yarraville Place townhome exterior. Image supplied.</figcaption></figure><figure><a class="colorbox colorbox-insert-image" href="https://res.cloudinary.com/dz9xllyip/image/fetch/q_auto:good/https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/yarraville_place_render_2.jpg" rel="gallery-all" title="Yarraville Place townhome exterior. Image supplied."><img alt="" class="image-article-full-width-580px" height="414" src="/s3/files/styles/article_full_width_580px/public/pictures/article-images/yarraville_place_render_2.jpg?itok=1GB_ZHsF" title="Yarraville Place townhome exterior. Image supplied." width="580"></a>

<figcaption>Yarraville Place townhome exterior. Image supplied.</figcaption></figure><figure><a class="colorbox colorbox-insert-image" href="https://res.cloudinary.com/dz9xllyip/image/fetch/q_auto:good/https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/yarraville_place_render_3.jpg" rel="gallery-all" title="Yarraville Place townhome exterior. Image supplied."><img alt="" class="image-article-full-width-580px" height="352" src="/s3/files/styles/article_full_width_580px/public/pictures/article-images/yarraville_place_render_3.jpg?itok=erhOznR_" title="Yarraville Place townhome exterior. Image supplied." width="580"></a>

<figcaption>Yarraville Place townhome exterior. Image supplied.</figcaption></figure>Designed by <a href="/architects/rothelowman">Rothelowman Architects</a> with landscaping by Tract, Yarraville Place was a substantial project developed in collaboration with heritage consultant Bryce Raworth. The in-fill development echoes Yarraville’s rich industrial heritage with its sawtooth rooflines, retained Bluestone walls and arched keystone doorframes.

<blockquote>
“The retention of heritage assets throughout the project gives it a very unique and different look and feel.”
</blockquote>

Stuart Marsland, Rothelowman Principal

Townhomes are available in two, three and four-bedroom configurations and buyers can choose from a selection of 10 floorplans.

Key selling points:

<ul>
<li>Multiple floorplan options to suit a variety of buyer needs</li>
	<li>Yarraville is a great inner-west location which saw a surge in popularity in recent years</li>
	<li>The area has undergone significant transformation in terms of commercial development and village upgrades</li>
</ul>
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Overwhelming sales statistics last week reveal reinstated confidence in the off-the-plan market

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<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2019/12/3/Year%20of%20the%20rat%20700x425.jpg" alt="">
序言 
预计今年圣诞餐桌上会多出几瓶起泡酒。不过，在2020年房地产价值变化的幅度和速度变得清晰之前，香槟的数量将暂时保持在窖藏状态。
澳洲国立银行 （NAB) 首席经济学家Alan Oster谈到了2018-19年市场暗淡的前景展望，宣布10月以来主场市场正在复苏的好消息。
在全澳范围内，房地产市场在两年内有秩序地下跌了11%，直到9月的第一季度才再次回升(CoreLogic-Moody 's Analytics澳洲房屋价值指数预测)。这让许多评论员和投机者感到意外，尤其是安保集团(AMP)的首席经济学家Shane Oliver博士。
“我对回升的速度很惊讶，”Oliver博士表示，”我们现在已经扭转了三分之一的下降趋势。澳洲联邦银行（CBA)更是在其11月的预测中形容需求的反弹幅度“惊人”。
根据Domain的房屋价格报告，在9月结束的第二季度中，房屋价值反弹了2.7%达到了773,635澳元。
10月前的拍卖清仓率显示相比于2018年同月份，墨尔本和悉尼的房价同比分别上涨了30%和20%。
然而， 根据西太平洋银行(Westpac)10月份的红皮书，市场情绪还仍然不稳定。西太平洋的市场情绪指数显示，在9月至10月出现明显回调之前的几个月份的表现喜忧参半。 
这一切都让圣诞节变得有趣，但问题是，在监管机构猛踩刹车之前，市场将上涨多远、多快?
{rsform 104}
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wdavis-8cCN98p7xp

Free eBook: 2020年房地产市场专家预测

Nick Dante

Insider property guide: Booming Melbourne suburbs you should be considering

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From searching for the right property to applying for a <a href="https://www.canstar.com.au/home-loans/">home loan</a> and choosing your furniture schemes and <a href="/expert-insights/buying/how-to-decorate-your-first-apartment">decor</a>, there’s a lot to plan before moving into your new home. Insurance is another important consideration, as it can help provide a level of financial cover for the contents inside your apartment, or the building itself, in the event of a worst-case scenario.

Here’s a guide to understanding insurance cover for your apartment, and four things to keep in mind when considering a contents policy to suit your requirements.

<h2>What insurance is available for an apartment?</h2>

For most new apartments, financial protection for the building structure is generally managed through a strata insurance policy. This type of insurance generally does not often include cover for your possessions inside the apartment, which is where contents insurance becomes important to acquire.

1. Building - strata insurance

Strata insurance, also called body corporate insurance, covers the apartment building itself, together with common property and shared areas like pools, lifts, driveways, balconies and garages, as well as permanent fixtures inside the apartment, which may include shared water pipes, toilets, and built-in wardrobes.

Depending on the policy, you might also have coverage for public liability in the event someone (such as a tradesperson) is injured while on common property.

This building insurance is mandatory for strata title apartments and is therefore arranged and managed by the body corporate. The cost of the insurance is shared between all owners and included in your body corporate levies.

2. Contents insurance

<a href="https://www.canstar.com.au/home-insurance/what-is-contents-insurance/">Contents insurance</a> provides some financial protection against damage, theft or loss of personal possessions in your home. It is designed to cover everything inside your apartment that’s not permanently fixed, meaning you may be able to use it to claim items such as carpets, curtains, light fittings and appliances, as well as personal possessions including furniture, jewellery, phones and laptops.

When <a href="http://www.canstar.com.au/home-insurance/">comparing insurance policies</a>, it is a good idea to look at factors such as claim limits and the natural events included (such as damage from power surges during storms) because insurance providers can have varying policy definitions, inclusions and exclusions.

How much can contents insurance cost?

The exact premium you pay on your contents insurance can depend on a range of factors – such as the location of your apartment and the value of the contents you need cover for – but to give you a ballpark estimate, here is the market average annual contents insurance premiums listed on Canstar’s database. 

<div class="rtecenter">CONTENTS INSURANCE PREMIUM STATISTICS</div>

<table border="1" cellpadding="1" cellspacing="1" style="width:650px;">
<thead></thead>
<tbody>
<tr>
<td class="rtecenter">
			<div>                    STATE                     </div>
			</td>
			<td class="rtecenter">
			<div>     AVERAGE ANNUAL MARKET PREMIUMS</div>
			</td>
		</tr>
<tr>
<td class="rtecenter">
			<div>NORTH QLD</div>
			</td>
			<td class="rtecenter">
			<div>$756.49</div>
			</td>
		</tr>
<tr>
<td class="rtecenter">
			<div>NSW</div>
			</td>
			<td class="rtecenter">
			<div>$409.59</div>
			</td>
		</tr>
<tr>
<td class="rtecenter">
			<div>QLD</div>
			</td>
			<td class="rtecenter">
			<div>$398.46</div>
			</td>
		</tr>
<tr>
<td class="rtecenter">
			<div>SA</div>
			</td>
			<td class="rtecenter">
			<div>$330.29</div>
			</td>
		</tr>
<tr>
<td class="rtecenter">
			<div>TAS</div>
			</td>
			<td class="rtecenter">
			<div>$303.24</div>
			</td>
		</tr>
<tr>
<td class="rtecenter">
			<div>WA</div>
			</td>
			<td class="rtecenter">
			<div>$383.61</div>
			</td>
		</tr>
</tbody>
</table>
*Source: Canstar - 17/09/2019. Based on the average annual premium for general contents insurance policies rated in Canstar's September 2019 Home &amp; Contents Insurance Star Ratings for the sum insured of $50,000. North QLD is the portion of Queensland north of Rockhampton. QLD includes Rockhampton and all areas south. Market includes all rated products on Canstar’s database.

<h2>When should you take out contents insurance?</h2>

The stage where you become responsible for any damage to the property differs from state-to-state. Generally, the buyer becomes responsible for damage to the property either on the exchange of contracts or at settlement. 

Another consideration is that the strata insurance might not cover internal fixtures, such as <a href="/guides/how-to-choose-the-right-flooring-for-your-off-the-plan-apartment">floorboards</a> or top-of-the-range light fittings. I would suggest confirming with your lawyer as to what is covered by your apartment's strata insurance and what you may require additional insurance for.

<h2>Insurance and your new apartment: 4 things to keep in mind</h2>

When <a href="/guides">buying an off-the-plan apartment</a>, you may be looking to protect your assets financially, but it’s important to bear in mind that not all insurance policies are created equal.

Here are four things to keep in mind when considering insurance for a new apartment:

1. Understand what your strata insurance covers

Check the specifics of what the strata insurance policy considers part of the building structure, common property, common areas and common contents. For example, some policies might cover hardwood flooring inside apartments but not timber laminate or carpet, which you may choose to cover in your contents insurance policy.

2. Comparing contents insurance policies

Different insurance providers have different policies, and premium prices will vary. Shopping around to compare the offers provided by contents insurance providers is a great way to find out which company's policy is best suited to your needs.

When comparing policies, it is also a good idea to check the extent of coverage offered, including the definitions for clauses including "accidental damage" and other defined events, like fire and theft. You could also check whether your cover extends to personal property, including smartphones and bicycles, when they are in use remotely from your home.

If you’re intending on making your new apartment an investment property, you may instead wish to consider landlord insurance, as contents cover might not apply to you in this situation.

3. Accurately valuing your possessions

When taking out contents insurance, your insurance provider will generally ask you to give an estimated total value for your possessions. If you would like cover for certain high-value items such as jewellery, computers or electric guitars, you may need to list each of them specifically, and check with your provider about the value they may payout if you need to claim. Documenting and taking a photo of the items and receipts could also assist in providing evidence of ownership in case you need to make a claim.

4. Home warranty insurance

Something extra to keep in mind for newly built or off-the-plan apartments, in particular, is <a href="https://www.qbcc.qld.gov.au/home-warranty-insurance/home-warranty-insurance-explained">home warranty insurance</a> which could be included as part of the building contract and is typically underwritten by the state government where the apartment is located. If you find any defects covered under the policy within a set period after development and you inform your body corporate immediately, you may be able to lodge a claim for breach of statutory warranty. Note that eligibility, timelines and deadlines for making claims may vary between different states and territories.
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