Nature Based Cities (NBC), the not-for-profit organisation focused on improving biodiversity and nature outcomes in urban development, has launched its latest industry design guidelines and accreditation framework, this time targeting precinct-scale residential communities.

The move extends NBC’s influence beyond its initial focus on medium and high-density residential developments. Several projects have already achieved NBC accreditation since the launch of its Medium &amp; High-Density Residential Guidelines in early 2025.

The expansion into masterplanned communities and new residential precincts reflects the growing need for stronger nature-positive benchmarks as Australia’s outer suburban growth corridors continue to expand at pace.

Paul Hameister OAM, NBC Founder and the Executive Chairman of Melbourne developer Hamton who itself leans heavily into nature and biodiversity in its developments, says the&nbsp;nature-first approach to mitigate the effects of climate change has become standard in other parts of the world such as the UK, but Australia is lagging.&nbsp;Australia’s environmentally sustainable design (ESD) rating tools have no minimum mandatory requirements for living landscapes.

“We’ve always wanted to do more, and we know other developers who want to do more, but the ESD rating tools just aren’t there,” Hameister says. “In Australia, you can have a five-green-star rated building that’s concrete and glass with not a blade of grass. 
 
“The focus is on reducing emissions, which is laudable, but there hasn’t been enough attention paid to protecting and re-establishing nature. We need both for the health of the environment and for communities.”

He says that having now&nbsp;made good progress in supporting developers of medium and high-density residential projects, NBC is now looking to bolster better nature-based decision-making and recognise developers of greenfield projects in the outer ring and large inner-ring brownfield precincts, who want to champion nature and living landscape as a defining feature.

Since 2022, the not-for-profit has sought to remove the roadblocks preventing developers from incorporating nature and living landscapes into their projects, shifting the conversation from the reduction of emissions and grey infrastructure, toward recognising nature as an essential infrastructure.

The New Communities Design Guidelines and Scorecard arm developers with the tools needed to deliver a nature positive outcome for their new communities. Intended to be adopted at the outset of the planning process, the guidelines are designed to help create communities that are cooler, healthier and more resilient while also enhancing social wellbeing and long-term economic value.&nbsp;

New Communities developers seeking accreditation will be independently assessed across a range of key criteria including ecology, tree canopy, biodiversity, and walkability. Once the masterplan is complete and submitted for approval, the scorecard is formalised based on proposed outcomes. Projects that meet the NBC criteria will receive either Commended or Exemplary accreditation outcomes, creating a clear benchmark for nature-positive new communities in Australia.&nbsp;

Janis Fischer, Director at Tract and NBC Advisory Council member, said the development of new communities in our suburbs can have a substantial impact on nature and biodiversity.

"By incorporating nature-based design principles at the inception of a project, developers and their design teams can achieve nature positive outcomes that are good for both people and the planet.’’&nbsp;

NBC accredited New Community projects will gain access to NBC branding and marketing tools to help communicate their nature-based credentials to purchasers and the broader market.&nbsp;

Joel Robinson

Nature Based Cities: A new Australian benchmark for developing nature-positive new communities

Apartment buildings are increasingly being designed around how people actually live day to day, not just how they want a building to look.

For buyers, that shift is showing up in practical inclusions that respond to changing habits. Work-from-home spaces, EV charging, wellness amenities, secure bike storage and parcel management are becoming part of the broader apartment conversation, reflecting a move toward buildings that reduce friction in everyday life.

Online shopping has become one of the clearest examples of that change.

Australians spent a record $82.6 billion online in 2025, with nearly one in four retail dollars now spent online. That has made parcel delivery a regular part of apartment living, rather than an occasional inconvenience.

For apartment residents, however, the delivery process can be less straightforward than it is for detached homes. Parcels may be left in lobbies, redirected to Post Offices, missed entirely, or placed under the responsibility of building managers and concierge teams.

That is why secure parcel infrastructure is increasingly being considered alongside more familiar apartment amenities.

<iframe allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" allowfullscreen="" frameborder="0" height="315" referrerpolicy="strict-origin-when-cross-origin" src="https://www.youtube.com/embed/-VjjLwoViX0?si=A3k7ws9NX35Uac7_" title="YouTube video player" width="560"></iframe>

Australia Post Parcel Lockers offer one way to address the issue. When a parcel arrives, residents receive a notification through the AusPost app or SMS, then collect it using a QR code or one-time PIN. The parcel is kept secure, accessible and removed from common areas.

The broader Parcel Locker network now includes more than 1,500 locations across Australia, positioned at Post Offices, shopping centres, supermarkets, transport hubs and other accessible locations.

For new apartment projects, the relevance is clear. A building’s amenity offering is no longer only about lifestyle spaces, but also about convenience, security and functionality.

As buyer expectations evolve, secure parcel delivery is becoming part of the same design conversation as flexible working, sustainable transport and resident wellbeing.

It is one less thing for residents to worry about, and another example of apartment design adapting to the way Australians now live.

Apartment design is adapting to the way Australians shop

While school holidays and trips to Europe tend to define the winter property market, there's been no cold snap at <a href="https://www.apartments.com.au/new-apartments/the-walden-north-sydney-177-walker-street-north-sydney-nsw-2060">The Walden</a> in North Sydney.

Developer-builder&nbsp;<a href="https://www.apartments.com.au/developers/aland">ALAND</a> sold more than $35 million worth of apartments throughout June, including a $6.8 million apartment that now ranks among the highest apartment sales ever recorded in North Sydney.

SRM Residential agent Ben Stewart said buyer demand throughout June reflected a mix of improving market confidence and longer-term thinking from owner-occupiers.

"We're seeing strong demand from owner-occupiers who are taking a longer-term view," Stewart said.

"Many recognise the opportunity to secure an apartment in an iconic building and premium location while values remain attractive. They may initially lease the property, but the intention is to eventually move in themselves, rather than purchasing purely as an investment."

[smartcode_project:default project_id=134323 project_image_fid=367129]

Located at 177 Walker Street, The Walden will deliver 161 one, two, three and four-bedroom residences across a 30-storey tower designed by Rothelowman. Every apartment occupies a corner position, maximising natural light, cross ventilation and views across Sydney Harbour, the Opera House, Sydney Heads and the northern districts.

Rather than a traditional balcony, the residences feature winter gardens that seamlessly extend the open plan living areas, creating versatile spaces for relaxing or entertaining throughout the year. Floor-to-ceiling glazing draws in natural light while showcasing sweeping views from the building's elevated Walker Street position.

Every apartment features high-end Calacatta marble, bespoke joinery, and fully integrated appliances.

The larger residences have been planned with distinct entertaining and private zones, with many master suites positioned on corners to capture natural light and harbour views. Walk-in dressing rooms, freestanding baths and refined stone finishes reinforce the house-like feel that has resonated with downsizers and owner-occupiers.

[smartcode_project:default project_id=134323 project_image_fid=6393]

Rothelowman Principal Ben Pomroy said the project was designed to make the most of its unique position overlooking the harbour.

"The Walden is a celebration of all things beautiful, curated for those who expect nothing less than exceptional," Pomroy says.

"Meticulously designed entertaining spaces and light-filled living areas that capitalise on capturing the natural beauty of Sydney's iconic harbour."

Residents will also have exclusive access to The Pavilion, a dedicated amenity building featuring a rooftop pool, wellness studio, gymnasium, sauna, concierge service, residents' lounge, private dining spaces and work-from-home facilities.

[smartcode_project:default project_id=134323 project_image_fid=6402]

The project marks ALAND's first major luxury apartment development in Sydney's inner-city market after more than two decades delivering residential communities across Greater Sydney.

Founder and CEO Andrew Hrsto previously said the rarity of the Walker Street site made it an opportunity the company could not overlook.

"This is a rare opportunity to bring a truly exceptional project to life in one of Sydney's most iconic locations, and to showcase our craftsmanship and design expertise at a world-class level," Hrsto said.

[smartcode_project:default project_id=134323 project_image_fid=6383]

The Walden has been introduced to the market at a time when demand for living in North Sydney is at an all-time high. Billions of dollars have been invested in infrastructure, including the recently opened Victoria Cross Metro station, located just 300 metres from The Walden, providing residents with direct access to the Sydney CBD in just minutes.

Private investment has also transformed the area through the arrival of new retail and dining destinations, elevating the lifestyle offering in what was once considered primarily a commercial precinct rather than an aspirational residential address.

The Walden is currently under construction and is scheduled for completion in 2028.

[smartcode_project_cta:default project_id=134323]

ALAND records $35 million in sales in North Sydney as The Walden bucks quiet winter selling season

The long-awaited redevelopment of the former Eastlakes Shopping Centre site has reached a major milestone, with Conquest's plans for a new mixed-use precinct officially placed on public exhibition.

The State Significant Development Application would transform the 1.7-hectare site at <a href="https://www.apartments.com.au/new-apartments/19a-evans-avenue-eastlakes-nsw-2018">19A Evans Avenue</a> into one of Sydney's largest urban renewal projects, delivering 736 apartments above a new shopping centre anchored by Woolworths, alongside specialty retail, dining, commercial space and new public open spaces.

The public exhibition marks the next chapter for the project after <a href="https://www.apartments.com.au/developers/conquest">Conquest</a> acquired the stalled Stage Two development from Crown Group, who completed the first stage across the road prior to their voluntary liquidation.

<img alt="First look: Conquest unveils plans for 736-home Eastlakes Shopping Centre redevelopment" data-entity-type="file" data-entity-uuid="5fca22c5-d1ed-4e2c-8801-03f7df1eafc8" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/eastland%20podium.png?VersionId=uomwr41nF8CmLUZRDcu3mHQechlbxucS" />

&nbsp;

Designed by DKO Architecture, the proposal comprises four residential buildings ranging from 14 to 18 storeys above a two-level retail podium. The development would deliver 736 apartments, including 74 affordable homes, 215 Build-to-Rent apartments and 521 market residences. Provision has also been made for dual-key apartments, which could increase the total number of dwellings to 877.

At ground level, the shopping centre has been designed as the suburb's new meeting place, anchored by a full-line Woolworths and complemented by a curated mix of fresh food retailers, cafés, restaurants, health services and everyday convenience shopping. Generous pedestrian links and landscaped public spaces will connect the retail precinct through to Jack Mundey Reserve, creating a more walkable and connected neighbourhood.

Conquest CEO Michael Akkawi said the redevelopment was about far more than replacing a shopping centre.

"Eastlakes has been overlooked for too long, and this is the community’s moment. We are building a shopping centre and homes, a genuine heart for the suburb, and we genuinely want locals to help shape it."

"We enrich communities through the creation of homes, places, and experiences designed for life, built to last, and owner for generations. That starts with listening, so we warmly encourage everyone with a connection to Eastlakes to view the plans and share their thoughts."

<img alt="First look: Conquest unveils plans for 736-home Eastlakes Shopping Centre redevelopment" data-entity-type="file" data-entity-uuid="22f6fb20-54fb-4bd7-8a92-48fafdd00608" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/eastland.png?VersionId=cugp7s9hrMHGJJdYzkeAkrFoQgnF4GXf" />

DKO said the design had been shaped by the site's landscape setting and surrounding open space.

"Our vision for the site embraces its unique Bidjigal identity by blending the residential living with generous landscaping and a material palette inspired by the Bidjigal locality, and celebrating the panoramic views to Botany Bay and the wetlands reserves."

"Taking cues from Country, we seek to harmonise built form with the landscape and lightly touch the earth. By reconnecting, retaining and regenerating existing ecology, and weaving in natural elements, we can deepen our connection to Country."

The landscape strategy extends across the podium and rooftops, incorporating communal gardens, children's play areas, lawns, community gardens, family gathering spaces and extensive tree planting. New landscaped links will also strengthen the connection between the precinct and Jack Mundey Reserve, while publicly accessible open spaces have been integrated throughout the development.

The proposal builds on Conquest's broader placemaking strategy for the site. Through an ongoing partnership, local artist Joe Rashbrook has been appointed Urban Art Curator, working alongside young residents to transform the project's site hoardings into a public art gallery that allows the community to engage with the redevelopment before construction is complete.

Conquest has rapidly expanded its development pipeline since acquiring the Eastlakes site, with more than $6 billion worth of mixed-use projects now in planning across Sydney, including Stanmore, Castlecrag and Waterloo.

Conquest CEO Michael Akkawi said the redevelopment was about far more than replacing a shopping centre.

First look: ‘Far more than replacing a shopping centre’ as Conquest unveils 736-home Eastlakes redevelopment

Abadeen has lodged a State Significant Development Application (SSDA) for one of Mosman's largest apartment developments in recent years, seeking approval to transform the former Honeysuckle Garden and Midas site on Military Road into a 100-apartment mixed-use development.

The SSDA, lodged with investment partner Phoenix Property Investors, proposes around $230 million worth of new housing on the prominent <a href="https://www.apartments.com.au/new-apartments/494-516-military-road-mosman-nsw-2088">494-516 Military Road</a> site.

The proposal comes as Mosman Council continues to progress its recently endorsed Masterplan, which identifies the precinct for increased housing density while maintaining the suburb's established character.

Designed by DKO Architecture, the development would comprise 100 apartments above ground-floor retail, with a rooftop wellness precinct including a gym, sauna, entertaining areas and landscaped communal spaces.

Rather than pushing to the full 12-storey height identified in Council's Masterplan, the proposal ranges between five and nine storeys, stepping down towards Hale Road. A tenth level would accommodate resident amenities rather than additional apartments.

The project has been designed to appeal to a broad range of buyers, from first home buyers and young professionals through to families and local downsizers looking to remain on the Lower North Shore.

<img alt="Mosman" data-entity-type="file" data-entity-uuid="5dada03f-5b4c-43ba-ba62-2868add31440" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-07-27%20at%209.57.55%E2%80%AFAM.png?VersionId=7LBy0B.Jo8_iWAFJsClcV7Q3UnXrv49r" />

Abadeen Executive Chairman Justin Brown said the apartments had been designed as genuine long-term homes rather than investor-focused stock.

"The apartments have been designed as genuine long-term homes, with efficient floorplans that maximise usable living areas, generous storage, natural light and strong connections between indoor and outdoor spaces," Brown says."

"We've focused on creating homes for a broad range of buyers, from first home buyers and growing families through to downsizers who want to remain in Mosman."

The rooftop wellness offering forms a key part of the proposal, with residents set to have access to a gym, sauna, outdoor entertaining spaces, communal dining areas, landscaped gardens and a multi-use recreation court overlooking Sydney Harbour.

<img alt="Mosman" data-entity-type="file" data-entity-uuid="d37c2d6b-583a-4a0f-b7a9-9f46b893d2f4" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-07-27%20at%209.58.06%E2%80%AFAM.png?VersionId=FPoa5FCm2RtzjhAh2w5FTWJbV6GHfY8D" />

DKO drew heavily on the site's natural and cultural history, undertaking a Connecting with Country process with local Aboriginal Elders to inform the architectural and landscape design.

Senior Associate Matthew Ritchard said the design sought to create a building that responded to both the site's landscape and its cultural significance.

"The architectural language of the project is a deep expression of Connecting with Country, where the materiality and colour palette serve as a bridge between the site's geological history and its future as a residential sanctuary."

The proposal also retains the site's established blue gum tree as the centrepiece of the communal landscaped gardens, while introducing activated retail fronting Military Road to strengthen the connection between Mosman and Cremorne villages.

If approved, the project would deliver 100 new homes within walking distance of shops, public transport, schools and local amenities, adding to the limited pipeline of new apartments on the Lower North Shore.

<h2>Project Snapshot</h2>

Project: Honeysuckle Garden Redevelopment

Address: 494-516 Military Road, Mosman

Developer: Abadeen and Phoenix Property Investors

Architect: DKO Architecture

Lead Architect: Matthew Ritchard

Value: $230 million

Residences: 100 apartments

Key features:

<ul>
	<li>
	Ground-floor retail
	</li>
	<li>
	Rooftop wellness precinct
	</li>
	<li>
	Gym and sauna
	</li>
	<li>
	Outdoor entertaining and BBQ areas
	</li>
	<li>
	Landscaped communal gardens
	</li>
	<li>
	Multi-use recreation court
	</li>
	<li>
	Retained mature blue gum tree
	</li>
	<li>
	Connecting with Country design process
	</li>
	<li>
	Harbour, CBD and Balmoral views from upper-level apartments
	</li>
</ul>

Abadeen Executive Chairman Justin Brown said the apartments had been designed as genuine long-term homes rather than investor-focused stock

First look: Abadeen plans 100 apartments on former Honeysuckle Garden site in Mosman

The wave of apartment proposals sweeping through Mosman shows no signs of slowing, with another major residential development lodged through the NSW Government's State Significant Development pathway.

Developer First Quadrant Properties, which recently completed Willoughby Grounds and has several projects in planning across the North Shore, has unveiled plans for a 63-apartment development on Ourimbah Road, adding to the growing pipeline of projects reshaping one of Sydney's most tightly held harbour suburbs.

The proposal would consolidate nine properties at 40-56 Ourimbah Road into a part eight, part nine-storey apartment building, continuing the momentum created by the NSW Government's accelerated planning pathways that have seen several significant developments emerge across Mosman over the past 12 months.

Designed by Doroch Architects, the project would deliver 63 apartments, resident wellness facilities including a gym, pool and sauna, landscaped communal spaces and basement parking, while using recessed upper levels, generous setbacks and extensive planting to reduce the perceived scale of the building.

<img alt="First look: First Quadrant Properties eyes nine-storey Mosman apartment project under State Significant pathway" data-entity-type="file" data-entity-uuid="32ee68e4-141e-4a10-8f83-48e961a5e71e" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Ourimbah%20Road%2C%20Mosman%20a.png?VersionId=CUeILFc6APlwXPc.iplElbxHvREKwjig" />

Doroch Architects said the building had been designed to reinforce Mosman's established character.

"The building's aesthetic is grounded in the existing residential character of Ourimbah Road and the broader Mosman context," the architect noted in the planning documents submitted to the NSW Government.

The design adopts a contemporary material palette of natural stone, textured concrete and brown concave metal cladding, complemented by integrated planters and deep balconies. The podium incorporates softened curved concrete forms, while increased setbacks have been provided adjacent to the heritage-listed property at 60 Ourimbah Road to create a more sympathetic transition.

The site sits around 330 metres from Mosman Town Centre, placing it within the NSW Government's Low and Mid-Rise Housing policy area, where increased residential density is being encouraged close to shops, transport and services.

The proposal follows a string of major apartment projects lodged or declared State Significant in Mosman in recent months, including Abadeen's 100-apartment Honeysuckle Garden redevelopment on Military Road and several other developments across Awaba Street, Redan Street and Muston Street from the likes of Time &amp; Place, HELM and Prosker Property.

Read more:&nbsp;<a href="https://www.apartments.com.au/news/nsw/time-place-to-take-on-mosman-apartment-market">Time &amp; Place to take on Mosman apartment market</a>

Read more:&nbsp;<a href="https://www.apartments.com.au/news/qld/first-look-abadeen-plans-100-apartments-on-former-honeysuckle-garden-site-in-mosman">First look: Abadeen plans 100 apartments on former Honeysuckle Garden site in Mosman</a>

First look: Another major apartment proposal signals Mosman's development boom

A new State Significant Development Application (SSDA) could reshape a prominent vacant site in Gosford's CBD, with Ming Tian Real Property proposing a mixed-use precinct that combines affordable housing, retail activation and a new public plaza.

The proposal for 43-45 Beane Street and 2 Keevers Lane would deliver a <a href="https://www.apartments.com.au/new-apartments/43-45-beane-street-gosford-nsw-2250">two-building development</a> comprising a 26-storey residential tower and a five-storey affordable housing building above ground-floor commercial space. A key focus of the project is the delivery of dedicated affordable housing alongside new public domain improvements designed to transform Keevers Lane into a more active urban destination.

Designed by <a href="https://www.apartments.com.au/architects/tony-owen-partners">Tony Owen Partners</a>, the development would provide 130 apartments, including 20 affordable housing dwellings managed by a registered community housing provider for at least 15 years. The market housing component comprises 110 apartments across a mix of one, two and three-bedroom residences, while the affordable housing includes six one-bedroom, 13 two-bedroom and one three-bedroom apartment. The proposal also incorporates 416 sqm of ground-floor retail, three basement levels accommodating 140 car spaces, 42 bicycle spaces, communal open space and extensive landscaping.

<img alt="First look: Ming Tian Real Property plans landmark affordable housing tower for Gosford city centre" data-entity-type="file" data-entity-uuid="9b858791-9060-4ee7-9178-44cb9e640a85" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Beane%20Street%20b_0.png?VersionId=_jbY0mqPEs7.jBZxozR7d6T4u85FoPmb" />

The affordable housing component has been distributed across both buildings, with four apartments located within the main tower and a dedicated five-storey building delivering a further 16 affordable homes. The project also includes 12 adaptable apartments and 24 dwellings designed to Silver Level Liveable Housing Guidelines.

The architectural design draws inspiration from Indigenous storytelling.

"The design is based on the indigenous motif of the Rainbow Serpent," Tony Owen Partners said in the Design Verification Statement.

"The Rainbow Serpent is a traditional totem of coastal eastern Australia. It represents natural forces, creation, change, and rebirth and is often associated with bodies of water. This motif can be seen in the undulation of the balconies rising on the building," Tony Owen Partners said in the Design Verification Statement.

Beyond the residential offering, the proposal seeks to revitalise the surrounding public realm, particularly Keevers Lane.

"The ground floor streetscape includes a commercial and dining precinct which will significantly improve the amenity of the area. This strategy transforms a currently inhospitable laneway into a thriving centre of urban renewal and day and night time activation to compliment the new adjoining UNC facilities," the architects said.

<img alt="First look: Ming Tian Real Property plans landmark affordable housing tower for Gosford city centre" data-entity-type="file" data-entity-uuid="36b0ca6b-af15-424c-81db-9f3049c07b0c" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Beane%20Street%20podium.png?VersionId=QCAv7bCitrg3zIGZUHI2z_HR8qVfKbp1" />

The Environmental Impact Statement notes that the project aims to "improve the provision of diverse housing options within Gosford City Centre, enhancing the mixed-use precinct by delivering high quality residential development, whilst concurrently providing a diverse range of housing choices through the provision of affordable housing, which is in growing need within the Gosford City Centre."

The site occupies approximately 2,070 sqm in the Gosford city centre, around 250 metres from Gosford Railway Station and within walking distance of Gosford Hospital, Mann Street's retail precinct and the University of Newcastle's Gosford campus currently under construction. The currently vacant site previously received approval for a lower-scale residential development, with the new proposal leveraging the NSW Government's in-fill affordable housing pathway to increase density while introducing dedicated affordable housing.

First look: Rainbow Serpent inspires bold new Gosford apartment tower

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

<html><body>
Rent money is dead money, but so is loan interest? Buying a house vs. renting is an age-old conundrum, and considering the rising costs of living and owning property, one that people are faced with now more than ever.

So buying vs. renting a house, which is best for you? Apartments.com.au know a fair bit about property, <a href="/guides/top-10-hidden-costs-of-buying-a-house-or-apartment-in-2021">the hidden costs associated with buying it</a>, and all of the other things you need to consider. For this reason, we've gathered the pros and cons of buying a house vs. renting here for you to help with your decision.

<h2>The positives of renting</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/thepositivesofrenting.png" rel="gallery-all"><img alt="" class="image-article-full-width-580px" height="325" src="/s3/files/styles/article_full_width_580px/public/pictures/article-images/thepositivesofrenting.png?itok=agvJvkx6" width="580"></a></figure>If you have spent time building up your savings renting saves it from going onto a deposit and the other costs associated with home ownership. <a href="/guides/young-home-renters-as-%E2%80%98permanent-renters%E2%80%99">Many people opt to become permanent renters</a> so they can use their hard-earned savings elsewhere or on different types of investments to generate growth. The property market is a little less of a safe bet these days, so if you are a good investor, and you may see a higher return on that money with a different strategy to property.

It also depends on your life goals and stage, perhaps travel or study is a little more important to you at the moment than laying down some roots? Renting gives you more flexibility to relocate, travel for extended periods, and change location without the hassle and cost of buying and selling. 

When all of your savings go towards the one asset, you are tied up in a single investment. Renting allows you to diversify across a range of investments, spreading out any potential risk. In some cases your utilities may also be paid for as part of the rent and if any major issues occur with the property, it will be fixed by the landlord with little to no organisation and expense on your part.

Another advantage to renting is the flexibility about where you live and the kind of home you have. Often something or somewhere unattainable by purchase like inner-city or CBD locations. You are also able to move house whenever you want based on a career change, or simply for an adventure. You may decide that a particular area isn't for you or want to see what a different one is like and you have that option by not being tied down to a purchased property. Many people move frequently while renting to help decide which area they would like to buy in.

This is also quite handy as your family composition changes. That one-bedroom apartment you bought in your twenties may not be suitable as you move into the stage where you may start a family. The ideal house layout changes as your family grows and renting allows you to tweak this home setup as you need it. Changing homes when renting is more cost-effective than buying a new house or renovating.

<h2>The downside of renting</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/thedownsideofrenting.png" rel="gallery-all"><img alt="" class="image-article-full-width-580px" height="381" src="/s3/files/styles/article_full_width_580px/public/pictures/article-images/thedownsideofrenting.png?itok=gW_2jKNp" width="580"></a></figure>The cost of renting will likely increase over time due to inflation and rising property prices, especially in desirable areas. When owning, your mortgage repayments will probably go down as the interest charged on the loan reduces.

The mortgage payments will often end after a maximum of 30 years; however, a life of tenancy means that rental payments will forever be a part of your expenses. You will need to consider this as you approach retirement, and your income reduces. You will also need to take into account the bon, which is quite a significant sum of money that is due initially, and when moving there may be times where the ending and starting period of a new lease crosses over, meaning you will need to pay one bond before receiving (hopefully) the previous one back.

The other downside of renting is the effect it can have on your savings, which you aren't technically forced to make like you are with a mortgage. The mortgage payments you make every month goes towards an asset that may increase over time, rent money however, is gone.

You also have less control over any modifications to your home, you'll need approval for significant changes and are at the mercy of the homeowner who may ask you to move out at any point, a reason why more people are attempting to <a href="/guides/negotiate-for-a-long-term-rental-lease">negotiate long-term rental leases</a>.

<h2>The upside of buying a house</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/theupsideofbuyingahouse.png" rel="gallery-all"><img alt="" class="image-article-full-width-580px" height="377" src="/s3/files/styles/article_full_width_580px/public/pictures/article-images/theupsideofbuyingahouse.png?itok=6-JISUI3" width="580"></a></figure>Unlike our last point, buying a home means you don't have to deal with a landlord, and you have no risk of being evicted. You have stability and create a home that you may live in for a significant period of time. You have the freedom to renovate or decorate in any way you please.

Property is an asset that will likely increase in value over time, and while it is a long term investment strategy, it is a tried and tested safe bet in most cases. You will be able to use the equity in your home as you pay off your loan to fund another investment, be it more property or shares.

If you are <a href="/guides/2019/06/24/own-rental-property-here-are-14-things-to-check-to-avoid-major-problems-in-future">purchasing property to act as a rental investment</a>, this will provide you with a steady stream of income into your retirement years as well. While interest rates will fluctuate, you still have a level of certainty when it comes to how much you will be spending on your mortgage. This makes it easier to budget for repayments, and you will even have a level of control by choosing a fixed rate, split, or variable rate loan. Rental costs can fluctuate more dramatically based on supply and demand, and rent increases are sometimes non-negotiable when renewing a lease forcing you to pay more or move out.

<a href="/guides/victorian-first-home-buyers-save-over-a-billion-dollars-in-two-years">First home buyers can also receive assistance</a> and stamp duty concessions in certain states to assist in their first purchase.

<h2>The downside of buying a house</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/thedownsideofbuyingahouse.png" rel="gallery-all"><img alt="" class="image-article-full-width-580px" height="372" src="/s3/files/styles/article_full_width_580px/public/pictures/article-images/thedownsideofbuyingahouse.png?itok=f_9Kr00c" width="580"></a></figure>There are many hidden costs when purchasing a home that makes it an expensive endeavor. There is a significant amount of interest and fees that you will be paying over the life of a loan, and interest rates will fluctuate if you have a variable interest rate. This can sometimes work in your favour, but you also need to be prepared for when it doesn't.

Homeownership is also a commitment that may limit you in life as your money is tied up in the property. This may hinder things like travel, study, and entertainment as you are committed to your repayments and the added costs of owning property. You may also decide from an investment point of view that the return on property is not as significant as the stock market.

The cost of ownership goes far beyond the deposit and loan repayments, <a href="/guides/top-10-hidden-costs-of-buying-a-house-or-apartment-in-2021">even selling the home can be expensive</a>, just as buying it can be. The Reserve Bank of Australia states the sale of a house will cost 4% of the sale price on agents fees and advertising and buying a home is around 6% of the purchase cost on stamp duty, government and loan establishment fees, and conveyancing costs. 

There is also ongoing running costs, including: 

<ul>
<li>
	Council rates
	</li>
	<li>
	Repairs
	</li>
	<li>
	Depreciation
	</li>
	<li>
	Body corporate fees
	</li>
	<li>
	Utilities 
	</li>
	<li>
	Insurance 
	</li>
	<li>
	Property manager fees (if used as an investment)
	</li>
</ul>
<h2>Which option should you choose?</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/whichoptionshouldyouchoose.png" rel="gallery-all"><img alt="" class="image-article-full-width-580px" height="518" src="/s3/files/styles/article_full_width_580px/public/pictures/article-images/whichoptionshouldyouchoose.png?itok=D7iM4sz9" width="580"></a></figure>There are obviously many choices, and the answer to buying a house vs. renting an apartment isn't glaringly apparent as it is somewhat subjective. You need to consider your financial situation, which stage in life you are as well as your wants and goals. Is travel more vital to you than an investment at this point, or are you looking for a way to ensure a comfortable retirement period?

Once you have decided, you will want to do some additional research, or even speak to an accountant or financial planner to ensure you are considering a path that is right for you. There <a href="https://www.yourmortgage.com.au/calculators/rent-vs-buy/">are rent vs. buy calculators available online</a>, which can help you decide if you can afford a home loan and you may need to consider sacrificing the location of your dreams to enter the property market initially. 

No matter what you decide, financial security should be at the forefront of your mind, and you should never commit to a situation that may jeopardise that. Be conservative about your financial choices and remember that you may have to sacrifice an ideal home now, for the perfect home later.
</body></html>

urban.com.au

Renting Vs. Buying a House: What’s Right for You?

<html><body>
Many people ask the question, does landscaping increase property value? The answer is a profound yes. Landscaping is one of the best things a homeowner can do outside of a house to increase its value. Landscaping can enhance the look of a property while adding value, creating a better financial standing when refinancing or selling.

The return on investment is not necessarily only financial; you can increase the enjoyment and comfort of your home for your day to day with various landscaping features as well. So, does a nice garden add value to your home? It adds financial value, along with the value of how you enjoy your surroundings.

<a href="/">Apartments.com.au has prepared this guide</a>, which delves into the effect of landscaping on property value and why a professionally designed, developed, installed, and maintained landscape could be a worthwhile property investment.

<h2>The benefits of landscaping</h2>

[smartcode_project:default project_id=95292]

If you are wondering how much value does a garden add to a property? <a href="http://www.actrees.org/files/Research/landscaping_house_prices.pdf">Clemson University Professor Mark S. Henry released a research paper</a> that claimed even a small increase in the quality of your home's landscaping could increase the resale value of a property by around seven percent, and that is without much financial outlay. The more you invest in your landscaping, the greater the return.

The garden area of a home is directly related to the overall appeal and can significantly influence a buyer's perception of a property. It can also help you to create a more functional space for entertaining to <a href="/guides/how-to-settle-into-your-new-neighbourhood">have your neighbours around to help settle into your community</a>.

There are many environmental benefits as plants improve the quality of our air, and inner-city neighborhoods with beautiful, usable outdoor areas see increased social interaction between residents. While it is not always appropriate to spend time in the garden all-year round, the visuals of your garden a ever-present. 

<h2>The best landscaping to add value</h2>

[smartcode_project:default project_id=3298]

While there is more value in a landscaped home, you'll need to consider both the front yard, which creates curb appeal, and the backyard, which is often more used and where the money needs to be spent.

Keep in mind some of the following do's and don'ts:

<ul>
<li>
	Less lawn means less maintenance, people may be put off by having to add the mowing of lawns to their to-do list
	</li>
	<li>
	A landscaped patio can raise the value of a home as it melds the idea of outdoors with the indoor 
	</li>
	<li>
	Water (not a pool) is an appealing feature to create a calming atmosphere, consider a fountain or small pond 
	</li>
	<li>
	Outdoor lighting with solar-powered lights creates security and a stylish aesthetic
	</li>
	<li>
	Swimming pools do not increase the property value as they create an additional cost
	</li>
	<li>
	The same applies to tennis or basketball courts, increased enjoyment? Yes- increased value? No. You will be limiting your sales options to those with a similar interest
	</li>
	<li>
	Choose a wooden deck over a concrete patio as it is easier to maintain and will offer more longevity 
	</li>
	<li>
	There are benefits to installing a sprinkler system including less water usage and less maintenance
	</li>
	<li>
	Avoid fake turf as it doesn’t age well
	</li>
</ul>
As people begin to focus more on sustainable, green living, the garden areas are receiving more attention. <a href="/news/5-new-sustainable-apartment-developments-in-australia-2019">Even apartment living is heading down the sustainable route</a>. 

<h2>Plants that increase property value</h2>

[smartcode_project:default project_id=3303]

The plant options available to you when landscaping is often entirely dependent on the region you are in as well as how big your garden is. For example, capital pear trees are popular in Melbourne, and bamboo is a common choice for multi-storey houses.

The native <a href="https://www.screenhedgeplants.com.au/articles/how-to-select-a-lilly-pilly-hedge/">lilly pilly hedge</a> is a great way to add a sense of privacy to a home or yard area, which can often make things look more appealing. The best fast-growing trees are often eucalypts which offer plenty of varieties, but a reliable rule of thumb is that any native species will grow a lot quicker than imports. Bamboo, once again, is a fast grower and a popular trend currently is adding creepers to walls to help create a greener aesthetic, especially when you are dealing with an apartment complex.

<h2>Landscaping tips to increase home value</h2>

[smartcode_project:default project_id=29915]

If you are landscaping to sell a house or even just to improve your property, here are some landscaping tips to consider:

1. Focus on your lawn edges

Edging your lawn is a big way to make your garden look neat. It also creates a tamed feel, which makes it look like it requires less maintenance, which is a great selling point. Edging is easy and can be done by yourself, or you can hire a professional to really ensure it looks great.

2. Add a lot of plants

The effect of a visual barrier from plants cannot be understated. It can also help to reduce street noise while creating shade in the summer months. It would be best if you kept a limited number of plant species as it is easier to maintain while creating a uniform look. Biodiversity is an excellent way to reduce pest impact and create colour; you just don't want to go over the top.

3. Mulching

Mulching (and weeding) also helps to create the visual effect that your garden is low-maintenance, and it simply makes everything much neater.  Utility mulch is your best bet, e.g., pine bark or forest fines, as they look neater.

4. Install new lawn

If selling, a lush lawn will really make an impact, and the most cost-effective option is Kikuyu lawn instead of buffalo grass. Patchy or browned lawns will benefit from lawn seed blend which will thicken and green the lawn.

5. Don't be afraid of some colour

Colourful flowers in planters and a range of pots with perennials will really create a comfortable aesthetic. Plus you can take them with you once you have sold the home.

6. Be a conservative pruner

Pruning is a great way to create a well-maintained look; however, you don't want to go overboard or hack away at things too much. Bare is bad, so just take a little off the top.

<h2>The advantages of hiring a professional landscaper</h2>

[smartcode_project:default project_id=31257]

If you are wanting to avoid the DIY route and guarantee high-quality gardening services, a professional is the way to go. They will come equipped with specialised equipment and materials, such as more precise mowing equipment and varieties of fertiliser. It may cost a little more, but <a href="/guides/how-much-does-it-cost-to-sell-a-house-or-apartment">there are many costs involved with selling a home</a>, few of which can help raise the price. Landscaping, is an investment, and the best way to get the most out of it, is to ensure the work is handled in a professional manner.

When using a professional, you receive their knowledge and skill. The training and experience offered will likely outweigh the capabilities of a DIY method, and they can provide a maintenance plan to ensure your garden continues to flourish and you are getting the most out of your investment.

It is also vital to preserve your landscape, which means not overwatering, or as we discussed above, over-pruning. Small mistakes can have a significant impact on the final look and health of your garden, so a professional will give you peace of mind that the job is being handled correctly. Above all, the time and energy you save when you work with a professional can be very valuable, on top of knowing you are getting the best result possible.

<h2>The real effect of landscaping on property value</h2>

[smartcode_project:default project_id=52]

The value of your property is dependent on the location and style of your home, but it also comes down to the presentation and care taken when looking after it. For this reason, a beautiful and functional garden or outdoor area is a very important element of ensuring your home looks its very best.

Any home improvements will assist in the value of your property. The visual element of a garden, however, which is the display of your property to the rest of the world, is one of the most important. First impressions last and you want potential buyers to understand that you have looked after your home. Convince them that this property is a low-maintenance task that is neat and tidy, and that they will be able to feel comfortable and enjoy the outdoor areas. <a href="/new-townhouses">There is a lot of competition in the sales market</a>, so you want your place to stand out. All of this increases the value of your home and has you best-positioned for a good sale.
</body></html>

Does Landscaping Increase Property Value?

<html><body>
2021 UPDATE: It is important to know that the way banks and financial organisations assess their loan criteria has significantly changed in recent years. <a href="https://www.theguardian.com/australia-news/2020/feb/01/banking-royal-commission-one-year-on-optimism-over-changes-but-banks-fight-back">Banks are fighting back against the Royal Banking Commission</a> who cracked down on lending criteria. This means that the terms of acquiring a loan are more stringent than they were a few years ago.

There is a simple rule that people can often forget; just because you can spend it, doesn't mean that you should. This is particularly pertinent when it comes to how much should you spend on your first house. The loan amount you are approved for doesn't always align with a realistic financial responsibility, which is why you need to determine how much you can afford for yourself first.

Figuring out how much you can afford to pay each month goes much further than just the sale price, as there are <a href="/guides/top-10-hidden-costs-of-buying-a-house-or-apartment-in-2021">many hidden costs associated with buying a home</a>. Your lender may surprise you with an approval of more than you were expecting, and while this makes it tempting to upgrade, it may not exactly fit your budget.

[smartcode_project:default project_id=29048]

To help, <a href="/">Apartments.com.au</a> has put together this guide to help determine how much should you spend on your first house vs. income so that you can be well-prepared to live a comfortable life in your new home. The answer is different for everyone as situations vary, the key is to leave yourself a decent buffer so you don’t end up in hot water.

<h2>Responsible lending</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/responsiblelending.png" rel="gallery-all"><img alt="" class="image-article-full-width-580px" height="381" src="https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/styles/article_full_width_580px/public/pictures/article-images/responsiblelending.png" width="580"></a></figure>It is important to know that the way banks and financial organisations assess their loan criteria has changed significantly <a href="https://www.theguardian.com/australia-news/2019/feb/04/key-points-and-recommendations-of-the-banking-royal-commission-report">since the Royal Banking Commission</a>, which has cracked down on lending practices. This means that the terms of acquiring a loan are a little more stringent than they were a few years ago as financial institutions need to be more stringent to ensure responsible lending.

Make no mistake about it, predatory lending and loose underwriting standards for residential loans are a bad thing. Sure, more people are approved for mortgages, but they are mostly unrealistic when it comes to monthly payments which cause a lot more damage for the individuals and the property market as a whole in the long run. When it comes to buying your first home, and if you are looking at adding to your portfolio, defaulting on a mortgage is the worst case scenario, and it is solely up to you to ensure that doesn’t happen.

[smartcode_project:default project_id=8082]

People have in their lenders, surely if the bank said it was ok for them to have an amount they can afford it, right? Wrong. This exemplifies the importance of running your own budget and knowing what you can afford. Mortgage lenders are not always offering sound financial advice. It is a bank's business to create and sell loans. Some lenders may even have incentives to sell loans meaning your best interests are not the primary goal. 

<h2>Understanding the whole picture</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/understandingthewholepicture.png" rel="gallery-all"><img alt="" class="image-article-full-width-580px" height="369" src="https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/styles/article_full_width_580px/public/pictures/article-images/understandingthewholepicture.png" width="580"></a></figure>The key to understanding how much you should spend on your first house is not just about deciding what you can afford now. It would be best if you also projected what you could afford in the future, aiming for the next five to 1ten years. While it can be hard to do this, as life can be unpredictable, your best-guess predictions will have to do and serve you far better than only looking at your current state.

Lenders are often calculating your affordability based on the information you provide, which is often lacking the intricacies of your true financial picture, or how it may change. You may experience changes to job roles and income, have children, or a range of other situations that will require you to have some sort of financial buffer. Keep in mind that bailing out and selling your home isn't always a failsafe plan if things get complicated. The property market is very unpredictable at the moment, and <a href="/guides/how-much-does-it-cost-to-sell-a-house-or-apartment">there are costs associated with selling your home</a>.

[smartcode_project:default project_id=29947]

Keep in mind that lenders look at your situation with a forecast that everything will travel smoothly with little fluctuation, it is on you to be realistic and skeptical, planning for the unexpected and keeping a level of financial security at all times. If you plan for the worst, you will experience positive little bonuses along the way if it doesn’t happen.

<h2>Income doesn't always go up</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/incomedoesntalwaysgoup.png" rel="gallery-all"><img alt="" class="image-article-full-width-580px" height="456" src="https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/styles/article_full_width_580px/public/pictures/article-images/incomedoesntalwaysgoup.png" width="580"></a></figure>One thing that banks and lenders assume is that your income will grow as time passes. While everyone hopes they will be making more money in the future, it simply is not always the case.

The rule of spending 30% of your income on your home expenses is now often defined as a <a href="https://www.propertyobserver.com.au/https://www.abc.net.au/life/how-much-to-borrow-for-home-to-avoid-mortgage-stress/11817848">‘mortgage stress’</a>, for those that are new to the workforce. The current cost of living, <a href="/guides/2019/06/17/urbans-first-home-buyer-guide">especially for those who may be first home buyers</a> new to the market, means that 30% probably won't actually cover all home expenses.

For this reason, banks lend more than the 30 per cent benchmark based on the assumption that the earning power will go up in the future. But what if it doesn't? Homeowners may need to redefine their approach to homebuying. It's widely noted that rising house prices are spreading <a href="https://www.propertyobserver.com.au/https://www.abc.net.au/news/2020-02-03/house-price-rise-spreads-beyond-sydney-melbourne/11923136">beyond Sydney and Melbourne</a> as house prices spread beyond, even despite the decline of pace in development growth.

[smartcode_project:default project_id=27675]

The only rule left to stick to is to purchase a home that you can afford and buy realistically from the jump. Your property may not go up in value, and your income may plateau or drop.

<h2>Focus on the repayments</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/focusontherepayments.png" rel="gallery-all"><img alt="" class="image-article-full-width-580px" height="508" src="https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/styles/article_full_width_580px/public/pictures/article-images/focusontherepayments.png" width="580"></a></figure>Loan terms can be tweaked so that lower payments are required at the beginning of a loan to make the amount more manageable. This is another reason why you need to plan for the long term. Low-interest rate short-term mortgages with variable rates seem like a great deal with a manageable financial outlay to start with, but you are committing to a 30-year debt. Even a fixed-rate mortgage, which will give you a more accurate picture, can only be locked in for around five to ten years.

You may be flush with funds as you have your deposit saved up, <a href="/guides/how-to-navigate-australias-first-home-buyer-grants">plus the first home buyer grant</a> is making things seem even better, but thirty years is a long time, and things will change.

A large percentage of your income will go towards your new home, and other areas of your life will need to become more cost-effective as a result. This may even affect your retirement and quality of life. Financial stress can also put a strain on relationships and mental health. Only you can determine an affordable mortgage that is conducive to a lifestyle that will make you happy.

To achieve this, understand your monthly budget, the interest rate, and taxes. You will likely benefit from speaking to a financial planner to really understand how much you should spend on your first home, as they will look at your whole financial situation. Research the true cost of living in the area you plan to buy. 

<h2>Deciding what you should spend on your first house</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/decidingwhatyoushouldspendonyourfirsthouse.png" rel="gallery-all"><img alt="" class="image-article-full-width-580px" height="400" src="https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/styles/article_full_width_580px/public/pictures/article-images/decidingwhatyoushouldspendonyourfirsthouse.png" width="580"></a></figure>If you are at the point <a href="/new-townhouses">where you are ready to start looking for your first home</a>, work out a budget before you start shopping. Budget for:

<ul>
<li>
	Home insurance
	</li>
	<li>
	Taxes
	</li>
	<li>
	Housing repairs
	</li>
	<li>
	Stamp Duty
	</li>
	<li>
	Utilities
	</li>
	<li>
	Council Rates
	</li>
	<li>
	Lenders fees
	</li>
</ul>
You do not want things to be tight when it comes to your house payment. Your budget will need to cover living costs as well, so sometimes it's a good idea to practice living on your new budget before you buy your home to see if it is realistic. The money you would be spending on the "mortgage element" during this trial can be put into a savings account for your new home. 

If you find yourself in the position where the style of home you wanted doesn't align with what you can really afford, you may need to wait a little longer to increase your deposit. You'll have to decide if putting off buying a home for a few years is worth it for the home of your dreams, or if you can sacrifice size and location to get into the property market sooner? Being financially ready to purchase a home is the most important thing. 

If possible, have your loan pre-approved before you begin shopping for a home. It would also be best to have a buffer or emergency fund in place in case the worst happens, and you lose your income source. Keep in mind, the requirement of a loan payment doesn't stop because your situation changes. As long as you are realistic and err on the side of caution, things should be just fine, and you can start your property ownership journey with peace of mind.
</body></html>

How much should you spend on your first house in 2020?

<html><body>
Based on Urban data, these are the top 5 suburbs in the country with the most development listings available on our site per state and are amongst some of the most viewed by users. 
As activity centres expands and housing affordability fluctuates, these Australian suburbs have one major thing in common, they are booming.

 

<h2><a href="/developments/footscray-vic-3011">FOOTSCRAY, VICTORIA</a></h2>

The inner West suburb of Footscray in Melbourne, Victoria, is seeing unprecedented growth as a major activity centre and cultural hub. Footscray’s population of 20,000 people is set to almost double in the next decade and comprises of Vietnamese, Italian, Chinese, Sudanese, Ethiopian and Sri Lankan migrants with Victoria’s fourth highest proportion of residents born in South-East Asia.  
The developing suburb is a hub of creativity, culture, music and international cuisine and has been chosen as a major activity centre for the Western suburbs of Melbourne. Median housing prices are at $845,000 with median rent costs at $470 per week.

<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/victoria_one_footscray.jpg" rel="gallery-all" title="Rendering of Victoria Square, Footscray by Kavellaris Urban Design and Developer Growland."><img alt="" class="image-article-full-width-580px" height="435" src="https://res.cloudinary.com/dz9xllyip/image/fetch/q_auto:good/https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/styles/article_full_width_580px/public/pictures/article-images/victoria_one_footscray.jpg" title="Rendering of Victoria Square, Footscray by Kavellaris Urban Design and Developer Growland." width="580"></a>

<figcaption>Rendering of Victoria Square, Footscray by Kavellaris Urban Design and Developer Growland.</figcaption></figure><a href="/buildings/victoria-square-8-hopkins-street-footscray">Victoria Square</a> is among many of the developments springing up in Footscray and is led by Developers <a href="/developers/growland-group">Growland</a> with 939 dwellings across six buildings. 
Blending into the community fabric of Footscray, Victoria Square will become a new destination for laneway dining with 3000sqm dedicated to cafes and restaurants to be enjoyed by the public. 
The complex features world class amenities such as Australia’s first above ground 400m arterial running track, a resident’s cinema, games rooms, gymnasium, lap pool, private lounge and dining rooms and a sky garden connecting the towers, creating an engaging community amongst the residents.

Prices: 
1 bed, 1 bath, 0 car - $385,000

2 bed, 1 bath, 1 car - $540,000

3 bed, 2 bath, 1 car - $599,000

 

<h2><a href="/new-apartments/liverpool-nsw-2170">LIVERPOOL, NEW SOUTH WALES</a></h2>

Set to become one of Sydney’s third biggest CBD’s, Liverpool is developing strong economic and residential opportunities within the heritage structure of the city centre. 
With a population of over 28,000, the Western city is one of the oldest settlements in Australia with strong community engagement. 
Less than 30% of Liverpool’s population were born in Australia, creating a multicultural environment to which thrives by the Georges River. 
The median housing price in Liverpool is $729,000 with a weekly advertised median rent at $450 with over half of Liverpool residents living in apartments and units.

<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_foundry_liverpool.jpg" rel="gallery-all" title="Rendering of The Foundry by SJB Architects."><img alt="" class="image-article-full-width-580px" height="390" src="https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/styles/article_full_width_580px/public/pictures/article-images/the_foundry_liverpool.jpg" title="Rendering of The Foundry by SJB Architects." width="580"></a>

<figcaption>Rendering of The Foundry by <a href="/architects/sjb-architects">SJB Architects</a>.</figcaption></figure><a href="/buildings/the-foundry-32-34-shepherd-street-liverpool">The Foundry</a> is one of the many developments setting a precedent for inner city centre expansion and with rezoning change to mixed use in 2018, Liverpool is inviting improvements to underutilised and undeveloped sites across the city. With 198 dwellings across 17 floors, the building also features a double height lobby, a landscaped central atrium, private rooftop garden and pool with city and rivers edge views. 
The building is incorporated into the Paper Mill development which is comprised of multiple buildings along the Georges River in the city centre surrounding the 150 year old heritage listed Paper Mill building which will become the new cafe and dining quarter.

Prices:

1 bed, 1 bath - $497,000 to $601,000

2 bed, 2 bath - $580,000 to $704,000

 

<h2><a href="/new-apartments/brisbane-qld">SOUTH BRISBANE, QUEENSLAND</a></h2>

South Brisbane is one of the busiest riverfront suburbs of Brisbane home to the Queensland Museum, Streets Beach, a giant ferris wheel and offers culture, galleries, science exhibits, a vast promenade nightlife and weekend markets. Home to over 8,000 residents and tens of thousands of daily and nightly visitors, the suburb is an important destination connected by the Victoria Bridge to Brisbane CBD.

With a median age population of 30 years old, South Brisbane retains its heritage charm and vibrancy with a large amount of big name developments jumping across the river for the waterfront lifestyle and tropical cultural charm. 
Median unit and housing rents are at $510 per week with a median housing price of $994,000. 
Most residents live in apartment dwellings which have a median price of $447,000.

<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_standard_south_brisbane_woods_bagot.jpg" rel="gallery-all" title="Rendering of The Standard by Woods Bagot"><img alt="" class="image-article-full-width-580px" height="387" src="https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/styles/article_full_width_580px/public/pictures/article-images/the_standard_south_brisbane_woods_bagot.jpg" title="Rendering of The Standard by Woods Bagot" width="580"></a>

<figcaption>Rendering of The Standard by Woods Bagot</figcaption></figure><a href="/architects/woods-bagot">Wood Bagot</a>’s architecturally designed apartment tower, <a href="/buildings/the-standard-13-17-manning-street-south-brisbane">The Standard</a> is South Brisbane’s latest development standing 105 metres above ground level and comprising of 261 new one, two and three bedroom dwellings. 
The cylindrical tower includes such amenities as a rooftop pool, private dining rooms, theatre, a 240sqm fitness centre, rooftop wine bar, coffee lounge, a spa and wellness centre with sauna and three complementary Tesla vehicles for exclusive resident use.

Prices start at $500,000 for a one bedroom and can range up to $1,200,000 for a penthouse.

 

<h2><a href="/developments/belconnen-act-2617">BELCONNEN, ACT</a></h2>

Belconnen is the inner city suburb of Canberra with a metropolitan population of over 96,000 people. 
With Canberra City Centre’s restricted height and development laws, Belconnen is a designated sub-city which in recent years has developed into a mixed used activity precinct with 40% of residents born outside Australia, the sixth highest for any Canberra suburb.

Surrounding the Ginninderra Lake, Belconnen is home to the John Knight Memorial Park, a 300 store Westfield and the University of Canberra. 
Belconnen remains one of the most affordable districts in Canberra with a median house price of $431,000 and a median weekly rent amount of $410.

<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/high_society_belconnen_geocon.jpg" rel="gallery-all" title="Rendering of High Society Apartment towers designed by Fender Katsalidis"><img alt="" class="image-article-full-width-580px" height="326" src="https://res.cloudinary.com/dz9xllyip/image/fetch/q_auto:good/https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/styles/article_full_width_580px/public/pictures/article-images/high_society_belconnen_geocon.jpg" title="Rendering of High Society Apartment towers designed by Fender Katsalidis" width="580"></a>

<figcaption>Rendering of High Society Apartment towers designed by <a href="/architects/fk-australia">Fender Katsalidis</a></figcaption></figure>The <a href="/buildings/high-society-1-grazier-lane-belconnen">High Society Apartments</a> are one of Belconnen’s recent development that showcases the large amount of growth happening in the suburb.  
Designed by Fender Katsalidis, the two 27 storey towers rise with sweeping uninterrupted views of Lake Ginninderra and Greater Canberra and comprise of 541 apartment dwellings ranging between one, two and three bedrooms. Residents will be able to enjoy a rooftop park, barbeque area, wine cellar and cinema. The development also features a 135 room hotel on site which will establish Belconnen City Centre as the major destination it is becoming.

Prices: 
1 bed, 1 bath - $345,900

2 bed, 1 bath - $439,400

3 bed, 2 bath - $692,400

 

<h2><a href="/developments/adelaide-sa">PORT ADELAIDE, SOUTH AUSTRALIA</a></h2>

Approximately 14 kilometres from the Adelaide CBD sits Port Adelaide, a suburb that once was Adelaide’s most important and main supply link for the city and is now becoming a site for urban renewal. 
Traditionally a working class suburb, much is maintained in terms of the heritage and long standing public pubs and bars that line St.Vincent and Lipson Street. 
As one of the oldest settlements in Adelaide, the cultural significance of Port Melbourne is shown through its characteristic taverns and buildings, built in the late 1800’s as well as the vast amount of museums. 
Museums include the National Railway Museum, South Australian Maritime Museum, Aviation Museum, Austbuilt Maritime Museum and the Australian Museum of Childhood. 
Port Adelaide’s median housing prices range in the $570,000 range with a weekly median rent of $388.

<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/dock_one_port_adelaide.jpg" rel="gallery-all" title="Rendering of Dock One Townhomes by Starfish Developments"><img alt="" class="image-article-full-width-580px" height="343" src="https://res.cloudinary.com/dz9xllyip/image/fetch/q_auto:good/https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/styles/article_full_width_580px/public/pictures/article-images/dock_one_port_adelaide.jpg" title="Rendering of Dock One Townhomes by Starfish Developments" width="580"></a>

<figcaption>Rendering of Dock One Townhomes by <a href="/developers/starfish-developments"">Starfish Developments</a></figcaption></figure><a href="/developments/port-adelaide-sa-5015">Dock One</a> is just one of the many developments happening in the Port Adelaide area, and it is quite a large one with 750 planned townhomes and apartments all ranging two and three bedrooms across one to five levels. 
The architecture, designed by <a href="/architects/enzo-caroscio-architecture">Enzo Caroscio</a> embraces the city’s heritage character and is very much inspired by local history, culture and art. With waterfront or park facing views, residents will be able to enjoy the best of both worlds and its close proximity to the bustling working class heritage centre of Port Adelaide.

As well as a vast landscape for residents to connect and socialise, the development will also refurbish waterfront heritage buildings that need repair.

Prices can range between $400,000 to $650,000.

 

<h2><a href="/developments/perth-wa">PERTH CBD, WESTERN AUSTRALIA</a></h2>

Perth has a vast array of developing suburbs but one that will see the most change will be its very own central district. The Perth CBD the city’s largest economic and cultural hub with facilities such as the Art Gallery of Western Australia, the State Library of Western Australia, the State Theatre Centre, The Perth Concert Hall and many more.

Perth CBD is home to just over 10,000 residents which is set to triple in the next decade as infill apartment development by the waterfront has encouraged an influx of movement and growth. 
To accommodate this growth, Perth has turned to revitalising the waterfront with Elizabeth Quay, creating Perth Link, a development on the edge of the city that features the new Perth Arena and strengthening its retail and commercial hub.

<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_towers_at_eliz_quay_fart_east_consortium.jpg" rel="gallery-all" title="Rendering of the almost completed Towers at Elizabeth Quay by Far East Consortium."><img alt="" class="image-article-full-width-580px" height="290" src="https://res.cloudinary.com/dz9xllyip/image/fetch/q_auto:good/https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/styles/article_full_width_580px/public/pictures/article-images/the_towers_at_eliz_quay_fart_east_consortium.jpg" title="Rendering of the almost completed Towers at Elizabeth Quay by Far East Consortium." width="580"></a>

<figcaption>Rendering of the almost completed Towers at Elizabeth Quay by Far East Consortium.</figcaption></figure><a href="/buildings/the-towers-at-elizabeth-quay-11-barrack-square-perth">The Towers at Elizabeth Quay</a> are part of the grand urban renewal project set to attract over 12 million visitors annually. The development includes two residential towers, the first Ritz Carlton for Perth and a vibrant waterfront with water park, green space and new connecting bridges.

Located at the head of the precinct, the towers stand as the gateway jewel to the CBD. 
With 379 residential dwellings across two <a href="/architects/cottee-parker-architects">Cottee Parker</a> designed towers, residents will be able to take advantage of full panoramic views of the city and water. Amenities include a pool, gym, cycle cafe, restaurants at ground level, roof gardens and amphitheatre which will host much of the public events around the quay.

Prices: 
1 bed, 1 bath - $793,000

2 bed, 1 bath - $1,283,000

3 bed, 2 bath - $2,541,000

 

 

 

 
</body></html>

Nick Dante

Booming Australian Suburbs according to Urban

<html><body>
Knowing how to negotiate effectively is the key to securing your home at a reasonable price. In this guide, we will teach you about preparation, research, and placing an offer – as well as many helpful tips for winning your dream home, for your ideal price. 

There is a <a href="https://www.psychologytoday.com/us/blog/how-do-life/201406/the-psychology-negotiating">psychology of negotiating</a> and having a basic understanding of it, along with being well-prepared, will help you to secure a favourable deal. It is also important to make peace with the fact that you may not secure the deal and need to walk away. By making this clear to yourself before negotiating, you can steer clear of getting into deep water with a price that you <a href="/guides/how-much-can-i-borrow-for-a-new-home">cannot afford</a>.

This guide has been updated for 2020.

<h2>Negotiation preparation</h2>

<figure><a class="colorbox colorbox-insert-image" href="https://res.cloudinary.com/dz9xllyip/image/fetch/q_auto:good/https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/negotiationpreparation.png" rel="gallery-all"><img alt="" class="image-article-full-width-580px" height="384" src="/s3/files/styles/article_full_width_580px/public/pictures/article-images/negotiationpreparation.png?itok=ToT9YTid" width="580"></a></figure>One of the most important preliminary steps for how to negotiate when buying a new house is your <a href="/guides/5-tips-every-first-home-buyer-needs-to-know">information gathering and preparation</a>. You want to understand the recent sales for properties of a similar style in the same location to ensure that your offers are realistic and fair. When budgeting, you'll also want to take into account some of <a href="/guides/top-10-hidden-costs-of-buying-a-house-or-apartment-in-2021">the hidden costs that can come with buying a house</a> to ensure you are completely covered.

Here are some of the essential points you will want to be aware of when preparing for negotiation:

<ol>
<li>
	Research the market you are purchasing in to understand its current state
	</li>
	<li>
	Plan how you will deal with realtors
	</li>
	<li>
	Consider the services of a buyer's agent
	</li>
	<li>
	Research the property you are looking to purchase
	</li>
	<li>
	Decide on your budget
	</li>
	<li>
	Plan any special conditions that may be required as part of the deal
	</li>
</ol>
Once <a href="/new-apartments">you have found the right property for you</a> and you are ready to make an offer, you'll move into the negotiation phase. Understanding the market is a crucial element here, and a lot is riding on you negotiating well. Any money you save doesn't stop at the purchase price; it also means less stamp duty and home loan interest. Plus, who wouldn’t like a bit of extra play money <a href="/expert-insights/buying/essential-household-items-for-your-new-apartment">when it comes time to deck out your new home or apartment</a>?

<h2>Market research</h2>

<figure><a class="colorbox colorbox-insert-image" href="https://res.cloudinary.com/dz9xllyip/image/fetch/q_auto:good/https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/marketresearch.png" rel="gallery-all"><img alt="" class="image-article-full-width-580px" height="435" src="/s3/files/styles/article_full_width_580px/public/pictures/article-images/marketresearch.png?itok=Ye1mwmct" width="580"></a></figure>The first step is understanding how much the property you are considering buying is worth. Look at and compare similar properties in the area, specifically ones that have sold in the past few months to determine how the property market is trending in that particular suburb. This is just <a href="/guides/20-things-you-should-look-out-for-before-you-buy-property">one of the ways to also ensure that the property you are considering is a good deal</a>. 

Once you understand the real value of the property, you will have a level of bargaining power during negotiations.

<h2>Dealing with agents</h2>

<figure><a class="colorbox colorbox-insert-image" href="https://res.cloudinary.com/dz9xllyip/image/fetch/q_auto:good/https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/dealingwithagents.png" rel="gallery-all"><img alt="" class="image-article-full-width-580px" height="386" src="/s3/files/styles/article_full_width_580px/public/pictures/article-images/dealingwithagents.png?itok=0yvwG09O" width="580"></a></figure>You may be in a position where you have two types of agents involved in your purchase.

The first is the real estate agent, and it is essential to remember that they work for the vendor and are trying to get them the best deal. They are working towards the opposite goal that you are. They want you to spend as much as possible, and this is where it is vital to know how much you are comfortable spending and sticking to it. Keep your budget to yourself and don't give away how much you really love and want the property. Be upfront and communicate clearly with the real estate agent; be easy to deal with and <a href="/guides/step-by-step-guide-to-placing-an-offer-on-a-house">put all offers in writing</a>.

The second agent is on your team. If you decide to employ a buyer's agent, they will work as an advocate for you, not only in finding the right property, but also helping you during the negotiation process. This may even have the benefit of access off-the-market <a href="/guides">or off-the-plan properties</a> that are yet to be seen by the wider public.

<h2>Property research</h2>

<figure><a class="colorbox colorbox-insert-image" href="https://res.cloudinary.com/dz9xllyip/image/fetch/q_auto:good/https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/propertyresearch.png" rel="gallery-all"><img alt="" class="image-article-full-width-580px" height="382" src="/s3/files/styles/article_full_width_580px/public/pictures/article-images/propertyresearch.png?itok=AuBAEHOK" width="580"></a></figure>Along with understanding the market, you also need to <a href="/guides/understanding-the-property-cycle-when-buying">understand the specific property</a>, including its features and why the vendor may be looking to sell it.

You'll want to try and gather information on whether or not the vendor is looking for a quick sale. You should learn how long the property has been on the market for and if there are any issues or building defects.

Understanding the motivation behind the sale can be <a href="/guides/tips-for-negotiating-with-real-estate-agents">a very helpful negotiating tip when it comes time to talk to the real estate agent</a>. For example, someone after a fast sale may be more willing to accept a lower price. 

<h2>Understanding your budget</h2>

<figure><a class="colorbox colorbox-insert-image" href="https://res.cloudinary.com/dz9xllyip/image/fetch/q_auto:good/https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/understandingyourbudget.png" rel="gallery-all"><img alt="" class="image-article-full-width-580px" height="431" src="/s3/files/styles/article_full_width_580px/public/pictures/article-images/understandingyourbudget.png?itok=TOfivNtt" width="580"></a></figure>Whether on your own or with the help of an accountant or financial planner, <a href="/guides/looking-for-a-home-on-a-budget-here-are-10-melbourne-apartments-under-385-000">work out your budget</a>. This may also require a conversation with your financial institution to understand your borrowing capacity and <a href="/guides/how-to-choose-the-right-home-loan">that you are picking the right loan for your situation</a>. You will want to ensure that you have pre-approval before making any offers, or, a condition that states your offer is subject to finance. Once you know this figure, you need to stick to it. This can sometimes be tricky in negotiation situations, so it's important not to let your emotions get the better of you. 

There will likely be competition from other buyers and various other pressures. It can be hard to walk away from a property you have decided you want, but if it comes to destroying your budget, you need to know when to fold the cards. 

Offer an amount that is less than your maximum, which both allows you room to negotiate and has the potential to provide you with a saving. If you go too high, too fast, the negotiations will result in the price possibly going over and above your limit. Depending on the situation, offering far less than the asking price may very quickly remove you from the list of potential buyers, so you need to keep things reasonable and fair. 

<h2>Negotiating tips</h2>

<figure><a class="colorbox colorbox-insert-image" href="https://res.cloudinary.com/dz9xllyip/image/fetch/q_auto:good/https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/negotiatingtips.png" rel="gallery-all"><img alt="" class="image-article-full-width-580px" height="381" src="/s3/files/styles/article_full_width_580px/public/pictures/article-images/negotiatingtips.png?itok=pXJdeE5O" width="580"></a></figure>When it comes time for the big negotiating event, the following tips should be kept in mind:

<ul>
<li>
	Set your goal for the negotiation in regards to purchase price, terms of the contract and what a deal that you will be happy with looks like
	</li>
	<li>
	Understand the motivation behind the sale to help navigate which terms you can include in the agreement and where to land with price
	</li>
	<li>
	Understand that negotiation, by its very definition, is about give and take and compromise with a desirable outcome for everyone involved
	</li>
	<li>
	Walk away if you need to, <a href="/new-townhouses">there are plenty of other property options</a>
	</li>
	<li>
	Make yourself heard but be sure to listen to the other party as well; good negotiations go hand in hand with good communications
	</li>
	<li>
	Be patient. If you rush, you are more likely to make mistakes 
	</li>
</ul>
The ability to successfully negotiate is based around the idea that you shouldn't be afraid to ask for what you want. Be assertive and challenge the points that don't align with your goals. As we have mentioned a few times, it is vital to remove emotion, which means being assertive without anxiety or anger. 

During negotiations, you are looking to take care of your own interests, but should also maintain respect for the interests of the other party. Remember, they have something you want, and vice versa. 

<h2>Negotiations can be the make or break in your new property purchase</h2>

<figure><a class="colorbox colorbox-insert-image" href="https://res.cloudinary.com/dz9xllyip/image/fetch/q_auto:good/https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/negotiationscanbethemakeorbreak.png" rel="gallery-all"><img alt="" class="image-article-full-width-580px" height="383" src="/s3/files/styles/article_full_width_580px/public/pictures/article-images/negotiationscanbethemakeorbreak.png?itok=zCaBlgTi" width="580"></a></figure>It is vitally important that you remain cool and calm during negotiations, and completely remove emotion from what is a significant business transaction.

Allowing yourself the ability to walk away means you are negotiating with options. If the only outcome for you is the purchase of the property in question, you lose your ability to say no. If the seller picks up on this, they have you in a corner. Always be willing to walk away and be comfortable with it as an option. If the other party sense desperation, you put yourself at a significant disadvantage.

You may love the property in question, it may be your dream home, but putting yourself into a tricky spot financially will significantly reduce the enjoyment of your new place. Do your research, understand what deal you will be happy with and aim for, knowing that you will walk away if you do not achieve that goal. Being comfortable with the idea of <a href="/developments">finding another development</a> should this one not work out is essential.

Your plans and budget are the most important things to maintain, plus you will likely feel a lot better with your purchase, knowing that you were able to successfully negotiate a great deal.
</body></html>

How to Negotiate When Buying a House

<html><body>
One of the most daunting aspects of <a href="/guides/how-to-buy-a-house-in-2021-a-guide-for-first-time-home-buyers">buying a new home</a> is running through the home inspection checklist to ensure that everything is up to scratch. After all, you don't want to miss something that will become a potentially expensive problem for you later.

A home buyer inspection list isn't just there to ensure everything is ready for you to move in, it's also to alert you to any significant issues that may mean you shouldn't be buying the property at all. This is particularly pertinent <a href="/guides/2019/06/24/own-rental-property-here-are-14-things-to-check-to-avoid-major-problems-in-future">if you are dealing with a potential investment property</a> as the new tenants will be coming to you with any issues.

The main goal is to ensure that the property you are purchasing is exactly how you expected and you are getting what you paid for. <a href="/">To assist, Apartments.com.au</a> have prepared this home inspection checklist to show you what to look for in a brand new property. This guide has been updated in 2020.

<h2>What to look for in a new home inspection</h2>

[smartcode_project:default project_id=8082]

It is important to remember that professional inspectors will be looking over the home for significant potential problems such as structural issues, damaged fixtures, or anything that may need to be replaced.

It is also <a href="https://nakedrealestate.com.au/blog/the-importance-of-conducting-a-pest-inspection-before-purchasing-property">a good idea to have a pest inspection</a> to save hassles later. You don't want to find out you could have prevented a white ant problem after the fact. This is also an excellent chance to be aware of any potential for pest issues that may pop up in the future based on the location of your home and the materials used in its construction.

For properties with a swimming pool, it is vital to have an inspection of the pool fencing, surrounding area, and the pool itself. For safety, you'll want to make this a regular activity. 

It is also a good idea to obtain a surveyor's report which will identify the boundaries of your property, so you understand what exactly is your land and what is not.

<h2>House inspection checklist</h2>

[smartcode_project:default project_id=27783]

<a href="/new-townhouses">Once you have decided which property is right for you</a>, always perform a comprehensive check before the settlement of the following elements to ensure there will be no potential issues.

1. Water pressure and drainage

This can be tested by flushing toilets and running all taps, the shower and bath, keeping an eye out for leaks, drainage issues, or low pressure.

2. Windows and doors

Check for draughts on closed windows, open and close everything to ensure it is functioning correctly.

3. Flooring

Check for anything that seems uneven, bumps, warping, and survey the edges where walls and flooring meet.

4. Electricity

Turn switches on and off and test each outlet with something like your phone charger to ensure it operates correctly.

[smartcode_project:default project_id=29048]

5. Cupboards

Open and close all cabinets and drawers, remember to be aware of any bad odours which could mean mould or poor ventilation.

6. Walls 

Inspect the paint job, in particular, corners and window frames.

7. Outdoor areas 

A general check for any aesthetic issues. 

8. Wall plastering

Look for fine cracks on the internal wall plastering which can be caused by the incorrect application of wall plastering. Plaster can crack further causing a more significant issue down the track.

9. External roof lines

Ensure that roof lines are straight with no deflections. It is also best to check the roof gutters from the top side to ensure they are not corroded and that all roof downpipes discharge into stormwater soak wells. 

10. Drain holes on external walls

In particular, if you have a multi-storey property, window and door frames should have small holes on the suspended slab levels which allow water to escape, so it does not penetrate the internal walls.

<h2>What happens if you find a problem?</h2>

<figure><a class="colorbox colorbox-insert-image" href="https://res.cloudinary.com/dz9xllyip/image/fetch/q_auto:good/https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/whathappensifyoufindaproblem.png" rel="gallery-all"><img alt="" class="image-article-full-width-580px" height="391" src="/s3/files/styles/article_full_width_580px/public/pictures/article-images/whathappensifyoufindaproblem.png?itok=b7mvu5Fb" width="580"></a></figure>If the above checklist does reveal some issues, you have the time and are well within your rights to ask that it be rectified. All properties need to pass an inspection before they can be sold. 

If the seller refuses to fix any <a href="/news/australia-called-we-want-our-building-codes-updated-and-regulated">non-structural issues</a> you identify, you may look to ask for a <a href="/guides/tips-for-negotiating-with-real-estate-agents">lower price</a> to allow for the fact that you will need to spend money making the repairs yourself. Just be aware that you may be in a <a href="/buildings/nbh-at-lachlan-s-line-25-27-epping-road-macquarie-park">competitive market</a> and another buyer may be willing to take the property and deal with the issues themselves, making it an easier, and therefore more attractive sale for the current owner.

Homes or <a href="/guides">apartments that are purchased off the plan</a> may require contact with the builder to fix any problems, just remember, rectifying these issues before you move in is the best course of action.

<h2>Professional home inspection contingency</h2>

<figure><a class="colorbox colorbox-insert-image" href="https://res.cloudinary.com/dz9xllyip/image/fetch/q_auto:good/https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/professionalhomeinspectioncontingency.png" rel="gallery-all"><img alt="" class="image-article-full-width-580px" height="386" src="/s3/files/styles/article_full_width_580px/public/pictures/article-images/professionalhomeinspectioncontingency.png?itok=-2D88bpb" width="580"></a></figure>You may have the passing of a professional home inspection as a contingency in your contract. If you do not, you <a href="/guides/tips-for-negotiating-with-real-estate-agents">may wish to add this as part of your negotiations</a>. This means that if significant defects are found during an inspection, you can retract your purchase offer without penalty.

Keep in mind that the potential problems covered here need to be serious (you can't back out due to chipped paint) but it is an extra level of protection during the sale.

In most contracts, the home inspection clause for a newly built residence will cover an inspection from a professional inspector including:

<ul>
<li>
	Foundations
	</li>
	<li>
	Pre-drywall
	</li>
	<li>
	A full walk-through is performed of the completed home.
	</li>
	<li>
	If issues are a safety issue, major or minor defect
	</li>
	<li>
	Items that need replacement 
	</li>
	<li>
	Items that should be monitored closely
	</li>
	<li>
	An exterior inspection
	</li>
	<li>
	Grading
	</li>
	<li>
	The garage or carport
	</li>
	<li>
	Roof
	</li>
	<li>
	Interior inspection
	</li>
	<li>
	Plumbing
	</li>
	<li>
	Electrical
	</li>
	<li>
	Heating, ventilation, and air conditioning 
	</li>
	<li>
	Water heater
	</li>
	<li>
	Kitchen appliances
	</li>
	<li>
	Laundry
	</li>
	<li>
	Fire safety
	</li>
	<li>
	Bathrooms
	</li>
</ul>
Choose your inspectors wisely as they vary in experience and thoroughness. A typical inspection should last two to three hours, and it is a good idea for you to be present to receive a firsthand explanation of all findings. This is also a good opportunity to ask any questions you may have about potential issues with the property.

<h2>Things that will not be covered in a home inspection</h2>

Home inspectors are really only working off of visual cues meaning things like a slanted floor or issues under flooring will be missed.

Things that home inspectors will not do include looking inside walls, pipes, sewer lines, chimneys, and behind electrical panels. It is also unlikely that they will check for termite damage, site contamination, and asbestos.

<h2>Running through your real estate inspection checklist</h2>

[smartcode_project:default project_id=89720]

There are few purchases in life as significant as buying a property. There are also few things that cause great expense when there are issues like property can. For this reason, being diligent and thorough when you have the opportunity, namely before you move into a new home, is vital.

It can be hard; you are excited to get into your new place and happy to overlook things that seem like small issues. Try to avoid this as minor issues become more prominent, and you will need to deal with them at some point. <a href="/guides/top-10-hidden-costs-of-buying-a-house-or-apartment-in-2021">There are plenty of other costs coming your way</a> with a new property so no need to add to the list.

Don't be averse to investing in professional assistance to ensure that things have been done correctly and never be worried about speaking up if you believe there is an issue. You've paid a lot of money for this new asset, make sure that the dollars were well spent.

<figure><a class="colorbox colorbox-insert-image" href="https://res.cloudinary.com/dz9xllyip/image/fetch/q_auto:good/https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/urban_-_infographicccccc.jpg" rel="gallery-all" title="Home Inspection Checklist (Step by Step) Infographic."><img alt="" class="image-article-full-width-580px" height="2169" src="/s3/files/styles/article_full_width_580px/public/pictures/article-images/urban_-_infographicccccc.jpg?itok=Du98RYPy" title="Home Inspection Checklist (Step by Step) Infographic." width="580"></a>

<figcaption>Home Inspection Checklist (Step by Step) Infographic.</figcaption></figure>
</body></html>

Home Inspection Checklist (Step by Step)

<html><body>
If you're in the market for a <a href="/new-townhouses">new home</a> or <a href="/new-apartments">apartment</a>, there will probably come a time when you need to figure out how much you need to borrow to secure your dream home. You'll need to ensure that you create your own budget prior to any loan approval to ensure the mortgage repayments you will be making each month for the years to come are manageable.

Borrowing the highest amount you can may get you your dream property, but the <a href="/guides/top-10-hidden-costs-of-buying-a-house-or-apartment-in-2021">added costs of buying a house</a> along with maintenance, repairs and possible interest rate rises can whittle the bank balance down quickly.

Here's a 2020 guide which will teach you about interest rates, equity, borrowing as an investor, and more.

<h2>1. Understanding interest rates</h2>

<figure><a class="colorbox colorbox-insert-image" href="https://res.cloudinary.com/dz9xllyip/image/fetch/q_auto:good/https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/1understandinginterestrates.png" rel="gallery-all"><img alt="" class="image-article-full-width-580px" height="442" src="/s3/files/styles/article_full_width_580px/public/pictures/article-images/1understandinginterestrates.png?itok=K6oN3cIK" width="580"></a></figure>You will have two different rate choices when choosing a home loan, fixed or variable.

The fixed-rate option locks your rate in for a specific time period (often 1, 3 or 5 years) protecting you from potential rate rises. The flip-side is that if rates drop, you won't see the benefit of that. Many people are happy to forgo the gamble of possible rate drops for the security of knowing exactly what their repayments will be to make it easier for budgeting. It is essential to keep in mind that breaking your fixed-rate period early will incur a fee.

The variable rate is the exact opposite; the rate fluctuates with <a href="https://www.rba.gov.au/monetary-policy/int-rate-decisions/2019/">any changes the Reserve Bank of Australia (RBA) decides to make</a>. This means your payments can both increase or decrease, which can either save you money or add to your costs. This option is essentially a gamble.

When viewing home loan offers, it is important to be aware of some terminology in reference to rates, including:

<ul>
<li>
	Standard variable rate: The rate your loan will revert to when the fixed-rate period ends
	</li>
	<li>
	Comparison rate: All financial institutions are required to advertise this rate as it shows the real cost of your loan inclusive of fees built into the percentage
	</li>
	<li>
	Split loan: One part of your loan may be at a fixed-rate, the other variable 
	</li>
	<li>
	Assessment rate: The rate used to assess the serviceability of your loan which is often slightly higher than whatever your actual rate will be to provide a buffer
	</li>
</ul>
<h2>2. How much can I borrow?</h2>

<figure><a class="colorbox colorbox-insert-image" href="https://res.cloudinary.com/dz9xllyip/image/fetch/q_auto:good/https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/2howmuchcaniborrow.png" rel="gallery-all"><img alt="" class="image-article-full-width-580px" height="377" src="/s3/files/styles/article_full_width_580px/public/pictures/article-images/2howmuchcaniborrow.png?itok=lVsA0w6h" width="580"></a></figure>Ultimately your income and expenses determine your borrowing amount, but you will need to take into account any future financial goals and <a href="/guides/top-10-hidden-costs-of-buying-a-house-or-apartment-in-2021">the hidden costs associated with buying a home</a>. 

You'll want to account for:

<ul>
<li>
	Necessary renovations and repairs on the new property
	</li>
	<li>
	Current debts, credit cards, and personal loans
	</li>
	<li>
	Living expenses
	</li>
	<li>
	A savings buffer in case you run into trouble
	</li>
</ul>
Once you decide on a reasonable limit, stick to it, regardless if you are offered more to avoid overcommitting. There are three factors to what you can safely borrow:

<ol>
<li>
	The size of your deposit 
	</li>
	<li>
	The amount you make 
	</li>
	<li>
	Your expenses
	</li>
</ol>
Today in Australia, <a href="https://www.theguardian.com/australia-news/2019/feb/04/key-points-and-recommendations-of-the-banking-royal-commission-report">mainly thanks to the Royal Banking Commission</a>, lenders are stringent and will look at a variety of factors before determining your pre-approval figure. To get a ballpark figure, a recommendation is to multiply your savings by 10.  If you had $40,000 deposit, you could safely afford a $400,000 property.

<h2>3. Equity in your home</h2>

<figure><a class="colorbox colorbox-insert-image" href="https://res.cloudinary.com/dz9xllyip/image/fetch/q_auto:good/https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/3equityinyourhome.png" rel="gallery-all"><img alt="" class="image-article-full-width-580px" height="378" src="/s3/files/styles/article_full_width_580px/public/pictures/article-images/3equityinyourhome.png?itok=PybNNw6e" width="580"></a></figure>If you already have a property and are <a href="/guides/how-to-invest-in-property-in-2020-the-ultimate-guide">looking at purchasing another</a>, you can use 80% of the equity in your asset. You will, however, need to account for a possible reduction in this figure based on your income and overall capacity to pay back the loan.   

To determine the exact amount you have to play with <a href="/guides/how-does-equity-work-in-property">when it comes to equity</a>, you'll need a property valuation. The amount will come down to 80% of what your property is valued minus what you owe on your mortgage.

If you are looking at making the second property an investment, <a href="/guides/2019/06/24/own-rental-property-here-are-14-things-to-check-to-avoid-major-problems-in-future">you'll need to consider a few other points as well</a>.

<h2>4. What sort of home can I afford?</h2>

<figure><a class="colorbox colorbox-insert-image" href="https://res.cloudinary.com/dz9xllyip/image/fetch/q_auto:good/https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/4whatsortofhome.png" rel="gallery-all"><img alt="" class="image-article-full-width-580px" height="449" src="/s3/files/styles/article_full_width_580px/public/pictures/article-images/4whatsortofhome.png?itok=J4a4XhqR" width="580"></a></figure>The money you earn increases your borrowing power. Your income, living expenses, debt, and the size of your deposit all play a role. If you make $50,000 a year and spend around $600 on living expenses, you may land in the $250,000 and $310,000 range, depending on the lender.

Those in the lower brackets may wish to <a href="/guides">consider an off-the-plan apartment</a> which lowers the price based on the fact you won't actually physically see the property until it is built. This can often be a great way to get a foot in the door in the world of property ownership.

<h2>5. How are my living expenses calculated?</h2>

<figure><a class="colorbox colorbox-insert-image" href="https://res.cloudinary.com/dz9xllyip/image/fetch/q_auto:good/https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/5howaremylivingexpenses.png" rel="gallery-all"><img alt="" class="image-article-full-width-580px" height="367" src="/s3/files/styles/article_full_width_580px/public/pictures/article-images/5howaremylivingexpenses.png?itok=rx378bFR" width="580"></a></figure>The <a href="https://www.canstar.com.au/home-loans/household-expenditure-measure-explained/">Household Expenditure Measure (HEM)</a> is a guide that lenders will use to determine a person or couple's average yearly expenses. They will often be quite generous, and often a little unrealistic when it comes to expenses to ensure you have room to move.

If you are borrowing against the equity will help raise your borrowing amount, or you could look at having a guarantor. A guarantor helps secure your loan and is legally responsible for the loan if the borrower can no longer handle the debt.

<h2>6. Borrowing as an investor</h2>

<figure><a class="colorbox colorbox-insert-image" href="https://res.cloudinary.com/dz9xllyip/image/fetch/q_auto:good/https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/6borrowingasaninvestor.png" rel="gallery-all"><img alt="" class="image-article-full-width-580px" height="380" src="/s3/files/styles/article_full_width_580px/public/pictures/article-images/6borrowingasaninvestor.png?itok=aoK7cbMf" width="580"></a></figure>Investment properties often require a larger deposit but also take into account any income that the investment property can generate as well as added costs of ownership. The main costs will include:

<ul>
<li>
	Loan repayments 
	</li>
	<li>
	Council rates
	</li>
	<li>
	Maintenance 
	</li>
	<li>
	Property manager's fees
	</li>
	<li>
	Vacancy periods 
	</li>
</ul>
One <a href="/guides/how-to-invest-in-property-in-2020-the-ultimate-guide">advantage to the investment property scenario</a> is negative gearing, which can offer a tax break based on the deficit caused by the cost of owning a property if it outweighs the income the investment is earning.

It is crucial to keep in mind that a negative profit on an investment provides tax advantages but is still an element that is costing you money. For example, if the overall costs for your investment are $2000 per week, and you receive $1750 in rent per week, you will receive a tax deduction of $250. The catch is that the $250 is coming out of your pocket.

For this reason, negative gearing is suitable for high-income earners purely for the tax benefits. When looking at investing, your risk profile needs to be considered carefully. 

<h2>7. Borrowing for your new home</h2>

<figure><a class="colorbox colorbox-insert-image" href="https://res.cloudinary.com/dz9xllyip/image/fetch/q_auto:good/https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/7borrowingforyournewhome.png" rel="gallery-all"><img alt="" class="image-article-full-width-580px" height="438" src="/s3/files/styles/article_full_width_580px/public/pictures/article-images/7borrowingforyournewhome.png?itok=zM1AAiJL" width="580"></a></figure>When you begin down the road of securing finance for a new property, keeping a sensible, realistic, and affordable mindset is the most important thing to do.

Not overcommitting to a hefty financial burden is all you really need to worry about. Remember, you will have this loan for many years, and while it seems possible to stretch yourself a little thin now for a nicer place, this may not always be so easy. Sometimes you will need to sacrifice the home or location of your dreams to ensure you can still live a comfortable lifestyle.

There <a href="/guides/20-things-you-should-look-out-for-before-you-buy-property">are plenty of facets to consider when buying property</a>, doing your research, and making smart decisions will save you many headaches or a potential disaster down the track. Always have a buffer, and your foray into property ownership should be a smooth ride.
</body></html>

How Much Can I Borrow for a New Home?

<html><body>
The old adage that you need to spend money to make money could not be more accurate when talking about the costs of selling a house (or apartment). There will be agents' fees, marketing expenses, and conveyancing costs to consider, and depending on how long it takes for your property to sell, these figures can be quite significant. You <a href="/new-townhouses">are not the only person looking to sell property</a>, so the competition also needs to be considered.

Still, it's a necessary evil for a much greater gain, so rather than be deterred, be informed and answer the question "how much does it cost to sell a house (or apartment)?" with this guide <a href="/">compiled by Apartments.com.au</a>.

<h2>1. It starts with the right agent</h2>

<figure><a class="colorbox colorbox-insert-image" href="https://res.cloudinary.com/dz9xllyip/image/fetch/q_auto:good/https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/1itstartswiththerightagent.png" rel="gallery-all"><img alt="" class="image-article-full-width-580px" height="384" src="/s3/files/styles/article_full_width_580px/public/pictures/article-images/1itstartswiththerightagent.png?itok=nZsuJFRa" width="580"></a></figure>The main reason why you should be aware of the costs involved in selling a property is to ensure that the exercise will provide the financial gain you are expecting. The three most significant expenses you will need to consider are

<ol>
<li>
	Conveyancing
	</li>
	<li>
	Marketing
	</li>
	<li>
	Agent's fee/commission
	</li>
</ol>
<a href="/guides/tips-for-negotiating-with-real-estate-agents">Choosing the right agent</a> can be a crucial driver in the success of your sale, and this is not a decision that should be made on cost alone. The best candidate to represent you should have a proven track record of successful sales and happy clients as opposed to just the lowest fees.

Let's look at the three main costs of selling a house, why they exist, and what you should prepare for.

<h2>2. Conveyancing fees</h2>

<figure><a class="colorbox colorbox-insert-image" href="https://res.cloudinary.com/dz9xllyip/image/fetch/q_auto:good/https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/2conveyancingfees.png" rel="gallery-all"><img alt="" class="image-article-full-width-580px" height="301" src="/s3/files/styles/article_full_width_580px/public/pictures/article-images/2conveyancingfees.png?itok=fGVcgbhY" width="580"></a></figure>Conveyancing entails the legal transfer of ownership for your property and is a required part of every real estate purchase. To perform this correctly, you will need <a href="https://www.nelsonalexander.com.au/news/difference-conveyancer-solicitor/">licensed conveyancers and solicitors</a>, and it is in your best interest to choose someone local. 

A local solicitor has local knowledge, which can be invaluable when it comes to things like special conditions or information specific to a particular area. Conveyancing costs can land anywhere in the ballpark of $800 to $2000.

<h2>3. Marketing costs</h2>

<figure><a class="colorbox colorbox-insert-image" href="https://res.cloudinary.com/dz9xllyip/image/fetch/q_auto:good/https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/3marketingcosts.png" rel="gallery-all"><img alt="" class="image-article-full-width-580px" height="373" src="/s3/files/styles/article_full_width_580px/public/pictures/article-images/3marketingcosts.png?itok=8_P5UHm5" width="580"></a></figure>The size of your marketing budget has a direct correlation to how effective and speedy your sale will be. There is often a lot of competition in the housing market, so ensuring that your property stands out above the crowd is crucial.

The cost of marketing your property falls solely on you. It is common that your agent will recommend a particular marketing campaign, but you are able to tweak this as you see fit. We strongly recommend listening to the agent, especially if you have followed the first point and picked them for their knowledge and expertise, but <a href="https://www.wordstream.com/blog/ws/2015/04/16/real-estate-marketing">some of the common marketing strategies</a> you may want to consider can include:

<ul>
<li>
	A 'For Sale' board in front of the house
	</li>
	<li>
	A listing on realestate.com.au
	</li>
	<li>
	Professional photography
	</li>
	<li>
	A clear floor plan
	</li>
	<li>
	Engaging copywriting
	</li>
	<li>
	Various press advertising
	</li>
</ul>
You can also make use of various social media or free listing websites to increase your reach without having to add more to the marketing budget. For the most part, however, the size of your marketing budget determines the strength of your sales campaign.

A marketing campaign can cost anywhere between $4000 to $10,000 on average.

<h2>4. Agents' fees</h2>

<figure><a class="colorbox colorbox-insert-image" href="https://res.cloudinary.com/dz9xllyip/image/fetch/q_auto:good/https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/4agentsfees.png" rel="gallery-all"><img alt="" class="image-article-full-width-580px" height="375" src="/s3/files/styles/article_full_width_580px/public/pictures/article-images/4agentsfees.png?itok=MbWFWL8X" width="580"></a></figure>When deciding on your real estate agent, it is most common for there to be two options for how they charge their fee:

<ul>
<li>
	A flat fee
	</li>
</ul>
This will be a fixed fee agreed upon between you and the agent regardless of what your property sells for

<ul>
<li>
	The percentage of sale fee
	</li>
</ul>
As the name suggests, the agent will receive a certain percentage of the final sale price, often ranging from 1% to 3% depending on property value and competition

When deciding between these two options, you will need to keep in mind that while a fixed fee locks in your cost, an agent may work harder to get the best sale price if working for commission. 

In some cases, vendors agree to incentive bonuses for the agent. This is usually a percentage-based bonus that is paid if the sale price is higher than the agreed reserve. It is common for this to be around 10% of the amount over the reserve.

Regardless of which option you take, it is vital to discuss and agree to all fees before signing anything with the agent.

<h2>5. Other fees</h2>

<figure><a class="colorbox colorbox-insert-image" href="https://res.cloudinary.com/dz9xllyip/image/fetch/q_auto:good/https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/5otherfees.png" rel="gallery-all"><img alt="" class="image-article-full-width-580px" height="367" src="/s3/files/styles/article_full_width_580px/public/pictures/article-images/5otherfees.png?itok=hpwotbr9" width="580"></a></figure>Outside of the main three costs, you will need to consider <a href="https://www.finder.com.au/home-loan-fees">any applicable lender fees</a> if you have a mortgage on the property you are selling. When paying off your remaining mortgage after the sale of your property, you will likely need to pay a discharge or early exit fee. This varies significantly by a financial institution and was probably explained to you when you first signed for the loan.

In some cases, particularly if taking out a new loan on a new property with the same institution, you can negotiate a waiver of this fee. It is also important to note that the discharge process can take anywhere between 14 and 21 days.

<h2>Maximising your sale price</h2>

<figure><a class="colorbox colorbox-insert-image" href="https://res.cloudinary.com/dz9xllyip/image/fetch/q_auto:good/https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/maximisingyoursaleprice.png" rel="gallery-all"><img alt="" class="image-article-full-width-580px" height="324" src="/s3/files/styles/article_full_width_580px/public/pictures/article-images/maximisingyoursaleprice.png?itok=uksv7mh5" width="580"></a></figure>You may wish to outlay some extra funds on maintenance or professional styling to help increase the attraction and saleability of the property. Keep in mind that you are trying to convince a potential buyer walking into your house that they love it and could comfortably live there. <a href="/guides/20-things-you-should-look-out-for-before-you-buy-property">Consider the things people may look for in a new home</a>. Styling makes the property as appealing as possible, to help the decision-making process for the buyer.

The cost of styling is very subjective. You may have an interior-design eye and are capable of arranging the rooms in such a way that they look best, or you may need to outsource this task to get the most out of your space. Either way, the importance of a well-presented property is crucial. It could be as simple as some light garden maintenance, or you may need to spend some money or more extensive repairs to damaged doors or dented walls.

Never underestimate the impact of a fresh coat of paint and some good quality carpet cleaning.

<h2>The (real) costs of selling a house (or apartment) that you need to be aware of</h2>

<figure><a class="colorbox colorbox-insert-image" href="https://res.cloudinary.com/dz9xllyip/image/fetch/q_auto:good/https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/therealcostsofsellingahouse.png" rel="gallery-all"><img alt="" class="image-article-full-width-580px" height="381" src="/s3/files/styles/article_full_width_580px/public/pictures/article-images/therealcostsofsellingahouse.png?itok=UfZ8xsTD" width="580"></a></figure>As with any sale, you need to take the costs of the process into account when determining your profit. If you have waited long enough, or are lucky to be in a boom area, the expenses listed above will be but a small dent in your overall profit.

If the margin is tight, this may deem your property sale a fruitless venture. This is why understanding the above charges in the context of your budget is crucial to the successful sale of your property.

Exact costs will also depend on which state your property is in, and you can also obtain an online property value estimate to ensure you are working on the correct budget. It is always a good idea to book a property appraisal which will shine a light on which maintenance tasks can help increase your home’s value.

If you have an ideal sale date in mind, you can divide by the number of weeks until said date by your expected costs to form a realistic budget. Just remember to leave a buffer for any unexpected expenses that may arise — being generous when budget planning is never a bad idea.
</body></html>

How Much Does It Cost to Sell a House (Or Apartment)?

<html><body>
Updated for 2021! 
You may be at the point where you have decided it’s time to invest in some property. This can be a very exciting process; however, it can also be stressful and confusing. The hidden costs of buying a house (or apartment) can often throw a spanner into the works when it comes to planning your finances and budget, affecting the areas or properties you may be considering.

As with most things, being well-informed will save you many headaches throughout the process, especially when buying a property. So, to help you achieve this, <a href="/">Apartments.com.au</a> have put together this guide that covers the top ten hidden costs of buying a house (or apartment), so you will be well prepared.

[smartcode_project:default project_id=2772]

<h2>1. Government fees</h2>

While there are also <a href="/guides/victorian-first-home-buyers-save-over-a-billion-dollars-in-two-years">plenty of concessions from the Government</a> that you should consider, there is also a stack of fees. The first government fee we will discuss is the mortgage registration fee, which is a charge put on the registering of a home loan that differs in price with each state. This registration means prospectors can check future claims on the property. To give you an idea of the cost, at time of writing the fees around Australia looked like this:

<ul>
<li>
	VIC $116.80
	</li>
	<li>
	NSW  $141.60
	</li>
	<li>
	QLD   $187
	</li>
	<li>
	WA   $171.20
	</li>
	<li>
	SA    $163
	</li>
	<li>
	TAS    $135.09
	</li>
	<li>
	NT    $145
	</li>
	<li>
	ACT    $145
	</li>
</ul>
You will also need to consider the transfer registration fee, which covers the service of transferring the title of your property into your name. This is calculated based on the total cost of your property but has a cap in most states (<a href="https://exactly.net.au/calculate-vic-stamp-duty/">in Victoria for example it is of $3,606</a>).

<h2>2. Stamp duty</h2>

While it's technically a Government fee, we're giving stamp duty it's own category because it's a significant fee. It also isn't really "hidden" as plenty of people are aware of stamp duty, but once again, it makes the list because it's essential, and some people may not know the exact cost.

[smartcode_project:default project_id=4807]

Stamp duty put simply, is the tax you pay on whatever property you are purchasing. Once again, this varies per state and is also dependent on:

<ul>
<li>
	The property type
	</li>
	<li>
	If this is the first property you're purchasing 
	</li>
	<li>
	If the purchase is for an investment property
	</li>
</ul>
The difference based on the points above can be significant. For example, in Victoria, there could be a difference of around $3000 in the stamp duty of a property for someone who is a first home buyer versus someone who isn't.

The calculation of stamp duty is based on a sliding scale as a percentage of the property purchase price; <a href="https://www.yourmortgage.com.au/calculators/stamp_duty/">click here for a handy calculator</a>.

<h2>3. Financing fees</h2>

[smartcode_project:default project_id=27728]

If applying for a loan, there are a number of financing fees you will need to consider, most of which will be once-off charges. These will include:

<ul>
<li>
	Lenders' mortgage insurance (calculated based on the size of your deposit and how much is borrowed)
	</li>
	<li>
	Mortgage registration
	</li>
	<li>
	Settlement attendance
	</li>
	<li>
	Loan establishment
	</li>
	<li>
	<a href="/guides/how-australia-s-interest-rate-cuts-could-impact-first-home-buyers">Interest rates </a>
	</li>
</ul>
<h2 class="rtejustify">4. Property inspection costs</h2>

[smartcode_project:default project_id=600]

 

It is always a good idea to <a href="/guides/20-things-you-should-look-out-for-before-you-buy-property">run a number of inspections</a> on any property you are considering purchasing to ensure you don't run into significant costly issues down the track. There are plenty of providers for these inspections so you will have the opportunity to shop around a little, but you will want to consider running the following checks on any potential purchase:


<ul>
<li>
	Building inspection
	</li>
	<li>
	Pest inspections
	</li>
	<li>
	Conveyancing (a fee of anywhere between $1,000 to 2,000)
	</li>
	<li>
	Property valuation (anywhere between $100 and $600)
	</li>
</ul>
You will be able to get an estimated value on your property based on current market trends from your real estate agent; however, an official property valuation will give a more exact figure.

<h2>5. Moving and ongoing costs</h2>

<figure><a class="colorbox colorbox-insert-image" href="https://res.cloudinary.com/dz9xllyip/image/fetch/q_auto:good/https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/top5movingandongoingcosts.png" rel="gallery-all"><img alt="" class="image-article-full-width-580px" height="369" src="/s3/files/styles/article_full_width_580px/public/pictures/article-images/top5movingandongoingcosts.png?itok=p0xArrf8" width="580"></a></figure>Don't forget that moving into your new place, <a href="/expert-insights/buying/essential-household-items-for-your-new-apartment">and decking it out with essentials</a>, will cost money. You will need to organise the connection of your utilities, incorporate any removalist and cleaning costs, and consider the finalisation costs and bills for your current residence.

Unfortunately, homeownership costs never stop. There will be plenty of ongoing fees that you'll need to consider and incorporate into your budget including insurances, strata or body corporate fees if applicable to your property type (usually apartments) as well as council rates and emergency services levy.

<h2>6. Insurance</h2>

[smartcode_project:default project_id=29048]

Just as you wouldn't drive your car without insurance, you shouldn't live in a property without it either. You will need to <a href="https://www.finder.com.au/home-insurance/best-home-insurance">organise building and contents insurance</a>, specialised personal effects for specific items of worth and if you are using the property as an investment, landlords insurance.

You may also need to consider insurance for any common grounds, specifically in apartment complexes which require public liability insurance. This cost is usually split between all of the property owners that the land applies to.

<h2>7. Information costs</h2>

[smartcode_project:default project_id=22803]

As we mentioned earlier, being informed is the best way to avoid a myriad of pitfalls during the property-purchase process. To take this to the next level, you may want to consider <a href="https://www.corelogic.com.au/">reviewing suburb property reports</a> which often comes with a fee.

This can sometimes cost around $150 for a suburb report, and depending on how long it takes you to find the right property, these costs may stack up. The benefit, however, is the valuable insights and information that these reports offer to help you make an informed decision on where to best spend your money. There <a href="http://www.residex.com.au/">are specific resources</a> that will provide free versions of this information; however, the content is limited.

<h2>8. Professional advice</h2>

<figure><a class="colorbox colorbox-insert-image" href="https://res.cloudinary.com/dz9xllyip/image/fetch/q_auto:good/https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/top8professionaladvice.png" rel="gallery-all"><img alt="" class="image-article-full-width-580px" height="218" src="/s3/files/styles/article_full_width_580px/public/pictures/article-images/top8professionaladvice.png?itok=10_5l82n" width="580"></a></figure>You may be seeking professional help during this process, which could include a licensed accountant or financial planner, <a href="/guides/tips-for-negotiating-with-real-estate-agents">as well as the right real estate agent</a>. These costs can sometimes go as high as $200 per hour so you will need to not only take that into account but consider if having these elements handled by professionals is worth the expense. 

In most cases, the answer is yes, especially when it comes to organising your budget and ensuring that you do not over-commit to a financial responsibility that you won't be able to maintain. At least one initial consult with a financial planner is usually a good idea.

<h2>9. Travel costs</h2>

<figure><a class="colorbox colorbox-insert-image" href="https://res.cloudinary.com/dz9xllyip/image/fetch/q_auto:good/https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/top9travelcosts.png" rel="gallery-all"><img alt="" class="image-article-full-width-580px" height="384" src="/s3/files/styles/article_full_width_580px/public/pictures/article-images/top9travelcosts.png?itok=Mwp-daLC" width="580"></a></figure>It seems like a simple one, but it is often overlooked the time and money that is required to go and view any properties that you may be considering purchasing to ensure you <a href="/guides/how-to-settle-into-your-new-neighbourhood">end up in the right neighbourhood</a>. And we can't stress this enough, ALWAYS see a property before purchasing, it seems obvious, but once again, you'd be surprised...

The groundwork of searching for a property includes petrol, parking, and tolls, as well as your time, which may mean leaving work for a few hours for a property viewing or saying goodbye to a Saturday as you drive around to various inspections.

<h2>10. Bank cheque fee</h2>

<figure><a class="colorbox colorbox-insert-image" href="https://res.cloudinary.com/dz9xllyip/image/fetch/q_auto:good/https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/top10bankchequefee.png" rel="gallery-all"><img alt="" class="image-article-full-width-580px" height="342" src="/s3/files/styles/article_full_width_580px/public/pictures/article-images/top10bankchequefee.png?itok=Wk6q9ZX9" width="580"></a></figure>We figured we'd end on a slightly humorous cost. Even though it is 2021 and technology has created the simple transfer of funds between financial institutions, you will likely need to buy your property with a good old fashioned cheque. 

We have no idea why this hasn't changed yet, <a href="https://www.news.com.au/finance/business/banking/cheques-tipped-to-disappear-entirely-in-australia-by-the-end-of-2019/news-story/fa5b7121fbef137f6aaffb0e22929b30">even though it may soon</a>.

Cheques, which take three to five days to clear, require your physical presence in a bank and use paper, are still the currency of choice in this exchange as opposed to a quick and easy electronic transfer. It baffles us, but expect to pay around $10–15 per bank cheque because...let's say, nostalgia?

Keeping informed when buying a house (or apartment in 2021)

<figure><a class="colorbox colorbox-insert-image" href="https://res.cloudinary.com/dz9xllyip/image/fetch/q_auto:good/https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/keepinginformedwhenbuyingahouse.png" rel="gallery-all"><img alt="" class="image-article-full-width-580px" height="382" src="/s3/files/styles/article_full_width_580px/public/pictures/article-images/keepinginformedwhenbuyingahouse.png?itok=HY2YRfUU" width="580"></a></figure>Despite the fact there are many things to consider it what can sometimes be a stressful process, purchasing property is a valuable experience that you will likely enjoy if you are well prepared.

Just <a href="/new-apartments">remember to stay informed</a>, budget accordingly and never bite off more than you can chew and you will be well on your way to an excellent investment and new home. Best of luck.
</body></html>

Top 10 Hidden Costs of Buying a House (Or Apartment) in 2021

<html><body>
Stamp duty concessions and first home owner grants are to thank for Victorian first home buyers’ mega saving of over a billion dollars in the past two years.

New data has just been released that shows more than 62,000 Victorians claimed stamp duty concessions and exemptions for a home purchased under $750,000, which results in a $1.1 billion saving since the rates were slashed back in 2017.

Another statistic showed that more than 17,000 home buyers utilised Victoria’s First Home Owner Grant of $10-20,000, which has saved new home owners $238 million.

<blockquote>
“We know how tough it can be to buy your first house – that’s why we’ve slashed stamp duty to tackle housing affordability. In just two years, our changes have helped tens of thousands of Victorians get a foothold in the property market, so they can enjoy the comfort and security of their own home.”
</blockquote>

Treasurer Tim Pallas

First home buyers have been entering the market at a steady increase since the changes, with more predicted to make purchases in Q3 and Q4 of this year following the substantial <a href="/news/a-borrower-s-market-the-reserve-bank-of-australia-cuts-cash-rate-to-a-record-low">interest rate cuts</a>.

The Victorian Government has also released a summary of the top postcodes for first home buyers:

<ul>
<li>3064: Craigieburn, Donnybrook, Roxburgh Park, Kalkallo, Mickleham</li>
	<li>3029: Hoppers Crossing, Tarneit, Truganina</li>
	<li>3030: Cocoroc, Point Cook, Quandong, Werribee, Werribee South</li>
	<li>3978: Cardinia, Clyde, Clyde North</li>
	<li>3977: Cranbourne, Cannons Creek, Botanic Ridge, Devon Meadows, Skye, Junction Village, Sandhurst</li>
	<li>3810: Pakenham South, Pakenham, Rythdale, Pakenham Upper</li>
	<li>3338: Melton South, Exford, Cobblebank, Eyensbury, Weir Views, Strathtulloh, Brookfield</li>
	<li>3024: Manor Lakes, Mambourin, Wyndham Vale, Mount Cottrell, Fieldstone</li>
	<li>3350: Ballarat (all variations), Bakery Hill, Alfredton, Nerrina, Newington, Redan, Soldiers Hill, Lucas, Mount Clear, Mount Helen, Mount Pleasant, Eureka, Golden Point, Invermay Park, Lake Wendouree, Black Hill</li>
	<li>3754: Doreen, Mernda</li>
</ul>
HomeVic is another incentive introduced by the Labor Government which aims to assist first home buyers entering the property market by offering a shared equity arrangement, meaning the government will own a 25% share of the property.

 

<div class="rtecenter">MORE FOR FIRST HOME BUYERS</div>

<div class="rtecenter"><a href="/news/a-borrower-s-market-the-reserve-bank-of-australia-cuts-cash-rate-to-a-record-low">A borrower’s market: The Reserve Bank of Australia cuts cash rate to a record low</a></div>

<div class="rtecenter"><a href="/guides/how-to-navigate-australias-first-home-buyer-grants">How to navigate Australia's First Home Buyer Grants</a></div>

<div class="rtecenter"><a href="/guides/2019/06/17/urbans-first-home-buyer-guide">First Home Buyer Guide (24 simple steps)</a></div>

<div class="rtecenter"><a href="/guides/20-things-you-should-look-out-for-before-you-buy-property">20 things you should look out for before you buy property</a></div>

 

Lead image credit: Condé Nast Traveler
</body></html>

Latest Guides

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

News

Editor's Picks

News

Developments

New apartments

New townhouses

News

Latest Guides

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

News

Editor's Picks

Receive the latest news stories to your inbox

News

Developments

New apartments

New townhouses

News