High-profile apartment defect cases have changed the way many NSW buyers approach purchasing, putting greater scrutiny on building quality, strata records and the parties behind a development before a contract is signed.

The industry buyers are assessing today, however, is also different from the one in which cases such as Opal Tower and Mascot Towers emerged.

NSW has introduced a series of regulatory measures aimed at strengthening oversight of apartment construction, including Building Commission NSW, the Residential Apartment Buildings Act 2020 and the Strata Building Bond and Inspections Scheme. Under the latter, developers are required to lodge a bond, with independent inspections forming part of the process for identifying defects in new strata developments.

Those changes provide another layer of protection, but they haven't removed the importance of buyer due diligence.

[smartcode_project:default project_id=5743 project_image_fid=372394]

For purchasers considering an apartment, that means looking beyond the residence itself. Building and strata history, strata reports, the track record of the builder and developer, the condition of common property and any known or planned expenditure by the owners corporation can all form part of assessing a building before purchase.

Whether the development is already complete can also materially change what can be assessed.

An off-the-plan purchaser is necessarily buying before the finished product exists. A completed apartment, by comparison, can be walked through before contracts are signed, allowing the purchaser to see the finishes, common areas and broader building as they have actually been delivered rather than relying solely on plans and renders.

It also removes exposure to some of the uncertainties that exist between an off-the-plan purchase and completion, including construction delays, cost pressures and builder insolvency during the delivery period.

[smartcode_project:default project_id=5743 project_image_fid=927]

<a href="https://www.apartments.com.au/project-marketer/equitifund-group">Projects by Equitifund</a> National Sales Director Ben Hamblett said that greater focus on tangible evidence is increasingly evident among apartment purchasers.

“The biggest shift we're seeing is buyers wanting proof, not promises,” Hamblett said.

“That's exactly why we deal in completed stock - you can inspect the building before you commit - and why we've backed every purchase with a cash bond against special levies.”

At <a href="https://www.apartments.com.au/buildings/the-lennox-parramatta-12-phillip-street-parramatta-nsw-2150">The Lennox</a> in Parramatta, that emphasis on a completed, inspectable product is already in place.

The 413-apartment, 46-level tower at 12 Phillip Street is being marketed by Projects by Equitifund, allowing prospective purchasers to inspect the residences, common areas and resident facilities before committing.

[smartcode_project:default project_id=5743 project_image_fid=375255]

The Lennox also introduces another layer to the due-diligence conversation through Strata Surety.

The vendor-funded arrangement provides purchasers with a cash-backed bond held in their own solicitor's trust account from settlement. According to Equitifund, the bond covers any special levy raised during the applicable cover period and is provided at no cost to the purchaser.

Special levies can create an unexpected cost for apartment owners where an owners corporation needs funding beyond its existing strata contributions. Under NSW strata law, a special levy requires approval by owners at a general meeting.

Equitifund Executive Chairman Greg Huxley said Strata Surety was designed to provide something more concrete than reassurance about that potential exposure.

“Buyers have every right to ask hard questions about strata risk - the industry has given them plenty of reasons to,” Huxley said.

“Our answer isn't a reassurance, it's a bond. Strata Surety puts real money behind that confidence, held by the buyer's own solicitor, not by us.”

[smartcode_project:default project_id=5743 project_image_fid=375281]

For The Lennox, its completed status also means purchasers can assess not only the apartment itself, but a building that has already been occupied and operating for several years.

Completed in 2021, the $300 million development, designed by <a href="https://www.apartments.com.au/architects/marchese-partners">Marchese Partners</a>, comprises one, two, three and four-bedroom apartments, with open-plan living areas extending to private balconies. Interiors incorporate engineered timber flooring, stone benchtops and integrated appliances, while many upper-level residences have views across the river and surrounding district.

Its established amenity can similarly be inspected in operation. Resident facilities include the Watermark precinct with a 20-metre pool, outdoor terrace, barbecue areas, gym, fitness studio and conference room, while ground-floor retail addresses the river walk and surrounding public space.

The Lennox is also home to the Southern Hemisphere's first fully robotic residential car park, which has now operated for several years. Its nine-level basement combines three conventional parking levels with six automated levels, accommodating 327 vehicles using technology from German firm Lödige Industries.

[smartcode_project:default project_id=5743 project_image_fid=925]

The riverfront address puts The Lennox close to much of central <a href="https://www.apartments.com.au/developments/parramatta-nsw-2150">Parramatta</a>'s existing infrastructure, including Parramatta Station, Westfield Parramatta, Parramatta Park, and the Church Street dining precinct.

The remaining apartments form part of a limited release secured by Equitifund, following the sale of the majority of residences before and shortly after completion.

The regulatory environment around NSW apartment construction has changed considerably since the defect cases that reshaped public discussion around the sector. For purchasers, however, regulation is only one part of the equation. The ability to investigate a building's history, review its strata position and, where possible, inspect what has actually been delivered remains central to making an informed apartment purchase.

At The Lennox, its completed status provides that opportunity before contracts are signed, while Strata Surety adds a financial backstop against special levies beyond the protections already provided under NSW strata law.

[smartcode_project_cta:default project_id=5743]

Joel Robinson

Buying with confidence: What NSW apartment buyers should check beyond the defect headlines

Too often, heritage buildings become the podium for a contemporary tower. At <a href="https://www.apartments.com.au/new-apartments/623-collins-607-623-collins-street-melbourne-vic-3000">623 Collins</a>, <a>Sterling Global</a> challenged its design team to reverse that process.

The brief to <a href="https://www.apartments.com.au/architects/plus-studio">Plus Studio</a> was deliberately simple: "Don't design around the heritage. Design from it." It became the philosophy behind a project that draws inspiration not only from two landmark heritage buildings, but from Collins Street itself, a street layered with architectural history and civic significance.

That philosophy has shaped one of <a href="https://www.apartments.com.au/developments/melbourne-vic-3000">Melbourne</a> CBD's most considered residential projects, where the 1924 State Savings Bank and neighbouring Batman's Hill Hotel have become the architectural foundation for 623 Collins rather than remnants preserved beneath a new development.

[smartcode_project:default project_id=145324 project_image_fid=372749]

Rather than approaching the site as a blank canvas, <a href="https://www.apartments.com.au/developers/sterling-global">Sterling Global</a> saw the existing buildings as the beginning of the story.

"Sites like this rarely become available," the developer said.

"623 Collins wasn't simply an opportunity to develop a prominent CBD site. It was an opportunity to restore and reimagine one of Melbourne's important heritage landmarks while contributing to the continued evolution of Collins Street. For us, the existing buildings weren't constraints. They were the beginning of the story."

Instead of mimicking the ornate heritage architecture, Plus Studio studied the proportions, rhythm and craftsmanship of the original buildings before translating those characteristics into a contemporary 42-storey tower.

[smartcode_project:default project_id=145324 project_image_fid=372748]

"The brief challenged us to create a contemporary landmark that respected Melbourne's architectural history without becoming nostalgic," Plus Studio said.

"Rather than mimicking heritage, we sought to understand its proportions, rhythm and material language before translating those qualities into a distinctly contemporary architectural expression."

The practice says the State Savings Bank and Batman's Hill Hotel became the project's primary source of inspiration, allowing the heritage buildings and contemporary architecture to exist "in conversation rather than contrast." Generous planted terraces further soften the transition between old and new, creating elevated green spaces while reinforcing the dialogue between the restored podium and the contemporary tower.

That dialogue continues throughout the interiors, where Melbourne designer Fiona Lynch developed a material palette inspired by the idea of alchemy, balancing contrasting materials that reference both the Neo-Grec detailing of the original bank and contemporary urban living. The result is a series of spaces that feel timeless rather than trend-driven.

[smartcode_project:default project_id=145324 project_image_fid=354343]

The project will deliver 316 residences across four collections, Heirloom, Signature, Reserve and the Penthouse Collection, with each responding differently to its position within the building, from the restored heritage podium through to the upper levels of the tower. The Heirloom Residences retain defining heritage elements including original heritage windows, generous proportions and high ceilings, while the tower introduces contemporary homes with expansive layouts and elevated views.

Amenities have likewise been designed to support long-term city living rather than short-stay convenience. Residents will have access to concierge services, wellness facilities including a pool, cold plunge, sauna, steam room and gym, alongside private lounges, entertaining spaces and dedicated resident clubs.

Sterling Global says that approach is resonating with buyers seeking permanence rather than novelty.

[smartcode_project:default project_id=145324 project_image_fid=354347]

According to the sales team, purchasers are looking for enduring architecture, generous floorplans, heritage character and long-term value, with many commenting that 623 Collins "doesn't feel like another apartment development" because of the way the architecture has been curated around the site's history.

Situated on the prominent corner of Collins and Spencer streets, the project occupies one of Melbourne's most recognisable gateway sites, marking the western entrance to the city's best-known street. For Sterling Global, it also reflects a broader shift in city-making.

"Rather than maximising development yield, the project embraces adaptive reuse as a design philosophy, allowing heritage to inform architecture, interiors and the overall resident experience," the developer said.

"The result is a building that feels uniquely connected to Melbourne."

[smartcode_project_cta:default project_id=145324]

How Sterling Global designed 623 Collins from Melbourne's history

Avant Townhomes is adding to Ivanhoe’s family-sized housing options with <a href="https://www.apartments.com.au/new-townhouses/three-82-ivanhoe-382-upper-heidelberg-road-ivanhoe-vic-3079">Three 82</a>, a collection of just 16 four-bedroom townhomes on Upper Heidelberg Road.

The <a href="https://www.apartments.com.au/developers/intrapac-property">Intrapac Property</a> townhome division has taken a contemporary approach to the traditional family home, pairing larger floorplans with the lower-maintenance format of a townhouse.

[smartcode_project:default project_id=152069 project_image_fid=374394]

Designed by <a href="https://www.apartments.com.au/architects/arcadia-studio">Arcadia</a>, with landscaping by Landsite, the homes feature generous open-plan living and dining areas that connect directly to outdoor spaces, with layouts also designed to maximise natural light and privacy.

Natural stone is used throughout the interiors, including in kitchens that pair stone surfaces with bespoke cabinetry, considered storage and SMEG appliances.

The four-bedroom layouts include built-in wardrobes and a main bedroom with its own ensuite, while family bathrooms service the additional bedrooms. Each home also includes a lock-up double garage and intercom entry.

[smartcode_project:default project_id=152069 project_image_fid=374399]

Energy efficiency has been incorporated into the design through solar panels, double glazing and reverse-cycle heating and cooling, with the homes targeting 7-star energy ratings.

Rather than incorporating extensive communal facilities, Three 82 has been conceived around private residential amenity, with the 16-home scale keeping the focus on individual homes and their own indoor and outdoor spaces.

The development is located at 382 Upper Heidelberg Road, around one kilometre from Ivanhoe Village's cafés and retail and a short drive from Eaglemont Station and Ivanhoe Station.

[smartcode_project:default project_id=152069 project_image_fid=374393]

Several of Ivanhoe's established schools are also nearby, including Ivanhoe Girls' Grammar and Ivanhoe Grammar School. The address also provides access to the suburb's parklands and the wider Yarra River corridor.

<a href="https://www.apartments.com.au/project-marketer/nelson-alexander">Nelson Alexander</a> has been appointed to handle sales.

Construction is underway and progressing well, with Three 82 currently tracking toward completion in Q2 2027.

[smartcode_project_cta:default project_id=152069]

Three 82 brings boutique four-bedroom townhome collection to Ivanhoe

Builder-developer&nbsp;<a href="https://www.apartments.com.au/developers/graya">Graya</a> has secured a prime Newstead site from fellow developer Fraser, subsequently lodging plans for The Silo, a major mixed-use residential project in Newstead designed around a new public laneway linking the James Street precinct with the wider Gasworks and Newstead neighbourhood.

Proposed for the corner of Chester and Morse streets, the <a href="https://www.apartments.com.au/architects/bureauproberts">Bureau^Proberts</a>-designed project places its strongest emphasis at ground level, where retail, landscaping and a new cobblestone pedestrian connection would open the site to the surrounding neighbourhood. The design team describes The Silo as “more than a residential building”, positioning the development as an extension of Newstead’s public realm rather than a standalone apartment tower.

“A new cobblestone laneway and landscaped connection between James Street and Gasworks unlock a missing pedestrian link, improving walkability and stitching together two of Brisbane’s significant urban destinations,” Bureau Proberts said in its Urban Design Report.

<img alt="First look: Graya plans The Silo as new pedestrian link between James Street and Gasworks" data-entity-type="file" data-entity-uuid="0ea1b06a-75f5-40a5-b2c5-33c97bc86052" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/silo%20bldg.png?VersionId=KmjsAtNePu57_B31EM_DJ5T6KPJHtcmo" />

The Silo is planned as a mixed-use development incorporating apartments alongside a bar and centre activities including food and drink outlets, indoor sport and recreation, office and retail uses.

Architecturally, Bureau Proberts has conceived the building as a collection of vertically expressed, stepping forms rather than a single uniform tower. The composition rises from an articulated podium before being broken by a triple-height landscaped recreation level, with the upper section becoming more compact before terminating in a landscaped rooftop garden.

The project's name and architectural language draw directly from Newstead's industrial history. Patterned off-form concrete is proposed as the principal façade material, complemented by slender metal rod balustrades and extensive planting. The cylindrical and vertically ribbed elements give the building its silo-like expression, while curved balconies and planted edges introduce a softer subtropical layer.

“The Silo reinterprets its robust forms, scale and materiality through a contemporary subtropical architectural expression, creating a building that acknowledges its industrial legacy, while responding to the way the precinct is occupied today,” Bureau^Proberts said.

The recreation level is one of the defining breaks in the tower. Plans include a lap pool, mature subtropical planting and shared resident facilities within an elevated communal garden. Landscaping continues through the podium and onto the rooftop, where a further garden forms what the architects describe as a “subtropical crown” to the building.

<img alt="First look: Graya plans The Silo as new pedestrian link between James Street and Gasworks" data-entity-type="file" data-entity-uuid="f8451036-35a4-49a9-8d88-2ef4438eba3d" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Silo%20Lane.png?VersionId=h8N31_rYmCEqoNrpt4kbYVQhJGZn60LH" />

At street level, the development has been designed to establish a more permeable block. Retail and hospitality tenancies address the public realm, while landscaped pedestrian spaces lead into the new laneway connection. Renders in the design report show the proposed “Silo Lane” as a substantial opening through the podium, framed by cylindrical concrete forms with cascading planting above.

The Silo continues Graya's move into larger apartment developments after building its reputation across high-end residential projects in Brisbane and the Gold Coast.

Graya buys Frasers Newstead site, plans The Silo between James Street and Gasworks precincts

<a href="https://www.apartments.com.au/developers/wickton">Wickton</a>’s completed Linacre Rise development in Hampton is giving Bayside downsizers the opportunity to move into a spacious apartment near the beach, with the developer covering stamp duty for a limited time.

The 27-residence development has been designed for buyers who want to simplify their living arrangements without giving up the space, warmth and quality associated with a long-term family home. Most apartments have already been secured by Bayside locals, leaving a select collection of two and three-bedroom residences and penthouses available.

Two-bedroom apartments are priced from $1.275 million, three-bedroom residences from $2.25 million and penthouses from $3.375 million, with the completed homes available to inspect and move into now.

[smartcode_project:default project_id=95289 project_image_fid=366760]

<a href="https://www.apartments.com.au/buildings/linacre-rise-hampton-8-10-linacre-road-hampton-vic-3188">Linacre Rise</a> occupies an elevated position on one of <a href="https://www.apartments.com.au/developments/hampton-vic-3188">Hampton</a>’s quiet, tree-lined streets, around 250 metres from the bay and 500 metres from Hampton’s village centre. Its setting gives residents access to the beach, local cafés, shops and Hampton Train Station while retaining the feel of an established residential neighbourhood.

Architecture and interiors by <a href="https://www.apartments.com.au/architects/ewert-leaf">Ewert Leaf</a> draw on the warmth and permanence of traditional brickwork, with the building integrated into terraced landscaping by <a href="https://www.apartments.com.au/landscape-architect/john-patrick-landscape-architects">John Patrick</a>. Ground-floor apartments are elevated above the street and include private garden courtyards, while several upper-level residences have generous balconies and outlooks toward the bay.

Inside, the residences favour natural materials and generous proportions. Herringbone-pattern European oak flooring, natural stone benchtops, premium joinery and Swiss V-ZUG appliances are among the key inclusions, while integrated storage has been incorporated across kitchens, bathrooms, studies and living areas.

The kitchens have been planned as practical spaces for both everyday use and entertaining, with substantial island benches, detailed cabinetry and adjoining dining and living zones. Full-height wardrobes, plush bedroom carpeting and carefully considered lighting reinforce the residential character Wickton sought to retain for buyers moving from larger homes.

[smartcode_project:default project_id=95289 project_image_fid=366769]

A Linacre Rise purchaser said the completed apartment had delivered the space, outlook and construction quality they had been seeking.

“The unit is very light, has views to die for over the bay, all construction materials and fittings are premium quality, we have secure parking for three cars, EV charging at very competitive rates, the neighbours are friendly and there is just a lovely ambiance about the place,” the purchaser said.

Environmental features include solar panels, shared electric vehicle charging stations, rainwater harvesting for toilet flushing and landscape irrigation, double-glazed windows and water-efficient fixtures and appliances.

[smartcode_project:default project_id=95289 project_image_fid=366762]

The development was built by Balmain &amp; Co, with Wickton managing the broader development process through its in-house team.

For downsizers, the project’s completed status removes much of the uncertainty associated with buying off the plan. Purchasers can inspect the finished apartments, understand their outlook and proportions, and move in without waiting for construction to conclude.

The remaining selection includes north-oriented balconies, corner configurations and penthouses with elevated bay views. The developer-paid stamp duty initiative is available for a limited time, with potential savings of up to $200,000 depending on the residence purchased.

[smartcode_project_cta:default project_id=95289]

Limited-time stamp duty offer at completed Linacre Rise apartments in Hampton

Prominent New Zealand apartment and hotel operator, <a href="/developers/safari-group">Safari Group</a>, is offering up a prime investment opportunity for Australians to purchase off the plan in one of the world’s most popular ski destinations.

They recently took to market Mountain Oak Queenstown Apartments, in the growing precinct of Remarkables Park in Frankton, near the airport and at the foot of The Remarkables - the mountain range the locals like to call “The Remarks”.&nbsp;

Sydney investors have shown interest in the one, two and three-bedroom apartments that secure high-season occupancy six months over the year, primarily over summer and winter months.

They average 90 per cent occupancy across their portfolio over January, February, March, August, November and December, while shoulder season months of April, July, September and October are still occupied 70 per cent of the time, with the growing appeal of Queenstown becoming not just a hotspot for the snow, but a lifestyle destination.

Even in the low seasons of May and June, occupancy levels reach around 40 per cent.

<img alt="Safari Group’s Mountain Oak Apartments brings new investment potential to Queenstown" data-entity-type="" data-entity-uuid="" src="https://res.cloudinary.com/dz9xllyip/image/fetch/f_auto,c_limit,w_1440,q_auto/https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/field/image/Ext_Cam15_Sunny.jpg?VersionId=SJAROUM_1s.Tr5ciMk4EEj5oAt_Vewmv" />

Safari’s Safari Hotels arm can also manage the holiday letting for an investor, from the listing on holiday accommodation websites such as Airbnb and Booking.com to the cleaning and maintenance of the investment. They’ve been in the short stay management business for 15 years and offer 24/7 support for investors, an important convenience benefit for any overseas investor

Another major drawcard for Australians is that New Zealand doesn’t have a stamp duty policy - so the entry price of NZ$639,000 (AU$586,000), is all that is payable on completion.

<img alt="Safari Group’s Mountain Oak Apartments brings new investment potential to Queenstown" data-entity-type="" data-entity-uuid="" src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,dpr_2.0,q_auto:good/https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/313_Livingv2_WEB.jpg?VersionId=nV229fM0ZeYpoxOrX372HyGjfwY_LR8c" />

Safari is starting construction of the 141 apartments in Q2 this year, with a two-year build estimated to complete in mid-to-late 2027.<img alt="" data-entity-type="" data-entity-uuid="" height="15" src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXczFpFAb7WuA6f4f9TtKWcqXyNwR8qqtakWv352ERkpqNlP3KwIo8YKxw67jZNHfpjEGIZGv5MQTbnvLZwNt8iu9IVdOrswOjCvBZ4zhSoOOLrpt6etVEZTN1gkBho0r_R72zdHNA?key=yq3daOanqHSb88QFd8jGYKdb" title="Click and drag to move" width="15" />​

The apartments will feature modern amenities and contemporary designs with expansive windows capturing sweeping views of The Remarkables mountain range.&nbsp;

Interiors are equipped with modern finishes, premium appliances, and secure electronic key-locked doors, ensuring a comfortable living experience for residents and guests alike.

With its strategic location near Coronet Peak and Cardrona Alpine Resort, as well as key retail and dining precincts such as Market Street, Five Mile Shopping Centre, and Remarkables Market, Mountain Oak offers a strong proposition for investors seeking high rental yields and capital appreciation in one of New Zealand’s most sought-after locations.&nbsp;

Queenstown’s sustained demand for visitor accommodation and rental properties is underpinned by a shortage of housing options, attracting both local and international buyers.

Safari Group offers low-touch investment proposition in Queenstown’s popular ski fields district

Melbourne landlords are the poorest yielding investors of the country, according to RP Data. And&nbsp;with Sydney and&nbsp;Canberra house values&nbsp;back at record high levels, investors with an open mind might&nbsp;cast an eye on the yields available in other capital cities.

Here&#39;s the latest list for houses.

The median gross rental yield landlords are securing for houses in Melbourne based on a median house price of $548,000, according to RP Data. The median gross rental yield across Australia&#39;s eight capital cities was 4.1% for the month ending August 31 2013.

<hr />
The median gross rental yield landlords are securing for houses in Sydney based on a median house price of $669,900, according to RP Data. The median gross rental yield across Australia&#39;s eight capital cities was 4.1% for the month ending August 31 2013.

<hr />
The median gross rental yield landlords are securing for houses in Canberra based on a median house price of $545,000, according to RP Data. The median gross rental yield across Australia&#39;s eight capital cities was 4.1% for the month ending August 31 2013.

<hr />
The median gross rental yield landlords are securing for houses in Perth based on a median house price of $510,000, according to RP Data. The median gross rental yield across Australia&#39;s eight capital cities was 4.1% for the month ending August 31 2013.

<hr />
The median gross rental yield landlords are securing for houses in Adelaide based on a median house price of $394,000, according to RP Data. The median gross rental yield across Australia&#39;s eight capital cities was 4.1% for the month ending August 31 2013.

<hr />
The median gross rental yield landlords are securing for houses in Brisbane based on a median house price of $453,000, according to RP Data. The median gross rental yield across Australia&#39;s eight capital cities was 4.1% for the month ending August 31 2013.

<hr />
The median gross rental yield landlords are securing for houses in Hobart based on a median house price of $300,000, according to RP Data. The median gross rental yield across Australia&#39;s eight capital cities was 4.1% for the month ending August 31 2013.

<hr />
The median gross rental yield landlords are securing for houses in Darwin based on a median house price of $516,500, according to RP Data. The median gross rental yield across Australia&#39;s eight capital cities was 4.1% for the month ending August 31 2013.

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Investor watch: Melbourne house yields at 3.6% and Sydney next at 4.1%

<html><body>
Michael Matusik says he has several reasons for optimistic.
These include:
<ol>
<li style="line-height: 17px;">
Undersupply of new housing stock, especially in New South Wales and Queensland.
</li>
<li style="line-height: 17px;">
Declining interest rates in concert with low bank loan to value ratios &amp; our current high saving rate.
</li>
<li style="line-height: 17px;">
Expanding population.
</li>
<li style="line-height: 17px;">
Tight vacancy rate.
</li>
<li style="line-height: 17px;">
Lower Australian dollar.
</li>
<li style="line-height: 17px;">
Declining stock listed for sale; less private treaty discounting &amp; shorter time on market plus increasing sales volumes.
</li>
<li>Rising confidence – i.e. The Westpac/Melbourne Institutes “good time to buy a dwelling index” - which is close to its pre-GFC high.</li>
</ol>
You can also read how Michael's seven reasons form the backbone of <a href="https://www.propertyobserver.com.au/trends/seven-reasons-why-prices-might-rise-25-in-select-australian-east-coast-cities-over-next-three-years-michael-matusik/2013081464226" target="_blank">why prices might rise 25% in select Australian east coast cities over next three years</a>.
Michael Matusik is the founder of <a href="https://www.matusik.com.au/" rel="nofollow" target="_blank">Matusik Property Insights</a>, which has helped over 550 new residential projects come to fruition.   Read <a href="https://www.matusikmissive.com.au/" rel="nofollow" target="_blank">Michael’s Blog</a> or follow him on <a href="https://www.facebook.com/ThinkMatusik?fref=ts" rel="nofollow" target="_blank">Facebook</a> and <a href="https://www.twitter.com/michaelmatusik" rel="nofollow" target="_blank">Twitter</a> or connect via <a href="https://www.linkedin.com/in/michaelmatusik" rel="nofollow">LinkedIn</a>.
 
<ol></ol>
</body></html>

po-LsXgBTHBmX

Michael Matusik's 7 reasons to be positive about the Australian property market

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

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

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

Zara heading to Westfield Chatswood for seventh Australian store

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

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

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After a period where the number of property listings being offered for sale has been at its lowest level for decades, the past month has seen some strong signs of stock levels increasing for the first time in two years.
Since early 2011 when there were around 19,000 properties for sale we have seen this number drop to only around 7,000. However in July, the number of properties being listed throughout our group increased by around 30% compared to recent monthly averages.
This sudden increase in listings coming onto the market has not been at the cost of sale numbers which have remained fairly strong throughout winter, so it can only be put down to record low interest rates and people seeing a brighter light at the end of the election tunnel.
Seller confidence has been at an all time low through the longer than normal election lead up and this coupled with constant talk of the mining sector softening and a general hesitance about debt, have all combined to convince prospective sellers to wait and see.
The general consensus is that activity will increase markedly after the election next month and, with the normal spring bounce, it seems that sellers are recognising that now may be their best time to sell and to get into their next property before the price gap begins to widen.
Although we are seeing more stock coming onto the market we believe this increase will be absorbed by a lift in buyer activity between now and Christmas and that there will be upward pressure on prices.
 
<hr>
Geoff Baldwin is managing director at <a target="_blank" href="https://www.remaxwa.com.au/" rel="nofollow">RE/MAX WA</a>.
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Low interest rates and the end of the election contributing to strong winter sales: Geoff Baldwin

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Peter Wargent used Property Observer a few weeks ago to have a chortle over my February 2012 prediction of a steep and imminent land price correction.
<a target="_blank" href="https://www.propertyobserver.com.au/economy/average-investors-are-notoriously-poor-at-timing-property-market-cycles-pete-wargent/2013080863794">He gloats: “Since the property market troughs in mid-2012, unfortunately, prices have not fallen by 20% or even 15%.”</a>  
Hmmm.  Prices still remain well short of the 2010 peak.  Add three years of insistent 2-3% inflation to the following graph and the real price changes start to hurt.      
<img alt="collyer_aug_28_one" height="281" width="470" src="/images/stories/2013/08/collyer_aug_28_one.png"> 
Clearly, my call was courageous. The bursting of The Great Australian Land Bubble has not yet happened.  The economic catastrophe for the heavily indebted and the banks remains dead ahead.  
I have been warning young home buyers against borrowing heavily and signing away their lifetime earnings to buy a house in a market climax.      
<img alt="collyer_aug_28_two" height="250" width="470" src="/images/stories/2013/08/collyer_aug_28_two.png">
I urge them to rent, which is an absolute bargain compared to buying.  If a negatively geared property investor wants to subsidise my lifestyle, I’ll have his dollar.  
I urge them to save a giant deposit.  If rent is dead money, then by the same measure so are interest payments.  There is no point exchanging paying rent on a house for paying economic rent to a bank.  
I urge them to build up their credit rating so they have ready access to loans in the future.  
And I urge them to await the inevitable correction.   A detailed explanation of these forces, which every Property Observer reader should know and understand, is <a target="_blank" href="https://www.prosper.org.au/2013/02/22/a-long-ugly-list-of-house-price-precedents/">here</a>. 
Peter Wargent cites various mainstream forecasters who see modest future rises and asks ‘what happens if the market forecasters are right?’  
If they are right, renting will continue to be an eye-popping deal.  
I am staggered that negative gearers are prepared to stick fistfuls of dollars into tenants’ pockets, month after month, year after year.  1.5 million ‘owners’ have 1.8 million rental properties, a little over one each. Almost all are middle income earners. 
They pay a very high price to reduce their income tax, as the graph below shows.    
A detailed critique of Negative Gearing can be found <a target="_blank" href="https://www.prosper.org.au/2012/10/04/written-off-negative-gearing-report/">here</a>.      
<img alt="collyer_aug_28_three" height="250" width="470" src="/images/stories/2013/08/collyer_aug_28_three.png">
The proportion of rental investors among buyers in the residential market is now around 35%.  They will never make a decent return at current price to rent ratios.  
Wealthy people do not enter into deals with low cash returns and big borrowings on fragile, high maintenance assets like houses.  If they love bricks and mortar, better returns are available in commercial property, without the stress.  
Peter Wargent asserts: “More than anything, my message was to do something by spending less that you earn and investing in a diversified portfolio of assets rather than fail conventionally by doing nothing.”  
Agreed.  This sentiment is central to achieving future financial independence.  
So, avoid lumpy illiquid assets, after-tax debt, poor returns and high risk.  I think this exactly describes Australia’s residential property market.  
Don’t Buy Now!
<hr>
David Collyer is campaign manager of <a target="_blank" href="https://www.prosper.org.au/" rel="nofollow">Prosper Australia</a>.
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In the current market young buyers should save and rent, don't buy now! David Collyer

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Sydney never ventures too far from its rowdy rum days. Word is Paddington's iconic heritage-listed Juniper Hall could soon become a beer garden. It's the oldest surviving building east of the city by most records.
The two-storey Georgian Oxford Street mansion -  with two Norfolk Island pines in the grounds - dates back to 1824,  and the days of Governor Lachlan Macquarie.
It was ofcourse built from the proceeds of liquor - the pioneering entrepreneurial Robert Cooper, an ex-convict who made his wealth from <a target="_blank" href="https://www.propertyobserver.com.au/https://trove.nla.gov.au/ndp/del/article/32074079">gin distilling</a>.
It was last September when the NSW National Trust secured $4,551,000 from the well-known Moran healthcare family, who own a portfolio of heritage properties. Controversy had surrounded the listing as local residents petitioned to keep the National Trust property in public hands. It had been restored in 1988 with funds contributed by Amatil, the NSW Bicentenary Council and the NSW National Trust.
Neighbours were happy on hearing <a target="_blank" href="https://www.propertyobserver.com.au/new-south-wales/sydney-s-moran-family-takes-the-prize-as-national-trust-offloads-juniper-hall-for-%2445-million/2012092556804">the Moran's stated plan </a>as turning the historic premises into an art gallery to house the Moran Prizes, which are sponsored by the Moran Arts Foundation. They were also advised the first floor and attic would be converted into a private residence for one of the family members. "We are delighted that Juniper Hall will be restored by the Moran family, a family who have a dedicated passion for heritage and the arts,'' Brian Scarsbrick CEO of the National Trust of Australia (NSW) said at the time. But Andy Ruwald, co-owner of the Bucket List in Bondi Beach, has recently lodged two development applications with Woollahra Council effectively for an open air bar and restaurant on the front lawn of the property.
It has a maximum capacity of 350 patrons and consist of 20 tables, 40 benches and an island bar.
The neighbouring property, The Imperial Hotel recently completed an expensive renovation with a significant costs associated with sound containment.
The initial 248 Oxford Street, Paddington Juniper Hall application put to the Woollahra Council to use the front and rear gardens sought 8am to 11pm weekday and Sunday's and public holidays from 8am to 10pm.
The Moran family are renowned for restoring historic homes across Sydney including Redleaf in Wahroonga.
Family matriarch Greta Moran is actually a distant relative of Sarah Cooper, the wife of Robert Cooper.
But their heritage passion has occasionally been accompanied by neighbour-upsetting revenue desires - <a target="_blank" href="https://www.propertyobserver.com.au/new-south-wales/swifts-mansion-chatelaine-kerry-jones-raises-spectre-of-high-rise-for-darling-point-grounds-title-tattle/2012031553875">most recently at the Gothic home Swifts at Darling Point</a>.
The proposal highlights how residents and property investors can never take their neighbourhood for granted. Watching out for local council development applications is an almost weekly responsibility.
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