South East Queensland developer&nbsp;<a href="https://www.apartments.com.au/developers/gardner-vaughan-group">Gardner Vaughan Group</a>’s entry into the Gold Coast apartment market has progressed from pipeline to market, with its Chevron Island project Bronze on Chevron now formally available to purchase ahead of a planned 2029 completion.

The 119-apartment development on Mawarra Street marks the Brisbane-headquartered builder-developer’s first residential play in the Gold Coast, following its expansion south from Brisbane and the Sunshine Coast.

<a href="https://www.apartments.com.au/new-apartments/bronze-on-chevron-8-mawarra-street-surfers-paradise-qld-4217">Bronze on Chevron</a> comprises a mix of two-, three- and four-bedroom residences, with pricing starting from just over $1.5 million. The project is being delivered under Gardner Vaughan’s fully integrated model, with the group acting as both developer and builder, a structure it has consistently applied across its South East Queensland portfolio.

[smartcode_project:default project_id=107520 project_image_fid=367182]

Architecture has been designed by <a href="https://www.apartments.com.au/architects/cottee-parker-architects">Cottee Parker</a>, with landscape architecture by <a href="https://www.apartments.com.au/landscape-architect/jeremy-ferrier-landscape-design">Jeremy Ferrier</a>. The building presents as a single-tower scheme, with a focus on maximising outlook across both the Surfers Paradise skyline and the Nerang River.

Apartments have been planned with open-plan living zones extending to generous balconies, a response to the site’s dual-aspect positioning between river and ocean. Interiors follow a restrained coastal palette, with two colour schemes offered, and an emphasis on natural light and cross-ventilation.

[smartcode_project:default project_id=107520 project_image_fid=367181]

Resident amenity is concentrated across more than 1,250 sqm and includes a resort-style pool, gym, yoga lawn and rooftop entertaining areas. A function space with catering facilities forms part of the upper-level offering, alongside north- and south-facing outdoor areas.

Ground level will incorporate two retail tenancies, intended to extend the existing village character of the surrounding streets.

&nbsp;

[smartcode_project:default project_id=107520 project_image_fid=367200]

The project sits within walking distance of Thomas Drive’s established dining strip, while maintaining proximity to <a href="https://www.apartments.com.au/developments/surfers-paradise-qld-4217">Surfers Paradise</a> beach and broader Gold Coast amenity. The location, positioned on Chevron Island between the river and coastline, has increasingly attracted mid- to high-density development in recent years as the precinct evolves beyond its low-rise origins.

Gardner Vaughan’s move into the Gold Coast was first signalled in 2025, with the group identifying the region as a natural extension of its operations. Chief Executive Officer Simon Betteridge described the expansion as both “strategic and natural”, citing demand for well-designed apartments in lifestyle-driven markets.

Construction is expected to complete in early 2029.

[smartcode_project_cta:default project_id=107520]

Joel Robinson

Gardner Vaughan brings Bronze on Chevron to market as Gold Coast debut

One of the penthouses at Lily Lane, the latest stage of Carrington Place by Ellipse Property, has set a new local apartment price record.

The four-bedroom residence, purchased by a local downsizer, sold for $5.75 million—around 75 per cent higher than the previous record of $3.3 million.

Over 40 per cent of the first release of apartments at&nbsp;<a href="https://www.apartments.com.au/new-apartments/lily-lane-at-carrington-place-castle-hill-32-carrington-road-castle-hill-nsw-2154">Lily Lane</a> have already been snapped up just six weeks since it launched to the market.

&nbsp;

Located at 32 Carrington Road, <a href="https://www.apartments.com.au/developments/castle-hill-nsw-2154">Castle Hill</a> and designed by award-winning architects <a href="https://www.apartments.com.au/architects/ptw">PTW</a>, Lily Lane is directly opposite the Hills Showground Metro station. It offers a total 213 units over two 12-storey towers - a mix of 67 one-bedroom, 100 two-bedroom and 46 three-bedroom apartments - with a ground-floor retail offering.

[smartcode_project:default project_id=151821 project_image_fid=368352]

Blake Schulze, National Director – Residential at <a href="https://www.apartments.com.au/project-marketer/colliers">Colliers</a>, says around 44 per cent of buyers are&nbsp;owner occupiers, with 35 per cent being investors and 21 per cent first homebuyers.

“Developments of this calibre are very rare in the Hills District, and Lily Lane’s sales success demonstrates the depth of demand for over-sized apartments that genuinely compete with freestanding homes," Schulze says.

"We are seeing particular demand from downsizers who want to remain in the area but transition into spacious, high-quality apartment living."

On the penthouse sale, it says it shows buyers&nbsp;are prepared to pay a premium for scale, quality, and direct access to the Metro.

[smartcode_project:default project_id=151821 project_image_fid=368351]

One-bedroom apartments are sized from 50-72 sqm with prices starting at $745,000, while two-bedrooms are priced from $990,000 with sizes from 75 to 132 square metres. Three-bedroom floorplans are sized between 97 and 182 sqm,, with prices starting at $1,395,000.&nbsp;

The three remaining penthouses, spanning up to 262 sqm, are priced from $2.9 million.

Over 75 per cent of apartments include dedicated studies, multipurpose rooms or family rooms, with select layouts offering walk-in pantries and laundries. Apartments are appointed with premium Miele appliances including ovens, washing machines, dryers, gas cooktops and dishwashers, while larger residences also incorporate integrated Miele microwaves, Fisher &amp; Paykel integrated refrigerators and five-burner Miele cooktops.

[smartcode_project:default project_id=151821 project_image_fid=360285]

Lily Lane will be constructed by award-winning iCIRT-rated builder <a href="https://www.apartments.com.au/builders/decode">Decode Group</a>, with construction to commence in mid-2026 and expected to complete early 2029.

Carrington Place comprises more than 800 apartments and is being delivered across multiple stages, with completion expected in 2032. Integrated with neighbouring bushland, the project will feature over 20,000 sq, of outdoor recreational area, including a one-kilometre boardwalk to Fred Caterson Reserve.&nbsp;

The Hills Showground Metro Station is just a two-minute walk away, offering fast connectivity to Sydney’s CBD, North Sydney, Chatswood, Macquarie Park and Norwest Business Park.

[smartcode_project_cta:default project_id=151821]

Ellipse sets Castle Hill apartment record with $5.75 million Lily Lane penthouse sale

Fresh off completing its Delano Crows Nest development, Lindsay Bennelong has lodged plans for its next project, this time turning its attention to the beach.

The developer, founded by Clarendon Homes founder Peter Campbell, is proposing a 37-apartment scheme at <a href="https://www.apartments.com.au/new-apartments/17-25-ashburner-street-manly-nsw-2095">17-25 Ashburner Street</a>, Manly, positioned between the southern end of <a href="https://www.apartments.com.au/developments/manly-nsw-2095">Manly</a> Beach and East Manly Cove.

Lindsay Bennelong called on local architecture firm Platform Architects to design the new building, given their success on The Finn, Lindsay Bennelong's current luxury apartment project on North Steyne.&nbsp;

According to the Design Verification Statement by Bridie Gough of Platform Architects, the proposal “relates to the current context but also the desired future character of taller buildings suitable to the new planning controls.”

The site has been identified as a Low to Mid-Rise Housing (LMR) location, given its position within 400 metres of the Manly Town Centre E1 Business Zone. The LMR controls are intended to unlock additional housing supply in well-located areas close to public transport, allowing developers to seek increased height limits to support greater density.

“The proposal seeks to provide this increased level of housing whilst being respectful of some of the smaller scale buildings also nearby,” the statement reads.

Lindsay Bennelong Development Director Leigh Manser said the project has been carefully aligned with the intent of the LMR controls. The proposal will significantly increase housing yield on the site, replacing four houses and 10 apartments, comprising 25 bedrooms, with 37 new apartments delivering a total of 94 bedrooms.

“Sydney is in a severe undersupply, and delivering more dwellings and more bedrooms than what currently exists is exactly what the LMR policy is designed to activate,” Manser said, noting that nine of the apartments will be allocated as affordable housing for frontline workers.

“We have already commenced discussions with our community housing provider to determine the rental levels that frontline workers can realistically afford in this location,” he said. “These will need to sit well below the standard affordable housing benchmark of 20 per cent below market rent, and that has been factored into our feasibility and pricing.”

<img alt="Manly" data-entity-type="file" data-entity-uuid="ad03000f-19f9-48b4-b27d-e85ca800a1da" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-04-30%20at%208.41.59%E2%80%AFAM.png?VersionId=a.txHwCZgbCInlQ6QXbIrI.umvW1T.r8" />

The design of the building incorporates a wave-like indentation running through the façade, referencing the nearby coastline and anchoring the building within its local context.

The&nbsp;Design Verification Statement says careful consideration has been given to the articulation of the building, ensuring the bulk is broken down to a more human scale through a defined four-storey podium."

The scheme includes a mix of one-, two- and three-bedroom apartments.

“The design ensures a high level of amenity, with apartments offering generous private open space, many with expansive views, and all with comfortable proportions."

<img alt="Bennelong" data-entity-type="file" data-entity-uuid="6a7f2812-72a1-4959-84b0-997e8cd88aed" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-04-30%20at%2010.15.50%E2%80%AFAM.png?VersionId=6iMxU3MkXmHVHAoNhYBjnqgka8CUZNbk" />

<a href="https://www.apartments.com.au/developers/lindsay-bennelong-developments">Lindsay Bennelong</a>&nbsp;is currently developing Finn Manly, just three full-floor luxury apartments on North Steyne. They recently welcomed residents to its 81-unit Delano Crows Nest development, a&nbsp;carefully scaled infill project designed to bridge&nbsp;<a href="https://www.apartments.com.au/developments/crows-nest-nsw-2065">Crows Nest</a>’s lively village centre with its surrounding heritage streets.

Designed by&nbsp;<a href="https://www.apartments.com.au/architects/ajc-architects">AJC Architects</a>,&nbsp;<a href="https://www.apartments.com.au/new-apartments/delano-crows-nest-27-57-falcon-street-crows-nest-nsw-2065">Delano</a>&nbsp;is arranged across three low-rise buildings, incorporating a mix of one, two, and three-bedroom apartments alongside a limited number of townhomes addressing Hayberry Lane. The architectural approach draws on the area’s Art Deco lineage, reinterpreted through contemporary detailing and framed by landscaped communal gardens.

The developer also has a development site in Maroubra.

First look: Lindsay Bennelong's new Manly apartment development revealed

Fifty-nine residences across 37 levels. No more than two per floor. With 80 per cent now sold, what remains at <a href="https://www.apartments.com.au/new-apartments/madeline-by-mosaic-broadbeach-22-mary-avenue-broadbeach-qld-4218">Madeline by Mosaic</a> is a short list.

Madeline was always conceived at a scale that sits outside the normal register of Gold Coast apartment living. The residences are half- and full-floor configurations, with the largest spanning more than 400 sqm, dimensions that place them closer to the penthouse end of the market regardless of where they sit in the building.

That scale is the organising principle of everything else: how the floorplans are laid out, how the materials read, how the connection between inside and outside works.

[smartcode_project:default project_id=150135 project_image_fid=355941]

The interiors were developed in collaboration with <a href="https://www.apartments.com.au/architects/fraser-partners-0">Fraser &amp; Partners</a>, the architecture practice&nbsp;<a href="https://www.apartments.com.au/developers/mosaic-property-group">Mosaic</a> brought in as design partner for the first time on this project. The palette runs to natural stone, textured timbers, and soft metallics, materials chosen as much for their tactile quality as their appearance.

Light cleverly shifts across surfaces through the day, and the design is explicit about wanting that to be noticed. Full-height glazing runs across the primary living areas, and where the building faces east toward the ocean, those walls of glass are doing real work: framing a view corridor that the site's position directly opposite Broadbeach State School's playing fields keeps permanently open.

That outlook is the site's most consequential asset. In a suburb where new towers continue to rise, a protected view line is genuinely rare, and the Mary Avenue address secures it. Residents at Madeline will look out over open parkland rather than the rear of another building, a distinction that becomes more meaningful with each new development approved nearby.

[smartcode_project:default project_id=150135 project_image_fid=355939]

The private outdoor spaces are sized to match the residences themselves. Terraces on the upper levels frame uninterrupted ocean panoramas, and the planning ensures that living areas extend into those outdoor zones rather than treating them as separate attachments. The flow between the two is part of the design intent, not an afterthought.

Inside, the finish specification reflects the same approach. Rich stone benchtops, warm timber joinery, bespoke hardware, each element specified to hold up over time rather than read as a moment in a particular trend cycle.

[smartcode_project:default project_id=150135 project_image_fid=3409]

Beyond the residences, the amenity offering extends that register. A lap pool and sun deck anchor the outdoor space, alongside a magnesium pool, cold plunge, steam room, and sauna.

A commercial-grade gymnasium, residents' lounge, library, and boardroom round out a programme that functions more like a private members club than a standard building amenity floor.

Construction has commenced under Mosaic's in-house building arm, with completion scheduled for late 2028.

[smartcode_project_cta:default project_id=150135]

Madeline by Mosaic delivers penthouse-level living across every apartment

Developer Fortezza Group is the latest to take its new apartment development, <a href="https://www.apartments.com.au/new-apartments/the-belvedere-5-7-church-street-nelson-bay-nsw-2315">The Belvedere in Nelson Bay</a>, to the NSW Government.

Fortezza, predominantly a South East Queensland developer, is the latest to apply for State Significant Development&nbsp; status through the NSW Government's Housing Delivery Authority, a pathway becoming favoured by developers to speed up the approval process.

They are planning 57 two- and three-bedroom apartments across 5-7 Church Street and 42 Donald Street, near d'Albora Nelson Bay Marina. The diverse apartment mix has sizes from just over 80 sqm to the largest three-bedroom penthouses that reach nearly 200 sqm.

<img alt="Fortezza" data-entity-type="file" data-entity-uuid="090360e1-66d7-43ad-b686-aba81f173bf2" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-04-29%20at%2010.22.40%E2%80%AFAM.png?VersionId=DMqF96eBZolqSAAAcugX0l66ueWng66m" />

Fortezza calls the project a "piece of Istria in Nelson Bay,"&nbsp;referring to the largest peninsula in the Adriatic Sea, shared by Croatia (90%), Slovenia, and Italy, which is known for its Roman history, Venetian-style coastal towns and inland hilltop villages.

They say the The Belvedere is strategically positioned at the apex of Nelson Bay, offering unrivalled views of the ocean, the bay and captivating topography of the area.

"Our commitment to maintaining the integrity of every view and sight line has been relentless," Fortezza Group says.

"Through extensive modelling and analysis, we ensure that each apartment enjoys the natural beauty of Nelson Bay, regardless of future developments. Each design element is carefully curated to harmonise with our European heritage, drawing profound inspiration from the Roman architectural marvels in Istria. The arches, the cascades of greenery and the stonework that define our project pay homage to the structures that once exemplified Roman grandeur."

Residents will have access to a pool, communal green spaces, an office and a coffee shop.

First look: Fortezza Group takes The Belvedere, Nelson Bay apartment development, to NSW Government

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

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<div>Deposit scheme scramble</div>
<div> </div>
<div>As REA Group, correctly anticipated, first homebuyer numbers are getting set to rip higher.</div>
<div> </div>
<div>The Australian reports today that well over 4,000 of the 10,000 places made available for the First Home Loan Deposit Scheme (FHLDS) effective 1 July have been reserved in less than four weeks. </div>
<div> </div>
<div>The federal government is therefore considering extending the scheme reports the article:</div>
<div> </div>
<div class="separator"><img src="https://1.bp.blogspot.com/-UbzA0cR-6WA/XyH56IexfKI/AAAAAAAA3Vg/y_Vif17MErcybRF0__rd7_cOqJ9loQLIQCNcBGAsYHQ/s640/FHLDS.jpg" width="640" height="78" data-original-height="96" data-original-width="772"></div>
<div> </div>
<div>The FHLDS potentially allows thousands of first homebuyers to buy using only a 5 per cent deposit. </div>
<div> </div>
<div>With all of the other grants and stamp duty exemptions being thrown in around the country, it's no surprise that first homebuyers are taking advantage of the lowest mortgage rates in history to take the plunge. </div>
<div> </div>
<div>New houses have been particularly popular for FHLDS applicants...more so than apartments and townhomes.  </div>
<div> </div>
<div>First homebuyer numbers had slowed in May, but now look set to retake decade highs.</div>
<div> </div>
<div class="separator"><img src="https://1.bp.blogspot.com/-mHjeF2-0gtA/XyH7HN-IHAI/AAAAAAAA3Vw/Uk-KbiqlBWAXNtHT-v34rIm4ut-ZxGaqACNcBGAsYHQ/s640/FHB.jpg" width="640" height="362" data-original-height="806" data-original-width="1422"></div>
<div> </div>
<div>Meanwhile the New South Wales government looks set to have another crack at Build to Rent by offering land tax discounts.</div>
<div> </div>
<div>It's an overrated and misunderstood concept which rarely seems to work well.</div>
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pwargent-M4siyDbqQY

First home buyer numbers set to grow: Pete Wargent

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Located on Lees Road, Robertson, just off of Jamberoo Mountain Road, is Temenos. The name, which means “sacred space”, is apt for this 220 acre offering with multiple uses that the listing believes an entrepreneur will snap up.
The <a href="https://www.propertyobserver.com.au/https://www.mcgrath.com.au/buy/acreage-rural-robertson-nsw-2577/208107" target="_blank">multi-use site has views of the ocean, lake and escarpment</a> from Botany Bay to Shellharbour.
<img src="/images/2014/03/24/2.jpg" alt="">
It offers two irrigation licences, six natural springs on the property, a mineral water licence and a DA for a water bottling facility on the site. It also mentions that since July 2011 the government is not issuing any more water licences. The water has just 68 Total Dissolved Solids and no coliforms, bacteria, arsenic, nitrates, suphates, which is said to be a rarity.
The site also has tourism opportunities, with the start of the historic Butter Track beginning at the property’s northern end. Jamberoo was home to Australia’s first butter co-operative factory, which opened in 1884.
<img src="/images/2014/03/24/3.jpg" alt="">
The land, 750 metres above sea level, is located near six national parks and six waterfalls, and the suggestion is for eco-cabins or glamourised camping. The site comes with an American barn and hut.
The site could also be used for potato growing, truffles and as grazing land, with red basalt soil striking across the property.
<img src="/images/2014/03/24/4.jpg" alt="">
On the market with McGrath, Bowral, it is asking for expressions for interest by close 5pm 17 April, with a price guide of over $4.5 million.
<img src="/images/2014/03/24/5.jpg" alt="">
Meanwhile, <a href="https://www.realestate.com.au/property-acreage+semi+rural-nsw-robertson-115679387" target="_blank">93 acre Misty Ridge Farm is listed</a> for $2,950,000 at 170 Lees Road (pictured below). The cattle grazing, horse-appropriate property includes 11 paddocks, eight dams and sheds for farming and livestock use. Accommodation includes two houses, with six-bedrooms and two-bathrooms in total, with wood fires, solar power and air conditioning, as well as a six car space car port. There is also a 12 by six metre swimming pool.
<img src="/images/2014/03/24/robertson%20march%2024%20two.jpg" alt="">
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jduke-EHk3XBmHkn

"Sacred" 220 acre space in Jamberoo advertised for entrepreneurial buyers

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First-home buyers have deserted the NSW property market in droves with improved housing affordability and significantly reduced interest rates not having any impact on the willingness of this key market segment to climb onto the property ladder.
The number of home loans to NSW first-home buyer in the March quarter totalled 2,647 - 57% lower than a year ago and a 40.6% fall in the March quarter alone, the latest Real Estate Institute of Australia (REIA) figures reveal.
This was the largest annual decline recorded across the country but in line with a national trend of dwindling first-home buyer demand.
According to the REIA, first-home buyers made up 14.5% of the national owner-occupier market in the March quarter compared to 16.5% in the December quarter 2012 - the lowest level since the June quarter of 2004.
The number of new finance commitments to first home buyers decreased 22.5% to 18,348 in the March quarter.
Compared to the first quarter of 2012, new finance commitments to first home buyers decreased 21.3%.
Some of the blame for the  steep slide in NSW first-home buyer numbers will be attributed to the state government’s decision to axe the $7,000 first-home owner grant on September 31 in favour of a $15,000 grant for new homes only.
In Queensland, a state which has also cancelled its first-home owner grant in favour of a $15,000 handout for new homes in September last year, home loans to first-home buyer decreased by 43.7% over the March quarter  to 2,557 - the largest quarterly decline across the nation.
Victoria, the ACT, South Australia and Tasmania all plan similar changes to first-home buyer grants in the coming months.
Both <a href="/news">Property Observer</a> editor Jonathan Chancellor and <a href="/news">hotspotting.com.au’s Terry Ryder</a> have highlighted the ill-directed nature of such schemes (Ryder called Queensland’s grant “a new definition of insanity”) which attempt to dangle a financial carrot in front of the noses of first-home buyers to sway them towards new homes over existing ones.
The REIA is also campaigning for a re-commitment by these states to a universal grant available for both new and existing homes.
It should be borne in mind that first-home buyer numbers have declined despite housing affordability as measured by the REIA improving for seven consecutive quarters following the RBA cutting cash rate by 200 basis points since November 2011 and much of this (around 80%) being passed on by lenders to variable rate mortgage holders.
Over the same period, dwelling prices have risen by a moderate 2.4%, according to RP Data figures.
Clearly other forces are also at play including relatively low consumer confidence, concerns about job prospects and the high cost of home ownership in key markets like Sydney and Melbourne, despite recent incremental improvements.
Victoria, which has yet to implement its new homes only $10,000 first-home buyer grant, recorded a more modest 15.4% drop in the number of loans to first home buyers over the quarter to 6,053. However, the figure is unchanged compared with the same quarter of the previous year.
South Australia was the only state or territory to record a rise in the number of loans to first home buyers, up by 1.8%.
For the year, Western Australia recorded the largest increase in loans to first home buyers, up by 19.2%.
The number of first home buyers in Tasmania dropped by 3.9% over the quarter but increased 15.9% compared to the March quarter of the previous year, to 349. During the quarter, first home buyers made up 16.8% of owner-occupier market in Tasmania.
The number of first buyers’ loan commitments in the Northern Territory dropped 23.8% to 231 over the quarter but increased 0.9% compared to the March quarter of 2012. Of all owner-occupier housing finance commitments in the territory, first home buyers made up 21.9% during the first quarter 2013.
The number of first home buyers in the Australian Capital Territory fell 0.5% to 367 during the quarter. This is 9.9% higher than the figure recorded during the March quarter 2012.
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lschlesinger-FZcF9M3vE6

With existing homes ineligible for state grants, NSW suffers 57% annual drop in first-home buyers: REIA

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The decision by the ACT government to withdraw the $7,000 first-home owner grant on August 31 and replace it with a $12,500 grant for new homes only from September 1, means six states and territories have shifted their incentives in favour of what Ray White boss Brian White says is effectively a “builders’ grant”.
NSW, Victoria, Queensland, South Australia. Tasmania and the ACT have all withdrawn (or will withdraw in the coming months) their handouts for first-home buyers who buy an established home.
The Real Estate Institute of Australia's (REIA) campaign for these states and territories to honour the “uniform” nature of the original InterGovernmental Agreement struck in 2000 that “an eligible home will be new or established” is unlikely to succeed.
For first-home buyers, these are the grant handouts available in their state and territory markets currently as well as what’s about to change in the coming months:
(Click on the state names for links to the relevant state revenue office pages).
<a target="_blank" href="https://www.osr.nsw.gov.au/benefits/first_home/">NSW</a>
The NSW state government offers a $15,000 grant for first-home owners who purchase or build a new home valued at up to $650,000. The grant was available until December 31, 2013, reducing to $10,000 from January 1, 2014, but the 2013 State Budget<a target="_blank" href="/news"> extended the availability of the $15,000 </a>until January 2016.
<a target="_blank" href="https://www.sro.vic.gov.au/sro/sronav.nsf/alltitle/First%20Home%20Owners?open">Victoria</a>
The Victorian government offers a $7,000 first-home owner grant for both new and existing homes until from June 30. The grant is available if the price of the property or construction of the home does not exceed $750,000. From July 1 a new $10,000 grant for newly constructed homes under $750,000 begins.
<a target="_blank" href="https://www.osr.qld.gov.au/first-home-owner-grant/index.shtml">Queensland</a>
The Queensland government offers a $15,000 great start grant for first-home buyers buying or building a new home valued under $750,000.
<a target="_parent" href="https://www.finance.wa.gov.au/cms/content.aspx?id=344">Western Australia</a>
The WA government offers the $7,000 first-home owner grant for both existing homes and new homes. A cap limits the total value of properties (i.e. total value of home and land) to $750,000 or less, or if the home is located north of the 26th parallel to $1,000,000 or less.
<a target="_blank" href="https://www.revenuesa.sa.gov.au/fhog/index">South Australia</a>
The South Australian government offers a FHOG of $15,000 for new homes. It also offers a maximum Housing Construction Grant (HCG) of $8,500  to all home buyers (FHBs and non-FHBs) who are purchasing or building a new home with a market value of under $400 000. Above $400,000 to a maximum of $445,000 the grant decreases in increments of $5,000.
For first home buyers buying an existing home there is a First Home Owner Grant (FHOG) of $5,000.
The Housing Construction Grant expires on June 30 2013. The $5,000 FHOG grant for existing homes expires on June 30 2014.
<a target="_blank" href="https://www.revenue.act.gov.au/home_buyer_assistance">ACT</a>
The ACT government offers a $7,000 grant to first home buyers buying both existing and new homes capped at the total value of home and land of $750,000 or less. This expires on August 31. From September 1 first-home buyers in the ACT will receive $12,500 if they buy or build a new home or buy one that has been substantially renovated.
<a target="_blank" href="https://www.sro.tas.gov.au/fhog">Tasmania</a>
The Tasmanian government currently offers a one-off FHOG payment of up to $7,000. The grant is not means tested and there is no cap on the value an eligible home.
There is also a First Home Builder Boost (FHBB), a payment, in addition to the FHOG, of up to $8 000. It is available for eligible applicants, purchasing a newly built home or who are owner-builders between 1 January 2013 and 30 June 2014 and who meet the required time frames for commencement and completion of the house.
Both these grants will end on June 30, 2014.
From July 1 2014, Tasmanian first-home buyers who build or buy a new home (including off-the-plan) will be entitled to a $7,000 FHOG.
<a target="_blank" href="https://www.treasury.nt.gov.au/TaxesRoyaltiesAndGrants/HomeOwnerIncentives/Pages/default%20220213.aspx">Northern Territory</a>
The Northern Territory offers a first-home owner grant for both new and established homes that remains ongoing.
FHOG is not means tested however, from 1 January 2010 eligibility ceases to apply if the consideration for, or the value of the home is more than the transaction eligibility threshold (see table below). This includes the unencumbered value of the land on which a home is to be built. The amount of the transaction eligibility threshold is determined based on the commencement date of the eligible transaction.
The commencement date of an eligible transaction is:
for a contract to purchase or construct a home, the date when the contract is made; or
for an owner builder, the date the laying of the foundations commenced.
<table cellpadding="0" cellspacing="0" border="1" style="width: 470px;"><tbody>
<tr>
<td width="318" valign="top">
Commencement date of eligible transaction?
</td>
<td valign="top">
Transaction eligibility threshold?
</td>
</tr>
<tr>
<td width="318" valign="top">
On or after 4 December 2012?
</td>
<td valign="top">
$600 000?
</td>
</tr>
<tr>
<td width="318" valign="top">
From 1 January 2010 - 3 December 2012?
</td>
<td valign="top">
$750 000?
</td>
</tr>
<tr>
<td width="318" valign="top">
Prior to 1 January 2010?
</td>
<td valign="top">
No threshold applied?
</td>
</tr>
</tbody></table>
The amount of the grant increased on 4 December 2012 in relation to eligible transactions that commenced on or after that date. From that date, the amount of the grant also varies depending on the type of transaction and location of the property.
If the commencement date of the eligible transaction is on or after 4 December 2012, the amount of the grant is the lesser of the consideration actually paid for the eligible transaction, or:
a) $12 000 if the home is an established home in the urban area;
b) otherwise - $25 000
If the commencement date of the eligible transaction is before 4 December 2012, the amount of the grant is the lesser of the following:
a) the amount of consideration actually paid for the eligible transaction;
b) $7000
An established home is one that has been previously sold or occupied, and is lawfully fit for occupation.
An urban area means all land located wholly within the boundaries of:
<ul>
<li>the Darwin, Palmerston or Litchfield municipalities;</li>
<li>Wagait Shire;</li>
<li>the Darwin Waterfront Precinct;</li>
<li>the “prescribed area” for the Darwin Rates Act.</li>
<li>any other area prescribed by regulation.</li>
</ul>
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First-home owner grants: a state-by-state guide

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This week the NSW government <a href="https://www.propertyobserver.com.au/news/everything-you-need-to-know-about-the-nsw-first-home-buyer-%2415000-grant-scheme/2013061762349?utm_source=po&amp;utm_medium=aida&amp;utm_campaign=newsplus" target="_blank">extended its $15,000 first-home buyer grant scheme</a> for new homes only through to January 2016 as part of its June 2013 state budget.
The grant amount was originally scheduled to reduce to $10,000 from January 1 2014. Instead it will now only reduce from January 1 2016.
Following the release of other state and territory 2013-14 budgets over the past few months, the following pages contain the key dates and information first-home buyers (FHBs) and non-first-home buyers need to know in their state and territory as they consider property purchases:
(All information current up to June 20 2013)
NSW
No current expiry date - New Home Grant Scheme
Under the NSW New Home Grant Scheme, a $5,000 grant will be available to buyers of new homes, whether off the plan or newly built, with a value up to $650,000 and to buyers of vacant land that is intended to be the site of a new home valued up to $450,000. This is grant is not available to investors and owner occupiers, not FHBs.
No current expire date - First Home - New Home stamp duty concessions and exemptions
The First Home—New Home scheme provides exemptions or concessions on transfer duty for people who are buying their first home in NSW. This includes buying vacant land on which they intend to build their first home. It provides eligible purchasers with exemptions on transfer duty on new homes valued up to $550,000 and concessions on transfer duty for new homes valued between $550,000 and $650,000.
Eligible purchasers buying a vacant block of residential land to build their home on will pay no duty on vacant land valued up to $350,000 and will receive a concession on duty for vacant land valued between $3550,000 and $450,000.
Duties can be calculated using  the <a target="_blank" href="https://www.apps05.osr.nsw.gov.au/erevenue/calculators/fhnh.php">First Home—New Home calculator</a>
January 1 2016 - FHOG
From this date the NSW $15,000 First Home Owner Grant (New Home) to help eligible FHBs purchase or build a new home, will be reduced to $10,000 with no end date set.
More information: <a target="_blank" href="https://www.osr.nsw.gov.au/benefits/first_home/">NSW Office of State Revenue</a>
 
<hr class="system-pagebreak">
VICTORIA
June 30, 2013
The date the Victorian government ends its $7,000 first-home owner grant. The grant is available if the price of the property or construction of the home does not exceed $750,000. An exception to this requirement is where the contract relates to a home that is on, or to be built on, primary production land.
July 1, 2013
From this date eligibility for the First Home Owner Grant will be limited to FHB of new homes and will be increased from $7,000 to $10,000. To qualify for the Grant, the price of the property or construction of the home must not exceed $750,000.
July 1 2013
The land transfer duty discount for eligible first home buyers purchasing a principal place of residence (PPR) valued at not more than $600,000 increases from 30% to 40%. To be eligible for the duty reduction, the FHB must have received or be entitled to receive the FHOG and must also reside in the property for a continuous period of 12 months commencing within 12 months of settlement.
September 1 2014
The land transfer duty discount for eligible FHBs purchasing a principal place of residence (PPR) valued at not more than $600,000 increases from 40% to 50%.
 
More information: <a target="_blank" href="https://www.sro.vic.gov.au/sro/sronav.nsf/LinkView/B82157FB72EC77C8CA2575CA00826CDD6BF180369BCB3975CA2575A1004420CF">Victoria State Revenue Office website</a>.
QUEENSLAND
No current expiry date - Great Start Grant
The $15,000 grant is available for first-home buyers buying or building a new home valued under $750,000.
No current expiry date – stamp duty concessions
The Queensland government offers stamp duty concessions for both first-home buyers and non-first-home buyers. A scaled first-home concession is available up to $550,000, no duty is paid on vacant land up to $250,000 with scaled concessions up to $400,000. For no-FHBs, the concessional transfer duty rate of $1 for each $100 or part of $100 applies to the first $350,000 of the consideration or value of the home.
<a target="_blank" href="https://www.osr.qld.gov.au/duties/transfer-duty/exemptions-and-concessions/concessions-for-homes.shtml">Full details on concession rates can be found here.</a>
 
<hr class="system-pagebreak">
WA
No current expiry date - FHOG
The WA government offers the $7,000 first-home owner grant for both existing homes and new homes. A cap limits the total value of properties (i.e. total value of home and land) to $750,000 or less, or if the home is located north of the 26th parallel to $1,000,000 or less.
No current expiry date - stamp duty concessions for FHBs
When a home buyer is eligible for the FHOG, a concessional rate of transfer duty will apply if the value of the dutiable property is below certain thresholds.
The First Home Owner Rate of Duty applies to a dutiable transaction with a dutiable value of up to $600,000 for a house and land, or $400,000 for vacant land.
If the property includes a home
<table style="width: 470px;" cellpadding="0" cellspacing="0" border="0"><tbody>
<tr>
<td valign="top" width="211">
Dutiable Value
</td>
<td valign="top" width="357">
Rate of Duty
</td>
</tr>
<tr>
<td valign="top" width="211">
$0 - $500,000
</td>
<td valign="top" width="357">
Nil
</td>
</tr>
<tr>
<td valign="top" width="211">
$500,000 - $600,000
</td>
<td valign="top" width="357">
$22.51 per $100 or part of $100 above $500,000
</td>
</tr>
</tbody></table>
For vacant land
<table style="width: 470px;" cellpadding="0" cellspacing="0" border="0"><tbody>
<tr>
<td valign="top" width="211">
Dutiable Value
</td>
<td valign="top" width="357">
Rate of Duty
</td>
</tr>
<tr>
<td valign="top" width="211">
$0 - $300,000
</td>
<td valign="top" width="357">
Nil
</td>
</tr>
<tr>
<td valign="top" width="211">
$300,000 - $400,000
</td>
<td valign="top" width="357">
$13.01 per $100 or part of $100 above $300,000
</td>
</tr>
</tbody></table>
No current expiry date - stamp duty concessions for principle place of residence
This concessional rate of duty applies to a purchase of a residential property valued at less than $200,000, which will be the primary place of residence for the purchaser.
<ol></ol>
The rates of duty are as follows:
<table style="color: #000000; font-family: Arial, Helvetica, sans-serif; font-size: 12px; width: 470px;" border="1" cellpadding="0" cellspacing="0"><tbody>
<tr>
<td width="235" valign="top">
Dutiable Value
</td>
<td width="333" valign="top">
Rate of Duty
</td>
</tr>
<tr>
<td width="235" valign="top">
$0 - $100,000
</td>
<td width="333" valign="top">
$1.50 per $100.00 or part of $100.00
</td>
</tr>
<tr>
<td width="235" valign="top">
$100,000 - $200,000
</td>
<td width="333" valign="top">
$1,500 + $4.39 per $100.00 or part of $100.00
</td>
</tr>
</tbody></table>
 More information <a target="_blank" href="https://www.finance.wa.gov.au/cms/content.aspx?id=344">available here</a>
SOUTH AUSTRALIA
No current expiry date
The South Australian government offers a FHOG of $15,000 for new homes.  The property value must not exceed $575 000.
June 30 2013
The $8,000 Housing Construction Grant (HCG) will expire on this date. It applies to contracts entered into between 15 October 2012 and 30 June 2013, or in the case of owner builders, where construction commenced between 15 October 2012 and 30 June 2013. A property value cap of $450,000 applies.
June 30 2014
The $5,000 FHOG grant for existing homes expires on this date. The property value must not exceed $575 000.
June 30 2014
Up until this date first home buyers are eligible for an off-the-plan stamp duty concession of up to $21,330 (capped at stamp duty payable on a $500 000 apartment).
The concession is available if you purchase a new or substantially refurbished apartment:
<ul>
<li>within the area of the Corporation of the City of Adelaide;</li>
<li>on any land within the area where the Bowden Redevelopment project (Bowden Village); or</li>
<li>on any land located within the area known as 45 Park, Gilberton;</li>
</ul>
This concession is in addition to the FHOG.
FHBs can work out their entitlements under this scheme on a dedicated <a target="_blank" href="https://www.revenuesa.sa.gov.au/stamps/sdofftheplan">OTP Concession</a> page.
June 30 2016
A partial off-the-plan stamp duty concession will be available for contracts entered into between 1 July 2014 and 30 June 2016.
FHB can work out their entitlements under this scheme on a dedicated <a target="_blank" href="https://www.revenuesa.sa.gov.au/stamps/sdofftheplan">OTP Concession</a> page.
More information on the <a target="_blank" href="https://www.revenuesa.sa.gov.au/IamaFHB">Revenue SA website</a>.
 
<hr class="system-pagebreak">
ACT
August 31 2013
The existing $7,000 FHOG will end on this date. The cap limits the total value of eligible properties (i.e. total value of home and land) to $750,000 or less.
September 1 2013
FHBs in the ACT will receive $12,500 if they buy or build a new home or one that has been substantially renovated. 
August 31 2013
On this date the Home Buyer Concession Scheme (HBCS) to assist persons in purchasing a new residential home or residential vacant land by charging duty at a concessional rate ceases. The HBCS applies to new or substantially renovated properties for transactions dated 5 June 2013 to 31 August 2013.
The property thresholds and concessional duty rates are worked out in accordance with the following table.
<table style="width: 470px;" cellpadding="0" cellspacing="0" border="1"><tbody>
<tr>
<td valign="top" width="255">
If the Dutiable Value of an Eligible Property or Eligible Vacant Block is… 
</td>
<td valign="top" width="274">
the Concessional Duty Payable… 
</td>
</tr>
<tr>
<td valign="top" width="255">
equal to or less than the lower threshold
</td>
<td valign="top" width="274">
is $20
</td>
</tr>
<tr>
<td valign="top" width="255">
more than the lower threshold, but less than the upper threshold
</td>
<td valign="top" width="274">
is the concessional duty rate for each $100 (or part thereof) by which the dutiable value exceeds the lower threshold (with a minimum of $20 payable)
</td>
</tr>
<tr>
<td valign="top" width="255">
equal to the upper threshold or more
</td>
<td valign="top" width="274">
does not apply (i.e. there is no concession and full duty is payable)
</td>
</tr>
</tbody></table>
 
1 July 2012 – pensioner duty concession
The Pensioner Duty Concession Scheme (PDCS) is to assist eligible pensioners to move to accommodation more suited to their needs (e.g. from a house to a townhouse) but who may find the duty involved to be a significant impediment.  Such persons are assisted to purchase a residential home or residential vacant land by paying duty at a concessional rate.  The PDCS has been extended for a further three years from 1 July 2012. The latest upper and lower value thresholds, which are updated every six months for eligible property and vacant land (usually 1 January and 1 July) to ensure that they remain current, <a target="_blank" href="https://www.revenue.act.gov.au/home_buyer_assistance/pensioner_duty_concession/1_January_2013_-_30_June_2013">can be found here</a>.
More information on the <a target="_blank" href="https://www.revenue.act.gov.au/home_buyer_assistance">ACT Revenue website</a>.
Tasmania
June 30, 2014
Up until this date, Tasmanian FHBs of established homes are entitled to a $7,000 grant. The grant is not means tested and there is no cap on the value an eligible home.
June 30, 2014
Up until this date the $8,000 First Home Builder Boost Scheme grant available to Tasmanians building a new home (including off-the-plan) if the qualify for theFHOG will end on this date.
July 1, 2014
From July 1, 2014, the FHOG is only available to those who buy or building a new home, including off the plan and house and land packages.
More information can be <a target="_blank" href="https://www.sro.tas.gov.au/domino/dtf/SROWebsite.nsf/v-all/1D7587F444344511CA2575C10011ACBE?OpenDocument&amp;menuitem=First%20Home%20Buyers">found here.</a>
 
<hr class="system-pagebreak">
Northern Territory
No current expiry date - FHOG
The Northern Territory offers a FHOG for both new and established homes that remains ongoing. FHOG is not means tested however, from 1 January 2010 eligibility ceases to apply if the consideration for, or the value of the home is more than $600,000. The amount of the grant increased on 4 December 2012 in relation to eligible transactions that commenced on or after that date. From that date, the amount of the grant also varies depending on the type of transaction and location of the property.
The amount of the grant is the lesser of the consideration actually paid for the eligible transaction, or:
<ul>
<li>$12,000 if the home is an established home in the urban area;</li>
<li>otherwise - $25,000</li>
</ul>
An urban area means all land located wholly within the boundaries of: the Darwin, Palmerston or Litchfield municipalities; Wagait Shire; the Darwin Waterfront Precinct; the “prescribed area” for the Darwin Rates Act, any other area prescribed by regulation.
No current expiry date – stamp duty concession
The Northern Territory Government provides a stamp duty Principal Place of Residence Rebate (PPRR) to persons purchasing a new home or land on which to build a home.  A new home is a home that has never been previously lived in or sold as a place or residence. Substantially renovated homes may be considered as a new home for the purpose of the PPRR. The PPRR is an amount up to $7000 off the duty payable.
A calculator is available on the NT government website to work out the <a href="https://www.treasury.nt.gov.au/TaxesRoyaltiesAndGrants/StampDuty/StampDutyCalculators/Pages/PPRR-Calculator.aspx">amount of duty payable</a>.
No current expiry date – Senior, pensioner and carer concession
The Senior, Pensioner and Carer Concession (SPCC) aims to assist eligible senior citizens, pensioners and carers that are not first home owners acquire a home or land on which to build a home by reducing the stamp duty that would otherwise be payable. The SPCC is an amount up to $8,500 off the stamp duty payable which represents the stamp duty on approximately the first $263,200 of the value of the property acquired.
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State by state government property grants and stamp duty concessions: The expiry dates you need to know

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This is the last weekend the $7000 first home owner grant will apply for established property purchases in Victoria so first time buyers may be out in force.
From July 1, 2013 buyers of existing property will receive no government grant, although while purchasers of a new house or apartment priced up to $750,000 will receive a $10,000 grant.
From Monday the state government's discount on stamp duty increases from 30% to 40% for all property sold under $600,000.
 
 
VICTORIA
June 30, 2013
The date the Victorian government ends its $7,000 first-home owner grant. The grant is available if the price of the property or construction of the home does not exceed $750,000. An exception to this requirement is where the contract relates to a home that is on, or to be built on, primary production land.
July 1, 2013
From this date eligibility for the First Home Owner Grant will be limited to FHB of new homes and will be increased from $7,000 to $10,000. To qualify for the Grant, the price of the property or construction of the home must not exceed $750,000.
July 1 2013
The land transfer duty discount for eligible first home buyers purchasing a principal place of residence (PPR) valued at not more than $600,000 increases from 30% to 40%. To be eligible for the duty reduction, the FHB must have received or be entitled to receive the FHOG and must also reside in the property for a continuous period of 12 months commencing within 12 months of settlement.
September 1 2014
The land transfer duty discount for eligible FHBs purchasing a principal place of residence (PPR) valued at not more than $600,000 increases from 40% to 50%.
 
More information: <a target="_blank" rel="nofollow" href="https://www.sro.vic.gov.au/sro/sronav.nsf/LinkView/B82157FB72EC77C8CA2575CA00826CDD6BF180369BCB3975CA2575A1004420CF">Victoria State Revenue Office website</a>.
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Victorian first home owners grant ends this weekend

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A new financial year begins this month and for some lucky people, it may bring a handsome income tax return along with it. If you are expecting a nice return and intend to add this to, or make a start to, a deposit for your first property purchase, well done!
Whether it be that first home purchase that you hope will leapfrog you into an investment career, or making that first property buy an investment, as you save for your deposit over the years leading up, you’ll have plenty of time on your hands to prepare. As you get within a few months of your target property purchase time; the due diligence and research you need to conduct ramps up considerably.
But what if you are still a year, two years, or further, away from purchasing? Other than saving the money in your bank account, there is plenty that can be done, so today I’ll cover off some basics that you should really be doing in this slow build-up. <a imageanchor="1" href="https://1.bp.blogspot.com/-zwd_PXqYuuE/Uc6Nf3c9l2I/AAAAAAAAAf8/ijz839PsA4g/s850/Buying+your+first+property+home+investment+in+Australia+tips+to+help+you+save+more+deposit.jpg"></a> Credit history – Sort out those credit cards and personal loans Though you may be more than twelve months away from applying for a mortgage, it is important you start to build a positive credit rating, and for two reasons:
-          Firstly, if you have several credit cards, a personal loan, and any outstanding unpaid debts or bill, you can imagine how poorly this reflects on your credit history, and restricts your borrowing capacity if you still have all these overheads when you make your application. Against some popular belief though, sometimes having just one or two personal debts (like a single credit card or modest personal loan) that features a diligent (never late; and where possible; beyond making the ‘minimum repayment’) and sterling payment history. This can be good evidence of a committed repayment-maker, and may work favourably for some applicants.
-          More importantly though; if your property goals are very ambitious and you perhaps have not formed good spending and saving habits, now is a good time to reign that in and take stock of your self-discipline and self-restraint. Having entered my thirties recently, I have become a much more disciplined and well-budgeted individual compared to my early twenties. These days though, it is not uncommon for young Australians in their late teens and early twenties to develop property ambitions early on. I purchased my first property when I was twenty-five and I can tell you, in the two years or so leading up to that achievement, I really had to take stock of credit card debts and begin showing an evidenced savings approach. It is important to do this to avoid future disappointment.
 
Mortgage Broker – Get one to do a borrowing capacity check now, even if you do not use them Most mortgage brokers effectively work ‘for free’ to their client. Like some ‘no win, no fee’ solicitors, mortgage brokers typically only get paid for their service as a commission from the lender once you are unconditionally approved for, and take up, a mortgage with a lender.
However, lenders offer so much more than just helping with the process and finding you the best rates/package features in the market.
Lenders have access to software that allows them to do a run across dozens and dozens of lenders, using your personal data, to give a pretty precise ‘maximum lend capacity’ for each of the lenders. Also, they will identify which lenders, after considering your current (or future-predicted) financial situation, will flat-out refuse to lend to you (or lend to you an amount or a product that does not work for you).
So contact a broker now, give them either your current financial situation/current deposit amount, or a future-predicted situation in twelve or more months’ time and have them run their report on who will lend to you, and by how much. Sometimes the results are startling – and this can be positive or negative.
If the amount you had in mind is nowhere near the reality of even the most generous lender’s maximum lend rate, it could be a time to reassess your goals or rethink your first purchase strategy. Conversely, if your aspirations are more conservative, you may be pleasantly surprised by how much various lenders will give you, assuming a certain set of personal circumstance variables.  <a imageanchor="1" href="https://3.bp.blogspot.com/-3JLIr19tu-8/Uc6NfuN6SuI/AAAAAAAAAgA/zmQLdN9t-RU/s500/Saving+for+your+first+house+purchase+Australia+research+how+to+save+for+your+first+property+and+tips+and+tricks+to+do+this.jpg"></a> Develop a ‘property needs assessment and usage over time’ document This does not need to be ‘War and Peace’. Rather it should simply be a bullet-pointed word document that forms the plan for how you intend to you use this property over time and what the ‘must-haves’ for this property are. This is really just to ensure you form a plan and stick to it.
It is no good saving up for a modest apartment to use solely as an investment property; then twelve months down the track when your savings goal is achieved, you throw the plan out the window and decide you want to by a lavish home to live in instead. This will throw back to the drawing board, right at the time when you should be ready to act/execute on all of the planning and due diligence you’d done.
This could see you making hasty or foolish buying decisions in light of an inconsistent or poorly kept-to plan.
This comes back to what I mentioned earlier about developing self-discipline. It is important to have goals and stick to them. The other element of this plan is how the property will be used over time. Though I am a big advocate of purchasing property for a single use (say, home or investment) and not detouring from that usage, I have made exceptions to this for a couple of property purchases over the years too.
So this plan will look very different depending on whether it is bought as a home or as an investment. Here is a shortlist of questions to consider answering, in writing your list:
Home purchase: -          Is it a starter home? I.e. something modest that you’ll have for just a few years, then upgrade when you have the means to move into a bigger/more expensive home. -          Will it always be a home? I.e. will you sell it to move to a bigger home, or keep it as an investment, thereby changing the property usage? If so, have a think about what the ramifications of this will be, before you buy. -          Are you looking for a home that is established, renovated already, with not a thing to do? Or, are you looking at taking something on that requires a bit of work over the first few years, to bring up to scratch?
Investment property: -          What is your risk profile? Identify how much risk you are willing to take on and this will usually dictate the area, type of dwelling, and overall investment you pursue. -          Is this the only one? Do you just want one investment that you can keep over the years and pay off over time, so you have it as a revenue-stream when you retire? Or is this the first of what you want to be many investment properties? Think about the consequences. -          Depending on how you answer the above question; what are you seeking most from this investment – capital growth (the property increasing in overall potential sale value over time), or rent return (where the monthly rent more than pays for all expenses and produces you positive income each month).
In a utopian world, we’d all be buying properties that can do both; but this is often a challenge to find! Particularly for your investment property you may be better off pursuing on type of return initially.
Investors who are content with buying one property only typically focus more on capital growth over time. Portfolio-builder on the other hand will sometimes value rental return more; as it can enable them to have good enough cash-flow to progress to their second purchase and beyond.
 
Educate yourself – You need to do this proactively; wisdom is rarely imparted, rather it is requested You have plenty of time up your sleeve while you are saving, so it is time to school up! Be like an interrogator with information that comes to you. Some would-be buyers take a passive approach to this, casually overhearing conversations with friends, or flipping through a magazine and a story on property happens to come up.
Whilst this can be nice to get a feel for the climate, this is not proactive research. Proactivity means you need to seek out independently, the answers that matter to you, rather than being influenced by other people’s casual conversations or news-grabbing dramatic headlines about the property market/industry.
Even as you read this article; ask yourself – ‘did I casually stumble upon it and read it because I was bored?’ Or were you actively Google-searching something like ‘how to buy your first house’ or something similar? Once you have written your word document above, you’ll have lots of questions you’ve created for yourself.
Pursue these answers proactively and independently; and do not be afraid of being taken on a tangent every time you learn something new (I.e. you open a second browser window to search about something you read in the first browser window!).
As I say above, I believe that wisdom is rarely imparted, rather it is requested. In the end though, the key to planning a successful first property buy – be it home or investment – is to remain active.
Do not become passive and do not push out all of your pre-purchase tasks as ‘things I can do later’. Instead of using your feet to toe-tap and wait for information and opportunities to come to you, use your feet to hit the pavement and start preparing. The key to a successful purchase – and especially to a successful property investment – lies in proactivity and planning, so get started now!
Cameron McEvoy is a NSW-based property investor and maintains a blog, <a target="_blank" rel="nofollow" href="https://propertyspectator.blogspot.com.au/">Property Correspondent.</a>
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cmcevoy-Go82SmsJA9

Taking the first steps towards your first home: Cameron McEvoy

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Kevin Rudd’s first-home buyer housing initiative – the first-home saver account (FHSA) incentive – has topped 40,000 savings accounts with a surge in new accounts over the first three months of the year.
In total $416.8 million is held in 40,200 accounts equating to average savings per account of around $10,300.
The scheme, which was slow to gain traction when launched is still no where near the planned 750,000 savings accounts the government hoped would be opened by 2012.
There were 1,200 new savings accounts opened over the first three months of the year, more than double the 500 opened in the final quarter of 2012, according to APRA figures.
First home saver accounts
<img src="/images/stories/2013/larry_uploads/fhs_accounts.png" width="470" height="84" alt="fhs_accounts">
Source: APRA
The scheme aims to help first-time buyers save for a deposit for their first homes. 
Under the FHSA, the government contributes 17% on the first $5,500 of individual contributions made each year. Account holders are required to keep savings in the FHSA for four financial years before they can use the funds to buy a home.
The government amended the scheme last May to allow savings in an account to be paid into an approved mortgage at the end of the minimum four-year qualifying period, if they saver bought a home earlier, rather than require that the money be paid into a superannuation account.
However, should a saver decide not to buy a home (for example they may decide to head overseas), the money must still be transferred into the saver's super fund and can only be accessed when they retire.
<a href="/news">In February last year </a>Property Observer noted the scheme was gaining traction among first-home buyers, despite the abandonment of the scheme by the Commonwealth and ANZ banks.
According to APRA, the savings accounts are offered through 17 institutions the bulk of which are credit unions and building societies, but also the Commonwealth Bank and AMP.
ANZ pulled out of the scheme in October last year.
A spokesperson for the Commonwealth Bank said it was no longer offering new accounts.
The main features of these accounts are:
<ul>
<li>The interest you earn on the account is only taxed at a rate of 15%.</li>
<li>You have to save at least $1,000 each year over at least 4 financial years before you can withdraw the money. These 4 years do not need to be consecutive.</li>
<li>The maximum account balance is capped at $90,000 but this cap will be indexed in future years. After your savings reach this level, only interest and earnings can be added to the balance.</li>
<li>The money has to be used for your first home. If it is not, it is added to your super and you can't access it until you are retired or can meet another <a target="_blank" title="condition of release" href="https://www.moneysmart.gov.au/glossary/c/condition-of-release">condition of release</a>.</li>
<li>If you buy your first home before the 4 year period is up, you can withdraw the money in your account at the end of the 4 year period to put towards your mortgage. You will not be able to make any more deposits once you have built or bought a property.</li>
</ul>
Source: ASIC
<ul></ul>
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Kevin Rudd’s first-home saver account scheme gathers pace with $417 million set aside for future home purchases

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We're not asking the right questions. That's why the property industry is getting so many misleading answers about important issues.
I think this explains, in part, why so many believe we have an affordability crisis and a housing shortage, when so much of the research data contradicts these widely-held beliefs.
Surveys of prospective first home buyers usually ask whether they think they can afford a home. The answer is meaningless, or at best misleading, unless there are further questions.
Those might include:
<ul>
<li>
Why do you think you can't afford to buy? 
</li>
<li>
Have you tried to buy? 
</li>
<li>Where have you looked? </li>
<li>Are you willing to compromise to get into the market?</li>
</ul>
The big problem, as I see it, is not an affordability problem but an expectation problem.
If you read between the lines in industry surveys and street interviews by media, it's clear many wannabe home buyers have a perceived problem because they've absorbed newspaper headlines and looked no further.
Why bother when you read daily that prices are through the roof (when in reality this is true only of Sydney)?
Others have a problem because they want their dream situation in their first purchase. People are quick to complain they can't afford a home but then we discover they want to live in a million dollar suburb.
Many commentators on real estate issues such as affordability apparently believe nothing ever changes. The assumption is that the current generation of young adults want what their parents wanted and should behave accordingly. That assumption is wrong.
<blockquote>
The big problem, as I see it, is not an affordability problem but an expectation problem.
</blockquote>
When the market share of first time buyers declines, it's assumed there's an affordability problem. No other option is considered. The possibility of demographic change is overlooked.
This is the nub of the issue because it's clear that today's 20-something's have different priorities to their parents. Married with kids and a mortgage before the age of 30 is not on the bucket list. Lifestyle takes priority and commitments can wait.
There's a similar issue with the idea of an undersupply of housing. Individuals and organisations stating under-supply as a fact (one that's accepted by many journalists without question) also fall into the trap of believing nothing changes.
Their analysis is flawed because they're using out-dated models about how many new dwellings are needed for a particular level of population growth. The assumption is that the average household size is X and if you divide population growth by X, that's how many houses should be built.
But a lot has changed. Young Australians are staying longer at home with their parents. Overseas migrants comprise a major chunk of population growth but it's coming from non-traditional sources with different household patterns.
Household sizes are rising again. Whereas in the past the typical household was a small family in a big house with surplus bedrooms, people are now buying homes that reflect their actual needs - e.g. opting for a two-bedroom apartment rather than a large, expensive and wasteful four-bedroom house.
The bottom line is that housing demand is created when someone buys a block of land and engages a builder. If that's not happening to the degree many expect because of what their formula tells them, then the formula is flawed.
The industry that complains about the alleged housing shortage is the industry whose job it is to build houses. If the vast undersupply they claim is real, there's a massive opportunity being missed by the industry doing the grizzling.
The industry will continue spinning its wheels until it starts asking the right questions. If there's a shortage, where are the queues at housing estates? And why is there no rental growth? And what are the real reasons young people have stopped buying in numbers?
You can contact Terry via <a href="https://mailto:ryder@hotspotting.com.au" target="_blank">email</a> or on <a href="https://www.twitter.com/hotspotting" target="_blank">Twitter</a>. 
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terryryder-YECXbqmri2

The problem with first home buyers isn't affordability, it's expectations

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In the middle of articles about Tinder, student actors, Asperger's Syndrome and book reviews an article called 'Gen rent' jumped out at me. I was reading Issue Two of Catalyst, the RMIT student magazine and I began reading with enthusiasm.
It discusses Sarah (her name "changed for privacy reasons"), a Gen Y who has purchased a unit and lives with her parents while repaying the bank and renting the property out.
Later in the article AHURI director Wendy Stone discusses that there's no typical way of becoming a home owner, and points to it being time for "lateral solutions to housing issues" and adaptive behaviours, whereby siblings and friends purchase together. She notes that "... young people should definitely think creatively with each other" on how to get into property. An interesting discussion itself.
And then writer Alan Wedon gives the floor to "Sarah", where the following is written:
She also says Gen Y is being pushed out of home ownership by Baby Boomers, who have a greater capacity than in previous decades to invest in private home ownership - driving house prices up even further.
"It's a wicked problem really," she says. "Because as well as competing against investors, wealthy retirees and other first-home buyers for housing, members of Gen Y are also forced into competing with each other in the private rental sector.
Anger, it may appear to those new to the debate, is rampant among FHBs. Affordability is a numbers issue, and one discussed heavily on Property Observer. But attitude is another issue entirely, and the attitude from those who are interested in getting into the market is fascinating.
A comment in mX had me saving it a while back (pictured below), and it reflected the above sentiments almost to the word.
<img src="/images/2014/04/10/jd-tear-out-youngergen-april-10-two.png" alt="">
Source: mX - Vent your spleen 
I'm assuming, hoping, that the above is satire. But if we're at the point where someone can satirize in a non-property related publication about the anger and blame coming from first home buyers, then it's worth noting.
With the news that the Abbott government has <a href="/expert-insights/investing/first-home-saver-accounts-scrapped-what-now">scrapped the First Home Saver Accounts scheme</a> in its first federal budget, many account holders have understandably been left confused about what will happen to their money.
But should we be blaming the older generations and investors for ruthlessly pushing up prices? And, shoe on the other foot, should we be slamming first home buyers for being too picky and swanning off on European holidays one time too many?
Blaming other people is completely human and, for that reason, spills into property. In the same way that some like to violently blame foreign investors for facing off against the battlers, which I have not been able to see myself at a single auction, the younger generation likes to blame the older generation for pushing up house prices. And the older generations like to blame the younger generations for being far too selective.
As Terry Ryder has previously written for us, and discussed with myself, <a href="/expert-insights/investing/the-problem-with-first-home-buyers-isnt-affordability-its-expectations">the 'real' questions around first home buyers are not being asked</a>.
He says that the real questions we should be asking include the following:
<ul>
<li>Why do you think you can't afford to buy? 
</li>
<li>Have you tried to buy? 
</li>
<li>Where have you looked? 
</li>
<li>Are you willing to compromise to get into the market?</li>
</ul>
 
Compromise - the 'c' word that no one wants to hear. It relates not only to compromising on where and what you buy, but potentially also your lifestyle. Those who claim our parents never had to do these things are sorely mistaken. Speaking of the UK market, and then the Australian market, my parents tell stories of keeping the heating off in the coldest English winters and eating chilli-con-cabbage to afford their property as young 20-somethings. There's no shame in this, and I have huge respect for them for managing to raise us simultaneously. Whether or not you must compromise more now if you want to get into property is debatable, but the reality remains that if you're not born into a wealthy family (who are then willing to provide you funds) and if you don't immediately step into a high income earning role (if you ever get to this position) then compromise is going to be a requirement.
A conversation I had recently with someone looking to buy their first home so they could move out together, revealed that they were looking for an apartment within the inner ring of Melbourne, in a few choice desirable suburbs that they listed to me. They were not looking for something new, necessarily, but well-presented and sizable, preferably with a car space. Fair enough.
But then they were finding themselves quickly outbid by "older people" when they attended at auction. They expressed frustration with the process. I suggested that they look further out west and ignore Melbourne's city, suggesting that in parts of Melbourne's west (and we're talking past Rockbank) there are house and land packages for four-bedroom, two-bathroom houses on around 600 square metres of land for a sum amazingly less than that. Not to mention the established property market, where three-bedroom, one-bathroom houses for around the $200,000 to $300,000 bracket.
The reasons for saying "no" without even a Google, was not due to the slow capital growth prospects, which are of course an issue, but because the area is "too far out" and they "like" the area they're look at.
I had a painfully similar conversation with someone who was looking to buy in the Eastern suburbs, but was then told that Melbourne's west was too far from their friends and family, and from work. It's 35 to 45 minutes on one train from Southern Cross Station. I happen to live in one of these areas, and do so because it's cheaper - not because it's my dream area to live in.
This, to me, sounds as though it answers those clarification questions.
But it doesn't mean Generation Y is full of whingers, or picky - and, indeed, not all of them even want to own property - much has been said on the demographic shift we're seeing. Plenty of those who are prospective buyers are completely prepared to "wait it out" until they find the property that suits them. Others will eventually consider suburbs further out, or they'll buy something smaller that needs doing up. Or, they might not want to rent in the first place.
I discussed with Charles Tarbey, the chairman of Century 21, his first property. He told me it was a run-down property in a rough area of Sydney's west that still has a bit of a bad reputation today. It did grow in value, he sold it, and he used the profits to help open his first real estate agency.
Those who say buying a first home isn't hard are mistaken - a deposit even on a "cheapie" property is not an easy achievement. However, we do have an issue on both sides of the fence about blaming other generations for their own individual problems. It's far too easy to ignore the reality - that for those who are not wealthy, it has never been easy to purchase a first home and it will require a great deal of compromise one way or another.
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