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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The executive chairman of Aussie, John Symond expects investors will continue to dominate property purchases into 2014.
He sees this as "a long term fundamental shift" in the property market.
It comes as first home buyers typically failed to compete against investors in what Symond called the many hot property pockets of many capital cities during the spring selling season.
First home buyers are absenting themselves from the market at a time when the conditions are actually rather favourable for them given interest rates are at historic 50 year lows and mortgage repayments as a proportion of average disposable incomes are lower than for much of the last two decades. John Symond reckons the current potential first home buyers are preferring to invest in shares and rent in apartments nearer their workplaces or CBDs.
Symond sees part of the solution for the Federal government to look at creating tax incentives for first home buyers to save for a deposit.
There is the existing first home buyer saving accounts scheme introduced by Prime Minister Kevin Rudd, which after plenty of patience offers a terrific honey pot, but just doesn't seem to have gathered much traction.
Yes the required home buying deposit has risen considerably as prices rose faster than incomes - from around 2.5 times the average disposable household income in 1985 to around 4.5 times now - but maybe there are other life priorities that has triggered this apparent baulking at the requisite deposit hurdle.
It's a little early to judge an entire generation on one overly-zealous selling season, but home ownership rates have been in decline since the mid-1990s with the most substantive drop being among households in the 25-44 age bracket.
Any such demographic shift will be a fillip to investors who not doubt have some anxiety over issues of supply and demand especially in the apartment rental market. they'd be watching the recent rather contradictory rental vacancy statistics with for instance SQM having Sydney rental vacancies increasing while the REINSW had them reducing.
It's also a little exaggerated to suggest as Robert Gottliebsen, the Business Spectator columnist did, that the home ownership dream was fading, at least in the inner city,  "increasingly replaced with a tenant relationship with Chinese landlords." Lastly John Symond warns that first home buyers, who now make up about 13% of all loans written, should avoid the temptation of going after very low deposit loans as they can lead to financial stress.
<a target="_blank" href="mailto:news@propertyobserver.com.au">news@propertyobserver.com.au</a>
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jchancellor-FAypfDUnLy

A first home buyer generation with other priorities? 

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Just $200 million was given in first home buyer grants across NSW last year.
<a target="_blank" href="https://www.osr.nsw.gov.au/sites/default/files/file_manager/fhog_apps_received_3.pdf">It was the lowest year on record</a>. The aim of attracting first home buyers into new homes - not established ones to boost construction - has allowed the state government to get the good idea headlines, but then saved millions in the budget bottom line.
Click to enlarge
<a rel="shadowbox" href="/images/stories/2014/02/12/chart-two-feb-12-big.gif" title="Click to enlarge"><img src="/images/stories/2014/02/12/chart-two-feb-12-small.gif"></a>
Source: NSW Office of State Revenue statistics
 
The list is an interesting mix of old and new, of greenfields and increased urban density.
<a target="_blank" href="/news">Parramatta</a> buyers topped the list of recipients with around $5.4 million in grants in the 2150 postcode. Parramatta, one of Sydney's oldest locations is undergoing a transformation with major residential projects including <a target="_blank" href="https://vbycrown.com.au">V by Crown</a> headlining its renaissance. 
The $300 million “vertical village” was officially launched in 2012, with construction of the 27-storey tower – set to be Parramatta’s tallest building – well underway. V by Crown recently reached $150 million in sales, with more than 270 apartments sold up since the project was launched in 2012.
<a target="_blank" href="/news">Spring Farm</a>, which sits second on the list of recipient postcodes at 2570, is one of the newer suburbs on the south-western rural/urban precinct. 
Spring Farm is surrounded by <a target="_blank" href="/news">Elderslie</a> to the north, <a target="_blank" href="/news">Narellan Vale</a> to the northeast, <a target="_blank" href="/news">Mount Annan</a> to the east and <a target="_blank" href="/news">South Camden</a> in the south. Until recently it principal land use has been the poultry production by the Tegal family and Neville Clinton, along with extensive orchards and vineyards along the floodplain of the Nepean River. 
The first urban development in Spring Farm was in the Ettlesdale Road area in the 1960s. In 2006 the population of the Spring Farm was 287 predominantly made up of young families with 44% of the population under 25 years of age.  
The area is planned to have around 3,900 housing lots with three separate developers, the Cornish Group with 1100 lots, Landcom 1,400 lots and Mirvac, 450 lots.
I noticed Mirvac recently sold a seven hectare holding to the Starhill Property Group for $7 million last November. In 2008 at Mirvac's Ayre three-bedroom, two-bathroom townhouses were for sale starting from $335,000. House-and-land packages in Mirvac's Ayre started from about $357,000 in 2012. 
Lots of land have been selling at around $200,000 plus since the first Spring Farm estate was opened in 2007 off Richardson Road.
<a target="_blank" href="/news">Arncliffe</a> and <a target="_blank" href="/news">Waterloo</a> were the most established suburbs in the top 20 postcode recipient list.
<a target="_blank" href="/news">Woollongong</a>, with $2.1 million in grants, rounded out the list.
The top 20 postcodes securing around $71 million of the total funding which is a mix of the grant and stamp duty concessions.
There were around 9,500 recipients who secured the mix of grants.
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Source: NSW Office of State Revenue statistics
news@propertyobserver.com.au
 
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Just $200 million in NSW first home grants last year

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There have been few Google searches for the term “first home buyer” over the past few years with that segment of buyers increasingly dropping out of the market.
<img width="470" height="196" src="/images/stories/2014/02/28/fhb-analysis-chart-feb-28.gif" alt="fhb-analysis-chart-feb-28"> 
Plotting Google searches on the term “first home buyer” compared with Australian Bureau of Statistics data on the proportion of home mortgages taken out by first-time buyers shows a fall in interest in the search term corresponding to the drop in buyers. Related phrases such as first home owner grant yield similar results.
The peak in first home buyer activity in 2009 was preceded by a clear spike in internet searches on the subject.
There was a minor lift in the number of searches on first home buyers around mid-2012, in line with a slight lift in buyer numbers, but aside from that blip, the term has been as absent from Google searches as the buyers have been from the market.
<a target="_blank" href="mailto:news@propertyobserver.com.au">news@propertyobserver.com.au</a>
                                     
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zfielding-GvX3Uq9KTa

Amount of first home buyers searches dropping in more ways than one

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Perceptions about Australian property being overvalued are significantly higher among first-home buyers then owner-occupiers, the latest QBE LMI Mortgage Barometer shows.
This was one of the key findings of the report, which found an overall improvement in sentiment about the property market with more than a quarter (26%) of Australians looking to buy property in the next 12 months despite nearly one in two believing it to be overvalued.
More than three quarters (76%) of first-home buyers believe property is overvalued with nearly half (48%) believing prices are overvalued by more than 10%.
Click to enlarge
<a href="/images/stories/2013/06/qbejune19one.gif" rel="shadowbox" title="Click to enlarge"><img src="/images/stories/2013/06/qbejune19onethumb.gif"></a>
In comparison just 41% of owner-occupiers and 48% of Australians believe property prices are overvalued, according to the online survey of 1,107 adult Australians responses of which 763 have a mortgage, 680 considering buying property and 399 qualifed as both.
This finding combined with concerns about changes to first-home buyer grants favouring new homes only and another finding from the survey - 69% of FHB respondents worry they’ll never be able to afford their own home – provide insights into why the segment of the market has shrunken in recent times.
Other findings from the report suggest a frustrated first-home buyers market despite recent improvements in affordability.
The report quotes ABS figures showing that since February 2013, the number of FHBs as a percentage of total owner-occupied housing commitments has fallen by more than 5% since September 2012 and now sits at 14% nationally, an eight year low. .
This is due to record low FHB commitments in NSW and QLD (both less than 10%) – a plunge of more than 10% since the grants were replaced, while other states saw FHB commitments rise.
"There are concerns that Victoria will follow suit as it replaces its First Home Owner Grant with a $10,000 newhome owner grant as of 30 June 2013," says the report.
Figures compiled the<a href="/news"> Real Estate Institute of Australia (REIA)</a> found 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.
This was the largest annual decline recorded across the country but in line with a national trend of dwindling first-home buyer demand.
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 the REIA found.
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Overvalued, unaffordable property keeping first-home buyers on the sidelines: QBE LMI survey

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It’s a case of good news and bad news for eligible Victorian first time property buyers from today.
The first-home owner grant is increasing from $7000 to $10,000 for those buying new homes, but is cut completely for buyers of existing homes.
Along with the boost to new home grants the state government will fast-track stamp duty cuts, bringing them in six months ahead of schedule.
These will increase from 30 to 40% on homes valued up to $600,000. The combination of a $10,000 First Home Owner Grant and stamp-duty cut means buyers of new home for $400,000 or less will save more than $16,500.
Treasurer Michael O'Brien forecasts the move will help create more jobs in the housing-construction sector.
"Targeting the grant to newly constructed homes - whether in regional Victoria, Melbourne's growth corridors or new CBD apartments - will stimulate the economy and create jobs in the construction sector," Mr O'Brien says.
"These measures will promote more housing construction, leading to more employment, greater housing supply and reduced residential price pressure for Victorian families."
First-home buyers looking to buy established property for, say, $450,000 will benefit only from the stamp duty concession worth $7588, which the Government says offsets the $7000 grant previously available.
Last Nevember the Real Estate Institute of Victoria chief executive Enzo Raimondo says the majority of first-home buyers would not receive the grant.
"I think that first-home buyers should be treated equally," he said.
"I understand that the Government is trying to stimulate construction but most first-home buyers buy established homes and it is unfair that they will miss out on the full savings."
“Overall, the cut is good news for those buying their first home and it will be worth an additional $2377 on a home valued at $530,000.  
‘’This will bring the total stamp duty cut on the median priced home from $4754 to $7131,” Mr Raimondo said.
But Mr O'Brien said the changes will boost construction and ease housing pressures.
"We want to see more jobs and we also want to make sure we have more housing stock to meet the needs of a growing population," he says.
Mr Raimondo says first home buyers should realise that homes bought with 60 day settlements are eligible to benefit from the lower stamp duty because they pay stamp duty on settlement – not when they sign a contract.  
“Settlement occurs on the day the balance of the purchase price is paid and the property’s title document is handed over to the buyer.’’  
“This is unlike the First Home Buyer Grant, which applies from the date the contract is signed.’’
From September 1, 2014, all first-home buyers will benefit from a 50% stamp duty concession.
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New financial year brings mixed news for Victorian first-home buyers

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The number of suburbs where you could be financially better of buying rather than renting has risen from 494 suburbs in December to 692 as of July, according to the latest RP Data Buy vs Rent Report.
The theoretical report lists suburbs across Australia where renters should think about doing the sums and perhaps looking at buying an equivalent property (if they can find one) rather than paying rent to a landlord.
The latest list is dominated by Queensland suburbs which make up more than third (242 suburbs) out of the 692 suburbs.
Greater Brisbane accounts for 71 suburbs while the remaining 171 can be found in the regional areas of the state.
There are 193 suburbs in NSW (73 are in Sydney), 75 in WA, 54 in Tasmania and 45 each in Victoria and South Australia.
Just two out of the 45 Victoria suburbs are in Melbourne.
Reflecting their relative unaffordability, there are just 29 Northern Territory suburbs on the list and six in Canberra.
A discounted variable mortgage rate of 5.4% and a three-year fixed mortgage rate of 5.15% have been assumed as part of the analysis.
Additionally, RP Data has assumed buyers hold a 10% deposit.
The full report is available to download for free at <a href="https://www.rpdata.com.au/buyorrent" target="_blank">rpdata.com.au/buyorrent</a>
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Queensland dominates list of 692 suburbs where you could be better off buying than renting: RP Data

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Borrowers who don’t have a 20% deposit will be forced to pay higher lenders mortgage insurance (LMI) premiums following the two dominant providers – Genworth and QBE LMI – both increasing their premiums in the last 12 months. 
This is despite Australia having among the lowest mortgage default rates in the world. 
Fitch reported that mortgage delinquencies rose from 1.57% in the December 2011 quarter to 1.6% in the first quarter of 2012 – equating to about $35 million worth of loans turning bad. 
LMI is a one-off premium that protects lenders if a borrower defaults on their home loan - if the property sells at a loss, the lender can make a claim against its LMI provider for the shortfall. 
LMI can added thousands of dollars to the cost of buying a home and is particularly an issue for first-home buyers given the 20% deposit requirement. 
Calculations using the Genworth LMI premium estimator show that a first-home buyer borrowing 95% on a house valued at $500,000 (so a $25,000 deposit) would be required to pay an LMI premium of close to $16,000 on a 30 year variable-rate loan. 
A 10% deposit would reduce the premium to just under $8,000. 
A further issue is a lack of portability – if borrowers refinance with a new lenders and they still don’t have a 20% deposit, LMI must be paid again. 
Mortgage broker and director of Investors Choice Mortgages, Jane Slack-Smith, says she would expect LMI premiums to increase if there was an increase in delinquent loans “however it is not something I have seen in my business and not something that I have heard either LMI provider discuss in their updates”. 
Slack-Smith suggests that with interest rates so low, potentially the LMI providers are expecting issues for today’s buyer in the future when rates return to the long term norm of around 7.5% - “a way of hedging the future risk”. 
QBE LMI chief executive Jenny Boddington told Property Observer it increased base premiums on its core LMI products as of July 1 this year.
"We regularly review our pricing to ensure stable and reliable provision of our lenders’ mortgage insurance across the economic cycles,” she says.
Boddington says changes to premiums in recent years have mainly been driven by increased regulatory capital requirements, continuing subdued returns on our investment portfolio and slight increases in claims.
A spokesperson for Genworth confirmed that premiums have increased in the Australian market over the past twelve months.
“As a prudent insurance business, Genworth regularly reviews all elements associated with our product offering.
“This review takes into consideration the current market environment and the costs associated with providing our product and service delivery, including the cost of capital, portfolio performance and changing investment yields.
“Each individual LMI premium is calculated on the basis of a wide range of factors related to the size of the borrower’s deposit, the loan purpose, and the property. As such, pricing changes are based on a detailed analysis of each risk factor.”
Updates sent to brokers by lenders confirm the increases as well as changes to some products and offerings. 
An email sent to mortgage brokers by the Commonwealth Bank’ in June tells them that LMI will increase for “home/investment home loan and line of credit applications created from Sunday 2 June 2013”. 
“We are making these changes in line with pricing changes from our preferred LMI provider, Genworth,” says the Commonwealth Bank’s head of third party banking Kathy Cummings. 
An email sent to brokers by Suncorp says QBE LMI will increase base premium on three of its products - “lmiHOME™, lmiINVEST™ and lmiFIRST HOME™”. 
It’s not all bad news.
The Suncorp note also says QBE has of July 1 extended the eligibility criteria for its lmiFIRST HOME product - a discounted lenders mortgage insurance offering designed for first home buyers - to individuals who are purchasing or building a residential property for owner-occupation and who also qualify for the first-home owners grant and FHB stamp duty concessions.
The move is presumably to take in those FHBs who have qualified for the bigger state grants now available for new home purchases.
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More pain for first-home buyers as Genworth and QBE LMI push up mortgage insurance premiums

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For many years now, I have suspected that I may well suffer from a very modern affliction. In fact, I think it’s so contemporary that no-one – not even drug companies which is highly unusual – have classified it yet. You see, I think I am suffering from OPSA – or Online Property Search Addiction.
Looking back, I think the first signs that I had developed OPSA were about seven years ago which also happened to coincide with a rather major event in my life. It also corresponded with the start of my employment at the REIQ, but I believe that’s just a happy accident rather than a situation that allows me to feed my OPSA and get paid at the same time too, which you have to admit is really a rather fabulous state of affairs to be in.
But the initial stages of OPSA were developed back in early 2007 when I was starting to search for my first home.  As is quite usual for a first-time property hunter, I spent hours trawling online for potential purchases before bothering to actually inspect any in real life.
Back then, though, my budget was very limited and I was also cognisant via working at the REIQ that the Brisbane, actually the majority of the Queensland, market was on cusp of a very serious up-turn. Needless to say I knew that time was of the essence.
Alas, it appears my reading of the market was known by most other buyers as well, because at every open home I turned up too there were queues, yep I said queues, of people waiting for the inspection to begin. Many potential first-homes were sold overnight.  Indeed many were gone before I’d even had a chance to ring the agent.
Given these extreme circumstances, my OPSA grew rapidly as I found myself searching online for more and more properties that might be suitable, let alone still available.
Then a change in circumstances meant my potential budget increased significantly thanks to my brother deciding he wanted in on the first home buyer action as well.
What that meant though was that I was soon exposed to a whole new variety of properties to merrily search through – I must admit my OPSA was very happy about that turn of events indeed.
Within a few weeks, we had finally found our first home but between that time and my next purchase some five years later I must admit my OPSA never really went away.
I would often find myself searching through online listings just for fun – even properties that were far too big or too small and especially those that I could never afford to buy unless I married Bill Gates.
But the reason why today I am admitting so publicly that I have OPSA, after seven long years of kind of hiding it from most people, is that over the last day or two I have noticed that it has reared its head most ferociously and the timing of such a re-emergence is curious to say the very least.
On Tuesday, July 16, my off-the-plan investment property finally settled some 18 months after I signed the contract for its purchase.
I must admit it has been an interesting, sometimes overwhelming, experience and the first I have completed on my own so my stress levels have been very unhelpful especially over the last two or so months.
I have said to all of my friends over recent weeks: “That’s it. I’m not interested in buying another property ever again” but I think I was actually trying to convince myself and not really them. And then, I found myself – almost daze-like – back on <a href="https://www.reiq.com/">reiq.com</a> searching for that elusive cottage, or perhaps even a two-bed apartment overlooking the river and I knew the time had at last arrived to come clean about my affliction.
I’m not too sure how I am supposed to treat OPSA (since it doesn’t actually exist) short of cutting off my access to any type of technology whatsoever and that’s really not an option at all.
No, what I think I’ll do after today’s momentous admission is recognise that OPSA doesn’t necessarily have to be a bad thing.
In fact, I think it allows us to daydream about the future, and to work steadily towards that Great Australian Dream of home ownership – perhaps just multiplied by two or maybe three.
Nicola McDougall is the <a href="https://reiqblog.com/" target="_blank" rel="nofollow">REIQ</a>’s executive manager of corporate affairs.
Image courtesy of Ronin McR and has been digitally altered.
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My name is Nicola, and I am an online property search addict: Nicola McDougall

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First home buyers are fighting with a 100 pound gorilla with one arm tied behind their backs as they compete with investors who have the luxury of negative gearing and superannuation funds.
I believe the answer to improving affordability lies in rethinking superannuation laws and first home buyer grants.
Historically the family home has been the corner stone of ones wealth but this is in danger of being lost. Superannuation was implemented to help people self fund their own retirement and compliment the wealth in their family homes. I believe that allowing first home buyers to access their super and assist them in laying that foundation keeps within the spirit of superannuation.
A worker who earns the average Australian income of $50,000 a year will have around $36,000 in super by the time they are 30 not including any return on their investments. As a couple that is $72,000! They also have the benefit of diverting more of their income into a tax-sheltered environment. It would not be unreasonable for a first home buying couple to have in excess of $100,000 in super by the time they want to purchase their first home.
A large deposit like this would mean first home buyers have more equity in their home and as a result in a more stable financial position. It would also save a significant amount in interest. For example if a first home buyer had a $100,000 deposit they would only need to borrow around 80% of the property value rather than 90% or more. On a $500,000 home that would save them $2,500 to $3,000 per annum in interest.
They would also avoid paying a hefty mortgage insurance bill of around $5,000 to $10,000 in most cases.
Buying a property is only the first step to home ownership. Keeping up with the mortgage payments is where the real pain starts to bite. If governments really want to help with home ownership they should look at providing ongoing assistance and review first home buyer grants.
First home buyer grants have evolved over the years but on average they provide first home buyers with around $10,000 cash or stamp duty saving benefits. Rather than paying first home buyers a lump sum payment that is usually paid to the banks for mortgage insurance, I believe annual payments will be more effective and a better use of taxpayer money. An annual payment of $2,000 a year for the first five years would help first home buyers establish themselves in the market.
While the devil is in the detail the points outlined above provide a win-win outcome. The government wins as it helps solve first home buyer affordability at no extra cost. The economy wins, as more money will flow into the important building industry. First home buyers win as they will enter the market without paying mortgage insurance and save around $5,000 per annum in holding costs for the first five years.
There is a potential downside in that it would place further pressure on property prices. However this is already happening even without first home buyers and these ideas will go a long way to levelling the playing field between first home buyers and investors.
They would help young Australians into the market and start the process of building wealth in one of our most powerful tax-free investments – our home.
MARK ARMSTRONG is a director of <a href="https://ratemyagent.com.au/" target="_blank">ratemyagent.com.au</a>, Australia’s number one real estate agent rating website.
This article was originally published on Property Observer in October 2013.
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Allowing first home buyers access to super is the answer to the affordability dilemma

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I was fortunate enough to attend the SQM seminar last week as Louis Christopher – one of the most well respected voices in the real estate industry for his balanced assessment of market data – presented a state by state rundown of projected activity over 2014.
<a target="_blank" href="#https://www.sqmresearch.com.au/capitalcitiesreports.php">Louis predicts</a> Sydney’s established housing market will see a 15-20% ‘rapid rise’ over the course of 2014, highlighting the middle suburbs in particular to capture the overflow of demand, as inner city development constraints force consumers outwards.  
There’s been plenty of talk regarding housing affordability and the very real risk associated with an unsustainable boom in values, with some claiming – based in part on our low interest rate environment – that any mention of a concern is a mere myth.  
When asked from an audience member at the seminar if first home buyers were being crowded out of Sydney, Louis concluded they were – and indeed it would be hard to deny.  
Investor activity has dominated the Australian property market over the last 12 months or so.  Banks are bidding for buyers in a highly competitive environment, and the lion’s share of mortgage demand is being eaten up between investors and upgraders.  
A third of all new loans are with loan to value ratios of more than 80%, and 40% are on interest only terms.  Clearly investors are speculating on a continued pattern of price gains from an already high plateau – an ambitious projection.  
Under the existing financial system, inevitably, it’s none other than rising debt that fuels accelerated growth.  However, <a target="_blank" href="#https://www.macrobusiness.com.au/2013/09/charting-the-australian-first-home-buyer-retreat/">since March 2009</a>, whilst the average first homebuyer mortgage has increased by only 1.4%, the mortgage for the market as a whole has grown by 7.9%.  
Meanwhile, first home buyers have seen their savings eroded, and as the latest ABS housing finance data outlines, wishful thinking that rising yields are pushing greater numbers into the market, has had scant effect.  
According to research by <a target="_blank" href="https://www.ratecity.com.au/">Rate City</a>, “first home buyers now account for just 11% of home loan commitments. This is below the 20 year average of 15% and has not been this low since 2004.” And whilst interest rates on their own can have little impact on price rises or falls in the near term – a long period of low rates and the dependency it invokes, can be dangerous in inelastic areas of limited supply.  
Current competition coupled with pent up demand, has done little more than push values further out of reach of a genuine entry buyer demographic.  And as complex as it may be to slowly unpick the current distortions that tie up the established market and hamper construction, the implications of not doing so, are potentially worst over the longer term.  
No one should be fooled by the rhetoric from various industry commentators concluding current inflationary gains are of no concern. Hence why we are seeing a conundrum in central banks across the globe employing "precautionary policy activism” in an attempt to cool asset inflation without hampering the broader economy by raising rates.  
<a target="_blank" href="https://www.propertyobserver.com.au/news/new-zealand-rba-announces-restrictions-on-mortgage-lending-for-borrowers-with-less-than-a-20-deposit/2013082064388">In New Zealand in particular it’s a point of concern</a> and not just a localised issue. House prices currently sit at record highs, with the government property valuer ‘QV’ residential index showing gains of 8.5% in the 12-month period ending August 30.  
As reporter for real estate news on Sky Business 602, Iggy Damiani pointed out to me last week that Australian banks' ownership of New Zealand’s 'big four', place them in a precarious position - currently having the highest exposure to residential mortgages in the world. Therefore asset gains, which outpace both wage growth and inflation, must be addressed.  
Even assuming low rates are assisting first home buyers, saving a deposit and sourcing a suitably affordable property is no easy task for a demographic who are often burdened with a hangover of student debt, and, in many cases, can’t conceivably buy in until they partner with a second income earner.  
With this in mind, it must be pondered what the effect will be when rates do inevitably rise, considering our household debt to income ratio remains stubbornly high, at around 148%.  
Property to some extent connects together like a flowchart. Supply is fed in from the bottom to allow those upgrading (and then downsizing) a ready market to sell into in order to make the move.  
However, when investors predominantly negatively gear into the asset class most favoured by first home buyers – inevitably resulting in inflated established property values – and the state government fails to come to the party with feasible affordable alternatives, our property wheel of upgrading and downsizing risks stagnation.  
In the near term, heated investor activity may keep everyone dancing, however over the longer term we’re losing a valuable demographic of property buyer, which will no doubt have a flow-on effect across the property chain as a whole.  
As these changes push through the generation gap, it’s fair to assess, increasing numbers will retire whist still factoring as short-term renters.  
Investors tend to hold property for extended periods of time in order to build equity – many choose to invest as part of their self-managed super funds and subsequently do not sell until retirement. Therefore the ready supply, which usually comes from initial homebuyers selling and upgrading, will start to slow.  
 
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Additionally, we have the first world problem of an aging population creating future headwinds across the economy, with <a target="_blank" href="https://archive.treasury.gov.au/igr/igr2010/report/pdf/IGR_2010.pdf">government intergenerational reports</a> forecasting the already reducing workforce participation rate, to drop to around 60% by 2050.  
Considering the predominant home buying activity takes place within the ages of 22-44, it seems reasonable to assume that there’ll eventually be proportionally greater demand from those downsizing as we progress through these buyer type changes.  
However, if the flow-on home buyer effect doesn’t follow through, the mismatch of household size comparable to property type will continue to stagnate our property buying and selling terrain, further tying down supply in the areas most want and need to reside – areas within easy commutable distance to city suburbs, jobs and essential amenities such as schools, hospitals, doctors, public transport systems and so forth.  
Therefore, the last thing we should be doing, is advocating the spruik that rising property prices are somehow good for the economy having a supposed flow on effect into retail spending, which in itself is currently not producing the desired result.  First home buyers may head out to purchase white goods and furniture for their new abode, but our investment sector certainly won’t.  
Additionally, choices are limited in a market that has been turned into a speculative terrain.  
If we were building homes that were viable for first home buyers to gain a foothold which would not only maintain consistent market demand in order to upgrade, but also provide feasible accommodation for this demographic to settle for an adequate period of time, then having an investor-dominated inner-city terrain could perhaps be balanced somewhat so as not to affect the stagnated flow of the home buyer chain.  
However, the new home options are either limited to outer-suburban estates lacking in infrastructure, which is an essential component needed at the start of each project if we’re to lure home buyers outwards, or alternatively, inner-city high-density low grade developments.  
Our census data already demonstrates that most lone person households are tottering around in accommodation that’s far too big for their requirements. Building an abundance of one-bedroom apartments therefore won’t suffice; only 14% of the total single person households of all ages opt for one-bedroom units.  We instead need a wider diversity of options, in particular, accommodation suited to families - with the decrease of ownership for this demographic showing a fall from 79.5% in 2006 to 77.2% in 2011.  
<a target="_blank" href="https://www.propertyobserver.com.au/residential/why-investor-activity-is-causing-our-property-markets-to-stagnate-catherine-cashmore/2013021759370">As I’ve mentioned previously</a>, the percentage of investor-owned apartments in both Darwin and Brisbane falls close to 70% – and in the other capitals, it comes in between 60 and 70%.  
And whilst this generation of existing investors may continue to enjoy short-term speculative gains of the oft quoted property cycle, since when did the future of the first home buyer market become ours to erode?  
I’ve assisted numerous first home buyers and renters over the past few years, and it’s no exaggeration many perceive the capital price of property and the risks associated with taking on a greater proportion of debt a potential liability. For those who argue based on textbook analysis that property is not over priced, I suggest they change their frame of reference. There may be historical logic behind the long-term growth in values, but this doesn’t change the consequence; it is both over priced and under supplied.  
Therefore, pressure on the rental market is unlikely to ease in the near to far future, with ABS data showing almost two-thirds of new residents from overseas are long-term property renters along with half new residents from within Australia who also class themselves within the same bracket.  
Furthermore, economic conditions such as wage growth, unemployment, consumer confidence and frequent changes of work placements all reduce the likelihood of a strengthening owner-occupier market over the next decade.  
Current policy is built around the general assumption that renting is a step on the road to ownership. However, unless the trend takes an about turn, tomorrow’s generation will hold a growing percentage of residents for which renting is for life, and as such, we also need to consider their welfare.  
Policy should be steered towards the creation of a fairer partnership between owner and renter.  This would include longer terms of tenancy, protection from exorbitant rent rises coupled with enforcement of basic standards of accommodation in both the private and public sector.  
As it stands, in the rental market, and the property buying/selling market short termism dominates.  No surprise, as we’re governed by those who derive personal and political benefit from the existing system, polling for the popular vote from home owners and investors; pinned to our flawed debt based financial system that relies on an ever inflating future to under-pin existing gains.  
 
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 Catherine Cashmore is a market analyst with extensive experience in all aspects relating to property acquisition.
 
     
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