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

Joel Robinson

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

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

How Sterling Global designed 623 Collins from Melbourne's history

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

Three 82 brings boutique four-bedroom townhome collection to Ivanhoe

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

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

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

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

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

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

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In recent years, job insecurity among young people has risen to unsettling proportions. Last year, <a href="https://www.economist.com/news/leaders/21576663-number-young-people-out-work-globally-nearly-big-population-united" target="_blank">The Economist</a> reported that as many as 290 million 15-24 year olds were not participating in the labour market — “nearly as large as the population of America”.
According to the <a href="https://www2.ilo.org/global/research/global-reports/global-employment-trends/youth/2013/lang--en/index.htm" target="_blank">International Labour Organisation</a>, 73.4 million young people – 12.6% – were expected to be out of work in 2013, an increase of 3.5 million between 2007 and 2013. Alongside this figure is “a proliferation of temporary jobs and growing youth discouragement in advanced economies; and poor quality, informal, subsistence jobs in developing countries”.
In Australia, the figures are less pronounced but still striking. As the <a href="https://www.actu.org.au/Images/Dynamic/attachments/6637/Lives%20on%20Hold%20-%20Unlocking%20the%20potential%20of%20Australia%E2%80%99s%20workforce.pdf" target="_blank">Independent Inquiry into Insecure Work</a> pointed out, casual work is concentrated among young people. One fifth of all casual workers are aged 15-19 and from 2001 to 2011 the prevalence of casual work increased significantly for this age group and to some extent for 20-24 year olds for the period, but far less for older age groups. Underemployment, defined by the ABS as part-time workers who are available to do more work, <a href="https://www.fya.org.au/wp-content/uploads/2013/09/FYA_HYPAF-2013_Digital1.pdf" target="_blank">rose significantly</a> following the global financial crisis and this trend has not abated.
Trends in youth employment
Five trends are worth noting. First, since the 1980s the number of full-time job opportunities for teenagers has been steadily declining.
Second, there has been an increase in the uptake of casual and part time work by young people in general (aged 15-24). As I have <a href="https://theconversation.com/youth-face-snakes-and-ladders-on-the-path-to-full-time-employment-10677" target="_blank">written elsewhere</a>, many want to work more but are unable to do so.
Third, beyond the impact of economic downturns like the financial crisis, globalisation is creating challenges for young people seeking work in Australia. As Bob Birrell and Ernest Healy <a href="https://theconversation.com/scarce-jobs-migrants-or-locals-at-the-end-of-the-job-queue-17496" target="_blank">pointed out last year</a>, young working holiday makers from overseas are intensifying competition for jobs with young local workers. Particularly vulnerable are those “without post-school education, who are seeking less skilled, entry-level jobs.”
The stark nature of competition for jobs globally is best illustrated in the book <a href="https://web.worldbank.org/WBSITE/EXTERNAL/TOPICS/EXTEDUCATION/0,,contentMDK:22670727~menuPK:282391~pagePK:64020865~piPK:51164185~theSitePK:282386,00" target="_blank">The Global Auction</a>. The authors note a German website advertising “cleaning, clerical, and catering jobs…offered by employers with a maximum price for the job; those looking for employment then underbid each other, and the winner was the person willing to work for the lowest wages”. In a highly competitive global labour market, could this be the future of working life?
Fourth, Birrell and Healy also highlight that a growing share of local workers aged 55 and over are staying in the workforce. Between May 2003 and May 2013, the share of those aged 60-64 in the workforce increased from 39% to 54%. This increasing competition for work particularly affects young people who are qualified but lack experience.
The final trend arises from a global mismatch between skills and jobs. A <a href="https://m.afr.com/p/australia2-0/young_underemployed_and_unwanted_wI5z7fLh6loFWKePz74sJJ" target="_blank">number of business surveys</a> confirm the perception that young people are underprepared for working life – ranging from foundational skills in literacy and numeracy, to soft skills such as communication and problem solving. The need to better develop these skills – though valuable – could also reflect a wider need to prepare young people for a world of insecure work. Serving as a kind of adversity capital that enables young people to be more adaptive, flexible and resilient, they also reflect the need to prepare young people for more fluid working lives in which the conventional notion of a career is obsolete.
Is full-time work becoming out of reach for young people?
Working life in general is increasingly competitive and “fluid”. The <a href="https://www.fya.org.au/wp-content/uploads/2013/09/FYA_HYPAF-2013_Digital1.pdf" target="_blank">rate of casualisation</a> across the Australian workforce increased from 18.9% in 1988 to around 25% in 2012. The levels of “non permanent” work and extent of casualisation are hotly contested, with many claiming casual work is valued by young people. It <a href="https://www.afr.com/p/insecure_work_claim_union_beat_up_BBih9jxHDIO4LIPz4pjZnJ" target="_blank">is argued</a>, for example, that “casuals do not want to lose their flexibility or their casual loading”, or that casual work is preferred “as it allows [casual workers] to take part in the workforce and balance family responsibilities or study commitments”.
But a question arises as to whether secure work awaits those ending their post-school study and training. Teenagers in part time jobs are <a href="https://www.fya.org.au/research/how-young-people-are-faring-2011/" target="_blank">statistically</a> only slightly more likely to move into full-time employment than those who are unemployed and since the latter half of the 1980s, the age at which young people enter full-time work has increased. Increasing levels of education amongst young people overall mean that those with poor education outcomes are likely to struggle in the labour market, but insecurity is not confined to those without sufficient qualifications.
There is no doubt that some young people prefer casual and part-time work because of the benefits that flexibility offers. But in the overarching context of labour market change, while things <a href="https://www.fya.org.au/wp-content/uploads/2013/09/FYA_HYPAF-2013_Digital1.pdf">do get better</a> past the age of 25, it would appear that for many, the option to secure full-time work is out of reach.
Lucas Walsh is associate professor and associate dean (Berwick) at the faculty of education at Monash University.
This article was originally published on <a href="https://theconversation.com">The Conversation</a>. 
 
<img width="1" height="1" alt="The Conversation" src="https://counter.theconversation.edu.au/content/22311/count.gif"> </body></html>

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Is job insecurity becoming the norm for young people?

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Marvellous Melbourne is set to hit our television screens on the Arena, Foxtel channel this Sunday night when the first installment of Australia’s Real Housewives reality broadcasting phenomenon premieres.
It's been billed as a mix of Kim, Kim and Kimmie. An antipodean mix of Kim Kardashian, along with Kim Cattrall from Sex and the City, and then of course our own  Fountain Lakes temptress, Kim Craig, nee Day.
Our property contrarians Jonathan Chancellor and Margie Blok both contend Sydney should next feature in the global franchise which also is filmed in New York, Beverly Hills, New Jersey, Atlanta, Orange County, the first in 2006, and Miami, among other US post codes. Even Vancouver, Canada. Two other versions, The Real Housewives of Athens and The Real Housewives of Israel, disappeared without trace.
Sydney Sunday Telegraph columnist Ros Reines wrote Sydney was the flashy heart and soul of the nation, and Melbourne just wasn't going to make much of a splash. "Don't get me wrong, that city has plenty going for it including some quirky shops, interesting little wine bars in laneways, pretty gardens and some major sporting fixtures including the Melbourne Cup and the Grand Prix."
Even cultural commentator Bernard Salt expressed surprised at the choice of city.
<img height="264" width="470" src="/images/stories/2014/02/21/RHOM-cast.jpg" alt="RHOM-cast">
The Real Housewives of Melbourne (left to right): Lydia, Gina, Jackie, Andrea, Chyka and Janet, picture courtesy of Arena TV
HE SAID:<img height="200" width="133" src="/images/stories/2013/09/06/jc-silhouette-5.jpg" alt="jc-silhouette-5" style="float: right;">
Move over Melbourne, or is it Mildura? The Aussie version of the Real Housewives franchise should really have always been in Sydney, the sparkling harbour city with hoardes of housewives who could provide all the excitement, opulence, aspirational glitz and excess associated with this show.
It remains to be seen if Melbourne’s Real Housewives - Chyka Keebaugh, Lydia Schiavello, Jackie Gillies, Janet Roach, Andrea Moss and Gina Liano – makes for compelling viewing.
I have my doubts that the Melbournites will be quite able to step into the big glamourous shoes set by their US counterparts such as the divorcees Camille Grammer, Kelly Killoren-Benisom and the singing countess, LuAnn de Lesseps.
Indeed Janet Roach, the Real Housewives of Melbourne champagne sipping millioniare property developer, is my big worry. Her spiel says fabulous and fun is the only way to describe the blonde bombshell who after leaving husband number two overnight is now living life to the max re-discovering herself, her freedom and what makes her happy. "Developing a massive over-55s lifestyle village in Mildura" is her current big project. So I made my enquiries in the small river town, and she'd certainly not yet left any impressions. A little more sleuthing only to uncover it's actually a caravan park she has planned. Presumably for grey nomads. It's actually a vineyard site just outside of Mildura, about 18 acres currently growing grapes for dried sultanas.
Apparently the deal's settlement awaits the upcoming harvest in the district known for its dry summers and mild winters - and being a great place for a round of golf on a Peter Thompson-designed course. Mildura is situated in north western Victoria, in the Sunraysia district, some 500 kilometres from Melbourne, on the mighty Murray River.
I gather the Gympie-born Janet Roach, aka Janet Forshaw, was interested in one of the two neighbouring caravan parks, and finding it not quite suitable, she then rang the vendor Joseph Nocera direct. He's going to keep his automotive works, I understand, which might be handy for those nomad oil changes. <a target="_blank" href="https://www.roccisano.com.au/real-estate/property/280280/land/vic/mildura-3500/lot-2-38-cureton-avenue/">He was wanting $1.5 million for the bigger entire holding on Cureton Avenue</a> (pictured below), but Janet isn't taking the lot. The suggestion from town planning sources is that she's proposing around 190 caravan sites.
{yoogallery src=[images/stories/2014/02/21/mil]}
Do you reckon anyone in Sydney with caravan park plans for Umina would get a word in edgeways in any Sydney Real Housewives series?
But I might be a tad too snobbish as the latest IBISWorld report out this week indicated travel service providers, especially cruise ship and caravan park operators, are enjoying a surge in activity from baby boomers keen to spend their hard-earned cash while they are in good health.
They say more grey nomads are hitting the open road, which is boosting revenue for the caravan parks and camping grounds industry. The industry is forecast to grow at an annualised 1.9% over the five years through 2013-14 to $1.4 billion despite the number of camping grounds declining.
Senior travellers currently account for 26.5% of the industry’s visitor nights – a figure IBISWorld expects will increase over the next decade.
Anyway when not getting the requisite approvals for the Mildura caravan park, Janet Roach keeps hereself busy on trying to <a target="_blank" href="/news">grow truffles on the Mornington Peninsula</a> under the business name, Mont Rouge Truffiere. She's previously known to have dabbled in property development at Diamond Creek and South Morang.
 
<img height="200" width="133" src="/images/stories/2013/09/06/mb-silhouette-4.jpg" alt="mb-silhouette-4" style="float: left;">SHE SAID:
Jonathan tells me he will be watching Downton Abbey on Channel 7, but he is spot on when it comes to the conclusion that it is Sydney with the wealth of material for the Real Housewives juggernaut which no one admits to watching, but everyone secretly does.
Popular Sydney lunchtime restaurants, including Catalina, Chiswick and Bather’s Pavillion, would be the first place to unearth an abundance of talent to fill a sextet of sirens to star in the show.
In fact, Judy McMahon, Catalina’s chatelaine, could be Sydney’s answer to Lisa Vanderpump, a restaurateur and long-standing cast member of  <a href="https://www.bravotv.com/the-real-housewives-of-beverly-hills">The Real Housewives of Beverley Hills</a>. I understand Jonathan is a big fan of Lisa Vanderpump, one of the most popular Real Housewives.
And Sheeva Tavakoli, the wife of Sydney plastic surgeon Dr Kourosh Tavakoli (who live in a $16.35 million harbourfront mansion at Darling Point) is the perfect Sydneysider to take the place of Toorak’s Andrea Moss who’s married to Melbourne plastic surgeon Dr Chris Moss.
Of course, a hot contender for Gina Liano’s legal spot is Sydney beauty and well-dressed barrister, Louise McBride, who lived in a clifftop mansion at Whale Beach before moving to an apartment in Potts Point, with plenty enough wardrobe space for her impressive couturier collection. It would be fun if she could pop over to Bomera to vist the $12.5 million landmark Italianate Potts Point sandstone mansion owned by Leanne Catelan who would also be a terrific Real Housewives candidate given her experience with family stoushes.
Leanne, the daughter of Ray Catelan, the late entrepreneur once behind real estate data company RP Data, and her sister Michelle - daughters from the first of Ray’s three marriages - were involved in a battle over their father’s estate following his 2011 death.
Tiffany's stores in the city and at Westfield Bondi Junction also could be locations to discover potential Real Housewives following in the footsteps of Joyce Giraud, a Real Housewives of Beverly Hills star, who was spotted shopping last week with her husband Michael Ohoven at Tiffany’s store on Rodeo Drive. With her red and black polka dot mini dress, black platform heels and huge shopping bags, the 38-year-old was hard to miss.
Hair salons are another obvious hunting ground for Real Housewives talent. Heading the Sydney list is the first floor Double Bay digs of celebrity snipper Joh Bailey, with its hundreds of well coiffed clients who live in multi-million dollar eastern suburbs homes.
And for that vital real estate ingredient in Sydney, where property is almost a religion, why not an estate agent – perhaps D’Leanne Lewis, Alison Coopes or Victoria Morish? Although, flamboyant World Square city agent, Monika Tu, of Black Diamondz, might give the eastern suburbs gals a run for their money.
Given Sydney has so much to offer Real Housewives, Jonathan and I quickly cobbled together a list of suggestions for Foxtel’s executive director of television, Brian Walsh, who hopes Melbourne's offering enthralls, bemuses and dazzles. Hopefully the cameras don't visit Mildura too often! 
Brian Walsh needn't actually stray far from his own highrise home to find the Real Housewifes of 2011, tres girly, but should he wish to diversify the series elsewhere, here are our suggestions:
<img height="34" width="25" src="/images/stories/flagtitletat.jpg" alt="flagtitletat" style="font-size: 14px; margin: 5px; float: left;">
Real Housewives of Mosman – the lower north shore’s beautiful harbour suburb with a smorgasbord of sporting types including horse trainer Gai Waterhouse, Sally Kahlbetzer (wife of polo player Markus Kahlbetzer who paid $18 million for Mandolong House, a vast non-waterfront estate) and a gaggle of rugby wives including Erica Gregan (wife of George Gregan), Julie Kearns (wife of Phil Kearns) and Lara Eales (wife of John Eales) who all reside in magnificent homes.
<img height="34" width="25" src="/images/stories/flagtitletat.jpg" alt="flagtitletat" style="font-size: 14px; margin: 5px; float: left;">Real Housewives of Vaucluse – no shortage of talent here including Erica Packer (estranged wife of billionaire James Packer), Susie Kelly (a founder of Industrie Clothing), Sanchia Brahimi (wife of chef Guillaume Brahimi), Ann Cam (missus of carpenter Scott Cam who paid $4.6 million for a three-level residence last year), Mariana Ipkendanz (the London-based Brazillian beauty who’s yet to occupy the Peter Stutchbury designed waterfront mansion which her husband has on the market for $60 million) and breakfast radio’s Jackie O who recently renovated a $2.7 million house with husband Lee Henderson.
<img height="34" width="25" src="/images/stories/flagtitletat.jpg" alt="flagtitletat" style="font-size: 14px; margin: 5px; float: left;">Real Housewives of Sylvania Waters – no respectable wife in “The Waters” would participate in a Real Housewives show considering the infamy and repercussions for Noelene Donaher, Australia’s first reality television star who, 20 years ago, had a spectacular burst of fame after starring in the BBC fly-on-the-wall series named after the suburb. But wouldn’t it be wonderful for the Real Housewives series to snare say Susan Stevens, wife of Glenn Stevens, Governor of the Reserve Bank of Australia who apparently plays the guitar at his local Baptist Church? However, it’s much more likely that the couple would agree to participate in the fabulous ABC series, Family Confidential.
<img height="34" width="25" src="/images/stories/flagtitletat.jpg" alt="flagtitletat" style="font-size: 14px; margin: 5px; float: left;">Real Housewives of Centennial Park – a small suburb with gracious parkside mansions and a bevy of suitable Real Housewives talent including society lioness Skye Leckie (wife of former Channel Seven boss, David Leckie, who spends weekends with her family at their Southern Highlands farm), Lisa Vandenberg (wife of spin doctor/wheeler dealer Grant Vandenberg) and Catherine Honan (a daughter of squillionarie Dick Honan, chairman of the ethanol producing Manildra Group, who owns a vast Hunters Hill waterfront home and a $10.05 million weekender at Palm Beach). Pity Divonne Holmes a Court sold out a few years ago. 
<img height="34" width="25" src="/images/stories/flagtitletat.jpg" alt="flagtitletat" style="font-size: 14px; margin: 5px; float: left;">Real Housewives of Sutherland Shire – a domain of WAGS and footballers wives including Lee Furlong (wife of cricketer Shane Watson), Sara Leonardi (art gallery owner and wife of cricketer Glenn McGrath) and Rebecca Stevens (wife of footballer Jason Stevens, a celebate author who wrote Worth The Wait). Of course, Jonathan’s pick of The Shire is the genetically blessed 27-year-old celebrity model, Tahyna Tozzi, who last month tied the knot with her professional dancer fiance, Tristan McManus, while Margie’s choice is Rachel Gilbert, a fashion designer and wife of former television chippy, Tom Williams.
<img height="34" width="25" src="/images/stories/flagtitletat.jpg" alt="flagtitletat" style="font-size: 14px; margin: 5px; float: left;">Real Housewives of Palm Beach - sun kissed starlets should be easy to round up in this northern beaches peninsula playground whose circa 1880 white lighthouse and golden sands already are etched in the minds of millions of viewers who tune into the television series, Home and Away. As well as some of the most expensive and exclusive beachside holiday shacks in Sydney, Palmy has dozens of potential Real Housewives including Heidi Middleton (Sass and Bide designer), Bec Cartwright (wife of tennis player Lleyton Hewitt), Shay Lewis-Thorp (a daughter of the late property developer Bernard Lewis who owns $7.4 million beachfront holiday house), Carrie Hayes Bellotti (Aspen spa/yoga studio owner and wife of banker Steve Bellotti who own an $8.4 million Iluka Road beachfront residence) and Belinda Henry (wife of banker Paul Henry) - sadly, blonde glamourpuss Amanda Nankervis no long lives in the swanky summer playground where she once reigned supreme.

<img height="34" width="25" src="/images/stories/flagtitletat.jpg" alt="flagtitletat" style="font-size: 14px; margin: 5px; float: left;">Real Housewives of Point Piper - Angela Fleming, the widow of grocery tycoon Jim Fleming who recently bought a harboufront apartment, Tiffany Tilley, who briefly turned her hand at selling children's designer clothes, and is the wife of Ben Tilley, who has recently rekindled his friendship with old school mate, James Packer. Then you'd toss up between Julia Ross, Kristy Hinze and Jodie Meares, who still owns there on the peninsula, but might well depart when she marries the rock-star fiance, former INXS frontman Jon Stevens.
Undoubtedly Brian Walsh will find his way into Queensland. 
<img height="34" width="25" src="/images/stories/flagtitletat.jpg" alt="flagtitletat" style="font-size: 14px; margin: 5px; float: left;">Real Housewives of the Gold Coast - hard to know where to start but you'd have to find a cameo role for A-Team Gold Coast socialite Donrecka "Chanel, Chanel, Chanel" Issakidis, wife of property developer husband Michael. She once had a gold-edged Rolls Royce key.
news@propertyobserver.com.au
       
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jchancellor-FAypfDUnLy

Melbourne's Real Housewives amid Mildura grey nomad caravan push

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The owner and managing director of Century21 Australasia, Charles Tarbey, says that people who have taken Harry Dent's advice should be holding the US property commentator to account.
In the country to speak at the Secure the Future events in Sydney and Brisbane, Dent has <a href="https://www.propertyobserver.com.au/news/property-crash-is-like-popping-popcorn-especially-in-melbourne-harry-dent/2014020567560" target="_blank">claimed</a> that Austalian property prices will drop by up to 50% as our property market bubbles bursts.
But far from being in a "bubble", Tarbey says that our property market still hasn't experienced a full recovery. 
"He said this last year, he said this the year before, and one of these years, he’s going to be right," Tarbey said of Dent. 
"But in the meantime, you should be taking that guy to account.
"If you had have listened to Harry Dent two years ago when he came out, and you didn’t buy, you should be taking that guy to task right now, and saying 'You said, two years ago, that prices in Australia were going to drop 50%. You said that, two years ago, publicly. Why are you saying it today? I didn’t buy, when I could have bought and sold three or four properties in the last 24 months. But I didn’t because of you.'"
Australia is yet to see a real recovery in discretionary spending after the global financial crisis, said Tarbey, pointing to the sluggish performance of the holiday property market.
"When you have a holiday home, and you have your own home, and you’re forced to sell one, which is going to go first? It’s going to be the holiday home," said Tarbey.
"So the discretionary spending market and the coastal areas, and some magnificent holiday areas, drop by 50%. They haven’t actually started to recover."
According to Tarbey, we'll see real signs of a strengthening market when top end buyers in the holiday market are spending again.
"Harry Dent is wrong in the sense that we have not even had a recovery in the market," said Tarbey.
Tarbey claims that countries that are considered discretionary markets by overseas buyers tend to be the most exposed to global economic conditions, citing Spain as an example.
"There were massive, massive amounts of complexes and apartments to cater for the overseas investors and so on," said Tarbey. 
"So Spain became a large discretionary spending area for investors." And when the GFC hit, Tarbey says, it was felt in the country's property market.
"That was the first place [buyers] were going to trash and let go, and that affected the market. But Australia’s not like that.
"What Harry Dent needs to understand," said Tarbey, "is that the reality is that 90% of Australia’s population lives in capital cities.
"So there’s so much out there if we need to spread. 90% of the people in Australia live in the coast. We live in larger houses on average than our counterparts in Europe. We live in an economy that’s been stable and safe, that’s been distant from many of the other issues in the world.
"We live in an environment where we have a climate that is mild, to say the least, most of the year, not erratic like what you see in the US. And we have a political system here that’s been tried and tested and is very strong.
"Why wouldn’t you pay more to live here?"
<a target="_blank" href="mailto:jrichardson@propertyobserver.com.au">jrichardson@propertyobserver.com.au</a>
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jrichardson-uRX5hFdKfN

Harry Dent is wrong and should be taken to task: Charles Tarbey

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A combination of buoyant market conditions and low interest rates is largely responsible for driving up property values over the past 12 months. 275 suburbs now have a median house value of more than $1 million. For units, the news isn’t that exciting; just eight suburbs share a median unit value of more than $1 million.
Topping the list for houses is Sydney’s Point Piper with houses recording a whopping median value now sitting at $5,817,581. Other Sydney suburbs making it to the top ten included: Woolwich, Darling Point, Centennial Park, Cremorne Point, Bellevue Hill. Peppermint Grove in WA, and Victoria-based suburbs, Deepdene and Toorak, also made the cut to the top 10.
<img src="/images/stories/2014/02/21/kusher-feb-21-one.gif" width="470" height="239" alt="kusher-feb-21-one">
Of the 212 suburbs with a median price of at least $1 million, 56% were in Sydney in New South Wales and 20% of suburbs were located in Victoria. These were then followed by Western Australia (12%), Queensland (6%), South Australia (3%), Australian Capital Territory (2%) and Northern Territory (0.5%).
Across council areas, Ku-ring-gai in Sydney has recorded the greatest number of suburbs in the million dollar club with 15 suburbs having a median price of $1 million or greater.  Other council areas with a substantial number of $1 million plus suburbs include: North Sydney (12), Woollahra (10) and Brisbane, Canada Bay and Boroondarra (each nine).
<img src="/images/stories/2014/02/21/kusher-feb-21-two.gif" width="470" height="241" alt="kusher-feb-21-two">
Although with just eight in the list of units where values reached over the one million dollar mark, it was Sydney that again scored top results in the list of best performers by exceeding the million dollar value mark. Included in the list of Sydney suburbs are Dawes Point, Point Piper, Darling Point, The Rocks, Millers Point and Huntleys Cove and Milsons Point. Brisbane riverside suburb Tennyson was the only other suburb outside of Sydney to make the top.
Just 12.4% of all capital city houses and 1.7% of regional houses sold in 2013, transacted for more than $1 million. For units it was 4.6% of capital city sales and 2.3% of regional unit sales which had a $1 million price tag.
Despite such significant media reporting about homes over $1 million, these actually account a very small portion of the overall sales within the market.
At a national level, 275 suburbs (or 6.1% of suburbs with a reported median value), have a median house value which is greater than or equal to $1 million. Nationally, only eight suburbs have a median unit value which is greater than $1 million, representing 0.4% of all suburbs.
In 2005, just 78 suburbs across the country had a price tag of $1 million or more.  In just five years, the number of $1 million plus suburbs has increased by 172%.  Victoria has recorded the greatest increase in suburbs with a $1 million price tag over the five years, increasing by 950% during the period.
<img src="/images/stories/2014/02/21/kusher-feb-21-three.gif" width="470" height="433" alt="kusher-feb-21-three">
The figures vary somewhat when looking exclusively at the capital city markets. It’s important to remember that home values tend to be much higher in the capital cities and this is where the bulk of the national population resides.
For houses, there are 271 capital city suburbs or 12.0% of all suburbs that have a median value of more than $1 million. For units, 0.6% or 8 capital city suburbs have a median value of more than $1 million. Across individual cities the current results are also quite different.
For houses, almost one in every four Sydney suburbs has a median house value of more than $1 million, in Perth the figure is 12% of suburbs and in Melbourne around one in 10 suburbs has a median value of more than $1 million. Very few suburbs have a median unit value of more than $1 million, only eight suburbs nationally. Seven of these eight suburbs are in Sydney with the remaining one in Brisbane.
Five years ago, around 5% of all suburbs nationally had a median house value which was more than $1 million and for units, 0.4% of all suburbs held a median value which was more than $1 million. By way or proportion, the five year change has been minimal with a median unit value of more than $1 million but a full one percentage point increase in the proportion of suburbs where houses have a median value of more than $1 million.
Suburbs where the median value is in excess of $1 million are quite small. However, as home values increased over the past five years so too has the number of suburbs.
With low mortgage rates and relatively high levels of buyer demand we would expect the proportion of suburbs with a median value of more than $1 million to trend higher throughout 2014. It is important to note that outside of Sydney, Melbourne and Perth suburbs with a median value of more than $1 million are a rarity.
Cameron Kusher is senior research analyst at <a href="https://www.myrp.com.au/" rel="nofollow" target="_blank">RP Data</a>.
 
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ckusher-ujnxiKuFQs

Where are Australia's million dollar suburbs?

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Hello Margaret,
My husband and I, both 50, are considering purchasing an investment property to potentially provide us with an income for our retirement. We have two dependent children, aged 19 and 16, a combined annual income of around $200,000, a mortgage of $320,000 and our home, recently appraised, is worth about $1 million. We are paying off our mortgage at $2,200 per fortnight at 5.1%. We always clear credit card debts before interest is incurred. We have no other loans.
We both have frozen pension overseas, seven and 12 years, and both have had workplace super since returning to Australia in 2006, contributing an extra $100 per fortnight each. We have savings and shares to totaling about $10,000.
I am concerned we will need to sell the family home and downsize, in order to adequately fund our retirement. We would prefer to leave an inheritance for our two children, to enable them to each get on the property ladder before real estate eventually becomes too pricey.
I have been reading your articles over the past year and I'm not sure if we are in a position to purchase a second home, or if this is the way forward for us?
We used 10 years of (cashed in) super, to purchase and develop our first property, at the ripe age of 38 and 35, overseas, giving us a significant profit over the seven years we lived there. Ultimately, this enabled us to return to Australia and purchase our first home here in a good suburb.
Hope you can help us with some independent advice.
Kind regards,
Maria
Margaret's answer on the next page. Please click below.
 
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Hi Maria,
I'm glad you wrote to me before rushing ahead and making any major mistakes.
Firstly, I think it is imperative that you think about planning for your own retirement before you think about planning for your children's inheritance!  You are a lot older and closer to retirement than they are, and the best inheritance you can give them is parents who are financially independent and who lead by example.  Teach them how to be good investors by becoming one yourself and they won't need to inherit.
You are in an excellent position to begin investing, in fact you have been for some time so there's no time to waste.  I've done some quick calculations based upon your equity of around $700,000 and your incomes of $200,000 and, along with projected rental incomes which buying property would bring, there is no reason why you could not in fact borrow enough to buy total property to the value of around $2 million.
Now, don't rush out and do that  - just because you qualify doesn't mean you should do it! 
You must start with a strategy, an assessment of your risk profile, a plan which matches your personal circumstances, then some good quality education to enable you to become a skilled investor before you start.  If you do not follow this sequence you will be setting  yourself up as fodder for every dodgy property spruiker that you are bound to find lurking in every corner - waiting to part you with your money on property which might be right for them (due to their large commissions) but possibly wrong for you. 
Here are some things to be wary of:
<img src="/images/stories/2014/02/21/number-1.jpg" width="20" height="30" alt="number-1" style="float: left;"> Mortgage brokers giving you 'property advice' - they are licenced to give you loan advice only and largely have no qualifications or skills to assist you to invest well.  Their property recommendations are most likely being made because they will be receiving commissions from developers for anything you buy.
<img src="/images/stories/2014/02/21/number-2.jpg" width="26" height="30" alt="number-2" style="float: left;">Financial advisers giving property advice - recent changes to the law means financial advisers no longer make money from commissions, instead they must charge the client.  Some are turning to developer stock to sell to their clients, for which they receive large commissions, with no requirement in the legislation to tell you about them.
<img src="/images/stories/2014/02/21/number-3.jpg" width="22" height="30" alt="number-3" style="float: left;">Glossy brochures advertising fabulous property in areas that you cannot confirm is really a hotspot.
<img src="/images/stories/2014/02/21/number-4.jpg" width="22" height="30" alt="number-4" style="float: left;">Anyone giving you 'property advice' and selling you a property as well - it's impossible to be independent if there are commissions to be made, and these people cannot possibly have properties to sell you in a hotspot which also just happens to be perfectly matched to your own financial circumstances.
Now that I've provided all the warnings, get going!  Read some good property books and look for an adviser who offers a pure advice model.  Get educated too, but beware the spruiker seminar with the high price tag!
Regards,
Margaret
Margaret Lomas is a best-selling author and writes and hosts the popular 'Property Success With Margaret Lomas' and heads up the panel on 'Your Money, Your Call', both on Sky News.
She is the founder of <a rel="nofollow" target="_blank" href="https://destiny.com.au/dotnetnuke/en-au/home.aspx">Destiny</a>.
Have a property question? <a target="_blank" href="mailto:askmargaret@propertyobserver.com.au">Ask Margaret!</a>
 
      
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mlomas-KC9MUPZ6Ca

Am I in a good position to become a property investor? Ask Margaret

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In November 2013 Australian adults working full-time were on average making $1,437.00 per week in ordinary time earnings, a jump of 2.9% in the previous 12 months.
According to Australian Bureau of Statistics figures, in ordinary terms males working full-time were earning on average $261.60 more than females.
While employees of the mining sector earned significantly more than any other sector, bringing in $2,469.60 per week.
The lowest paid industries were the retail, accommodation and food services industry, where full-time employees made on average less than $1,100 a week.
This article first appeared on <a target="_blank" href="https://www.SmartCompany.com.au">SmartCompany.</a>
 
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yredrup-o4Anfe78KF

Adult average weekly earnings on the rise

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As anyone who lives in a bushfire prone area knows, fire doesn’t discriminate. Earlier this month, Barefoot Investor Scott Pape and his family sadly lost their home as fires engulfed Romsey, Wallan and Kilmore in Victoria, showing that even the savviest homeowners can find their property in peril.
A CFA member, Pape wrote that after his wife and son left the area, as they always do on potentially bad bushfire days. He remained, and with others fought to protect his property, before rounding up his livestock and evacuating his dogs.
Thankfully, the Pape family is safe. But they and many others are now faced with the reality of restarting their lives after losing their homes in tragic circumstances. While the emotional and physical effects of the bushfires will be long felt, those losing their properties must also bear the financial cost of the fires.
For those in areas prone to bushfires, insurance is one of the key ways to protect yourself in the event that your property is lost. Home building and contents insurance, offered by most major insurance providers, can offset a good proportion of the financial costs of losing your home.
Make sure you understand exactly what level of coverage you have under your insurance plan when you purchase it. And before bushfire season begins each year, take the time to go over your insurance policy again to make sure it covers all of your major assets.
When it’s time to renew your policy, or when purchasing it, it’s worth making an inventory of all the assets you want to insure in your home. As for the home rebuild itself, get a builder in to get a quote for the cost of rebuilding your property should it be destroyed. These can be time consuming tasks, but ones that will ultimately help you make the best decision about the appropriate level of coverage and hopefully reduce any hidden costs further down the line.
If your home is damaged or destroyed by a bushfire, make sure you photograph any damaged goods as evidence for your claim before you discard them. As always with insurance claims, the more evidence, the better – this is where your inventory of goods will come in handy again, so you can keep track of exactly what has been damaged for your claim.
It’s also a good idea to contact your insurer as soon as possible to begin processing your claim and so that you can get started on any major repairs quickly.
If your vehicle is damaged, your insurer may also be able to provide you with an interim vehicle while your claim is being processed. And remember, the insurance market in Australia is highly competitive – shop around before picking your insurance policy.
For many rural residents, the loss of their property also means the loss of their income generating asset, whether that’s a farm or a bed and breakfast. While most insurers only offer income protection for individuals who cannot work due to injury or illness, your state government may offer support following a natural disaster, as the <a href="https://www.humanservices.gov.au/customer/services/centrelink/dra-nsw-bushfires-october-2013" target="_blank">NSW government did</a> after the bushfires of October last year. However, there’s no guarantee that this will be provided, and it isn’t available for those who lose their homes in circumstances that don’t have a wide impact, like a house fire. As always, it helps to have some savings on hand to make up for any loss of income.
The loss of one’s home is always an incredibly difficult experience. There will always be an emotional cost, no matter what you do. But at the very least, a good insurance policy or sound forward planning may protect you from some of the financial burden, and free up your attention to focus on the bigger things.
Our thoughts are with all affected.
<a href="mailto:jrichardson@propertyobserver.com.au" target="_blank">jrichardson@propertyobserver.com.au</a>
 
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Losing your home to bushfire: How to protect yourself financially

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Recently there has been some national media commentary about an apparent slump in the number of first home buyers, with commentators saying this is due to unaffordable prices and competition from investors.
It’s important to note that this speculation is very east coast based and bears little resemblance to what’s happening here in Western Australia. Let’s look at the facts.
When the First Home Owners Grant (FHOG) was introduced in July 2000, this mechanism became a good way to record this demographic in the market. There were 1,430 FHOG applications across WA in July 2000 and the median purchase price for established homes among entry level buyers back then was $122,000.
Thirteen years later in June 2013, there were 1,840 first home buyers paying a median price of $430,000 on established property.
After more than a decade the numbers are steadily growing despite the accompanying price growth for dwellings.
For the last couple of years first home buyers have benefited from historically low interest rates, a stable and recovering housing market and the ongoing exemption from stamp duty for homes under $500,000. They are also eligible for a $3,000 grant when buying an existing property or $10,000 if building a new one.
This combination of factors has prompted very strong first home activity, particularly through 2013.
In recent years the number of first home buyers each month has been fairly steady at around 1,500 each month. For the past year however, it was trending up with monthly figures closer to 1,600 and 1,700 applicants. In October last year there were 1,969 applicants seeking to enter the first home buyer market and in December there were 1,573.
Around 20,000 first home buyers made their move last year. The Office of State Revenue reports that the median purchase price on established dwellings for first home buyers across the state is currently $438,000. That’s up by $28,000 on the same time last year and by $43,000 on 2012.   Of course the median is only the middle price which means that half of all first home buyers are purchasing under $438,000 and there is plenty of stock under $400,000, including house and land packages.
The percentage of first home buyers as a proportion of the overall housing market has been above average for some time and last year was at times almost 30% of the whole market.
There is little evidence that first home buyers in WA are being frustrated by competition from investors, as they are weak in the current market due to soft rents. While home affordability itself has rarely been better and this is reflected in the significant numbers of FHOG applicants and swift turnover with homes under $450,000.
David Airey is president of the <a rel="nofollow" target="_blank" href="https://reiwa.com.au/home/default.aspx">Real Estate Institute of Western Australia.</a>
<a rel="nofollow" target="_blank" href="https://reiwa.com.au/home/default.aspx"></a>This article was originally published on <a target="_blank" rel="nofollow" href="https://reiwa.com.au/Faq/Pages/Feature.aspx">reiwa.com</a>.
     
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WA is booming for first home buyers, unlike the east coast

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1) Get savvy with the latest online tools.
Identify the online tools that will add value to either your property investing skill sets, to your portfolio, or both. There are so many little online ‘life hacks’ available to investors. For example, and this is only the tip of the iceberg, but consider tools like DSR walk score calculators, Zillow.com, Real Estate View, RP Data, loan repayment and stamp duty calculators, and so on.
2) Network digitally with your comrades.
Don’t treat them as competitors, but rather allies. In this social media age there is no excuse not to be able to find like-minded people you can learn from. That’s how I started out years ago, by connecting with people on the Somersoft forums (which I still maintain is one of the best online property investment communities in Australia).
You may be able to engage with experienced investors who may have a better understanding of a particular concept or a more specific property investing topic. LinkedIn offers excellent community groups with real-time conversations happening on the daily. Twitter is intelligent too; once you establish a group of investors and influential property people you follow (and a few follow back), Twitter’s engine will go out and find more of those types of people for you.
3) Attend events and talks.
Don’t just rely on online communities, look at attending events such as the Home Buyer and Investor Show, and also local property investment shows and seminars. Just be able to discern between an unbiased third party seminar on a topic and a property development spruiker trying to sell their wares.
There is actually a great online site called Meetup.com, where you can meet like-minded people in life – related to any interest. The idea is you join a group but they regularly meet up in person to share their passion. I’ve done this for things like tennis and surfing, but there are groups that meet up in pubs and cafes – who are also investors like yourself! You can learn so much from each other in this way.
4) Read. A lot.
I know I have previously written about the challenges of ‘analysis paralysis’, however I still think it is so important to read a lot.
Approach every article, book, magazine, or online blog post – no matter the property-related subject of it – with a view of ‘how will this trend/tactic/design style etc. pay off in terms of my overall return? If you don’t think it will – stop reading that content and move on to something else!
Investors, like so many people in life, form bad habits. Read content from more sources – books, magazines, websites, forums – to better inform yourself. Over time you will also find better quality content specific to what you are looking for.
 
5) Have an open mind and flexible approach
Unlike most things in life where the mantra is ‘it’s not about the destination, but rather the journey’, property investment is the complete opposite.
It’s the other way around. It is entirely about the destination, that being your financial future and security.
Where am I going with this? Have an open mind to property types and locations that, despite your initial distaste when considering them, actually stack well from an ‘end game’ numbers perspective.
Cameron McEvoy is a NSW-based property investor and maintains a blog, <a target="_blank" rel="nofollow" href="https://www.propertycorrespondent.com.au/">Property Correspondent.</a>
 
 
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Five tips to become a better property investor

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In footy parlance, this past weekend was a bit like the pre-season competition.
But things are charging back into the big time this week, with February 22 and the following week March 1 both looking like being Super Saturdays and there are some really interesting homes on offer across Melbourne in that $1.5 million to $3 million plus price range.
On a personal note it was certainly good to be back and out there bidding this weekend. I love being back full-time on the tools, knee deep in the puddles of emotion dotted across Melbourne on a Saturday -  the smell of fear, the looks of anticipation, the cringes of excitement and the hush of <a style="border: 0px; margin: 0px; padding: 0px; text-decoration: none; color: #000000;" title="Posts tagged with uncertainty" rel="tag" class="st_tag internal_tag" href="https://marketnews.com.au/tag/uncertainty/">uncertainty</a> all rolled into an incredible 15 minute sensory overload. 
If you’ve had your ear to the ground you might have noticed that there is a lot more happening in Melbourne $1 million property than auctions right now.
Expressions of interest
This is a form of buying/selling that is increasingly taking place in the inner Melbourne market.
Expressions of interest might seem straightforward. You put in your price and a deal is done. But you need to understand the unwritten rules – because in a way what they are a game of poker: of bluff and counter bluff, of maneuvering, of patience and of risk – with high stakes, indeed very high stakes for all involved, and few or no rules.
High stakes poker in Kew
Have you seen the home at <a target="_blank" href="https://www.realestate.com.au/property-house-vic-kew-116005755">22 Rowland St, Kew</a> (pictured below), markerted through Scott Patterson and Ross Savas of Kay and Burton?
{yoogallery src=[images/stories/2014/02/20/kew]}
I’m calling it The Biosphere and I mean that as the highest of compliments – go inside and you are totally immersed into the space, light and moods created by the owner and the architect Nick Boschler. 
But this article is not all about the home at 22 Rowland, it is also about the high stakes poker game you will need to play to be the buyer. This is a genuine expression of interest – there is no bulltish quote and no bulltish rules from <a style="border: 0px; margin: 0px; padding: 0px; text-decoration: none; color: #000000;" title="Posts tagged with kay and burton" rel="tag" class="st_tag internal_tag" href="https://marketnews.com.au/tag/kay-and-burton/">Kay and Burton</a> – it’s put in what you think and then they will talk.
So, what price in the first instance do you offer, what terms and through which agent at Kay and Burton? There were four agents on the job when I visited and it was mid-week.
How do you make that offer – verbal, in writing or on a contract? Do you have a deadline, is it conditional and is your offer negotiable or firm? Pretty straightforward so far, with only about 20 different combinations.
But wait there is more – what happens when they say no, or more to the point what if they don’t say no but they don’t say yes either? What is your next move and the one after that? And what about the questions – the 10 or 20 any good selling agent will ask you under these circumstances? How do you answer them – openly or guardedly or should you just not answer them at all?
Once you put in your actual expression of interest, that is when things will get interesting. Even if you put in your best price, the agent will probably think it wasn’t and even if he or she does believe you, his or her vendor probably won’t. And so the dance starts – backwards and forwards, upwards and downwards – though probably more upwards or sideways than otherwise.
The thing to remember is that expressions of interest are long distance runs not sprints.  So after a week or so – unless you are 'High and Mighty Charlie' with a limitless chequebook – the agent is likely to tell you that you have a new friend, no not him, it's another buyer. And so a new dance begins, only this time it’s more of a group conga than the previous intimate waltz. Well, that’s what you are made or may think.
So back to 22 Rowland – this really is the right type of campaign for the seller, as the buyer is going to be a special one. Of course the seller also knows he or she is involved in the same game and there are some risks for a seller in an EOI process – where the rules can be vague and the way forward a little unclear. Sometimes buyers drop out or just don’t start the engagement process as their fear of uncertainty is greater than their love of the home.
How much is this ethereal creation at 22 Rowland worth? Is it $3 million or is it $9 million?
That is the question. So what is the answer?
We can’t tell you specifically at this stage, but the way we would go about finding that out involves relationships and truths, as well as a number of judgments and non judgements.
We’re not trying to be a smart alecs here. What we are trying to say is the answer to securing 22 Rowland lies in the process more than a specific number.
Off-markets
Another trend taking place is the “off-market”. Off-markets, are where properties are bought and sold without any 'for sale' board, advertising or internet marketing. This week the mysterious off-market widened and continued – especially at the very high end. As a group we have been looking and dealing in homes in Bayside, Port Phillip, <a style="border: 0px; margin: 0px; padding: 0px; text-decoration: none; color: #000000;" title="Posts tagged with Stonnington" rel="tag" class="st_tag internal_tag" href="https://marketnews.com.au/tag/stonnington/">Stonnington</a> and Booroondara that to the casual passerby show nothing to indicate a transaction may be happening.
Note to Sellers: If you have a family home for sale, you know your price and will allow access to our buyers and can get <a style="border: 0px; margin: 0px; padding: 0px; text-decoration: none; color: #000000;" title="Posts tagged with contracts" rel="tag" class="st_tag internal_tag" href="https://marketnews.com.au/tag/contracts/">contracts</a> if requested, then we can in many cases bring a very real, but private buyer to your door.
We recommend you get a selling agent to represent you, but that is your call whether you do or you don’t.
Mal James is principal of<a title="James Buyer Advocates" href="https://www.jamesbuyeradvocates.com.au/" target="_blank" rel="nofollow"> James Buyer Advocates</a>, which advocates on behalf of buyers of property over $1 million. Mal writes weekly auction reports, advice and in-depth market analysis on James' website.
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