<a href="https://www.apartments.com.au/architects/bates-smart">Bates Smart</a> is one of Melbourne's longest standing architecture firms.

Founded in Melbourne in 1853 by Joseph Reed, the firm began as Reed &amp; Barnes and has evolved through various partnerships before adopting the Bates Smart name in the 20th century. With a continuous presence spanning more than 170 years, the practice has played a pivotal role in shaping Melbourne’s architectural identity.

In the 19th century, Bates Smart designed several of Melbourne’s enduring landmarks, including the Royal Exhibition Building (1880), a UNESCO World Heritage site, and the Melbourne Town Hall. The firm’s influence continued into the 20th century with notable works such as Ici House (1958), considered Melbourne’s first modern skyscraper and a milestone in post-war Australian architecture.

One of their landmark designs was&nbsp;The First Church of Christ, Scientist, at 336-340 St Kilda Road. The building, which is listed on the Victorian Heritage Register, was designed by Bates, Peeble and Smart with construction completed in 1922. Architecturally, the building is significant as a rare example of early twentieth century classicism applied to a religious building. Historically, the building is significant as the first church of the Christian Science movement.

Melbourne developer Time &amp; Place decided to bring Bates Smart back to the area to design their next residential apartment project, Park Modern.

[smartcode_project:default project_id=138453 project_image_fid=2138]

<a href="https://www.urban.com.au/new-apartments/park-modern-south-melbourne-1-middleton-lane-south-melbourne-vic-3205">Park Modern</a>, on one of the largest island sites on the Melbourne CBD fringe, bordered by Dorcas Street, Wells Street, and Middleton Lane, will comprise two sculptural towers. It is being positioned as a design-forward response to evolving owner-occupier preferences in the Domain precinct.

Tim Price, Director at <a href="https://www.apartments.com.au/developers/time-place">Time &amp; Place</a>, says&nbsp;Bates Smart have got a footprint on this city, probably like no other architect.

"It’s a really nice kind of next chapter story, that they created from a design perspective so long ago," Price told Apartments.com.au.

Park Modern will be the third time Time &amp; Place has worked with Bates Smart, having successfully designed and delivered Collins House and Opera on St Kilda Road together.

The brief focused on creating a built form that would feel contextually appropriate while offering a contemporary evolution of inner-city apartment living.

[smartcode_project:default project_id=138453 project_image_fid=2137]

The focus for Park Modern is squarely on owner-occupiers.

“It’s not always about downsizing," Price says.

"Sometimes it’s just about creating a space which is easily maintained, lock up and leave, reflecting people’s aspirations, whether they’re entertainers, big dining room spaces, big open terraces, they’re important parts of any design consideration.”

The building includes a mix of one, two and three-bedroom apartments, as well as penthouses, with layouts and floor plans designed to suit a broad demographic. The architecture has been shaped to capture&nbsp;view corridors to the Botanic Gardens, Port Phillip Bay and the CBD skyline.

Each apartment has been oriented to maximise natural light and provide a clear outlook, elements often cited by owner-occupiers as key criteria.

[smartcode_project:default project_id=138453 project_image_fid=351806]

Rather than defaulting to a generic luxury offering, the amenity strategy at Park Modern reflects specific insights into how residents want to live. The ground floor will include co-working areas, wellness facilities, and a concierge-led lobby that blends indoor and outdoor design cues.

“Wellness has become a more thoughtful consideration, not just gyms or lap pools, but things like magnesium plunge pools, saunas, daybeds, and studio spaces for Pilates and the regular cardio workout,” says Price.

One notable inclusion is a substantial porte-cochère, a covered vehicle drop-off zone integrated into the site plan. It’s a feature rarely seen in inner-urban developments and speaks to the team’s emphasis on ease of arrival and departure for residents and guests.

A display suite for Park Modern is now open by appointment, giving prospective buyers an early look at the project.

[smartcode_project_cta:default project_id=138453]

Joel Robinson

100 years on, Bates Smart returns to South Melbourne's Domain Precinct to design Park Modern

One of the most significant beachfront projects ever proposed for the small suburb of Miami on the Gold Coast, has taken a major step forward.&nbsp;Monaco Property Group has secured approval for <a href="https://www.apartments.com.au/new-apartments/nalu-miami-122-marine-parade-qld-4220">NALU</a>, a $500 million development comprising just 45 ultra-luxury residences on the iconic former Nobby’s Outlook site.

Acquired by <a href="https://www.apartments.com.au/developers/monaco-property-group">Monaco Property Group</a> in 2024 for $70 million, the rare 7,238 sqm Marine Parade parcel boasts more than 80 metres of uninterrupted ocean frontage.

With approvals now secured, Monaco Property Group will move NALU into its delivery phase. The project has been designed by&nbsp;<a href="https://www.apartments.com.au/architects/bda-architecture">BDA Architecture</a>, who collaborated with&nbsp;<a href="https://www.apartments.com.au/landscape-architect/ldg-landscape-architecture">LDG Landscape Architecture</a> and <a href="https://www.apartments.com.au/interior-designers/tom-mark-henry">Tom Mark Henry Interiors</a>&nbsp;to create the low-rise building, its landscaping, and interiors.

<img alt="NALU" data-entity-type="file" data-entity-uuid="3fdf578e-7cc4-4b17-bbc2-ba853522a5d8" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/122_Marine_Parade_002.jpg?VersionId=zFhJWVzX0jmCO.5iIIxNELImHesTjWS4" />

Residences will range from 237 sqm layouts to beachfront homes exceeding 1,400 sqm.

At the heart of the project is a 2,200 sqm lifestyle precinct with a bathhouse, fitness centre and resort-style pool, elevated by a concierge service.

Jonathan Grasso, Co-Founder of Monaco Property Group, said the council approval marks an exciting milestone for NALU, which will launch in Q1 2026.

“The project will now progress toward construction, working alongside our world-class collaborators to bring NALU to life," Grasso said.

“Our vision is to create a legacy project for the Gold Coast, one that not only honours the history of the site but also elevates its future, setting a new standard for coastal living in Australia. NALU embodies the pinnacle of design and location and will stand as an enduring icon of prestige and liveability.”

<img alt="NALU" data-entity-type="file" data-entity-uuid="6ae8545b-87ca-4dea-90ed-ac273ec6515d" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Image7.jpg?VersionId=Wnmie4bu3x2WQonnG4Pwmh39NdZVKeOV" />

Originally developed in the 1970s as Nobby’s Outlook and later refurbished in 2019 as Nalu, the property has long held a place in the local community’s coastal identity. The new vision will build on this legacy, creating luxury residences that capture ocean views while fostering a lifestyle defined by wellness, connection, and ease.&nbsp;

Beyond its residential offering, NALU will deliver significant economic benefits to the Gold Coast through job creation and opportunities for local suppliers and contractors. Construction is anticipated to commence in early 2026, with completion expected in Q3 2028.

Monaco Property Group approved for $500 million NALU apartments on Miami beach

The most elevated residential tower in Palm Beach, <a href="https://www.apartments.com.au/new-apartments/corallo-palm-beach-5-palm-beach-avenue-palm-beach-qld-4221">Corallo</a>, has officially launched this week, however only a handful of buyers will have an opportunity to buy in to the 17-storey project.

The $200 million mixed-use project includes ground floor dining and retail and is considered so valuable its developer, <a href="https://www.apartments.com.au/developers/changfa-group">Changfa Group</a>, will be staging its release of one-, two- and three-bedroom apartments and penthouses to the market.

[smartcode_project:default project_id=112194 project_image_fid=806]

<a href="https://www.apartments.com.au/project-marketer/colliers">Colliers</a> International, Director, David Higgins, said the development’s location just metres from the beach on the corner of Palm Beach Avenue and the Gold Coast Highway influenced the sculptural design by the acclaimed Plus Architecture studio.

“<a href="https://www.apartments.com.au/developments/palm-beach-qld-4221">Palm Beach</a> locals understand the rare opportunity here at Corallo, particularly being the tallest building in the suburb and its proximity to the beach and local restaurants, and they’ve represented the bulk of pre-launch enquiries,” Higgins said.

“The orientation of the apartments captures views of the coastline from Surfers Paradise to Currumbin, and the diversity of floor plans and apartment types provide an exceptional level of choice.

“The first release includes just 59 one-, two and three-bedroom apartments and two half-floor penthouses, with flexible use designed to appeal to both owner-occupiers and investors."

&nbsp;

[smartcode_project:default project_id=112194 project_image_fid=799]

In addition to the ground floor amenity, residents will also have access to a private dedicated wellness level offering 734 sqm of resort-style amenities including a pool, cold plunge, wet deck, steam room, sauna, gym, day bed, fire pit, barbecue area, dining area and yoga/stretch deck.

The project is located within walking distance of Tallebudgera Creek, Burleigh Heads village, Currumbin Alley and Palm Beach Currumbin High School. The Gold Coast Airport is under 10 minutes away.

[smartcode_project:default project_id=112194 project_image_fid=814]

Higgins said Palm Beach remained a hotly contested suburb for home buyers, with prices doubling in the past five years.

“What makes Corallo so appealing to the local market is the diversity of apartment types and pricing, with one-bedroom apartments starting from $841,000 and two-bedroom apartments starting from $1.34 million,” he said.

“The ground floor retail and dining offering will further expand on Palm Beach’s village atmosphere and create a meeting place for locals, and those opportunities for connection are highly valued.”

&nbsp;

[smartcode_project:default project_id=112194 project_image_fid=807]

The on-site sales display, which includes a fully fitted kitchen, bathroom and bedroom, will be open until early works commence in Q1 2026. Each residence at Corallo will feature premium finishes including natural stone, artisanal brickwork, and warm copper accents.

Changfa Group has a two-decade history of delivering premium developments in Australia and internationally, having recently completed its collection of premium townhomes at Lyra, Hope Island, as well as apartment projects in Leichhardt, Carlingford, and Chatswood in New South Wales.

[smartcode_project_cta:default project_id=112194]

$200 million Corallo Palm Beach launches with limited apartment release

In a move that aligns with NSW's accelerated planning incentives for affordable housing, developer&nbsp;<a href="https://www.apartments.com.au/developers/the-one-collection">One Collection</a> has revised its Hills District apartment plans, and taken it to the NSW Government, to secure approval.

The developer, which is currently delivering Horizon Hurstville, is seeking to add 80 more apartments to its <a href="https://www.apartments.com.au/new-apartments/the-one-castle-hill-16-dawes-avenue-nsw-2154">Castle Hill development</a> near Castle Towers. They already have approval for 280 apartments across eight six-storey buildings.

<img alt="One Collection" data-entity-type="file" data-entity-uuid="b3c298ba-1cc5-4db7-9872-607c75f8ceca" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202025-10-13%20at%2010.19.22%E2%80%AFAM.png?VersionId=wN9KpFIu5ENSGZLLsaZgXQHrXcwEO3Vd" />

Now on the desks of the NSW Department of Planning is 360 apartments, 48 of which will be dedicated to affordable housing.&nbsp;Affordable housing is to be “fully integrated within the building and visually indistinguishable,” according to the planning submission.

The 15,697 sqm block, an amalgamation of 16 sites, spans across Dawes Avenue, Hughes Avenue, and Camdan Crescent, sits 550m from Hills Showground Metro Station.&nbsp;

"The existing context is quickly changing from free-standing homes into residential flat buildings in line with the Hills Showground Precinct planning framework," Place Studio noted.

<img alt="Castle Hill" data-entity-type="file" data-entity-uuid="3ec24948-c185-48fa-af8b-ed25adf302bf" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202025-10-13%20at%2010.19.04%E2%80%AFAM.png?VersionId=zNDX.IeRROX1RlDeYcS38xn8w_dqgU2t" />

They said the design was informed by the site's unique condition of having three street frontages and was developed to to respond sensitively to iots surrounding context.

"The design adopted a conventional perpendicular alignment to the primary street frontage. The massing of the development was carefully modulated to align with the evolving character of the neighbourhood. The design ensured that the scale was not excessive or out of context, but instead contributed to a cohesive urban form consistent with emerging developments in the area."

<img alt="Castle Hill" data-entity-type="file" data-entity-uuid="f83ffdaa-f960-469d-b6fe-abcece57c9ef" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202025-10-13%20at%2010.19.09%E2%80%AFAM.png?VersionId=4oKlCyfaKes7jLi1_EMoqa46w2h_YvDZ" />

The apartment mix will be 46 one-beds, 168 two-bed apartments, and 146 three-bedroom units, with 631 parking spaces proposed.

Along the street frontages, the building heights are four storeys with a 7.5 metre setback, and eight storeys with an 11.5 metre setback. It should cost about $150 million to build.

One Collection works hand-in-hand with the respected development and construction firm Masscon, which has built a reputation for leveraging its expertise in the built environment to take on developments others can't. That's what they're achieving at Horizon Hurstville, having taken over the project to deliver it.

First look: One Collection advances plans for Castle Hill apartments

At Yarra’s Edge, <a href="https://www.apartments.com.au/developers/mirvac">Mirvac</a>’s newest tower under construction, <a href="https://www.apartments.com.au/new-apartments/trielle-at-yarra-s-edge-docklands-16-point-park-crescent-docklands-vic-3008">Trielle</a>, sets a new benchmark for elevated living. Rising 45 storeys, 12.5 metres from the Yarra River, the landmark building offers residents access to a private wellness retreat and spa, a resident-only golf simulator, and an elegant lounge, dining and bar complete with a self-playing piano, all without ever having to leave home.

Now, that sense of elevation has reached new heights with the Aerus Sub-Penthouses, a limited release of half-floor riverfront residences on the Collins St axis where the sought-after street meets the Yarra River.

Each Aerus Sub-Penthouse, located across levels 42 and 43, represents the most expansive offering within Trielle, aside from the yet-to-be-revealed crowning penthouses. Spanning between 269 and 301 sqm, these residences are designed to capture natural light and uninterrupted views of the city skyline, Yarra River, and Port Phillip Bay.

[smartcode_project:default project_id=114216 project_image_fid=3784]

Among the collection are three-bedroom sub penthouses, complemented by a media room, and expansive four-bedroom layouts. All include panoramic living areas and oversized master suites with luxury ensuites reminiscent of a five-star hotel, complemented by dedicated dressing rooms finished in timber and natural stone.

The interiors have been crafted by <a href="https://www.apartments.com.au/architects/mirvac-design">Mirvac Design</a>, the developer’s award-winning in-house architecture and design team. Every material has been chosen for quality and longevity, from sculpted stone island benches with feature soft wash LED lighting to bespoke joinery and chevron timber oak flooring.

Kitchens are fitted with a BORA induction cooktop with integrated downdraft extractor, alongside Gaggenau appliances, including a fridge, freezer, and wine fridge. The adjoining butler’s pantry incorporates the exclusive Gaggenau Minimalistic Series including oven, steam oven, microwave, coffee machine and warming drawer, all concealed behind handleless glass panels for a clean, integrated presentation. Bathrooms feature custom Apaisar freestanding baths and basins and natural stone benchtops, continuing Mirvac’s design emphasis on tactile, timeless materials.&nbsp;

<img alt="Trielle at Yarra's Edge, Docklands" data-entity-type="file" data-entity-uuid="c00be724-b0f1-47c0-afed-54f829870704" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Aerus%20sub-penthouse.png?VersionId=Uktd61kpLSqNjwJeDFs7IaZ3xgLlDQmu" />

Michael Wiener, Design Director at Mirvac, says The Aerus Sub-Penthouse embodies the apex of Mirvac’s design ethos.

“Moving through your home is like walking on air - a private sanctuary where the craftsmanship is refined, the proportions generous, and the flow so effortless, you feel completely at ease in the sky,” Wiener says.

“In Aerus, we wanted to create a sense of weightlessness - a home that feels suspended in the skyline, full of light, grounded in luxury.”

[smartcode_project:default project_id=114216 project_image_fid=3777]

The Aerus Sub-Penthouses are expected to attract a mix of local and international buyers seeking a long-term residence of scale and quality in a riverfront setting, from returning expats to established families and business owners who value privacy, craftsmanship, and convenience within walking distance of the CBD.

With an unmatched suite of amenities, Trielle is the most extensively appointed development Mirvac has created to date at Yarra’s Edge. Within the tower will be The Oasis, a 900 sqm podium rooftop wellness retreat designed in collaboration with spa expert Naomi Gregory. Located seven storeys above the Yarra River promenade, it features a 25-metre lap pool, spa and sauna, hot magnesium spa, biophilic gym, yoga and Pilates studio, cold-pail contrast treatment, and day spa treatment rooms. Further amenities include a piano lounge, bookable dining room, cinema room, golf simulator studio, games room, teppanyaki bar, dog wash bay, and two flexible work hubs, The Biblioteca library and Mills Place office space, catering to residents’ evolving lifestyle needs.

Construction of the $350 million tower is underway through Mirvac’s in-house construction arm, with completion anticipated for mid-2027.

[smartcode_project_cta:default project_id=114216]

Sky-high sanctuaries: Mirvac unveils The Aerus sub-penthouses at Trielle

First Home Buyer Guide

With so much choice, searching for property can be a long and arduous process for some.

They can consume the whole of a Saturday, driving around properties, cramming through the door and spending five minutes in the property, maybe one minute with the agent in the company of others, before having to make the decision whether you want to buy.

Purchasing an apartment off the plan&nbsp;offers a different approach to property buying, through a more hands on and personable approach at the developers display suite of one of the apartments in the building.

Display suites give prospective buyers an insight as to how their apartment will look when construction is completed.

There are very different questions to ask when talking to an agent about an off the plan property purchase compared to an established property. Urban has wrapped up the top questions to ask when buying an off the plan apartment.

1. Who built the display, and will they be the same builder who will construct the development?

When buying any home, build quality is an important consideration.

The display suites are created to give prospective buyers an insights in to exactly what their apartment will look like on completion.&nbsp;

<a href="/developments/melbourne-vic?source_news_article_id=101649&amp;ref=news_body_link"><img alt="" height="800" src="https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/template_photoshop_melbournecbd_0.jpg" width="1200" /></a>

Wiser developers appoint the builder before creating the display suite and get&nbsp;the builder to construct the space which gives buyers further peace of mind when it comes to signing on the dotted line.

Knowing the builder this early one as well helps as then you can check the builder&#39;s track record of developments within the area, or even within the state. Go and visit some of the former developments, and see how close the completed build is compared to the renders which are usually available online.

2. Any developer incentives or stamp duty savings for the apartment I&#39;m looking at buying?

One of the biggest questions - how much money can I be saving?

Agents and developers are in the best position to highlight current government incentives which could help you shave thousands off your apartment purchase.&nbsp;

There may also be limited-time developer incentives if you buy the apartment before a certain date.

3. Is there a sunset clause in the contract? And when was the last time the developer enforced it?

A sunset clause is one of the most talked about contract stipulations&nbsp;in off the plan property.

Essentially, in the contract a developer will put&nbsp;a date on completion, which usually is well past the date the developers actually think&nbsp;construction will complete.

That&#39;s because if construction isn&#39;t completed before the date, the buyer, or the developer, have the legal right to pull out of the deal, with the buyer receiving their full deposit back.

The developer doesn&#39;t want to run over this date, in case the market dropped during construction and buyers want to pull out because their apartment is now worth less than when they paid.

On the flip side, and there have been occasions when this has happened which is why buyers need to be careful,&nbsp;developers can, and&nbsp;have, purposefully ran over the construction date so they can claim the apartment back. This can be due to price rises over the same period.

The developer would have the right to take the apartment back and then sell the apartment for a higher price.

<a href="/developments/southbank-vic-3006"><img alt="" height="800" src="https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/template_photoshop_southbank.jpg" width="1200" /></a>

4. What are the strata fees, and are they fixed?

Apart from the mortgage on the apartment, strata fees are one of the biggest ongoing fees for apartment owners.

It is important to know when going in to buying an apartment what the strata fees are, and more importantly whether they are fixed or whether there are plans for them to fluctuate.

The good news for off the plan apartments buyers, compared to those buying established apartments, is that the funds in the strata kitty, generally, won&#39;t have to be used to fix issues in the building given it will have only recently have been built and will be covered by a number of insurances.

Those buying apartments in buildings that may be 40 or 50 years old are likely to see the strata fund spent on maintaining and updating the building.

5. Who have been the predominant buyers in the apartment?

If you are intending on living in the apartment you buy and you&nbsp;want to live in the same development as people&nbsp;like you, whether a young professional, down-sizer or family, ask how many apartments have sold and to which demographic.

If there have been a number of investor purchasers in the development, ask how many and why the agent thinks this is the case.

At this point it will also be worth asking what the forecasted rental yield and rental income per week estimate they are quoting. Plans might change during construction of the development and the apartment may become an investment down the line.

<a href="/developments/docklands-vic-3008"><img alt="" height="800" src="https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/template_photoshop_docklands.jpg" width="1200" /></a>

6. Can I upgrade&nbsp;my apartment?

Depending on how far out the developer is from construction, many developers are open to buyers customising their apartments.

Generally there might not be whole sale changes which are wanted to be made by a buyer. Developers who have a solid pipeline of projects tend to know what they&#39;re doing when positioning bedrooms and bathrooms etc.

It might be that you&#39;d rather the built in kitchen appliances located elsewhere in the kitchen as to what has been mocked up in the display suite.

The question is also worth asking because some developers offer extra upgrade packages which could set your apartment from the rest. Think fixed outdoor barbecue kitchens, fireplaces, built-in study nooks or an upgrade in kitchen appliances.

There&#39;s of course the potential to buy neighbouring apartments and amalgamate before they are constructed as two apartments. The amalgamation, despite costing more than just a single&nbsp;apartment, will likely become bigger than that of any of the other&nbsp;apartments in the development.

Display suites give prospective buyers an insight as to how their apartment will look when construction is completed.

What an off the plan buyer needs to ask when visiting a display suite

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Buying your first house doesn't need to be a daunting experience – and with the <a href="/guides">right guidance</a>, you'll be equipped with the tools you need to create a <a href="/guides/-how-much-are-you-required-to-save-for-a-house">sound financial plan</a>.

Recently I had the opportunity to chat to <a href="https://unohomeloans.com.au/">Uno Homeloans</a>' Vincent Turner about some of the financial considerations <a href="/guides/2019/06/17/urbans-first-home-buyer-guide">first home buyers</a> should take into account. Vincent covered everything from loan pre-approval and boosting your borrowing power to mortgage maintenance as well as sharing some of his top financial tips.

Watch the interview:

<iframe allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="415" src="https://www.youtube.com/embed/xX1Nxv3kD_U" width="660"></iframe>

00:22 - How do you decide when is the right time to buy a house?

01:31 - How to identify a good time in the property market cycle

02:24 - How can you boost your borrowing power?

05:40 - How much should you spend on a mortgage?

07:53 - What is an offset account and how does it work?

09:43 - What happens if you want to set up a business but you have a mortgage?

10:58 - What are the benefits of getting home loan pre-approval before beginning your property search?

12:46 - What are your top 5 financial tips for first home buyers?

More from Vincent Turner: <a href="/news/two-key-lender-changes-you-need-to-know-about-before-you-get-your-loan">Two key lender changes you need to know about before you get your loan</a>

<h2>First home buyer guides</h2>

<a href="/guides/2019/06/17/urbans-first-home-buyer-guide">First Home Buyer Guide (24 simple steps)</a>

<a href="/guides/how-to-navigate-australias-first-home-buyer-grants">How to navigate Australia's First Home Buyer Grants</a>

<a href="/guides/20-things-you-should-look-out-for-before-you-buy-property">20 things you should look out for before you buy property</a>
</body></html>

Olivia Round

Uno Homeloans founder Vincent Turner shares financial advice every first home buyer needs to know

UPDATE: 
We have re-evaluated the home buyer guide from 2020&nbsp;and adapted it for 2021. Some things have changed, some things have remained as they are, inform yourself on the best ways to purchase a home in 2021! 
Feel free to add your comments below and any contributing suggestions. 
 
Buying your first home can seem like a daunting task. Entering the property market is expensive and confusing, plus there is so much information you need to be across. However, it is absolutely worth getting your foot in the door and investing in your future with a property.

That's why we, the friendly folk at <a href="/">Urban</a>, have put together the ultimate guide to buying a home. You can refer to this as a checklist of sorts to ensure you get it right the first time, making it easier for the second.

<h2>Why buy a home when you can rent?</h2>

[smartcode_project:default project_id=5234]

It seems simple, but many people ignore the fact that putting money into your mortgage over someone else's is always going to be more beneficial in the long run. Sure, it come with a little more work and expense (you have to fix your toilet as opposed to calling the landlord), but one day that asset could provide you with a steady income through rent, a large sum when sold, or make it easier for you to expand your property portfolio.

Plus if your first home ends up being your forever home you will have a lot of extra money to play with once it is paid off.

<h2>Where to find homes? Hunting for a first home</h2>

When looking for your first home, there are a few factors to consider:

<table border="1" cellpadding="1" cellspacing="1" style="width:500px;">
	<tbody>
		<tr>
			<td>Cost</td>
			<td>What will fit your budget?</td>
		</tr>
		<tr>
			<td>Lifestyle</td>
			<td>Where do you want to live, how easy will it be to get to shops and amenities?</td>
		</tr>
		<tr>
			<td>Investment strategy</td>
			<td>Where do you want to live, how easy will it be to get to shops and amenities?</td>
		</tr>
		<tr>
			<td>Size</td>
			<td>Will it be big enough if your family grows</td>
		</tr>
	</tbody>
</table>

Unfortunately, not all of these factors align, and you may have to trade your dream of living in a flash South Yarra apartment for a slightly larger townhouse in further from the city. Once you understand what your budget and necessities are, there are tools like the <a href="/developments">Urban search bar</a>, which has the largest project database, that can help you hone in on appropriate locations.

<h2>How to buy a home</h2>

[smartcode_project:default project_id=6515]

When it comes time to buy your first home, you will likely be faced with either a private sale or auction.

<h3>Private sale</h3>

While these two methods are actually pretty similar, a private sale is a little less intense and removes the risk of an accidental sneeze which makes you raise your paddle accidentally costing you a million dollars (kidding, they don't use paddles). If you are happy with the advertised price, you can simply buy the property, but there is also room for negotiation with the vendor via a real estate agent. You may still find yourself in a bidding war, but it will be far less stressful.

<h3><a href="/new-apartments">Buying off the plan</a></h3>

[smartcode_project:default project_id=3459]

There are many reasons <a href="/guides">why buying off the plan</a>&nbsp;is an excellent idea for new homeowners, and the one at the top of the list is the price. You will likely get a better deal in a developing area as the trade-off for not actually being able to see your house before buying it. Don't be scared by this, just ensure you study the plans and keep an open line of communication with the developer during construction.

<h3>Auction</h3>

This method involves bidding against other buyers in an open forum which usually sees properties sell for higher than the advertised range. If the property does not sell, you can enter negotiations after the auction which reverts to more of the private sale style method. You can also make an offer to the vendor before the auction if you want to try and avoid the bidding process.

<h2>Location - Where to buy (inner vs. outer suburbs)?</h2>

[smartcode_project:default project_id=3205]

They say location is everything and while that may be somewhat debatable there is no argument that it is extremely important. It is however fairly subjective. For example, you may be a city dweller, or prefer the peace of the outer suburbs. <a href="/news/urbans-top-5-for-october-most-viewed-suburbs">The popularity of particular areas</a> can also change depending on a range of factors like new developments and public transport.

<h3>Buying a home in the CBD - is it a good idea?</h3>

Chances are you will be looking at a smaller dwelling in the densely populated city areas, like an apartment or townhouse. If so, it is important to consider the noise factor, how many apartment blocks are in your building, is there a strata cost per year and will you have secure parking?

<h3>Buying a home in the suburbs - inner vs. outer?</h3>

If you want to be away from the hustle and bustle with a little bit more space, the suburbs are your spot. However, you want to ensure that you have easy access to any necessary amenities, schools, public transport, medical facilities, and some great dining and entertainment options because life in the suburbs can still be a lot of fun!

<h2>Planning your budget</h2>

Your financial situation will determine a lot of the factors for where and what you can buy along with your standard of living. The main things to consider are:

<table border="1" cellpadding="1" cellspacing="1" style="width:500px;">
	<tbody>
		<tr>
			<td>
			Your financial commitments and current savings/income
			</td>
		</tr>
		<tr>
			<td>
			Future plans and the associated costs
			</td>
		</tr>
		<tr>
			<td>
			Interest rate rises
			</td>
		</tr>
	</tbody>
</table>

<h2>The costs of buying a property</h2>

There is, unfortunately, a lot more than just the price tag when it comes to buying a home. You have to take into account:

<ul>
	<li>Fees for legal requirements and conveyancing</li>
	<li>Loan application or ongoing fees</li>
	<li>Stamp Duty</li>
	<li>GST</li>
	<li>Building inspection fees</li>
	<li>Moving costs</li>
</ul>

Add to this the ongoing cost of property ownership which can include:

<ul>
	<li>Loan repayments</li>
	<li>Insurance</li>
	<li>Utility bills</li>
	<li>Council rates</li>
	<li>Emergency Services Levy</li>
	<li>Body Corporate Fees</li>
</ul>

If you are a first home owner, however, you may be eligible for the first home owner grant, a one-off payment for those buying or building their first home.

<h3>How to arrange financing for your new home</h3>

More important than the amount you need is the amount you feel comfortable borrowing. There are plenty of <a href="https://www.aussie.com.au/home-loan-calculator">home loan calculators</a> that will give you a rough idea on what payments will be over certain periods of times and amounts. You will also need to speak to your lender about any associated fees and charges.

<h2>Inspecting property before buying</h2>

<figure><a class="colorbox colorbox-insert-image" href="https://res.cloudinary.com/dz9xllyip/image/fetch/q_auto:good/https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public//pictures/article-images/inspecting-before-purchase-home.jpg" rel="gallery-all" title="Inspecting Home Before Purchasing"><img alt="" class="image-article-full-width-580px" data-entity-type="" data-entity-uuid="" height="387" src="/sites/urban.melbourne/files//styles/article_full_width_580px/public/pictures/article-images/inspecting-before-purchase-home.jpg?itok=MVNM8LYm" title="Inspecting Home Before Purchasing" width="580" /></a>

<figcaption>Inspecting Home Before Purchasing</figcaption>
</figure>

With the exception of <a href="/guides">buying property off the plan</a>, you should always inspect your potential new home before making an offer or placing a bid. It is also a good idea to have the house checked by a property and pest inspection company which may save you a lot more money down the track if you are to realise there was a hidden issue prior to purchase.

As part of the loan process, your lender will require their valuer to inspect the property, it can also be good to have an independent value report done for yourself as well.

It is important to note that <a href="https://www.consumer.vic.gov.au/housing/buying-and-selling-property/buying-property/inspect-properties-before-you-buy">any illegal alterations </a>that have been made to the property could become your responsibility when the home becomes yours.

<h2>Borrowing money to buy a home</h2>

<figure><a class="colorbox colorbox-insert-image" href="https://res.cloudinary.com/dz9xllyip/image/fetch/q_auto:good/https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public//pictures/article-images/borrow-money-for-new-home.jpg" rel="gallery-all" title="Borrowing Money For Your New Home"><img alt="" class="image-article-full-width-580px" data-entity-type="" data-entity-uuid="" height="386" src="/sites/urban.melbourne/files//styles/article_full_width_580px/public/pictures/article-images/borrow-money-for-new-home.jpg?itok=dHngH7pf" title="Borrowing Money For Your New Home" width="580" /></a>

<figcaption>Borrowing Money For Your New Home</figcaption>
</figure>

The stumbling block for people who want to buy a home is usually the deposit which is 20% of the purchase price. When borrowing, however, the bigger your deposit, the lower your loan to value ratio (LVR). This is calculated with the amount of the loan divided by the purchase price of the property.

If it turns out that your loan to value ratio is higher than 80%, you will be required to pay lender's mortgage insurance, a cost that you will want to avoid if possible. This is why in many cases it is better to wait until your deposit is a little bigger to avoid higher ongoing costs.

<h3>The upfront costs of buying a home</h3>

The following costs will need to be accounted for during your budgeting and loan application:

<table border="1" cellpadding="1" cellspacing="1" style="width:500px;">
	<tbody>
		<tr>
			<td>Stamp duty</td>
			<td>A one-off tax that varies by state based on the property price and location</td>
		</tr>
		<tr>
			<td>Conveyancing fees</td>
			<td>A conveyancer will be required to ensure you meet all legal requirements necessary when purchasing a new home</td>
		</tr>
		<tr>
			<td>Removalist</td>
			<td>Moving in will cost money, best to get a bunch of different quotes</td>
		</tr>
		<tr>
			<td>Inspections</td>
			<td>Having a qualified building inspector asses structural integrity, wiring, etc</td>
		</tr>
	</tbody>
</table>

<h2>Property Insurance</h2>

<figure><a class="colorbox colorbox-insert-image" href="https://res.cloudinary.com/dz9xllyip/image/fetch/q_auto:good/https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public//pictures/article-images/property-insurance-a-must-have.jpg" rel="gallery-all" title="Property Insurance "><img alt="" class="image-article-full-width-580px" data-entity-type="" data-entity-uuid="" height="385" src="/sites/urban.melbourne/files//styles/article_full_width_580px/public/pictures/article-images/property-insurance-a-must-have.jpg?itok=6KaLdR6m" title="Property Insurance " width="580" /></a>

<figcaption>Property Insurance</figcaption>
</figure>

You've spent all of this money on your new home; you will definitely want some insurance cover to protect it. Your financial institution will also likely require it as a condition of your home loan. Home insurance will cover the cost of rebuilding or repairing your home if an unfortunate event befalls it.

Along with this, you may want to consider contents insurance to protect everything inside of the home as well. Most policies will also cover particular possessions if they are lost, damaged or stolen outside of the house as well. Combine the two into a single policy for ease and better value.

<h2>Legal matters (they do matter before purchasing your house)</h2>

It is important we note that here at Urban we do not provide legal advice and strongly recommend you contact a lawyer for any legal matters concerning the purchase of your new home.

Real estate laws differ per state, and while real estate agents can help with legalities, like preparing a purchase contract, it is also a good idea to involve your own lawyer. Some states will require a lawyer to perform a title search.

<h2>The benefits of having a lawyer</h2>

Most purchase contracts are similar. However, legal issues may arise that are outside of the expertise of your real estate agent. An example could be the note we mentioned before about homes with illegal modifications which become your problem after purchase.

Your lawyer can also make sure that there are no illegal or unfair inclusions in the purchase contract which differ from the standard or at least make you aware of any clauses that do.

<h2>Next Steps</h2>

After all of the above is considered you may now be ready to buy your first home. If so, keep in mind these points:

<ol>
	<li>Don't be scared of the commitment; you can always rent or sell if it becomes too much</li>
	<li>Sometimes getting into the property market is better than finding your dream home straight away</li>
	<li>Sacrifice the nice-to-haves (like a giant TV) to make your dream of owning a home come true. Older generations ate dinner on milk crates for the first few months after buying a home before they could afford the nice dining table. We don't need it all straight away</li>
	<li>Do your research and be informed about the areas you want to buy in, including future developments</li>
	<li>Get a pre-approval letter from your lender</li>
</ol>

<h2>Summary</h2>

The idea of buying your first home may seem scary and exciting, and it should probably be a healthy mix of both those things! Just crunch the numbers and make sure the move to purchase a significant asset is right for you, stick to your budget, and you'll be fine.

You will no doubt enjoy the satisfaction of putting your hard-earned money into your own home, and future you will be thrilled you made the investment. Plus you can hang as many pictures and have as many pets as you like, bonus!

NB: Article updated February 2021

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