Repeat buyers are one of the strongest measures of confidence in any apartment development.

At <a href="https://www.apartments.com.au/new-apartments/era-newcastle-west-124-126-bull-street-newcastle-west-nsw-2302">ERA</a> in Newcastle West, some purchasers are returning to <a href="https://www.apartments.com.au/developers/gwh">GWH</a> after living at the developer's One Apartments. Their decision to purchase again was driven by the quality of life they found after moving into their first GWH home.

Keith Wilton had spent years living in a house in East Maitland before deciding it was time for a change. Apartment living had always been on his radar, but he was selective about what he wanted.

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"I had some boxes I wanted to tick," he says.

Keith points to the open-plan design, generous outdoor areas and considered inclusions as key reasons One Apartments worked for him.

“One of those things was a nice indoor open plan area, but also I wanted a nice outdoor open area that I could entertain on in summer or Christmases or birthdays,” he says.

He also found value in the smaller details, from integrated appliances to shared resident spaces including the pool, cinema and rooftop areas.

[smartcode_project:default project_id=135096 project_image_fid=356818]

After comparing several developments, he chose One Apartments because of GWH's longstanding local reputation and his own experience working with the developer on a commercial project more than a decade earlier.

"I knew that they were local, that the quality of the build was going to be up there. I'd looked at other apartment complexes around and close by, and I just knew that here was a better decision location wise."

Today, Keith says the move has completely changed how he experiences Newcastle.

"I enjoy living in this location because it's more of a lifestyle change. That Newcastle city living where you can walk to restaurants and bars and even beaches and parks and even shopping across the road."

[smartcode_project:default project_id=135096 project_image_fid=356828]

Beyond the location, he says it's the sense of community that has surprised him most.

"Everyone loves living here because they chose to live here, but everyone looks out for each other. It's a real great community feel here."

For Aimee and Lyle Goodman, the journey started almost by chance.

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The couple happened to be having coffee in Newcastle when they noticed the site where One Apartments was about to begin construction.

"We were aware GWH was planning a development," Aimee says. "We made one phone call and things moved pretty quickly after that."

As busy business owners, they initially thought apartment living would simply reduce the maintenance that came with larger homes. Instead, it fundamentally changed how they spent time together.

"We actually catch up more as a family now," Aimee says.

"We've had homes with big yards and lots of space, but everyone ended up in different rooms. Here we'll have dinner together, the kids can play, and we spend far more quality time together."

[smartcode_project:default project_id=135096 project_image_fid=356829]

Lyle says their confidence came from GWH's reputation within Newcastle's building industry.

"I know people who've worked across different apartment projects, and whenever GWH came up the feedback was always the same. They're rock solid. They're quality."

That confidence only grew throughout the buying process.

"One of the things that really impressed us with GWH was the whole process, was the communication," Lyle says. "It was consistent, it was regular, there was no problem if we had some weird questions, there was no problems in getting answers."

[smartcode_project:default project_id=135096 project_image_fid=351104]

Aimee says one moment stood out.

"The project actually finished on time. We realised we needed to hurry up and sell our house because everything was happening exactly when they said it would."

The positive experience at One Apartments ultimately gave all three buyers the confidence to purchase again with GWH, this time at ERA.

Their confidence reflects what many buyers are seeking in today's apartment market. Location remains important, but so too does certainty around delivery, quality and long-term liveability.

[smartcode_project:default project_id=135096 project_image_fid=356822]

ERA builds on those foundations with 280 one, two and three-bedroom apartments across two landmark towers in <a href="https://www.apartments.com.au/developments/newcastle-west-nsw-2302">Newcastle West</a>.&nbsp;

Designed by <a href="https://www.apartments.com.au/architects/fk-australia">Fender Katsalidis</a>, the project will include more than 2,000 square metres of resident amenities, including a resort-style pool, gym, sauna, private cinema and rooftop entertaining spaces overlooking the harbour and coastline.&nbsp;

The development is also within walking distance of the Newcastle Interchange, Honeysuckle, Darby Street, the harbour foreshore, restaurants, retail and the city’s beaches, continuing the walkable lifestyle that existing GWH buyers say has transformed how they live.

[smartcode_project:default project_id=135096 project_image_fid=356826]

For Keith, the appeal remains straightforward.

"You feel at home even before you've moved into your home."

For Aimee, the change is measured in time.

“I just felt like I had more time,” she says.

[smartcode_project:default project_id=135096 project_image_fid=351102]

Construction at ERA is now underway, with more than half of the residences already sold and limited two and three-bedroom apartments remaining in the East Tower release. Priced from $980,000 for two-bedroom residences and $1.46 million for three-bedroom residences, buyers can secure an apartment with a 10 per cent deposit, with premium homes offering ocean views from Level 8 and harbour views from Level 10.

ERA is also backed by Resilience Insurance's 10-year Latent Defects Insurance policy, providing protection against structural or waterproofing defects for 10 years after completion. The project is anticipated to be completed in early 2028.

[smartcode_project_cta:default project_id=135096]

Joel Robinson

From ONE to ERA: Why buyers are choosing GWH again in Newcastle West

Virgate Property Group is preparing to commence construction of Verdé, its new apartment development in Melbourne's Arts Precinct at Southbank, following a strong run of sales that has seen more than half of the project's 173 apartments secured.

Verdé has attracted a broad mix of first home buyers, owner-occupiers upgrading from nearby inner-city suburbs and investors, with younger owner-occupier couples aged between 28 and 45 accounting for the strongest enquiry. Many are already living in Southbank, South Melbourne, Albert Park, Port Melbourne, South Yarra and the CBD.

"Verdé is located in one of the most desirable pockets of southern Melbourne," Blair Property Group Director Darren Blair, who is managing sales at Verdé, said.

"It's within walking distance of the Arts Centre, Royal Botanic Gardens, Albert Park Lake, and Southbank's restaurants and retail. It's a great lifestyle location with strong amenity and liveability, which made it a very attractive choice for the project."

[smartcode_project:default project_id=4661 project_image_fid=372549]

Virgate was already familiar with the precinct, having previously delivered the successful Domain House development in neighbouring South Melbourne. That experience gave the developer confidence to acquire the Coventry Street site and continue expanding its presence in Melbourne's inner south.

"We had been keeping an eye on the site and the broader precinct for a few months before deciding to move forward with the acquisition," Virgate said.

The project was ultimately secured in 2020 following feasibility studies, planning assessments and due diligence, with the brief centred on delivering "a high-quality, considered design that feels both refined and fit for purpose."

[smartcode_project:default project_id=4661 project_image_fid=314259]

Designed by <a href="https://www.apartments.com.au/architects/bruce-henderson-architects">Bruce Henderson Architects</a>, Verdé comprises 173 one, two and three-bedroom apartments priced from $599,000. The architecture is distinguished by a faceted glass façade that responds to both the site's outlook and Melbourne's changing light conditions.

According to Bruce Henderson Architects, the coloured glazing gives the building a distinctive identity while also providing privacy and solar shading, with residences oriented to capture views across the bay, city skyline and surrounding parklands.

Inside, <a href="https://www.apartments.com.au/interior-designers/designoffice">DesignOffice</a> has created interiors focused on natural light, efficient planning and enduring materials. Apartments feature engineered oak flooring, natural stone benchtops, floor-to-ceiling glazing and SMEG appliances, while a restrained material palette aims to complement the expansive outlooks rather than compete with them.

[smartcode_project:default project_id=4661 project_image_fid=372550]

Resident amenity has also been designed around everyday functionality rather than occasional use. Facilities include a concierge-serviced lobby, residents' lounge with fireplace, library and co-working space, gym, terrace garden with barbecue facilities, ground-floor café, and package delivery management.

The project's location continues to be one of its strongest drawcards. Positioned on Coventry Street, Verdé sits within walking distance of the National Gallery of Victoria, Arts Centre Melbourne, Royal Botanic Gardens and Albert Park Lake, while Southbank's dining precinct, Sturt Street trams and the new ANZAC Station are all nearby. The surrounding education catchment also includes Melbourne Grammar, Melbourne Girls Grammar, Mac.Robertson Girls' High School and several major university campuses.

The sales team says buyers have responded particularly well to the combination of location, design quality and long-term liveability.

"They're responding really positively to the quality of the design, premium resident amenities and the uninterrupted views. Many also appreciate the location and how connected it is to everything they need."

The ability to secure stamp duty savings before completion has also been a key factor for purchasers, alongside the opportunity to personalise finishes ahead of settlement.

With construction set to commence soon and more than half the apartments already sold, Verdé enters its next phase as one of the Arts Precinct's more established apartment developments, offering remaining buyers an opportunity to secure a residence before construction advances further. Expected completion is scheduled for late 2027.

[smartcode_project_cta:default project_id=4661]

Virgate's Verdé Southbank moves toward construction as sales fly past halfway stage

Downsizer-focused apartment development Kooyongkoot in Hawthorn has been recognised at the 2026 Better Future Melbourne Design Awards, taking home Gold and Silver awards in two categories.

<a href="https://www.apartments.com.au/new-apartments/kooyongkoot-hawthorn-1-kooyongkoot-road-hawthorn-vic-3122">Kooyongkoot</a>, currently being delivered by developer PQD and designed by Cera Stribley, received Gold in the Interior Design – Proposed category and Silver in the Architecture – Proposed category.

The dual recognition reflects the design approach behind the boutique development on prestigious Kooyongkoot Road, where the focus has been on creating homes for downsizers seeking the space, quality and functionality of a detached house within a low-rise apartment building.

Rather than maximising apartment numbers, <a href="https://www.apartments.com.au/developers/pqd">PQD</a> and <a href="https://www.apartments.com.au/architects/cera-stribley-architects">Cera Stribley</a> limited the development to just 18 residences, allowing for larger floorplans, greater privacy, generous landscaping and expansive communal spaces.&nbsp;The majority of the apartments also benefit from corner aspects, allowing for dual sources of natural light.

Now around 70 per cent complete and on track for completion in November 2026, Kooyongkoot will comprise a mix of garden residences, ter​race apartments, sub-penthouses, and is crowned by two half-floor penthouses with direct lift access and private rooftop terraces.

[smartcode_project:default project_id=102717 project_image_fid=355297]

The Silver Award for Architecture recognised the way the building responds to its prominent corner position at the ent​rance to Hawthorn's Scotch Hill precinct, one of Melbourne's most established residential neighbourhoods.

Rather than competing with the grand homes that line Kooyongkoot Road, the architectural approach focused on restraint and longevity, using curved brickwork, generous landscaping and carefully considered proportions to integrate with the existing streetscape.

"The form feels fluid and timeless, as though shaped by the landscape itself – architecture that belongs, rather than competes," said Chris Stribley, Co-Founder and Managing Principal of Cera Stribley.

The judging submission also highlighted practical innovations throughout the building, including lift cores servicing only nine homes each, a central landscaped lightcourt designed to bring daylight and ventilation into the building, and fully enclosed private storage rooms with lighting, power and shelving to better accommodate residents transitioning from larger family homes.

[smartcode_project:default project_id=102717 project_image_fid=355293]

The Gold Award for Interior Design recognised the project's focus on long-term liveability rather than display-home aesthetics.

According to the awards submission, the interiors were designed from the inside out, prioritising how homes would function over decades of daily use through generous proportions, practical storage, durable natural materials and flexible layouts.

The specification includes natural stone throughout, upgraded acoustic glazing, V-ZUG appliances and fully enclosed storage rooms, alongside an amenity offering focused on wellness, entertainment and everyday convenience.&nbsp;

Residents will have access to a gym and yoga studio, a wellness centre featuring traditional and infrared saunas, a cold therapy shower and treatment room, as well as a residents' lounge and golf simulator/cinema room for entertainment.&nbsp;Kooyongkoot has also considered the everyday convenience of its residents by offering a private carwash and pet wash facilities on site as well as dedicated parcel lockers and oversized fully enclosed storage rooms.&nbsp;

[smartcode_project:default project_id=102717 project_image_fid=355303]

The project's attention to detail has already resonated with buyers. Earlier this year, Kooyongkoot recorded one of Boroondara's highest apartment sales when an $8 million penthouse was purchased by a Melbourne CEO downsizing from a nearby family home.

"Every detail feels deliberate, from the overall design down to the smallest touches," the purchaser said.

"The level of quality and refinement is exceptional, but what really sold it was how liveable it felt... It felt like a place where everything had been considered, not just a luxury building."

[smartcode_project:default project_id=102717 project_image_fid=355304]

Sustainability also formed a key part of both award submissions. Kooyongkoot is targeting a minimum 7.5-star NatHERS rating across all residences, supported by passive design principles, high-performance glazing, EV charging infrastructure, water reuse systems and a wellness model focused on lower-energy dry facilities rather than pools and large wet areas.

Located within walking distance of Scotch College, Methodist Ladies' College, Koo​yong Lawn Tennis Club, Aubur​n Village and Camberwell Junction, Kooyongkoot continues to target owner-occupiers looking to remain in Melbourne's inner east without compromising on space or quality. A limited selection of two, three and four-bedroom residences remains available, with prices starting from $1.9 million.

[smartcode_project_cta:default project_id=102717]

Kooyongkoot wins Gold and Silver at Better Future Melbourne Design Awards

New apartment supply has become increasingly constrained across <a href="https://www.apartments.com.au/developments/parramatta-nsw-2150">Parramatta</a> in recent years, with fewer projects progressing through to completion as development conditions have become more challenging.

It makes <a href="https://www.apartments.com.au/developers/novm">NOVM</a>'s 2021-completed <a href="https://www.apartments.com.au/buildings/the-lennox-parramatta-12-phillip-street-parramatta-nsw-2150">The Lennox</a> one of the most recently completed residential towers on the Parramatta River, and among the newest apartment developments in Sydney's second CBD.

With the project largely completed before the sharp escalation in construction costs and inflation following the pandemic, The Lennox is now offering pricing that would be difficult to replicate in a comparable new development in Parramatta today, or across much of Western Sydney.

The majority of the 413 apartments at The Lennox sold before and shortly after completion. A limited release of the remaining apartments has recently been brought to market by capital partner <a href="https://www.apartments.com.au/project-marketer/equitifund-group">Equitifund</a>, with entry-level pricing from $700,000 and two-bedroom apartments available from under $1 million.

Rising above the Parramatta River at 12 Phillip Street, The Lennox comprises one, two, three and four-bedroom apartments, appealing to first home buyers, young professionals, families, downsizers and interstate investors seeking a completed apartment in one of Australia's fastest-growing economic centres.

[smartcode_project:default project_id=5743 project_image_fid=372394]

Rather than positioning Parramatta as an alternative to Sydney's CBD, Equitifund believes the city has reached a point where it stands on its own merits.

"Parramatta is no longer simply an alternative to Sydney CBD, it's becoming a destination in its own right," Equitifund Executive Chairman Greg Huxley said.

"The Lennox captures that evolution with a level of quality and amenity that's difficult to match at its price point."

[smartcode_project:default project_id=5743 project_image_fid=953]

Designed by <a href="https://www.apartments.com.au/architects/marchese-partners">Marchese Partners</a>, the tower responds directly to its riverfront setting through expansive glazing and open-plan layouts that maximise views across the Parramatta River and city skyline. Interiors feature engineered timber flooring, stone benchtops, stainless steel appliances and floor-to-ceiling glazing, while generous balconies extend the living spaces outdoors.

Marchese Partners says the project was conceived to balance high-quality apartment living with practical, long-term functionality, pairing larger, efficient floorplans with amenities more commonly associated with five-star hotels.

That emphasis continues through the resident facilities, which include a 20-metre rooftop swimming pool, fully equipped gym and wellness spaces, full-time concierge, a residents' lounge, function room, private lifts, secure basement parking and rooftop communal areas overlooking the Parramatta River. Ground-floor boardwalk retail and dining further activate the riverfront and integrate the building into the surrounding public realm.

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Australian housing and finance group Equitifund has secured the remaining apartments, believing there are few completed apartment opportunities in Parramatta that offer the same combination of location, amenity and pricing.

Equitifund National Sales Director Ben Hamblett says buyers are increasingly recognising that premium apartment living no longer needs to come with Sydney CBD pricing.

"The Lennox is where aspirational living becomes attainable," Hamblett said.

"Wake to river and mountain views, step into Sydney's Second CBD, and arrive home to resort-calibre amenities, all without the harbour price tag."

Hamblett says owner-occupiers are also attracted by the convenience of having Westfield Parramatta, Church Street's dining precinct, Parramatta Park, Riverside Theatres, Western Sydney University and major transport connections all within walking distance.

"At The Lennox, lifestyle is not an afterthought, it is the foundation."

[smartcode_project:default project_id=5743 project_image_fid=5374]

The Lennox places residents within walking distance of Parramatta Square, Westfield Parramatta, Church Street Eat Street, Parramatta Station, the ferry wharf, Light Rail, the future Sydney Metro West, Parramatta Park and CommBank Stadium, reinforcing Parramatta's position as one of Australia's most connected metropolitan centres outside Sydney's CBD.

Equitifund says buyers visiting the display suite consistently comment on the quality of the finishes, generous floorplans, river and skyline views, and the walkability of the location. The project has attracted a broad mix of local professionals, upsizers, downsizers, buyers relocating from Sydney's inner suburbs and interstate investors seeking long-term growth opportunities.

That demand aligns with Parramatta's continued evolution as an economic powerhouse. Equitifund Research and Market Insights specialist John Bekiaris says sustained population growth, infrastructure investment and expanding employment opportunities continue to support long-term housing demand across the city.

"Parramatta has evolved from a satellite city into one of Australia's most important economic centres. Population growth, infrastructure investment and employment are all supporting sustained long-term housing demand."

[smartcode_project_cta:default project_id=5743]

The apartment price gap drawing Sydney buyers west

A luxury beachfront apartment at Rainbow Bay has more than doubled in value since it sold off the plan six years ago, setting a new local apartment record in the process.

The three-bedroom apartment in the Flow development on Petrie Street, the first of four new projects locally by Paul Gedoun's S&amp;S Projects, has sold for $7.4 million, after originally selling for $3.27 million when the project launched in 2020.

The seventh-floor apartment, comprising 187 sqm of internal living space and a 54 sqm balcony overlooking Froggies Beach and Snapper Rocks, was purchased by a local family.

The transaction was negotiated by Pezet Matheson director Kerry Pezet and equates to more than $30,000 per sqm.

Pezet said the sale reflected the limited opportunities to buy into the boutique beachfront development.

"The sale highlights the rarity of opportunities within the boutique beachfront development, where residences seldom become available," Pezet said.

"Flow is one of the Gold Coast's most tightly held buildings. Buyers from our database move quickly when residences become available, and achieving an off-market sale at $7.4 million demonstrates the depth of demand for property of this calibre."

<img alt="Flow" data-entity-type="file" data-entity-uuid="c585b206-2130-4eee-a50c-3f27c51a7c70" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-07-06%20at%208.33.25%E2%80%AFPM.png?VersionId=m3pHRDV62Y3fvN.XQuQHq.52ilTWpRLf" />

Flow was the first of four luxury apartment developments delivered by Paul Gedoun's S&amp;S Projects at Rainbow Bay and was completed in 2023.

Positioned on the beachfront overlooking Snapper Rocks, the residence includes three bedrooms, three bathrooms, a powder room and views stretching north along the coastline towards Surfers Paradise.

Pezet Matheson Residential principal Mitchell Lambert said buyers continued to prioritise quality beachfront apartments in tightly held locations.

"Flow Residences offers a rare combination of elevated beachfront positioning, architectural excellence, comprehensive resident amenity and premium finishes, which is exactly what discerning purchasers are seeking," Lambert said.

"The transaction further reinforces Rainbow Bay's reputation as one of Australia's premier coastal lifestyle destinations, where limited supply and growing demand continue to support strong market performance."

Pezet Matheson originally marketed and sold out Flow off the plan, making the latest transaction a return to one of the project's original buyers.

Paul Gedoun is selling his third project, <a href="https://www.apartments.com.au/new-apartments/radia-rainbow-bay-271-boundary-street-coolangatta-qld-4225">Radia Rainbow Bay</a>, after recently completing, and selling out, <a href="https://www.apartments.com.au/buildings/esprit-217-227-boundary-street-coolangatta-qld-4225">Esprit</a>. He has plans for a <a href="https://www.apartments.com.au/news/qld/first-look-s-s-projects-proposes-88-apartment-wellness-tower-at-coolangattas-boundary-street">fourth building</a>, 88 apartments on <a href="https://www.apartments.com.au/new-apartments/209-213-boundary-street-coolangatta-qld-4225">Boundary Street</a>.

Rainbow Bay apartment doubles in price since off the plan sale during pandemic

First Home Buyer

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Aussies say taking out a home loan is a process shrouded in mystery for many first home buyers, and 71% would like more help choosing a loan, according to the latest research by mortgage broker Mortgage Choice. An independent survey conducted by CoreData on behalf of Mortgage Choice, found that across all the stages of a buying a home, applying for a loan is the aspect where first home buyers (49%) are most likely to need the support of others.

One in two (57%) first home buyers report being ‘highly’ or ‘reasonably’ confident that they understand the home loan features best suited to their needs, however one in three (32%) have ‘minimal’ confidence. However more than one in ten (11%) have no confidence at all in their ability to distinguish which home loan is right for them. 

The top five challenges first home buyers identified in securing a home loan include:

<ol>
<li>47% Understanding how the whole process works</li>
	<li>46% Making sure they are getting the best deal possible</li>
	<li>45% Making sure they qualify for the loan amount and property they want to buy</li>
	<li>41% Establishing what they can afford to comfortably pay back</li>
	<li>37% Understanding what (if any) government support they qualify for.</li>
</ol>
Unsurprisingly, 71% of first home buyers say they wish they had more support to make decisions around choosing their first home loan. Among these first homeowners, 39% rank ‘someone to help guide me through’ as the top source of support they wish they had, 26% just want someone to help build their knowledge and confidence.

“Home loan interest rates are at historic lows, which is great news for first home buyers. But the research suggests that the biggest challenge many first home buyers face right now, is not financial – rather it’s uncertainty about how the buying process works," Susan Mitchell, CEO of Mortgage Choice, said.

When it comes to seeking support, the survey found one in two (50%) first home buyers rely on family, friends and work colleagues, 46% turn to a mortgage broker, and 36% rely on online information.
</body></html>

More than one in ten first home buyers have no confidence at all in their ability to distinguish which home loan is right for them. 

urban.com.au

71% of first home buyers wish for more support choosing their home loan

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There’s plenty to like and lots to criticise in the housing measures announced by the State Government in Victoria.
Firstly, let’s be grateful for some progress on a difficult issue and acknowledge this factor: at last we have a state government willing to recognise that resolution of affordability issues lies within its own hands.
The standard political response to affordability problems is to point the finger of blame in other directions. All manner of culprits have been made scapegoats, including foreign buyers, Australian investors and migrants to Australians.
But the reality is that politicians lie at the heart of the problems. All three levels of government play significant roles in adding to the costs of building or buying dwellings – none more so than state governments.
So it’s refreshing to see Victoria taking some responsibility for this issue. It’s also heartening to see that Premier Daniel Andrews and his cohorts have recognised that simplistic solutions won’t make a difference. Rather, they have announced a multi-phased campaign to try to improve things.
Too much media time in the affordability debate has been wasted on people advocating single-pronged solutions, usually based on their own vested interests or on politically-motivated opinions that lack any substance or a basis in research.
The Victorian Government has announced a series of measures which address some, but certainly not all, of the factors wrapped up in the contentious issue.
It has taken steps in increase supply, both in Melbourne and in regional Victoria.
It has sought to encourage people out of the Melbourne market and into regional areas.
And it has addressed the stamp duty cost burden on first-home buyers, while also introducing a joint-purchase scheme to further assist first-timers.
There are plenty of issues it hasn’t addressed, especially the way in which government policies, taxes and charges had enormously to the cost of producing new homes.
That’s because it wants to make a difference without taking too much of a hit to the Budget bottom line. Like all state governments, it’s addicted to all that lovely revenue it rips out of the housing industry in taxes, fees and charges of various kinds.
So it’s found a way to slug investors while helping first-home buyers, so that it recoups from the former some of the revenue it loses by helping the latter.
It’s introducing a tax on investor properties left vacant for six months of the year, equal to 1 percent of the property’s capital-improved value. The idea is to force to owners to sell them or rent them out, thereby adding to the supply of homes. This won’t apply, apparently, to holiday homes or homes owned by people who move overseas temporarily.
It’s claimed there are at least 24,000 homes sitting empty in Melbourne because their owners prefer to keep them vacant rather than put in tenants. There’s a fundamental issue here that needs to be debated, based on the individual’s right to make decisions about their assets. 
The Government is also increasing housing supply through plans for 17 new suburbs with 100,000 home sites around the Melbourne metropolitan area.
The Government is abolishing stamp duty for first-home buyers of properties up to $600,000, with stamp duty discounts for those between $600,000 and $750,000. It will pay for them by removing the stamp duty exemption for investors who buy off-the-plan apartments.
It’s also increasing grants for first-home buyers in regional Victoria (new homes only) from $10,000 to $20,000. There aren’t too many rural locations with pressing affordability issues so this, it seems, is more about encouraging people to move to regional centres, thereby easing demand-supply pressures in Melbourne.
There’s also a new plan called HomesVic, whereby the government will co-purchase homes jointly with first-home buyers.
Many people would applaud those measures or most of them. They’re designed to help first-time buyers in various ways while slugging people who buy homes as investments.
But it’s an approach that fails to recognise the part investors play in lifting housing supply, providing a necessary pool of homes for rent and creating wealth to provide for future retirement. 
It also ignores the most pressing issue of the affordability situation: the part state governments play in inflating the cost of new housing. This government is, essentially, giving with one hand and taking away with the other – it’s providing grants, stamp duty concessions and other assistance to first-time buyers of homes which are expensive in the first place because of governments imposts on the dwelling supply process. 
If they had the political will they could make new dwellings considerably cheaper - and then those grants and concessions wouldn’t be so necessary.
Terry Ryder is the founder of <a href="https://www.hotspotting.com.au/">hotspotting.com.au</a>. You can  <a href="mailto:%20%3Cscript%20type='text/javascript'%3E%20%3C!--%20var%20prefix%20=%20'ma'%20+%20'il'%20+%20'to';%20var%20path%20=%20'hr'%20+%20'ef'%20+%20'=';%20var%20addy38821%20=%20'ryder'%20+%20'@';%20addy38821%20=%20addy38821%20+%20'hotspotting'%20+%20'.'%20+%20'com'%20+%20'.'%20+%20'au';%20document.write('%3Ca%20'%20+%20path%20+%20'/''%20+%20prefix%20+%20':'%20+%20addy38821%20+%20'/'%3E');%20document.write(addy38821);%20document.write('%3C//a%3E');%20//--%3E/n%20%3C/script%3E%3Cscript%20type='text/javascript'%3E%20%3C!--%20document.write('%3Cspan%20style=/'display:%20none;/'%3E');%20//--%3E%20%3C/script%3EThis%20email%20address%20is%20being%20protected%20from%20spambots.%20You%20need%20JavaScript%20enabled%20to%20view%20it.%20%3Cscript%20type='text/javascript'%3E%20%3C!--%20document.write('%3C/');%20document.write('span%3E');%20//--%3E%20%3C/script%3E">email him</a> or follow him on <a href="https://twitter.com/hotspotting">Twitter.</a>
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terryryder-YECXbqmri2

Victoria slugs investors, helps first-home buyers: Terry Ryder

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GUEST OBSERVER
First home buyers are close to record lows in many of Australia’s states and they are below the long term average in every state except Western Australia.  
As at the end of April 2017, first home buyers comprised just 13.9 percent of all owner occupier mortgage demand nationally.  The situation is worse in New South Wales, where first time buyers comprised only 8.4 percent of the market over the first four months of the year so far; based on the long term average, first home buyers ‘normally’ comprise around one fifth of owner occupier demand across New South Wales.
<a href="https://www.propertyobserver.com.au/images/2017/06/29/Screen%20Shot%202017-06-29%20at%2011.51.30%20AM.png" target="_blank">Click to enlarge </a>
<img src="https://www.urban.com.au/images/2017/06/29/Screen%20Shot%202017-06-29%20at%2011.51.30%20AM.png" alt="">
With first home buyer participation declining as prices rise, it’s an easy connection to suggest that housing affordability is to blame for the low participation rate, but that is probably only part of the reason.  South Australia, for example, doesn’t have the same affordability challenges as New South Wales, yet first time buyers are the second lowest of any state at 12.2 percent and first time buyer activity in Victoria (16.6 percent) is more substantial than participation in Tasmania (15.2 percent) where housing is the most affordable of any state.
Availability of jobs is an important factor for first home buyers and this is likely to be one of the factors supporting first time buyer demand in Victoria, even though stamp duty rates (prior to July 1) are high and affordability measures are the second highest of any capital city outside of Sydney.   
Over the past five years 39 percent of the jobs created nationally have been in Victoria which is substantially higher than the long term average of 24 percent.
The two states where first time buyers are most active, at least on a proportional basis, are Western Australia, where first time buyers comprise 28.4 percent of owner occupier mortgage demand, and Queensland at 21.5 percent.  
First home buyers are higher than the long term average in Western Australia and Queensland first timers are close to the long term average participation rates.  Jobs growth has been mild across both states over the past five years, however housing prices have been tracking lower in Perth and increasing roughly in line with incomes in Brisbane.  
The dwelling price to income ratio in Brisbane is 5.9 and in Perth its 6.0; substantially lower than the larger capital cities.  
It’s likely that the healthier affordability of housing in these regions, despite the mild jobs growth, is a primary factor in supporting first time buyer demand.
Other factors come back to transaction costs, particularly the cost of stamp duty and deposit.  
There is a high likelihood that stamp duty exemptions for first home buyers, which go live on July 1st in Victoria and New South Wales will temporarily boost first time buyer numbers in the market.  
While the exemptions are likely to drive first home buyer demand, it’s likely that additional demand concentrated across the lower priced end of the market could simply push prices higher over the short to medium term. 
Tim Lawless is head of the CoreLogic research and analytics team and can be contacted <a href="https://www.corelogic.com.au" target="_blank">here</a>.
 
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tlawless-5VLUrbAk9s

First home buyers at record lows

With the Brisbane property market in its strongest position in five years to generate price growth, first home buyers are increasingly interested in purchasing an inner-city apartment.

Brisbane&rsquo;s affordability, when compared to other cities such as Sydney or Melbourne, is helping boost demand.

Here are some of the most affordable prices for inner-city Brisbane apartments, whether you&rsquo;re a first home buyer or a smart investor.

1.&nbsp;Silk One, Wolloongabba 
One-bedroom apartments from $398,000 
Address: 825-847 Stanley Street, Woolloongabba QLD 4102

<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/silk-one-825-847-stanley-street-woolloongabba-9a6d5739b3a574becc1dba674a707b94.jpg" rel="gallery-all"><img alt="" class="image-article-full-width-580px" height="386" src="/s3/files/styles/article_full_width_580px/public/pictures/article-images/silk-one-825-847-stanley-street-woolloongabba-9a6d5739b3a574becc1dba674a707b94.jpg?itok=JZzB1lEG" width="580" /></a> <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/maxresdefault-8.jpg" rel="gallery-all"><img alt="" class="image-article-full-width-580px" height="326" src="/s3/files/styles/article_full_width_580px/public/pictures/article-images/maxresdefault-8.jpg?itok=cAFUO6B6" width="580" /></a>

Located in Woolloongabba, the home of the Brisbane Cricket Ground, the &lsquo;Gabba&rsquo;, Silk One comprises 177 one, two and three-bedroom apartments within walking distance to the Brisbane CBD. Designed by Nettleton Tribe Architects, the home features deep balconies, floor-to-ceiling windows and views of the Brisbane River, CBD skyline and beyond.

Amenities within the project include a rooftop recreation deck, above ground secure car parking and office and retail space. It features Brisbane&rsquo;s first and only rooftop Skystand, overlooking the Gabba.

The second stage, Silk Lane, is expected to be release mid 2021.

2. Renovar&eacute; Yeronga 
One-bedroom apartments from $389,000 
Address: 174 Venner Road, Yeronga QLD 4104

<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/renovare-yeronga-174-venner-road-yeronga-866298801bd136000c51763a32678665_0.jpg" rel="gallery-all"><img alt="" class="image-article-full-width-580px" height="309" src="/s3/files/styles/article_full_width_580px/public/pictures/article-images/renovare-yeronga-174-venner-road-yeronga-866298801bd136000c51763a32678665_0.jpg?itok=qhpuYj8z" width="580" /></a>

Delivered by the Gardner Vaughan Group, the eco-friendly development in the heart of Yeronga offers 30 one, two, three and four-bedroom apartments. Achieving a five-leaf rating of sustainability from the Urban Development Institute of Australia (UDIA), the residence has a positive impact on the environment and the community.

Adjoining the Fehlberg Park, residents will enjoy parklands, heated pool, green spaces, community herb garden and entertaining facilities.

3. The Coterie, Fortitude Valley 
One-bedroom apartments from $383,880 
Address: 365 St Pauls Terrace, Fortitude Valley QLD 4006

<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/the_coterie_height.png" rel="gallery-all"><img alt="" class="image-article-full-width-580px" height="387" src="/s3/files/styles/article_full_width_580px/public/pictures/article-images/the_coterie_height.png?itok=DotIm28U" width="580" /></a>

Located in the culturally rich inner-city suburb of Fortitude Valley, the Coterie stands as two residential towers comprising of 249 one, two and three-bedroom apartments across 27 floors.

Designed by Rothelowman and Bruce Henderson Architects, the home offers open-plan designs, floor-to-ceiling windows, oak floorboards and white joinery. The residences offer views over the Brisbane CBD, private outdoor spaces and exclusive amenities, including a private rooftop retreat, landscaped gardens and a swimming pool.

4. Mary Lane, Brisbane 
One-bedroom apartments from $460,000 
Address: 111 Mary Street, Brisbane QLD 4000

<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/mary-lane-111-mary-street-brisbane-cc34014d8017a299485caee03c3c9f70.jpg" rel="gallery-all"><img alt="" class="image-article-full-width-580px" height="435" src="/s3/files/styles/article_full_width_580px/public/pictures/article-images/mary-lane-111-mary-street-brisbane-cc34014d8017a299485caee03c3c9f70.jpg?itok=fz03Itfv" width="580" /></a> <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/retail_0.jpg" rel="gallery-all"><img alt="" class="image-article-full-width-580px" height="362" src="/s3/files/styles/article_full_width_580px/public/pictures/article-images/retail_0.jpg?itok=hPRQUCg_" width="580" /></a>

Mary Lane sits in the centre of Brisbane, offering 167 residences in one, two and three-bedroom configurations. For just $460,000, residents will have access to private amenities, such as a residents-only foyer, terrace pool, gym and function room. Although its perched above the Westin Hotel, the foyer and lifts remain separate.

One-bedroom apartments in the development feature floor-to-ceiling glass, a balcony and a full-size kitchen with quality appliances.

5. M Apartments, Kangaroo Point 
One-bedroom apartments from $415,000 
Address: 699 Main Street, Kangaroo Point QLD 4169

<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/m-apartments-699-main-street-kangaroo-point-c99c5000b79cae57bd60d9c2a196333e.jpg" rel="gallery-all"><img alt="" class="image-article-full-width-580px" height="435" src="/s3/files/styles/article_full_width_580px/public/pictures/article-images/m-apartments-699-main-street-kangaroo-point-c99c5000b79cae57bd60d9c2a196333e.jpg?itok=qMqE1wEc" width="580" /></a>

M Apartments is a new addition to Brisbane&rsquo;s Kangaroo Point and is only moments to the Woolloongabba dining precinct and the Brisbane CBD. The development offers 46 one and two-bedroom apartments, as well as three commercial properties located on the ground floor.

Amenities within the project include rooftop entertainment deck, timber flooring and a communal barbeque area with views over the surrounding suburbs.

Here are five of the most affordable entry prices for inner-city Brisbane apartments

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December 2020: The most affordable prices for new apartments in the Brisbane CBD

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Given the lower entry-level price points, buyers can secure a two-bedroom residence in Canberra at even cheaper prices than one-bedroom apartments in Sydney or Melbourne.

If you're a first home buyer or a smart investor, here are four residences you can secure a one-bedroom apartment for less than $430,000 in Australia's capital.

1. <a href="/buildings/nightfall-2-grazier-lane-belconnen">Nightfall, Belconnen</a>

One-bedroom apartments from $363,900 
Address: Cameron Avenue, Belconnen ACT 2617

<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/nightfall_render1.jpg" rel="gallery-all"><img alt="" class="image-article-full-width-580px" height="400" src="/s3/files/styles/article_full_width_580px/public/pictures/article-images/nightfall_render1.jpg?itok=hv7QbvQz" width="580"></a> <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/nightfall_render2.jpg" rel="gallery-all"><img alt="" class="image-article-full-width-580px" height="336" src="/s3/files/styles/article_full_width_580px/public/pictures/article-images/nightfall_render2.jpg?itok=1aIbUp_D" width="580"></a>

Nightfall is no exception to Canberra’s affordable entry prices for apartments, offering one-bedroom, one-bathroom apartments from $363,900. The luxury apartments offer views of the Lake Ginninderra waterfront and is a change of scenery from Canberra’s busy CBD.

Designed by Fender Katsalidis, Nightfall offers a private barbeque area, a fully-euipped commercial kitchen and an outdoor terrace for entertaining. The project is the third and final stage of Geocon’s Republic precinct in the Belconnen district.

The project offers two-bedroom, two-bathroom homes from $501,900.

2. <a href="/buildings/the-establishment-90-swain-street-gungahlin">The Establishment, Gungahlin</a>

One-bedroom apartments from $313,900 
Address: Corner Gundaroo Drive and Gozzard Street, Gungahlin ACT 2912

<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/geo1420_section224gungahlin_s060_int_living.jpg" rel="gallery-all"><img alt="" class="image-article-full-width-580px" height="435" src="/s3/files/styles/article_full_width_580px/public/pictures/article-images/geo1420_section224gungahlin_s060_int_living.jpg?itok=QV-Qyezf" width="580"></a>

Inspired by Chicago’s industrial warehouse scene, The Establishment offers one, two, three-bedroom and loft apartments “designed for luxury and forged in style,” the marketing reads. Homes begin at just $313,000 for a one-bedroom, one-bathroom apartment in the complex.

The residence offers private amenities, including a rooftop infinity-edge lap pool with outdoor spa and an exclusive outdoor strength and agility gym. It is located just five minutes from Yerrabi Pond and numerous parklands and walking tracks.

The project offers two-bedroom, one-bathroom apartments from $452,900. 

3. <a href="/buildings/metropol-81-cooyong-street-reid">Metropol, Reid</a>

One-bedroom apartments from $420,900 
Address: 26 Cooyong Street, Reid ACT 2612

<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/metropol_s080_int_typical2bedkitchen_apt619_schemeb_final200011.jpg" rel="gallery-all"><img alt="" class="image-article-full-width-580px" height="435" src="/s3/files/styles/article_full_width_580px/public/pictures/article-images/metropol_s080_int_typical2bedkitchen_apt619_schemeb_final200011.jpg?itok=yFMc4HsU" width="580"></a>

Located in Reid, Metropol features a selection of one, two and three-bedroom apartments and offers one-bedroom, one-bathroom apartments from $420,900. Just one minute walk from the CBD, Reid connects you to the epicentre of Canberra.

Metropol’s numerous private resident amenities offer great value for money, with an infinity edge pool, views across Glebe Park, high-tech entertainment facilities and a private penthouse that can be reserved by residents.

Two-bedroom, two-bathroom residences begin at $569,900 at Metropol. 

4. <a href="/buildings/midnight-1-elouera-street-braddon">Midnight, Braddon</a>

One-bedroom apartments from $429,900 
Address: 92 Northbourne Avenue, Braddon ACT 2612

<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/geoconmidnight_s010_ext_hero-final2000.jpg" rel="gallery-all"><img alt="" class="image-article-full-width-580px" height="435" src="/s3/files/styles/article_full_width_580px/public/pictures/article-images/geoconmidnight_s010_ext_hero-final2000.jpg?itok=vkGmP0Gn" width="580"></a> <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/geoconmidnight_s150_int_penthouseliving_final2000.jpg" rel="gallery-all"><img alt="" class="image-article-full-width-580px" height="435" src="/s3/files/styles/article_full_width_580px/public/pictures/article-images/geoconmidnight_s150_int_penthouseliving_final2000.jpg?itok=PGqeFI2l" width="580"></a>

Whilst a bit more expensive than the other homes on this list, Midnight is located in the heart of the vibrant suburb of Braddon and within walking distance of the Canberra CBD.

Midnight offers spacious and well-designed apartments with hotel-quality amenities and exclusive facilities.

This rare opportunity comes to first home buyers at an entry price of just $429,000. Offering amenities such as a 25-metre lap pool, waterfall features and shared facilities with the 199-room Midnight Hotel.

Two-bedroom, two-bathroom apartments within the project start from $624,900. 
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Here are four residences you can secure for less than $430,000 in Australia's capital city.

December 2020: New apartments you can buy in Canberra for under $430,000

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2020 has been a year cloaked in an unscrupulous veil of uncertainty and fear. As Australians, we’ve endured horrific bushfires and the COVID-19 pandemic. It’s only fair to assume that one of the major markers of economic stability, the property market, would also take a substantial hit. However, whilst property prices and sales volumes have dropped, the market has proved itself to be extraordinarily resilient. 

According to data from <a href="https://www.corelogic.com.au/news/national-auction-market-preview-14-june">Core Logic,</a> the number of auctions scheduled in the week ending June 14 was roughly double the weekly average recorded in May which is a great incentive for those looking to enter the property market where values are not at the top of the market. With the <a href="/guides/how-to-navigate-australias-first-home-buyer-grants">first home buyer’s incentive </a>and interest rates at an all-time low, first home buyers are at a strategic advantage to purchase their first property.

First Home Buyers Scheme

The government is set to release another 10,000 scheme places for the next financial year from the 1st of July 2020. Generally, first home buyers need a 20% deposit to pay the lenders mortgage <a href="/news/two-key-lender-changes-you-need-to-know-about-before-you-get-your-loan">insurance</a> (LMI). Under this initiative, eligible applicants will only require a deposit of as little as 5% from participating lenders, with the bank guaranteeing up to 15% of the property’s value and waiving the LMI. 

Participating Lenders

Two of the big four banks, Commonwealth Bank and NAB are participants in the scheme, with 5000 spots allocated to the First Home Loan Deposit Scheme (FHLDS). A number of smaller banks are also involved in the initiative, including: Auswide, Bendigo Bank, Beyond Bank, CUA and Teachers Mutual Bank. 

Your lender will assess your eligibility according to your personal circumstances. These checks will include:

<ol>
<li role="presentation">An income test;</li>
	<li role="presentation">A priority property ownership test;</li>
	<li role="presentation">A minimum age test;</li>
	<li role="presentation">A deposit requirement;</li>
	<li role="presentation">A new owner-occupier requirement. </li>
</ol>
Getting your finances in order

Whilst many millennials dream of purchasing their first home, sometimes the smashed avocado toast is just too good to pass up. According to <a href="https://digitalfinanceanalytics.com/blog/tag/mortgage-rates/">Digital Finance Analytics</a>, over half of young families are experiencing mortgage stress, and these statistics were taken pre-COVID-19. 

It’s important that during these times that applicants become savvy savers and get their finances in order before proceeding with an application. This includes:

<ol>
<li role="presentation">Deposits saved and available;</li>
	<li role="presentation">Savings of an extra 5% to allow for moving expenses, stamp duty etc;</li>
	<li role="presentation">Emergency savings (at least 3 months worth);</li>
	<li role="presentation">Homebuilding insurance;</li>
	<li role="presentation">Affording repayments if interest rates increase, particularly now that they are at an all-time low. </li>
</ol>
Responsible Lending 

Following the Royal Commission, <a href="https://asic.gov.au/regulatory-resources/credit/responsible-lending/">ASIC's</a> new guidance on responsible lending creates a very specific set of criteria that lenders need to ascertain. 

If you’re an avid consumer of Netflix, Stan, <a href="/expert-insights/buying/how-your-uber-eats-and-afterpay-habits-could-derail-your-home-loan-application">UberEats</a> and Deliveroo your bank has the right to request a cancellation letter if you’re willing to give these up to cover your loan.

They may also ask if you’re willing to move your children from private to public school. Yes, this is not a joke. 

This means that it’s imperative to have your finances in order at least 12 months prior to lodging an application to avoid these issues. Whether it’s giving up Netflix or laying off the UberEats, these are new sacrifices you’ll have to make if entering the property market is your ultimate goal. 

Savvy Team

Determining <a href="/guides/how-to-buy-a-house-in-2021-a-guide-for-first-time-home-buyers">where to purchase</a> your first property is one of the most important and emotional financial decisions that you’ll make in your life. Equipping yourself with a team of experts that can help alleviate the stress and emotion that comes with such an important investment. 

An experienced <a href="/industry-news/how-are-real-estate-agents-assisting-during-the-covid-19-crisis">buyer’s agent</a> can provide unparalleled benefits to their client by maximising profit and yield on the purchase of your first property. For those who are time poor, a buyer’s agent has a wealth of knowledge and experience in researching properties to mitigate risk and maximise long-term profit, all while meeting your ideal property preferences and goals. 

The advice provided by a buyer’s agent allows you to avoid mistakes and disappointment. A good buyer’s agent will help in developing a clear and concise strategy backed by extensive research to purchase below fair market value. 

It’s important that prospective purchasers consider:

<ol>
<li role="presentation">Avoiding purchasing at the top end of the market;</li>
	<li role="presentation">Avoiding purchasing B or C grade assets;</li>
	<li role="presentation">Avoiding overpayment;</li>
	<li role="presentation">Avoiding purchasing in a low population area or a town relying solely on one industry sector. </li>
</ol>
Hence, contrary to other industries and economic sectors, there is certainly a silver lining for first home buyers looking to enter the property market in 2020. 
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vivian_48447

Silver Lining for First Home Buyers Amidst the Pandemic 

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Stamp duty concessions and first home owner grants are to thank for Victorian first home buyers’ mega saving of over a billion dollars in the past two years.

New data has just been released that shows more than 62,000 Victorians claimed stamp duty concessions and exemptions for a home purchased under $750,000, which results in a $1.1 billion saving since the rates were slashed back in 2017.

Another statistic showed that more than 17,000 home buyers utilised Victoria’s First Home Owner Grant of $10-20,000, which has saved new home owners $238 million.

<blockquote>
“We know how tough it can be to buy your first house – that’s why we’ve slashed stamp duty to tackle housing affordability. In just two years, our changes have helped tens of thousands of Victorians get a foothold in the property market, so they can enjoy the comfort and security of their own home.”
</blockquote>

Treasurer Tim Pallas

First home buyers have been entering the market at a steady increase since the changes, with more predicted to make purchases in Q3 and Q4 of this year following the substantial <a href="/news/a-borrower-s-market-the-reserve-bank-of-australia-cuts-cash-rate-to-a-record-low">interest rate cuts</a>.

The Victorian Government has also released a summary of the top postcodes for first home buyers:

<ul>
<li>3064: Craigieburn, Donnybrook, Roxburgh Park, Kalkallo, Mickleham</li>
	<li>3029: Hoppers Crossing, Tarneit, Truganina</li>
	<li>3030: Cocoroc, Point Cook, Quandong, Werribee, Werribee South</li>
	<li>3978: Cardinia, Clyde, Clyde North</li>
	<li>3977: Cranbourne, Cannons Creek, Botanic Ridge, Devon Meadows, Skye, Junction Village, Sandhurst</li>
	<li>3810: Pakenham South, Pakenham, Rythdale, Pakenham Upper</li>
	<li>3338: Melton South, Exford, Cobblebank, Eyensbury, Weir Views, Strathtulloh, Brookfield</li>
	<li>3024: Manor Lakes, Mambourin, Wyndham Vale, Mount Cottrell, Fieldstone</li>
	<li>3350: Ballarat (all variations), Bakery Hill, Alfredton, Nerrina, Newington, Redan, Soldiers Hill, Lucas, Mount Clear, Mount Helen, Mount Pleasant, Eureka, Golden Point, Invermay Park, Lake Wendouree, Black Hill</li>
	<li>3754: Doreen, Mernda</li>
</ul>
HomeVic is another incentive introduced by the Labor Government which aims to assist first home buyers entering the property market by offering a shared equity arrangement, meaning the government will own a 25% share of the property.

 

<div class="rtecenter">MORE FOR FIRST HOME BUYERS</div>

<div class="rtecenter"><a href="/news/a-borrower-s-market-the-reserve-bank-of-australia-cuts-cash-rate-to-a-record-low">A borrower’s market: The Reserve Bank of Australia cuts cash rate to a record low</a></div>

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Lead image credit: Condé Nast Traveler
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Olivia Round

Victorian First Home Buyers save over a billion dollars in two years

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

How to Buy a House in 2021: A Guide For First Time Home Buyers

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The chief executive of Genworth Mortgage Insurance Australia believes the housing market may have bottomed out in some mining regions in Queensland and Western Australia as first home buyers start investing.
Genworth Mortgage Insurance Australia chief executive Georgette Nicholas told the Australian Financial Review pressures in the economy were weighing on the housing market.
"In some of the mining areas you have actually seen a bottoming of the market and the way to assess that is that you see first home buyers coming in," she said.
"On the flipside employment is still challenged and we're still seeing underemployment.
"That is something we continue to watch."
 Credit rating agency Moody's had downgraded Genworth from A3 to Baa.
The AFR reported Moody's uninitiated downgrade of Genworth came after a wider review.
The AFR reproted Moody's as saying "[The review] was part of a wider ratings action on Australian financial institutions to reflect Moody's view that risks in the Australian housing market have risen, heightening the financial sector's sensitivity to adverse shocks."
"The downgrade of Genworth Australia's rating reflects both the high and rising level of tail risks embedded in the Australian housing market and reduced demand for domestic lenders' mortgage insurance products."
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jonathanchancellor-7SQnKwU6yx

Genworth keeps eye on risky housing market

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GUEST OBSERVER
The many measures adopted to encourage more first home buyers into the property market have so far failed to produce the upswing that everybody had hoped for, leaving many to wonder if there is a solution to the declining rates of home ownership.
But put yourself in the shoes of those contemplating the big step into a lifetime mortgage and there should be no surprises. There is so much uncertainty swirling around property which only serves to discourage first home buyers from making the most important financial decision of their lives.
We all know that certainty is crucial to future planning, whether in business, life or real estate. And some of the negative sentiments that are getting an airing along with the always-on electioneering and point scoring do nothing to engender confidence.
Doomsayers who predict catastrophic falls in property values, despite ample evidence to the contrary, make for scary reading. The forensic examination of every Reserve Bank statement, looking for hints of an interest rate rise, can be equally misleading and off-putting.
You have to read deep and wide to find a rational voice in this debate and that is difficult when people who should know better seek to exploit a complex problem for political gain.
Last week the Greens announced their war on home ownership with a party platform to strip away capital gains tax exemptions and negative gearing. Never mind that negative gearing is the vehicle that many first home buyers are relying upon to get their foot on the property ladder.
But Labor’s weekend declaration that they are going into election mode to be ready for the gift that might arise from the citizenship mess that has embroiled so many politicians, is the real worry.
In the last election, Labor singled out property for special treatment as an investment class, grandfathering their own investment property portfolios but depriving future owners of the same benefits. Is it possible to be any more cynical or self-interested? At least the Greens had the decency to share the pain.
In an environment where many politicians, including those who would be in power in a change of government, have a stated policy intention to reduce property prices, it is hardly surprising that many potential first home buyers are sitting on their hands.
This attack on property investment is rolled out under the banner of equality, purported to enable more people to experience the financial and emotional security that comes with home ownership.
However the effect, in the here and now, is that it adds another level of uncertainty for those who might otherwise take advantage of historic low interest rates and the government stamp duty concessions that have been broadened to encompass both new and second hand homes.
Anybody who can remember the heart-palpitating moment when they bought their first home will know that it was the best decision they ever made. Young people do not need to have their considered decision-making undermined by well-heeled politicians and commentators pursuing their own personal or political agendas.
If it’s equality we’re after, let’s play fair and leave off the scare tactics.
Andrew Cocks is a Managing Director at Richardson &amp; Wrench and can be <a href="https://www.randw.com.au/staff-profiles/2332-andrew-cocks" target="_blank">contacted here</a>.
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