The residential transformation of St Kilda Road is set to continue into with more new apartment plans for the sought-after boulevard.

Wing Tai Asia has lodged plans for a major residential tower at 464-466 St Kilda Road, replacing the former VACC House with an 18-storey mixed-use development designed around a retained heritage podium and a sculpted contemporary tower.

The proposal, prepared under Victoria’s Significant Residential Development with Affordable Housing pathway, would deliver 325 apartments and ground-floor retail across the prominent 4,653 sqm boulevard site in Melbourne’s St Kilda Road North Precinct.

The project centres on the adaptive reuse of the site’s heritage-listed VACC Building, an eight-storey office designed by Bernard Evans that has occupied the address for decades. Planning documents state the development would involve “carefully dismantling and conserving off-site the original metal fabric of the podium visible from St Kilda Road,” before reinstating it as the defining frontage of the new scheme.

Above the restored podium, Wing Tai is proposing a curvilinear residential tower. The scheme includes 172 one-bedroom apartments, 63 two-bedroom apartments, 66 three-bedroom apartments, and 24 four-bedroom apartments, alongside two ground-floor food and beverage tenancies fronting St Kilda Road.

The tower has been designed with substantial articulation and variable setbacks to minimise perceived bulk and maintain view corridors along the boulevard. Urbis, which prepared the planning report, said the design “has been significantly articulated through a curvilinear design” with “an interplay with materials, façade expression and depth” to create visual separation and visual interest.

The proposal also includes 254 basement car spaces, landscaped pedestrian links connecting St Kilda Road and Queens Lane, and a biophilic landscape strategy featuring canopy trees, raised planters, cascading greenery and a glass oculus pool overlooking the eastern frontage.

Planning documents confirm the $270.1 million development will contribute 3 per cent of project costs to the Social Housing Growth Fund as part of the application process.

Wing Tai acquired the St Kilda Road property in 2018 alongside Abacus Property Group for $95.38 million, before later consolidating ownership of the site. The property previously served as the Victorian Automobile Chamber of Commerce headquarters for around 60 years.

The transformation of the St Kilda Rd boulevard is already beginning to materialise, with a number of high-profile projects recently completed, launched, or approaching launch as developers continue to back the long-term appeal of the precinct.

Among the most notable recent completions is Louise by Samuel Property Group, just off the strip on Queens Lane, the same pocket Hirsch &amp; Faigen recently launched The Queensbury. Mirvac is too on the same street with The Albertine, which is approaching completion.

Dexus recently secured approval for its slice of St Kilda Road, while Gurner also has approved plans for the precinct.

Joel Robinson

Wing Tai unveils 325-apartment St Kilda Road tower on former VACC House site

Malaysian developer <a href="https://www.apartments.com.au/developers/s-p-setia">SP Setia</a> is the latest to jump into St Leonards booming Transport Oriented Development precinct.

The developer, which has previously delivered Sapphire by the Gardens apartment development in Melbourne, identified the Atchison Street site in 2023. It filed a Scoping Report around 12 months ago, and now has revealed the designs for the new&nbsp;40-storey mixed-use tower.

The State Significant Development Application covers <a href="https://next-portal.urban.com.au/projects/14650/summary">20-22 Atchison Street</a>, a 1,374 sqm site positioned between St Leonards Station and the new Crows Nest Metro station.

Designed by <a href="https://www.apartments.com.au/architects/cox-architecture">COX Architecture</a>, the project would deliver 181 apartments, above a four-storey commercial podium, five basement levels, and new public domain works along Mitchell Street. The apartment mix comprises 35 one-bedroom apartments, 39 one-bedroom-plus-study apartments, 85 two-bedroom apartments, and 22 three-bedroom residences.

The proposal has been lodged as a shop-top housing development under the NSW Government’s TOD planning pathway, which allows increased density around key transport infrastructure. The site sits within the recently rezoned Crows Nest Accelerated TOD Precinct.

<img alt="First look: SP Setia targets St Leonards skyline with 40-storey TOD tower" data-entity-type="file" data-entity-uuid="b799673d-48e2-46b0-801a-0e33a9330100" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/atchinson%20site.png?VersionId=dPh0UfwfaHpbFL1R7H1cbZNbIW0CHbCC" />

SP Setia acquired the Atchison Street site as part of its continued expansion into the Australian apartment market. In comments made to City &amp; Country (The Edge Malaysia) in 2023, SP Setia President and CEO Datuk Choong Kai Wai described the acquisition as “a strategic move” aligned with the group’s post-pandemic market recovery strategy.

“Our target for this exceptional development is local and overseas buyers, including first-home buyers, downsizers and investors,” Choong said.

The tower has been designed as a slender vertical form rising from a mixed-use podium, with COX Architecture positioning the development as a response to the evolving St Leonards and Crows Nest skyline.

“The purpose of the project is to facilitate the delivery of high-quality housing at a strategically located site and deliver a built tower outcome that is consistent with the desired future character of St Leonards and aligns with the TOD controls,” the design report stated.

<img alt="First look: SP Setia targets St Leonards skyline with 40-storey TOD tower" data-entity-type="file" data-entity-uuid="b1a85eee-76f7-436c-a6da-73ba827b9b13" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/atchinson%20entry.png?VersionId=dA9jHGPMcm.dDbwk4QfxqWiY5bfh3UVt" />

The podium would incorporate retail uses fronting Atchison Street, commercial tenancies, landscaped communal areas, and pedestrian improvements along Mitchell Street. Vehicle access and loading would be consolidated via Atchison Lane.

Residents would have access to more than 665 sqm of communal indoor and outdoor spaces, while the development proposes 96 parking spaces across five basement levels.

The proposal also includes a commitment for 10 per cent of residential floor space to be allocated toward affordable housing through a monetary contribution.

COX said the tower form responds directly to the emerging high-density character of the precinct while seeking to maximise solar access, cross ventilation, and outlook from apartments.

<img alt="First look: SP Setia targets St Leonards skyline with 40-storey TOD tower" data-entity-type="file" data-entity-uuid="2163f85c-f63b-4be3-aafa-f8763976cec5" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Article%20Feature%20Image%20%28Grid%29_5.png?VersionId=WiAmtIKJ6.ZQ41EtYEQ1fol7AeorKBlL" />

“The building is orientated towards north,” the Apartment Design Guide compliance report noted, adding that the tower’s slim form was driven by the constrained inner-urban site dimensions.

The design also incorporates landscaped setbacks and communal open space at podium level, intended to soften the interface with surrounding streets and improve pedestrian amenity.

The project adds to a growing wave of redevelopment proposals reshaping St Leonards and Crows Nest following the opening of the Sydney Metro City line and the NSW Government’s push for higher-density housing around major transport nodes.

Last week Stockland filed plans just down the road. They want to build a <a href="https://www.apartments.com.au/new-apartments/601-pacific-highway-st-leonards-nsw-2065">52-storey tower on Pacific Highway</a>.

Read more:&nbsp;<a href="https://www.apartments.com.au/news/nsw/first-look-stockland-plans-52-storey-538-apartment-st-leonards-tower">First look: Stockland plans 52-storey, 538-apartment St Leonards tower&nbsp;</a>

First look: SP Setia targets St Leonards skyline with 40-storey TOD tower

<a href="https://www.apartments.com.au/developers/urban-property-group">Urban Property Group</a> has revealed plans for a new mixed-use tower at 10 Dangar Street, Wickham, advancing a proposal that would reshape the southern gateway to Newcastle’s city centre with one of the city’s tallest residential buildings.

The State Significant Development proposal, now on exhibition, seeks approval for a <a href="https://www.apartments.com.au/new-apartments/bowline-10-dangar-street-wickham-nsw-2293">43-storey tower</a> immediately adjacent to the Newcastle Interchange. The project would deliver around 200 apartments, including 42 affordable housing dwellings, alongside 99 co-living units, a 171-room hotel, retail space, and new public domain integrated through the site.

The scheme marks a significant escalation of plans previously approved for the site. Urban Property Group took over the prominent 2,904 sqm parcel, where excavation and demolition had already commenced under an earlier consent for a 14-storey mixed-use development.

<img alt="First look: Urban Property Group unveils Newcastle’s next supertower at Wickham interchange" data-entity-type="file" data-entity-uuid="58a96dd9-407f-4d20-86b4-94e4bfeef74b" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/wickham%20podium.png?VersionId=LGlf08pdFGAZDzvx_CXC4XakHNZRuEE0" />

Designed by <a href="https://www.apartments.com.au/architects/sjb-architects">SJB</a>, the tower has been conceived as a landmark transit-oriented development anchored to the Newcastle Interchange precinct. The proposal includes 245 build-to-sell apartments across a mix of one, two, and three-bedroom residences, as well as two penthouses. Fifteen apartments and one operational unit are earmarked for NDIS housing. The co-living component would add a further 99 units, while the podium would accommodate retail uses and hotel facilities.

SJB said the site presents “a valuable opportunity to anchor the precinct by setting the standard for design, active ground planes and character at the key southern gateway.”

The architecture responds directly to the site’s position beside major transport infrastructure and within one of Newcastle’s fastest-evolving urban renewal precincts. The tower form sits above a sculpted podium designed to frame new public spaces, including a through-site pedestrian link connecting Station Street to Hannell Street, landscaped plazas, and activated retail edges.

<img alt="First look: Urban Property Group unveils Newcastle’s next supertower at Wickham interchange" data-entity-type="file" data-entity-uuid="a7bd6ff0-f7db-4ce8-a6dc-ea56e72c6149" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/wickham%20lanne.png?VersionId=xzf39VADyhj7zBQY2I9fx9vI62u2tuSb" />

The design report describes the project as part of the broader transition of Wickham into “a vibrant, high-quality mixed-use urban precinct” that leverages proximity to the station, open space, and regional connectivity.

A detailed public art strategy has also been prepared for the development. The strategy positions the project as “a transit-oriented development of state significance at the gateway to Newcastle’s city centre” and outlines a series of integrated artworks responding to Newcastle’s industrial and transport heritage.

Creative Road’s curatorial framework for the project, titled Unveil, draws on “stratified surfaces, carved volumes, and light-filled apertures” while referencing Newcastle’s transformation from an industrial city into a contemporary education and technology hub.

<img alt="First look: Urban Property Group unveils Newcastle’s next supertower at Wickham interchange" data-entity-type="file" data-entity-uuid="77a882bb-14b1-4d28-99ff-9438e39508c0" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/wickham%20site.png?VersionId=cevgo_vN0eKPK78P8YcEu3mKPLkpFqE7" />

The proposal is being advanced through the NSW Housing Delivery Authority pathway after being declared State Significant Development in June 2025. The accompanying scoping report states the development aims to “maximise the site’s proximity to the Newcastle Interchange by delivering transit-oriented development” while increasing housing supply and affordable housing provision within the Newcastle LGA.

Urban Property Group’s plans align with the long-term strategic vision established under the Wickham Master Plan, which identified the interchange precinct as suitable for substantial uplift in height and density. The current proposal would significantly intensify that vision, positioning the tower among the tallest developments proposed for Newcastle.

The site sits immediately north of the Newcastle Interchange, bounded by Dangar Street, Hannell Street, and Charles Street. It is surrounded by a rapidly growing cluster of residential towers and mixed-use projects that have emerged following the completion of the light rail and transport interchange.

First look: Urban Property Group unveils Newcastle’s latest tower at Wickham interchange

Bottega House has completed settlement of a landmark riverfront site in Macquarie Street, St Lucia, representing its first major Brisbane development.&nbsp;

Positioned on the banks of the Brisbane River, the <a href="https://www.apartments.com.au/new-apartments/180-macquarie-street-st-lucia-qld-4067">premium site at 180 Macquarie Street</a> features uninterrupted river frontage in one of Brisbane’s most tightly held residential precincts.&nbsp;

The proposed development, currently under assessment with Brisbane City Council, has been designed by <a href="https://www.apartments.com.au/architects/plus-studio">Plus Studio</a> with interiors by <a href="https://www.apartments.com.au/interior-designers/mim-design">Mim Design</a> and will deliver a boutique collection of premium residences positioned specifically for owner occupiers and downsizers.&nbsp;

The residences are set to redefine luxury apartment living in the area, with a focus on architectural quality, refined finishes, landscape integration and elevated amenities including curated wellness facilities, resort-style pools and recreation spaces rarely seen in the local market.&nbsp;

Exclusive sales for the project will be led by Keenan &amp; Byrne, ahead of an anticipated launch later this year.&nbsp;

Bottega House Managing Director Nick Malloch said the project reflects the group’s ambition to deliver a highly curated residential offering within one of Brisbane’s most tightly held precincts.&nbsp;

“This is an incredibly rare riverfront opportunity and one we have approached with a long-term perspective,” Malloch said.&nbsp;

“Our vision from the outset was to create a boutique collection of residences that feel more like private homes than traditional apartments, with generous proportions, refined finishes and exceptional amenity throughout."

Malloch says there is a&nbsp;lack of premium owner-occupier stock of this quality in the market, particularly for downsizers wanting space, privacy and a true lifestyle offering without compromise.&nbsp;

"Demand is expected to be strong given the scarcity of premium riverfront opportunities of this nature within Brisbane’s inner-west."&nbsp;

Bottega House secures landmark riverfront site in St Lucia 

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The arrival of the first piling rig officially marks the commencement of construction at SIERA’s new beachside apartment development, Exhale, in Northcliffe.

<a href="https://www.apartments.com.au/new-apartments/exhale-surfers-paradise-8-enderley-avenue-surfers-paradise-qld-4217">Exhale</a>, a glass-encased tower featuring 54 large-scale apartments at 8 Enderley Avenue, is SIERA’s third Gold Coast development. It follows the recently completed PIPIS Bilinga beachfront project, which achieved suburb-record prices, and the soon-to-be-completed Chevron Island development, Tapestry.

[smartcode_project:default project_id=112661 project_image_fid=359603]

<a href="https://www.apartments.com.au/developers/siera">SIERA</a> Founder and Managing Director Brent Thompson said the arrival of the piling rig represented a significant milestone for the development, which is scheduled for completion in late 2028.

Over the next month, around 260 piles are expected to be installed as work progresses on the basement structure. The building is anticipated to rise above ground level early next year, before unveiling its sculptural glass curtain wall, developed in collaboration with specialist façade engineers.

“The façade was designed to maximise panoramic coastal views while creating a distinctive architectural identity,” Thompson said.

[smartcode_project:default project_id=112661 project_image_fid=355935]

Designed by BDA Architecture, Exhale will comprise just 54 two- and three-bedroom residences across 26 levels, a level of low-density living rarely delivered in this beachside pocket between Surfers Paradise and Broadbeach.

The project has been conceived as a resident-only building, with no short-stay accommodation permitted. SIERA says the model is intended to appeal to long-term owner-occupiers rather than transient holiday demand.

[smartcode_project:default project_id=112661 project_image_fid=361052]

Residences have been designed with large-format layouts and expansive glazing, with most apartments featuring more than 30 metres of glass frontage to maximise natural light and ocean views.

The amenity offering spans two levels and centres on wellness and lifestyle, including a heated magnesium pool, sauna, yoga and Pilates studio, gymnasium, private dining facilities, cinema lounge, and dedicated surfcraft storage.

[smartcode_project:default project_id=112661 project_image_fid=359607]

More than half of the apartments have already sold. SIERA has also opened a sales gallery for Exhale at its Chevron Island commercial premises, near its Tapestry tower and the site of its second Chevron Island apartment development, which is slated to launch in early 2027.
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[smartcode_project_cta:default project_id=112661]

SIERA kicks off construction at Northcliffe tower Exhale

First Home Buyer

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Home values are estimated to be around 8.4 percent overvalued, with property in Melbourne the most overvalued nationwide according to the CoreLogic-Moody's Home Value Index Forecast.
The report said values in Melbourne are around 20 percent overvalued compared with their fundamental value.
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"This degree of overvaluation is greater than in Sydney, where properties are estimated to be overvalued by 14 percent," the report said.
"Part of the reason for this diver- gence is that income growth in Sydney has also outpaced Melbourne’s. Since 2013, in- comes have grown 0.7 percent per quarter in Melbourne compared with 1.1 percent in Sydney.
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"However, unlike their capital cities, the rest of New South Wales and Victoria have seen lower house price growth. 
"Home values have followed their fundamentals closely, but both states are marginally undervalued. Victoria is slightly more so at 6.5 percent, and NSW is 4 percent undervalued. 
"In other capital cities, the recent pickup in the ACT housing market—around 9 percent y/y in September—has caused home values to become marginally overvalued at around 7 percent. Similarly, Adelaide’s housing market is around 5 percent overvalued compared with fundamentals.
"Conversely, Brisbane is one of the only capital cities where home values are fairly valued, as actual house price appreciation has tracked fundamental prices closely."
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jonathanchancellor-7SQnKwU6yx

National property market becoming more overvalued: Moody's Analytics

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Nearly 30 percent of first home buyers had to save for more than five years on order to save a deposit according to Mortgage Choice’s First Home Buyer survey.
Chief executive of Mortgage Choice John Flavell said it came as no surprise to find that 1 in every 3 first home buyers had to save for more than five years before buying their first home when house price growth continues to outpace the growth in incomes.
“Interestingly, while those first home buyers who bought a home within that last two years said it took them more than half a decade to save their property deposit, those who are planning to buy their first home soon believe it will only take them ‘one to two years’ to save their deposit,” he said.
“When it comes to buying property, first home buyers may feel as though two years is a long time to save, but in reality, saving for a property can take quite a while.
"Even if you’re a dedicated saver who diligently puts away a portion of your income into your savings, it’s still very time-consuming to save the amount you need for a deposit.
“And, with house prices consistently rising, the deposit size needed continues to grow.
“Day to day expenses such as groceries, rent, and transport costs, can also impact on a first home buyer’s ability to save.”
Mortgage Choice has five tips to help first home buyers reach their savings goal faster.
1. Have a realistic savings plan
Take control of your finances by drawing up a practical savings plan for the month. Factor in regular expenses such as going out, transport and rent, as well as any bills and debts. Consider what luxuries could be reduced as these will help make a difference to your savings capacity. At the end of the month, have a look at your plan and, if necessary, reassess your spending.    
2.Consider switching lenders
If you have kept your finances with the same lender since your first job, it might be a good idea to have a look around and consider switching to another bank. Today, some lenders are actually offering financial incentives if you switch, which could help you to boost your savings faster.
3.Sell your unused items
You could make some quick money by selling belongings you no longer use or need. Online outlets such as eBay and Gumtree are great places to put your items up for sale and watch the cash come in.
4.Pay off debts
Credit cards and personal loans can easily get out of hand if they are not managed properly. Paying off debts will not only maximise the amount you may be able to borrow when it comes to applying for a mortgage, but it will also help you free up some of your cash flow and allow you to save more money faster.
5.Save 10 percent of your income
Saving a designated amount of your income takes discipline, but it is financially rewarding. It is advisable to set up a savings account where you put in 10 percent of your pay as soon as it comes through. To reduce the temptation to spend it, you may want to open a savings account with a different lender and not get a debit card connected to the account.
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30 percent of first home buyers took more than five years to save a deposit

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GUEST OBSERVER
Despite the stereotypes of young people as a generation focused on spending with no consequences, young people actually see their money decisions (as well as their mistakes) as their responsibility, our research shows. They aren’t reliant on the “bank of mum and dad”.
We spoke to 123 Australians aged between 16-26 across a variety of socioeconomic groups. We asked them about their beliefs, perceptions when it comes to finance and how they made, spent and saved money. 
Although parents “helping out” was mentioned - whether through direct money allowances or indirect support such as staying at home and paying marginal rent – it was clear young people saw their financial security as their responsibility.
However, many spoke of the desire to help out their families, particularly if their parents were struggling financially themselves. As a result, some young people chose to forego opportunities such as further study or training in favour of earning money in the present. 
This has longer term consequences for their earning power. For example, they may be stuck in occupations characterised by precarious working conditions, low superannuation contributions and limited opportunities for promotion. 
Many participants picked up on the gloomy sentiments around their generations’ prospects of home ownership, increasing precariousness of the labour market and the inevitability of working into their older age. 
Young people faced a range of challenges, including lower wages in line with their age, unpaid overtime, delayed wages as casual part-time workers and exposure to exploitation and the cash economy. These all could undermine their attempts to save money and control their cash flow. 
However, while focused on youthful consumption, many realise the need to balance this with achieving other medium and longer-term objectives - such as buying a car, or home ownership - and were optimistic of their ability to increase their earning power.
Our research also shows our squeamishness at talking about money has significant consequences for young people. The way we undertake financial literacy education often misses the mark.
<h2>Why we need to talk about money</h2>
In Australia we often think about money-talk as uncomfortable, boastful or even vulgar, even with intimate partners or close friends. Our study suggests this has significant consequences for future generations’ financial practices. 
Although we may like to think our own positive money practices transmit to our children through a process of osmosis where they automatically model good financial practices, this was not the case for our participants. 
Many found it difficult to articulate how their parents had been successful in saving, planning and spending beyond very general impressions. 
However, others did describe how witnessing their parents deal with financial struggles influenced their own behaviours, particularly if they had made significant money mistakes. For these young people, early experiences of their family having no money for food, or memories of the electricity cut off due to late payment of bills influenced them in the long run. They had thought about strategies for budgeting and were clear about prioritising essentials such as rent. 
But the cultural hangover of a hesitance to talk about money meant young people rarely reported discussing salaries, savings or longer term financial goals with their friends. Although they felt pressure to conform or keep up with activities or new products, many were perplexed that friends could afford something and they couldn’t, despite perceiving themselves to be in similar financial positions. 
This may of course have dangerous consequences in terms of setting expectations about lifestyle or consumption choices that do not correlate with their financial practices. 
<h2>Translating financial literacy into action</h2>
Our research suggests the current focus on financial literacy, which favours intervention and education at the individual level, only partially helps to support young people. Unlike previous generations, they face a complex terrain of financial decisions around superannuation, predatory lending practices (such as payday loans) and new, poorly regulated financial products on the market.
Among financial literacy initiatives, clear information is needed about the medium to long-term management of investments, the implications of debt and the importance of discussing their money decisions with others. 
Most importantly, more needs to be done to ensure systems and practices around spending and financial commitments are accessible and transparent. This includes making it easy for people to “read the fine print” in agreements, and being clear about the longer-term consequences of financial decisions.
Young people have a clear idea what they want their futures to look like and they know it requires significant financial compromises and sacrifices in the short and medium term. The least we can do is provide enabling structures to support this.
Kathleen Riach is associate professor in Management, Monash University and can be contacted <a href="https://theconversation.com/profiles/kathleen-riach-109667" target="_blank">here</a>.
Deanna Grant-Smith is senior lecturer, Management, Queensland University of Technology and can be contacted <a href="https://theconversation.com/profiles/deanna-grant-smith-272501" target="_blank">here</a>.
Paula McDonald is professor of Work and Organisation, ARC Future Fellow, Queensland University of Technology and can be contacted <a href="https://theconversation.com/profiles/paula-mcdonald-8705" target="_blank">here</a>.
All are authors for The Conversation.
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jchancellor-FAypfDUnLy

Young people don't expect to rely on the 'bank of mum and dad': study

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While the number of adult children requiring financial support from the bank of mum and dad is lessening 74 percent of parents polled for a survey by finder.com.au are still helping out their kids over the age of 18 financially.
The survey found 12 percent receive help from their parents because they are saving for a home loan deposit, 11 percent say they support their adult children because they’re in debt and 28 percent of recipients are embarrassed or ashamed about getting financial aid from their parents.
Such financial help includes free or low rent, paying bills, university fees, white goods, or even buying a house.
Bessie Hassan, Money Expert at finder.com.au, says the percentage of adult children receiving financial handouts from their parents has fallen over the past 12 months. with the number of Australians that receive help from their parents dropping by 12 percent over the year.   
“It's human nature that parents want to step in if they’re child is struggling torepay debt or if they’re unable to complete a significant purchase such as a medical expense or a vehicle,” she said. 
“Young adults can get into the habit of living beyond their means because they think Mum and Dad will always be there to get them out of hot water. 
“A big part of parenting is helping your children become self-sufficient, and money matters should be no different.
“However, if you insist on giving money to your child, consider making it a loan with strict conditions on when and how it is to be paid back.
  “Trends in the employment market such as unpaid internships combined with rising property prices and large HECS/HELP debt required to pay off a tertiary degree are some factors that may be contributing to the large proportion of handouts from parents to their adult offspring."
Men versus women
<ul>
<li>More women receive financial help from their parents than men, and women receive almost twice as much financial help with a significant purchase like a house or car than men. </li>
<li>
One in six men (16 percent) are proud to admit they get handouts from their parents compared to 14 percent of women. </li>
<li>A greater number of women (9 percent) are ashamed of the financial help they receive from their parents than men (7 percent). </li>
</ul>
State by state
<ul>
<li>Victoria is the biggest sponge state, with 65 percent of people getting financial help from their parents, while South Australians are the most independent. </li>
<li>The greatest number of Queenslanders (23 percent) were ‘slightly embarrassed’ to get financial help from mum and dad, followed by NSW and WA (22 percent). </li>
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Parents still forking out for adult kids: Finder.com.au

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<div class="column">Secret Agent wanted to dig deeper into what sort of apartment buildings are being proposed by developers.</div>
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<div class="column">Using planning permit applications sent to local Melbourne councils, we sampled 1,680 proposed apartments from 34 buildings in 15 suburbs of metropolitan Melbourne.</div>
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<div class="column">Key findings</div>
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 1 bedroom apartments will be 8 percent bigger on average</div>
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 2 bedroom apartments remain the same size</div>
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 3 bedroom apartments will be 4 percent smaller and remain rare</div>
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 Little to no 4 bedroom apartments are being proposed Most apartments meet the minimum balcony size.
Our findings are summarised in Table 2 below.
We've noted the composition of one, two and three bedroom apartments in each suburb, as well as the average sizes of internal and outdoor (balcony) areas.
As a benchmark for comparison, Table 1 (above) shows the current average apartment size (indoor area only) in inner Melbourne.  Note that the majority of Cremorne apartments sampled are from the proposed development at 2 Gough Street and is thus more of a reflection of this specific building than the entire suburb.
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Where to find the biggest two bedroom apartments?
Looking at just two bedroom apartments, here are the suburbs with proposed developments that are bigger than average, followed by those below the average:
Above average two bedroom apartments: Abbotsford, Collingwood, Fitzroy, Richmond, South Melbourne
Exactly average: Coburg and Thornbury
Below average two bedroom apartments: Box Hill
Brunswick East, Cremorne, Highett, Preston, Reservoir
Balconies
The Victorian Government’s Better Apartments draft design standards suggests a minimum of 8m2 of outdoor area for 1 bedroom apartments and 10m2 for two bedrooms or more.
Most regions seem to exceed this standard, with the only exception being Cremorne one bedroom apartments (7m2). 
 For more information, <a href="https://secretagent.com.au/" target="_blank">click here</a>.
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New Melbourne apartments and what to expect: Secret Agent

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Rising property prices, especially in Sydney and Melbourne, has sparked an increase in parents going guarantor on their children’s home loan in recent years, according to research by Mortgage Choice.
According to Mortgage Choice’s annual First Home Buyer Survey, 4.9 percent percentof all first home buyers had a parent or immediate family member go guarantor on their home loan, up from 3.9 percent in 2015 and 3.8 percent in 2014.
Mortgage Choice chief executive officer John Flavell said the “slight jump in demand for home loan guarantors is unsurprising when you consider that property prices have risen fairly substantially across most property markets over the past few years”.
Property prices across the combined capital cities rose 8.3 percent over the last financial year, with Sydney and Melbourne the standout performers, according to CoreLogic.
“Given that property prices continue to rise month after month, it is little wonder why so many first home buyers are finding it difficult to put a foot on the property ladder without some form of financial support,” said Flavell.
“By having a family member go guarantor on a home loan, first home buyers are not only able to get their foot on the property ladder sooner rather than later, but they can also potentially avoid paying Lenders Mortgage Insurance.”
<img src="/images/2016/09/15/Screen%20Shot%202016-09-15%20at%2011.26.51%20AM.png" alt="">
Today, many lenders allow a family member to go guarantor on a home loan, using the equity in their property as additional security. 
While the primary security for the borrower’s home loan is the property they purchase, the lender also takes a mortgage over the guarantor’s property. This mortgage does not support the loan directly, but is used to support the guarantor’s financial guarantee.
Flavell said guarantors effectively help borrowers – especially first time buyers - save thousands of dollars.
“As property price growth continues to outpace wage growth, it is becoming harder and harder for first time buyers to save the deposit they need in order to purchase property,” he said.
“By having a guarantor, first home buyers can (in most instances) borrow the full purchase price and sometimes even the costs associated with purchasing property. The amount of the guarantee depends on the individual lender's policies. The guarantee can vary from the full loan amount to as little as 20 percent of the loan (where the loan is for 100 percent of the purchase price).
“After a first home buyer builds up equity in their property, their guarantor can ask to be released from the loan.
“Provided the first home buyer can comfortably make their regular mortgage repayments, there is very little risk associated with this type of financial assistance. As such, I would expect to see continued growth in the proportion of first home buyers using guarantors.”
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More parents going guarantor to help their children onto property ladder: survey

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A fair number of Australians are losing their sleep, literally, as they go through the emotional journey of looking for that dream first home, says a recent survey.
More than 70 percent of Australian first home buyers become emotionally invested during their house hunting, says the research commissioned by St.George Bank.
The survey of 1,000 first home buyers reveals that more than 50 percent of respondents said their sleep hours suffered while 25 percent found themselves losing focus at work.
Ross Miller, general manager for St.George Retail Banking, said the research highlighted how much emotion is involved when it comes to purchasing a property.
“Buying your first home is a major milestone and a huge financial investment so it’s no surprise to see almost three quarters of respondents became emotionally invested in the process." 
A good number also reported that they missed out on catching up with friends (45.9 percent), visiting family (34.3 percent) and doing house work (33.4 percent) due to the time it took to search for and purchase a first home.
“In this current competitive market, where a majority (63.5 percent) of first home buyers missed out on purchasing a property because they were outpriced, the pressure can be significant.”
Miller offers some tips to manage the first home buying process:
• Set a budget – it might be tempting to overbid when you find a property you love. Avoid spending more than you want to by having a price range in mind;  
• Take care of your wellbeing – purchasing a first home may take its toll; it can be helpful to take a break and spend time with family and friends;  
• Seek out experts who can help – the St.George Bank team can support you with knowledge about the market and advice on the right products for your needs.
 “With record low interest rates, now is a fantastic time to take your first step on the property ladder. Come and speak to your local St.George banker to ensure you make the best decision for your financial future,” added Ross.
Summary of key findings
• 71.8 percent become emotionally invested when buying a property  
• 54.8 percent found that their sleep patterns suffered during the house hunting period  
• 25.3 percent found that their productivity at work suffered during the house hunting period  
• 22.1 percent found that their relationship with their partner suffered during the house  hunting period  
• 45.9 percent missed out on catching up with friends during the house hunting period  
• 34.3 percent missed out on visiting family during the house hunting period  
• 33.4 percent missed out on doing house work and chores during the house hunting period  
• 49.3 percent missed out on purchasing a property 
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Emotions run high for first home buyers: St George Bank study

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Melbourne's western and northern suburbs offer range and affordability to first home buyers with a budget of around $500,000, according to valuation firm Herron Todd White's July residential market report which looks at the sub-$500,000 property market.
Western Suburbs
There has been continual demand for land and new houses in the outer south western region of Melbourne. Areas such as Truganina, Tarneit, Wyndham Vale and Werribee are providing first home buyers with relatively affordable properties. In May 2016, RP Data reported the median house sale price in Truganina was $450,000, Tarneit was $410,000, Wyndham Vale $359,500 and Werribee was $352,250. 
"First home buyers with a budget of $500,000 will find these areas highly desirable as $500,000 can buy you a four-bedroom house," says HTW.
Although these suburbs are located between 27 and 36 kilometres from the Melbourne CBD, nearby railway stations provide access to the surrounding suburbs and Melbourne’s CBD. 
Closer to the CBD on the western city fringe, Footscray and Maidstone provide affordable options for first home buyers to enter the market for a budget of $500,000. In May 2016, RP Data reported the median unit sale price in Footscray was $395,000 and Maidstone was $320,000. These areas provide good transport links to the Melbourne CBD and are growing in popularity.
Property Observer found a two-bedroom apartment at <a href="https://www.realestate.com.au/property-apartment-vic-footscray-122811418" target="_blank">6/97 Cowper Street, Footscray, Vic 3011</a> that recently sold for $375,000, a little below the unit median price.
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Northern Suburbs
Buying property in the northern suburbs of Melbourne for $500,000 or less depends heavily on proximity to the CBD, say HTW. 
"For detached dwellings in the inner suburbs such as Brunswick, Brunswick East, Northcote and Thornbury, it is almost impossible to buy under $500,000. Apartments on the other hand become more affordable." 
Newly built, one-bedroom, one-bathroom apartments with one car space can be purchased for under $500,000. Apartments in the partly complete Ettaro development (pictured) on Brunswick Road in Brunswick East have been sold off the plan for around the $400,000 mark. The development comprises 400 apartments with a mix of one-, two- and three-bedrooms and offers great common facilities such as a swimming pool, bowling green and outdoor cinema.
Unit median prices: 
• Thornbury - $455,000
• Northcote - $495,000
• Brunswick East - $524,500
• Brunswick - $495,000
Outer northern suburbs such as Broadmeadows, Meadow Heights, Roxburgh Park and Craigieburn offer an array of detached dwellings for under $500,000. The median house prices in these suburbs are all under $500,000, however, the quality of property is generally low.
New housing estates in Craigieburn, Mickleham and Greenvale offer the purchaser the opportunity to own a new house for under $500,000. This is appealing to first home buyers and to purchasers who are searching for more space for their money.
For investors, properties in the outer suburbs could see more growth as new infrastructure such as schools and public transport are constructed. For detached dwellings in the inner north, the entry-level price point is between $600,000 and $700,000. At this price, you can purchase a rundown dwelling on a small parcel of land. 
Property Observer found a two-bedroom unit in <a href="https://www.realestate.com.au/property-apartment-vic-thornbury-123043074" target="_blank">17/25 Martin Street, Thornbury, Vic 3071</a> that recently traded hands for $452,500.
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Melbourne's west and north offer wide choices for FHBs under $500,000: HTW

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Market analysts believe First Home Owner Grant (FHOG) schemes should either be reviewed or abolished, according to a finder.com.au survey.
The <a href="https://www.finder.com.au" target="_blank">finder.com.au </a>survey is the largest of its kind in Australia. 
When asked about their views on first home owner grants and schemes across the country, 69 percent of experts said it’s time to review or abolish these schemes; 38 percent of respondents believe first home buyer grants and schemes should be abolished, while 31 percent say State and Federal Governments should review first home buyer schemes.
Finder.com.au insights manager,  Graham Cooke, said it’s important that first home buyers get a foot on the property ladder, but not at the cost of increasing property prices.
“If you live in a capital city such as Sydney or Melbourne, there is a very high barrier to entering the market in terms of the financial resources required to secure a property. While first home buyer grants may allow you to enter the property market sooner, they can also increase the funds going into the housing market, possibly driving up prices," he said.
“These grants also require buyers to live in the property for a specified time, and are therefore not available to first time investors who may choose to buy a property in a more affordable area, and rent elsewhere.”
Mr Cooke says there is a strong belief that First Home Owner Grant schemes need review.
“The general view is that these grants artificially inflate the price of new dwellings at the cost of the taxpayer," he said.
“The national homeownership rate has been declining and the First Home Owner Grant hasn’t solved Australia’s housing affordability problem. It could be time for the state and territory governments to review relevant schemes to provide greater accessibility for first buyers. Stamp duty discounts or land tax rebates may need to be revisited.
"First home buyers should be careful not to overextend themselves in the current low interest rate market. A buffer of 2-3 percent should be factored in on top of your current interest rate to allow you to service any future rate hikes comfortably."
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FHOG schemes should be reviewed, abolished: finder.com.au

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GUEST OBSERVER
The Queensland Government has announced that it will introduce a 3 percent Additional Foreign Acquirer Duty (‘AFAD’) to be paid by foreign persons who purchase certain land in Queensland that is, or will be, solely or primarily used for residential purposes from 1 October 2016.
The move comes as part of the 2016-2017 Budget measures and will apply only if liability to pay transfer duty, landholder duty or corporate trustee duty arises in respect of a transaction on or after 1 October 2016.
The AFAD has been introduced by the Government “to ensure that foreign purchasers of residential land, who benefit from Government services and infrastructure, make a contribution to their delivery” as they are “not necessarily subject to some of the other major sources of State Government revenue”.
The Duties and Other Legislation Amendment Bill 2016 (Qld) (‘the Bill’) was introduced to Parliament to amend the Duties Act 2001 (Qld). The Bill was passed on 17 June 2016 and will now be presented for royal assent after which it will become law.
In other Budget measures, it has been announced the existing family farm transfer duty concession for the familial transfer of farm businesses will be extended from 1 July 2016 to remove the requirement that the transaction be by way of gift (meaning the concession will now also be available where consideration is paid for the transfer).
The Government has also made a commitment to temporarily increase the First Home Owners’ Grant from $15,000 to $20,000 to assist first home buyers to enter the housing market. The grant will be available for contracts signed between 1 July 2016 and 30 June 2017 for new houses, units or townhouses valued at less than $750,000.
Clive Nichol is partner at Barry. Nilsson. Lawyers and can be <a href="https://www.bnlaw.com.au" target="_blank">contacted here.</a>
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