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.

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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."

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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."

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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."

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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.

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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."

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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."

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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."

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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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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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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">GUEST OBSERVER</div>
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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"><a href="/images/2016/10/06/Screen%20Shot%202016-10-06%20at%2012.46.28%20PM.png" target="_blank">Click to enlarge</a></div>
<div class="column"><img src="/images/2016/10/06/Screen%20Shot%202016-10-06%20at%2012.46.28%20PM.png" alt=""></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.
<a href="/images/2016/10/06/Screen%20Shot%202016-10-06%20at%2012.49.43%20PM.png" target="_blank">Click to enlarge</a>
<img src="/images/2016/10/06/Screen%20Shot%202016-10-06%20at%2012.49.43%20PM.png" alt="">
<a href="/images/2016/10/06/Screen%20Shot%202016-10-06%20at%2012.50.50%20PM.png" target="_blank">Click to enlarge</a>
<img src="/images/2016/10/06/Screen%20Shot%202016-10-06%20at%2012.50.50%20PM.png" alt="">
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.
<img src="/images/2016/08/05/footscray.png" alt="">
<div class="propertyStats">
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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<img src="/images/2016/08/05/thornbury.png" alt="">
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prateek24-ezbwHMbNAk

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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<div id="lex-article-body" class="article-body">
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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<div class="byline"><a class="firmName" href="https://www.lexology.com/contributors/1067272/"> </a></div>
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