<a href="https://www.apartments.com.au/developers/s-p-setia">SP Setia</a> has lodged plans for a $750 million, three-tower mixed-use precinct that would complete the long-running redevelopment of Carlton's former Carlton United Breweries site.

The proposal at <a href="https://www.apartments.com.au/new-apartments/185-195-queensberry-street-carlton-vic-3053">46-78 Bouverie Street and 185-195 Queensberry Street</a> spans a 6,468 sqm site, the last remaining undeveloped parcels within the former brewery's 2007 masterplan.

Designed by <a href="https://www.apartments.com.au/architects/cox-architecture">COX Architecture</a>, the development will comprise two purpose-built student accommodation towers and a third build-to-sell apartment tower above a shared commercial podium and basement.

Across the three towers, SP Setia is proposing 606 build-to-sell apartments and 1,499 student accommodation units containing 2,009 beds.

The apartments will sit in the tallest tower, which will rise nearly 200m and 55 storeys. It will become&nbsp;one of the more substantial new build-to-sell apartment projects at the northern edge of Melbourne's CBD.

The apartment mix is weighted toward smaller inner-city product, with 188 studios, 206 one-bedroom apartments, 192 two-bedroom apartments and 20 three-bedroom apartments

<img alt="First look: SP Setia plans three-tower finale for Carlton’s former CUB precinct" data-entity-type="file" data-entity-uuid="8271bc87-1b0a-41b7-ac73-a425ee375261" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/3_2.png?VersionId=G4lw23o90B1boX4k4dj7rdz2ZEajS9wy" />

Part of the precinct will be a large-scale&nbsp;3,684 sqm supermarket and a further 2,198 sqm of speciality retail, creating close to 5,900 sqm of new commercial space within the precinct.

But one of the biggest components of the proposal is what sits between the buildings.

Around 4,650 sqm, or roughly 72 per cent of the site, will be publicly accessible open space, incorporating plazas, pedestrian connections, landscaped laneways and retail spill-out areas.

The ground plane is intended to finally complete pedestrian connections envisaged when the CUB masterplan was first approved nearly two decades ago, stitching together Victoria Street, Queensberry Street, Bouverie Street and Swanston Street through the former brewery precinct.

Urbis said the development would "complete the CUB precinct", with the public realm providing important north-south and east-west connections through what is currently the final undeveloped portion of the masterplanned site.

SP Setia is also exploring a new linear park within the Bouverie Street road reserve, with the concept to be developed further with the City of Melbourne through the planning process.

The proposal is being pursued through the Victorian Government's Development Facilitation Program under Clause 53.23 for significant residential development with affordable housing.

The planning report acknowledges the proposed heights exceed those contemplated under the original Comprehensive Development Plan and masterplan, but argues the built-form context has changed considerably over the past two decades.

Urbis said the three towers would instead create a stepped transition between Carlton and the Hoddle Grid, rising progressively from the 94.1-metre Tower One along the Queensberry Street edge to the 199.44-metre Tower Three closer to the established CBD-scale buildings to the south.

<img alt="SP Setia" data-entity-type="file" data-entity-uuid="e885a07a-592c-40fc-bf82-e6dbaf32da54" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-21%20at%208.52.24%E2%80%AFAM.png?VersionId=7s_ErUkSKAdY1mAWp3GRZgMNCGtwhk5m" />

SP Setia plans to deliver the development across three stages.

Stage One would deliver the basement, podium and retail areas for the entire precinct alongside the first student tower. Tower Two would follow in Stage Two, before the 606-apartment Tower Three is delivered as the final stage.

If approved and delivered, the project would close out a redevelopment process that has been underway since the former brewery masterplan was approved in 2007, adding more than 2,600 student beds and apartments to a precinct already home to Swanston Central, the Barak Building, RMIT Design Hub and several large student accommodation developments.

&nbsp;

&nbsp;

Joel Robinson

SP Setia plans three-tower finale for Carlton’s former CUB precinct

Melbourne developer Lowe Living is seeking to add to its growing bayside apartment pipeline, filing plans for a boutique eight-residence development in tightly held Middle Park.

Lowe Living, which has built much of its development portfolio across Melbourne's affluent bayside and south-east suburbs, is behind the plans for the 730 sqm site at <a href="https://www.apartments.com.au/new-apartments/123-125-erskine-street-middle-park-vic-3206">123-125 Erskine Street</a>, just off Armstrong Street and within the Armstrong Street Neighbourhood Activity Centre.

The developer is seeking approval for a five-storey residential building above two basement levels, with just eight large-format apartments and 18 car spaces.

“This is a deliberately very different proposition for us,"&nbsp;Tim Lowe, Co-Founder of Lowe Living, said.

"Eight residences is exceptionally boutique, but that's precisely what this site calls for.

“There is a strong community in Middle Park and the surrounding suburbs who have spent decades building a life here. They no longer want the maintenance of a large period home, but they aren't prepared to compromise on space, quality or location. We think there is a real opportunity to capture that hyper local market. A site like this rarely comes to market.”

<img alt="Lowe " data-entity-type="file" data-entity-uuid="875fe572-0f14-4d90-9e11-55b28dd07731" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-21%20at%208.42.49%E2%80%AFAM.png?VersionId=GDNQRv9BfpR9r1zkZ5UDyUM4ZvpIksut" />

The low-density proposal has been designed by Cera Stribley and is being progressed through the Victorian Government's Great Design Fast Track pathway, having already secured eligibility from the Minister for Planning.

The Office of the Victorian Government Architect supported its eligibility after finding the proposal demonstrated consistency with the program's seven design principles, while the project's financial feasibility has also been independently confirmed by Invest Victoria.

The project is targeting the downsizer market, with the planning documents describing the homes as larger-format residences and noting the two penthouses could otherwise have been configured as four separate apartments.

<img alt="Lowe 2" data-entity-type="file" data-entity-uuid="60ab0987-2da6-4175-adac-315dcf6053c6" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-21%20at%208.43.15%E2%80%AFAM.png?VersionId=bOCPH0B2MFwlmaRW.TTCF9TzyifgVoQI" />

The site has dual frontage to Erskine Street and Canterbury Place and currently comprises a collection of commercial buildings used as offices, including a former heritage bakehouse, a former stable, a later gabled addition and a central courtyard.

It sits within the Commercial 1 Zone and the Armstrong Street Commercial Precinct heritage overlay, with the existing property classified as a contributory heritage place.

Heritage has subsequently played a significant role in Cera Stribley's design.

The front section of the former bakehouse facing Erskine Street will be retained, including its return walls, street-facing hipped roof and chimneys, while the Erskine Street façade and part of the western return wall of the former stable will also be incorporated into the new development.

Levels four and five will be set back five metres from the retained stable façade, while bricks removed through demolition are proposed to be salvaged and reused within the new building where possible.

<img alt="Lowe 3" data-entity-type="file" data-entity-uuid="e97927a9-a2de-4a0f-83b6-65451238abfa" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-21%20at%208.43.06%E2%80%AFAM.png?VersionId=VR44AChLrX9q1XPB9GvVQV.ALXXbe4gC" />

Rather than presenting as a single five-storey building to Erskine Street, Cera Stribley has broken the development into a series of distinct forms.

A three-storey infill element will sit between the retained bakehouse and stable façades, with the upper levels recessed behind the heritage fabric. Canterbury Place will similarly feature two three-storey podium forms, separated by a central pedestrian accessway, before the upper two levels step back from the street.

A pedestrian through-link will run through the centre of the project between Erskine Street and Canterbury Place, creating entrances from both sides of the site and introducing landscaping and communal areas through the ground plane.

Landscape architect Acre has designed planting across the ground level, private terraces and upper levels, including a feature canopy tree at level three and integrated planting and arbours across the level four terraces. Five existing Erskine Street trees are proposed to be retained.

Sustainability is also a significant component of the Great Design Fast Track application. The apartments are targeting an average eight-star NatHERS rating, with no residence below 6.5 stars, while the project has achieved a 75 per cent BESS score. Seven of the eight apartments are designed for cross-ventilation, with the remaining residence using mechanically assisted natural ventilation.

The plans also incorporate an 8kWp rooftop solar system, a 5,000-litre rainwater tank and infrastructure allowing future electric vehicle charging for every residence.

Lowe has a strong portfolio across Melbourne's blue-chip suburbs. They recently launched <a href="https://www.apartments.com.au/new-apartments/jardin-house-by-lowe-living-camberwell-335-camberwell-road-camberwell-vic-3124">Jardin House by Lowe Living</a> in Camberwell, their first development in the Stonnington LGA.

Lowe Living unveils Middle Park apartment development

Article summary

<ul data-end="888" data-start="289">
	<li data-end="442" data-section-id="8tsh6o" data-start="289">DVB Projects is preparing to launch its second Gold Coast apartment development, with demolition now underway at 137 Old Burleigh Road, Broadbeach.</li>
	<li data-end="573" data-section-id="1nyxl3e" data-start="443">The 34-level tower will comprise just 49 ultra-luxury residences, including half-floor, full-floor and penthouse apartments.</li>
	<li data-end="717" data-section-id="oiyimj" data-start="574">The launch follows strong demand at DVB's nearby Sea Glass project, which is more than 50 per cent sold and currently under construction.</li>
	<li data-end="888" data-section-id="epk9o9" data-start="718">The development adds to the transformation of Old Burleigh Road, with premium beachfront apartment projects continuing to reshape the tightly held Broadbeach strip.</li>
</ul>

<a href="https://www.apartments.com.au/developers/dvb-projects">DVB Projects</a> is preparing to launch its second Gold Coast apartment development, with demolition now underway on the Broadbeach site as the Sydney developer moves closer to bringing the ultra-luxury project to market.

The 34-level tower at <a href="https://www.apartments.com.au/new-apartments/137-old-burleigh-road-broadbeach-qld-4218">137 Old Burleigh Road</a> will comprise just 49 residences, ranging from half-floor apartments through to full-floor homes and a penthouse. The launch follows the strong sales performance of DVB's nearby Sea Glass development. More than half of the apartments at Sea Glass, on the other side of Broadbeach, have been snapped up, well ahead of its late 2027 completion

<img alt="DVB Projects to commence demolition on $320m Broadbeach luxury tower" data-entity-type="file" data-entity-uuid="2944b4be-c84e-4b54-8dc1-c712e76704c0" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/E02_Exterior_Street%20Level%20Entrance.jpg?VersionId=YoNig7pRdrE3HCue7sUj78LzJteeQf3H" />

The start of demolition at 137 Old Burleigh Road signals DVB Projects’ underlying confidence in the Gold Coast’s luxury beachside apartment sector.

“We see the Gold Coast as one of the most compelling lifestyle markets in Australia, particularly at the premium end where demand continues to deepen,” said Dean Brown, Managing Director of DVB.&nbsp;

“This project has been carefully designed to respond to that demand - delivering large-format residences with a level of quality, privacy and amenity that is still relatively rare in the apartment market on the beachside."

Brown says the site itself is "exceptional."

"Old Burleigh Road is one of the most tightly held beachfront strips, and opportunities to deliver a project of this scale and calibre in this location are extremely limited.”

<img alt="DVB Projects to commence demolition on $320m Broadbeach luxury tower" data-entity-type="file" data-entity-uuid="398f377a-c037-455e-9250-0c5e0d84c35b" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/I12_FF%20Balcony.jpg?VersionId=NwOiRWGMubR1c8wthuEfggklcja7al9." />

The project will comprise 40 half-floor residences of approximately 260 sqm, alongside eight full-floor residences spanning around 524 sqm.

A single penthouse will crown the building, featuring a private pool, barbecue area, indoor gym and dedicated entertaining spaces.

Residents will have access to a resort-style suite of amenities, including a 20-metre pool with daybeds, a gymnasium, hot and cold plunge pools, a sauna, and private residents’ lounge and dining facilities.

<img alt="DVB Projects to commence demolition on $320m Broadbeach luxury tower" data-entity-type="file" data-entity-uuid="d1642bb0-9a66-4427-a022-dfc0988c6287" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/A02_Pool%20to%20View.jpg?VersionId=c0IXPyn_Gp_Kn3XCwzMrqIVkAdCEwVXP" />

Sales agent Todd Matheson, of <a href="https://www.apartments.com.au/project-marketer/pezet-matheson">Pezet Matheson</a>, which is marketing both 137 Old Burleigh Road and Sea Glass, said 137 Old Burleigh Road would address a clear gap in the market for genuine luxury products.

“There are very few opportunities on the Gold Coast where buyers can secure a residence of this size and quality in a new building,” Matheson said.

“What we’re seeing is a growing cohort of downsizers and interstate buyers who still want space - they’re not willing to compromise on living area, entertaining or finishes.

“This project has been designed with that buyer in mind. It offers the scale of a home, combined with the convenience and security of apartment living, in one of the coast’s most desirable positions.”

<img alt="DVB Projects to commence demolition on $320m Broadbeach luxury tower" data-entity-type="file" data-entity-uuid="59aae0ca-5639-4320-8aca-d0bf60f48e43" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/E01_Exterior%20Hero.jpg?VersionId=DS8Zfy2WtgUEtdfe0TEUuf1W1GfcZq8S" />

Located on a 1,156 sqm site one block from the beachfront, the development will replace an ageing walk-up building and is expected to contribute to the ongoing transformation of the Old Burleigh Road strip into one of the Gold Coast’s most prestigious residential corridors.

With the development moving into the delivery phase, 137 Old Burleigh Road is slated to hit the market later this year.

[smartcode_project_cta:default project_id=145141]

DVB Projects to launch second Broadbeach apartment tower as demolition commences

<a data-end="327" data-is-only-node="" data-start="250" href="https://www.apartments.com.au/developers/norus-projects" rel="noopener" target="_new">Norus Developments</a> has lodged plans for a new apartment development in Clayton that would add further momentum to the suburb's emerging Green Street corridor.

Plans have been lodged for the consolidated site at <a href="https://www.apartments.com.au/new-apartments/1359-1365-centre-road-clayton-vic-3168">1359-1365 Centre Road</a>, where Norus is seeking approval for 218 apartments across a 12-storey apartment building designed by <a href="https://www.apartments.com.au/architects/life-architecture-and-urban-design">Life Architecture</a>.

The proposal sits within the Clayton Major Activity Centre at the threshold of the planned Green Street corridor, a landscaped pedestrian connection intended to improve links through the precinct towards Clayton Railway Station.

The development would replace the site's existing collection of low-scale residential and commercial buildings with a single consolidated building, introducing significantly greater housing density to this part of Centre Road.

A retail tenancy is proposed at ground level to activate the Centre Road frontage, accompanied by transparent street interfaces and landscaping intended to create a more pedestrian-focused edge to the development.

<img alt="First look: Norus Developments plans landscape-led apartment project for Clayton’s emerging Green Street" data-entity-type="file" data-entity-uuid="0a5a763a-d9e9-4253-af2f-88008de27ebf" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Clayton%20a.png?VersionId=S2WJJbat1XVkZwB9SnYtygirXgWHiklX" />

The building has been designed with stepped massing and upper-level setbacks to manage its transition towards surrounding residential properties. The planning report describes the approach as one that integrates the building into the landscape rather than treating landscaping as a secondary element.

"A strong landscape and public realm strategy underpins the proposal," Urbis states in the planning report.

"Public benefits include an affordable housing contribution, a new pocket park, generous landscaped setbacks, deep soil planting and integrated Water Sensitive Urban Design."

The report adds that these elements are intended to create "a permeable, pedestrian-focused ground plane that enhances walkability, supports urban cooling and reinforces the emerging Green Street character."

Biophilic and passive design principles extend through the residential levels, with planting, daylight, natural ventilation and views towards landscaped areas forming part of the amenity strategy.

Parking would be concentrated away from the public realm, with 145 car spaces proposed from the rear laneway rather than dominating the Centre Road frontage.

The proposal follows an extensive pre-application process with the City of Monash. Three formal meetings were held between the project team and Council from December 2025 to March 2026, with the scheme evolving through several concept iterations before the current design was lodged.

The project arrives as Clayton prepares for substantial change around its established activity centre and the wider Suburban Rail Loop precinct. Its position on Centre Road places the development within an existing concentration of shops, services and public transport, while the Green Street connection is intended to strengthen pedestrian access towards Clayton Railway Station.

First look: Norus plans landscape-led apartment project for Clayton’s emerging Green Street

<a href="https://www.apartments.com.au/developers/gardner-vaughan-group">Gardner Vaughan Group</a> has officially commenced construction on Bronze on Chevron, celebrating the sod turning of its first-ever Gold Coast development and marking a significant milestone in the company's continued expansion across South East Queensland.&nbsp;

Following the successful delivery of premium residential developments throughout Brisbane and the Sunshine Coast, <a href="https://www.apartments.com.au/new-apartments/bronze-on-chevron-8-mawarra-street-chevron-island-qld-4217">Bronze on Chevron</a> represents Gardner Vaughan Group's entry into the Gold Coast market. Bronze will deliver 119 one, two, three and four-bedroom apartments above two ground-level retail tenancies.

[smartcode_project:default project_id=107520 project_image_fid=367193]

The recent sod turning ceremony was attended by Deputy Mayor Mark Hammel, President of the Surfers Paradise Surf Life Saving Club, Cassandra Sedgman, project consultants, purchasers, project partners and invited guests to celebrate the commencement of construction.&nbsp;

Gardner Vaughan Group Chief Executive Officer Simon Betteridge said Bronze on Chevron represented an exciting new chapter for the business.&nbsp;

"We've spent almost four decades building homes that respond to the way people want to live, and we're excited to bring that experience to <a href="https://www.apartments.com.au/developments/chevron-island-qld-4217">Chevron Island</a>," Betteridge said.

"Bronze on Chevron is particularly significant because it marks Gardner Vaughan Group's first development on the Gold Coast following many successful projects across Brisbane and the Sunshine Coast."

[smartcode_project:default project_id=107520 project_image_fid=367183]

Betteridge said the ground breaking is a proud moment for the&nbsp;team and their purchasers, who can now see their future homes beginning to take shape.&nbsp;

"As both developer and builder, we're able to oversee every aspect of the project from design through to construction, ensuring the quality and attention to detail Gardner Vaughan Group has become renowned for."&nbsp;

Designed by acclaimed architectural practice <a href="https://www.apartments.com.au/architects/cottee-parker-architects">Cottee Parker</a>, Bronze on Chevron has been thoughtfully designed to complement Chevron Island's evolving streetscape while embracing its relaxed coastal lifestyle.

The development will offer generous residences with refined interiors, premium finishes and resort-style amenities, with completion anticipated in early 2029.&nbsp;

[smartcode_project_cta:default project_id=107520]

The development will offer generous residences with refined interiors, premium finishes and resort-style amenities, with completion anticipated in early 2029

Gardner Vaughan Group breaks ground on first Gold Coast development, Bronze on Chevron

First Home Buyers

<html><body>
GUEST OBSERVER
The Federal Budget salary sacrifice scheme FHB savings will provide some benefit but needs to be kept in perspective.
The reality is most first home buyers and low to mid income earners earn generally relatively low marginal tax rates. Nonetheless, it does provide an incentive to save for a home deposit, which is great. It provides some structure and discipline which FHBs need.
The ghost house tax scheme doesn't really have an impact on new home builds at all. The quantum of the tax will need to be very substantial to have any real impact.
The reality is the foreign investors engaging in these practices are wealthy Chinese trying to get money out of China into a safe haven. The houses purchased by foreigners are often very high value homes (blue chip areas), so any impact the penalty has will only help renters at the higher end, not first home buyers. It will simply be seen by most foreigners as a tax on getting their money out of China.
It's a shame not more is being done around first home buyer's grants, as it's simple and effective.
The minister is concerned about grants ending up in the pockets of medium density developers and already wealthy home owners, and that's fair enough. Government should consider either doubling FHB grants for new build homes only, or scrap the grant completely for FHB of established, to push demand into new housing.
Reality is when the FHB grant is used in the established property market it only fuels prices and the problem (and gets partly recycled to the states in stamp duty). However, with new builds it creates real jobs and pushes demand away from inner suburbs alleviating constant price pressure.
Another scheme could be to incentivise land developers to sell a certain percentage of projects to FHB's at discounted rates. The incentive could be a lower corp tax rate if the percentage threshold is met each year, encouraging developers to push down prices to FHB's to hit the quota each year.
Government should also be looking at the development of its own land with some projects exclusively dedicated to FHB's, with appropriate pricing set which in turns keeps other developers in the surrounding areas sharp in terms of their own pricing."
Housing affordability has become a significant issue over recent years, driven by exponential growth in median house prices and relatively low levels of wage growth.
While being the most popular cities in which to own a home, Sydney and Melbourne clearly face the most stress when it comes to housing affordability given the lack of new supply to meet growing demand. In addition to this, the growth seen in median housing prices is pushing first home ownership out of reach for many.
First home buyers grants are simple and well understood, whereas new schemes such as access to super or a shared equity scheme are complicated and diminish longer term value and benefits for home buyers.
Creating incentives for first home buyers to buy a new home in outer suburbs or even regional areas (as recently announced by the Victorian state government) are terrific initiatives. Not only do they help get more people into their first home, they also drive demand away from existing properties (mainly in the inner suburbs) which over time will help alleviate pressure on housing prices across the board.
The latest housing affordability report by iBuildNew, the leading online listing site of homebuilders and land developers, reveals the majority (63 percent) of Australian first home buyers (FHBs) believe an affordable house costs less than $450,000, and for 85 percent of FHBs, it means less than $600,000.
The national findings revealed:
<ul>
<li>63 percent of first home buyers believe an affordable house costs less than $450,000 (median prices in Sydney are $1,152,000, thus 250% disparity)</li>
<li>64 percent of first home buyers are only prepared to look at properties within their suburb of choice or surrounding suburbs</li>
<li>76 percent of first home buyers can't get into the property market because they can't save the deposit or secure a loan</li>
<li>Only 22 percent of first home buyers are considering a new home build while 60 per cent are focused on buying an established home or townhouse</li>
<li>55 percent of survey respondents did not think using their superannuation savings would help them secure their first home</li>
</ul>
Daniel Peterson is a CEO at iBuildNew. He can be contacted <a href="https://www.ibuildnew.com.au/" target="_blank">here</a>.
</body></html>

jchancellor-FAypfDUnLy

Government should consider doubling FHB grants for new build homes only: Daniel Peterson

<html><body>
First home buyers will receive preferential tax treatment in the budget tomorrow night to enable them to save for a deposit.
Sources have confirmed the budget will introduce its own version of first home saver accounts which will resemble a superannuation account.
First home buyers will receive concessional tax treatment on contributions by being able to salary sacrifice, The Australian Financial Review advised.
The earnings will be taxed at a concessional rate. 
There will no contributions from the government.
There will be caps on the amount that can be contributed annually and an overall cap on the size of the fund.
There will be no age limit on who can set up such a fund but it can only be used for the purchase of a first home.
Couples with individual accounts would be able to pool their accounts.
Despite the government's policy having both annual and global caps, the Australian Financial Reviews suggested its still risks being criticised as fuelling demand, a key reason why there was widespread opposition to enabling people to use their superannuation to buy houses.
"I think on budget night, I don't want to raise expectations too much, but anyone who is saving for a deposit for their first home will be pleased with the steps by the government," Assistant Treasurer Michael Sukkar told Sky News.
"By the time you save the money for a deposit the market has moved on and now you need 60 or 70 thousand."
The policy will be one of a handful on budget night aimed at improving housing affordability but the government won't be tackling demand-side factors such as negative gearing and capital gains tax concessions.
On the supply side, it will encourage retired couples to downsize from the family home.
People who downsize will be able to use the proceeds to bolster their retirement by being offered exemptions from the annual $100,000 cap on on on-concessional superannuation contributions and the $1.6 million cap on retirement accounts. However, the proceeds from downsizing are not expected to be exempt from the pension assets test.
The government will also encourage a national scheme in which investors will be taxed for leaving properties vacant.
</body></html>

j.ballantyne1990-6AQqhLzZaK

Federal Budget 2017: First home buyers to get preferential tax treatment

<html><body>
More than 30 percent of potential first home buyers have said they may have to put their property plans on the back-burner if interest rates rise, new research has revealed.  
According to Mortgage Choice and Core Data’s Evolving Great Australian Dream whitepaper, 33.7 percent of prospective buyers said they would be “increasingly unlikely to buy a home” if rates started to climb.
For 33.4 percent of respondents, rate rises would not affect their property purchasing intentions, while the remaining 32.9 percent said they were unsure how rate adjustments may impact their property plans.
“The fact that a rate increase would encourage more than one in three first home buyers to put their property plans on the backburner concerns me,” Mortgage Choice chief executive officer John Flavell said.
“The fact is, rate rises are inevitable. In fact, over the past few weeks, the majority of lenders have increased the interest rates across their suite of home loan products.
"These rate increases have come outside of any rate adjustments by the Reserve Bank of Australia.
"According to our lenders, increased funding pressures have forced them to lift their rates.
"The reality is, even with the latest rate increases, mortgage interest rates are still sitting at historically low levels, which ensures the cost of borrowing is still incredibly affordable.”
Mr Flavell said it was important for first home buyers to do their research when applying for a home loan.
“When you are applying for a home loan, you should always dot your ‘i’s’ and cross your ‘t’s’ so you understand what you’re signing up for,” he said.
“It is important to check that you are not only able to service a mortgage at current interest rates, but at increased rates, which will be inevitable.
You should also consider your current and future personal circumstances, as this will impact your ability to repay the mortgage.
A qualified mortgage professional can walk you through your options and recommend the best product to suit your current and future needs.” 
Mr Flavell said brokers were highly regulated and worked hard to ensure customers were placed in a home loan that suited their unique goals and financial circumstances.
“At Mortgage Choice, we always factor in a financial buffer, as do our lender partners.
This financial buffer is usually several percentage points higher than a customers’ interest rate.
By doing this, we make sure all customers can not only comfortably afford their mortgage repayments now, but they can also afford their repayments if and when interest rates rise,” he said.
“Having a customer in a home loan they cannot afford doesn’t benefit anyone.
It’s for this reason why, at Mortgage Choice, we ensure every customer is put in the right financial product for their circumstances.”
Table 1: How will you be impacted when rates rise? 
<table border="1" cellspacing="0" cellpadding="0"><tbody>
<tr>
<td valign="top" width="213">
With mortgage interest rates at record lows and property prices at record highs, how are you likely to be impacted when rates eventually and inevitably start climbing?
</td>
<td width="78">
National
</td>
</tr>
<tr>
<td valign="bottom" width="213">
I will be increasingly unlikely to buy a home
</td>
<td valign="bottom" width="78">
33.70%
</td>
</tr>
<tr>
<td valign="bottom" width="213">
It will not affect my intentions
</td>
<td valign="bottom" width="78">
33.40%
</td>
</tr>
<tr>
<td valign="bottom" width="213">
Unsure
</td>
<td valign="bottom" width="78">
32.90%
</td>
</tr>
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One in three FHBs unlikely to buy home if rates rise

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Fresh data has found that more than one in four first home buyers are prepared to compromise on space, in order to get a foothold into the Australian property market.
Mortgage Choice and Core Data’s Evolving Great Australian Dream whitepaper discovered 27.6 percent of first home buyers would be happy to buy a small dwelling in order to get into the market.
According to Mortgage Choice chief executive officer, John Flavell (pictured), the Great Australian Dream of homeownership is becoming increasingly difficult, with property prices climbing across many different markets, specifically Sydney and Melbourne.
“First home buyers understand that buying property is difficult and they may not be able to buy the exact home they want, or exactly where they want,” Flavell said.
“That said, first home buyers are, on the whole, very financially savvy and they see the benefit of getting their foot on the property ladder sooner rather than later. As such, they are prepared to use different home buying strategies to make their property purchase goals a reality.”
Another popular purchasing strategy amongst first home buyers was buying in the outer suburbs or further away, with 25% of respondents saying they would employ this tactic.
“Our data shows that one in four first home buyers are willing to buy in the outer suburbs or further away from where they would prefer to live. These properties are likely to be cheaper and more affordable, and while this may appear to be a trade-off, it will be worth it in the long run,” he said.
“Once you have built up adequate equity in your property, you can then upgrade and renovate or buy a bigger and better property.”
A third strategy that first home buyers were likely to use was seeking financial support from family, which could take the form of a monetary gift or having a parent go guarantor on a home loan.
“The challenge for first home buyers these days is saving a sufficient deposit. As such, it is no surprise to see a significant number of first home buyers stating that they would look for financial assistance from family in order to make their property goals a reality.”
Flavell added that it was important for first home buyers to remember that property was a long-term investment.
“It is undeniably tough for first home buyers to get onto the property market, but it is not impossible. At the end of the day, property is a long-term investment that will require buyers to take various steps before they can own their ideal home,” he said.
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First home buyers willing to compromise on space to buy 

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Frasers Property says it is a move that will be welcome relief to many first home buyers.
But halving the traditional 10 percent deposit required to secure a new home appears instead a rather risky, ill-timed offer for FHBs.
FHBs can buy into the red-hot Sydney market for just a 5 percent deposit - and be in hefty debt residence by September!
The offer is for two of its projects, Centrale in North Ryde (pictured above) and Tailor’s Walk in Botany at just 5 percent deposit. 
"We expect it will prove very popular,” Nigel Edgar, general manager – residential NSW, Frasers Property Australia says. 
The offer will run to June 30. 
To ensure it benefits local first home buyers, the reduced deposit is not open to foreign investors and applies to properties worth up to $900,000. 
No gimmick it appears, as Nigel Edgar avows the initiative was "a responsible way of helping eligible first home buyers to get a foot in the market." 
We all know saving for a traditional deposit is a tough process.
And many say a 10 percent deposit really isn't enough these days – and aiming for 20 percent is wise.
Especially this year as banks are more risk averse and less inclined to accept a borrower without a genuine savings track record.
But Edgar says he understands how hard it can be for young people to save the standard 10 percent deposit for their first home while paying rent and living costs.
Edgar says of course it’s imperative that people stay within their financial boundaries, "which is why a pre-approved loan from a reputable financial institution is one of the key terms and conditions of this initiative."
But will responsible banks really want to lend on 5 percent? And why now in the property cycle? 
Edgar says first home buyers have a wide variety of apartments to choose from at Centrale and Tailor’s Walk, with flexibility surrounding move-in dates.
"Some eligible first home buyers will have the option of moving into their brand new Tailor’s Walk home as early as September this year, or can secure an apartment to move into late 2018. 
“We have made the initiative available at Centrale and Tailor’s Walk because they have the widest variety of apartments priced to qualify for the $10,000 NSW First Home Owner Grant.
"It gives first home buyers the opportunity to stop paying rent and move into a new home soon or, alternatively, the choice to wait a bit longer and focus on saving,” Mr Edgar says. 
Centrale is a new community integrated with the North Ryde train station. Located one train stop from Chatswood and 13km from Sydney CBD, Centrale will comprise four residential buildings with 380 apartments in a mix of one, two and three bedroom configurations when complete. One-bedroom apartments are priced from $595,000 to $745,000, while two-bedroom, two-bathroom apartments with a car space range from $870,000 to $970,000. 
At Tailor’s Walk in Botany, one-bedroom apartments range from $600,000 to $745,000 while two-bedroom designs are priced from $775,000 to $990,000 – making the community a particularly appealing option for first home buyers. 
Spanning 3.1 hectares, Tailor’s Walk is a unique community creatively weaved into the increasingly popular Botany area. It will have five apartment buildings ranging from six to eight storeys, offering a diverse range of one, two and three-bedroom single level and loft style apartments.
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Frasers Property brazen move to get FHBs on 5 percent deposits

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Accessing super offers little help for buyers looking to purchase in Sydney and Melbourne first time home buyers expecting to use superannuation savings as a deposit for a property, according to CoreLogic research analyst Cameron Kusher.
“Money accumulated in funds is relatively immature and unlikely to sufficiently boost buying power in order to enter into the market,” he said.
"Last week the ABC crunched some numbers for purchasing using superannuation.
"They developed figures which showed that based on the average earnings for a 25 to 34 year old, including their 9.5 percent super and a $7,125 per annum co-contribution, and assuming returns of 3.2 percent per annum, the average person in this age group could save $45,545 in their super.
“For arguments sake, let’s say they could have a deposit of $50,000 which means if the buyer put down a 10 percent deposit, they could possibly purchase a property worth up to $500,000.
"Keep in mind that they would still have to pay lender’s mortgage insurance (LMI) if they were borrowing more than 80 percent of the value of the property.”
 “Ultimately, a purchase price of $500,000 is not going to allow the potential buyer to access very many detached homes in Sydney and Melbourne, particularly if they want to live closer to the city.”
Click to enlarge
<img src="https://www.urban.com.au/images/2017/04/27/Screen%20Shot%202017-04-27%20at%2010.01.09%20AM.png" alt="">
<a href="https://www.propertyobserver.com.au/images/2017/04/27/Screen%20Shot%202017-04-27%20at%2010.02.02%20AM.png" target="_blank">Click to enlarge</a>
<img src="https://www.urban.com.au/images/2017/04/27/Screen%20Shot%202017-04-27%20at%2010.02.02%20AM.png" alt="">
<a href="https://www.propertyobserver.com.au/images/2017/04/27/Screen%20Shot%202017-04-27%20at%2010.03.04%20AM.png" target="_blank">Click to enlarge</a>
<img src="https://www.urban.com.au/images/2017/04/27/Screen%20Shot%202017-04-27%20at%2010.03.04%20AM.png" alt="">
Outside of Sydney and Melbourne, CoreLogic research confirmed that there are far greater options for potential first home buyers with a purchase price of $500,000.
“Keep in mind when we talk about the national housing affordability challenges, it is largely a Sydney and Melbourne problem.”
What your super money will get you: Sydney: Only 4.1 percent of all the suburbs in the city have a current median house value of $500,000 or less and 19.7 percent of suburbs have a median unit value of $500,000 or less. Gosford, Wyong and Blacktown are the dominant council areas for the locations of this house.
For units, potential buyers can make it closer to the inner city; however, the closest area will be the council areas of Auburn and Parramatta council areas. Melbourne: With a budget up to $500,000 potential purchasers in Melbourne will have access to 18.7 percent of suburbs for houses and 50.1 percent of suburbs for units.
For a house, the closest you will find to the city centre in Melbourne is within the Hume council area close to the airport. For a unit there are far more options and this budget would get you as close as central Melbourne with units in Melbourne, Kensington and Carlton having a median value of less than $500,000.
Canberra and Darwin: Residents of Canberra (7.1 percent) and Darwin (7.5 percent) also have very little access to houses throughout the city with a budget of $500,000. At the same time, a majority of suburbs have a median unit value of $500,000 or less in Canberra (83.2 percent) and Darwin (90.6 percent).
Brisbane, Adelaide, Perth &amp; Hobart: Residents of Brisbane (39.6 percent), Adelaide (47.9 percent), Perth (37.8 percent) and Hobart (76.6 percent) have much greater access to houses worth $500,000 or less. In each of these cities a budget of $500,000 would allow buyers to purchase a unit in at least three quarters of all the suburbs across the city.
“Both the ABC data and our research highlights that access to superannuation to purchase a home would largely help buyers outside of Sydney and Melbourne. With both cities being the housing markets most stretched for affordability, allowing first-time buyers to access their Super for a deposit is going to make little difference in affording these buyers with access to the housing market.”
“Furthermore, accessing superannuation has the potential to add to housing demand which is already outstripping supply and potentially lead to even greater increases in values not only in Sydney and Melbourne but potentially elsewhere as well.” 
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Accessing super little help for buyers looking to purchase in Sydney and Melbourne: Cameron Kusher

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‘Don’t buy’ is the advice to young Australians thinking of owning property from one of Australia’s leading economists, Deloitte Access Economics economist Chris Richardson.  
The advice confirms the uncertainties around Australia’s property market, as the government looks at ways to make housing more affordable, although there is scepticism about how much they can actually affect the market.
"The one bit of advice I give to young Australians is right now you know...amid our housing markets of the moment is 'don't buy'," Richardson told the National Press Club recently, as reported by The Australian Financial Review.
"Although there are elements of rental stress, and governments can be involved in helping to do things around there and indeed governments have a bigger role there than in other parts of housing markets, let's not forget that rents today make a lot more sense than housing prices,” he said.
Even Treasurer Scott Morrison spoke at length about the private rental market the same week at a speech on housing affordability ahead of the budget, when the government is expected to deliver an affordability package.
He noted that just over two thirds of households are owner occupiers, and almost a third rent - a quarter rent in the private market, and just under 5% rent through community housing providers at sub-market rates or in public housing.
The Treasurer, while acknowledging the affordability issues for both home buyers and renters, said any measures to deal with the situation “must involve a scalpel, not a chainsaw as advocated by the Labor Party”.
While Morrison – and others in the government – have raised the spectre of a range of measures the government was contemplating to make housing affordable, Richardson put a reality check, saying – relative to recent moves in house prices – the impact of any government policy change would be marginal at best.
Referring to Morrison’s speech, Richardson said:
“The most overlooked thing [the Treasurer] said was that there was no silver bullet around this.
“You absolutely do need to look at renters who are of course the flip side of looking at investors.”
He said the government could do "heaps of things", but when "you have more than nine million homes and families in Australia, you're not necessarily going to change things heaps".
"You need to understand how small the levers they have on how big a market the Australian housing market is.”
"They might affect prices by 2-3%: we easily did more than that over the course of November-December".
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"Don't buy" property right now, economist Chris Richardson tells young Australians

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AFG has reported promising signs in the first home buyer (FHB) market as the 17 year old scheme, introduced to offset the effect of the GST on home ownership, receives a shake up.
The national First Home Owner Grant (FHOG) scheme funded by the states and territories has largely been hailed a success as it seeks to ease the hefty upfront costs for new entrants to the market. 
The effectiveness of the scheme however has been questioned of late and it appears this may have encouraged governments to act. 
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2017/04/19/header_fhogs.jpg" alt="">
“The Victorian state government has recently announced a number of changes to the scheme in that state and New South Wales is currently examining their options to help counter rising house prices in those states,” said AFG interim CEO David Bailey.
AFG data shows positive signs amongst the FHB market with lodgments lifting back up to 10% for the first time since the first quarter of 2014.
“First home buyer numbers have been in the single digits for some time. 
It is good to see state governments looking to support those trying to get a foot on the property ladder. 
Time will tell if the proposed changes to the scheme go far enough to assist those looking to buy their first home in our two most populous states.”
APRA-imposed lender policy changes have had an impact on both the investor market and refinancers as many lenders lift interest rates for borrowers.
“Lenders have been told by the regulator to rein in their exposure to the investor market and APRA continues to monitor growth in lending to investors,” said Mr Bailey. 
“As a result many lenders have embarked upon a series of rate increases and a tightening of credit policy for investors to comply with APRA’s guidelines.
“This activity has seen investor loans drop from 34% to 32% across the quarter.”
Those looking to refinance have also been impacted, with that segment of the market dropping from 38% to 35% last quarter – its lowest level since the third quarter of 2015.
In overall lodgment numbers, AFG has reported a lift of 8% on Quarter 3 last year driven primarily by increasing activity of upgraders.
“With a significant amount of changes being made to the appetites and pricing of lenders, help from a mortgage broker can be vital for consumers trying to navigate the dynamic market that is home lending,” said Mr Bailey.
“A result that should please the regulators is a drop in the loan to value ratio (LVR) in all states apart from South Australia where a marginal increase of 0.4% was evident. 
The national LVR is now down to 68.6%, the lowest level since the first quarter of 2013,” he concluded.
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AFG sees promising signs for first home buyers

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National Australia Bank has come up with new goodies to attract first home buyers to its fold in a competitive lending market at a time when both the RBA and prudential regulator have voiced concern on banks’ exposure to the housing market.
NAB is also offering its “cheapest-ever” two-year fixed rate for first time home buyers.
As part of an overhaul of its products, NAB is scrapping the $1,500 home loan cash back offer and an annual fee waiver of $395 for all broker-originated home loan applications, according to an article in Fairfax Media.
Those will be replaced by a 350,000 NAB Rewards Points offers, with offerings for gadgets such as a smart TVs, cameras and $1,750 towards any flight or hotel purchase with Webjet. Also part of offers are gift cards, cash-backs and other incentives on about 1,500 goods and services, from household goods to vouchers from major retailers such as Coles, Myers and Bunnings.
The scheme is for customers applying for loans till August 31.
The incentives come at a time when the Australian Prudential Regulation Authority has announced a review of mortgage lending practices of banks as it feels banks are too exposed to the housing sector which is a risk. 
Recently, RBA governor Philip Rowe was also critical of banks’ lending standards, saying “too many loans are still made where the borrower has the skinniest of income buffers after interest payments”.
Meanwhile, NAB is just doing what other lenders are. Fighting for more market share through promotions and offers. 
As part of its mortgage range restructuring, the bank recently withdrew NAB Homeplus and NAB Peak Performance products for new customers.
It is attempting to aggressively build market share in the first home buyers' segment with a 3.69 per cent fixed rate for two years for owner occupier, principal and interest loans.
"We recognise these are challenging times for home buyers," a bank spokeswoman was cited as saying by the Australian Financial Review. "We also recognise our customers want more choice on how they are rewarded.” 
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NAB woos home loan applicants with trips, cash and gadget offers

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First home buyers have purchased nearly 70 percent of homes so far within Caboolture's 400 acre Central Springs residential development.
The project, from QM Properties, will feature nearly 1000 new homes completed by 2023.
Damien Ross, QM Properties general sales manager, said since release 40 sales have been made, all off-the-plan.
“First home lending and buying is certainly on the rise in Queensland, and it’s great to see people considering the Caboolture and Moreton Bay region," he said.
“Growth in the area, attractive house prices and its proximity to Brisbane’s city centre make Central Springs an appealing and affordable option for first home buyers.
“We have also seen a large amount of interest from the local first home buyers with 83.3 percent of our buyers already living in the Moreton Bay area, which shows great faith in the region."
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