<a href="https://www.apartments.com.au/developers/sunland-group">Sunland Group</a> has officially lodged plans for its first Gold Coast apartment project since the departure of the Abedian family from the company three years ago, unveiling a new high-rise proposal for a prominent Broadbeach corner site on Old Burleigh Road.

The application was submitted by an entity directed by Tom Jamieson, stepson of longtime Sunland leader Soheil Abedian, and Riaz Rezvanipour, brother-in-law of Sahba Abedian, Soheil’s son.

Sunland acquired the 1,283 sqm site on the corner of Old Burleigh Road and Armrick Avenue for $9.5 million late last year and is now seeking approval for a <a href="https://www.apartments.com.au/new-apartments/99-101-old-burleigh-road-broadbeach-qld-4218">42-storey tower with 81 apartments</a>.

<img alt="First look: Sunland Group returns to Broadbeach with new Old Burleigh Road tower plans" data-entity-type="file" data-entity-uuid="fea2946d-90ee-4cfc-babe-2a8ad5db2cb6" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/pers.png?VersionId=BV0fihJw31nDIQ8ozY_h3GbS8mxDyhnm" />

Designed by <a href="https://www.apartments.com.au/architects/contreras-earl-architecture">Contreras Earl Architecture</a>, the proposed tower at 99-101 Old Burleigh Road would deliver a predominantly larger-format apartment mix aimed at the owner-occupier market. Plans include 17 two-bedroom apartments, 55 three-bedroom apartments, and nine four-bedroom residences across 35 residential levels.

The development also incorporates three basement levels, four podium parking levels, two levels of communal recreation facilities, and rooftop plant and equipment. A total of 189 car spaces are proposed, significantly exceeding the 90 spaces required under the planning scheme.

The architecture adopts a sculpted, curvilinear form, with deep wraparound balconies and integrated landscaping intended to soften the tower’s vertical expression. The planning report states the building’s “slender footprint/form provides a complimentary yet varied built form within the local streetscape” and contributes to “a varied, yet ordered skyline.”

Contreras Earl noted in its Architectural Statement that from the early stages, the project addressed a fundamental challenge: how to accommodate the required residential yield while avoiding the conventional model of a tower sitting on a rigid, fully resolved parking podium.

“The most direct response would have been to consolidate parking into a singular, flat podium and extrude a repetitive tower above,” the statement said. “While efficient, this approach would result in a consolidated built form with limited engagement with the surrounding landscape and public realm.”

Instead, the conventional podium model was “deliberately rejected”. The architects described the base of the building as “a landscaped architectural condition where structure, planting and circulation are integrated”.

“Rather than presenting a continuous built mass, the base of the building is articulated through a series of concrete planter elements that organise the podium into a fragmented system,” the statement said. “This approach reduces the perceived bulk of the lower levels while establishing a more permeable interface with the streetscape and adjacent open space.”

<img alt="Sunland" data-entity-type="file" data-entity-uuid="923fad8d-c960-4527-8fbe-975cf1ddf88d" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-05-25%20at%2010.32.03%E2%80%AFAM.png?VersionId=pngwb0hYOIUpq9vDw6F2EsOiVuHF3DiX" />

&nbsp;

The site sits within the High Density Residential Zone and inside the City of Gold Coast’s unrestricted “HX” building height area, where the planning framework anticipates intensified residential development tied to the expanding light rail corridor. The planning report notes the area is undergoing “transition toward more intense development forms” given its proximity to Broadbeach, Surfers Paradise, and high-frequency public transport infrastructure.

Positioned directly opposite Broadbeach Park and within walking distance of Florida Gardens light rail station, the development would sit among a rapidly evolving stretch of Old Burleigh Road that has become one of the Gold Coast’s most active apartment development corridors.

The application joins a growing pipeline of luxury residential projects reshaping Broadbeach, including nearby developments by 5Point Projects, Polycell, and Graya.

The planning report argues the project contributes toward the Gold Coast’s long-term housing targets under the South East Queensland Regional Plan, which forecasts the need for more than 100,000 additional high-rise dwellings across the city by 2046.

<section data-scroll-anchor="false" data-testid="conversation-turn-4" data-turn="assistant" data-turn-id="request-WEB:84a2af5e-d7cf-4ddf-922a-f4d44d6c6caa-1" data-turn-id-container="request-WEB:84a2af5e-d7cf-4ddf-922a-f4d44d6c6caa-1" dir="auto">
The Abedian family departed Sunland Group in late 2023, ending a four-decade association with the company, and subsequently established the private development firm Abedian &amp; Co. The group is currently delivering <a href="https://www.apartments.com.au/new-apartments/greenmount-residences-cnr-hill-street-and-marine-parade-coolangatta-qld-4225">Greenmount Residences</a> at Rainbow Bay and recently launched <a href="https://www.apartments.com.au/new-apartments/18-mary-avenue-14-18-mary-avenue-broadbeach-qld-4218">18 Mary Avenue</a> in Broadbeach.
</section>

Joel Robinson

First look: Sunland Group returns to Broadbeach new apartment market with new Old Burleigh Road tower plans

The Minns Labor Government has established the new Bays West Delivery Authority to lead the development&nbsp;of the Bays West Precinct and Blackwattle Bay Precinct.&nbsp;

The Authority is charged with creating Sydney’s newest precinct, a thriving, connected, sustainable hub with White Bay Power Station as its cultural heart. Its vision is to build on the area’s natural, cultural and industrial history to shape a vibrant new neighbourhood.

The precinct will deliver up to 8,500 well-located homes, including a minimum of 10 per cent affordable and essential worker homes. Combine new housing with public open space, opening public access to the waterfront for the first time in more than 100 years, while retaining important deep-water facilities to support Sydney’s working harbour.

Located just minutes from the Sydney CBD and connected to a world-class metro, ferry, walking and cycling links, the Bays West precinct will rebalance housing growth towards well-serviced inner-city locations and help tackle the state’s housing crisis.

The Bays West Delivery Authority,&nbsp;an agency of the Department of Planning, Housing and Infrastructure, will report to the NSW Minister for Lands and Property who already has oversight of major precinct renewal projects including at Blackwattle Bay and Barangaroo.

As part of the broader Bays West transformation, the Minns Government recently announced that a proposal from Lendlease to redevelop part of the Bays West Precinct has progressed to Stage 2 of the NSW Government’s unsolicited proposals process.

<img alt="Sydney" data-entity-type="file" data-entity-uuid="2ed71eb9-d8e8-4fa7-b9d1-de4531dcf2f3" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-05-25%20at%209.42.31%E2%80%AFAM.png?VersionId=IDryFIbped9SNDg72LEN_EecvhUsOPvp" />

The Minns Labor Government has also confirmed the Bays West precinct will have a new suburb name. This will be the first major suburb built in close proximity to Sydney’s CBD in decades and will encompass the area currently being referred to as Bays West, including Glebe Island and the White Bay Power Station. Served by a new Metro station just five minutes from the CBD, it will become one of the most populous suburbs in the Inner West and one of Sydney’s premier cultural destinations.

An early works program is taking shape, which&nbsp;includes the first stages of an international design competition.&nbsp;

The aim of the Bays West&nbsp;International&nbsp;Design Competition is to&nbsp;ensure design excellence is embedded in the project from the start. The competition will deliver an&nbsp;urban framework that defines the character, ambition and long-term identity of&nbsp;this&nbsp;former industrial precinct as it transitions to a vibrant, inclusive and sustainable residential&nbsp;neighbourhood.

The competition will be led by the Bays West Delivery Authority in partnership with Government Architect NSW.&nbsp;

It will launch with an invitation for a global Expressions of Interest, before moving to an invitation-only stage that will be assessed by a panel that&nbsp;will provide advice to Cabinet who will select a winner.

Premier of NSW, Chris Minns said the establishment of the new Authority is the first step in transforming the Bays West precinct into a vibrant, livable suburb minutes from the Sydney CBD and two stops from Hunter St Station on the Metro West line.

“The Authority will deliver well-located homes close to the heart of the city and integrate the new precinct with Blackwattle Bay and the new Sydney Fish Market.

“This is a generational opportunity to build a new suburb on the city’s edge and open the harbour foreshore to the public for the first time in a century.”&nbsp;

Minister for Lands and Property Steve Kamper said the new Bays West Delivery Authority established by the Minns Government will turbocharge the development of Sydney’s newest suburb.

“The Authority is working at a record pace to deliver an international design competition, planning pathways and a financial model so that this development benefits Sydney with well-designed homes in a central location, close to public transport, jobs, entertainment and essential services.

“If we want Sydney to stay liveable and affordable, we need to be bold about using underutilised government-owned land to deliver homes for the future while making sure essential working harbour functions can be accommodated.”

Bays West Delivery Authority established to "turbocharge" Sydney’s newest suburb

Around 400 additional homes could be built at Southwark Grounds on Port Road, lifting total site capacity from 1300 to around 1700 dwellings.

A recently approved code amendment would allow apartment towers of up to 14 storeys in some areas of Renewal SA’s redevelopment of the former West End Brewery.

Renewal SA Acting Chief Executive Shane Wingard said he welcomed the code amendment, with the increase in heights and homes making a positive impact on the supply of high-quality, well-connected housing close to the city.

“By going higher across some parts of Southwark Grounds, we are adding a substantial number of very well-located homes with little impact on project delivery time or planned open space,” Mr Wingard said.

Since the project officially launched in 2025, Mr Wingard said more than 12,000 enquiries had been received about living at Southwark Grounds.

“The very strong early interest we’ve seen since homes were first released in the precinct reinforces our plans to create more housing opportunities,” he said.

The Southwark Grounds code amendment was launched in December last year, with community engagement undertaken over five weeks from January.

It proposed increasing maximum building heights from eight to 14 storeys on the eastern section of Southwark Grounds, and to 12 storeys across the remainder of the site, with minimum building heights ranging from two to four storeys.

The code amendment was implemented through an Early Commencement policy in late January, allowing developers to quickly explore the viability of increased height and housing yield while other planning processes continue.

One of the first developers delivering apartment sites have already finalised redesigns to increase the number of apartments following the code amendment.

Samaras’ development adjacent to the future Colonel Light Park is now planning to deliver 125 apartments across 11 storeys, significantly greater than original plans of around 50 apartments across four storeys.

The developer is also exploring the potential for additional affordable housing outcomes.

Most of the apartments at Southwark Grounds will be delivered within a master-planned precinct on a large parcel of land on the eastern portion of the site, covering around two-thirds of its 8.4 hectares.

Wingard said detailed precinct planning over the coming months may identify further opportunities to increase yield further that could see total apartment numbers at Southwark Grounds, exceed this number.

Affordable homes at Southwark Grounds will also see a net increase, with Renewal SA maintaining its commitment to a minimum of 20 per cent affordable housing across the development.

&nbsp;

&nbsp;

Civil works have begun across the site, with construction under way on the first new roads surrounding a townhouse precinct in the south‑west corner of Southwark Grounds. This includes Renewal SA’s 17 Founder’s Row homes, which are on track for completion by Christmas.

“We expect to have people living at Southwark Grounds by the end of the year, so delivering roads and public spaces for those residents is among our highest priorities.”

Construction of 40 townhouses off Anderson Street, known as West Village and being delivered by Contour, is forecast to begin in mid‑2026. Kolabb’s Anderson Lane development will follow shortly after, delivering a further 26 townhouses.

Southwark Grounds is a state government‑led urban renewal project now set to deliver around 1,700 homes over the next decade.

Homes will be supported by a supermarket, a range of retail and hospitality offerings anchored by a revitalised Walkerville Brew Tower, a childcare centre, car parking and well‑connected public spaces.

400 new homes planned for Adelaide's former West End Brewery site

Brisbane developer&nbsp;<a href="https://www.apartments.com.au/developers/cavcorp">Cavcorp</a> has lodged plans for a new mixed-use residential development at <a href="https://www.apartments.com.au/new-apartments/55-wyandra-street-teneriffe-qld-4005">55 Wyandra Street</a>, Teneriffe, anchored by an 85-metre public laneway designed to reconnect the suburb’s riverfront with the Gasworks precinct.

The buildings, known as Teneriffe House and Teneriffe Lane, would replace the existing Queensland Cotton head office site with a 15-storey residential tower transitioning to eight storeys toward Helen Street. The project has been designed by Plazibat Architects and lodged as a code assessable development application for 93 apartments across a 3,401 sqm mixed-use site within the Newstead and Teneriffe Waterfront neighbourhood plan.

Central to the scheme is the transformation of an existing service easement into a publicly accessible cross-block connection linking Wyandra and Helen Streets. Cavcorp says the new laneway will act as both a pedestrian shortcut and a landscaped civic space between the Teneriffe Riverwalk, ferry terminal, and Gasworks precinct.

<img alt="First Look: Cavcorp unveils Teneriffe House and Teneriffe Lane plans for landmark wellness tower in Teneriffe" data-entity-type="file" data-entity-uuid="26e7f058-b065-4de8-b13d-a2b8cb64dfcc" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/bldg.png?VersionId=sELS0ZKYi361oYipUa1BIKfe_.DLZoFV" />

“The revised proposal delivers a legacy public-realm cross-block link, permanently secured for community use, transforming an existing private easement into a safe, high-quality pedestrian connection between the Teneriffe heritage riverwalk and the Gasworks–Long Island precinct,” the planning report states.

The laneway will sit beneath a large subtropical loggia integrated into the podium levels of the development. The design incorporates deep landscaping, water gardens, lobby spaces, business lounges, and ground-floor apartments to create what Cavcorp describes as a climate-responsive “urban verandah.”

The tower itself has been designed as a slender form with recessed floorplates and curved translucent corners inspired by contemporary Japanese architecture. The building height aligns with the Commercial Road precinct controls, which permit towers up to 15 storeys within proximity to Longland Street.

<img alt="First Look: Cavcorp unveils Teneriffe House and Teneriffe Lane plans for landmark wellness tower in Teneriffe" data-entity-type="file" data-entity-uuid="a8a17d40-43b6-4718-b3fd-67676fcbb485" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/pers%202_1.png?VersionId=i3VwDtp5AmL_8InW7w4qRbDFEpb744Jt" />

The project will comprise a mix of larger-format apartments aimed at owner-occupiers, downsizers, and families. The proposed apartment mix includes 11 loggia apartments across the lower levels, 50 four-bedroom Sky-Terrace apartments from levels three to seven, and 32 Sky-Pool Homes occupying the upper tower levels. The Sky-Pool Homes will feature private thermal plunge pools integrated into oversized balconies.

According to the application, the apartments are intended to reinterpret the scale and character of Teneriffe’s woolstore conversions and Queensland homes within a vertical residential format.

“The sky-pool homes build on Cavcorp’s previous projects and introduce a distinct apartment typology to Teneriffe, informed by both local and international precedent and responding to an identified market demand for enhanced safety, space and amenity,” the planning submission notes.

A major focus of the proposal is its five-level wellness and lifestyle offering, extending from the basement through to the rooftop.

Amenities proposed include a rooftop Swim &amp; Racquet Club with a 25-metre Olympic lap pool and tennis court, coworking spaces and libraries, golf simulators, wine storage, concierge facilities, business lounges, pet wash areas, and rooftop longevity-focused wellness spaces with spas, outdoor fitness zones, and landscaped terraces.

<img alt="First Look: Cavcorp unveils Teneriffe House and Teneriffe Lane plans for landmark wellness tower in Teneriffe" data-entity-type="file" data-entity-uuid="944b352c-49b9-4247-a4c6-5967b4b69fda" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/amenity.png?VersionId=Ed_qKjAtMwFT.5gfl3jiA9QwdWxSMsaX" />

All parking will be concealed within basement levels accessed from Wyandra and Helen Streets. Cavcorp says the deep-basement engineering approach allows the entire ground plane to prioritise landscaping, pedestrian movement, and active frontage rather than vehicle infrastructure.

The development continues Cavcorp’s concentration in Newstead and Teneriffe, where the Brisbane developer has delivered a number of apartment projects including Lucent, Le Bain, and Luminare, as well as the Long Island Wellness Precinct nearby. Several of those projects have received national design and architecture awards, including recognition under Brisbane’s “Buildings that Breathe” program.

Cavcorp unveils wellness-focused Teneriffe House and Teneriffe Lane apartment buildings

Focus Group Investments has lodged plans for a new apartment development at <a href="https://www.apartments.com.au/new-apartments/64-70-hanover-street-fitzroy-vic-3065">64–70 Hanover Street</a> in Fitzroy, seeking to utilise the Victorian Government’s recently introduced Great Design Fast Track pathway to accelerate approvals for the project.

The proposal is among the latest developments to emerge through the state-led initiative, which was established to fast-track well-designed residential projects in activity centres and transport-connected inner-city locations. The pathway allows qualifying developments that meet elevated design and housing benchmarks to bypass traditional council planning timeframes and instead be assessed directly by the Department of Transport and Planning.

Designed by SJB, the development will comprise a mix of apartments above activated lower levels, with a strong focus on architectural articulation, landscaping, and communal amenity. The design response seeks to balance the industrial character of Richmond’s former warehouse precincts with a more contemporary residential form.

<img alt="First look: Focus Group Investments taps Victoria’s Great Design Fast Track for Richmond apartments" data-entity-type="file" data-entity-uuid="abea51cc-d85b-479e-9aef-a589f3b37ca7" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/ground.png?VersionId=e1Kf8EyPWwyiVumtqQ4rM5S4GpOR3CCz" />

Proposed are 63 new dwellings, a wide ranging mix of studio, one-, two-, and three-bedroom apartments, and townhouses and duplexes. They will be spread across a part-three, part-eight storey building.

The Planning and Urban Context Report by Tract says the development is of an "exemplary architectural standard" and has been carefully crafted by SJB Architects.

"Dwellings&nbsp;will benefit from excellent access to natural light, cross-ventilation opportunities and extensive communal space," the report noted.

The architectural material highlights the project’s integration of landscaped elements and communal spaces throughout the building. The proposal also incorporates sustainability initiatives aligned with the Victorian Government’s push for higher-performing apartment developments under the fast-track program.

The Great Design Fast Track was unveiled by the Victorian Government in 2024 as part of a broader housing supply strategy aimed at accelerating the delivery of new homes. Projects assessed through the pathway must demonstrate high-quality architecture, sustainability outcomes, and housing diversity while being located close to public transport and existing infrastructure.

<img alt="First look: Focus Group Investments taps Victoria’s Great Design Fast Track for Richmond apartments" data-entity-type="file" data-entity-uuid="afdbe834-8dc4-4a77-a943-ba07bc927348" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/site_11.png?VersionId=0J657j.TaChAZfp93wqJYBTqSsnREJx2" />

Focus Group, founder and led by Paul De Lutiis, is increasingly active across Melbourne’s inner suburbs, targeting well-connected urban renewal locations suited to medium and higher-density residential development. The Fitzroy proposal continues that strategy, leveraging the area’s strong transport links, established retail amenity, and proximity to the CBD.

Fitzroy has been one of the most popular spots for developers and buyers in recent years. The likes of PACE Development Group, SMA Projects, Crema Group and Chapter Group, currently selling projects in the suburb.

First look: Focus Group Investments taps Victoria’s Great Design Fast Track for Fitzroy apartments

First Home Buyers

<html><body>
The WA’s recently announced election promise to change the First Home Buyers Grant is already having an effect on the Perth property market, according to HTW’s February 2017 update.
The valuation firm says various builders and unit developers have already reported a significant increase in buyer enquiry since the announcement of changes to the grant and this is likely to kickstart a very subdued construction industry.
But the more important effect is likely to be the ability for unit developers to shift more affordable inner city units that have been sitting vacant post construction, the firm argues.
“The grant does not apply to vacant land, hence developers specialising in off the plan products or spec built houses are likely to be the large winners.
“Given the choice of a house and land package 30 kilometres from the CBD or a two-bedroom inner city apartment for the same price, buyers are likely to head to the city in larger numbers than usual – use the grant and buy a product that is built, ready to move into.”
But HTW cautions the that incentives and rebates are likely to be rife, whether it be furniture packages, vouchers, holidays or the like.
“We would always prefer to see price being the incentive – it makes for a much cleaner, more transparent market place for all.
“The negative effect of the grant will be the established, traditional first home owner suburbs.
 “These areas will face stiff competition from new developers who have the ability to offer attractive incentives to first home buyers.”
A two bedroom unit at <a href="https://www.realestate.com.au/property-unit-wa-perth-124482666" target="_blank">12A/5 Smith Street</a>, Perth (above) has been listed for $335,000.
Similarly a one bedroom apartment at <a href="https://www.realestate.com.au/property-apartment-wa-perth-124490118" target="_blank">11/273 Beaufort Street</a>, Perth (below) has been listed for $429,000.
<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/2017/02/24/11_273%20Beaufort%20Street.jpg" alt="">
</body></html>

jonathanchancellor-7SQnKwU6yx

Changes to grants quickly spurring Perth first home owners

<html><body>
Warrnambool is considered an ideal area for young buyers who want to develop a vacant parcel of land, according to HTW’s Month in Review: March 2017. 
The valuation firm says the newly developed areas of North Warrnambool, Dennington and West Warrnambool are saturated with an oversupply of vacant land and would appeal to both investors and owner-occupiers.
“The median house price in Warrnambool has had little growth over the past five years, so first time buyers shouldn’t have to worry about rapid growth and getting into the market in comparison to larger metropolitan areas,” the report says.
“First time buyers looking at the Warrnambool market should focus on saving a deposit and weighting for the right property for them to purchase.
“Their focus should be on saving a larger deposit and reducing their repayments once they make their purchase.”
A two bedroom unit at <a href="https://www.realestate.com.au/property-unit-vic-warrnambool-124898458" target="_blank">1/4 Wickham Court</a>, Warrnambool (above) has been listed for $220,000, having last trade for $86,500 in 2002.
Similarly a three bedroom house at <a href="https://www.realestate.com.au/property-house-vic-warrnambool-117543048" target="_blank">147 Whites Road</a>, Warrnambool (below) has been listed for over $349,990.
<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/2017/03/15/147%20Whites%20Road.jpg" alt="">
</body></html>

Oversupply of land benefiting Warrnambool first home buyers

<html><body>
Some 200 affordable housing properties will be developed in the Illawarra suburbs of Berkley and Shellharbour as part of a joint venture between Hyperbuild and BuyAssist Australia, a subsidiary of the National Affordable Housing Consortium (NAHC).
Hyperbuild will develop town houses made from Cross Laminated Timber and will then make them available to BuyAssist Australia eligible buyers who do not have a deposit.
BuyAssist Australia will provide a minimum 20 per ent deposit to the eligible purchases under a regulated loan agreement, with purchasers assisted to obtain a loan for the balance. The deposit is not required to be repaid until after the property is sold or no longer occupied by the owner.
The building process with CLT works by large timber panels craned into place, forming the overall structure.
</body></html>

j.ballantyne1990-6AQqhLzZaK

Making Illawarra housing more affordable

<html><body>
<img src="https://counter.theconversation.edu.au/content/73842/count.gif?distributor=republish-lightbox-advanced" alt="The Conversation" width="1" height="1">
GUEST OBSERVER
The “bank of mum and dad” is helping young Australians with more than just their housing aspirations.
New analysis of data on children receiving an inheritance or cash payment from their parents has found they are more likely to be involved in business startups, financial risk-taking and entrepreneurial ventures, and receive other benefits to those without wealthy parents.
The bank of mum and dad is an expression coined to describe parents generously helping their children to get onto the home ownership ladder. We already know that parental transfers are helping Gen X and Gen Y children break into home ownership, in a market considered unaffordable by international standards.
While some are angered by the growing intergenerational wealth divide between the millennials and their baby boomer parents, estimates from the Household, Income and Labour Dynamics in Australia (HILDA) survey show many young people are benefiting from the wealth of their parents.
Between 2002 and 2012, 1.8 million Australians received an inheritance on one or more occasions. There was an average transfer of A$95,000 per beneficiary over the period. An even higher number (5.8 million) received cash transfers from surviving parents. These gifts averaged A$9,000 per recipient.
Housing assets remain the most important component of households’ wealth portfolios. The majority of households will therefore directly or indirectly draw down on housing wealth to finance monetary gifts to others while they are still alive. The family home is also typically the largest asset bequeathed when parents pass on.
Moreover, booming real house prices have boosted inheritances. At the same time, flexible mortgages have enabled parents to dip into their housing wealth to finance cash gifts to their children.
More than a leg up the housing ladder
A recent Australian Housing and Urban Research Institute report has shed new light on how financial gifts from parents help shape young people’s economic opportunities.
The study matches every person benefiting from an inheritance or parental cash transfer to a “control” person who is not a beneficiary, but has otherwise similar personal characteristics.
We found that the bank of mum and dad is helping young Australians with more than just their housing.
Intergenerational transfer beneficiaries are more likely to hold a bachelor’s degree than non-beneficiaries. Among those who receive cash payments from their parents, 29% hold a bachelor’s degree compared to 21% of the control group who do not receive such transfers. Bequest recipients have double the average bank deposit account balance of the matched controls. These larger financial holdings can be used to buffer income shocks, and as collateral to relax borrowing constraints.
Beneficiaries might therefore be willing to take more risks. They are also better positioned to borrow and finance business startups that might not otherwise get off the ground. These ideas are supported by the data.
A higher percentage of those enjoying access to the bank of mum and dad have set up their own business. 22% of heirs to a bequest are self-employed. In comparison, only 16% of the matched controls were self-employed. Similarly, 17% of those receiving cash payments from their parents are self-employed, compared to 11% of the matched controls.
The findings suggest that the bank of mum and dad could play a role in lifting economic growth through multiple channels. These include business startups, financial risk-taking and entrepreneurial ventures.
Bridging an intergenerational divide or widening an intra-generational gap?
It seems the bank of mum and dad is recycling large amounts of housing wealth to the next generation through intergenerational transfers; and it is an increasingly important pillar supporting educational, housing and business opportunities. However, this is a “leg up” that only benefits those fortunate enough to have parents that are able and willing to transfer wealth.
The business opportunities, educational gains and home ownership status that these transfers promote will create a growing divide among younger Australians. Those whose parents own a home are able to take advantage of a wider set of opportunities than others.
As the home ownership dream fades for growing numbers of Australians, this divide will become more conspicuous. Life time renting is a prospect that many Gen X and Gen Y parents are having to contemplate. Unless Australian governments reverse the decline in home ownership, their children will in turn be bypassed by the intergenerational circulation of housing wealth.
These concerns should provide added impetus as governments strive to improve housing affordability, and restore the home ownership society older Australians take for granted. If our governments fail in this regard we could very well witness further entrenchment of inequality in decades to come.
<a href="https://theconversation.com/profiles/rachel-ong-113482" target="_blank">Rachel Ong</a> is Deputy Director, Bankwest Curtin Economics Centre, Curtin University.
<a href="https://theconversation.com/profiles/gavin-wood-113723" target="_blank">Gavin Wood </a>is Professor of Housing, RMIT University.
<a href="https://theconversation.com/profiles/melek-cigdem-bayram-181846" target="_blank">Melek Cigdem-Bayram </a>is Research Fellow, RMIT University.
All are authors for The Conversation.
</body></html>

jchancellor-FAypfDUnLy

Not everyone wins from the bank of mum and dad

<html><body>
Within the outer eastern suburbs of Melbourne, typical options for first time buyers under $500,000 would tend to be restricted to apartments and single storey units constructed in the 1960s and 1970s, according to HTW’s Month in Review: March 2017. 
However, the valuation firm says options exist further east in suburbs such as Wandin North and Seville.
HTW says a common strategy is to purchase a small two bedroom unit and rent one of the bedrooms to cover the mortgage costs.
Developments within the suburbs of Croydon, Ringwood, Wantirna and Ferntree Gully, where the average resale price of one bedroom apartments is between $310,000 and $375,000, are also affordable option for first time buyers, the report says.
“It would be wise for first time home buyers to do their sums before purchasing an apartment due to the fact that body corporate fees can often be a significant additional monthly outlay in addition to the mortgage payments.
“Older units within the outer eastern suburbs are also a good option as the body corporate fees tend to be lower and the accommodation tends to be larger than the newer apartments with a better scope to renovate or change the property.
“Low rise apartments within Ringwood are a property type that first home buyers should consider.”
Eastland shopping centre, transport links and ongoing development are key drawcards for the area, HTW says.
A three bedroom house at <a href="https://www.realestate.com.au/sold/property-house-vic-wandin+north-124560762" target="_blank">1-5 Wanda Avenue</a>, Wandin North (above) was recently sold for $680,000.
Similarly a three bedroom house at <a href="https://www.realestate.com.au/sold/property-house-vic-wandin+north-124314650" target="_blank">15 Sirocco Court</a>, Wandin North (below) was sold for $600,000.
<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/2017/03/10/15%20Sirocco%20Court.jpg" alt="">
</body></html>

Wandin North and Seville options for first home buyers in Melbourne's east: HTW

<html><body>
The Horsham market is favourable for first home buyers with relatively affordable options ranging from $100,000 to $500,000, according to HTW’s Month in Review: March 2017. 
The valuation firm says this gives first home buyers the opportunity to enter the residential market at a price point affordable to them.
The report says that developers within the region are also providing house and land deals for first home buyers which reduces the stamp duty that they pay and they receive a $10,000 grant towards their first home.
“A portion of first home buyers within the Horsham region purchase with the intention of renovating the property,” the firms says.
“However some purchases do not take into consideration the extra money and resources required for works to be completed and therefore can’t have the full enjoyment of the property.
“First home buyers are also competing with investors within this sector especially as interest rates are low, increasing the average house price in Horsham and making it harder for some to enter the market.”
A three bedroom house at <a href="https://www.realestate.com.au/property-house-vic-horsham-121422438" target="_blank">3 Davidson Court</a>, Horsham (above) has been listed for $459,000.
Similarly a three bedroom house at <a href="https://www.realestate.com.au/property-house-vic-horsham-124887394" target="_blank">3 Noske Place</a>, Horsham (below) has been listed for $140,000.
<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/2017/03/10/3%20Noske%20Place.jpg" alt="">
</body></html>

Wide range of options available for Horsham first home buyers: HTW

<html><body>
Brisbane first time buyers are buying highset housing and renting out the lower level separately to increase the return, according to HTW’s Month in Review: March 2017. 
The valuation firm this trend is prevalent in areas like Sunnybank Hills, Macgregor and Coopers Plains and in the western corridor suburbs of Redbank Plains, Gailes and Collingwood Park.
“These suburbs have very low price points for established housing and while fitouts can be modest, rent returns are strong,” the report says.
“To help tap into the cry for more affordable property, we are also seeing developers pitch product to the sector.”
The firm says that a number of south-east Queensland subdivisions are providing small lot housing on 200 to 350 square metre lots to help reduce the price point.
This approach is most effective in projects with good proximity to amenities and infrastructure, it says.
“In our opinion the safest option for an average affordability-driven buyer would be an established 1970 to 80s style property up to 20 kilometres from the CBD but still close to amenities,” HTW says.
“Look for a house that is liveable right now that will also benefit from future renovations.
“For example $500,000 in suburbs like Chermside, Geebung, Arana Hills and Ferny Hills should work nicely.”
</body></html>

Brisbane first timers renting out bottom floor to increase returns: HTW

<html><body>
There is a wide variety of property types available to first home buyers in the Canberra region,  according to HTW’s Month in Review: March 2017.  
The valuation firm says there are affordable detached housing options in the outer suburbs of Belconnen, Gungahlin and Tuggeranong while the outer areas of Gungahlin also provide newer detached housing options on mostly smaller blocks.
Affordable new unit options are available throughout the Canberra region a large supply of older units close to the city and in the suburbs that would be suitably priced for first home buyers, HTW says.
The firm points to the Land Development Agency, which allocates a number of new releases to be sold through the Land Rent Scheme, as an affordable housing option.
For people who meet the requirements, buyers only need to raise the capital for the building costs, the land is rented and there is an option to purchase the land in the future.
HTW says that the most recent land rent release was in the Gungahlin suburb of Taylor where there were 126 blocks available ranging in size from 250 to 587 square metres.
New developments in the Canberra region have a large number of one-bedroom units that are priced suitably for first home buyers, HTW says.
“Some developers are offering deals that require lower upfront costs to secure a dwelling,” the report says.
“This has made new units popular for first home buyers and has reduced demand for older existing units.”
However, the firm cautions first home buyers to beware the number of financial considerations to be aware of before committing to a purchase.
“Firstly, while interest rates are low at the moment, buyers should be aware that interest rates may increase which would increase their finance costs.
“Secondly, the additional costs to purchase a property, for example legal fees, stamp duty costs and mortgage application fees, are not included in the purchase price of the property.
“Thirdly, the additional running costs of owning a property also need to be considered.
“These include the maintenance costs of the building, property management fees if it is an investment property, government taxes and body corporate fees on units.
“Particularly with new units in the Canberra region, buyers need to be aware that Body Corporate Fees can increase significantly over time.”
A three bedroom house at <a href="https://www.realestate.com.au/property-house-act-gungahlin-124879186" target="_blank">2/14 Maria Smith Lane</a>, Gungahlin (above) has been listed for $510,000 plus.
Similarly a one bedroom unit at <a href="https://www.realestate.com.au/property-house-act-belconnen-120529281" target="_blank">11/57 Benjamin Way</a>, Belconnen (below) has been listed for over $300,000.
<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/2017/03/09/11_57%20Benjamin%20Way.jpg" alt="">
</body></html>

Belconnen and Gungahlin top first home buyer targets in Canberra: HTW

<html><body>
GUEST OBSERVER
With diverse reactions being stirred by the Victorian State Government announcement that come July 1st First Home Buyers in Victoria will be let off paying of having to pay stamp duty, the opinions on what the real impact might be differing greatly.
Fuelled by the housing shortage right around Australia and across Victoria, and an ever increasing demand from first time property buyers, the prices are set to stay strong and continue to edge forward. While the sentiment of waving the state charge comes from the right place and aims to support virgin buyers, some believe the ‘home free’ on the stamp duty may well drive prices up and even more out of reach for those starting out.
It is hard enough for first home buyers to get into the market, relieving the extra pressure of having to save up for stamp duty is certainly going to motivate more buyers.
Some experts believe this will drive prices up, rather than down, but really, it will encourage younger buyers to purchase sooner.
Additionally, the Victorian state government has announced to give first home buyers even greater incentive with a first home buyers grant of up to $20 k (provincially) and $10 k in metropolitan areas.
Price will never curb housing shortage, nor will affordability. As long as we have a shortage of land and steady demand, nothing will really change. But, with offerings that will save first time owners upward of $30 k, we will see more people taking the leap to property ownership sooner.
Property has been at the centre of the Great Australian Dream, mind you with median prices across Melbourne being what they are, for many young people it is either a pipe dream or a nightmare, she added.
Not surprising, the rentvestor trend is on the rise as younger people can not afford to buy where they want to live, she said.
While, the move by the Victorian State Government to abolish the stamp duty charge gets the thumbs up from first home buyers, whether this will drive prices up or not needs to be seen.
For many come the new financial year may mean actually getting into their first home due to these changes, however the risk lies in that people may borrow more than is sustainable or what they can afford to hold should interest rates start to climb.
I think it’s a good initiative and one that incentivises people to get into a property sooner, with time in the market being the key here, as long as one buys well.
Speculation that other states will have to follow suit or that we will see a back-lash of price increases because of this move by the Victorian State, will only be answered by time.
Marion Mays is the founder/director of Thalia Stanley Group and can be contacted <a href="https://www.thaliastanley.com.au" target="_blank">here</a>.
</body></html>

Victorian first home buyers set to win – or are they? Marion Mays

<html><body>
As hard as it is for first home buyers to secure their place on the Sydney property ladder, it is important not to exaggerate the effect of their absence.
Investors are instead taking up the listings at the cheaper end, so the market is ticking over.
Sitting on the sidelines also means the first timers aren't mugs, overpaying in the current boom, and so will escape the hurt of the higher interest rate shock when it eventually hits.   
First home buyers have typically played a volatile role in our housing market. They can rush in and can also be quiet for lengthy periods.
There was an amazing spike in activity after the global financial crisis with government incentives thrown at first timers bringing forward any number of years of demand ahead of schedule.
Not surprisingly the numbers for the subsequent few years have been subdued, indeed at the lowest level since data has been collected.
Of course renewed wider stamp duty concessions could always be used to attract first home buyers back into the marketplace especially if they were also applied to established homes rather than just new homes.
The state government has saved billions by limiting concessions to new house/new apartment first time buyers since 2012. 
My biggest concern regarding market inactivity is with two other key buying demographic age groups.
These are the growing families who are increasingly staying put to build up or out on their suburban blocks.
And then there are the reluctant downsizers.
Both demographics are creating roadblocks for the orderly flow of market listings, and no doubt contributing to the escalating trend of less stock on the market, which means prices keep going up quicker than normal.
The elderly staying put means their four and five bedroom homes are long under utilised, sometimes for decades.
Their reluctance to move isn't solely due to the desire to keep the happy family memories intact.
They actually want housing options such as single level patio garden homes that are few and far between in their desired neighbourhoods.
Additionally they are not that keen on paying stamp duty on any downsized property.
They are old enough to recall the tax has been at current 4.5 percent level since the 1986 Unsworth government. The median stamp duty was $1500.
Last year’s 15 percent increase alone in the median Sydney property price means they as downsizing buyers will need $33,000 duty for a $850,000 median price acquisition. 
If Premier Gladys Berejiklian is smart she will introduce a postponed partial payment option catering for each of these demographics.
The cost of these deferments will likely be offset by higher sales activity.
The government is after all eyeing another record $7 billion annually to be collected from residential stamp duty.
This article first appeared in the Daily Telegraph.
</body></html>

First Home Buyers

Editor's Picks

Have something to contribute?

Developments

New apartments

New townhouses

News

First Home Buyers

Editor's Picks

Receive the latest news stories to your inbox

Have something to contribute?

Developments

New apartments

New townhouses

News