<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.

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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

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If you are renting a one-bedroom apartment in Carlton, an inner city suburb of Melbourne, it might actually be cheaper for you to buy the property than continue renting, says new REIV data.
Tenants can repay the mortgage on a $215,000 one-bedroom property for just $226 a week - $149 less than the suburb’s median weekly rent of $375, according to the data.
With a median apartment price of $328,000, one-bedroom apartments in Melbourne are also more affordable to buy than rent with weekly mortgage repayments of $345 - $50 less than the weekly median rent of $395.
Even in Noble Park, mortgage on a $185,000 one-bedroom apartment is $195 a week, while the median rent for the same property type is $215 – a $20 weekly difference.
These figures are based on median house prices by bedroom, a 10 per cent deposit and a three-year, fixed interest rate of 4.5 per cent.
REIV CEO Geoff White said first home buyers are taking advantage of low interest rates to enter the market at a price they can afford. 
“One and two-bedroom apartments allow first home buyers to get a foothold on the property ladder for about the same amount they are currently paying in rent,” he said. 
“Savvy buyers should also consider four-bedroom properties in Melton South, where the median house price is $290,000 and mortgage repayments are $15 cheaper per week than the median rent.”
<img src="/images/2016/09/09/Screen%20Shot%202016-09-09%20at%202.11.14%20PM.png" alt="">
Property Observer found a few examples of one-bedroom apartments up for sale on www.realestate.com.au such as the ones cited by REIV.
1. A one bed unit in <a href="https://www.realestate.com.au/property-apartment-vic-carlton-121986834" target="_blank">6219/570 Lygon Street Carlton Vic 3053</a> is up for sale for $229,000
2. A two-bedroom property at 5/28 Toolern Street Melton South Vic 3338, has an asking price range of $229,000 - $239,000.
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jonathanchancellor-7SQnKwU6yx

In some Melbourne suburbs, buying units is cheaper than renting: REIV

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First home buyers waiting to be able to afford what they want are playing a 'hope game' in attempting to get their foot on the property ladder, according to chief executive officer of buyer's agency Cohen Handler, Ben Handler. 
He said this sort of 'hope strategy', where you play the 'hope game' and wait to be able to afford what you want is the wrong way to go about it. 
Natalija Tanevska, who currently heads up Cohen Handler’s new Inner West Sydney office said now more than ever first home buyers struggle to save a substantial deposit so they can jump on the property ladder and sees many first home buyers who have been in the market for over 6 months. 
"Interest rates are at a record low, however banks have tightened up and the government has eliminated many financial incentives to fast track their process," she said.
"It’s hard enough saving 20 percent and obtaining pre-approval, there’s also the added stress of trying to secure a property in this extremely competitive market."
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Some first home buying strategies a 'hope game'

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<div style="text-align: left;" align="center">GUEST OBSERVER</div>
<div style="text-align: left;" align="center">
First time real estate purchasers in Australia are increasingly entering the property market as investors rather than as owner occupiers.
Data has found the number of first time buyer investors has skyrocketed over the past two years.
Since 2014 the number of first home owners who are buying through iBuyNew to invest has increased by 188 percent.
The findings by iBuyNew, which specialises in off-the-plan properties, follows a warning by outgoing Reserve Bank Governor Glenn Stevens that the entry hurdles for first home buyers “may be getting worse”.
Mr Stevens said “almost the only way” first home buyers can enter the property market in real estate hot spots such as Sydney is through parental assistance.
Despite record low interest rates, the first time buyerowner occupier sector has collapsed with many who do choose to buy property now doing so as investors.
Even though property in most cities is very affordable with interest rates set to stay at historical lows, young Australians have been put off entering the market and they prefer to rent.
The reality is that the great Australian dream of owning your own home is fading and the goal of being a home owner is diminishing.
It’s an issue for state and federal governments with the current schemes to entice first home buyers out of the rental market either out of date or ineffective. 
We have also found that stamp duty which can add many thousands of dollars to the cost of a property purchase is also a major deterrent to first home buyers.
 
</div>
<div style="text-align: left;" align="center">Mark Mendel is chief executive officer of iBuyNew and can be contacted <a href="https://www.ibuynew.com.au" target="_blank">here</a>.</div>
<div align="center">
 
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jchancellor-FAypfDUnLy

First home buyer investors on the rise

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Sydney median house prices are at $825,000 according to CoreLogic's latest Property Market Indicator Summary, with Melbourne houses at $590,000 and Brisbane $515,000.
The current median price for units is the most expensive in Sydney at $680,000.
Median house prices in Adelaide and Hobert are $420,000 and $300,750 respectively.
<a href="/images/2016/08/09/Screen%20Shot%202016-08-09%20at%202.21.00%20PM.png" target="_blank">Click to enlarge</a>
<img src="/images/2016/08/09/Screen%20Shot%202016-08-09%20at%202.21.00%20PM.png" alt="">
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The two capital cities with private treaty median house prices under $500,000: CoreLogic

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Of all the real estate issues regularly mangled by media, probably the most misreported is the one about first-home buyers and affordability.
Reliable information showing good affordability levels (outside of Sydney) are generally ignored in favour of the much-loved “The Great Australian Dream is Dead” storyline.
The numbers of first-home buyers are constantly misreported, despite the ABS warnings about the unreliability of the data and the reasons why FHBs are under-counted. 
More credible information, such as the quarterly surveys by NAB which show strong activity from first-time buyers, are shrugged off because it doesn’t fit the prevailing theme of an affordability crisis.
The growing tendency of first-timers to buy an investment property rather than a home is overlooked as a key factor, because it doesn’t suit that pre-determined headline.
And the whole issue of young adults delaying commitment is ignored as well.
It’s pretty well established that young Australians are making different choices to those of their parents. Their preferences can generally be summarised as a deferral of commitment. Getting married, settling down, having kids and establishing a nest – all that can wait. Priorities these days include lifestyle, career and travel.
There’s lots of research showing this as a major demographic – the young adults who have put off family creation and home ownership until they’ve dealt with the travel bug and indulged other lifestyle priorities.
The latest research on this comes from Westpac, which found that 18 to 35-year-olds — known as Millennials — spent $11.3 billion travelling overseas last year — more than any other age group.
Generation X-ers — aged from 36 to 55 — were the most frugal spending $6.8 billion, followed by Baby Boomers who splashed out $9.8 billion.
Westpac’s Head of Young and Millennial Markets, Ashley Gray, says the decision to prioritise travel over home-buying doesn’t make the age group financially irresponsible.
“They’re very aware of their finances and are prepared to make sacrifices to pursue their passion,” says Gray. “We found that 70 percent of Millennials are saving for eight months before heading overseas on their trip.
“They’re also prepared to make sacrifices while they’re abroad so they’ll walk instead of getting a bus, skip meals and miss out on big tourist attractions.”
Lots of other research in the past couple of years have made similar findings about the different options young Australians are taking, compared to their parents – many of whom were married with kids, a mortgage and a car loan before 30.
But despite that, there’s still a high level of real estate buying activity by first-timers. It’s largely flying under the radar screen because relatively few first-time purchases are newly-built homes (the ones that get counted as first-home buyers by the ABS).
The latest NAB quarterly Residential Property Survey indicates that a third of sales of new properties across Australia, and 27 percent of sales of established properties, are made to first-time buyers (some of which are buying investment properties, rather than a home, as a first purchase).
The 27 percent of buyers of established homes who are first-timers aren’t counted in the ABS figures, because first-home buyers are identified in the lending statistics by their state government grants, which are now available only for newly-built homes.
I think those daily headlines about an affordability crisis, requiring top-level action by political leaders, are inaccurate and misleading. And when you dispassionately examine what the research tells us, comments about a whole generation being priced out of home ownership are rendered ridiculous.
Terry Ryder is the founder of <a href="https://www.hotspotting.com.au/" target="_blank">hotspotting.com.au</a>. You can <a href="https://mailto:ryder@hotspotting.com.au" target="_blank">email him</a> or follow him on <a href="https://twitter.com/hotspotting" target="_blank">Twitter.</a>
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terryryder-YECXbqmri2

Strong market activity from first-time buyers: Terry Ryder

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A survey has found affordability and potential for house price growth are the two main concerns for first home buyers.
The survey, commissioned by St George Bank, surveyed 1,000 first home buyers nationwide and found value growth is more important than distance to work (ranked 3rd priority), distance to shops and attractions (4th) and distance to family and friends (5th).
Some 26.4 percent of respondents said they had to make compromises to buy their home, with nearly half (49.8 percent) of those compromising on location, and 45.7 percent compromising on price.
Ross Miller, General Manager for St.George Retail Banking, said the research highlighted that first home buyers are looking beyond lifestyle factors when purchasing property.
“Buying a first home is more than buying a roof over your head. Our home is usually our biggest financial investment and over the last few decades we have seen a sharp increase in the value of the average Australian home.”
“First home buyers are wise to view their purchase as an investment. To assist first home buyers, St.George Bank offers tailored advice and a range of competitive products, helping make the first home dream a reality,” added Ross.
Summary of key findings
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Other than affordability, buying in an up-and-coming area with potential house price growth was the most important priority when buying a first home;
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Distance to work was the third highest priority;
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Distance to shops and attractions was the fourth highest priority;
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Distance to family and friends was the fifth highest priority.
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Evaluating which properties presented good value was ranked the most difficult task during the house hunting process
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Affordability, house price growth top for first home buyers

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The most interesting fact revealed by a St George Bank survey of first-home buyers was buried in the small print of the media statement.
The survey of 1,000 first-home buyers across Australia indicated that 26 percent of respondents said they had to make compromises to buy their first homes. Half of those had to compromise on location while 46 percent had to compromise on price.
I was amazed that only a quarter of FHBs felt they had to make compromises to achieve home ownership. I would have expected it to be close to 100 percent.
When I bought my first home over 30 years ago, I had to make a range of compromises, especially on location and the quality of the house I was buying. But it seems most first-home buyers today don’t feel they had to make concessions on location or price, according to this survey at least.
Media would have us believe that the Great Australian Dream is near dead. Journalists continue to support that notion by quoting the discredited ABS data on borrowers identified as first-home buyers, even though the ABS has issued statements admitting it is under-counting them.
This is because only borrowers with a government grant are identified as first-home buyers and grants are no longer available to first-time buyers of existing homes, which severely reduces the numbers identified as first-home buyers.
The figures also ignore first-time buyers who buy an investment property as a first purchase while continuing to rent their homes – the so-called rentvestors, who are a rising force in Australian real estate.
Other more credible research sources, such as the NAB quarterly Residential Property Survey, indicate that a third of sales of new properties across Australia, and 27% of sales of established properties, are made to first-time buyers (some of which are buying investment properties, rather than a home, as a first purchase).
The 27 buyers of buyers of established homes who are first-timers aren’t counted in the ABS figures, but media regularly quotes the bureau’s figures as an indication that first-home buyers are priced out of the market.
Housing affordability and home ownership have become so politically charged in Australia that it’s impossible to have a calm and rational debate about it.
Even the so-called research is tainted by political objectives, so that almost nothing published is believable. The annual Demographia report clearly sets out to achieve a pre-determined result – that all of Australia is deemed unaffordable – and achieves this by arbitrarily setting the “median multiple” bar ridiculously low, so that a house costing $305,000 is described as unaffordable to someone earning $100,000 a year.
The recent HILDA report was a biased document which had its headline written before the research was conducted. The reported claim by Professor Roger Wilkins that “a whole generation of adults would never own a home” was over the top and not supported by the evidence in the report. 
We continue to have high home ownership rates by world standards, although they are lower than they were 15 years ago, according to this report. Home ownership rates include almost 70 percent in Western Australia, 68 percent in South Australia and 66 percent in Victoria – although given the political tone of the report and its publicity campaign, I’m don’t feel confident believing any of its figures.
Other reports are tainted by suspect data. The longstanding HIA’s quarterly Affordability Report, which has a long track record of telling it like it is, found affordability (as an average across the nation) improved in the March Quarter but deteriorated in the June Quarter. 
The weakness in this report is that it relies on CoreLogic for its price data, which recorded a significant rebound in Sydney prices in the June Quarter – a result that has been starkly contradicted by figures from other major sources, including Domain and SQM Research.
But, taking the latest Affordability Report at face value, it found there had been a worsening of affordability quarter-on-quarter in some jurisdictions (including Sydney, Melbourne, Brisbane and Adelaide) but improvements in affordability in others (such as Perth, Hobart, Tasmania, regional NSW, regional Victoria, regional South Australia and regional WA).
Taking a longer-term view, affordability is the best it’s been in regional Australia at any time in the past five years. We can say the same thing about many individual areas of the nation (including Western Australia, Tasmania and the Northern Territory), though clearly not about Sydney or Melbourne.
The current affordability level in Sydney and NSW is better than it was five years ago, but not as good as it was four years ago before the Sydney boom got under way. In Victoria, affordability in the March Quarter was the best it’s been in five years, but then it dropped in June Quarter, caused by the reliance on CoreLogic figures, which differ from several other sources.
Terry Ryder is the founder of <a href="https://www.hotspotting.com.au/" target="_blank">hotspotting.com.au</a>. You can <a href="https://mailto:ryder@hotspotting.com.au" target="_blank">email him</a> or follow him on <a href="https://twitter.com/hotspotting" target="_blank">Twitter.</a> 
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The Great Australian Dream is not dead: Terry Ryder

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Depending on whether you view the glass as half full or half empty is how you will summarise the current Darwin property market.
For the optimists, the current dwelling market in the northern suburbs presents a great opportunity for purchasers looking to secure property around the $500,000 mark, according to valuation firm Herron Todd White in their July residential property report.
Although the median housing price is down 4.8% year on year, the quarterly change up to the March quarter has increased 1.4 percent (source: REINT, RELM March quarterly figures). This marginal increase reflects a slight shift in consumer confidence in this segment of the market as you can now purchase a well renovated, three-bedroom, one-bathroom elevated dwelling in the outer northern suburbs of Malak or Karama starting at the lower end of $500,000 and pushing to the mid to upper end of $500,000 depending on the finishings and overall amenity of the property.
By comparison, for the same money you can purchase a dated, three-bedroom, one-bathroom dwelling in the superior suburbs of Millner, Jingili and Leanyer that are selling from $500,000 to mid $500,000s. Or you can purchase property in these same suburbs that have higher quality finishings for the upper $500,000 mark. A much needed injection for this segment of the market is the recent grant announcement for all home owners to carry out general maintenance on their property.
If home owners engage with a registered tradesman to carry out the work, the government will provide a subsidy of up to $2,000 on the proviso that the cost is of equal or greater value to the grant amount.
To the other side of the Darwin property market and for those who view the glass as half empty, the inner city and fringe CBD unit market continues to show a decline, with recent figures showing a 52.4% decrease in total sales volume up to the March quarter of 2016 and a decrease of 3.5% in the median unit price year on year (RELM March Quarter).
"We are now witnessing a large number of vendors holding on to their properties and only listing if they have to. This has resulted in some really good purchases," says the HTW report.
"We know of a recent dated two-bedroom two-bathroom unit in the fringe suburb of Larrakeyah selling for the low $300,000 mark. Comparatively the unit next door sold for $460,000 at the end of 2014, putting things into perspective as to how far this market has come back."
However, there is a silver lining to what has been a declining unit market over the past 12 months with the NT Government announcing that it will re-introduce stamp duty concessions for existing properties, effective 24 May 2016. What this means for purchasers is that they will now receive a 50% discount on the stamp duty payable for properties valued up to $450,000. For properties that are purchased above this price point they will receive a $10,000 subsidy on their stamp duty payment.
"Although we are aware of a recent duplex going under contract in the fringe CBD suburb of Stuart Park under this concession, we are yet to see enough evidence to support that this change to stamp duty concessions has had any real impact on the Darwin CBD market," the report says.
"We predict that this will be the case until both the Territory and Federal elections are held later this year and consumers are given more certainty about the property market."
Property Observer found a three-bedroom house at <a href="https://www.realestate.com.au/property-house-nt-millner-122291646" target="_blank">147 Old McMillans Road, Millner, NT 0810</a> recently sold for $480,000.
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Three bedroom home is an easy pick for $500,000 in Darwin: HTW

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The south-west property market over the past 12 months has seen the opportunities to buy into the market for sub-$500,000 diminish, according to property valuation firm Herron Todd White’s residential market report for July. 
The Fairfield sub-$500,000 market is now predominantly made up of dated 1960s and 1970s low rise two-bedroom, one-bathroom units, many requiring refurbishment or works to common property. 
Rarely available are units in modern developments and at this price point, a 2000s built two-bedroom, 1/2-bathroom unit in a large high rise complex may be available but the limited access to sunlight and privacy from the balcony will need to be considered. 
The Liverpool sub-$500,000 market is mainly focused on the unit market which is centred on the CBD of this regional town. This is by far the best performing unit market for both quality of product and city centre location within the south west region. If you look towards the future, the Liverpool city hub will be the central focus point for living, working and entertainment in the south west region with the ease of access to the shopping centre, train station and schools major attractions for both owner occupiers and tenants. 
This time 12 months ago we spoke about the potential to enter the sub-$500,000 in suburbs such as Ashcroft, Busby, Miller and Cartwright. In the past six months this market has quickly evaporated. 
There is minimal evidence of such sales now and if they do appear, they are mainly near land value with the improvements usually presented in very poor condition and in need of a considerable amount of capital outlay to occupy. 
Further afield, Campbelltown, some 55 kilometres from the CBD, still offers plenty of opportunities to enter the sub-$500,000 for both dwellings and units. Suburbs such as Ambarvale, Airds, Bradbury and Englorie Park offer an abundance of choice from 1970s 2-bedroom low rise units to 1990s 3-bedroom, 1-bathroom homes on sub-500 square metre parcels. These areas can only benefit from future urban sprawl. 
To illustrate the point, Property Observer found a two-bedroom townhouse at <a href="https://www.realestate.com.au/property-townhouse-nsw-campbelltown-122395302" target="_blank">14/10-18 Allman Street Campbelltown</a>, (above) which was sold for $436,000. The median price for units in the suburb was $410,000 while for houses it was $580,000, according to CoreLogic.
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In south-west Sydney, choices diminish for property below $500,000: HTW

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Half-a-million dollars can still buy you two-bedroom dwellings in Sydney’s southern suburbs, according to property valuation firm Herron Todd White’s residential market report for July, despite the median dwelling price of $782,000 (CoreLogic, May 2016).
In the St George district in south Sydney, nearly 10 kilometres to the south of the CBD, $500,000 will enable the buyer to extend their options. 
Modest, original, older style 1960s to 1970s two-bedroom units with parking around Bexley, Rockdale and Kogarah will achieve average rental returns of $350 to $400 per week. With vacancy rates low and steady demand at this rental band, there are good investment opportunities available to those with the patience to seek them out. 
Within the Sutherland Shire, the buyer may need to extend to $550,000 as this price point will only stretch as far as an older style 1970s to 1980s one-bedroom unit of around 50 to 60 square metres near to the beach in Cronulla. A property on Elouera Road, Cronulla, sold in May for $530,000 and is described as a 1960s one-bedroom, one-bathroom unit within a renovated complex with an open car space. Renovated internally with a modern kitchen and bathroom it included a small balcony and detached store room. Expected rental return is approximately $400 per week. 
On the western fringe of the Shire region towards Sutherland, Kirrawee, Gymea and Miranda, entry level two-bedroom units are pushing towards the early to mid $500,000s. With many new developments planned along with a refurbishment of Kirrawee Village including a new shopping centre and hotel, demand for units in this area has been strong this past 12 months. A recent May sale in Auburn Street, Sutherland, for $502,500 is typical of the area. Described as an original 1970s two-bedroom, one-bathroom unit with single garage in an elevated ground floor position, the property has an expected rental of $400 per week. 
There is a level of caution in the market regarding the outcome of the upcoming federal election in early July. 
“We believe capital gain in 2016 will be slower than previous years although we confirm there has been solid price growth in this value band across the metropolitan area due to overall supply and demand from both investors and entry-level owner occupiers. A key issue yet to be resolved is the government’s proposal for negative gearing changes for investors and what the impact of that will be on the local market. Foreign investors are also likely to be hit with new State stamp duty and land tax charges applicable on purchasing property and the impact of that cannot be assessed until details are confirmed," says the report.
“Last year we touched on a few of the suburbs mentioned above which saw good growth over the past 12 months with a slight adjustment to the end of 2015. With strong rental yields they are still a great investment to add to your portfolio."
Property Observer found a two-bedroom unit at <a href="https://www.realestate.com.au/property-unit-nsw-kogarah-121738354" target="_blank">19/14 French Street Kogarah NSW 2217</a> that sold recently for exactly $500,000.
 
 
 
 
 
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