<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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There will always be property “professionals” willing to stand up and declare that the prime inner city suburbs are not only the best places to buy, but the only places to buy.
They will sit down only if someone asks them for some hard evidence to support their claims. Through decades of observing people with a vested interest or a bad case of real estate snobbery claiming so-called prime property has the best growth rates, I’ve never seen anyone back it up with research.
My own research contradicts the claims of the supremacy of “prime” property. The top end markets never produce the best long-term capital growth rates. In most of our capital cities, the lists of best suburbs for long-term growth are dominated by the affordable end of town.
For affordable, read downmarket. Across Australia right now, there are downmarket locations on strong growth paths. The number one market in the nation, according to Hotspotting research for The Price Predictor Index, is Logan City.
I wrote at length about this area last month. In discussing the general prospects for South East Queensland, I wrote: “There are myriad options but one that I particularly fancy is the unheralded (indeed often maligned) municipality of Logan City. The local council sees it as a strategic “city between two cities” because Logan bridges the gap between Brisbane City and Gold Coast City. It’s a municipality of 60 mostly affordable suburbs and collectively they are a nice fit for my core formula of affordability + infrastructure + jobs = price growth.”
Since then our research has found that Logan City has more suburbs with rising sales activity than any other municipality in Australia. Four Logan City suburbs make our national Top 30 list for suburbs with seriously forward momentum.
In Sydney, there are growth markets spread across the metropolitan area, some top end, some middle market and some bottom end. One that stands out as a market trending rapidly north is the Campbelltown LGA. Together with neighbouring Camden, it forms the single strongest precinct in metropolitan Sydney at the moment.
Other Sydney markets that continue to be strong include the local governments areas of Penrith, Blacktown and Liverpool.
Adelaide continues to fly under the radar of most investors, but the city is rising steadily – indeed, has been for the past 12-18 months, in terms of sales volumes. Towards the end of last year, we saw the first signs of that translating into price growth.
Within Adelaide, the number one area is the Salisbury municipality, which has more grown markets than any other precinct in the South Australian capital. The Salisbury LGA is about as downmarket as you can get, anywhere in capital city Australia.
The other standout markets with rising activity in Adelaide are all bottom-end precincts or middle market areas.
The generalised numbers for Perth depict a market that is stagnating or going into mild reverse. But beneath of the citywide statistics there are numerous sub-markets with growth trajectories. They are mostly bottom end affordable areas, like Wanneroo in the far north, Armadale in the south-east and Rockingham in the south-west. One or two are middle-market areas.
Last week I wrote that <a href="/news/vic/melbournes-middle-ring-leading-the-way-terry-ryder">middle Melbourne is leading the way</a> in residential property in the Victoria capital. But there are also several bottom end precincts with strong growth momentum. They include the municipalities of Epping in the north, Casey in the far south-east and Brimbank in the west.
That’s not to say there are no top end areas doing well in capital city Australia. In addition to the rise of affordable precincts a long way from the CBD, Sydney has a number of buoyant areas among the million-dollar-median suburbs. The numbers suggest that the millionaire suburbs surged in 2013, peaked in the December quarter of that year, subsided somewhat in the first half of 2014 but staged a marked sales revival late in 2014 and early in 2015.
Another standout is inner city Sydney. The Sydney City LGA includes a dozen highly-active suburbs, predominantly with sales of apartments.
But the good news for investors on a budget is that most of the growth markets in our cities are the cheaper ones.
TERRY RYDER is the founder of <a href="https://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://www.twitter.com/hotspotting" target="_blank">Twitter</a>. 
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terryryder-YECXbqmri2

Good news for investors on a budget - the best growth markets are the cheaper ones: Terry Ryder

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Even young first time investors are getting mum's money to secure their property purchases.
It was the case today when the one-bedroom house at 7 Little Bloomfield Street, Surry Hills, was bought by a first home buyer, with help from his mother.
Agent Marc Marano of Oxford Agency secured $840,000 for the single-storey worker's cottage at auction. 
It was marketed as a "diamond in the rough".
<img src="/images/2015/03/16/4.jpg" alt="">
Investor Doi Kim, 25, and his mother, Gina Lim will renovate before renting it out after paying $140,000 over the reserve, Fairfax Media reported.
The unrenovated, 63 square metre terrace had been in the same family about five decades.
The trend of traditional first time buyers investing instead as their first property purchase has been escalating in recent times.
Mortgage Choice has noticed a marked alternate trend of first time investor buying by the traditional first home buyer. 
"More and more are buying investments as their first time buy," Michael Russell, the Mortgage Choice chief executive said recently.
Their recent survey showed there were 21% of its first time buyers borrowing for an investment property rather than a home to live in.
Surry Hills' median house price sits at <a href="/news">around $1.26 million</a>, according to CoreLogic RP Data.
There was an $840,000 median back in 2010.
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jchancellor-FAypfDUnLy

Even first time investors need mum's money in Surry Hills

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GUEST OBSERVATION
2015 has kicked off with an abundance of off the plan apartment enquiry on <a href="https://urban.melbourne/apartment-register?utm_source=um_editorial&amp;utm_medium=link&amp;utm_campaign=AR_UM_register" target="_blank">Apartment Register</a>, across Melbourne’s inner city suburbs.
Apartment Register’s 400 enquiry sample has been 90% local owner-occupier, comprised of first home buyer (FHB) and first time off the plan buyers; the remaining 10% is local and overseas investors who typically own more than one property.
The common theme is the preference to purchase in the inner ring suburbs considered to be within 10 kilometres of Melbourne CBD: close to their place of work, friendships groups and public transport. For the most part, the buying experience is overwhelming, navigating through pricing, floor plans and marketing material with the average purchaser enquiring between five and 15 projects over a three to six month search timeline.
The trend for owner-occupier enquiry is the desire to live in what they phrase as a ‘boutique development’, considered to be that of less than 80 apartments with the ideal preferred number at 50 apartments. Owner-occupiers prefer lower annual body corporate fees, as they have existing recreation memberships and wish to settle within a six to 18 month settlement time line from date of enquiry, with an 18 month settlement period the maximum amount of time prepared to wait, prior to moving in.
Single first home buyer enquiry is 70% female (age bracket of 25-35) and 30% male (age bracket of 28-40) with a budget of $400-$450,000 for a one bedroom, one bathroom with car park (preferred over car stacking systems) at a minimum size of 45 square metres. 50% of the first home buyers currently reside at their parent’s residence and have assistance from the parents, with the remaining currently renting with a partner or friend and have saved the 10% deposit without family assistance.
First home buyer couples in the 28-34 age bracket have a product preference for two bedroom, one and a half bathrooms with car park configuration in the $500-$700,000 price bracket. Selection criteria includes natural light to bedrooms, ample ventilation and security system.
First time local investors selection criteria is for two bedroom, two bathroom and car park due to rental yield and flexibility to rent to a couple or friends. The proximity to transport and the number of the apartments within the developments mimics that if they were buying to live in.
The enquiry for over 55 year old downsizers is a healthy demand for two bedroom and study, two bathroom and car park at a minimum size of 80 square metres, with a budget of $700,000 to $900,000. The attraction is the cost of apartment entry, comparable to a townhouse product with lower entry cost and lack of stairs. Half of the enquiry of over 55 year olds still have a child living on premise, which does not deter their timing to sell the family home and downsize within the next 12-24 months.
At a suburb level, the trend in our enquiry data indicates buyers look for suburb corridors and are prepared to choose between three to four suburbs within that corridor area. For example, first preference for many is Fitzroy and Carlton, which depending on available products, clients are prepared to extend their criteria to North Melbourne or Collingwood.
On a suburb level, South Melbourne is the number one requested suburb - with Fishermans Bend gathering momentum with potential buyers - communicating that a complete suburb is not required for venturing beyond for schools, amenities and other services.
First time overseas investors prefer the Melbourne CBD as an investment, or for potential future use by the family when studying in Melbourne for tertiary education. Experienced overseas investors prefer the North Melbourne and Carlton precinct for proximity to Melbourne University and the Southbank precinct apartments for the Crown Entertainment Complex, along with access to the Botanical Gardens and Arts Precinct. Our enquiry indicates the even trend for one bed, one bathroom products up to $500,000 and two bed, two bathroom products up to $650,000.
Cameron T. Clarke is founder and principal of <a href="https://myrealestatemate.com.au/" target="_blank">myrealestatemate</a>.
This article first appeared on <a href="https://urban.melbourne/" target="_blank">Urban Melbourne</a>.
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po-LsXgBTHBmX

The first time investor property selection criteria: Cameron T. Clarke

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GUEST OBSERVATION
Home ownership is an important protection against poverty in retirement, and it has been suggested superannuation should be accessible to fund a deposit to help people enter the property market.
Proponents of such a scheme point to the Canadian and New Zealand models, which allow withdrawals to purchase property. These comparisons need to be made carefully.
The Canadian retirement income model does not require mandatory superannuation, and HSBC reports that currently about half of Canadians do not contribute to a Registered Retirement Savings Plan. In the case of New Zealand, the NZ Kiwisaver is a relatively new retirement savings plan, and the default rate of contributions is 3% compared to 9.5% in Australia.
There are two reasons why withdrawing superannuation for a home deposit can be counterproductive.
Firstly, the property market is unregulated and the current housing boom is a direct result of competition for a scarce resource. If first home buyers are allowed to withdraw from superannuation funds, the effect would be to increase competition, thus driving prices up further. This was the effect of the first home stamp duty subsidies that were available over the last decade.
Secondly, accessing superannuation balances would negate the effect of compounding returns over the years to retirement. The average balance of an Australian aged 30 to 34 years in 2011-12 was A$27,772. The Canadian model allows a person and their partner to each withdraw C$25,000 from their superannuation, repaying it over 15 years. If adopted here, this would effectively wipe out the superannuation balance of each of them and would still be less than 10% of the median house price in the major Australian cities. Repayments would need to be in addition to mandatory contributions, and after mandatory contributions, HECS repayments and mortgage repayment, this could result in financial distress for borrowers.
Capital growth could give some protection from lower superannuation balances, but in the context of the family home, the gain would not be realised until the owner(s) downsized, as the usual pattern of home ownership is to sell and repurchase in the same market.
Despite widespread discussion about the proposal, government representatives have said they have “no plans” to change the rules on accessing super.
Lack of reform
The superannuation system is linked to both taxation and the pension system, but since 2007 it has been effectively quarantined from reform.
Contributions and investment earnings in a complying, taxed, superannuation fund are taxed at 15%. Withdrawals are also taxed at reduced rates, and since 2007 have been tax exempt for persons over the age of 60.
Conceptually superannuation is a form of long-term savings that displaces other forms of savings and, according to the ABS is the major financial investment held by most Australians. Our superannuation system is mandatory for employees, so employees earning more than A$450 per month have no choice as to whether they will save through superannuation.
The legal requirement is placed on the employer, but the economic reality is that superannuation is imposed on employees: it is reflected in the take-home pay of employees, notwithstanding the 1987 trade-off between award wages and superannuation.
In the case of a high income earner, the 15% tax rate on superannuation encourages savings into superannuation. However, low income earners who pay income tax rates less than 15% find that most of their savings are locked up in superannuation without any tax concessions. This affects their ability to save for a deposit on a house, or to have funds available in an emergency.
Superannuation and tax incentives
The Henry Review considered the problem of investment bias, although the government excluded tax exempt payments to persons over 60 from the terms of reference. It identified a clear incentive for a high income earner to put money into superannuation, displacing other investment, and a disincentive for low income earners.
Contribution caps limit the amount that can be contributed in superannuation that can subsequently be withdrawn tax free. However they are much higher than the SGC rate giving room for a high income earner to divert savings into superannuation: at the current mandated SGC level of 9.5%, a person would have to earn over A$300,000 pa to breach the non-concessional cap. A member can also contribute up to A$180,000 pa of non-concessional (tax paid) contributions. The tax benefit is that income earned by the superannuation fund on that investment is also taxed at 15% instead of the member’s marginal tax rate. In a self managed superannuation fund the member can then direct the investment strategy personally while taking advantage of the tax shelter.
Since 2013 contributions by very high income earners have been taxed at 30%, but the threshold of A$300,000 (including superannuation) ensures this only applies to a minority of taxpayers.
Balancing super and the pension
The balance between superannuation and the Age Pension is critical to funding retirement income. The mandatory superannuation system was proposed as a means of supplementing, not replacing the pension, and the 2015 Intergenerational Report predicts that by 2055 spending on the Age Pension will be at similar levels to now, but higher numbers of pensioners will be receiving a part pension. In 2011-2012 the average superannuation balance at retirement was A$197,000 for males and A$105,000 for women. Although it is increasing most retirees will at some stage need some support from the Age Pension.
Retirees can game the system by taking substantial tax exempt lump sums remaining eligible for higher rates of pension. When a superannuation fund goes into pension phase, the member is required to withdraw a minimum amount, based on the age of the retiree, but there is no cap. The Murray Report echoed the Henry Review when it again recommended the development of more comprehensive income based retirement products.
While superannuation balances generally are low, lump sum withdrawals can be ascribed to paying down debt and transition to retirement costs, and there is a growing concern that people approaching retirement take on additional debt in the expectation that they will be able to pay it off when they receive their superannuation.
The tax exempt status of superannuation pensions is a more pressing concern. When the member retires and a superannuation fund goes into pension phase both the income of the fund and the amount paid to the recipient are exempt from income tax. In the 2014 year this cost the budget bottom line A$16.3b in foregone revenue and was the 3rd highest tax expenditure. It is difficult to see how this tax expenditure can be maintained indefinitely.
Where to from here?
The fiscal risk inherent in the superannuation system is clear, as highlighted in the Intergenerational Report and the Murray Report.
The options for reform include equalising tax rates across the accumulation and pension phase of superannuation; imposing tax on superannuation accounts with a high balance; taxing contributions by applying a rebate to the member’s marginal rate of tax; lifetime caps on non-concessional contributions to superannuation funds;and making a regular income stream more attractive than lump sums.
The political issue is that governments are not willing to propose reforms that will impact on the current generation of retirees, and continue to quarantine the retirement system from serious review. Until we can openly talk about the lack of sustainability in the retirement income system, we will continue to impose a fiscal burden on future generations.
<img src="https://counter.theconversation.edu.au/content/38165/count.gif" alt="The Conversation" width="1" height="1">Helen Hodgson is associate professor at Curtin Law School, Curtin Business School at Curtin University.
This article was originally published on <a href="https://theconversation.com">The Conversation</a>.
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We need to talk about super, not just first home buyers: Helen Hodgson

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Allowing young buyers to withdraw their superannuation savings to buy their first home would trigger a $31 billion federal budget hole by mid-century, according to indicative modelling by PwC.
Changing super rules to fund housing would cost the government between $500 million and $1.1 billion a year in lost revenue.
Treasurer Joe Hockey has triggered debate since last weekend's reported comments about making super more "flexible" in the wake of the intergenerational report.
The analysis by PwC was provided to The Australian Financial Review based loosely on a similar scheme in Canada, which allows a withdrawal of $25,000 for a first home.
PwC partner Paul Abbey said he assumed that an Australian scheme would be limited to people below 35 years, with around half of those eligible choosing to withdraw $25,000 for a 10-year period.
The loss to government – which taxes earnings on super balances at 15% – would be $1.1 billion in 2016-17, and fluctuate between $611 million and $993 million over the next nine years.
By 2049-50, the figure would hit $2.1 billion, taking the accumulated hit to government to $31 billion, according to the PwC estimate.
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FHB super access would blow hole in federal budget

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"Sydney needs to slow down," Charles Tarbey, chairman and founder of Century 21 Australasia, said this week in a quarterly market commentary.
Mostly due to supply issues in certain suburbs of Sydney, Charles Tarbey says there has been over-zealous bidding.
"The agents themselves are absolutely shocked at the prices that are coming through," he said.
He said that valuers were "starting to get a bit gun-shy right now".
"I would say that between the valuers and the banks, and the increased prices that sellers now want based on what they are seeing, I think these things will all slow the market down," Tarbey continued.
"I expected that to happen last year, but it didn't, it just kept rolling on.
"I'm trying to talk the heat of the market, but most agents are unfortunately talking it up, and it's very dangerous."
He said stock was starting to climb.
"It’s just not climbing in certain pockets - that's the problem - and these are the pockets that are being reported on, the ones where the TV cameras are watching all of the Asian buyers apparently purchasing property.
"Tie all that together, and you get the absolutely wrong story.
"If you're wanting to buy your first property in Sydney right now, you'd be too scared to go out and look right now, you'd be thinking ‘what's the point’?
"I know this sounds strange coming from a real estate practitioner, but I really hope that they introduce more macro prudential tools - particularly around investment, and certainly around gearing."
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"Sydney needs to slow down", FHB's are too scared to look: Charles Tarbey

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Paul Keating, the architect of Australia's universal superannuation scheme, has said it was a bad idea to allow first home buyers to dip into their super savings.
"Any meaningful housing deposit taken from the accumulated savings of younger savers would effectively eliminate or near eliminate the base from which the important compounding [of earnings] would otherwise occur," Keating wrote in a column for Fairfax Media.
The former prime minister Paul Keating also warned that if Australians could dip into their super savings at an early age, it would increase pressure on the federal government's aged care budget.
"The key to wealth accumulation in retirement savings is compound earnings," Keating noted days after the Treasurer Joe Hockey raised the prospect of allowing people to dip into their super.
Joe Hockey called for public debate on making super more "flexible" during people's lives.
In an opinion piece, Paul Keating accuses the Liberal Party of attacking Australia's super system for ideological reasons.
"The Liberals have always hated national superannuation for the broad workforce," Keating writes.
"Superannuation for them is fundamentally an ideological matter.
"Just like Medicare, the Liberals object to the universality of Medicare and they keep having a go at it, like the recent attempt to require a co-payment to doctors.
"They have now dropped off that because the going got too rough for them.
"So that having failed, they are back at it again at super – the other great universal scheme.
"But instead of saying they oppose it ideologically, and arguing their case intellectually, the Treasurer will try to reach the same outcome by masking his real intentions as a professed concern for homebuyers." 
"This idea is certainly not an innovation and is not responsible enough even to be considered a thought bubble."
He wrote that proposals floated by the Treasurer would breach the principle of "preservation" of superannuation accumulations and would destroy universal retirement savings at its core.
"Breaking what is now a national consensus on the principle of preservation, where savings cannot be drawn down till age 55, would amount to the wilful destruction of one of the best retirement systems in the world."
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Paul Keating says Joe Hockey's FHB super idea will compound ageing problems

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The NSW Opposition has promised a staggered stamp duty payments scheme for first home buyers if it wins government at the upcoming March election.
It was an undertaking revealed on the Channel 7/Daily Telgraph leaders debate in response to an audience question about what Luke Foley and Mike Baird would do to make it easier for first home buyers to enter the hot NSW market.
“Look at a scheme where people, rather than being charged 100 per cent of stamp duty upfront, they could pay it back in instalments over several years,” the NSW Opposition leader, Luke Foley suggested, seemingly foreshadowing a more detailed policy announcement.
Advising the key to lowering prices was increasing the number of houses built, Premier Mike Baird said he had introduced a scheme where first home buyers purchasing new dwellings under $550,000 are exempt from paying stamp duty.
Stamp duty is one of the big upfront costs in buying a house especially if the buyers don't wish to be corralled into buying a new house or flat.
<a href="https://www.apps08.osr.nsw.gov.au/erevenue/calculators/fhnh.php" target="_blank">Stamp duty is calculated</a> by applying a sliding scale of state government taxation, depending on the value of the property purchase.
The NSW first-time buyer concession in place for stamp duty is designed to make it easier for people to get their first home, but only news homes. 
NSW is probably the most generous state.
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The scheme was established to assist eligible first home owners to purchase a new home or build their home by offering a $15 000 grant. The grant applies to new homes only and does not apply to the purchase of an established home, vacant land, business premises or a holiday house. The grant will reduce to $10,000 on 1 January 2016. 
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The First Home New Home scheme commenced from 1 January 2012 and provides eligible purchasers with exemptions from transfer duty on new homes valued up to $550,000 and concessions for new homes valued between $550,000 and $650,000.
Eligible purchaser buying a vacant block of residential land to build their home will pay no duty on vacant land valued up to $350,000, and will receive concessions for vacant land valued between $350,000 and $450, 000.
 
 
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NSW Labor promises staggered stamp duty for first home buyers

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GUEST OBSERVATION
For most people, buying their first home is daunting. But if Australians want to ensure home ownership isn’t out of reach for low- and middle-income earners and get better value out of taxpayer-funded housing support, it’s time to do more than simply hand out <a href="https://www.smh.com.au/business/billions-in-handouts-but-nothing-gained-20110315-1bvvs">costly first home owner grants</a>.
Evidence from overseas and interstate shows that a good place to start would be with making more options available to those on reasonable income but stuck renting.
Yet New South Wales – Australia’s most populous state, with <a href="https://www.mywealth.commbank.com.au/property/how-does-sydney-property-stack-up-globally--hottopic201410">the most expensive capital city</a> - has done less than many other states and territories to develop cost-effective options for aspiring home owners.
As NSW heads to an election at the end of this month, its next state government has a chance to catch up and make it easier to get a foothold in its notoriously costly housing market.
Rethinking how we own our homes
Australians tend to think of three different ways of being in the housing market: private ownership of a home, renting from a private landlord, or renting public housing from the government.
But there are other models of stable housing, variously called “intermediate housing tenure”, “shared equity”, and “shared equity home ownership”. Basically, the resident owns their home through partnership with either the government or one of Australia’s hundreds of registered community housing providers.
Depending on the arrangement, the resident can either gradually buy out the housing partner (the government or community housing provider), or else they can cash in their portion to move into market-rate ownership.
There are well-established examples in <a href="https://www.cchpr.landecon.cam.ac.uk/Projects/Start-Year/2011/Understanding-second-hand-market-shared-ownership-properties">the United Kingdom</a> and <a href="https://www.nhi.org/pdf/SharedEquityHome.pdf">the United States</a>, as well as in Australia.
Interstate examples of shared ownership schemes
Western Australia’s government-run scheme was applauded in <a href="https://www.ahuri.edu.au/publications/projects/syn91">a recent report</a> and won its department a 2014 Premier’s Awards for Excellence in Public Sector Management. Under that scheme, the householder buys with up to 30% of the value held by the government, and borrows the remaining 70% through the government-run KeyStart loan scheme. The buyer needs only a 2% or $2,000 deposit and there are no account keeping fees.
Like the WA scheme, the Northern Territory’s HomeNorth scheme enabled residents to buy with the government holding up to 30 per cent of the value. South Australia’s <a href="https://www.sa.gov.au/topics/housing-property-and-land/buying-and-selling/affordable-houses-to-buy/shared-value-affordable-home">Shared Value Affordable Homes</a> program allows low- to moderate-income buyers to buy their home with the government providing a 20% discount. When they sell, the equity gain is shared with the government according to an agreed formula.
The Australian Capital Territory’s <a href="https://www.revenue.act.gov.au/home-buyer-assistance/land-rent-scheme">Land Rent scheme</a> allows low- to moderate-income buyers to pay rent for their land based on its unimproved value, and take out a mortgage for the home’s construction cost.
Yet apart from the ACT, there is a notable absence of schemes on Australia’s heavily populated east coast.
There are some models <a href="https://www.communityhousing.org.au/S8_Shared_Home_Ownership">under investigation</a>, and community groups such as <a href="https://www.sydneyalliance.org.au/shared_equity_faqs">the Sydney Alliance</a> that are advocating for shared equity. But much more could be done with government support.
In NSW alone, there are already nearly 400 <a href="https://www.housing.nsw.gov.au/Community+Housing+Division/Community+Housing+Providers/">not-for-profit community housing providers</a> providing affordable rental homes. Many of these are interested in offering ownership options to their tenants, as well as to people stuck in private rentals who could afford a moderate loan. However, under current First Home Owners Grant legislation, such buyers would be ineligible for funding.
Costly grants versus stable solutions
When we talk about first home buyer assistance, we assume that government grants are the best option. Yet that’s not what the evidence shows.
As prominent <a href="https://www.theaustralian.com.au/business/property/firsthome-grants-keep-young-off-property-ladder/story-fniz9vg9-1226806291907">economist Saul Eslake</a> highlighted last year, government grant schemes for first home home buyers have cost taxpayers more than A$22.5 billion since 1964, with poor results: "It’s hard to think of any government policy that has been pursued for so long, in the face of such incontrovertible evidence that it doesn’t work, than the policy of giving cash to first home buyers… Cash grants and other forms of assistance to first time home buyers have served simply to exacerbate the already substantial imbalance between the underlying demand for housing and the supply of it."
Many <a href="https://www.businessspectator.com.au/article/2013/1/21/national-affairs/built-backs-first-home-buyers">other economists</a> and <a href="https://www.smh.com.au/business/property/calls-for-first-home-owner-grant-to-be-scrapped-20110909-1k1yl">property analysts</a> share Eslake’s view.
If we’re looking for more bang for our housing buck, shared equity homeownership schemes could be a better solution.
<a href="https://www.burlingtonassociates.com/files/3513/4463/1435/1-Lands_in_Trust_Homes_That_Last.pdf">One study</a> in the US found that one scheme used just one-fifth of the tax dollars that would have been spent if the buyers had been given a one-off grant (similar to Australia’s <a href="https://www.firsthome.gov.au/">First Home Owner Grant</a>).
Studies to date show that <a href="https://www.nhi.org/pdf/SharedEquityHome.pdf">US shared ownership schemes</a> can also have a social upside, with much <a href="https://www.lincolninst.edu/pubs/1936_Stable-Home-Ownership-in-a-Turbulent-Economy">lower foreclosure rates</a> than in the broader market in what has been a turbulent time for many US home owners since the global financial crisis.
How to help more people buy their first home
If the next NSW government really wants to help more people in the state own a home for the first time, there are two options they could consider.
Assuming scrapping the First Home Owner Grant is too politically difficult, the government could instead amend the legislation to make the grants available for people buying into shared ownership schemes with community housing providers.
If the government wanted to be more ambitious, it could make some of the grant budget available as competitive funding for not-for-profit community housing providers to develop shared ownership housing.
When designed well, shared ownership can provide viable, stable housing options for low- to moderate-income earners – many of whom might never get to become first home buyers without a helping hand at the start.
<img src="https://counter.theconversation.edu.au/content/38155/count.gif" alt="The Conversation" width="1" height="1">Louise Crabtree is senior research fellow at University of Western Sydney.
This article was originally published on <a href="https://theconversation.com">The Conversation</a>.
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NSW is dragging its feet on help for aspiring first home owners

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Capital city first home buyers are boosting approvals for townhouses, units and semi-detached homes, according to Bankwest.
Bankwest's Housing Density Report showed that while medium density housing approvals as a proportion of total dwelling approvals was down slightly in the past year – 43% in 2014, compared to 44% in 2013 – approvals for the homes are trending upwards and approaching record levels. In the 12 months to November 2014, 85,323 medium density homes were approved.
In New South Wales, the Northern Territory and the Australian Capital Territory, townhouse, unit and semi-detached homes made up the majority of approvals in the year to November 2014. In Western Australia, less than 25% of housing approvals were for medium density homes.
<img src="/images/2015/02/26/Picture%2014.png" alt="">
The category's approvals overtook house approvals in 30.4% of all Australian local government areas in that time.
Unsurprisingly, the growth in medium density housing was concentrated in capital cities. Bankwest executive general manager of Retail, Andrew Whitechurch, said last year almost nine out of 10 approvals for medium density dwellings were in capital cities.
"This is a marked increase from 2011, when the Census revealed capital cities accounted for only 76% of all medium density dwellings," said Whitechurch.
According to Bankwest's report, 88.2% of medium density approvals were for capital city homes. The concentration around capital cities was most pronounced in South Australia, Victoria and Western Australia.
"The number of medium density housing approvals has increased in five out of the eight capital cities in the 12 months to November last year," Whitechurch said.
"Perth experienced the largest increase, with approvals growing by 43.7%.
"Brisbane and Melbourne also saw double digit increases (23.1% and 18.9% respectively), followed by Adelaide (8.9%). Approval figures in Sydney have remained stable with a 0.4% increase."
<img src="/images/2015/02/26/Picture%2013.png" alt="">
Considering medium density housing as a proportion of total approvals, Brisbane is seeing the quickest escalation in housing density of any capital city. There, the proportion of medium density housing approvals increased by 33.7 percentage points between 2011 and 2014. Bankwest attributes Greater Brisbane's share of medium density approvals in part to apartments, townhouses and units in the Gold Coast and Sunshine Coast.
Canberra saw the second highest increase in medium density housing as a proportion of total approvals, with a 27.7 percentage point increase in the three year period. The increase has been in part due to the ACT's Tuggeranong, where housing density is increasing faster than in any other local area (as defined by the Australian Bureau of Statistics). Between 2011 and 2014, the proportion of medium density approvals has jumped 64.2 percentage points, to 79%.
While almost all the capital cities saw an increase in the proportion of medium density approvals, Hobart bucked the trend, with the proportion of medium density housing decreasing by 8.6 percentage points in the same period.
Whitechurch said first home buyers are likely to be driving the demand for medium density housing as they seek out more affordable housing options.
"Bankwest's First Time Buyer Deposit Report, released in December last year, showed that  units are considerably more affordable, taking the average first time buyer couple 3.3 years to save a 20% deposit on a median-priced unit in an Australian capital city compared to 4.1 years to save for a stand-alone home," he said.
He also cited population growth as a key driver for medium density housing supply.
"Increasing competition for housing and higher prices will no doubt lead to further growth in medium density housing approvals in the future," said Whitechurch.
"Despite this ever-emerging trend, the growth in approvals for stand-alone houses outpaced medium density home approvals in the year to November 2014 (14.9% growth compared to 10.2% growth)."
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