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

Joel Robinson

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

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

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

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

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

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

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

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

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

First Home Buyers

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I wonder what media is going to do with the latest admission from the Australian Bureau of Statistics (ABS) that it has been grossly under-estimating the number of first-home buyers in the market.
On Wednesday this week, the ABS posted an update on its "investigation to evaluate the robustness of estimates of loans to first-home buyers".
The investigation, it said, found that "some lenders experience difficulty reporting on loans where the buyers does not receive a first home owner grant".
This, as I pointed out in my column earlier this week (and commented throughout last year, as did other writers on Property Observer), is the nub of the matter. The ABS collects data from the banks on home loans, and the method of identifying a loan applicant as a first-home buyer has always been their application for the first home owner grant.
If the applicant does not apply for a grant, the system does not identify them as a first home buyer.
Since state and territory governments across Australia stopped providing grants for established properties, the number of grant applications has dropped significantly. The research shows that most first-time buyers opt for an established home (cheaper, usually with more land and often better located) over a new home – and therefore most first-home buyers are no longer receiving grants.
The banks no longer record them as first-home buyers.
Because of the under-estimation of first-home buyers, the ABS statistics on home loans have given the appearance that first-time buyers have almost vanished from the market.
Media has leapt on this as a recurring headline, giving rise to claims that young Australians have been priced out of the market – and then, as a natural progression, generating witch hunts to find someone to blame for the situation. Negative gearing benefits to local investors and the activity of foreign investors have been popular targets.
There have been thousands of articles written in the past 12-18 months about the demise of the Great Australian Dream, all based on a fundamental falsehood, created by the ABS miscount of first-home buyers.
It's a damning indictment on journalistic standards in this country that so few have picked up on this. Nobody thought to investigate. No one asked the most basic of questions. Media rushed en masse to the cheap and easy headline – the dream is dead because young Aussies can't afford to buy.
It took a simple phone call from my office in mid-2014 to extract an admission from the ABS that their figures on first-home buyers were wrong – and why they were wrong.
Just how wrong was demonstrated by the recent NAB survey which found that 25% of established homes sold are being bought by first-time buyers and that 24% of new homes are bought by first-timers.
Journalists and editors across Australia should be hanging their heads. But you can be sure none of them will. Nor will the many economists, analysts and commentators who have seized on the ABS figures to justify their attitudes on real estate issues (such as those with an anti negative gearing stance or those opposed to foreign investment in Australian real estate).
"Users are advised to exercise caution in using this data," the ABS said on Wednesday. That warning has come at least 12 months too late. Not that it will make any difference to some.
I would bet my house that next week there will be more articles in major newspapers repeating the fiction that first-home buyers are at an all-time low. And the week after. And six months from now. People won't let the facts get in the way of an entrenched attitude or an easy sound byte.
"ABS and APRA will continue to work with lenders to improve data quality," the ABS said this week. "In the meantime, from the December 2014 issue (to be released on 11 February 2015), estimates of loans to first home buyers will include an adjustment for under-reporting of loans where the buyer did not receive a first home owner grant.
"An Information Paper will be released on the ABS website on 4 February 2015 explaining changes to the method of estimating first home buyers' data and the extent of revisions.   The ABS will continue to update the method as lenders progressively improve their reporting."
Too little, too late. Australia is awash from misinformation on the real estate industry and the most extreme example has been the first-home buyer miscount and all the column inches of inaccurate comment and posturing it has generated.
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://twitter.com/hotspotting" target="_blank">Twitter</a>.
Terry will be participating in a webinar on 'The Best and Worst for 2015: Top 5 Hotspots and 5 Places to Avoid' on 3 February.
Click here to <a href="/news">register now</a>.
 
 
 
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terryryder-YECXbqmri2

First home buyers are still here, but good research has gone missing: Terry Ryder

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A NAB survey of residential property markets provides further evidence that media reporting of first home buyer activity is bunkum.
The NAB survey finds that 25% of established homes sold are being bought by first time buyers and that 24% of new homes are bought by first timers.
Some media outlets reported those figures rather nonchalantly last week, without realising the great significance of them. They make nonsense of the data published by the Australian Bureau of Statistics (ABS), which suggests that first home buyers (FHBs) are as low as 10% of properties sold.
That ABS figure is held up repeatedly by commentators and journalists as justification for the claim that the 'Great Australian Dream' is dead, that we have an affordability crisis and that everyone from local investors to Chinese buyers are to blame for pricing FHBs out of the market.
It has also helped to generate a lengthy, expensive and totally pointless federal government inquiry into the so-called housing affordability crisis. That inquiry, which has been exploited by some politicians as a vehicle for grandstanding and career advancement, is based on a lie: that FHB activity is at an all-time low and it’s all because they can’t afford to buy.
The NAB is right and the ABS is wrong. First time buyers are out there as busy as they ever were. The ABS has been publishing a miscount – and, what’s more, it knows it. It has <a href="https://www.propertyobserver.com.au/https://www.abs.gov.au/ausstats/abs@.nsf/mf/5609.0" target="_blank">admitted that its data on first home buyers is suspect</a>.
I’ve explained why a number of times in this column and so too have other writers on Property Observer. The elimination, by most state and territory governments, of FHB grants for established housing (they now provide grants only for new dwellings) means most FHBs are not being counted any more because they’re not applying for grants.
They’re out there buying but are no longer identified as first timers in the ABS statistics.
Now the NAB survey has put some realistic numbers on first time buyer activity. Its survey suggests that, for established housing, 16% of buyers are first home owner occupiers and 8% are first home investors. For new housing, 16% are first home owner occupiers and 9% are first home investors.
First home investors are those who opt to buy an investment property, rather than a home, as a first purchase. Commonly, these are people who prefer to rent in their suburb of choice and buy an investment property in a cheaper area.
This really is a top story for an alert journalist. All the clamour about an affordability crisis and first time buyers disappearing is a furphy, based on a miscount. But most newspapers won’t write the real story because they’re addicted to the “Great Australian Dream is dead” storyline. Sad.
For the record, the NAB survey also finds that overseas buyers are 9% of buyers of established housing and 15% of buyers of new dwellings (mostly inner city apartments).
This puts into perspective those hysterical claims that foreign investors are somehow dominating our markets and pricing poor young Aussies out of the market.
TERRY RYDER is the founder of <a href="https://hotspotting.com.au/">hotspotting.com.au</a>. You can <a href="https://mailto:ryder@hotspotting.com.au" target="_blank">email him</a> or contact him on <a href="https://twitter.com/hotspotting" target="_blank">Twitter</a>.
Terry will be participating in a webinar on 'The Best and Worst for 2015: Top 5 Hotspots and 5 Places to Avoid' on 3 February.
Click here to <a href="/news">register now</a>.
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Great Australian Dream is alive - first home buyer stats debunked: Terry Ryder

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It’s a new year and unsurprisingly home buyers are gearing up to get back into the market looking for a property to buy.
Here are five tips for all home buyers looking to get on the ladder this year.
Pre-approval
If you’ve stopped looking since the close of 2014 then you may be through, or close to, the end of your pre-approval period (or you may not have obtained one yet). While a pre-approval isn’t the same as an actual loan, it will give you the peace of mind to have a guide to what you can actually borrow.
Here’s a <a href="/expert-insights/finance/a-quick-guide-to-home-loan-pre-approval">quick guide to home loan pre-approval</a>. 
Ensure you can afford the repayments
Getting pre-approval for a loan is one thing, but are you sure you can actually afford to repay the amount required each fortnight or month? It’s critical to go through your finances, especially in the new year when changes may be planned, to consider whether different circumstances may lead to hardship later on. Be honest with yourself about your job plans and general stability. It may be worth practicing putting the money aside for repayments to ensure you have the discipline to pay back the loan.
To prepare yourself for debt, here are <a href="/expert-insights/buying/preparing-yourself-for-debt-10-things-to-do-now-to-make-home-ownership-easier">10 things that you can do to make it easier</a>.
Research
If "research" isn't a message that's drilled into you yet, then you may not quite be ready. Research is important! Understanding what properties are worth in the market you are considering, knowing how to negotiate with private treaty sales or the process for bidding at auction – all of this is critical if you want to purchase well.
You can read here the <a href="/expert-insights/how-we-research-when-property-buying-realestateview-com-au">techniques that other buyers tend to use when researching property</a>.
For those still looking for an area, the Finding section will come in handy.
Due diligence
Many of our <a href="/expert-insights/buying/10-first-time-buyer-mistakes-and-how-to-avoid-them">top 10 first home buyer mistakes and how to avoid them</a> are as a result of being rushed or not understanding what is considered due diligence.
Remember, you want to make sure that you purchase a property with open eyes, aware of the nature of the asset and ready for any necessary improvements.
Usually, there are three main things to consider: ensuring the home is structurally sound, undertaking the correct legal checks on the contract so you know what you’re buying and ensuring that you are able to pay a fair price.
If you’re not sure on what counts as due diligence, here’s <a href="/expert-insights/what-is-due-diligence-investment-terms-explained">a quick two minute explanation</a>.
Know your limitations
Lastly, it’s something many of us are poor at – knowing our limitations. While,  it can be easy enough to determine your financial limitations after speaking to a broker, knowing your personal limitations can be harder.
Will you truly be able to commute that far?
Is renovating the home DIY-style really in your skillset?
Can you really put up with not having a car space?
Ask yourself the often uncomfortable questions to ensure that you’re not convincing yourself into the purchase.
What tips do you have for budding first home buyers?
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jduke-EHk3XBmHkn

Five tips for those buying their first home in 2015

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In the Northern Territory, the First Home Owners Grant (FHOG) is now only available for first home buyers entering into contracts to construct or purchase a new home.
As of 1 January, Northern Territorian first home buyers will only be able to access the grant if they purchase new, providing them with a $26,000 cash incentive to construct their own dwelling.
The NT Department of Treasury and Finance notes that this is to encourage the construction of dwellings.
There is no threshold on the value of the new home purchased, with first home buyers able to buy properties exceeding the previous $600,000 limit applied to established homes.
The FHOG is not means tested.
This brings the Northern Territory in line with the majority of other states and territories that do not offer a grant for established home purchases. Many, such as South Australia, phased out their established property FHOGs in mid-2014. Western Australia still retains a modest grant, of $3,000, for eligible first time buyers purchasing established homes.
Those claiming the Northern Territory FHOG must live in the property for a period of six continuous months within 12 months of the completion of the home.
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FHOG restricted to new homes in the Northern Territory

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It's now <a href="/expert-insights/buying/10-extra-months-needed-to-save-for-sydney-first-home-deposit-in-2014-bankwest">taking first time buyers even longer</a> to save for a home, as price growth in some areas makes the time to save a 20% deposit rise ever higher.
Bankwest's First Time Buyer Deposit report explains how long it takes from state to state.
<ul>
<li>New South Wales: 4.8 years (If looking at Sydney, this is at 6.7 years) </li>
<li>Victoria: 4.4 years (if in Melbourne, this increases to 5.5 years) </li>
<li>ACT: 4.0 years </li>
<li>Northern Territory: 4.1 years (In Darwin, this spans to 4.2 years) </li>
<li>Queensland: 3.8 years (4.1 years for Brisbane) </li>
<li>Western Australia: 3.7 years (For Perth, 3.9 years) </li>
<li>South Australia: 3.3 years (For Adelaide, 3.6 years) </li>
<li>Tasmania: 2.7 years (For Hobart, this increases to 3.3 years)</li>
</ul>
For more findings from the report, including the 10 LGAs where saving is quickest across the country, <a href="/expert-insights/buying/10-extra-months-needed-to-save-for-sydney-first-home-deposit-in-2014-bankwest">click here</a>.
<img src="/images/2014/12/19/syd%20bankwest%20dec%2019%20one.png" alt="">
Source: Bankwest
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How long it takes first time buyers to save by state

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The strong Sydney property market in 2014 means it is taking 10 months longer to get into the market than it did during 2013. 
Sydney is the most difficult capital city in Australia for first time buyers to enter the property market, with deposit savings times now approaching seven years for couples, said Ian Rakhit, Bankwest's head of specialist banking said.
The sixth annual Bankwest First Time Buyer Deposit Report revealed it will take 6.7 years for first time buyers in Sydney to save a home deposit for a median priced property.
"This is an increase of 0.8 years (approximately 10 months) on the same point in 2013," said Rakhit.
"The jump in savings time is largely attributed to a 15.4% year-on-year increase in median home values."
First time buyers in Sydney now need to save a $165,100, 20% deposit to purchase a median priced property.
"This is $40,000 more than the next most expensive capital city, Melbourne ($126,200), and considerably more than the average capital city deposit of $104,813," Rakhit said.
“New South Wales continues to see high levels of population growth, which has a direct impact on housing demand and affordability.” 
“This affects everyone in the housing market, but it certainly makes the first step onto the property ladder tough for Sydney-siders."
There are now 12 local government areas (LGAs) in Sydney where it would take a couple more than 10 years to save for a home deposit, which equates to a record 28% of total LGAs for the Sydney region.
<img src="/images/2014/12/18/bankwest-dec-19-one.jpg" alt="">
Source: Bankwest
A further 44% of Sydney LGAs have savings times of over six years. Only 12 Sydney LGAs offer savings times between two to four years, while 16% would take four to six years.
Mosman remains the most difficult suburb to break into for first time buyers, requiring 14.2 years to save a deposit. The second most difficult suburb is Woollahra, where savings would take 13.8 years.
While Sydney remains Australia’s most expensive capital city for first time buyers, the rest of New South Wales offers much more affordable properties, with a couple on an average income taking 4.8 years to save the $112,700 required for a home deposit.
There are 37 LGAs in New South Wales (25% of the total of 149) where the average first time buyer couple would have to save for less than two years to raise a 20% deposit for their first house. Central Darling in Far West New South Wales has the shortest savings time in the state, taking 0.7 years (eight months) for a couple to save the $13,600 required for a house deposit.
“As first time buyers find themselves priced out of inner Sydney, regional alternatives may become more appealing. If first time buyers are willing to look outside the typical hot-spots there are still good deals to be found,” Rakhit said.
Nationally, first time buyers are being forced to save for longer as the median value of houses outpaces salary growth. On average, Australian first time buyers will now take 4.1 years to save a 20% deposit for a house, up from 3.9 years in 2013.
<img src="/images/2014/12/18/bankwest-dec-19-two.jpg" alt="">
Source: Bankwest
Despite a rapid increase in the median price of housing across Australia, wages among first time buyers have only grown by 2.6% over the year, leaving first home saver incomes lagging behind rising house prices.
“This year’s report reveals an ongoing and increasing trend in the amount of time it takes to save for a first home in Australia. At the same time, those who are in a position to join the property ladder this year will do so a time when the average price of houses is showing strong growth,” Rakhit said.
A large part of the growth in national housing prices can be attributed to low interest rates, with standard variable rates currently at the lowest level since 2009. The current average rate of 5.9% per annum is well below the average rate of 7.3% seen over the past 10 years, he said.
"While low interest rates may make it easier for home owners to service their loans, they can also make it more difficult for first time home buyers to save for a first home deposit," he said.
"For a couple saving their money in a high interest online savings account, the average interest rate has been 2.5% over the past 12 months, down from 3.17% in 2013, and the average rate of 4.69% over the past 10 years."
The report quantifies how long it would take a first time buyer to save a 20% deposit based on local incomes and local house prices and the level of the First Home Owners Grant where available by state. Data has been sourced from the Australian Bureau of Statistics (ABS) Wage and Salary Earner Statistics for Small Areas, the ABS Wage Price Index, the Reserve Bank of Australia (RBA) and Residex.
Deposit savings times have been calculated on the basis of a first time buyer couple setting aside 20% of their combined pre-tax income annually. The calculation assumes the savings are deposited into an online savings account each month and earn interest on this basis.
A full list of results for 465 LGAs across Australia is available in the Bankwest First Time Buyer Deposit Report 2014, which is available at <a href="https://www.bankwest.com.au" target="_blank">www.bankwest.com.au.</a>
<img src="/images/2014/12/18/bankwest-dec-19-three.jpg" alt="">
Source: Bankwest
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jchancellor-FAypfDUnLy

10 extra months needed to save for Sydney first home deposit in 2014: Bankwest

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An Australian Capital Territory Civil &amp; Administrative Tribunal decision has upheld a 25% penalty imposed on a property buyer over a First Home Owners Grant (FHOG) dispute.
Yesterday, it was found that Mr MD Masud Karim, who had been given the First Home Owner Grant and First Home Owner Grant Boost, totalling $21,000, was required to give back the funds, interest and face a penalty as he had not resided in the premises.
The tribunal noted that it was not a deliberate intention on Karim’s part to defraud.
In January 2009, Karim entered into a contract for sale for a block of land. In July, he then entered into a home building contract to construct a dwelling on the site.
In August, he then lodged an application for the grants where he said that he, as the applicant, would be occupying the home as his principal place of residence for six months within 12 months of completion.
However, in September 2009 he left Australia for Bangladesh, with the application not yet determined. He has not returned to Australia, citing better employment opportunities for himself in Bangladesh.
In November he was told that his application was approved. He did not update his NSW driver’s licence from his previous Lakemba address, nor his bank accounts, nor put himself on the ACT electoral roll. He was, however, the addressee for the electricity and natural gas bills.
His wife and children moved into the house in January 2010, where she used her address and enrolled her children at the local school.
In May 2010, she appointed a property manager to rent the house and act as agent for rates and land tax, where it was rented to other people until July 2010 when she and the children moved to Bangladesh.
In October 2010 Karim sold the house. He said that he was unable to service the mortgage with his current income and the rent.
Despite his wife and children living in the property, and Karim’s submission that it was his primary place of residence in Australia despite himself living in Bangladesh, Tribunal said that he must have lived in the house himself as the applicant.
Instead, Tribunal advised the better course of action would have been to not accept the grant, or notify the respondent within 14 days that he would not meet the residency requirement. Possibly, an extension of the time for the grant may have been provided for the unexpected situational change.
In effect, the Tribunal agreed with the submission of the respondent that those who receive the grant accept it on a “conditional bases” that means they are expected to exercise diligence to ensure they either meet the conditions of the grant or return the funds.
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Man penalised for claiming FHOG while living offshore

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Anthony Cordato, the Cordato Partners property investment lawyer, says many first-time property buyers are buying an investment property to rent out, instead of buying a home to live in.
He said the trend made perfect sense for four reasons:
<ol>
<li>Since 2011, the withdrawal of the first-home owner grant and stamp duty concessions has encouraged first-home buyers to buy an investment rather than a home.</li>
<li>Lenders, particularly second-tier lenders, offer 30-year investment loans with five years’ interest only followed by 25 years’ principal and interest, which means low repayments for five years.</li>
<li>Direct property investment has tax advantages of negative gearing and depreciation.</li>
<li>Availability of new stocks of home units and house and land packages is increasing.</li>
</ol>
"First-home buyers have merely changed into first-home investors," he suggested to the Australian Financial Review.
In October, 11.6% of home loans were made to first-time buyers, as against a long-term average of 20%, according to the Australian Bureau of Statistics. 
You may also want to read: 
<a href="/expert-insights/buying/buying-an-investment-property-while-renting-the-pros-and-cons">Buying an investment property while renting: The pros and cons</a>
 
 
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Four reasons why more first home buyers are now first time investors 

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Owning your own home may be a dream, but is it the best first move?
Many first time buyers aren't looking for a home to live in – instead, they're seeking investment properties.
If you can purchase an investment property while living with your parents – and are happy to continue living there – you can generate a tidy secondary income or build equity with few outgoing costs.
Some prefer not to live with their parents, or are unable to do so. For those eager to get into the property market, it may seem the pressure is on to settle down in a permanent home. The other option is to rent – but rent money is dead money, right?
Not necessarily. In fact, renting while building an investment property portfolio is a well worn strategy. But what are the pros and cons of buying an investment property and renting before purchasing your first home?
Firstly, it's useful to consider the reasons many choose to make their first property purchase their own home.
<h3>Owning your own home first:</h3>
The pros
<ul>
<li>First home owners grants and concessions</li>
</ul>
Depending on the type of property you are hoping to purchase and where you live, you may be eligible for a <a href="/expert-insights/buying/first-home-owners-grants-set-for-2015-changes-state-by-state-round-up">first home owners grant</a>.
In order to claim a first home owners grant, most buyers will have to live in their home for at least six months (12 months, in some places).
In some states, including Queensland, you will not be able to receive the first home owners grant for a property purchase that isn't your first, even if your first property buy was an investment property.
You may also be able to claim land tax concessions on your first home purchase.
<ul>
<li>Caring for your own home</li>
</ul>
Owning your own home also allows you to dodge many of the worst parts of renting. You're free to decorate, upgrade and make alterations to your own property. Home owners don't have to wait for a property manager to give them permission to make improvements or have that faulty plumbing fixed.
You can also keep pets and welcome additional inhabitants without seeking your landlord's approval.
Property isn't all about money – homes have emotional value. The appeal of owning one's own home is obvious to many.
<ul>
<li>Stability and security</li>
</ul>
Another downside of renting is the lack of security or a consistent lifestyle. Within three months, you could find yourself without accommodation, at the whim of your landlord.
Purchasing a home does not guarantee you will always be able to live there. You may be uprooted for work or be unable to make your repayments. However, generally speaking, you are responsible for ensuring you can continue living in a home you own.
While renting, the length of your stay in your home is totally at the discretion of your landlord.
If you're making your mortgage repayments comfortably, you can then use the spare money to invest in other assets, knowing that you have a stable home.
<ul>
<li>Capital Gains Tax exemption</li>
</ul>
When upgrading and selling your primary place of residence, you don't need to pay capital gains tax – something you will have to do if selling an investment property.
The cons
<ul>
<li>Fewer tax exemptions</li>
</ul>
While owning your own first home will allow you to dodge capital gains tax, you also have fewer tax exemptions available to you than you would if investing. As your home is divorced from your income, you won't be able to claim deductions for interest payments or upgrades to your property.
<ul>
<li>No income</li>
</ul>
Unless you rent out some parts of your house while you live in them, your house will only deliver you cash on the day you sell – and even then, it may not.
What you gain by owning your own home, you lose in cash flow.
<ul>
<li>The growth/lifestyle trade off</li>
</ul>
Some are willing to sacrifice a lot to live near the CBD, or their parents, or their friends, or their child's school.
Unfortunately, the best places to live may not be the places you can afford, or places that have good investment potential. If you're sure you won't be happy unless you live in the inner city, but can only afford to buy in the far western suburbs, buying a home may not be for you.
The places that make the best places to live – for many reasons ­– are not necessarily the best places to invest. Nine years down the track, you may realise your dream home hasn't appreciated in value at all in the time you've lived in it.
Article continues on the next page. Please click below.
<hr class="system-pagebreak">
<h3>Buying an investment property and renting</h3>
The pros
<ul>
<li>Cash flow</li>
</ul>
An income generating property, if managed properly, can pay for itself (literally). If cash flow positive, the rental income you receive could cover outgoing costs and your mortgage payments (including interest). If it's generating a healthy rent, it could even cover your own rental payments.
Not all investment properties will be positively geared, particularly if they're recent purchases. As your investment property is an income generating asset, you can claim interest payments as tax deductions if your property is negatively geared. If you back your property to appreciate and generate capital growth when you sell it, and your taxable income is considerable, this could be a worthwhile strategy.
<ul>
<li>Tax exemptions</li>
</ul>
Beyond negative gearing, an investment property has many other tax benefits. Outgoings including maintenance, improvements and repairs can be claimed as deductions, as can depreciation. Speak to your accountant before making an investment to see what you will be able to claim.
<ul>
<li>Flexible purchasing arrangements</li>
</ul>
If you're purchasing a home to occupy, it's unlikely many people, beyond your co-inhabitants, will be willing to contribute. But if you're buying an investment property, you may be able to work with family members, or friends, splitting the income generated. If you're considering this option, make sure you know the <a href="/expert-insights/buying/should-i-buy-a-property-with-a-friend-six-things-to-consider-first-ask-margaret">potential draw backs</a>.
<ul>
<li>Equity</li>
</ul>
If your investment property is positively geared, you can use the income to pay off your mortgage, building equity faster than you may be able to if you were paying off the mortgage of your own home using just wages.
That equity can then be used to expand your property portfolio.
The cons
<ul>
<li>First home owner grants</li>
</ul>
Many grants and concessions will not be available to you for your first purchase if it is not your primary place of residence. Even if you do buy a home to live in later on, you may find that you are no longer eligible for a first home owner grant due to your first purchase.
Some first time investors choose to live in their newly acquired property for six or 12 months to get the first home owners grant before moving out and renting the home. However, if the tax office can successfully prove you never intended to make the property your principal place of residence, you may be required to pay back the grant.
<ul>
<li>Volatile costs</li>
</ul>
Part of the allure of renting is never having to pay for maintenance (unless, of course, an issue is your fault). Leaks, mould or flooding isn't your problem, it's your landlords. Of course, if you rent and buy an investment property, suddenly you are a landlord – and all those problems with your investment property are now your own.
Don't underestimate the time and cost of maintaining a rental property. If you have a good property manager, you may have relatively few surprise costs. But for some unlucky property managers, the first time they hear about a leak is six months after it was reported, when the pipe has burst and the ceiling is ruined – blowing a small cost into thousands of dollars.
If you're purchasing an investment property, make sure you have plenty of time and money to deal with maintenance.
When renting and owning an investment property, you get all the frustrations involved on either side of the fence.
As a renter, you also face uncertain costs. Mortgage payments are generally quite regular, even with rate changes. The rent your landlord chooses to charge is not necessarily so consistent. If your landlord decides not to renew your lease, you are also tasked with finding new accommodation (and, normally, paying bond and a month's rent up front).
<ul>
<li>Capital Gains Tax</li>
</ul>
You will be required to pay capital gains tax when it's time to trade any properties that are purely investment assets. You aren't required to do so when selling your primary place of residence.
<ul>
<li>Relinquishing control</li>
</ul>
As many renters can attest to, living in a property you don't own can be a frustrating experience. Maintenance seems to take double the time it should, costs can go up unexpectedly and you can't customise your home the way you would like.
<ul>
<li>Which is a better strategy?</li>
</ul>
The answer will, of course, depend on the property you're hoping to purchase, your priorities, and your investment goals.
For some, the first home owners grant is negligible when compared to potential rental income. For others, the frustrations of maintaining a property that you don't have control over just isn't worth it, especially if you have no experience in property. Negative gearing benefits may not make a difference to someone on a low income, and if you're disinterested in renovations, you may be very happy to rent for the rest of your life.
Purchasing your first property is a complex investment and big financial responsibility – make sure you do your research. Speak to an accountant and be honest about your personal goals before jumping into the property game.
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jrichardson-uRX5hFdKfN

Buying an investment property while renting: The pros and cons

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Last month, the proportion of first home buyers in New South Wales dropped to 1.9% - or less than one in 50 borrowers, according to AFG statistics.
This November figure is the lowest ever level recorded and coincides with drops to historic lows also recorded in Victoria and South Australia. Their first home buyer proportions were recorded at 7.4% for Victoria and 6.3% in South Australia.
Queensland first home buyers have lifted off the lowest levels seen last month, at 4.7%, to a marginally improved 5.2%, while Western Australia’s first home buyers are up to 19.1% from 17.9%.
Investors are still a strong segment, totalling 40.7% of new loans and spanning up to 50.9% in New South Wales. This drops to 39.8% in Victoria and 35.9% in South Australia. In Queensland and Western Australia investors make up 34.5% and 29.8% of the market respectively.
AFG’s general manager of sales and operations Mark Hewitt said that they’ve been highlighting the imbalance in the market since losing the first home buyers grant in a number of areas.
“Last month was the closest to zero we’ve recorded for NSW, and first home buying is well below its long term trend of around 12% to 15% everywhere except in WA,” said Hewitt.
They point to a $10,000 grant available for first home buyers purchasing new properties in WA and $3,000 for established purchasers.
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