<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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Mortgage Choice’s recent First Home Buyer Survey 2014 paints an interesting picture of the 'average' age and purchase choice of a first time buyer.
How do you compare to their average?
Here are nine points of comparison. Answer the questions below, then turn the page to see how your responses stacked up.
<ol>
<li>How old will you be when you buy that first home? 
</li>
<li>Who are you intending to buy with? 
</li>
<li>How will you finance it (what LVR, and will you have assistance)? 
</li>
<li>How long will you be saving for before buying? 
</li>
<li>How much of your after tax income do you save each month? 
</li>
<li>What type of property are you looking to buy? 
</li>
<li>Are you able to buy where you want to? 
</li>
<li>What are your biggest concerns about buying a home? 
</li>
<li>What are your key motivators behind purchasing?</li>
</ol>
Turn the page to see how you stack up.
<hr class="system-pagebreak">
<ol>
<li>
How old will you be when you buy that first home? Of those surveyed by Mortgage Choice, 43.1% said they would be 30 to 39. A further 33.4% said 18 to 29. 16.9% said 40 to 49, while 6.6% said 50 plus. 
</li>
<li>
Who are you intending to buy with? The majority, 65.6%, of first home buyers are looking to buy with their spouse or partner. A further 28.6% are buying alone, while a small minority are considering purchasing with colleagues, siblings or other family members. 
</li>
<li>
How will you finance it (what loan to value ratio (LVR), and will you have assistance)? Most first home buyers are seeking a 6-10% deposit, with 28.9% pointing to this bracket, closely followed by 20.7% with a 5% deposit. 14% of respondents said they would opt for an 11-15% deposit and 14% of people a 16-20% deposit. Those contributing more than 20% totaled 16.3%. A minority looked to get their parent to act as guarantor. 
</li>
<li>
How long will you be saving for before buying? The most common response was for a period of one to two years, with 43.1% answering with this option. A further 16% and 15.1% noted one to two years and two to three years respectively. Just 9.2% will save for zero to six months. 
</li>
<li>
How much of your after tax income do you save each month? This is a close call. If you answered 10%, then you’re closest to the most common person surveyed, with 28.1% opting for the figure. However, 25.5% noted 20%, with 17.6% selecting 30%. 
</li>
<li>
What type of property are you looking to buy? The majority are looking to purchase an established home (47.9%), while 17.1% are aiming for a newly built property. Those looking for land, or off the plan, remain in the minority. 
</li>
<li>
Are you able to buy where you want to? The majority say… no, with 54.3% unable to do so. This is largely as a result of cost, with 88.8% of those respondents saying it’s out of their price range. 
</li>
<li>
What are your biggest concerns about buying a home? First home buyers are most concerned about the commitment that comes with a large financial obligation (48.7%), while similar figures were for ‘The length of time it takes to pay off’ (46.2%) and ‘Not being able to afford repayments’ (45.2%). Around a third of those surveyed also noted that the amount of money they would have paid by the end of the loan term, not taking out the most suitable home loan and buying the wrong home are significant concerns. 
</li>
<li>
What are your key motivations behind purchasing? The most common answer, with 53.3% of respondents opting for this, was to set themselves up financially. A total of 45.6% wanted a family home to raise their children in, while 33.1% of respondents also said that rising rents was making owning more attractive. Favourable market conditions and seeing more benefit in property than the share markets nabbed above 19% of respondents for each. 
</li>
</ol>
</body></html>

jduke-EHk3XBmHkn

How do you compare to the 'average' first home buyer?

<html><body>
The annual RAMS First Home Buyers’ Pulse Check Survey has found first timers are looking to enter the property market sooner, even as fewer of them think it’s a good time to buy in.
In fact, of those surveyed, 19% are looking to purchase within the next three to six months, with 15% looking to buy in the next three months. This is an uptick from 14% and 13% respectively last year.
However, 65% this year think it’s a good time to buy, compared to 75% last year.
RAMS chief executive Martine Jager said the figure for first home buyers (FHBs) who want to buy soon is the highest they've seen.
She also noted the age of first home buyers is increasing, with 41% aged 36 or above, up from 30% in 2013.
The proportion of those aged 25 or below has dropped to 18% from 27% in 2013.
“There is a recognition amongst the group that they need to get on that property ladder, they recognise the importance of that first step and making it sooner rather than later. Something we are seeing amongst our customers at RAMS,” said Jager.
“We’re also seeing first home buyers are buying their home for different reasons, with more investors in the market than ever before,” she noted.
While interest rates was noted as an important issue, 70% said that they would still buy if rates were higher. Last year, 75% said they would buy if rates were higher.
Unsurprisingly, saving a deposit is one of the key barriers, with 48% of respondents noting it. Deposit concerns ranked behind property prices, at 49%.
Those requiring a home loan are more likely to have saved for two years or more, with 44% compared to 41% last year, with more saving above 20% of their household income for a deposit.
</body></html>

Fewer FHBs think it’s a good time to buy, but more intending to: RAMS

<html><body>
Mortgage broker AFG processed 10,463 loans last month - the highest in its 21-year history - but overall first home buyer loans fell to 7.2%.
In New South Wales, the figure was a woeful 2.2%.
“First home buyer loans have fallen to unprecedented lows in places like NSW,” said AFG’s general manager of sales and operations Mark Hewitt.
“If this continues we are going to end up with a whole generation of renters.”
The October mortgages processed by AFG brokers for first home buyers fell from its previous September record low of 8.4% of all home loans to 7.2% nationally.
The first home buyer loans have declined each month since June this year when they represented 10.8% of all home loans processed.  New South Wales was followed by Queensland (4.7%), South Australia (7.3%), Victoria (8.3%) and Western Australia (17.9%).
AFG calculated that excluding WA from the equation, the average level of first home buying on the eastern seaboard would be around 5% - about a third of the long-term average.
Nationally, investor home loans represent 38.7% of all mortgages processed, down from a peak of 40.3% recorded last month.
Hewitt noted October had traditionally been one of the strongest months for property with an increase in owner occupier loans. 
</body></html>

jchancellor-FAypfDUnLy

NSW first home buyer numbers dip to 2.2%: AFG

<html><body>
Everyone thinks they’re a bit of a real estate expert, and while that makes for fun family BBQs, it doesn’t necessarily mean you should take everything as gospel.
When anyone offers you their two cents (and sometimes more) on the property market, it’s worth asking the following questions to determine how much you can actually rely on the details.
Some of these you can ask to the individual themselves, while others are for you to consider.
Here’s our seven questions to be asking:
<ol>
<li>
Who is paying them? Following the money has always been a good strategy in real estate. Someone you are paying is more likely to have your best interests at heart. For instance, a buyer’s agent that you pay a fee to is more likely to be working for you and giving you good advice than the real estate agent who is receiving a commission from the vendor’s sale. Find out where they get their money from, and any conflicts of interest that may arise from kickbacks or commissions. 
</li>
<li>
What data is this information based on? Asking to see the statistics and source material behind someone’s assertion can help you out. Everyone’s interpretation of information differs, and it’s worth figuring out if you agree with the interpretation being provided by the guru you’re speaking to. You may also discover issues in their source data, or a selective choice of information. Head back to the source. If they are hesitant to reveal their statistics and sources, it’s time to be wary. 
</li>
<li>
Do they have any personal experience with what they are telling you? Personal experience can give someone a specialised level of expertise, and a mentor who has “been there” can quickly point out issues with your renovation plans, or tell you what you might need to watch out for. This can be invaluable. However, beware of the expert who hasn’t done it themselves before and relies on living through others’ experiences. Certainly, not every person must have personal experience, but it can help understand where they’re coming from. For those who have invested and been burnt in the past, you may also find that there is some personal bias and risk aversion. Ensure that you know what experiences they have had so you are aware of any potential bias. 
</li>
<li>
How much professional experience do they have? For those in the industry, it’s worth knowing what education they’ve had and for how long they have been in the profession. While this doesn’t mean that anyone without that level of industry experience cannot provide good information, and certainly doesn’t suggest that all industry veterans are well placed to assist, it does allow you to be on your guard. For those that are not in the industry, such as family and friends, it’s worth knowing what their other qualifications are. There are many overlapping and useful details 
</li>
<li>
Why are they offering you the information? As above, if you’ve paid for the services that is one reason someone will provide information. Otherwise you want to know whether they’re selling you something or trying to do a good deed. Understanding the motivations of the expert will go a long way to explaining the type of advice they’re dishing out. 
</li>
<li>
Is the information ratified by any other experts? Knowing whether many other professionals or knowledgeable property buyers agree with this individual can help you find out problems before they affect your purchase. Look for the arguments other experts have made against them, either in news articles online, forums or just by speaking to them, and think carefully about whether these counterpoints have much ground. Take the opposing arguments to that expert to really test their advice. 
</li>
<li>
How have they made their advice relate to you? If their advice is generic, it’s worth being wary. If they know nothing about your finances, tolerance for risk, background and future plans, then it’s likely not prudent for them to be suggesting a first time buyer drops $800,000 on a mining town investment. The more they ask about you, and the more flexible they are around your personal circumstances, the more likely they are actually considering what investment suits your profile. There is no one size fits all for every buyer.
</li>
</ol>
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Seven questions that will help test "expert" advice

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A Melbourne newspaper article this week bemoaned the fact that “first home buyers in Melbourne fall well short of the median house price”.
It noted that the median house price was $590,000 and the median unit price was $460,000 but, according to PRDnationwide research, the average first time buyer could only afford to spend $372,000.
“First home buyers are increasingly being pushed to the fringes of Melbourne,” wailed the article.
My responses to the information in those three preceding paragraphs are these: So what? So what? And, again, so what?
Newspapers never get tired of their pet real estate theme – i.e. the 'Great Australian Dream' is dead. Research companies, and others suffering from limelight deficit syndrome, know that if they toss together some figures, call it research and send a bleeding heart press release to a newspaper, publicity will inevitably follow.
Whether through ignorance or mischief, this article, like so many others, missed the point several times.
The first point they missed is that first home buyers are not being asked for pay the median house price for a home, nor the median unit price. If the median house price was $590,000, by definition it means that half of all house sales were for less than that figure – in many cases, for a lot less.
Another point missed is that if $372,000 is what people can afford, there are heaps of options in Melbourne. The Hotspotting team did some research, looking for suburbs with median house prices and/or median unit prices under $400,000. If the median is $400,000 or less, it means half of all sales are below that figure, so plenty of possibilities around $370,000.
We found 214 Melbourne markets that were affordable, by that criteria. And you don’t have to go out to the fringes to find them.
<a href="/news">Brunswick West</a>, where the median unit price is $385,000, is not on the fringes. <a href="/news">Footscray</a>, with similar numbers, is 6.5 kilometres from the Melbourne CBD. Neighbouring <a href="/news">West Footscray</a> is cheaper still.
The Sunshine suburbs, which all fit the affordability criteria (and offer major medical, education and transport infrastructure), are 10-12 kilometres west of the CBD.
Many of those 214 affordable markets were more distant. Some are right out on the outskirts of the metropolitan area (but many of them in areas with good capital growth records).
But there’s another point missed by the article: it’s not a national crisis if first time buyers have to go to the fringes to find a house they can afford. It has always been thus and, I imagine, always will be.
I bought my first home in the early 1980s. I was working in central Brisbane but had to go to the far south-west of the metropolitan area, out in Ipswich City, to find something in my price range. I spent three hours every day on trains.
It was a dogbox house in a dog of a suburb, but it got me started. And, like a lot of ugly real estate, it grew in value. My second purchase was a lot closer to the action and the third was a good house in a good suburb, not far from the CBD.
That’s how home ownership works. You make sacrifices and compromises to get started, and work your way up from there. If all goes well, you’ll achieve your dream home long before you retire.
The bottom line: the nation owes its citizens shelter. But it doesn’t owe anyone their dream shelter in their dream location as a first purchase.
If anyone wants it badly enough, there are hundreds of market options around the Melbourne area. But if you’re not prepared to make some compromises, get used to renting.
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</a> him or contact him on <a href="https://twitter.com/hotspotting" target="_blank">Twitter</a>. 
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terryryder-YECXbqmri2

First home buyers: If you’re not prepared to make compromises, get used to renting

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Earlier this week, Property Observer reported on a new survey from ME Bank that recorded 18% of respondents believing they would never be able to afford to buy their own home.
For people aged under 30 and women this<a href="/news/nearly-one-in-five-believe-they-will-never-be-able-to-buy-a-home-survey"> figure rose even higher</a>, to 26% and 21% respectively.
The survey also found that 51% of people expect rises over the next 12 to 24 months, with just 9% expecting prices to fall.
ME Bank general manager asset products, Luke Easton said that many first time buyers are now adapting different strategies in order to purchase a home.
When surveying respondents aged 18 to 29, one trend was clear. This bracket of buyers is keen to work harder, make cutbacks and try new things to get into the market.   
Here are the five strategies young buyers are considering:
<ol>
<li>24% of young buyers are finding ways to save more to purchase property, double the national average of 12% 
</li>
<li>20% are finding ways to increase their income, compared to 11% overall 
</li>
<li>19% would choose a property based on eligibility for a first home owner grant 
</li>
<li>14% would buy jointly with friends and family, compared with just 6% overall 
</li>
<li>12% would change their expectations on size, quality or location, compared to 6% overall</li>
</ol>
Easton said that financial challenges are encouraging creative attitudes.
However, he warned against property speculation.
“Trying to pick the market is impossible and you’re better off focusing on what you can control – saving for a deposit,” he said.
“Similarly, investors would be wise to build their investment strategy based on long-term capital growth and ignore short-term price fluctuations”. 
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The five strategies of young buyers: ME Bank

<html><body><ol>
<li>
A median price is not an ‘average’, and isn’t necessarily even that indicative of prices in an area. It’s the middle price of the set of sales figures available. Essentially that means that an equal number sold below that price as did above – suggesting that cheaper properties have also sold. While median price changes can suggest changes in value, it is often a change in the composition of sales (that is, if an expensive new prestige development is launched, the sales prices are likely to increase. This doesn’t mean that nearby older units have gone up in value). Here’s some more information on exactly <a href="/expert-insights/investing/how-to-determine-the-median-house-price">what a median price is, and how it is calculated</a>. 
</li>
<li>
Looking at sold prices is more effective than looking at ‘for sale’ prices  However, do consider them in concert with each other. What properties have actually sold for is the price that is of most importance to you – particularly when the sale is recent and of a similar property (with similar attributes and in a comparable location). What a property is listed as is not necessarily what the vendor will end up achieving. Some properties go for more or less than their listed price. It’s your job to try and figure out whether it’s worth paying their asking price after all. 
</li>
<li>
It’s worth your time and money to consider the property beyond your initial impressions Think the kitchen is ugly, or the colour is horrendous? Sometimes, the discount you will achieve on the property due to its presentation can easily outweigh the cost to rectify the bad style choices. If the problem is fixable, and cheaply so, then you may be able to get the home of your dreams and for a discount. 
</li>
<li>
Know that there’s another property around the corner  Yes, you love this home – we’ve all been there and done that. However, you will “love again”. If it goes beyond your budget, or is already, it may not be worth another offer. Do not stretch yourself financially to the limit because you become emotionally involved in the home. Ensure you are purchasing with your own financial ability in mind. Be practical. At the same time, if your instinct tells you that the property isn’t right – also don’t ignore yourself and your gut feeling. You need to be comfortable with the purchase that you make in the long run. 
</li>
<li>
Remember that interest rates move  We may be at record lows now but it’s very unlikely these will continue on forever. Ensure you know the impact of a change in rate on your loan, particularly if you’re opting for a variable rate, and know what you can afford. 
</li>
<li>
Inspect more than once if you’re going to make an offer  When searching for a property, you want to pop the hood a few times. That first walk through may have sealed the deal for you, but have you visited in the evening, or during rush hour? Have you listed to the noise from that busy nearby street during peak commuting times? It may not make a difference, but at least you’ll know that property inside out before you make a commitment. 
</li>
<li>
Keep in touch with the real estate agent  Let them know you’re interested (if you’re concerned about appearing “too” interested, say it’s one of a few on your list) and stay in regular contact. You want to know if anything happens to the home – if it’s discounted or otherwise. You also want to know if anything similar to it is coming onto the market or is on their books. Real estate agents may not be working for you, but they can certainly be very useful. Some real estate agents regularly provide sales updates to prospective buyers and sellers – this can all be part of your research. 
</li>
<li>
Don’t forget that the costs don’t end when you’ve purchase  Fixing items, council rates, strata levies and, of course, your ongoing mortgage costs. Running costs and maintenance can significantly affect your finances post-ownership. Make sure you can really afford the property you’re getting – particularly if you’re upgrading from a smaller rental. Your bills are going to be larger, and you may even need more furniture at some point. 
</li>
<li>
Preparation is the key to success Whether it’s pre-approval, and taking those steps to ensure you’ll be able to repay your loan comfortably, or getting a building and pest inspection, success is all in the work before you buy. Plan as carefully as possible, and do your checks and balances. This is not the time for scrimping. 
</li>
<li>
If you lose your job you still need to pay that mortgage  Prepare yourself for if you lose your job – there may be certain insurances worth your while. This is a big financial commitment, and you want to ready yourself for whatever life throws at you. Ensure you aren't stretching yourself to the limit, consider a financial buffer built into your LVR where possible and try to have a contingency plan in the way of repaying extra or savings when you do buy. 
</li>
<li>
Prices don’t always go up  What do you do if you can’t sell in five years time as you may be planning to do? Know what to do if the property price drops to ensure you won’t be left out cold. Can you stay in this property long-term? Be honest about the possibility of prices dropping in the area you’ve selected.</li>
</ol></body></html>

11 things every first home buyer should know

The top 10 metro and regional Victorian suburbs for first home owner grants

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First home buyers heading to auction must keep a cool head, particularly on a weekend like the upcoming one in Melbourne. 
Excitement is the air ahead of a record number of scheduled weekend auctions.
There are close to 1,800 auctions lined up for the weekend across Victoria, according to the Real Estate Institute of Victoria (REIV), the most auctions ever held on a single weekend in the state. “I’m tipping this to easily outstretch any of the big auction weekends in the past, including the current record of 1,517 auctions set on December 14 and 15 last year – closely followed by 1,463 auctions on the pre-Cup weekend last year,” said the CEO of the REIV, Enzo Raimondo. "The city's auction market is in excellent form and we believe this record-breaking weekend will see the public turn out in large numbers.”
The top auction suburbs are:
<ul>
<li>RICHMOND </li>
<li> HAWTHORN </li>
<li> GLEN IRIS </li>
<li> PORT MELBOURNE </li>
<li> BRIGHTON </li>
<li> RESERVOIR</li>
</ul>
Source: REIV
With all the attendant excitement, how can you ensure you keep your calm this weekend? Here are our tips.
<ol>
<li>
Head in with your documents pre-prepared By now, you should have looked at your contract of sale, sought out legal advice, obtained a building and pest inspection (and any of your other checks and balances), undertaken any other required due diligence and prepared a cheque or other way to pay your deposit. There’s little time to do this on the day, so having all these things pre-prepared will go a long way to stop the last minute “morning before” rush. 
</li>
<li>
Engage an expert if you need the assistance If you are concerned about bidding, then it may be worth contacting a buyer’s agent to assist you in the bidding process. Alternatively, you may decide that bringing a “devil’s advocate” in the form of a trusted mentor, friend or acquaintance can assist you at auction. If you become more bullish under pressure, this may assist you in maintaining your restraint with bids. 
</li>
<li>
Gauge the crowd ahead of time Head to the auction early and gauge the crowd and the ‘vibe’ ahead of the start. If you’re heading in late you will be unable to weigh up your competition and you may encounter extra stress as a result. This will help you think strategy and determine whether or not you may be contending against another buyer. 
</li>
<li>
Position yourself thoughtfully When at the auction, don’t forget to position yourself carefully in preparation to bid. Property Observer editor at large Jonathan Chancellor <a href="/news/nsw/11-tips-to-avoid-becoming-spring-auction-pushover-buyers">recommends that you never sit in the front row</a>, or with your back to the crowd. “Take a corner position so you can survey all your competition,” Chancellor advises. 
</li>
<li>
Know your highest price and do not waver Before bidding, you should have determined the highest price you’re willing – and can afford – to pay. If you’ve made a thoughtful decision ahead of time, then this should enable you to set your limit on the day. If you do not make a researched judgment on the price then you may face overpaying in the heat of the moment. While it is debatable as to whether you should allow yourself to push a “few thousand” over your set price, it’s advisable that you determine to be comfortable to allow the property to go if it sails past upper limit. 
</li>
<li>
Step back Be confident and polite when bidding, but if you find yourself getting caught up or confused then it’s time to quickly re-assess. Step back, remind yourself of the value of the property and ensure you don’t get swept up in the emotion of the day. Similarly, if you find yourself bidding furiously against another buyer it is worth reminding yourself that you are both causing the other to pay more. Be alert and know when to show restraint.
</li>
</ol>
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Six tips for keeping a cool head at auction

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Guest observation
Buying your first property, whether for yourself or as an investment, is arguably the most significant financial decision you'll ever make.
I've advised dozens of first home buyers and have seen how mistakes can be made due to inexperience and emotions. Some mistakes can have disastrous financial consequences.
So here are my top legal tips for first home buyers:
<ol>
<li> Never trust a real estate agent. They are not working in your interests: they are there to sell their client's property. While some of my dearest friends are agents, I'd never take anything they'd say about someone else's property at face value. If they claim pets are allowed, check with the Owners Corporation or Body Corporate. If they say an off-the-plan apartment will be a certain size, ensure it's written into the contract. If they tell you to hurry and sign the contract before "it's too late", make sure you're had a lawyer look at it first. While it can feel like you've found "the one" and your heart is set on it, there are new properties coming onto the market every day of the week. It's just not worth risking your financial security by being reckless and rushing. Take the leap when you're ready: not when the agent is. 
</li>
<li>Don't assume anything, check! You might have grand plans for the future, but don't assume this is legally possible. Do your homework in advance. If you are thinking about knocking down an old house and building a new one, check with the Council that this is permitted under the planning scheme and make sure you know if there any easements that you could be prevented from building over. If you are planning to run a business out of an apartment, check that the Owners Corporation or Body Corporate rules allow this. If you're buying an investment property, get an independent rental appraisal. Be armed with all the information you need in order to make an informed decision - and to avoid nasty surprises. 
</li>
<li>Be careful with off-the-plan apartments. Spacious and well-lit display units are not a representation of your finished off-the-plan apartment. The fine print of the contract will make it clear that you cannot rely on what you see in a display unit. Some smallish one bedroom apartments can be difficult to obtain finance for. Aim to specify in the contract as much detail as possible about the fixtures and fittings. The developer will have the right to substitute these for similar brands, which is why it is important to specify a quality baseline brand. Off-the-plan developments can take up to five years to finish and the contract will specify a "sunset" date. The agent might say "x months until completion", but be prepared for the full period to run as set out in the contract. 
</li>
<li>Thoroughly inspect the property first. With an existing home, the condition that the property is in on the day you sign the contract is the condition you should expect to receive the property in. If the oven wasn't working on the date of sale, bad luck. Turning on all appliances, checking all light fittings, flushing all toilets and turning on all taps will give you an accurate picture of the state of the property. Look closely for newly painted gutters and window sills: are they masking rot or rust? Jump up and down on wooden floors – are they squeaky and uneven, indicating stump damage? You may even engage an independent building inspector and/or pest inspector to check for invisible but expensive problems like terminate infestation. Knowing exactly what you're signing up to can be a handy price bargaining chip when negotiating a private sale, but at the very least you'll know what you'll need to budget for by way of repairs.</li>
</ol>
Knowledge is power: happy house hunting!
Kate Ashmor is the principal of her own law firm, <a href="https://www.ashmorlegal.com.au" target="_blank">Ashmor Legal</a>, focusing on conveyancing. She also serves as deputy chair of Caulfield Park Bendigo Bank and as a board member of Alola Australia. She's the immediate past president of Australian Women Lawyers and <a href="https://www.womensagenda.com.au/" target="_blank">Women's Agenda</a>'s chief legal columnist.
 
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