Longstanding Gold Coast and Canberra developer <a href="https://www.apartments.com.au/developers/morris-property-group">Morris Property Group</a> is continuing to roll on with its Glitter Strip apartment pipeline, seeking to return to Mermaid Beach with a new 68-apartment development.

Morris, founded by Barry Morris in 1978 and one of the Gold Coast’s most prolific apartment developers over the past two decades, has filed plans for a 12-storey mixed-use building at <a href="https://www.apartments.com.au/new-apartments/36-seabeach-avenue-mermaid-beach-qld-4218">34-36 Seabeach Avenue</a>, on the prized eastern side of the Gold Coast Highway.

The 1,227 sqm site occupies a prominent corner position at Seabeach Avenue and the Gold Coast Highway, opposite the Mermaid Plaza retail and office precinct and around 140 metres walking distance from the future Mermaid Beach South light rail station.

<a href="https://www.apartments.com.au/architects/fraser-partners-0">Fraser &amp; Partners</a> has designed the project, which will comprise 68 apartments across a mix of 48 two-bedroom and 20 three-bedroom residences.

The building will rise 12 storeys, reaching a maximum height of 36 metres, with the apartments accounting for a total of 156 bedrooms. The development application also seeks approval for short-term accommodation across the 68 apartments, while two office tenancies are proposed at ground level.

The plans show 108 car spaces across the development, with parking accommodated at ground level and within a three-level basement accessed from Seabeach Avenue.

<img alt="Seabeach Avenue and the Gold Coast Highway" data-entity-type="file" data-entity-uuid="c2175c99-12fd-4a3c-9be1-89bbf258a90d" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-20%20at%202.59.41%E2%80%AFPM_0.png?VersionId=iNLzWcE6gaAE76rafhEXfHve.4g4Se0p" />

Resident amenity will be concentrated on level two, where Fraser &amp; Partners has designed a recreation deck with a swimming pool, 90 sqm pool terrace, outdoor barbecue area and gym.

The broader communal offering will also incorporate landscaped spaces, with the planning documents noting the amenity has been designed to provide areas for recreation, social interaction and outdoor living.

The proposal would continue the transformation of the Gold Coast Highway corridor through Mermaid Beach ahead of the arrival of the light rail.

The site is zoned Neighbourhood Centre and sits within the Mermaid Beach/Broadbeach Light Rail Corridor neighbourhood plan. While the prescribed building height is 24 metres, the site is identified within an Urban Neighbourhood context providing for a 50 per cent height uplift to 36 metres.

Planning documents describe the stretch of the Gold Coast Highway between Broadbeach and Nobby Beach as increasingly characterised by medium and high-rise development, with the proposed Morris tower joining projects including Ventura, The Alfred, Oceans and Otto.

<img alt="Seabeach Avenue and the Gold Coast Highway" data-entity-type="file" data-entity-uuid="911f193f-e381-4a55-be08-58be87fcf978" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-20%20at%202.59.48%E2%80%AFPM.png?VersionId=oxVvLJaY.SOXEdXrIcogfyEXDfvCmmpM" />

The development would mark Morris Property Group's latest investment in Mermaid Beach, where it has already delivered two apartment projects.

Otto, at 1 Bondi Avenue on the western side of the Gold Coast Highway, comprises 70 apartments across nine storeys. The project was completed in 2019 and includes a residents' gym, recreation deck and swimming pool.

Morris also developed Oceans at 46 Ocean Street, a nine-storey, 70-apartment build-to-rent development completed in 2019. Oceans was the group's first build-to-rent project and incorporates commercial space at ground level.

The two existing Morris projects sit further north along the same Gold Coast Highway corridor as the proposed Seabeach Avenue development. Fraser &amp; Partners' planning analysis specifically identifies both Otto and Oceans among the established built-form precedents surrounding the site.

<img alt="Seabeach Avenue and the Gold Coast Highway" data-entity-type="file" data-entity-uuid="14925119-7b71-4812-8149-340317512c7c" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-20%20at%203.00.15%E2%80%AFPM.png?VersionId=aEJqYuw_nTCjcin17BSD0piB1EFotTlj" />

Mermaid Beach represents only part of Morris' considerable Gold Coast footprint.

The family-owned developer has been particularly active in neighbouring Broadbeach, delivering projects including Sierra Grand, Eclipse, Synergy, Qube, Koko, Opus and Malo, while its current pipeline includes Maison and the two-tower Crest development.

Further south, Morris has also developed a string of projects in Burleigh Heads, including Element, Boardwalk and Sandbar, while Essentia expanded its footprint north into Surfers Paradise.

The Seabeach Avenue application has been lodged by PMM Broadbeach Pty Ltd and seeks a development permit for a Material Change of Use for multiple dwellings, short-term accommodation and office uses. Zone Planning Group prepared the planning application, with Fraser &amp; Partners commissioned as architect.

The project comes as the developer continues to expand its Gold Coast pipeline while retaining a significant presence in Canberra. Morris now has more than $2.5 billion of development in its national pipeline and has delivered more than 7,000 homes during its near five-decade history

Joel Robinson

First look: Morris Property Group returns to Mermaid Beach with new Seabeach Avenue apartment development

<a data-saferedirecturl="https://www.google.com/url?q=https://www.apartments.com.au/developers/fortis&amp;source=gmail&amp;ust=1787272340808000&amp;usg=AOvVaw3hvFB2uWTRfEyEcpTSnnK9" href="https://www.apartments.com.au/developers/fortis" target="_blank">Fortis</a>&nbsp;is continuing its stronghold on Sydn​ey’s eastern suburbs apartment market, launching&nbsp;in September&nbsp;its latest boutique&nbsp;<a data-saferedirecturl="https://www.google.com/url?q=https://www.apartments.com.au/developments/double-bay-nsw-2028&amp;source=gmail&amp;ust=1787272340808000&amp;usg=AOvVaw0GI5S9-wNeiLUnM-d1uYkw" href="https://www.apartments.com.au/developments/double-bay-nsw-2028" target="_blank">Double Bay</a>&nbsp;development,&nbsp;<a data-saferedirecturl="https://www.google.com/url?q=https://www.apartments.com.au/new-apartments/55-william-double-bay-55-william-street-double-bay-nsw-2028&amp;source=gmail&amp;ust=1787272340808000&amp;usg=AOvVaw2YNouJQcFjiTTgVHbgDLA-" href="https://www.apartments.com.au/new-apartments/55-william-double-bay-55-william-street-double-bay-nsw-2028" target="_blank">55 William</a>.

55 William presents&nbsp;just eight north-facing&nbsp;two-bedroom, three-bedroom and full-floor&nbsp;residences to the market, priced from $4.5 million.

The upcoming launch comes just weeks after Fortis secured approval for the $80 million development, its third eastern suburbs approval in two months. Construction is already underway, with completion targeted for 2028.

[smartcode_project:default project_id=152579 project_image_fid=376250]

55 William adds to a growing concentration of Fortis projects in and around Double Bay, a market the developer has become increasingly active in over recent years.

Fortis previously completed the nine-residence Marmont on New South Head Road, while it is currently developing a mixed-use residential and retail project at 12 Cross Street. Its wider Double Bay footprint also extends into commercial and retail development.

The developer's broader Sydney residential pipeline is particularly concentrated across the eastern suburbs, with projects spanning Doub​le Bay, Ro​se Bay, Wo​ollahra, Dar​ling Point, Poi​nt Piper and Eli​zabeth Bay.

[smartcode_project:default project_id=152579 project_image_fid=376253]

At 55 William, Fortis has again turned to MHN Design Union, the architecture practice behind several of its eastern suburbs projects, while London-based 1508 London has been appointed to handle the interiors and Wyer &amp; Co the landscaping.

The six-level building will comprise a combination of two and three-bedroom apartments, including a garden residence, full-floor apartments, a sub-penthouse and penthouse. Each residence will have secure basement parking and private outdoor space.

A rooftop terrace for all residents, along with select apartments, enjoys views across Double Bay Harbour and toward the Sydney skyline.

Ceiling heights will reach up to three metres&nbsp;in select residences, while the kitchens will feature natural stone and integrated Gaggenau appliances.

&nbsp;

&nbsp;

The boutique nature of the project reflects the type of stock Fortis has increasingly targeted across Sydney's eastern suburbs, where larger apartments and smaller buildings are being pitched primarily toward local owner-occupiers and downsizers.

Fortis Group General Manager Ed Eve said the developer continues to see demand from buyers wanting to remain in the eastern suburbs but move into newer, lower-maintenance housing.

“We're seeing continued demand from local owner-occupiers and downsizers looking for high-quality homes that allow them to remain in the eastern suburbs, close to the lifestyle and community they know,” Eve said.

55 William is also one of the early projects to respond directly to the NSW Government's Low and Mid-Rise Housing reforms. Fortis had previously secured approval for just two townhouses on the 599 sqm site before revising the scheme to eight apartments following the planning changes.

Situated one street back from Double Bay's water's edge, the project enjoys an enviable harbourside setting within walking distance of Double Bay Village and the ferry wharf.

[smartcode_project:default project_id=152579 project_image_fid=376252]

Fortis has increasingly made the eastern suburbs a major focus of its Sydney pipeline. Beyond Double Bay, it recently completed the 14-residence Piper in Point Piper and has projects underway or planned across Rose Bay, Woollahra and Darling Point.

The developer recently secured approval for Verano in Rose Bay, a six-level development comprising 21 two, three and four-bedroom apartments, also designed by MHNDU.

55 William&nbsp;is soon to be release to the market with VIP appointments commencing early September,&nbsp;with residences priced from $4.5 million.

[smartcode_project_cta:default project_id=152579]

Fortis continues eastern suburbs push with 55 William launch

UAE-based developer Arada has unveiled plans for a $2 billion twin-tower apartment development in Broadbeach, marking its first move into Queensland as it continues its rapid expansion across Australia.

Arada will develop 952 apartments across two towers on a prominent site opposite the Gold Coast Convention and Exhibition Centre, with the project targeted for completion ahead of the Brisbane 2032 Olympic and Paralympic Games.

The project represents Arada's largest commitment to the Australian market since arriving in the country in 2024 and significantly expands a local pipeline that has now grown to eight projects and more than 5,000 homes.

It will also be the first major Queensland project delivered by Roberts Co since the tier-one contractor was acquired by Arada Group in 2025.

Plus Studio has designed the Broadbeach development, which will comprise one, two and three-bedroom apartments across two towers connected by a landscaped podium.

A significant resident amenity offering will include lagoon and lap pools, a gym, sauna and steam room, alongside a mist room, infrared room and salt scrub facilities. Communal terraces, private dining areas, a library, residents' lounge and work-from-home spaces are also planned. Around 1,200 sqm of retail and hospitality space will occupy the ground floor.

The site puts Arada in one of the Gold Coast's most active apartment markets, directly opposite the convention centre and within walking distance of Pacific Fair, The Star Gold Coast and Broadbeach's dining and retail precinct.

It also has immediate access to the Gold Coast light rail network and sits just a few blocks from the beach.

Arada Group Chief Executive Ahmed Alkhoshaibi said Broadbeach represented an opportunity for the developer to expand beyond its initial NSW pipeline.

“Broadbeach is a world-class address that gives us the canvas to create a community of exceptional design and lifestyle quality that genuinely enriches the daily lives of the people who call it home,” Alkhoshaibi said.

“This is our first development outside New South Wales, and it reflects our growing ambition to grow in key urban markets around the country.”

Alkhoshaibi said bringing Roberts Co into the project would give Arada greater control over the development and construction process.

“Delivering this project through Roberts Co, our own tier-one construction business, means we can bring the quality, pace and accountability that our buyers expect.”

The move into Broadbeach comes as Arada accelerates its Australian expansion following its entry into the market two years ago. The developer has assembled a pipeline of eight projects comprising more than 5,000 homes, while the acquisition of Roberts Co last year gave the group its own Australian construction capability.

Globally, Arada has a development portfolio valued at $50 billion comprising more than 55,000 homes across the UAE, United Kingdom and Australia.

The Gold Coast is emerging as the next major market for the developer, with strong population growth and infrastructure spending ahead of the 2032 Games continuing to underpin significant apartment development across the coastal strip.

Arada plots $2 billion Broadbeach towers in major Queensland move

Sydney’s downsizer market is changing, with a growing cohort of buyers prioritising the right home over simply finding a smaller one.

Coronation Property Head of Sales Cam Porter says the traditional idea of downsizing does not necessarily reflect what many buyers are now looking for, particularly those moving from established family homes across Sydney.

Instead, he says they are increasingly becoming “right-sizers”, seeking lower-maintenance homes without sacrificing the space, amenity or quality they have become accustomed to.

“We are increasingly seeing buyers who are not motivated by the idea of simply moving into a smaller property,” Porter says.

“They are right-sizers. They want a home that is easier to manage and better connected, but they still expect generosity, quality and a floorplan that supports the way they live.”

It is a subtle but important distinction in a market where apartment developers are increasingly targeting established owner-occupiers.

[smartcode_project:default project_id=135149 project_image_fid=377495]

For many of these buyers, moving from a house to an apartment is not driven by a desire to dramatically reduce their living space. Instead, the appeal is in removing some of the maintenance associated with a larger home while retaining generous living areas, storage and enough flexibility to accommodate family and friends.

Coronation’s sales team is seeing buyers place particular importance on natural light, practical storage and additional rooms that can be used as guest bedrooms, home offices or secondary living spaces.

Kitchens and dining areas are also playing an increasingly important role, particularly for buyers who regularly entertain or have children and grandchildren visit.

[smartcode_project:default project_id=135149 project_image_fid=377494]

“These buyers still want their home to feel generous,” Porter says.

“They may want less maintenance, but they are not looking for less life.”

The challenge for the broader housing market is providing enough of the right stock to encourage that move.

While much of the discussion around Sydney’s housing shortage has centred on the number of homes being delivered, Porter says the diversity of those homes is equally important.

Older homeowners can remain in large family houses for longer when they cannot find an appropriate alternative in the neighbourhoods where they have built their lives.

“The decision is rarely as simple as wanting fewer bedrooms,” Porter says.

“People are weighing up their connection to a neighbourhood, the space they need for family, the quality of the home and whether it will continue to work for them over the long term.”

It also has implications beyond the downsizer market. Providing suitable apartments for smaller households can free up established houses for families who need the additional bedrooms and land, creating greater movement through the housing market.

<h2>Lillian targets the next stage of apartment buyer</h2>

It is a buyer Coronation is targeting at <a href="https://www.apartments.com.au/new-apartments/lillian-erskineville-9-metters-street-erskineville-nsw-2043">Lillian</a>, its new collection of apartments, terraces and penthouses at Erskineville Village.

Designed by Silvester Fuller, Lillian has been shaped around larger living spaces, natural light and flexible floorplans, alongside landscaped areas, wellness amenity and communal spaces for residents.

The development will form part of Coronation’s broader Erskineville Village precinct, which will combine new homes with green space, retail, hospitality and new pedestrian connections.

[smartcode_project:default project_id=135149 project_image_fid=377688]

McPherson Park will sit at the centre of the precinct, creating a significant new green space alongside the project’s retail and hospitality offering.

For Porter, the opportunity is to give buyers another housing option without forcing them to leave the part of Sydney they already know.

“People should be able to change the type of home they live in without having to change their entire life,” he says.

“For many buyers, Lillian offers the opportunity to remain connected to the Inner West and the city, while gaining access to a more convenient, walkable and considered way of living.”

[smartcode_project:default project_id=135149 project_image_fid=377687]

Coronation will explore the changing <a href="https://lillianresidences.com.au/news/lillian-x-space-x-downsizers-event-27-august/">right-sizer market at an event on August 27</a>, bringing together experts across property, design and lifestyle.

Held in partnership with SPACE, Poliform and Downsizer.com.au, the event will include a property market outlook from economist Michael Blythe alongside discussion around the considerations facing buyers planning their next move.

Attendees will also be able to learn more about the residences and amenity planned at Lillian Erskineville.

[smartcode_project_cta:default project_id=135149]

From downsizing to right-sizing: What Sydney buyers want from their next home

Family-owned builder and developer <a href="https://www.apartments.com.au/developers/omaya">Omaya</a> is bringing its 27-storey The Maybelle development to market, with the 229-apartment tower rising alongside Ismay Reserve near North Strathfield.

<a href="https://www.apartments.com.au/new-apartments/the-maybelle-21-parramatta-road-homebush-nsw-2140">The Maybelle</a> will comprise one, two and three-bedroom apartments, with its height providing elevated outlooks towards the Sydney skyline and Harbour Bridge, while other residences will look across neighbouring Ismay Reserve.

Designed by <a href="https://www.apartments.com.au/architects/squillace-architects">Squillace Architects</a>, the tower combines its parkside setting with proximity to the established retail, dining and transport amenity around North Strathfield.

[smartcode_project:default project_id=134873 project_image_fid=376196]

Residences will feature open-plan living spaces and a choice of two interior schemes, while communal amenity is spread across two elevated levels of the building.

Level 8 will be home to the Garden Pavilion, a full-floor resident space incorporating communal entertaining and breakout areas, seating and recreation spaces. Further up the tower, a landscaped Sky Terrace on Level 14 will provide another communal area with panoramic views towards the Harbour Bridge and Sydney skyline.

At ground level, the development sits directly alongside Ismay Reserve, where lawns, walking paths, children's play areas, picnic spaces and recreational facilities extend the green space available immediately around the project.

[smartcode_project:default project_id=134873 project_image_fid=376194]

The Maybelle is also within walking distance of North Strathfield and the Bakehouse Quarter, which provides a mix of cafés, restaurants, shops and everyday services.

Existing rail and bus services provide connections across Sydney, while the future North Strathfield Metro and access to the M4 will add to the transport options available around the precinct. Walking and cycling routes also extend via Powells Creek towards Sydney Olympic Park and its sporting, entertainment and parkland precincts.

Families are also well positioned for access to a broad selection of established schools and education options across Strathfield and the surrounding Inner West.

[smartcode_project:default project_id=134873 project_image_fid=376181]

Omaya has operated in Sydney for more than 35 years, managing projects from acquisition and design through to construction and delivery. The family-owned company is both developer and builder of The Maybelle.

Apartments start from $560,000, with the development protected by 10-year Latent Defects Insurance.

Construction is well underway, with completion expected by the end of 2026 and move-in anticipated from Q1 2027.

[smartcode_project_cta:default project_id=134873]

The Maybelle brings 27-storey parkside tower to market near North Strathfield

First Home Buyers

<html><body>
Taking on a substantial amount of debt can be concerning, and rightly so – the added responsibility and requirements mean that you need to ensure you can always service your repayments or fear losing your home.
All being said and done, you do not need to enter into home ownership blind.
Here are 10 things you can do to prepare yourself for the debt and responsibility ahead:
<ul>
<li>Find out what your repayments may be</li>
</ul>
If you’re still looking for a property, then get onto your bank’s calculator and estimate how much your repayments are going to be. Be honest with yourself about what you can afford and have a look at what you’ll be expected to pay.
Having a clear understanding of what owning a property means financially for you day in, day out is crucial.
<ul>
<li>Have a budget plan</li>
</ul>
Now that you are away of the amount of funds required for your repayments, you can work out a debt management plan (here’s a <a href="https://www.moneyhelp.org.au/tools-tips/budget-planner/debt-management-plan/" target="_blank">good tool from Money Help</a>), or a ‘budget’ that will ensure you can keep track of your outgoings. You may already have a good budget in place if you’ve been spending time saving for your deposit, so now you want to double check that it covers you enough.
<ul>
<li>Practice paying your mortgage</li>
</ul>
If you know how much your loan repayment is likely to be, and your budget plan, then it’s time for you to practice what it would be like to pay it each fortnight or month. For instance, if the amount you’ll be required to pay is $350 a week, and your rent is currently $300 a week, see how you handle putting aside the extra $50.
If you’re living with your parents and not paying rent, or paying far less than your upcoming repayments, this becomes even more critical.
Property Observer recommends factoring in other costs, such as strata fees and rates, so you can really see how you’ll handle those costs. Make it a habit before you even get your property. If it means you’ll never be able to eat out socially, and this is a nightmare for you, then you need to come up with a different plan. Remember, this is paying off the bare minimum – most people will want to pay off more.
<ul>
<li>Factor in a rate increase</li>
</ul>
You’ve practiced paying off your repayments as they’ll be when you own, but if you’re not on a fixed rather then you will need to ensure you can afford to keep paying in the event of a rate increase. Factor in up to an extra 2% on top of your current interest rate, and check whether or not this affects your ability to pay.
<ul>
<li>Ensure you know how much debt is too much</li>
</ul>
Now that you know how much you can personally afford to pay for your loan, and your own habits and ability to pay it on time and in the full amount, be honest with yourself. This is a personal situation, and will be a different answer for every prospective property buyer.
Ask yourself these four questions:
<ol>
<li>Can I afford to do this for the length of the loan term? 
</li>
<li>How can I stop myself from continuing any bad financial habits? 
</li>
<li>What is my “tipping point” (the amount where you stop being able to afford the repayments)? 
</li>
<li>What parts of my lifestyle, if any, am I willing to sacrifice to keep up with the repayments?</li>
</ol>
Article continues on the next page. Please click below.
<hr class="system-pagebreak">
<ul>
<li>Familiarise yourself with what to do if you miss a payment</li>
</ul>
If you do miss a repayment or find yourself suddenly struggling with hardship, then there are certainly things you can do. <a href="/news/vic/victoria-s-mortgage-delinquency-on-the-rise-how-you-can-stay-above-water">Here’s some information to assist you with understanding what to do</a> if you get into this situation.
<ul>
<li>Get income protection and necessary insurances</li>
</ul>
Do not wait until you own the property to take out insurances on your income. If you fall sick and are unable to pay your mortgage and associated bills, you will find yourself struggling. Research and get the required insurances early in the piece.
<ul>
<li>Chat with a broker</li>
</ul>
Find yourself a good broker, and start talking about your options when it comes to mortgages and other home loan products. Understand what an offset account is, <a href="/expert-insights/finance/what-is-an-lvr-investment-terms-explained">what LVR means</a> and whether or not you’ll need LMI. You want to know <a href="/expert-insights/finance/top-10-tips-to-save-money-on-your-home-loan">how the frequency of repayments affects your overall loan</a>, any associated costs and the limits to the product you’re choosing. Here’s <a href="/expert-insights/finance/how-to-pick-the-best-mortgage-broker">how to pick the best mortgage broker to get you started</a>.
The more you know now, the better prepared you will be later on - make sure you understand the requirements of your loan product and exactly what you're signing up for.
<ul>
<li>Find out how other people are implicated</li>
</ul>
Yes, if you miss your mortgage repayments then you will be the one facing off against the lender. However, if you are sharing the repayments in a joint venture, have someone standing guarantor, or are buying on behalf of your family then it’s time to be honest with yourself.
How badly can things work out if you default? Could your parents lose their home? You need to prepare for the worst eventuality, and ensure those involved know that there is a possibility, even a small one, of this happening.
Be upfront, have the required paperwork, and understand expectations. For instance, in a joint venture where one person has stumped up the entire deposit, will you both be paying equal amounts of the mortgage? Do you own exactly equally? Answer these questions before you get to the property ownership stage.
<ul>
<li>Get your documents together</li>
</ul>
You’re going to need quite a few documents to apply for your home loan, and now is the time to get everything in order.
Read through the requirements with the lender of your choice, however the majority of the time you will need identification, proof of earning and details about the property itself.
Make sure you know that your credit record is clean. Make sure you <a href="/expert-insights/finance/a-quick-guide-to-home-loan-pre-approval">know what pre-approval is</a>, and that you understand its limitations.
You can read <a href="/expert-insights/buying/getting-your-first-loan-heres-what-you-need-to-know">Property Observer’s guide on getting your first loan here</a>.
</body></html>

jduke-EHk3XBmHkn

Preparing yourself for debt: 10 things to do now to make home ownership easier

<html><body>
Saving for a deposit - particularly on a single income - is a difficult task.
If you've cut back all you can but desperately want to purchase your own home, it can be done for less than you think.
A $25,000 home deposit may be tempting, but the reality is more difficult than it seems.
If you're only putting down $25,000 for your deposit, it's likely that you're only paying a 5% or 10% deposit, rather than the 10% to 20% that many people prefer.
Policies will change between lenders but if you're borrowing more than 80% of the value of your property, you'll most likely be required to pay Lenders Mortgage Insurance (LMI). LMI protects your lender against a loss if they sell your home after you default - essentially making up for the additional risk they take on when increasing the proportional value of your loan.
If you want to put down a small deposit, budget in your LMI payment. The two major LMI providers in Australia, <a href="https://www.genworth.com.au/borrower-centre/homebuyer-tools/lmi-premium-estimator/?gclid=CO2R6M2yprgCFQMwpAodTjQASA" target="_blank">Genworth</a> and QBE LMI, both offer calculators to help you budget in the additional cost. (For more on LMI, <a href="/expert-insights/investing/less-than-a-20-deposit-the-8-things-you-need-to-know-about-lenders-mortgage-insurance-lmi">see this article</a>.
While your LMI will most likely cost less than an additional 10% deposit, remember that you are not exchanging that sum for equity in your home - once your LMI payment is gone, it's gone forever - and you'll still have to pay that extra 10% you've dodged now to your lender later on (with interest).
Though buying a home with a $25,000 deposit now can speed up the home buying process, keep in mind the benefits of waiting until you're more financially secure before you purchase a home. It may be the case that <a href="/expert-insights/buying/the-10-signs-that-you-may-not-be-ready-to-buy">you're just not ready to purchase yet</a>.
And while it's probably the biggest financial hurdle you face in purchasing a home, the <a href="/news/vic/how-to-work-out-how-much-buying-a-home-costs">deposit isn't the only cost associated with buying a home</a>. 
But if you do have $25,000 in the bank that you're itching to invest, what can you buy? Assuming you need to pay a 10% deposit (and the bank will approve your loan), Property Observer has tracked down some bargain buys. For each of these homes, a first home buyer could expect to pay an additional $3,060 LMI premium, according to Genworth.
<ul>
<li><a href="https://www.realestate.com.au/property-house-qld-vincent-117792651" target="_blank">254 Palmerston Street, Vincent, QLD</a></li>
</ul>
<img src="/images/2014/08/29/palmerston%20aug%2029.jpg" alt="">
Vendors are accepting offers in the mid-$200,000s for this three bedroom Townsville Queenslander. The currently rented house is within walking distance of the Vincent primary school and shopping centre, and is set on a 731 square metre block.
<ul>
<li><a href="https://www.realestate.com.au/property-apartment-vic-carlton-117792195" target="_blank">523/800 Swanston Street Carlton Vic 3053</a></li>
</ul>
<img src="/images/2014/08/29/carlton%20aug%2029.jpg" alt="">
If you want something close to an urban centre, this one bedroom apartment in Melbourne's inner city is on the market for $180,000 plus. Tenanted until February next year at a 9.3% yield ($1,439 per month), the apartment is a ten minute walk to the CBD. However, it's micro sized, with only 32 square metres of floor space.
<ul>
<li><a href="https://www.realestate.com.au/property-apartment-wa-east+perth-117538663" target="_blank">22/45 Adelaide Terrace East Perth WA 6004</a></li>
</ul>
<img src="/images/2014/08/29/east%20perth%20aug%2029.jpg" alt="">
Another snug apartment is on offer in East Perth, with an asking price of $245,000. The 33 square metre studio apartment is currently rented out at $320 per week.
<ul>
<li><a href="https://www.realestate.com.au/property-house-nsw-scone-114888183" target="_blank">37 Scott Street Scone NSW 2337</a></li>
</ul>
<img src="/images/2014/08/29/scone%20aug%2029%20one.jpg" alt="">
This two bedroom weatherboard house in the Hunter Valley comes with a price guidance of $230,000. Set on a quarter acre block (1,012 square metres), the house has a lounge room with a separate dining area that could be converted to a third bedroom.
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jrichardson-uRX5hFdKfN

What can you buy with a $25,000 deposit? 

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If you're about to start your search for your first home, don't worry.
All that stands between you and your first dwelling of your own is figuring out a budget, getting loan approval, determining the best area for your lifestyle and investment ambitions, the other buyers and the price negotiation process. Oh, and plenty of open home inspections.
Thankfully, the open home inspection is the most fun part of the process. This is the part where you get to explore someone else's home (never underestimate how satisfying a good stickybeak can be) and imagine your own future. That shelf full of cookbooks - wouldn't it look good with the cabinet you inherited from your grandmother? And that rug is ugly, but you spotted a really great one last weekend. And that mantle would be terrific for all your travel photos.
Before you know it, you've gotten carried away. And on the drive home, you suddenly can't remember exactly how big that second bedroom was, whether there were tiles or lino in the kitchen, or how high the ceilings were.
It pays to be prepared for an open home inspection. Here's Property Observer's step by step guide to attending an open home.
<ul>
<li>Prepare a checklist </li>
</ul>
Before you head off, prepare a checklist of things to look for at the open for inspection. There will be vital aspects of the home are things you're not willing to budge on - this could include the minimum number of bedrooms, the size of the backyard, a double garage, or a separate laundry. 
Your negotiable items are ones that you're curious about but aren't dealbreakers. Is the home close to a school? In the shadow of an industrial plant? Can your neighbours see into the property? 
Finally, there are aspects that might seem superficial at first but could really make a difference down the track - things like ceiling height, aspect and natural light, layout and floor materials are all important, as are noise levels. 
By preparing a checklist before you step foot in a property, you'll allow yourself to take out some of the emotion of inspecting a home. 
If making your own checklist seems daunting, <a href="https://advice.realestateview.com.au/buying-investing/ultimate-first-home-buyers-guide/12/" target="_blank" style="line-height: 1.3em;">check out this one from realestateVIEW</a> - it'll be particularly handy for keeping your homes straight when you have a few under your belt.
<ul>
<li>Gather your things</li>
</ul>
In addition to your checklist, bring along a copy of the listing, with any particular points marked out that need further following up with the agent.  A suburb report with median prices might be handy if you're neighbourhood hopping, and your ID is often required by the agent. 
Bring along a camera (your smartphone will do) to help jog your memory later on and a tape measure, with a pen and pad (or phone) to take notes on, are also very handy on the day. 
Even if you have good spacial awareness, take along the floorplan - it's much easier to walk through a home with one eye on the floor plan than it is to look over the floor plan and try to recall how each room fits plan later on.
<ul>
<li>Stickybeak around the street</li>
</ul>
Remember, you're not just hoping to buy a home in a vacuum. You're buying a house on a particular street in a particular suburb. If you have time, build in 15 minutes before the open home to take a walk down the street and through the main strip of your potential new neighbourhood. 
The suburb cruise can be more illuminating than you might think. If you want to buy into a suburb with a good school or great cafes, try taking a walk between your prospective home and those areas. If your child will have to traipse through a poorly lit park to get home, the house's location might not be as good as it first seemed.
If there's no secure parking on the property, check out the street - is there plenty of room for you to park your car? Does the street look well lit and secure?
Article continues on the next page. Please click below. 
<hr class="system-pagebreak">
<ul>
<li>The outside</li>
</ul>
While street appeal isn't everything, check out the exterior of the property and the landscaping. If there's a spectacular garden, keep in mind that you'll need to maintain it once its in your possession. 
Think about what's appropriate for your family - if you have young children or pets, you will have to keep fencing in mind, for safety and privacy.
Keep an eye out for any rotting wooden cladding or peeling paint as well - fixing those problems up will cost you money down the line.
<ul>
<li>Speak to the agent</li>
</ul>
While you don't want to seem too peachy keen, it's often good to have a quick chat to the agent so you're on their radar. They'll take your name and number and will often want to see your ID as well.
<ul>
<li>Kitchens</li>
</ul>
The heart of the home and one of the more expensive areas to make improvements to down the line, the kitchen is an important area to check out. Some important things to take note of:
<ol>
<li>Materials: Splashbacks, benchtops and flooring - make sure it's easy to maintain and suits your personal style.</li>
<li>Layout: If you have a big family or entertain often, a small galley kitchen might not cut it. Make sure there's enough space for your fridge (with plenty of room to swing the door open).</li>
<li>Cooktops and ovens: Keep in mind that electricity is more expensive than gas.</li>
<li>Dishwashers: Is there an existing dishwasher, or room for one if you need it down the line?</li>
<li>Storage solutions: Make sure there's enough room for all your pots, pans, plates and plastic tupperware.</li>
<li>Rangehoods and fans: Check out the noise level and efficacy of the rangehood - more importantly, make sure there's a rangehood in the first place. They're difficult and sometimes impossible to install retrospectively.</li>
</ol>
<ul>
<li>Bathrooms</li>
</ul>
Another expensive area of the home to re-do, bathrooms are worth getting right. 
Make sure there are enough bathrooms in the house (particularly if you have a growing family) and decide whether it's important to have a toilet that's separate to the main bathroom. 
Tiles should be easy to clean, and a bath is pretty vital if you're planning to have young kids. The bathroom should be well ventilated (check the fan - without good ventilation, hazardous mould can grow quickly) and have enough storage space and power points.
If there's no separate laundry, your washing machine will need to go in the bathroom. Make sure there are washing machine taps, room for a dryer if you use one, enough space for your washing machine and an adequate sink.
<ul>
<li>Living and dining areas</li>
</ul>
Check the layout of your living and dining areas - is it open plan? If you have children, could you watch them play in the living room from the kitchen or your workspace? 
Look for power points, phone cables or ports for internet connection and television connections, and make sure you'll be able to figure out a tidy and space efficient way to arrange your furniture and entertainment devices.
Also keep heating and cooling in mind - is there a simple reverse cycle air conditioning unit in the living room? Think about whether this will cut it in the height of summer or the middle of winter, particularly given the building materials and level of light in the home.
<ul>
<li>Bedrooms</li>
</ul>
Keep an eye out for outlets, layout and size and lighting. Think about how you use your bedroom. Is there enough storage space for your clothes? If you needed to get another storage unit for new clothes or your partner is moving in with you for the first time, will there be enough room then? Is there adequate light if you like to work in your bedroom, and room for a desk?
For children's bedrooms, make sure they're easy to clean and close to your room, particularly if you have very young children that you may need to attend to during the night. Check the windows on your bedrooms to make sure they're easy to open and secure.
<ul>
<li>Garage spaces</li>
</ul>
One person's "secure parking" is another person's "tiny backyard with barn-style gate that opens on to an alley". If you have a vehicle which you need to keep secure, make sure there's adequate garage space - wide enough for your car, with a working door and enough space for your tools, bikes or workbenches.
<ul>
<li>On your way out</li>
</ul>
Make a note of any discrepancies between the home and the listing information, and be sure to raise them with the agent, either at the inspection or later on the phone. Thank the agent, and make sure you have his details to contact him later.
<ul>
<li>Back home</li>
</ul>
Don't think all the work is done once you've returned from the open inspection. If it seems like the property is a serious prospect, go back over the notes you've made and highlight any questions you want to ask the agent or a building inspector. 
If that seems like a lot of work for a house that you might not be interested in, think again. Even if the house is off your radar, keep an eye on it and how much it sells for eventually - every open home you go to will give you a better idea of the market which holds your future home.
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Step by step guide to attending an open home

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Victorian first time home buyers will pay less stamp duty for homes from 1 September.
The reduction in duty has become increasingly attractive - initially, 20% was reduced on 1 July 2011, followed by 10% on 1 January 2013, 10% on 1 July 2013 and the upcoming 10% on next Monday, 1 September 2014.
It is available for new or established home purchases.
<img src="/images/2014/08/29/vic-fhb-aug-29-one.jpg" alt="" style="line-height: 1.3em;">
Stamp duty concessions across the country are on the next page. Please click below.
<hr class="system-pagebreak">
Here’s the table that clears up what concessions are available (click to open in new window):
<a href="/images/2014/08/28/stamp%20duty%20chart%20aug%2028%20one.png" target="_blank"><img src="/images/2014/08/28/stamp%20duty%20chart%20aug%2028%20one.png" alt=""></a>
Source: State Revenue Offices/HIA
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jchancellor-FAypfDUnLy

Further stamp duty reduction for Victorian first home buyers

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Understandably, anything that costs first time buyers above and beyond their initial deposit is going to be a source of frustration.
Add to this <a href="/expert-insights/finance/how-much-stamp-duty-is-typical-and-how-much-does-this-add-to-your-mortgage">the current revelations about stamp duty</a> and it’s not surprising that having enough to pay this tax is also a consideration.
So, is there a concession if your buying your first home?
Unfortunately, not for all of you. Here’s the table that clears up what concessions are available (click to open in new window):
<a href="/images/2014/08/28/stamp%20duty%20chart%20aug%2028%20one.png" target="_blank"><img src="/images/2014/08/28/stamp%20duty%20chart%20aug%2028%20one.png" alt=""></a>
Source: State Revenue Offices/HIA
YOU MIGHT ALSO WANT TO READ:
<a href="/expert-insights/buying/what-does-a-home-really-cost-for-a-first-time-buyer">What does a home really cost for a first time buyer?</a>
<a href="/expert-insights/investing/couples-save-for-just-over-four-years-for-first-home-deposit">Couples save for just over four years for first home deposit</a>
<a href="/news/saving-that-extra-20-000-is-the-drag-causing-first-home-buyer-slump">Saving that extra $20,000 is the drag causing first home buyer slump</a>
<a href="/expert-insights/mastering-your-deposit-tips-to-boost-your-savings">Mastering your deposit: Tips to boost your savings</a>
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Where do first home buyers get a stamp duty concession?

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Global property portal Lamudi have shared their 10 tell-tale signs that you are ready to start building a property portfolio.
Here are their 10 indicators to look out for:
<ol>
<li>
You are financially ready You have saved enough for the down payment and you have also established your emergency fund. You have taken into account home maintenance expenses. Your credit history is good and you are able to meet all the financial obligations. 
</li>
<li>
You have set your long-term goals You have a clear picture in your mind of the purpose of your investment and you are flexible enough to adjust to changing circumstances. You are not hesitant and when the timing is right, you are able to adapt to the market needs and the development of technologies. 
</li>
<li>
You have done your research You know the neighborhood of your future property well enough to foresee the coming trends and the possible changes in the community. You have researched all the schools in the area as well as the best commuting means and you are able to predict the next home buyers needs. 
</li>
<li>
You have chosen a stable economy The area is financially stable, economic trends are promising and equities are surging. No demographic fluctuation or no irregular variation of population have been recorded in the area. 
</li>
<li>
You understand the country’s policies regarding real estate The policies of the region promote and encourage a positive, innovative environment as well as drive further economic growth. The tax policy in the country is positive for homeowners. Global innovation index is rising in the area. 
</li>
<li>
Infrastructure projects are underway and likely to lead to an increase in property values The infrastructure of the area is being developed with a focus on: transport, energy, solid waste and water management developments. 
</li>
<li>
The region is moving toward sustainable development The region’s awareness of global and local environmental issues is increasing, the demand for eco-friendly homes as well as for sustainable rural and urban development is rising. As more and more people head toward sustainable living, investing in sustainable property will increase its value in the future. 
</li>
<li>
The location draws a lot of interest Whether it is the best travel destination or the hot jobs spot, the location is always on the top of the search engine. It has become a successful startup hub already or is planning to do so in the coming years, driving a lot of job seekers into the area. The number of enrolled students is increasing every year, the area draws interest of international students. 
</li>
<li>
You have found a reliable real estate agent If you are an overseas buyer, it is particularly crucial to make sure you have a good representative on the ground. Your real estate agent is trustworthy and knows the local market well enough to be able to help you make the choice. 
</li>
<li>
You have researched local differences in the property market Whether you plan to invest in a residential property and turn it into a rental or an office space, you are fully aware of all cultural differences that might occur when you deal with a property seller.
</li>
</ol>
You may want to balance them out with <a href="/expert-insights/buying/the-10-signs-that-you-may-not-be-ready-to-buy">these 10 signs that you may not be ready to buy a property yet</a>.
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The 10 signs you’re ready to start investing in property: Lamudi

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PARTNER CONTENT
Unfortunately, waiting until a development is completed is a sure-fire way to miss out on the best opportunities within the complex.
Buying a property off the plan may be one of the only options you have to purchase a property within a popular area. So here are six tips you need to know about buying off the plan properties to make sure you get the place you want.
<ol>
<li>
Take advantage of displays. Despite the fact that you can’t see the finished property, you need to find out what kind of quality you’re purchasing. The developer should have a display set up where you can see the finishes and fixtures you can expect within your new place. Then, ask for previous projects they’ve completed and how you can get in to inspect how they’ve lasted. 
</li>
<li>
Learn to understand floor plans. This may seem fairly basic, however it is essential to understand how large rooms are when buying off the plan. Measure it out in an existing property and work out what space you have. Does your bed actually fit into your new bedroom? A good tip is to mark out your new room and use newspaper on the floor to represent furniture sizes. 
</li>
<li>
Finance clauses are worthless, or are they? Due to the potentially lengthy time before completion of an off the plan purchase, banks are generally not willing to give unconditional approval on the loan in the event the market shifts. As such, if the market declines you could be dipping into your savings when you finally settle, so budget for this just in case. It is still a good idea to include a finance clause in your contract and get a valuation (‘as-if-complete’) when you’re getting your initial approval. This will allow you to gauge how the property stands within the current market, as well as how the bank views the area and the property’s potential.  
</li>
<li>
Befriend your council Most city councils have online databases with zoning, neighbourhood plans, infrastructure works and development application details. It’s quick and easy to check what’s going on around your potential purchase, as well as making sure your new view will stay the same, at least for the foreseeable future.  
</li>
<li>
Use the time wisely Buying off the plan can have benefits other than just getting the pick of the complex. Generally off the plan purchases only require a 10% deposit with the balance due at settlement; so you can keep saving until then to reduce your mortgage. Getting in early also allows you to customise your new place; ask the developer what finish options you can change to truly make it your own.  
</li>
<li>
Get early legal advice Even though settlement may be 18 months away, get legal advice as early as possible, preferably before you sign any contracts. Amongst other things make sure you understand the delivery timeframes of the projects, the sunset clauses and confirm what you’re actually purchasing.</li>
</ol>
By conducting your due diligence and taking your time, you can take advantage of what off the plan purchasing can offer buyers; a way to secure a quality property in the future, at today’s price.
ANDREW HERBERT is partner of <a href="https://myfirstplace.com.au/Property-Observer" target="_blank">My First Place</a>.
<a href="https://myfirstplace.com.au/Property-Observer" target="_blank">My First Place</a> is offering a buyers club to support buyers in finding their property. For August, club membership is free to Property Observer readers.
For First Home Buyers there’s a package worth $4,200 that covers solicitor fees, mortgage application fees, building inspection, insurance and utilities.
For investors the package is worth $3,350 and it covers solicitor fees, mortgage application fees, building inspection, landlord insurance and a depreciation schedule.
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po-LsXgBTHBmX

Six tips you need to know about buying off the plan

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With property prices soaring it’s no surprise that first time buyers are increasingly looking at properties that need a little bit of work.
These “doer upper” or “renovator’s dream” properties offer huge potential for adding value through a renovation. However, novice investors and buyers do not want to be going in unsure of what they’re getting themselves in for.
Firstly, new buyers should look for properties that need what is called a ‘cosmetic’ renovation first. If you don’t know what this is, you <a href="/expert-insights/what-is-a-cosmetic-renovation-investment-terms-explained">can read our explanation here</a>, but essentially it's a light fix up that doesn't require structural changes or, usually, any council approvals. These are the best projects for novice renovators and homebuyers and the least likely to see you make poor decisions.
The pitfalls around renovating can be many and they can be very expensive. From overcapitalising, to DIY-ing where you shouldn’t, you must go in with a plan in mind.
However, it doesn’t always have to cost you a fortune. Reno Kings’ Paul Eslick suggests focusing on the following areas for bang for your buck:
<ul>
<li>A new coat of paint</li>
<li>Install a fence</li>
<li>Get your gloves on and do some light landscaping</li>
<li>Laminate and tile paint in the kitchen and bathroom (also consider replacing hardware such as taps and handles)</li>
<li>Window furnishings can make your home look a lot better, consider straight venetian blinds</li>
<li>Better lighting</li>
</ul>
These simple things should help improve any lacklustre purchase.
Renovating for Profit’s Cherie Barber treats renovating as a scientific process. Here is her eight-step process that she follows to get the maximum equity out of her properties in the quickest time possible:
<ol>
<li>
Structure and strategy - The structure in which you purchase is crucial to ensuring you are taxed efficiently at the very end of the process. Should you purchase in a trust, SMSF or company structure? - Decide on the strategy upfront: Is it buy/renovate/hold, buy/renovate/sell or something else? 
</li>
<li>
Suburb due diligence - Investors must know suburbs down to a street level. Pointing to her target suburb of <a href="/news">Balmain</a>, she explained that she knows where the negative and positive price pockets are, or where the prices change, and the reasons for this. - Ensure you're targeting the right type of suburb for the renovation you intend to undertake. Middle ring and outer areas tend to suit cosmetic renovations, while inner city areas tend to favour structural. 
</li>
<li>
Pricing due diligence - The real estate agent's job is to make the vendor money, never forget this.  - Ensure you are looking at true comparables - your suburb due diligence should assist you with this process. 
</li>
<li>
Property due diligence - Ensure you're not purchasing a property with major defects you cannot rectify under your budget (think about the hidden problems, such as termite damage or bad wiring). - Check that the property stacks up for the majority of buyers in the area. Your demographic is crucial, and you should be thinking about a property as a product. - Calling council and a number of other local experts will save you money in the long run. 
</li>
<li>
Acquire - The purchasing process and negotiation can be crucial for getting the price right. Ensure you enter in unemotionally and knowing the value (pricing due diligence). - There are a number of different conditions, requests for early access and similar that can be asked for at this part in the process. 
</li>
<li>
Council approval (usually for structural renovations) - The earlier this part of the process is started the better. Investors should be prepared for councils to take longer than is often stated on their websites. - To get an idea of how long the process might take, check online and see what has already been approved and the time frames. Expect it to take longer. 
</li>
<li>
Renovate - Get some good tradespeople and treat them well. It can often take a number of renovations to get your team selected. - Keep organised, keep timelines and ensure effective communication. - Avoid being the DIY-er unless you have done it before effectively. 
</li>
<li>
Sell/Rent - While you should have been clear on which of these approaches you were going to take since step one, it's now important to ensure you approach the best real estate agents and property managers for the job. - Treat choosing agents as an interview process, rather than solely basing it on personality. - Ensure that at any opens, the changes you have made to that process are highly visible and communicated to potential tenants/purchasers.
</li>
</ol>
You might also want to read <a href="/expert-insights/building/twelve-key-points-to-consider-before-you-start-home-renovations">Lisa Montgomery’s 12 things to consider before you start your home renovations</a>.
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Looking for a “renovator’s dream”? Here’s what you need to know first

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Buying a property is the “Australian dream” and in our national psyche. However, not every person is quite ready to buy a property.
Here are 10 reasons that may suggest you’re not quite ready yet.
<ol>
<li>
You’re not ready financially If you haven’t got the required deposit yet, or you’re going to be financially stretching yourself to cover repayments, then it might be a sign you shouldn’t be buying quite yet. You might also have other financial goals, such as starting a business, that don’t align with owning a property. Be honest with yourself about what you can afford and your comfort level associated with debt. When you manage to reach that bracket then you can consider buying. In the meantime, keep saving and learning about real estate – just because you’re not ready today, doesn’t mean you won’t be ready in six months or longer. Buying a property is a huge financial commitment,and so speaking to a broker or a financial planner could be worthwhile considerations as you get your finances in line. 
</li>
<li>
You’re not ready personally Perhaps you’re enjoying the flexibility of your lifestyle as a renter, or you have to regularly travel for work – these may suggest to you that owning a home isn’t quite the desired situation for you yet. On the other hand, if you’re considering an investment property, you need to ask yourself whether you’re personally ready to be a landlord. If the idea of having tenants potentially breaking things in your home, or just making it messy with day to day living, fills you with dread, then you need to reconsider. 
</li>
<li>
The properties you want are out of your skill set This ties back into our first point about finances, however it’s also about your plans with that property. If you’re hoping to renovate, but don’t have extra savings on top or any knowledge of renovating – then you might not want to take on this particular burden. You may consider bringing in experts first, however don’t consider DIY-ing a project with little knowledge about it. Know your limits - don’t head in looking to do a knock-down rebuild with no experience. 
</li>
<li>
The market is in free-fall Do your research, and don’t ignore the experts. If you’re being warned about collapsing property prices in an area and you don’t have good reason to think they’re wrong – you may want to think twice and set about researching more. Even a flat market for an investor may cost you in “opportunity cost” elsewhere, so pick wisely, study up on a location and listen to other people who know more than you do. 
</li>
<li>
Insurance is the last thing you want to think about Home ownership comes with a significant amount of responsibility, particularly if others are implicated by your decision – such as a partner or children. If you are paying the loan, and you’re not interest in income protection should something happen to you, then alarm bells should be ringing. Insurance on the home, landlord’s insurance if necessary and other policies should be of interest to you. Do not ignore this simple safety net. Similarly, if your job is on shaky ground, then you might want to reconsider taking on another financial commitment. 
</li>
<li>
The market is too hot While there’s no guarantee waiting will be beneficial for you, it may see fewer bidders at auction and a little less competition on the day. If the market is booming, it might just be time to look elsewhere or take a step back. Do not be forced into buying because it seems “everyone else is”. As in point two, this is a personal step and you need to buy for the right reasons, not because of market hype. 
</li>
<li>
Renting is a lot cheaper If you’re looking for a home, but owning is going to be substantially more costly on an equalized week-by-week basis, then you might want to have another think about purchasing. Yes, there are multiple reasons you’d consider buying a home beyond the day to day financials, however it doesn’t stack up for everyone. You might want to <a href="/expert-insights/renting-v-buying-how-does-it-stack-up-for-you">read our Renting versus Buying debate</a>. 
</li>
<li>
The building and pest inspection is a shocker If the rectification work noted on that building and pest inspection works out to be a stack load more money than expected, and the vendor isn’t budging on the price, then you want to steer clear. Unless you’re getting the property at a steal – in which situation you’d want to be wondering why it’s so cheap – it’s not always worth the aggravation. 
</li>
<li>
A lot of properties are being developed This point is down to your own research and analysis of an area. However, if you’re looking to buy a standard apartment and a vast number of other apartments are slated for development, it should have you a little concerned about how supply may affect your re-sale value. You also want to consider if any of your views are being built out, or if congestion will become unbearable. While local development isn’t always a negative, it can be the nail in the coffin for your own property purchase. 
</li>
<li>
You don’t want to cover maintenance Part of owning a house, and keeping it in good condition for future re-sale, is maintenance. Whether it’s fixing leaks, paying for things to be re-painted, or just chasing the council round the clock to prune back trees or get neighbours to move their trash – it can be hands on being a home owner. Where renters can call the property manager and ask for a fix that doesn’t always come, home owners will need to proactively do these things themselves. If paying for maintenance and upkeep doesn’t suit you, it might be that property ownership isn’t for you quite yet.
</li>
</ol>
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The 10 signs that you may not be ready to buy

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When looking to buy a property, the one thing that concerns every purchaser is how much the property is really worth.
As one of the most expensive purchases of lives, it’s understandable to be concerned about overpaying.
However, determining “market value” is trickier than it sounds. While it is effectively true that "market value" is whatever the market will pay for the property when it sells, this advice doesn’t do new buyers, or even experienced buyers, any favours when they’re working out what they should prudently offer or bid for a home.
The methods to work out what you should pay are varied and some of them require a lot of time and effort.
Heading to the suburb’s median price may be on many a person’s “top” thing to do to get an idea of value in a suburb. However, this is fraught with difficulty. Here are four things you should know about median price first, before deciding to use this as a way to determine value (it’s not).
With median prices ruled out, what are we left with?
Buyer’s agent Patrick Bright says that it is through comparative market analysis that buyers will work out the best price to pay. That is, looking at other properties on the market or hose that have recently sold and using this to get a gauge for what this property should sell for. This isn’t a bad technique.
He suggests that 100 comparable homes are inspected. Quite an undertaking.
“When I started in real estate as a selling agent I didn't really have a clue what homes in the area were worth. The owner of the real estate office said to me, 'Patrick, you need to learn what the market value is of homes in the area. I want you to go out and see as many properties as you can in the next few weeks'. He told me I had to inspect each home and document all its relevant features,” writes Bright.
“I decided that I was going to inspect 100 properties and so I pretended to be a home buyer for about four weeks. I covered four or five suburbs, looked at a little over 100 properties and took notes on each one. I wrote down the asking price and what I thought they were worth and followed them up after they'd been sold,” he explained.
He attended a lot of auctions as well, and by the end of the month he was fairly confident about what the market was doing and what properties were worth.
He says this is some of the best advice he has ever received and <a href="/expert-insights/investing/how-to-determine-a-propertys-true-value-patrick-bright">while it’s a lot of work, it’s worthwhile</a>.
Meanwhile, Michael Matusik points to rental returns as a key factor in determining value, particularly for investment properties. He says that they should really be used as the benchmark.
“And the 5% gross rental return – the old school marker which essentially converts to $1 in weekly rent for every $1,000 spent buying a property – is still the most accurate measure, in my opinion, to help determine investment value,” he writes in his explanation.
Technology is increasingly looking to make our property research easier. The new app RealAs looks to present predictions of what the properties are worth, and notes that they do so with a high degree of accuracy – factoring in features like what is on the market and comparable aspects.
Sadly, the algorithm is a closely guarded secret and is not available for everyone to play around with – but it <a href="/news/can-this-algorithm-determine-what-a-bad-property-is">does allow you to plug in any property that’s on the market right now and see their estimate</a>.
Then there’s the option to pay for a professional valuation. There are four types:
<ol>
<li>Full valuation 
</li>
<li>Short form or pro forma valuation 
</li>
<li>Restricted valuation (to include “restricted assessment”, “kerbside” and “drive by” valuations) 
</li>
<li>Desktop (to include electronic valuer review - EVR)</li>
</ol>
Source: RP Data
If you want to know the differences between these valuations, and how each of them is calculated, you can <a href="/news/how-much-is-my-home-worth-judging-a-propertys-value">read our in-depth explanation here</a>.
See over page for the things you must know about valuations.
<hr class="system-pagebreak">
A valuation may appear to be the natural way to answer this question of what your property is worth, so let's take a closer look.
<blockquote>
MUST KNOW ELEMENTS:
<ul>
<li>It's not an appraisal</li>
<li>They're not an exact science</li>
<li>There are multiple types of valuation</li>
<li>Comparables are heavily relied upon</li>
<li>You can assist the valuer</li>
</ul>
</blockquote>
There are also many reasons why you’d want to get an independent valuation – observer<a href="/expert-insights/investing/five-great-reasons-to-get-an-independent-valuation"> Cameron McEvoy aptly describes five crucial reasons you’d consider this</a> - and so it pays to be aware of what is involved.
Here are five ‘must know’ elements of valuations:
<img src="/images/2014/07/04/yellow-one.jpg" alt="" style="float: left;">It’s not an appraisal
You may have had an appraisal with a real estate agent and now believe that your home can fetch in excess of $630,000 on the current market. This may be the case, however a real estate agent’s appraisal is not a valuation and will not be accepted by the bank as such.
While most real estate agents act with professionalism, investors must be aware that it’s not unheard of for real estate agents to alter the appraisal they provide you to match your expectations and to be fairly bullish with their appraisals to secure a listing.
A valuer, however, is immune to these pressures, tasked with one job and one job alone – valuing your home.
<img src="/images/2014/07/04/yellow-two.jpg" alt="" style="float: left;">They’re not an exact science
It will be of no surprise to any savvy investor that figuring out the price of a property is never an exact science, even for those trained in the valuation field. Similarly, obtaining two different valuations also isn’t an unheard of occurrence and is the reason many investors will head to a different bank to obtain financing, particularly after a renovation.
Observer <a href="/expert-insights/investing/the-murky-waters-of-bank-valuations-mark-armstrong">Mark Armstrong refers to bank valuations as being ‘murky waters’</a>. “Remember if a valuation comes in too high and the bank loses money on the loan then the valuer maybe legally liable,” he notes, which may suggest why there is also a general impression in real estate that valuers are conservative with their estimates.
Similarly, it has been pointed out time and time again, such as <a href="/expert-insights/investing/home-valuations-can-be-subjective">by Mal James in this article</a>, that valuers are subjective. This is because they are human beings, and they act with the information provided and their knowledge to come up with the best possible response.
<img src="/images/2014/07/04/yellow-three.jpg" alt="" style="float: left;">There are multiple types of valuation
While we’re focusing on a fairly rigorous in-person valuation, there are a number of different types of valuations. From the DIY desktop valuation (which have <a href="/expert-insights/investing/diy-website-property-valuations-mostly-askew">varying results of accuracy</a>), to the ‘kerbside’ drive by valuation, be aware that not all are created equal.
RP Data lists four different types of valuation that you'll want to understand:
<ul>
<li>Full valuation</li>
<li>Short form or pro forma valuation</li>
<li>Restricted valuation (to include “restricted assessment”, “kerbside” and “drive by” valuations)</li>
<li>Desktop (to include electronic valuer review - EVR)</li>
</ul>
<img src="/images/2014/07/04/yellow-four.jpg" alt="" style="float: left;">Comparables are heavily relied upon
One of the major aspects that valuers look at to come up with a final figure is that of 'comparables'. That is, recent sales in your area that are close to your property in location and type. A valuer will be required to judge whether your property is superior or inferior to these sales, and so adjust their valuation accordingly.
If you want to get an idea of how the valuation may stack up, it'd be worth finding out the latest sales that they will be looking at. This also means that for properties in remote areas, or unique style homes, it will be trickier for the valuer to come up with a figure and, therefore, more subjective and down to interpretation.
<img src="/images/2014/07/04/yellow-five.jpg" alt="" style="float: left;">You can assist the valuer 
As with any property, present it with its best foot forward for the best change of securing a good valuation. While valuers do not want to be harassed, told how to do their jobs or provided information that could sway them against the numbers, you can be helpful and provide information about improvements undertaken since purchase.
Be on site, ready to ask and answer questions, and have all the information about your property on hand.
Despite the reasons to get a valuation, there’s always the other side of the argument. If you’re considering a valuation, you may also want to hear <a href="/expert-insights/investing/property-valuations-a-waste-of-time-and-money-terry-ryder">Terry Ryder’s thoughts on why valuations are a “waste of time and money”</a>. Late last year, Property Observer also covered a heated debate that asked for an ‘overhaul’ of the valuations industry.
Tips for those wanting to get the best from a valuer:
<ul>
<li>Provide them a list of comparable sales (potentially inside the same project, as well as some that are not). While not all valuers will use them, some will. 
</li>
<li>Apply for finance six months before completion, not six days and if you find the valuation comes in low it gives you time to get a third and a fourth. 
</li>
<li>Attain your own valuation, using a valuer that is on your bank's panel of valuers. 
</li>
<li>Ask to see a soft valuation so you can check the comparables used and the comments made. 
</li>
<li>Bear in mind that the valuer often has a different valuation for mortgage purposes as opposed to sale purposes. But mainly: 
</li>
<li>Do your research beforehand.  Go out and look at 100 or even 10 before you make a purchase decision. If you've done your research you should be confident it will value up.</li>
</ul>
Source: CPM Realty
FURTHER USEFUL READING 
<a href="/expert-insights/finance/how-to-get-property-valuations-right-terry-hayes">How to get property valuations right</a>
<a href="/expert-insights/investing/property-valuation-101">Property valuation 101</a>
<a href="/expert-insights/letters-to-the-editor-valuation-experiences">Letters to the editor: Valuation experiences</a>
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