<a href="https://www.apartments.com.au/developers/s-p-setia">SP Setia</a> has lodged plans for a $750 million, three-tower mixed-use precinct that would complete the long-running redevelopment of Carlton's former Carlton United Breweries site.

The proposal at <a href="https://www.apartments.com.au/new-apartments/185-195-queensberry-street-carlton-vic-3053">46-78 Bouverie Street and 185-195 Queensberry Street</a> spans a 6,468 sqm site, the last remaining undeveloped parcels within the former brewery's 2007 masterplan.

Designed by <a href="https://www.apartments.com.au/architects/cox-architecture">COX Architecture</a>, the development will comprise two purpose-built student accommodation towers and a third build-to-sell apartment tower above a shared commercial podium and basement.

Across the three towers, SP Setia is proposing 606 build-to-sell apartments and 1,499 student accommodation units containing 2,009 beds.

The apartments will sit in the tallest tower, which will rise nearly 200m and 55 storeys. It will become&nbsp;one of the more substantial new build-to-sell apartment projects at the northern edge of Melbourne's CBD.

The apartment mix is weighted toward smaller inner-city product, with 188 studios, 206 one-bedroom apartments, 192 two-bedroom apartments and 20 three-bedroom apartments

<img alt="First look: SP Setia plans three-tower finale for Carlton’s former CUB precinct" data-entity-type="file" data-entity-uuid="8271bc87-1b0a-41b7-ac73-a425ee375261" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/3_2.png?VersionId=G4lw23o90B1boX4k4dj7rdz2ZEajS9wy" />

Part of the precinct will be a large-scale&nbsp;3,684 sqm supermarket and a further 2,198 sqm of speciality retail, creating close to 5,900 sqm of new commercial space within the precinct.

But one of the biggest components of the proposal is what sits between the buildings.

Around 4,650 sqm, or roughly 72 per cent of the site, will be publicly accessible open space, incorporating plazas, pedestrian connections, landscaped laneways and retail spill-out areas.

The ground plane is intended to finally complete pedestrian connections envisaged when the CUB masterplan was first approved nearly two decades ago, stitching together Victoria Street, Queensberry Street, Bouverie Street and Swanston Street through the former brewery precinct.

Urbis said the development would "complete the CUB precinct", with the public realm providing important north-south and east-west connections through what is currently the final undeveloped portion of the masterplanned site.

SP Setia is also exploring a new linear park within the Bouverie Street road reserve, with the concept to be developed further with the City of Melbourne through the planning process.

The proposal is being pursued through the Victorian Government's Development Facilitation Program under Clause 53.23 for significant residential development with affordable housing.

The planning report acknowledges the proposed heights exceed those contemplated under the original Comprehensive Development Plan and masterplan, but argues the built-form context has changed considerably over the past two decades.

Urbis said the three towers would instead create a stepped transition between Carlton and the Hoddle Grid, rising progressively from the 94.1-metre Tower One along the Queensberry Street edge to the 199.44-metre Tower Three closer to the established CBD-scale buildings to the south.

<img alt="SP Setia" data-entity-type="file" data-entity-uuid="e885a07a-592c-40fc-bf82-e6dbaf32da54" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-21%20at%208.52.24%E2%80%AFAM.png?VersionId=7s_ErUkSKAdY1mAWp3GRZgMNCGtwhk5m" />

SP Setia plans to deliver the development across three stages.

Stage One would deliver the basement, podium and retail areas for the entire precinct alongside the first student tower. Tower Two would follow in Stage Two, before the 606-apartment Tower Three is delivered as the final stage.

If approved and delivered, the project would close out a redevelopment process that has been underway since the former brewery masterplan was approved in 2007, adding more than 2,600 student beds and apartments to a precinct already home to Swanston Central, the Barak Building, RMIT Design Hub and several large student accommodation developments.

&nbsp;

&nbsp;

Joel Robinson

SP Setia plans three-tower finale for Carlton’s former CUB precinct

Melbourne developer Lowe Living is seeking to add to its growing bayside apartment pipeline, filing plans for a boutique eight-residence development in tightly held Middle Park.

Lowe Living, which has built much of its development portfolio across Melbourne's affluent bayside and south-east suburbs, is behind the plans for the 730 sqm site at <a href="https://www.apartments.com.au/new-apartments/123-125-erskine-street-middle-park-vic-3206">123-125 Erskine Street</a>, just off Armstrong Street and within the Armstrong Street Neighbourhood Activity Centre.

The developer is seeking approval for a five-storey residential building above two basement levels, with just eight large-format apartments and 18 car spaces.

“This is a deliberately very different proposition for us,"&nbsp;Tim Lowe, Co-Founder of Lowe Living, said.

"Eight residences is exceptionally boutique, but that's precisely what this site calls for.

“There is a strong community in Middle Park and the surrounding suburbs who have spent decades building a life here. They no longer want the maintenance of a large period home, but they aren't prepared to compromise on space, quality or location. We think there is a real opportunity to capture that hyper local market. A site like this rarely comes to market.”

<img alt="Lowe " data-entity-type="file" data-entity-uuid="875fe572-0f14-4d90-9e11-55b28dd07731" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-21%20at%208.42.49%E2%80%AFAM.png?VersionId=GDNQRv9BfpR9r1zkZ5UDyUM4ZvpIksut" />

The low-density proposal has been designed by Cera Stribley and is being progressed through the Victorian Government's Great Design Fast Track pathway, having already secured eligibility from the Minister for Planning.

The Office of the Victorian Government Architect supported its eligibility after finding the proposal demonstrated consistency with the program's seven design principles, while the project's financial feasibility has also been independently confirmed by Invest Victoria.

The project is targeting the downsizer market, with the planning documents describing the homes as larger-format residences and noting the two penthouses could otherwise have been configured as four separate apartments.

<img alt="Lowe 2" data-entity-type="file" data-entity-uuid="60ab0987-2da6-4175-adac-315dcf6053c6" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-21%20at%208.43.15%E2%80%AFAM.png?VersionId=bOCPH0B2MFwlmaRW.TTCF9TzyifgVoQI" />

The site has dual frontage to Erskine Street and Canterbury Place and currently comprises a collection of commercial buildings used as offices, including a former heritage bakehouse, a former stable, a later gabled addition and a central courtyard.

It sits within the Commercial 1 Zone and the Armstrong Street Commercial Precinct heritage overlay, with the existing property classified as a contributory heritage place.

Heritage has subsequently played a significant role in Cera Stribley's design.

The front section of the former bakehouse facing Erskine Street will be retained, including its return walls, street-facing hipped roof and chimneys, while the Erskine Street façade and part of the western return wall of the former stable will also be incorporated into the new development.

Levels four and five will be set back five metres from the retained stable façade, while bricks removed through demolition are proposed to be salvaged and reused within the new building where possible.

<img alt="Lowe 3" data-entity-type="file" data-entity-uuid="e97927a9-a2de-4a0f-83b6-65451238abfa" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-21%20at%208.43.06%E2%80%AFAM.png?VersionId=VR44AChLrX9q1XPB9GvVQV.ALXXbe4gC" />

Rather than presenting as a single five-storey building to Erskine Street, Cera Stribley has broken the development into a series of distinct forms.

A three-storey infill element will sit between the retained bakehouse and stable façades, with the upper levels recessed behind the heritage fabric. Canterbury Place will similarly feature two three-storey podium forms, separated by a central pedestrian accessway, before the upper two levels step back from the street.

A pedestrian through-link will run through the centre of the project between Erskine Street and Canterbury Place, creating entrances from both sides of the site and introducing landscaping and communal areas through the ground plane.

Landscape architect Acre has designed planting across the ground level, private terraces and upper levels, including a feature canopy tree at level three and integrated planting and arbours across the level four terraces. Five existing Erskine Street trees are proposed to be retained.

Sustainability is also a significant component of the Great Design Fast Track application. The apartments are targeting an average eight-star NatHERS rating, with no residence below 6.5 stars, while the project has achieved a 75 per cent BESS score. Seven of the eight apartments are designed for cross-ventilation, with the remaining residence using mechanically assisted natural ventilation.

The plans also incorporate an 8kWp rooftop solar system, a 5,000-litre rainwater tank and infrastructure allowing future electric vehicle charging for every residence.

Lowe has a strong portfolio across Melbourne's blue-chip suburbs. They recently launched <a href="https://www.apartments.com.au/new-apartments/jardin-house-by-lowe-living-camberwell-335-camberwell-road-camberwell-vic-3124">Jardin House by Lowe Living</a> in Camberwell, their first development in the Stonnington LGA.

Lowe Living unveils Middle Park apartment development

Article summary

<ul data-end="888" data-start="289">
	<li data-end="442" data-section-id="8tsh6o" data-start="289">DVB Projects is preparing to launch its second Gold Coast apartment development, with demolition now underway at 137 Old Burleigh Road, Broadbeach.</li>
	<li data-end="573" data-section-id="1nyxl3e" data-start="443">The 34-level tower will comprise just 49 ultra-luxury residences, including half-floor, full-floor and penthouse apartments.</li>
	<li data-end="717" data-section-id="oiyimj" data-start="574">The launch follows strong demand at DVB's nearby Sea Glass project, which is more than 50 per cent sold and currently under construction.</li>
	<li data-end="888" data-section-id="epk9o9" data-start="718">The development adds to the transformation of Old Burleigh Road, with premium beachfront apartment projects continuing to reshape the tightly held Broadbeach strip.</li>
</ul>

<a href="https://www.apartments.com.au/developers/dvb-projects">DVB Projects</a> is preparing to launch its second Gold Coast apartment development, with demolition now underway on the Broadbeach site as the Sydney developer moves closer to bringing the ultra-luxury project to market.

The 34-level tower at <a href="https://www.apartments.com.au/new-apartments/137-old-burleigh-road-broadbeach-qld-4218">137 Old Burleigh Road</a> will comprise just 49 residences, ranging from half-floor apartments through to full-floor homes and a penthouse. The launch follows the strong sales performance of DVB's nearby Sea Glass development. More than half of the apartments at Sea Glass, on the other side of Broadbeach, have been snapped up, well ahead of its late 2027 completion

<img alt="DVB Projects to commence demolition on $320m Broadbeach luxury tower" data-entity-type="file" data-entity-uuid="2944b4be-c84e-4b54-8dc1-c712e76704c0" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/E02_Exterior_Street%20Level%20Entrance.jpg?VersionId=YoNig7pRdrE3HCue7sUj78LzJteeQf3H" />

The start of demolition at 137 Old Burleigh Road signals DVB Projects’ underlying confidence in the Gold Coast’s luxury beachside apartment sector.

“We see the Gold Coast as one of the most compelling lifestyle markets in Australia, particularly at the premium end where demand continues to deepen,” said Dean Brown, Managing Director of DVB.&nbsp;

“This project has been carefully designed to respond to that demand - delivering large-format residences with a level of quality, privacy and amenity that is still relatively rare in the apartment market on the beachside."

Brown says the site itself is "exceptional."

"Old Burleigh Road is one of the most tightly held beachfront strips, and opportunities to deliver a project of this scale and calibre in this location are extremely limited.”

<img alt="DVB Projects to commence demolition on $320m Broadbeach luxury tower" data-entity-type="file" data-entity-uuid="398f377a-c037-455e-9250-0c5e0d84c35b" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/I12_FF%20Balcony.jpg?VersionId=NwOiRWGMubR1c8wthuEfggklcja7al9." />

The project will comprise 40 half-floor residences of approximately 260 sqm, alongside eight full-floor residences spanning around 524 sqm.

A single penthouse will crown the building, featuring a private pool, barbecue area, indoor gym and dedicated entertaining spaces.

Residents will have access to a resort-style suite of amenities, including a 20-metre pool with daybeds, a gymnasium, hot and cold plunge pools, a sauna, and private residents’ lounge and dining facilities.

<img alt="DVB Projects to commence demolition on $320m Broadbeach luxury tower" data-entity-type="file" data-entity-uuid="d1642bb0-9a66-4427-a022-dfc0988c6287" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/A02_Pool%20to%20View.jpg?VersionId=c0IXPyn_Gp_Kn3XCwzMrqIVkAdCEwVXP" />

Sales agent Todd Matheson, of <a href="https://www.apartments.com.au/project-marketer/pezet-matheson">Pezet Matheson</a>, which is marketing both 137 Old Burleigh Road and Sea Glass, said 137 Old Burleigh Road would address a clear gap in the market for genuine luxury products.

“There are very few opportunities on the Gold Coast where buyers can secure a residence of this size and quality in a new building,” Matheson said.

“What we’re seeing is a growing cohort of downsizers and interstate buyers who still want space - they’re not willing to compromise on living area, entertaining or finishes.

“This project has been designed with that buyer in mind. It offers the scale of a home, combined with the convenience and security of apartment living, in one of the coast’s most desirable positions.”

<img alt="DVB Projects to commence demolition on $320m Broadbeach luxury tower" data-entity-type="file" data-entity-uuid="59aae0ca-5639-4320-8aca-d0bf60f48e43" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/E01_Exterior%20Hero.jpg?VersionId=DS8Zfy2WtgUEtdfe0TEUuf1W1GfcZq8S" />

Located on a 1,156 sqm site one block from the beachfront, the development will replace an ageing walk-up building and is expected to contribute to the ongoing transformation of the Old Burleigh Road strip into one of the Gold Coast’s most prestigious residential corridors.

With the development moving into the delivery phase, 137 Old Burleigh Road is slated to hit the market later this year.

[smartcode_project_cta:default project_id=145141]

DVB Projects to launch second Broadbeach apartment tower as demolition commences

<a data-end="327" data-is-only-node="" data-start="250" href="https://www.apartments.com.au/developers/norus-projects" rel="noopener" target="_new">Norus Developments</a> has lodged plans for a new apartment development in Clayton that would add further momentum to the suburb's emerging Green Street corridor.

Plans have been lodged for the consolidated site at <a href="https://www.apartments.com.au/new-apartments/1359-1365-centre-road-clayton-vic-3168">1359-1365 Centre Road</a>, where Norus is seeking approval for 218 apartments across a 12-storey apartment building designed by <a href="https://www.apartments.com.au/architects/life-architecture-and-urban-design">Life Architecture</a>.

The proposal sits within the Clayton Major Activity Centre at the threshold of the planned Green Street corridor, a landscaped pedestrian connection intended to improve links through the precinct towards Clayton Railway Station.

The development would replace the site's existing collection of low-scale residential and commercial buildings with a single consolidated building, introducing significantly greater housing density to this part of Centre Road.

A retail tenancy is proposed at ground level to activate the Centre Road frontage, accompanied by transparent street interfaces and landscaping intended to create a more pedestrian-focused edge to the development.

<img alt="First look: Norus Developments plans landscape-led apartment project for Clayton’s emerging Green Street" data-entity-type="file" data-entity-uuid="0a5a763a-d9e9-4253-af2f-88008de27ebf" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Clayton%20a.png?VersionId=S2WJJbat1XVkZwB9SnYtygirXgWHiklX" />

The building has been designed with stepped massing and upper-level setbacks to manage its transition towards surrounding residential properties. The planning report describes the approach as one that integrates the building into the landscape rather than treating landscaping as a secondary element.

"A strong landscape and public realm strategy underpins the proposal," Urbis states in the planning report.

"Public benefits include an affordable housing contribution, a new pocket park, generous landscaped setbacks, deep soil planting and integrated Water Sensitive Urban Design."

The report adds that these elements are intended to create "a permeable, pedestrian-focused ground plane that enhances walkability, supports urban cooling and reinforces the emerging Green Street character."

Biophilic and passive design principles extend through the residential levels, with planting, daylight, natural ventilation and views towards landscaped areas forming part of the amenity strategy.

Parking would be concentrated away from the public realm, with 145 car spaces proposed from the rear laneway rather than dominating the Centre Road frontage.

The proposal follows an extensive pre-application process with the City of Monash. Three formal meetings were held between the project team and Council from December 2025 to March 2026, with the scheme evolving through several concept iterations before the current design was lodged.

The project arrives as Clayton prepares for substantial change around its established activity centre and the wider Suburban Rail Loop precinct. Its position on Centre Road places the development within an existing concentration of shops, services and public transport, while the Green Street connection is intended to strengthen pedestrian access towards Clayton Railway Station.

First look: Norus plans landscape-led apartment project for Clayton’s emerging Green Street

<a href="https://www.apartments.com.au/developers/gardner-vaughan-group">Gardner Vaughan Group</a> has officially commenced construction on Bronze on Chevron, celebrating the sod turning of its first-ever Gold Coast development and marking a significant milestone in the company's continued expansion across South East Queensland.&nbsp;

Following the successful delivery of premium residential developments throughout Brisbane and the Sunshine Coast, <a href="https://www.apartments.com.au/new-apartments/bronze-on-chevron-8-mawarra-street-chevron-island-qld-4217">Bronze on Chevron</a> represents Gardner Vaughan Group's entry into the Gold Coast market. Bronze will deliver 119 one, two, three and four-bedroom apartments above two ground-level retail tenancies.

[smartcode_project:default project_id=107520 project_image_fid=367193]

The recent sod turning ceremony was attended by Deputy Mayor Mark Hammel, President of the Surfers Paradise Surf Life Saving Club, Cassandra Sedgman, project consultants, purchasers, project partners and invited guests to celebrate the commencement of construction.&nbsp;

Gardner Vaughan Group Chief Executive Officer Simon Betteridge said Bronze on Chevron represented an exciting new chapter for the business.&nbsp;

"We've spent almost four decades building homes that respond to the way people want to live, and we're excited to bring that experience to <a href="https://www.apartments.com.au/developments/chevron-island-qld-4217">Chevron Island</a>," Betteridge said.

"Bronze on Chevron is particularly significant because it marks Gardner Vaughan Group's first development on the Gold Coast following many successful projects across Brisbane and the Sunshine Coast."

[smartcode_project:default project_id=107520 project_image_fid=367183]

Betteridge said the ground breaking is a proud moment for the&nbsp;team and their purchasers, who can now see their future homes beginning to take shape.&nbsp;

"As both developer and builder, we're able to oversee every aspect of the project from design through to construction, ensuring the quality and attention to detail Gardner Vaughan Group has become renowned for."&nbsp;

Designed by acclaimed architectural practice <a href="https://www.apartments.com.au/architects/cottee-parker-architects">Cottee Parker</a>, Bronze on Chevron has been thoughtfully designed to complement Chevron Island's evolving streetscape while embracing its relaxed coastal lifestyle.

The development will offer generous residences with refined interiors, premium finishes and resort-style amenities, with completion anticipated in early 2029.&nbsp;

[smartcode_project_cta:default project_id=107520]

The development will offer generous residences with refined interiors, premium finishes and resort-style amenities, with completion anticipated in early 2029

Gardner Vaughan Group breaks ground on first Gold Coast development, Bronze on Chevron

First Home Buyers

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RE/MAX Western Australia’s managing director Geoff Baldwin has spoken out against potential changes to current stamp duty dispensations for first home buyers, saying that if the relief was decreased or abolished there would be dire effects across the market.
 “The negative affect the ceasing of stamp duty relief for first home buyers would be extremely damaging however, when this segment of the market stagnates it ripples up through all price ranges and the effect would be crippling”, said Baldwin.
“If you take a line through New South Wales and Victoria where subsidies have been abolished, first home buyer activity has dropped to 8% and 12% respectively, compared to the current 22% in Western Australia (RP Data).
“Historically, in a healthy market, first home buyers account for around 25 to 30% of all buyers.
“The established home market has already taken a massive hit through the government’s recent actions in changing the First Home Owner Grant whereby those building new homes receive $7,000 and people buying established only $3,000.
“To abolish first home owner stamp duty concessions would be extremely short sighted as it will a negative impact the whole market and hence the Industry, just at a time where we are again experiencing some prosperity in the property sector.”
 
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Rumoured cuts to stamp duty relief for first home buyers would be “extremely damaging”: RE/MAX

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New development Vivre, a one- and two bedroom apartment complex in Essendon, has seen significant investor attention and expects owner occupiers to follow suit.
<a href="https://www.vivreessendon.com/" target="_blank">Essendon’s Vivre</a>, at 64-66 Keilor Road, from Monson Property Group, has the unusual twist of seeing 90% of the 67 apartments with something called ‘flexible’ floor plans.
Essentially, this means that buyers can re-position a moveable wall to change the size or shape of their living areas – to make a second bedroom, a study or a larger living area, for example.
Architect ClarkeHopkinsClarke has become the mastermind by the flexi-apartment concept that has seen 40% of apartments securing registrations of interest, with 25 apartments reserved, after an expressions of interest campaign was launched on Thursday.
One-bedroom properties range from $375,000 upwards, for 50 square metres. Flexi-one bedroom apartments from 50 to 55 square metres command prices from $399,000 upwards. Meanwhile, two-bedroom apartments from 57 to 72 square metres start from $480,000. Two-bedroom apartments with a study are sized from 74 square metres, at $550,000 plus. The most expensive apartment is a two-bedroom apartment with a study for $575,000.
Each includes access to a lift, and a basement car park.
Currently, <a href="/news">Essendon</a> is commanding a median unit price of $435,000, with median weekly advertised rent at $310 per week, according to RP Data.
Riveren’s Sophon En, the marketing agent for the development, said that this is a leg-up for first home buyers as the flexible floorplans allow investors to buy a one-bedroom and turn it into a two-bedroom for a greater return.
“Essendon as a suburb has strong growth potential, with recent figures showing an average median price growth of 24% for houses and apartments over the last five years.  It is a desirable place to live and ticks the boxes for infrastructure and great access to local facilities, restaurants and other amenities,” said En.
En expects that Essendon will take off with the government’s focus on the area as a growth zone.
Meanwhile, Monson Property Group’s director, Simon Mehegan, said that the name Vivre, French for ‘live’, was in reference to the flexible floor plan concept of the apartments; being somewhere to live, have living space and the capability of adapting the property to suit your lifestyle.
“It’s become common for people to buy two apartments and merge them into one for more space but this is expensive. We’re turning this concept on its head and making added space affordable,” he said.
Apartments include stone bench tops, chrome fittings, timber floorboards, stainless steel appliances and mirrored splashbacks, with similar chrome features in the tiled bathrooms.
The display suite is set to open in early May 2014, with construction to start in September 2014. March 2016 is the current date set for completion.
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Investor interest surges for new Essendon apartment development, Vivre

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GUEST OBSERVATION
If you’ve been following the news this week, you would have seen all the commotion about the latest housing price data to hit the market. Speculation of a housing bubble reached new heights with RP Data’s March figures revealing the <a href="/expert-insights/investing/melbourne-tops-the-list-of-best-performing-capital-cities-in-march-quarter-rp-data-rismark">biggest monthly gain in 18 years</a>.
Melbourne led the surge, recording the strongest growth out of all the capital cities (5.4% for the first quarter of this year). As a buyer, it can be easy to get swept up in the media headlines. Naturally, concerns about housing affordability and whether buying now is a good idea come to the forefront. But before we hit the panic button, let’s take a closer look at what this really means for buyers.
Let’s put things in perspective
Just like any situation, it’s all about putting things into perspective.
Yes, March saw some significant gains – but let’s not forget the gains are off the back of a lull in 2011 and 2012 when we saw the first major correction to the market since the ’90s. 2013 was a year of consolidation, so the latest data actually represents a recovery or upswing from lower than normal levels of activity.
We need to tune out the white noise and fears of a property bubble and keep in mind that the long-term fundamentals of the market are still strong. Our population is booming (expected to reach 40 million by 2060), interest rates are at a record low and with the mining boom over, the construction industry is tipped to be the next economic driver – spurred by an undersupply of new housing nationwide.
Adjust your expectations
If you’re a first home buyer, this piece of advice will be most relevant for you as affordability is likely to be your biggest barrier. Remember that property is a cyclical asset and should be always viewed as a long term investment.
The first home you buy is not going to be the house you live in for the rest of your life. Buy in an area where you can afford to get your foot in the door. Once you’ve done this, you can put plans in place to reap a return on your investment and use it as a stepping stone for your next purchase. 
Buying where you can afford will allow you to pay down your debt and when you’re ready, sell that first home and use the tax free profit to buy your next home. If necessary, repeat this process until you are in a position to purchase the home that you want to live in for the next 20 years. 
The other option to consider is buying an investment property that’s likely to reap strong capital growth and renting in an area you want to live in, and using the rental income from your investment property to help pay down the mortgage.
The housing market is made up of several sub-markets
This is probably one of the most important things to remember about the housing market. To an extent, we need to take the March data for what it really is; a short-term growth spurt. Don’t get caught up in the media hype.
While the data is good for providing a pulse on the market as a whole, it doesn’t provide a more holistic perspective on the various sub-markets that exist within the entire real estate market.
Each suburb is unique and has its own laws of supply and demand at play. For example, there’s still a lot of opportunity to purchase affordable housing in suburbs within 8 kilometres from the capital cities, or areas that have not yet seen huge price spikes.
In Melbourne, there are suburbs such as <a href="/news">Footscray</a> where the median unit price is $385,000 (nearly $100,000 less than the statewide median of $481,000) and <a href="/news">Essendon</a> where a number of new housing developments are driving the area’s growth potential and offering first home buyers affordable homes. 
As a buyer, you need to ensure you do your research on the area you’re looking to buy in before taking the plunge – there’s a wealth of resources online such as RP Data and propertyDATA.com.au.
Speak to the experts
Finally, if you really are serious about getting into the property market and want to do it right from the get-go, then getting advice from the people who do it on a daily basis is a great start.
Property advisory firms are a great source of advice for the housing market - similar to a financial planner for the share market. Property advisors can talk through the nuances of the sub-markets and help you understand the micro and macro trends influencing house prices and their direction. They can also take the emotion out of buying and save the time you would have had to otherwise invest into researching your purchase.
Most of all, they can save you money by presenting the best valued properties - whether you’re an investor looking to enhance returns on your property portfolio or a first home buyer trying to get a foot on the property ladder.
Sophorn En is managing director of <a href="https://www.riveren.com.au/" target="_blank">Riveren Property</a>, a specialist investment group offering a broad range of property investment and advisory services to assist clients build their long-term wealth through astute property investment.
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House prices surge, but buyers don’t panic: There’s a light at the end of the tunnel

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Urban development policies do not reflect the needs of Australia’s wealthiest group of property buyers leading to a mismatch between the housing stock available and what is in demand, according to architecture and design firm Hames Sharley’s associate director Arun Broadhurst.
Speaking at the Urban Development Institute of Australia’s national congress in Brisbane last week, Broadhurst said public policy around the country was designed with an overwhelming desire to increase the density of capital cities. As part of that, developers were encouraged to build smaller types of housing with one to two bedrooms.
“The problem is that Generation X, which is our most wealthy generation, is of child bearing age and the policies don’t necessarily reflect what they need. They’re still going to need three, four or five bedroom houses,” Broadhurst said.
Most of the members of UDIA are large land developers that focus on green field sites on the city fringes. First home buyers form their main target markets.
Broadhurst told conference delegates that while some first time buyers were interested in one to two bedroom homes, many were still looking for three to five bedroom homes because they were planning to have children in future.
Broadhurst’s comments were based on the findings of The Housing We’d Choose: a study for Perth and Peel report, which was released last year. The research was conducted by Curtin Business School with Hames Sharley managing the project. The report analysed the compromises people in Perth were prepared to make when they bought a home.
The Grattan Institute had put together similar research in 2011 based on the Sydney and Melbourne markets.
The studies constrained people’s decision making by forcing them to make realistic assessments based on their own financial situations.
“If you asked people ‘What do you want to buy?’ people would say a five bedroom house in Kirribilli but we know this is unattainable for most people. [The research] constrains people’s choices by income and available stock to get a better feeling of how the real housing market works ,” Broadhurst said.
The Perth and Peel study found Perth was well catered for in three to five bedroom houses but had a large undersupply of one to two bedroom homes that suited people looking for smaller, more affordable homes. “It’s probably similar in Brisbane,” Broadhurst said. 
“In Melbourne and Sydney there’s a greater amount of housing diversity,” he said.
However, there were opportunities for developers to attract a greater variety of people to live out on the city fringes if they built homes that better suited wealthier growing families.
“Generation X tends to be affluent enough to live in the suburbs of their choosing,” Broadhurst said.
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Urban development policies leading to a mismatch between demand and supply

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Queensland’s Great Start Grant, offered to first home buyers buying or building a new house, townhouse or unit valued up to $750,000, saw 5,200 grants paid out, with 500 more approved and ready to be paid. This grant was announced in the 2012/2013 budget.
Treasurer Tim Nicholls said that Great Start Grants have seen the government pay out $79 million in grants through this scheme.
Of the buyers, almost 50% were in the greater Brisbane area, while almost 20% went those in north Queensland and more than 10% to those on the Gold Coast.
“We’ve had 24 consecutive months of growth in the total number of trend dwelling approvals,” said Nicholls.
“Approvals in January this year were 64.3% higher than in January 2012 in trend terms. 
“We expect that the construction sector will continue to improve in 2014 with sustained low interest rates and stronger household income growth,” he said.
The Great Start Grant offers $15,000 to eligible first home buyers.
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