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


Joel Robinson

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

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


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

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


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

<p>The Gold Coast Planning Committee has supported the preliminary approval for the Benowa Gardens Urban Village project following an extensive community consultation and assessment process.</p>

<p>The proposal will now proceed to a full council vote on June 2.</p>

<p>The application sought approval for a masterplanned urban village on the existing Benowa Gardens Shopping Centre site, combining new housing, retail, dining, health and lifestyle amenities within a walkable, integrated precinct.&nbsp;</p>

<p>The proposed redevelopment includes around 413 apartments integrated above a revitalised mixed-use centre featuring a full-line supermarket of 4,000 sqm, 6,000 sqm of specialty retail and dining space across around 30 retailers, a 7,000 sqm health and wellness precinct, and roughly 9,630 sqm of office and medical suites.&nbsp;</p>

<p><img alt="$1b Benowa Gardens Urban Village moves to Full Council following Planning Committee support" data-entity-type="file" data-entity-uuid="fb36ae47-80bc-45f0-9914-31b0c7b6007d" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/PR26576%20Ashmore%20Road%20C4%201121%20FI.jpg?VersionId=6mRKk2uU4r67TmTt39DKGUlvFRbTVqWa" /></p>

<p>The broader masterplan also includes very significant traffic and transport improvements, wide pedestrian walkways, upgraded pedestrian and cycle connections, and enhanced public areas designed to create a more connected and walkable community environment.&nbsp;</p>

<p>Centre owner Patrick Lu said the milestone reflected months of detailed planning, technical assessment and ongoing communication with local residents, businesses, schools and stakeholders.</p>

<p>“We appreciate the time, consideration and care Council officers and the Planning Committee have given this proposal throughout the assessment process,” Lu said.</p>

<p>“We also sincerely thank the local community for engaging with us, sharing feedback and participating in the consultation process over many months.</p>

<p><img alt="$1b Benowa Gardens Urban Village moves to Full Council following Planning Committee support" data-entity-type="file" data-entity-uuid="32fd1fc3-d0e6-485f-ac57-9916c9bcb818" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/PR26576%20Ashmore%20Road%20C5%201121%20FI_2.jpg?VersionId=fz8qQKDBLQ7MyFRc856Zccfbh9nFwLOe" /></p>

<p>“We understand projects of this scale bring questions and concerns, which is why we have worked hard to listen carefully, provide information transparently and continue refining elements of the proposal where possible.</p>

<p>“Our vision has always been to create a well-designed, community-focused urban village that responds to the changing needs of the Gold Coast, while delivering improved amenity, housing diversity, healthcare access and local lifestyle benefits.</p>

<p>“This proposal is about creating a genuine live-work-play environment where residents can access everyday services, schools, healthcare, dining, shopping and green space within walking distance, while also supporting local jobs and economic activity.”</p>

<p><img alt="$1b Benowa Gardens Urban Village moves to Full Council following Planning Committee support" data-entity-type="file" data-entity-uuid="50dfbd04-590e-4fc6-983b-766880947867" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Dining%20Day%20Time%20-%20High%20Resolution.jpg?VersionId=BP7ZoKJ0DdL_8iRkkC8VVx99moICV6kg" /></p>

<p>Lu said the proposal had evolved significantly through consultation and technical review, particularly around traffic, pedestrian and student safety and neighbourhood connectivity.&nbsp;</p>

<p>Melissa Griffin, Director at Urbis, said the recommendation recognised the strategic importance of delivering more housing and services within established urban areas already supported by infrastructure.</p>

<p>“This proposal represents the type of thoughtful, integrated growth that planning frameworks across South-East Queensland are encouraging,” Ms Griffin said.</p>

<p>“The project seeks to place housing, retail, healthcare and employment opportunities together in a highly accessible location close to schools, transport and existing services.</p>

<p>“Importantly, the process has involved significant technical assessment and community engagement to ensure local issues and feedback were properly considered throughout the planning pathway.”</p>


$1 billion Benowa Gardens Urban Village heads to council vote following Planning Committee support

<p>Surfers Paradise is officially set for its first new residential development with a 45-storey skybridge connecting the two towers.</p>

<p>John Camilleri’s Celestino Developments has been given the green light by the Gold Coast City Council to develop its major beachfront precinct across its huge 4,000 sqm oceanfront site at <a href="https://www.apartments.com.au/new-apartments/63-79-garfield-terrace-surfers-paradise-qld-4217">63–79 Garfield Terrace</a>, just five months after its <a href="https://www.apartments.com.au/news/qld/first-look-exclusive-billionaire-winx-breeder-s-bold-two-tower-surfers-paradise-play-with-45th-storey-skybridge">submission in late 2025</a>.</p>

<p>The approved scheme will deliver two towers rising 55 and 48 storeys, connected by a skybridge positioned on level 45 that will house a range of resident-only wellness and entertainment spaces.</p>

<p>In its notice of approval, the Gold Coast City Council said the&nbsp;proposed overall built form has been designed to complement the scale, intensity and protect the adjacent amenity and surrounding streets through the use of varied setbacks, site cover and architectural elements.</p>

<p><img alt="First look exclusive: Billionaire Winx breeder’s bold two-tower Surfers Paradise play with 45th-storey skybridge" data-entity-type="" data-entity-uuid="" src="https://res.cloudinary.com/dz9xllyip/image/fetch/f_auto,c_limit,w_1440,q_75/https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/field/image/Screenshot%202025-12-30%20at%209.53.48%E2%80%AFAM.png?VersionId=ADyPJ_TFbJvSU9wZFOiCBnlPtgF7VWqW" /></p>

<p>Designed by <a href="https://www.apartments.com.au/architects/dbi">DBI</a>, the development will comprise 275 apartments across the two towers, including a mix of two-, three-, and four-bedroom residences, as well as several penthouses. The apartments will sit above a landscaped podium featuring more than 90 metres of beachfront pool frontage, private resident lawns, lounges, and wellness spaces.</p>

<p>DBI said the design draws heavily from the movement and form of the coastal environment, with curving balcony lines and sculpted façades intended to soften the scale of the towers while maximising ocean outlooks and passive shading outcomes.</p>

<p>“The project occupies a rare, uninterrupted oceanfront site and has been shaped by a design philosophy that merges architectural elegance with environmental responsiveness and a carefully curated lifestyle experience,” DBI said in planning documents submitted to the Gold Coast City Council.</p>

<p>The most distinctive element of the approved project is the skybridge linking the two towers at level 45. The elevated communal space is planned to include executive lounges, formal dining areas, wellness facilities, and panoramic ocean-facing outlooks.</p>

<p>“The skybridge enhances the identity of the development, promotes social interaction, and delivers a lifestyle experience not found elsewhere on the Gold Coast,” DBI said.</p>

<p>At podium level, residents will have access to a suite of resort-style amenities, including resident lounges, private dining rooms, a yoga lawn, gymnasium, plunge pools, and treatment spaces. The beachfront pool has been designed with separate lap, lounge, and children’s areas extending across the width of the site.</p>

<p>The project will also introduce new food and beverage offerings along the Enderley Avenue and Oceanway frontages, contributing additional activation to the beachfront precinct.</p>


First look: Winx billionaire’s beachfront Surfers Paradise apartment development greenlit

First Home Buyers

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<p>The most interesting fact revealed by a St George Bank survey of first-home buyers was buried in the small print of the media statement.</p>
<p>The survey of 1,000 first-home buyers across Australia indicated that 26 percent of respondents said they had to make compromises to buy their first homes. Half of those had to compromise on location while 46 percent had to compromise on price.</p>
<p>I was amazed that only a quarter of FHBs felt they had to make compromises to achieve home ownership. I would have expected it to be close to 100 percent.</p>
<p>When I bought my first home over 30 years ago, I had to make a range of compromises, especially on location and the quality of the house I was buying. But it seems most first-home buyers today don’t feel they had to make concessions on location or price, according to this survey at least.</p>
<p>Media would have us believe that the Great Australian Dream is near dead. Journalists continue to support that notion by quoting the discredited ABS data on borrowers identified as first-home buyers, even though the ABS has issued statements admitting it is under-counting them.</p>
<p>This is because only borrowers with a government grant are identified as first-home buyers and grants are no longer available to first-time buyers of existing homes, which severely reduces the numbers identified as first-home buyers.</p>
<p>The figures also ignore first-time buyers who buy an investment property as a first purchase while continuing to rent their homes – the so-called rentvestors, who are a rising force in Australian real estate.</p>
<p>Other more credible research sources, such as the NAB quarterly Residential Property Survey, indicate that a third of sales of new properties across Australia, and 27% of sales of established properties, are made to first-time buyers (some of which are buying investment properties, rather than a home, as a first purchase).</p>
<p>The 27 buyers of buyers of established homes who are first-timers aren’t counted in the ABS figures, but media regularly quotes the bureau’s figures as an indication that first-home buyers are priced out of the market.</p>
<p>Housing affordability and home ownership have become so politically charged in Australia that it’s impossible to have a calm and rational debate about it.</p>
<p>Even the so-called research is tainted by political objectives, so that almost nothing published is believable. The annual Demographia report clearly sets out to achieve a pre-determined result – that all of Australia is deemed unaffordable – and achieves this by arbitrarily setting the “median multiple” bar ridiculously low, so that a house costing $305,000 is described as unaffordable to someone earning $100,000 a year.</p>
<p>The recent HILDA report was a biased document which had its headline written before the research was conducted. The reported claim by Professor Roger Wilkins that “a whole generation of adults would never own a home” was over the top and not supported by the evidence in the report. </p>
<p>We continue to have high home ownership rates by world standards, although they are lower than they were 15 years ago, according to this report. Home ownership rates include almost 70 percent in Western Australia, 68 percent in South Australia and 66 percent in Victoria – although given the political tone of the report and its publicity campaign, I’m don’t feel confident believing any of its figures.</p>
<p>Other reports are tainted by suspect data. The longstanding HIA’s quarterly Affordability Report, which has a long track record of telling it like it is, found affordability (as an average across the nation) improved in the March Quarter but deteriorated in the June Quarter. </p>
<p>The weakness in this report is that it relies on CoreLogic for its price data, which recorded a significant rebound in Sydney prices in the June Quarter – a result that has been starkly contradicted by figures from other major sources, including Domain and SQM Research.</p>
<p>But, taking the latest Affordability Report at face value, it found there had been a worsening of affordability quarter-on-quarter in some jurisdictions (including Sydney, Melbourne, Brisbane and Adelaide) but improvements in affordability in others (such as Perth, Hobart, Tasmania, regional NSW, regional Victoria, regional South Australia and regional WA).</p>
<p>Taking a longer-term view, affordability is the best it’s been in regional Australia at any time in the past five years. We can say the same thing about many individual areas of the nation (including Western Australia, Tasmania and the Northern Territory), though clearly not about Sydney or Melbourne.</p>
<p>The current affordability level in Sydney and NSW is better than it was five years ago, but not as good as it was four years ago before the Sydney boom got under way. In Victoria, affordability in the March Quarter was the best it’s been in five years, but then it dropped in June Quarter, caused by the reliance on CoreLogic figures, which differ from several other sources.</p>
<p><em>Terry Ryder is the founder of <a href="https://www.hotspotting.com.au/" target="_blank">hotspotting.com.au</a>. You can <a href="https://mailto:ryder@hotspotting.com.au" target="_blank">email him</a> or follow him on <a href="https://twitter.com/hotspotting" target="_blank">Twitter.</a></em> </p>
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terryryder-YECXbqmri2

The Great Australian Dream is not dead: Terry Ryder

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<p>We traded in a car this week for about a twentieth of what it was bought for when new.</p>
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<p>Not so keen so reproduce this underwhelming result, in its stead I bought a 2012 Ford with 36,000 clicks on the clock, for around half of its 'as new' price. A bit more palatable.  </p>
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<p>Being no spring chicken any longer, I could obviously afford to buy new, but it's only a runabout and buying second hand simply offers far superior value. </p>
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<p>Besides, I feel I should practice what I preach: when compounded over a couple of decades, $20,000 could be worth quite a lot in the future. </p>
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<p>Of course, someone must buy all the new vehicles, else they'd never be sold. But who?</p>
<h3 class="post-title entry-title"> </h3>
<p>Well, some people just like the 'feel' of driving something brand new. And it sometimes makes sense for some company car drivers. </p>
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<p>Other people just have money burning a hole in their pocket, I guess, and more power to them...</p>
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<p>Who buys new dwellings?</p>
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<p>In a similar vein, buying new property tends to incur quite a hefty price premium, and for those buying 'off the plan' there is always that nagging risk that the final product doesn't much resemble what was breezily sketched in the brochure (those busy main roads just never seem to feature, hey!). </p>
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<p>Some speculators go down this path anyway, hoping to make a fast capital gain before the property is even constructed. I've seen this work very well (e.g. Barangaroo), but have seen it go wrong more often (too may places to mention).  </p>
<h3 class="post-title entry-title"> </h3>
<p>I must confess I've bought new property in Sydney before, and I'm even considering doing so elsewhere again right now, though I wouldn't necessarily recommend it to anyone looking for a bargain.</p>
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<p>Why?</p>
<h3 class="post-title entry-title"> </h3>
<p>In fact, why would anyone buy new property? It's a bit like buying a new car in many ways. </p>
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<p>Well, firstly, some people just like the undeniably fresh feel of an unused dwelling. </p>
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<p>Secondly, downsizing Baby Boomers can comfortably afford to buy new for cash using the proceeds from their home sale - so they may elect to buy new, as indeed they have earned the right to. </p>
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<p>Thirdly, and unfortunately, some would-be investors attend 'educational' courses which convince them that there are great benefits to buying new, often not realising that the apparent white knights doing the educating are actually salesmen (sometimes egregiously posing as psuedo-financial advisors).  </p>
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<p>The middlemen/salesmen may secure up to a 6 percent or greater commission from the developer, unbeknownst to the unsuspecting buyer. Goodness knows how this is still allowed to happen, but nevertheless it does. </p>
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<p>Nascent self-managed super-funds (SMSFs) and inexperienced investors are key target groups for this type of salesman. </p>
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<p>In truth, there actually are tempting depreciation and other deductions available to investors in new properties, since policy makers know that they must attempt to incentivise investors to buy new dwellings in order to stimulate construction. </p>
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<p>Strangely these generous benefits are rarely mentioned in the now-traditional annual negative gearing debate.</p>
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<div>That said, if anyone ever throws you this sales pitch in order to flog you a new property, tell them you're considering buying a one-year-old dwelling for the same benefits and gauge their reaction (if they're dead set against the idea, you'll know why: obviously they are angling for a sales commission from the developer). </div>
<div> </div>
<div>Fourthly, a high percentage share of the new dwelling stock in Australia is bought by non-residents, a cohort typically restricted from buying established stock (except in certain circumstances, such as for development purposes). </div>
<div> </div>
<div>The Foreign Investment Review Board (FIRB) typically restricts non-residents to new properties or development projects in order to encourage construction, and by and large this policy works. </div>
<div> </div>
<div>For this reason - especially with lenders less than keen to extend finance to offshore buyers of late - non-settlements on new apartments will be one of the most keenly observed market metrics over the next two years. </div>
<div> </div>
<div>And fifthly, purchasing new just suits some buying demographics. It is frequently said that Chinese buyers like unused property to the extent that some don't even let out their new dwellings, in order to keep them in a pristine condition.</div>
<div> </div>
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<div><strong><span>Incentives for first homebuyers</span></strong></div>
<div> </div>
<div>For first homebuyers, there are typically incentives available to buy or construct new homes.<br><br>These tend to vary over time, and by state and territory. The available incentives as at September 2016 are summarised in the table below. </div>
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<div><a href="/images/2016/10/20/INCENTIVES2.jpg" target="_blank">Click to enlarge</a></div>
<br><div class="separator"><img src="/images/2016/10/20/INCENTIVES2.jpg" alt=""></div>
<br><div>In the same way that I wouldn't buy a new investment property for the depreciation benefits due to the purchase price premium, first homebuyers should be wary of buying new solely to get their hands on cash grants. </div>
<div> </div>
<div>Fortunately, most young people are quite wise to this, and a larger cash grant doesn't necessarily equate to more buyers. </div>
<div> </div>
<div>In August, for example, the housing finance figures recorded only 6 (six!) owner-occupier commitments for the purchase of new dwellings in the Northern Territory, despite a lavish cash grant of $26,000 being available for first-timers!</div>
<div> </div>
<div>That said, well-targeted grants do tend to be effective, as the recently revised first homebuyer statistics showed. </div>
<div> </div>
<div><a href="/images/2016/10/20/FHB.jpg" target="_blank">Click to enlarge</a></div>
<div> </div>
<div class="separator"><img src="/images/2016/10/20/FHB.jpg" alt=""></div>
<div> </div>
<div><strong><span>New dwelling purchases</span></strong></div>
</div>
<div> </div>
<div> </div>
<div>With such a high share of new dwellings being bought by offshore buyers, particularly from mainland China these days, the domestic housing finance figures only show a part of the story. </div>
<div> </div>
<div>Overall, the August housing finance commitments figures showed domestic transaction volumes for new builds holding up well, which is good news for the economy given that there is a record number of completions due over the next two years. </div>
<div> </div>
<div><a href="/images/2016/10/20/A1.jpg" target="_blank">Click to enlarge</a></div>
<br><div class="separator"><img src="/images/2016/10/20/A1.jpg" alt=""></div>
<br><div>At the state level, when the original data is plotted in rolling annual terms, it appears that volumes began to increase steadily in each of the most populous states from around 2012 when the interest rate easing cycle commenced in earnest.</div>
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<div><a href="/images/2016/10/20/A2.jpg" target="_blank">Click to enlarge</a></div>
<br><div class="separator"><img src="/images/2016/10/20/A2.jpg" alt=""></div>
<br><strong><span style="text-decoration: underline;">Stay and renovate</span></strong><br><div> </div>
<div>Finally for today, various forecasters have long predicted a boom in major renovations.</div>
<div> </div>
<div>Generally this makes sense as a concept, for the stamp duty thresholds for the two largest cities were originally designed with much lower purchase prices in mind.</div>
<div> </div>
<div>As such, from the sublime to the ridiculous, stamp duty collection in Sydney has risen to what would previously have been thought of as absurd heights - the state's coffers are literally overflowing!</div>
<div> </div>
<div>Homeowners should therefore be incentivised to stay put and renovate rather than incur the punitive transaction costs of moving. </div>
<div> </div>
<div>In the event there has indeed been a decent boom in major renovations activity in Sydney, but to date this has not been replicated elsewhere, and the anticipated contribution to GDP has not yet materialised.</div>
<div> </div>
<div><a href="/images/2016/10/20/A3.jpg" target="_blank">Click to enlarge</a></div>
<br><div class="separator"><img src="/images/2016/10/20/A3.jpg" alt=""></div>
<br><p><span><em>PETE WARGENT is the co-founder of <a href="https://allenwargent.com/" target="_blank" rel="nofollow">AllenWargent</a> property buyers (London, Sydney) and a best-selling author and <a href="https://petewargent.blogspot.com/" target="_blank" rel="nofollow">blogger</a>.</em><br></span></p>
<p><em>His latest book is <a href="https://www.bigskypublishing.com.au/Books/General-Interest/Four-Green-Houses--and-a-Red-Hotel/1015/productview.aspx" target="_blank" rel="nofollow">Four Green Houses and a Red Hotel</a>.</em></p>
<br><div> </div>
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pwargent-M4siyDbqQY

Five reasons buyers seek new dwellings: Pete Wargent

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<p><span>EXPERT OBSERVER</span></p>
<p><span>Housing finance data from The Australian Bureau of Statistics (ABS) on first home buyer activity has generally shown that this segment of the market has been tracking at below average levels over recent years. </span></p>
<p><span>However, w</span><span>ith </span><span>each state and territory offering some level of incentive to first home buyers including grants and tax concessions, this segment is moving along quite nicely.</span><span><br></span></p>
<p><span>Nationally, there were 8,782 housing finance commitments in February 2018. Although the volume of loans was down on levels in late 2017, it was 33.1% higher than the previous February.</span></p>
<p>Click here <a href="https://www.propertyobserver.com.au/images/2018/4/19/national.jpg" target="_blank">to enlarge.</a></p>
<p><span><img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2018/4/19/national.jpg" alt=""></span></p>
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<p><span>As </span><span>a share of all owner occupier commitments, first home buyers accounted for 17.9% in February 2018 compared to 13.3% the previous year.</span><span><br></span></p>
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<p><span>Across </span><span>the individual states and territories, </span><span>we’re </span><span>seeing </span>several varying trends emerge – all likely due to activity across other buyer types in the market and how recently certain incentives have become available.</p>
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<p><span>Performance around the States:</span></p>
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<p><span>NSW: February 2018 saw 2,246 first home buyer housing finance commitments compared to 1,105 the previous year which is an increase of 103.3%. Since the end of June 2017, stamp duty concessions have become available and over the 8 months there have been 18,400 commitments compared to </span><span>10,857 over the previous 8 months. First home buyers now account for 15.1% of owner occupier finance commitments up </span><span>from 7.5% a year earlier. </span>The 15.1% is the greatest share 3,000 since October 2012.</p>
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<p>Click here <a href="https://www.propertyobserver.com.au/images/2018/4/19/nsw.jpg" target="_blank">to enlarge.</a></p>
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<p><span>Vic: 2,619 finance commitments to first home buyers in </span>February 2018. The number of commitments was 38.6% higher than a year earlier. Vic also saw stamp duty exemptions go live on July 1 last year. From the end of June there have been 23,996 first home buyer commitments compared to 17,522 over the previous 8 months. First home buyers accounted for 18.3% of commitments compared to 13.9% a year earlier.</p>
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<p>Click here <a href="https://www.propertyobserver.com.au/images/2018/4/19/vic.jpg" target="_blank">to enlarge.</a></p>
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<p><span>Qld: Over the month there were 1,839 first home buyer housing finance commitments. The number of commitments was only marginally higher from a year ago (+3.8%). First home buyers have been much more active over recent years than in NSW and Vic although, it should be noted investors have been much less active in the Qld market. First home buyers accounted for 19.3% of the market in February 2018 compared to 17.6% a year earlier. </span></p>
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<p>Click here <a href="https://www.propertyobserver.com.au/images/2018/4/19/qld.jpg" target="_blank">to enlarge.</a></p>
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<p><span>SA: In February 2018 there were 443 first home buyer housing finance commitments. Although the number was lower than those recorded late last year, it was 17.8% higher than the previous February. Despite house values being the lowest of any mainland capital city, SA has the lowest share of first home buyer activity of any state or territory with 13.0% of owner occupier commitments going to first home buyers, a year ago they accounted for a 10.5% share so they have risen a little. </span></p>
<p>Click here <a href="https://www.propertyobserver.com.au/images/2018/4/19/SA.jpg" target="_blank">to enlarge.</a></p>
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<p><span>WA: There were 1,185 first home buyer finance commitments in February 2018 which was -0.1% fewer than the volume in</span><span> </span><span>FHB No. (LHS) </span><span>February 2017. WA is the only state or territory in which there </span><span>were fewer commitments to first home buyers than a year ago. </span><span>Despite the fall in volumes, first home buyers account for </span><span>25.0% of all owner occupier housing finance commitments </span><span>compared to 22.2% a year ago.</span></p>
<p>Click here <a href="https://www.propertyobserver.com.au/images/2018/4/19/WA.jpg" target="_blank">to enlarge.</a></p>
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<p><span>Tas: Over the month of February 2017 there were 137 first home buyer housing finance commitments which was 2.2% higher than the previous February. As a share of all owner occupier housing finance commitments, first home buyers account for 13.9%, up marginally from 13.8% a year ago. A common commentary is that a lot of younger people are moving to TAS to buy a home because they </span><span>can’t </span><span>afford one on the mainland. Although the number of first home buyers </span><span>rose over the year, they remain very low which suggests, at </span><span>least at this stage, first home buyers in TAS are not particularly </span><span>active. </span></p>
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<p>Click here <a href="https://www.propertyobserver.com.au/images/2018/4/19/TAS.jpg" target="_blank">to enlarge.</a></p>
<p><a href="https://www.propertyobserver.com.au/images/2018/4/19/TAS.jpg" target="_blank"><span><img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2018/4/19/TAS.jpg" alt=""></span></a></p>
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<p><span>NT: While 52 first home buyer commitments in February 2018 is quite a low number, it is 26.8% higher than the previous year despite a sharp monthly fall. As a share of all owner occupier commitments, first home buyers account for 19.4% compared to 14.7% a year earlier however, the share is currently trending lower. </span></p>
<p>Click here <a href="https://www.propertyobserver.com.au/images/2018/4/19/NT.jpg" target="_blank">to enlarge.</a></p>
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<p><span>ACT: The 261 first home buyer housing finance commitments </span>in February 2018 was a 177.7% increase in the number from the previous year. As a share of all owner occupier commitments, first home buyers accounted for 25.6% in February 2018 which was the highest share since October 2009.</p>
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<p><span>The latest trends in first home buyer activity highlights the </span>sensitivities of this important market segment to both affordability constraints as well as market incentives such as first home buyer grants and stamp duty concessions.</p>
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<p>Despite overall slowing conditions in Sydney and Melbourne, the CoreLogic home value indices results show that the more affordable end of the housing markets in these cities as still seeing values rise and likely generated by first home buyer activity.</p>
<p>In other cities where affordability constraints are less severe, in the absence of any changes to first home buyer incentives, first time buyers generally remain more active relative to Sydney and Melbourne.</p>
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<p><span>With </span><span>demand from the investment segment expected to continue to be weaker than it has over recent years, this may afford more opportunities for first home buyers to enter the market.</span><span><br></span></p>
<p><span>Outside </span><span>of the two largest cities, first home buyer volumes </span><span>may lift over the coming months due to ongoing low mortgage rates and relative affordability compared to Sydney and</span><span> </span><span>Melbourne. In fact, the outflow of people from NSW to other states and territories is continuing to rise which may result in </span><span>increases in first home buyers elsewhere.</span><span><br></span></p>
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<p><span><em><span>CAMERON KUSHER</span> is head of research for CoreLogic. You can contact him <a href="https://blog.corelogic.com.au/about/"><span class="s2">here</span></a>.</em></span></p>
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ckusher-ujnxiKuFQs

First home buyer levels tracking below average levels for years

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<p>EXPERT OBSERVER</p>
<p class="p1">How long does it take a young couple to save a deposit to buy a first home in the current environment? Less than a year in most of our capital cities and less than 18 months in Sydney. </p>
<p class="p1">But you wouldn’t know it if you’ve tuned into the headlines over the past week, in the wake of another piece of bogus “research” generated by a publicity-seeker. Media treatment of this “report” would have us believe it takes over six years for the typical young couple to save a deposit.</p>
<p class="p1">How did we arrive at this disconnect between reality and media perception? Because nobody in the process gives a damn about being helpful to people. The only objective is the headline.</p>
<p class="p1">Media loves a story declaring young Australians can’t afford to buy – or that the road to home ownership is impossibly long and arduous.</p>
<p class="p1">The reality contradicts the notion that young individuals and couples are priced out of the market, but journalists will never let the facts get in the way of a clickbait headline. And their desire to publish dire scenarios is fuelled by apparently credible research organisations whose motive is to generate publicity.</p>
<p class="p1">The headlines in the past week claimed it took first-home buyers over six years to save a deposit to buy a home. I saw reports in major newspapers, on television news bulletins and in online news services. One headline shouted “FHBs bearing heavier deposit burden” and another said “FHBs take six and a half years to afford their first home”. For the source of the report, mission accomplished.</p>
<p class="p1">In each case, the figures from a press release were recycled as fact without question or scrutiny. Such is journalism in modern Australia.</p>
<p class="p1">The headlines were based on a scenario that has no relationship to the reality for most young Australians. The headlines – and the report that generated them – were based on the notion that typical first-timers need a 20% deposit, that they must buy a house rather than a unit, and that they’re buying in Sydney or Melbourne.</p>
<p class="p1">For nine out of 10 young adults wanting to buy their first home, that scenario is not their reality. A more likely situation is a 5% deposit to buy lower-priced home, possibly an apartment, in Brisbane or Perth or Ballarat or Wollongong or the Sunshine Coast – or a block of land to build a new home with the help of the HomeBuilder grant.</p>
<p class="p1">The reality is that first-home buyers are having a feeding frenzy in real estate markets across Australia. They comprise the most active cohort in the housing market. This is showing up in the lending figures, in the sales data and in anecdotal evidence from people at the coal-face of markets across the nation.</p>
<p class="p1">I would argue there’s never been a better time to be a first-home buyer in Australia, provided you have secure employment. Interest rates have never been lower and the level of government assistance has never been higher. Investors are largely dormant so first-timers are not having to compete with investors as much as before. You can borrow cheap from banks who want your business, you can pocket incentives from federal and state governments, and get into your first home with an ease that has never existed before.</p>
<p class="p1">Because of one federal scheme, you need only a 5% deposit. Thanks to another, you can get a $25,000 handout to build a new home. State assistance schemes provide more handouts. You can borrow with an interest rate that starts with a 2. And you’ll pay little or no stamp duty.</p>
<p class="p1">Aussie Home Loans data suggests that home loan pre-approvals have grown 71% since the start of the year and over half of all pre-approvals are for the first-home buyers.</p>
<p class="p1">Research published earlier this month indicated that, in most locations across Australia, it’s now cheaper to buy than to rent.</p>
<p class="p1">And yet media of all kinds have gone ballistic with claims that first-home hopefuls are having to save for over six years before being able to contemplate looking for a home.</p>
<p class="p1">It was all based on a typically bogus research report from Domain, a supposedly credible research source. They managed to come up with a negative scenario by doing what research like this always does: focus on how long it takes to save a 20% deposit to buy a house in the nation’s most expensive cities.</p>
<p class="p1">The scenario presented was irrelevant to most young people seeking to buy a first home.</p>
<p class="p1">How about presenting a realistic and relevant scenario? How long does it take to save a 5% deposit to buy a house in the lower price ranges in Perth – or Brisbane or Hobart? How long does it take to save a small deposit to buy an apartment in Adelaide or in a middle ring suburb of Melbourne? Or a home in Bendigo or Wagga Wagga or Launceston or Mackay. These are the places where most Australians live.</p>
<p class="p1">And the answers are …</p>
<ul class="ul1">
<li class="li1">If you’re the typical young couple buying an entry-level unit in Brisbane, it takes just nine months to save a 5% deposit.</li>
<li class="li1">In Perth, it would take only seven months and in Darwin just five months to save the necessary deposit.</li>
<li class="li1">Even in Sydney it takes only one year and four months to save the necessary deposit for an entry-level unit. And 12 months in Melbourne.</li>
<li class="li1">For those who prefer houses, they can save a 5% deposit for an entry level home is in a year or less in Adelaide, Perth, Hobart and Darwin. In Brisbane and Canberra, it’s slightly more than a year.</li>
<li class="li1">In Sydney and Melbourne, the typical young couple can get together the required deposit to buy an entry-level house in around 18 months.</li>
</ul>
<p class="p1">That information, I should point out, was contained within the Domain First Home Buyer Report. But it was buried in the detail and given no emphasis in the analysis, or the press releases pumped out by Domain, or by media that lapped up the material that was highlighted – i.e. it takes six or more years to save a 20% deposit for a house in our two biggest cities.</p>
<p class="p2">Why? Because the headline is the thing. And the truth is optional.</p>
<p class="p2">They’re driven by a desire to generate publicity. And media is happy to play along, because journalists care even less about helping their customers. It’s simply not how they think.</p>
<p class="p1">Sad but true.</p>
<p class="p4">T<em>erry Ryder is the founder of hotspotting.com.au<br></em><em><a href="https://mailto:ryder@hotspotting.com.au">ryder@hotspotting.com.au<br></a></em><em>twitter.com/hotspotting</em></p>
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First home buyer deposit saving estimates way off: Hotspotting's Terry Ryder

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<p><strong>EXPERT OBSERVER</strong></p>

<p>Urban Taskforce chief executive Tom Forrest has welcomed the National Housing Finance and Investment Corporation (NHFIC) first flagship report producing five-year projections for housing supply and demand across Australia’s major cities and regional areas.</p>

<p>The report identifies some tough choices for politicians.</p>

<p>The Report identifies some short-term affordability improvements for renters and prospective first home buyers as a consequence of lower population growth coupled with COVID-19 stimulus measures.</p>

<p>However, the report also warns that affordability could deteriorate if supply is not responsive to the rebound in demand once migration returns to earlier levels.  This is the biggest risk for the NSW economy and it falls at the feet of the Planning Department.  This is our dilemma. NSW Planning has responded well to COVID – but as 2020 closes it is yet to progress any significant planning reform and many within it would prefer less housing supply, not more.</p>

<p>Housing supply and population growth through migration cannot be seen as an either/or policy choice. We need both and our political leaders should be capable of developing a policy package which supports both. </p>

<p>The challenge for Sydney’s economic growth is migration. Sydney’s migration levels must return to pre-COVID-19 levels and above to keep the economy moving and generating the tax receipts that we need to pay for the care of the aging population (the baby boomers) many of whom do not have large superannuation balances.</p>

<p>Simply halting the decline in tax-payers as a proportion of the total population requires migration.</p>

<p>Our economic future, and that of hundreds of thousands of workers in the property and construction sector, depend on population growth. Population growth drives economic growth. </p>

<p>Without significant migration numbers, the ageing of our population (the baby-boomer phenomenon) will leave us with a lower and lower taxpayer base trying to support a bigger and bigger tax bill.</p>

<p>Governments need to re-open borders to investor immigration, skilled immigration, and the return of foreign students; WHILE still supporting a pipeline of housing supply.</p>

<p>The NHFIC report finds the longer term trends of declining affordability are likely to persist, particularly if supply is not responsive to demand when it recovers.</p>

<p>Housing supply also needs to be dramatically increased to create downward pressure on prices. This will mean some tough decisions for Minister Stokes and the Department of Planning.  The local character of suburbs will need to change – or they will change by themselves – as a result of the progressive decay of the city arising from the decline in the economy.</p>
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Politicians must “chew gum” and “skip rope”: Urban Taskforce's Tom Forrest

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<p><span style="font-size: 12.16px;">Australia has recorded a ten-year high for first homes buyers in the last quarter, according to the latest REIA’s "The Housing Affordability Report (HAR)”.</span></p>
<p><span style="font-size: 12.16px;">The report revealed a ten-year high for first home ownership and an overall improvement in housing affordability across Australia.</span></p>
<p><span style="font-size: 12.16px;">A combination of factors meant that housing affordability has faced a bright spot for those who entered the market during the September 2020 quarter.</span></p>
<p><span style="font-size: 12.16px;">Market entry has experienced its largest year on year increase since 2009 and largest quarterly increase since 2010.</span></p>
<p><span style="font-size: 12.16px;">With a September quarter increase of 36.1%, first home buyers now make up 40.8% of the owner-occupied dwelling market. This is particularly good news given the large challenges faced by tenants at the outset of the COVID-19 pandemic.</span></p>
<p><span style="font-size: 12.16px;">The average loan size to first home buyers decreased to $406,223, a decrease of 5.4% over the quarter, but an increase of 0.8% over the past 12 months.</span></p>
<p><span style="font-size: 12.16px;">Mr Kelly said that first home buyers are responding to the stable market and historically low interest rates.</span></p>
<p><span style="font-size: 12.16px;">Banks could do more to further improve affordability by passing on in full interest cuts and help even more Australian’s buy homes.</span></p>
<p><span style="font-size: 12.16px;">HAR shows us that Australian families experienced a small income increase of 0.5 % while the average loan repayment decreased by 2.5 %.</span></p>
<p><span style="font-size: 12.16px;">For homeowners, affordability improved with income to loan repayments decreasing 1.1 percentage points to 33.9% over the quarter.</span></p>
<p><span style="font-size: 12.16px;">For renters, affordability declined in the September quarter and over the past year with the proportion of income required to meet rent payments increasing by 0.4 percentage points to 23.7%. This is mainly attributed to the increase in rents in a number of capital cities.</span></p>
<p><span style="font-size: 12.16px;">The next HAR will be released on 3 March 2021 showing the full impact of CV-19 on housing affordability for 2020.</span></p>
<p><span style="font-size: 12.16px;"><strong>ADRIAN KELLY</strong> <em>is the REIA President</em><br></span></p>
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j.ballantyne1990-6AQqhLzZaK

First home buyer's dominate the market: REIA's Adrian Kelly

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<div class="styles__Container-sc-1ylecsg-0 goULFa"><span>A $500 million Victorian Homebuyer Fund was announced in the Victorian State Budget to help first homebuyers break into the property market.</span></div>
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<div class="styles__Container-sc-1ylecsg-0 goULFa"><span>The fund will contribute to the purchase price in exchange for equity interest in the property, reducing the size of the deposit required by the first time buyer.</span></div>
<div class="styles__Container-sc-1ylecsg-0 goULFa"><span> </span></div>
<div class="styles__Container-sc-1ylecsg-0 goULFa"><span><span>The plan will reduce the size of the deposit needed for homes, new and established.</span></span></div>
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<div class="styles__Container-sc-1ylecsg-0 goULFa"><span><span>The decision follows<span> a successful pilot program.</span></span></span></div>
<div class="styles__Container-sc-1ylecsg-0 goULFa"><span><span><span> </span></span></span></div>
<div class="styles__Container-sc-1ylecsg-0 goULFa"><span><span><span><span>It will help people who do not have a 20 per cent deposit.</span></span></span></span></div>
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Victorian Homebuyer Fund to encourage first home buyers

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<p><span>The office of Michael Sukkar has announced the lending panel leaders that are ready to accept applications for a guaranteed loan to build a new home or purchase a newly built home with a deposit of as little as five per cent.</span></p>
<p><span>As part of the Federal Government’s plan to create jobs and rebuild the economy, 10,000 first home buyers will be able to purchase a new home sooner under the extended first home loan deposit scheme, which will be available until June 30, 2021.</span></p>
<p><span>The following lending panel members are ready to accept applications for a guaranteed loan to build a new home or purchase a newly built home:</span><span> </span></p>
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<p>Australian Military Bank</p>
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<p>Defence Bank</p>
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<p>P&amp;N Bank</p>
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<p>Australian Mutual Bank</p>
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<p>G&amp;C Mutual</p>
</td>
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<p>People’s Choice</p>
</td>
</tr>
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<td valign="top">
<p>Bank Australia</p>
</td>
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<p>Gateway Bank</p>
</td>
<td valign="top">
<p>QBank</p>
</td>
</tr>
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<td valign="top">
<p>Bank of Us</p>
</td>
<td valign="top">
<p>IBA Group</p>
</td>
<td valign="top">
<p>Qld Country Bank</p>
</td>
</tr>
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<td valign="top">
<p>Bendigo Bank</p>
</td>
<td valign="top">
<p>The Mutual</p>
</td>
<td valign="top">
<p>Regional Australia Bank</p>
</td>
</tr>
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<td valign="top">
<p>Commonwealth Bank</p>
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<td valign="top">
<p>MyState</p>
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<td valign="top">
<p>WAW Credit Union</p>
</td>
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<td valign="top">
<p>Community First</p>
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<td valign="top">
<p>National Australia Bank</p>
</td>
<td valign="top">
<p> </p>
</td>
</tr>
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<p><span>From November 9 onwards, the following lending panel members will begin to accept applications for a guaranteed loan to build a new home or purchase a newly built home:</span></p>
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<p>Auswide Bank</p>
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<p>Credit Union Australia</p>
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<td valign="top">
<p>Police Bank</p>
</td>
</tr>
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<td valign="top">
<p>Bank First</p>
</td>
<td valign="top">
<p>Mortgageport</p>
</td>
<td valign="top">
<p>Teachers Mutual Bank</p>
</td>
</tr>
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<td valign="top">
<p>Beyond Bank</p>
</td>
<td> </td>
<td> </td>
</tr>
</tbody></table>
<p><span>Eligible first home buyers will also be able to take advantage of the Federal Government’s HomeBuilder programme and first home super saver scheme, and may also be eligible for state and territory grants.</span></p>
<p><span>In September, the Australian Bureau of Statistics’ lending indicators data showed that first home buyers are flooding into the housing market, with the number of loans to first home buyers reaching the highest number in over a decade.</span></p>
<p><span>These additional guarantees will drive more construction and support jobs in the economy at a time it's needed most.</span></p>
<p><span> </span></p>
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jrobinson-rf4aSBido9

First home deposit scheme extension announced

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<p><span style="font-size: 12.16px;">A growing number of land developers are conspiring to advertise high-risk house and unregistered land packages that hasn’t been titled by local councils.</span></p>
<p>Inexperienced first-time buyers need to beware before purchasing these properties.</p>
<p>Buyer’s agency DPP Property founder Zaki Ameer warns that when developers promote unregistered land, there’s usually a hidden risk attached.</p>
<p>First-time buyers may be conned into paying deposits for the packages with the aim of utilising the $25,000 HomeBuilder grant, which will finish at the end of this year.</p>
<p>However, in most cases, councils delay title processing on unregistered land, often up to 12 to 18 months.</p>
<p>“So, immediately, [first-time homebuyers] are giving back $25,000 on any savings they might have made on the package”, Ameer said.</p>
<p>Buyers are also locked into the contract until the full payment due date, which could be up to 48 months away, leaving them at risk of being sued by developers and builders if they have to forfeit the land purchase.</p>
<p>Ameer is calling for state governments to tighten land sale regulations, especially to first time home buyers who can easily fall prey to colourful marketing tactics.</p>
<p><span>The DPP Property founder also hopes governments put an end to delayed settlements.</span></p>
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