&nbsp;

A local Australian has spent a Lower North Shore record $15.1 million at <a href="https://www.apartments.com.au/new-apartments/elevate-hume-place-crows-nest-25-hume-street-crows-nest-nsw-2065">Elevate Hume Place</a>, the new TOD above the recently opened Crows Nest Metro Station.

The buyer amalgamated a penthouse and sub-penthouse to create the triplex apartment that will have five bedrooms, five bathrooms, a private rooftop pool, expansive terrace, and panoramic views of Sydney Harbour and skyline. The building is being created by burgeoning developer Third.i, alongside joint venture partner Phoenix Property Investors.

The buyer was drawn to Elevate’s unrivalled connectivity, situated directly above the&nbsp;<a href="https://www.apartments.com.au/developments/crows-nest-nsw-2065">Crows Nest</a> Metro Station, and the vibrant lifestyle precinct that surrounds it. The Metro connects to the CBD in just seven minutes, and Chatswood in four.

[smartcode_project:default project_id=142550 project_image_fid=309367]

Designed by internationally acclaimed architects <a href="https://www.apartments.com.au/architects/woods-bagot">Woods Bagot</a>, Elevate draws inspiration from the ancient blue gum forests native to the area. The building is a Net Zero development, created in consultation with Indigenous communities and exceeding sustainability benchmarks. Interiors feature chevron-engineered timber flooring, natural stone benchtops, and premium Sub-Zero Wolf appliances, delivering timeless elegance and next-level comfort.

The exchange of the $15.1 million apartment, follows a recent $5 million sale, and over $30 million currently in expressions of interests. Interest in Elevate’s penthouse stock has surged, reflecting a strong appetite for ultra-luxury residences that combine design excellence with unmatched connectivity.

[smartcode_project:default project_id=142550 project_image_fid=309369]

“We’re seeing a significant uptick in interest from local and international buyers who are prioritising connectivity, sustainability, and lifestyle,” said Callum Billinghurst, Head of Sales at Third.i Group.&nbsp;

“These recent sales are a testament to the vision behind Elevate. It’s not just about luxury finishes or panoramic views, it’s about creating homes that are deeply connected to the city and the community. Buyers are responding to that. They want to live somewhere that offers more than just a postcode, they want culture, convenience, and long-term value. Elevate delivers all of that, and more.”

[smartcode_project:default project_id=142550 project_image_fid=297878]

As part of the Hume Place precinct, Elevate is transforming Crows Nest into Sydney’s most dynamic urban village. Elevate’s unique position directly above the metro, combined with its curated amenity offering, has made it a magnet for buyers seeking a future-proof investment and a vibrant urban lifestyle.

The next release at Elevate is expected later this year.

[smartcode_project_cta:default project_id=142550]

“We’re seeing a significant uptick in interest from local and international buyers who are prioritising connectivity, sustainability, and lifestyle,” said Callum Billinghurst, Head of Sales at Third.i Group


Joel Robinson

Third.i & PPI set Lower North Shore apartment record with $15.1m sale at Elevate Hume Place penthouse amalgamation

Sydney developer Deicorp is set to officially open its <a href="https://www.apartments.com.au/new-apartments/hills-showground-village-castle-hill-2-mandala-parade-castle-hill-nsw-2154">Showground Village</a> precinct in Castle Hill.

NSW Premier Chris Minns will attend the opening on Sunday August 31, alongside&nbsp;Minister for Planning and Public Spaces Paul Scully, The Hills Shire Council Mayor Dr Michelle Byrne, Landcom CEO Alex Wendler, and Deicorp Founder Fouad Deiri.

Located just moments from Hills Showground Metro Station, the centre spans 9,500 sqm across four levels and features 26 specialty retailers as well as a 1,400 sqm public plaza, creating a new community meeting point for shopping, dining, fitness, and everyday convenience.&nbsp;

Showground Village forms part of the Hills Showground Station Precinct, an urban renewal initiative led by Landcom and Sydney Metro that will provide for around 2,300 new jobs over the next 20 years and around 9,000 new homes.&nbsp;

Deicorp was recently approved for another new development next door to Showground Village.

The new five residential buildings in the East Showgrounds Precinct, will see another 873 dwellings delivered, as well as&nbsp;3,500 sqm of open public space in the form of landscaped courtyards, a public park and communal outdoor recreational space including a playground, barbeque area, and outdoor seating.

“This approval will allow us to start construction on a range of beautifully designed, conveniently located apartments and create another vibrant, walkable and well-connected community,” said&nbsp;<a href="https://www.apartments.com.au/developers/deicorp" target="">Deicorp</a>&nbsp;Founder Fouad Deiri.

“These new homes will provide their residents with a seamless connection to jobs and services along Metro North West, and the new&nbsp;<a href="https://www.apartments.com.au/new-apartments/hills-showground-village-castle-hill-2-mandala-parade-castle-hill" target="">Hills Showground Village</a>&nbsp;retail precinct currently under construction."

Deicorp has several thousand apartments in planning and under construction across Sydney, from Zetland and Five Dock to Crows Nest and Macquarie Park.

[smartcode_project_cta:default project_id=133881]

Deicorp, NSW Premier officially open Showground Village, new retail and hospitality hub in Castle Hill

ASX-listed developer Cedar Woods is progressing its plans for its Southbank arts precinct site.&nbsp;

The developer has filed plans, which are now with the&nbsp;Department of Transport and Planning, for a new 20-level tower at&nbsp;<a href="https://www.apartments.com.au/new-apartments/141-151-sturt-street-southbank-vic-3006">141–151 Sturt Street</a>, a 2,718 sqm block opposite the Habitat Filter sculpture.

The proposal seeks to demolish the two-level&nbsp;commercial building, including a small supermarket and medical tenancies, and create a new building with 180 apartments and a focus on an&nbsp;active public realm and arts integration.

&nbsp;

<img alt="Southbank site" data-entity-type="file" data-entity-uuid="76a72db6-91ef-43ae-827d-a9cfa72893d2" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Site.png?VersionId=DZgtB4K6BswVh0QtCs3iLjXaLp0CbcEb" />

&nbsp;

There will be a full mix of apartment configurations, including 28 studio apartments, 16 one-bedroom, 104 two-bedroom, and 32 three-bedroom units.

Retail, creative arts, and residential amenity functions are integrated across the lower levels. A food and drink tenancy is planned to front Dodds Street, while a retail tenancy fronting Sturt Street will be accessed via an elevated walkway. The first floor includes a substantial 734 sqm creative arts space, envisioned to support Melbourne’s growing cultural and digital industries.

Architecture firm <a href="https://www.apartments.com.au/architects/rothelowman">Rothelowman</a> has put together the plans. In their&nbsp;Urban Design Report they highlighted the project’s ambition to embed itself within Southbank’s evolving cultural fabric.

A central feature of the design is a through-block link connecting Sturt and Dodds Streets, landscaped with native plantings and embedded with universal access ramps.

“The ramp has been thoughtfully integrated as the primary access point, ensuring universal accessibility for all users,” the report noted, with the link offering “a direct response to the urban planning scheme of creating more green spaces within our communities”.

<img alt="Southbank podium" data-entity-type="file" data-entity-uuid="4d24b1b2-d69c-4a11-a11d-ec6df432221c" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/podium.png?VersionId=geWoJyZDmPSLODZ_.PNJ0LvpOmyyCdpo" />

The building’s podium form responds to the mandatory height limits along Dodds Street and maintains a fine-grain interface to adjoining developments. Above the podium, the tower is articulated with recessed balconies and a focus on views toward the CBD and surrounding arts institutions. A communal rooftop recreation deck and indoor lounge are positioned on level four, adjoining seven apartments and providing over 900 sqm of resident amenity space.

Vehicle access and loading will be provided via Dodds Street, with 155 resident car spaces located across two basement levels and the first three above-ground floors. Bicycle storage is more generous, with 226 spaces distributed across resident, staff and visitor needs.

Rothelowman describes the architecture as “humanist,” with ground-level interfaces designed to encourage social interaction and provide a dignified entry for both residents and passers-by. “All street interfaces are crafted to invite and nurture human connections,” the design report states. “The façade transitions to a human scale, providing an approachable and engaging streetscape”.

Cedar Woods, while well-known for its large communities it develops outside of Australia's capital cities, they have recently developed in Melbourne's inner-ring before. They are approaching completion at <a href="https://www.apartments.com.au/new-townhouses/88-leveson-north-melbourne-88-leveson-street-north-melbourne-vic-3051">88 Leveson</a>, just 15 townhouses in the heart of North Melbourne.

Cedar Woods progresses with new apartment plans in Southbank arts precinct

Brisbane developers Core Property Partners and Vector Property Australia has teamed up for Brisbane's newest apartment development.

The duo identified <a href="https://www.apartments.com.au/developments/east-brisbane-qld-4169">East Brisbane</a> as their preferred suburb, on the fringe of the Gabba Precinct, where they've just revealed BANKSII, 72 apartments opposite Raymond Park.

[smartcode_project:default project_id=136432 project_image_fid=5481]

The one-, two-, and three-bedroom apartments will sit in a glass-wrapped building that will also feature a rooftop with an&nbsp;infinity-edge pool, a BBQ area and alfresco dining spaces, sun lounges, and a sauna, as well as a resident-only gym and a ground-floor cafe.

Rhett Williams, Director of Vector Property Australia, said the project will lift the quality of the East Brisbane community and set a new benchmark.

"In Brisbane’s current property landscape, <a href="https://www.apartments.com.au/new-apartments/banksii-east-brisbane-169-wellington-road-east-brisbane-qld-4169">BANKSII</a> stands out through its emphasis on lifestyle-oriented living, connectivity and sophisticated design," Williams says.

[smartcode_project:default project_id=136432 project_image_fid=5479]

The 10-level building has been designed by MAS Architecture. Their designs were inspired by the native Banksia flower, with the architecture and interiors reflecting the organic symmetry of its namesake flora. MAS has interpreted this throughout the building’s curved form, façade detailing and interior palette.&nbsp;

The building’s flowing geometry and natural tones are complemented by large balconies and floor-to-ceiling glazing, maximising cross-breezes, daylight and views over the city, parklands and river.

“Having a strong narrative for a building helps us architecturally,” MAS noted. "We can choose colours that come off that species of flowers. The trunk and the trees and the flower elements all are now visible in our joinery on the inside and in our architectural finishes on the outside."

[smartcode_project:default project_id=136432 project_image_fid=5485]

Apartments will feature timber floors, soft porcelain tiles, brushed bronze fittings, and stone benchtops with warm veining.&nbsp;

Kitchens feature premium SMEG appliances and generous storage, while bathrooms have been designed as calming retreats with curved cabinetry and twin sinks in the master ensuites.

The building will feature a suite of rooftop and wellness amenities. Residents will have access to an infinity-edge pool, BBQ and alfresco dining areas, sun lounges and a rooftop sauna.&nbsp;

A residents-only gym will be located on the podium level, while a ground-floor café and landscaped laneway will further activate the site and improve neighbourhood connectivity.

[smartcode_project:default project_id=136432 project_image_fid=5488]

BANKSII will rise from a prime Wellington Road site, with the building oriented to overlook the adjacent Raymond Park and take in extensive city views. It is also on the doorstep of key&nbsp;lifestyle infrastructure, including the future Kangaroo Point Green Bridge, The Gabba stadium, and the planned Brisbane Live arena.&nbsp;

Public transport options, including ferry, bus and rail - including the future Cross River Rail Woolloongabba station - are all nearby, supporting a car-optional lifestyle just minutes from the CBD.

Williams said the team spent over a year searching for the ideal site before securing this location.

"We were attracted to <a href="https://www.apartments.com.au/developments/east-brisbane-qld-4169">East Brisbane</a> as it is a vibrant and growing community that offers a perfect balance of urban convenience and natural beauty with the parklands and river on our doorstep.”

The project is part of the broader Woolloongabba Games precinct, which is undergoing significant investment in the lead-up to the 2032 Brisbane Olympics. This urban renewal, coupled with infrastructure upgrades, is expected to enhance long-term liveability and capital growth in the area.

Given the wide max of configurations, BANKSII is expected to suit everyone from first home buyers and investors to families and downsizers.

[smartcode_project_cta:default project_id=136432]

BANKSII sales launch in booming East Brisbane apartment market

The Minns Labor Government will deliver Sydney’s first new heavy rail station in more than a decade – enabling up to 10,000 new homes by rezoning land around Woollahra and Edgecliff stations, right next to the CBD, to tackle the housing crisis and rebalance growth across the city.

Recent reports by the NSW Productivity Commission have warned that Sydney is losing twice as many young people as it is gaining, while also finding that Woollahra is the most feasible Local Government Area (LGA) in New South Wales to build new housing.

Despite this, housing approvals in Woollahra consistently lag well behind other LGAs, and the population has declined by 11 per cent over the past 50 years while Greater Sydney as a whole has grown by 74 per cent.

The new station that will be an eight-minute trip from Sydney CBD, will be located on the Eastern Suburbs train line in Woollahra, where a station build was started in the 1970s but never completed.

To enable the delivery of new homes the NSW Government will lead a rezoning of Woollahra and Edgecliff stations similar to other state led rezonings to allow additional homes to be built around the stations.

Affordable housing will also make up a proportion of development on the site with the final amount of affordable housing required, to be determined as part of the rezoning process.

The area surrounding the new station is within walking distance of major green and recreational space including Cooper, Trumper, Rushcutters Bay and Centennial Parks.

The Eastern Suburbs train line between Bondi Junction and Sydney CBD also has the lowest passenger usage rates during the AM peak of any line on the Sydney network, with only 43 per cent of operating capacity during the AM peak currently being utilised by passengers.

Sydney Water and Infrastructure NSW have confirmed there is capacity in the water and wastewater systems to accommodate the proposed 10,000 dwellings without major upgrades.

The rezoning is expected to take around two years and will further support the Government’s housing targets that rebalance the delivery of new homes around existing infrastructure.

&nbsp;

&nbsp;

Next stop Woollahra train station - delivering up to 10,000 new homes in the heart of Sydney

Deposit

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Some 800 anxious off-the-plan buyers of apartment in incomplete Ralan Group projects didn’t get heartening news when they attended the creditors meeting in Sydney.
The over whelming majority of buyers had allowed their deposits - that ranged from the standard 10 per cent up to 20 percent - to be released to the developer in return for 15 percent interest rates on the funds during the construction phase.
They have a small hope of getting their deposit back although not any time soon amid the <a href="/news/william-odwyers-ralan-hits-voluntary-administration">$500 million company collapse</a>.
The first creditors’ meeting was not attended by William O’Dwyer, the founder of Ralan who had promoted its projects heavily among the Chinese-speaking community.
It emerged a Sydney law firm has taken up the fight on behalf of the apartment buyers. 
Matthew Bransgrove, who heads up Bransgroves Lawyers, a firm specialising in mortgage lending litigation, was now representing Ralan investors who had released their deposits to the developer as unsecured loans.
"We are currently investigating whether it will be possible to recover the funds through legal action against either the secured creditors or the solicitors who acted for the investors," he indicated.
Bransgrove said the 15 percent interest rate being offered suggested "Ralan was operating a Ponzi scheme (in as much as the money raised from investors was being used to pay interest to other investors)."
"In the absence of a prospectus there was no way for the investors to ascertain or judge the risk involved.
"Ralan required but did not hold a AFSL licence to issue debentures.
"In borrowing the deposits from the investors Ralan was issuing debentures."
There are 1200 apartment buyers in Ralan’s Sydney and Gold Coast apartment towers among the 1800 creditors of the collapsed property developer, according to voluntary administrator Grant Thornton.
The failed developer which entered administration in late July owes at least $500 million to its creditors.
Details of the creditors’ identities shows Queensland’s Hutchinson Builders is owed $5.5m.
Grant Thornton said there were five apartment towers affected by the Ralan collapse.
They are The Orchid at Arncliffe, a long-dormant site near Sydney Airport, along with Ruby Tower 2, Ruby Tower 3, Ruby Tower 4 and Sapphire on the Gold Coast.
Grant Thornton said The Orchid, which fronts 213 Princes Highway, Arncliffe, was the only apartment tower under construction and it was in discussions with the relevant stakeholders.
Lawyer James Feng was at the meeting to represent clients who had bought into the Orchid, the incomplete 318-five tower apartment project, in 2014.
He hoped the buyers would be able to keep their purchase alive as there had been considerable price appreciation.
They had hoped it would be settled by early next year.
Said Jahani at Grant Thornton Australia said the administrators would explore whether future buyer or developers would honour the purchaser’s sale contracts but this remained uncertain.
“Purchasers may receive their deposit back if their funds are still held in a separate trust account,” he said.
One Ralan buyer Shirley Han at Roseville had known of Ralan for more than decade. She resides in a Ralan project at Roseville and has another investment at Warawee.
"They sold like hot cakes," she said.
"I don't think it is a con," she said.
"I am suffering but so too are all the workers at Ralan," she added.
Some of those who attended the meeting were the sales team who had worked for Ralan on commission-only sales contracts for years, and had also invested themselves in the off-the-plan apartments taking their apartments in lieu of regular income.
The NSW state government has indicated it was moving to ensure that off the plan apartment deposits won’t be able to be accessed prematurely by property developers.
New legislation would safeguard deposits within the trust funds of solicitors/conveyancers, estate agents or the public trustee.
The legislation passed parliament last November, but the regulations have been ­delayed and not expected until later this year at the earliest.
This article was first published in the Daily Telegraph.
 
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j.ballantyne1990-6AQqhLzZaK

Ralan OTP buyers offered 15 percent returns in alleged Ponzi style scheme

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Nearly 30 percent of first home buyers had to save for more than five years on order to save a deposit according to Mortgage Choice’s First Home Buyer survey.
Chief executive of Mortgage Choice John Flavell said it came as no surprise to find that 1 in every 3 first home buyers had to save for more than five years before buying their first home when house price growth continues to outpace the growth in incomes.
“Interestingly, while those first home buyers who bought a home within that last two years said it took them more than half a decade to save their property deposit, those who are planning to buy their first home soon believe it will only take them ‘one to two years’ to save their deposit,” he said.
“When it comes to buying property, first home buyers may feel as though two years is a long time to save, but in reality, saving for a property can take quite a while.
"Even if you’re a dedicated saver who diligently puts away a portion of your income into your savings, it’s still very time-consuming to save the amount you need for a deposit.
“And, with house prices consistently rising, the deposit size needed continues to grow.
“Day to day expenses such as groceries, rent, and transport costs, can also impact on a first home buyer’s ability to save.”
Mortgage Choice has five tips to help first home buyers reach their savings goal faster.
1. Have a realistic savings plan
Take control of your finances by drawing up a practical savings plan for the month. Factor in regular expenses such as going out, transport and rent, as well as any bills and debts. Consider what luxuries could be reduced as these will help make a difference to your savings capacity. At the end of the month, have a look at your plan and, if necessary, reassess your spending.    
2.Consider switching lenders
If you have kept your finances with the same lender since your first job, it might be a good idea to have a look around and consider switching to another bank. Today, some lenders are actually offering financial incentives if you switch, which could help you to boost your savings faster.
3.Sell your unused items
You could make some quick money by selling belongings you no longer use or need. Online outlets such as eBay and Gumtree are great places to put your items up for sale and watch the cash come in.
4.Pay off debts
Credit cards and personal loans can easily get out of hand if they are not managed properly. Paying off debts will not only maximise the amount you may be able to borrow when it comes to applying for a mortgage, but it will also help you free up some of your cash flow and allow you to save more money faster.
5.Save 10 percent of your income
Saving a designated amount of your income takes discipline, but it is financially rewarding. It is advisable to set up a savings account where you put in 10 percent of your pay as soon as it comes through. To reduce the temptation to spend it, you may want to open a savings account with a different lender and not get a debit card connected to the account.
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jonathanchancellor-7SQnKwU6yx

30 percent of first home buyers took more than five years to save a deposit

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Research from ME shows one in ten Australians are saving to buy a home.
That’s a lot of people working towards the same goal. And it can be done, says Nic Emery, head of deposits and transactional banking at ME. But if you’re struggling to grow a first home deposit, it could be time for a fresh approach. Weaving healthy money habits into your daily routine could be the key to growing a first home deposit sooner.
You see, while old habits die hard, new habits can be formed just as easily. The trick is to anchor new habits to existing habits. 
Use old habits to develop new habits
Research by psychologists confirms that using a non-financial cue like making your regular morning coffee to check the balance of your everyday account, can see the two actions start to go hand in hand. In fact, some people can develop new habits this way in as little as 18 days. It can mean your first home deposit starts to forge ahead in less than three weeks.
Let’s take a closer look at how your current habits can be used to launch some clever new financial habits to get into your first home sooner.
Take the bus to work. Check your budget
Whether you travel by train, tram or bus to work, use your daily commute as a cue to review your budget. 
ME research shows only one in two Gen Y Australians (aged 18-34) – those most likely to be saving for a first home – follow a budget. Yet it is a critical first step that lets you juggle household expenses, pay regular bills on time and still have money for savings.
Grab some lunch. Transfer money into your savings account
Give your savings a boost while refueling your energy levels. Making regular deposits, no matter how small, goes a long way to growing first home savings. 
Be sure to use a dedicated savings account. Over one in ten (14 percent) Gen Ys accumulate savings in an everyday account, and that may mean missing out on valuable interest income.
Head home. Review the days spending  
Only two out of five people keep a written record of their expenses. But this simple step will help you develop a more accurate picture of your spending patterns and highlight areas where you can cutback to free up cash for extra saving.
Tune into your favourite TV show. Check your savings.  
Unwind, relax and use the opportunity to monitor your savings and also your savings account to be sure your money is earning a competitive rate. 
Plenty of savings accounts offer an enticing introductory rate. The trouble is, after just a few months your money could be earning a very low return making it harder to save a first home deposit. 
Skip the hassle of shifting money around from one account to another by choosing a bank that offers a consistently good rate on savings.   
Four daily habits. Four steps to grow your first home deposit. Start today, and with plenty of repetition you can reach your goal sooner. 
 
For more information <a href="https://www.mebank.com.au" target="_blank">click here</a>.
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po-LsXgBTHBmX

Property 101: Four daily habits to help save for a home

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<img src="/images/2015/11/NEW_RAMS_LOGO.jpg" alt="">
Saving for a deposit can be tough but there are ways you could fast-track your entry into the market.
Most lenders will only extend finance up to 95% of the property’s value, so you’ll usually need a deposit of at least 5%. If you want to avoid paying lender’s mortgage insurance, you may need to save at least 20% of the property’s value.
You may also have to budget for extra expenses such as stamp duty, transaction costs, conveyancing fees and removalist costs. 
A disciplined approach to saving, can help you get there but you may be able to get into the market sooner.
ASK YOUR PARENTS OR SIBLINGS - If your parents are willing to help, you could ask them to stand as guarantors for the loan. This often allows you to get a mortgage with a smaller deposit, or no deposit at all. The guarantee can be limited to a certain amount and could be removed after you’ve built sufficient equity in your home. As guarantors, your parents are using their assets to back you so make sure you all fully understand the potential consequences.
BUY WITH A FRIEND OR RELATIVE - This could cut down on the amount you need to save as you’ll both be contributing to the purchase. You’ll each own part of the property and share in the mortgage repayments. Be sure to seek legal advice to avoid potential disputes down the track.
BUILD A DUPLEX – Take buying with someone else to the next level and build together. By building a duplex and then subdividing the land, you each could end up with your own home at potentially a lower cost. There are lots of factors to consider if you’re thinking of taking this approach. Check council zoning and budget building costs carefully. There will be costs including the subdivision, survey expenses, legal and application fees, but you may be eligible for a stamp duty concession.
BUY OFF THE PLAN – Governments are waiving stamp duty on newly built homes to encourage development. Buying off the plan also allows you to buy now and pay later. You’ll have to put down a deposit on the property when you sign to buy but settlement doesn’t occur until after your home is completed, giving you longer to save.
Quick tip: What works for you will depend on your own personal circumstances. Consider seeking financial and legal advice.
 
TO FIND OUT HOW RAMS CAN HELP EASE YOU THROUGH THE PROCESS, GET IN TOUCH WITH YOUR LOCAL RAMS HOME LOAN EXPERT OR DROP IN FOR YOUR <a href="https://ad.doubleclick.net/ddm/clk/297184793;124284611;o" target="_blank">FREE FIRST HOME BUYERS’ GUIDE</a>.
For more great property advice and tips on buying your first home from RAMS subscribe to <a href="https://ad.doubleclick.net/ddm/clk/297184564;124284612;l" target="_blank">The Great Australian Dream property series</a>.
For your free Property Observer eBook from RAMS, 12 tips for first-time buyers, covering everything you need to know when it comes to purchasing property, click here.
Disclaimer: Information in this material is general and does not take into account your objectives, financial situation or needs and you should consider whether it is appropriate for you. You should also obtain independent professional advice relevant to your financial circumstances.
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jchancellor-FAypfDUnLy

Buying a first home sooner

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First homebuyers need to save consistently for a decade to muster the average $113,000 property deposit, according to the latest calculations by the comparison site, Mozo.com.au.
“First homebuyers are having to face the huge hurdle of bridging the ‘deposit gap’ to buy a property, which could take anywhere between six and 14 years, depending on the city,” said Mozo director, Kirsty Lamont.
Mozo crunched the numbers on the average property price in each capital city to work out just how much and how long was needed to save to build up a 20% deposit.
“Anyone renting in Sydney could buy six years and five months earlier by shacking up with the parents,” said Kirsty Lamont. 
Mozo’s four tips to speed up the savings process:
• Start now, it’s never too early to start saving for your first home. 
• Cut back on high everyday costs like transport or rent, consider moving back home or curb your entertainment and eating out costs.
• Look for a better rate of return on your savings balance. Shop around and take advantage of bonus or intro offers.
• Consider buying a property with a family member if your circumstances allow.
<a href="/images/2015/07/21/mozo_deposit_chart.jpg" target="_blank">Click to enlarge</a>
<img src="/images/2015/07/21/mozo_deposit_chart.jpg" alt="">
Deposit amounts are calculated based on the average capital city dwelling price, using CoreLogic RPData Home Value Index, June 2015.
Savings amount is calculated at 15% of the average monthly salary in each state based on ABS Average Weekly Earnings Australia, November 2014. The tax was deducted using the various tax rates outlined by the ATO.
Average Sydney rent of $530 a week based on Domain Group Rental Market Report, June 2015.
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