When long-time Ivanhoe locals Graeme and Catherine, decided it was time to downsize, they weren’t necessarily in a rush.&nbsp;

Like many in their stage of life, they had started thinking about apartment living, but anticipated making the shift in two to three years.

That timeline changed when they visited <a href="https://www.urban.com.au/new-apartments/candela-ivanhoe-40-upper-heidelberg-road-ivanhoe">Candela</a>, a new boutique development by <a href="https://www.urban.com.au/developers/salter-brothers">Salter Brothers</a>. The project ticked all the boxes they were looking for: location, quality design, and long-term lifestyle benefits, which prompted them to bring their decision forward.

“It was the right place at the right time,” they said. “We knew immediately it ticked all the boxes, and we didn’t want to wait.”

[smartcode_project:default project_id=342 project_image_fid=358855]

Their decision to downsize was driven by a combination of practical needs and lifestyle considerations. Their existing home, while much loved, had become increasingly difficult to maintain. It spanned multiple levels, included extensive front and back gardens, and was starting to show the wear that comes with age.&nbsp;

They were looking for a more manageable lifestyle, one with less upkeep and more freedom. A brand-new apartment with no maintenance requirements and the ability to simply “lock up and leave” gave them peace of mind and a greater sense of control over their future.

Financially, the purchase made sense as well. The available stamp duty savings, strong price-to-value offering, and timing of the settlement suited their plans, making the transition smoother and more cost-effective. The apartment's design and inclusions further supported their choice.

[smartcode_project:default project_id=342 project_image_fid=357493]

The layout was both functional and flexible: three bedrooms, a butler’s pantry, a separate laundry, and a large open-plan living area. It gave them the freedom to host a family, accommodate guests, or set up a home office. The expansive balcony and elevated views added to the appeal, providing a sense of openness and connection to the outdoors.

“It just had a really good flow,” Catherine noted, something they found lacking in many other apartments they’d considered, particularly in the established market.

Candela’s boutique scale was another deciding factor. With a smaller number of residences and a top-floor penthouse position, the couple felt the development offered the privacy and space they were looking for, without feeling isolated.

“We liked that it wasn’t a huge development. It felt well-balanced, modern but still with a sense of community, not overwhelming,” they said.

[smartcode_project:default project_id=342 project_image_fid=357508]

Equally important was the ability to remain in Ivanhoe, a suburb they know well and have deep roots in. After 46 years in the area, proximity to local parks, shops, and familiar faces mattered just as much as the apartment itself.

“We didn’t want to give up the community we’ve known for decades. Candela allowed us to upgrade our lifestyle while staying in the place we call home.”

With a Walk Score of 90, the village location supports a convenient, connected lifestyle. <a href="https://www.apartments.com.au/developments/ivanhoe-vic-3079">Ivanhoe</a> Station is just a eight-minute walk away, and the neighbourhood offers access to parks, cafes, restaurants, and schools along Upper Heidelberg Road, all within easy reach.

Beyond the apartment, the couple also saw value in the broader vision for Candela, one that integrates residential living with public spaces and local amenities.&nbsp;

The development introduces 58 new apartments as well as a mix of commercial and social spaces that integrate contemporary architecture with the suburb’s existing character.&nbsp;

At ground level, residents will find a charming café and a lifestyle wellness centre, perfect for unwinding and rejuvenating. Meanwhile, the rooftop garden offers a stunning vantage point for residents to enjoy breathtaking sunsets, host gatherings, or enjoy barbecues with family and friends. It's not just a place to live; it's a vibrant community where every moment is an opportunity to connect and create lasting memories.

[smartcode_project_cta:default project_id=342]

Staff Writer

Why Ivanhoe locals are choosing to downsize to Candela

Mark and Roy Makari are expanding their presence in Sydney’s South West with a second major proposal for Leppington, this time envisioning a 900-dwelling mixed-use development just 850 metres from their previously lodged tower trio on Fifth Avenue.

Project management and construction management firm Creative Vision filed the plans for the&nbsp;multi-building project at <a href="https://www.apartments.com.au/new-apartments/230-rickard-road-leppington-nsw-2179">230 Rickard Road, Leppington</a>. The proposal seeks to establish a new focal point for the precinct through a high-density, transit-oriented development supported by diverse land uses.

According to the Scoping Report prepared for the Department of Planning, the scheme includes around 900 apartments across multiple towers, including 135 dwellings designated for affordable housing. A mix of market and subsidised apartments will be supported by ground-level activation through retail and office space, a childcare centre, and a hotel, forming a comprehensive urban precinct.

<img alt="Mixed Use Development 230 Rickard Rd Leppington" data-entity-type="file" data-entity-uuid="34797362-f3dc-4d84-8235-2657fc5f3bde" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Plan.png?VersionId=Uzckrz9tUpDQl5lX1_WMhjnv16bsr8wG" />

The Design Report by <a href="https://www.apartments.com.au/architects/studiosc-0">Studio SC</a> notes that the project “intends to deliver a high-quality, high-density built form that supports the vision for the Leppington Town Centre, integrating mixed-use outcomes and public domain upgrades.” The development is expected to be delivered in stages, although a precise timeline is yet to be confirmed.

The project will be assessed through a future State Significant Development Application, with the Scoping Report indicating the team will seek design excellence via a competitive process or through an expert design review panel. Early massing diagrams suggest a series of mid- to high-rise buildings framing a central landscaped spine, with emphasis on pedestrian permeability and public space.

The planning documentation flags a strong sustainability agenda, stating that the development will “respond to the urban heat island effect, incorporate water sensitive urban design, and prioritise active transport”.

<img alt="Mixed Use Development 230 Rickard Rd Leppington" data-entity-type="file" data-entity-uuid="369d7b54-1279-4cde-88ec-dcb215594414" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Podium_1.png?VersionId=QArL7B2kkLt63vl5xvL0FNV_ardAlez4" />

The proposal follows in the footsteps of the Makaris’ nearby Fifth Avenue site, where they’ve submitted plans for three towers comprising nearly 500 apartments, with 10 per cent dedicated to affordable housing. That project features commercial podiums, a childcare centre, and a new public park that would occupy more than a third of the site.

Both developments are situated within walking distance of Leppington Train Station and fall under strategic precinct plans promoting higher density housing. The town centre is undergoing substantial transformation, driven by state government planning reforms aimed at fast-tracking housing delivery.

Together, the two projects represent a combined ambition of nearly 1,400 new homes across just under two kilometres of central Leppington.

First look: 900-home mixed-use precinct planned for Leppington

Leading Australian integrated property development group, <a href="https://www.apartments.com.au/developers/aqualand-australia">Aqualand</a>, has released the signature penthouses crowning its landmark AURA by Aqualand precinct at 168 Walker Street in North Sydney, unveiling Il Magnate and La Divina as the largest and most luxurious penthouses in the suburb.

With prices anticipated to commence from $15 million, and each accompanied by a new Porsche Carrera 911 valued at over $500K, the residences mark the culmination of <a href="https://www.apartments.com.au/buildings/aura-by-aqualand-north-sydney-168-walker-street-north-sydney-nsw-2060">AURA by Aqualand</a>’s decade-long journey and the beginning of its final sales chapter. 
&nbsp; 
Their release follows more than $850 million in record-breaking residential sales and the building’s completion and occupation.

[smartcode_project:default project_id=30959 project_image_fid=358868]

The Richards Stanisich-designed 284 sqm Il Magnate and 224 sqm La Divina penthouses, collectively known as The Icons of AURA, are conceived as grand luxury homes rather than apartments, with expansive proportions, elevated materiality and curated identities that reflect their status as one-off residences.&nbsp;

Il Magnate features a grande master suite, complete with substantial walk-in dressing area and ensuite, three other bedrooms, second ensuite and another bathroom, powder room, open plan kitchen, scullery, substantial dining area and generous living room divided by a feature fireplace, and a multifunction wintergarden, which is ideal for a study and adjoining office breakout space. &nbsp;

Meanwhile, the La Divina residence offers the same amenities, sans the powder room, on a slightly smaller alternate floor plan configuration.

[smartcode_project:default project_id=30959 project_image_fid=358863]

Each occupies half of AURA by Aqualand’s topmost 28th level, comes with four secure car spaces and pairs sweeping Sydney Harbour panoramas with large-scale living spaces, refined detailing and a level of craftsmanship and amenity rarely offered in the North Shore market.&nbsp;

Penthouse residents will also receive Etymon’s ‘Black Key’ private concierge and lifestyle management service, an invitation only offering providing the ultimate in bespoke personalisation, including a range of everyday discrete services, from dinner party management, grocery deliveries, pet feeding or plants watered, dinners, snacks and coffee deliveries, event ticket sourcing, right up to organising travel visas and international airfares. Rarely seen in Australian properties, the service provides residents the benefits of living in a world-class luxury hotel-style home, akin to The Ritz, or the Waldorf Astoria.

[smartcode_project:default project_id=30959 project_image_fid=358862]

<a href="https://www.apartments.com.au/interior-designers/richards-stanisich">Richards Stanisich</a>’s Director, Kirsten Stanisich, said the studio set out to craft residences that feel profoundly considered, contemporary and deeply connected to their setting.

“From the outset, we approached these penthouses with the sensibility of a grand Parisian residence - generous in scale, elegant in proportion and designed to feel more like a handcrafted home than an apartment," Stanisich said.

“Their elevated position and sweeping harbour outlook informed every decision, creating a rare connection between urban sophistication and natural calm. We shaped each space with expressive materiality, sculptural forms and bespoke detailing that invite touch and interaction.&nbsp;

“The result is a pair of residences defined by volume, light and an inherent softness - refined, flexible and deeply personal. These penthouses are unlike anything else in North Sydney, offering a sanctuary of true luxury framed by some of the city’s most remarkable views.”

For Aqualand’s Head of Sales &amp; Marketing, Alex Adams, the collaboration with Porsche underscores the shared ethos behind the residences.

“Aqualand’s collaboration with Porsche underpins both brand’s sharing an obsession with craftsmanship, design excellence, and enduring value," Adams said.

“Our penthouses are created for those who appreciate the finer details and expect the extraordinary at every touchpoint. Including a Porsche simply extends that experience beyond the residence - it’s a continuation of the lifestyle our buyers already live.”&nbsp;

[smartcode_project:default project_id=30959 project_image_fid=292862]

Aqualand’s Managing Director, Jin Lin, said the penthouses represent both the pinnacle of AURA by Aqualand and an important design benchmark for the company’s future pipeline.&nbsp;

“These stunning penthouses reflect the purest expression of Aqualand’s design ambition," Lin said.

“The unparalleled design intent makes them not only the glistening crown of AURA by Aqualand, but the crown of North Sydney itself. They’re essentially a thank you gift to a burgeoning community that deserves this level of quality and architectural consideration.&nbsp;

“We’re leveraging the unrivalled standard set here as the foundation for what comes next, including our upcoming Anderson Street, Chatswood; 15 Blue Street, North Sydney and Central Barangaroo projects. Purchasers of these penthouses will essentially be living inside the blueprint of Aqualand’s future.

“These landmark residences demonstrate how far North Sydney has evolved and the strength of demand for highly curated, bespoke luxury homes. They’re more than penthouses, they’re legacy residences.&nbsp;

“With AURA by Aqualand now a thriving new precinct with residents well and truly settled, and our in-house world-class lifestyle amenity activated, Il Magnate and La Divina represent a once-in-a-lifetime opportunity to secure an extraordinary piece of North Sydney’s future.”

[smartcode_project_cta:default project_id=30959]

Joel Robinson

Aqualand launches North Sydney penthouses with free Porsche Carrera 911

<a href="https://www.apartments.com.au/developments/bokarina-qld-4575">Bokarina</a> Beach has quietly evolved into one of the Sunshine Coast’s most complete coastal lifestyle precincts, defined not just by proximity to the ocean, but by how residential living, local retail and everyday amenity are stitched together.&nbsp;

Gardner Vaughan Group’s <a href="https://www.apartments.com.au/new-apartments/bask-bokarina-38-bokarina-boulevard-bokarina-qld-4575">Bask Bokarina</a> now represents the final residential chapter in that transformation.

[smartcode_project:default project_id=141609 project_image_fid=333360]

Over recent years, the Bokarina Beach precinct has taken shape as a walkable, community-oriented neighbourhood, anchored by beachfront access, Lake Kawana to the west, and a growing mix of cafés, specialty retail and public open space.&nbsp;

With Zinc Bokarina already delivered next door by <a href="https://www.apartments.com.au/developers/gardner-vaughan-group">Gardner Vaughan Group</a> (GVG), Bask is the last opportunity to buy a brand new apartment within the precinct, effectively rounding out a fully formed coastal village.

GVG has positioned Bask to strengthen that lifestyle framework. Ten ground-floor retail spaces are planned beneath the residences, extending Bokarina Boulevard’s existing activity and reinforcing the area’s everyday convenience, from casual dining and coffee to local services, within a short walk of the beach.

[smartcode_project:default project_id=141609 project_image_fid=333359]

The residential component comprises 135 apartments across two buildings, Mydas and Caretta, with a clear shift toward larger three- and four-bedroom layouts and penthouses. That mix reflects a maturing buyer profile in Bokarina, where demand is increasingly led by owner-occupiers and active downsizers seeking space, permanence, and connection to place rather than short-term coastal accommodation.

Design and amenity have followed the same logic. Residents will have access to a heated plunge pool, gym, private dining room with a full kitchen, landscaped communal gardens with barbecues and a firepit, and a shared herb and vegetable garden, facilities intended to support daily use rather than resort-style turnover. Pet-friendly features, including a dog wash bay, acknowledge both buyer expectations and the area’s dog-friendly beach, located around 250 metres from the site.

[smartcode_project:default project_id=141609 project_image_fid=333366]

“Bokarina has become one of the Sunshine Coast’s most desirable beachside communities, and Bask represents the very last chance to buy new in this location,” GVG Director Sam Gardner said.&nbsp;

“Our focus has been to create spacious, functional apartments that meet the needs of locals who want to downsize without compromise, as well as those seeking a full-time coastal retreat.”

Positioned between the Pacific Ocean and Lake Kawana, Bask apartments have been oriented to capture outlooks toward the water or the Glass House Mountains, reinforcing the project’s connection to its natural surroundings. With parks, beachfront paths, hospitals, retail and public transport already in place, Bask arrives at a point where the broader precinct is no longer emerging, but established.

Construction is expected to complete in Q3 this year, with apartments ready to move into this Spring.

[smartcode_project_cta:default project_id=141609]

Bask to complete Bokarina’s Sunshine Coast lifestyle precinct as final apartments are released

Property development giant <a href="https://www.apartments.com.au/developers/avid-property-group">AVID Property Group</a> is approaching completion, and sell-out, of its Surry Hills apartment development, <a href="https://www.apartments.com.au/new-apartments/the-rathbone-23-47-flinders-street-surry-hills-nsw-2010">The Rathbone</a>.

The Flinders St project has sold well over half of its 32 apartments, which will sit above two retail spaces.

Now hitting the market are the final 14 one-, two-, and three-bedroom apartments, which start from $1.15 million. AVID is targeting a mid-2026 completion.

[smartcode_project:default project_id=5947 project_image_fid=51208]

AVID General Manager New South Wales Danny Boubli said as more apartments are introduced to increase housing options in inner-city areas, homebuyers are searching for a &nbsp;sense of belonging in addition to location, convenience and value.&nbsp;

“There are very few opportunities for new developments in Surry Hills, and since acquiring the site, we’ve even seen one early purchaser merge two apartments plans together, reflecting the demand for a spacious, premium offering in a prime location,” Boubli said.&nbsp;

“Demand has been strong since we launched to market – we don’t see these final apartments staying on the market for long.”&nbsp;

Architectural firm Studio SC has designed the building which pays homage to the former 1900s Rathbone Terraces that once sat on the 990 sqm island site.

Boubil said the team has made every effort to create "truly liveable apartments", through&nbsp;functional floor plans, security, storage, and the inclusion of quality fittings.

[smartcode_project:default project_id=5947 project_image_fid=51207]

&nbsp;

Sustainable design has also been implemented throughout the development, with natural light flooding each apartment, ventilation throughout, extensive landscaping and where possible, materials with a high level of recycled content and low volatile organic compound paints have been used. &nbsp;

Apartments range in size from 57 sqm for the one-bedrooms to the large-scale 165 sqm three-beds which are priced at $2,575,000.

[smartcode_project_cta:default project_id=5947]

AVID launches final apartments at The Rathbone, Surry Hills

Home Deposit

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Sunnybank Hills real estate agency Prestige &amp; Rich Pty Ltd, trading as Stephanie To Realty, has been fined $5,000 by the Holland Park Magistrates Court.
The Office of Fair Trading (OFT) alleged that Ms Stephanie To, the sole director and principal licensee of the agency did not return a deposit to a buyer from a failed sales contract, retaining a $20,000 sales commission which she was not entitled to.
The court heard that Stephanie To Realty was appointed the selling agent for the sale of a Sunnybank Hills property. A buyer entered into a contract to purchase the property but the contract was later terminated because the buyer could not obtain suitable finance.
The buyer requested Stephanie To Realty return the $24,500 deposit they had paid, as allowed for under the contract. The property seller also agreed that the deposit should be returned to the buyer.
However, in contravention of the Agents Financial Administration Act 2014 (AFAA), Stephanie To Realty did not release the funds from its trust account to the buyer and instead released the deposit to the seller minus a $20,000 sales commission payment to the agency.
The OFT issued an infringement notice to the agency, however, Ms To elected to have the matter heard in court.
The court found Stephanie To Realty guilty of one count of failing to pay a disputed amount from a trust account and a conviction was recorded.
Magistrate Robert Turra said that the defendant ignored advice and direction to benefit the agency and stubbornly insisted on the defendant’s own definition of the law.
The Queensland Civil and Administrative Tribunal (QCAT) upheld the OFT’s decision to award a $24,500 payment from the AFAA claim fund to the buyer, dismissing a review lodged by Stephanie To Realty.
QCAT confirmed the OFT’s decision to award the claim fund payment as compensation for the misappropriated deposit was appropriate.
The amount of $24,500 will be recovered from Stephanie To Realty to repay the AFAA fund.
Fair Trading Executive Director Brian Bauer said real estate agents regularly dealt with large sums of money and needed to act with integrity to have a position of trust in the community.
“Agents not dealing with consumers’ money in accordance with the law will be held accountable by the OFT,” Mr Bauer said.
“The purchase and sale of properties are the biggest transactions in most people’s lives, and Queenslanders need to know agents will follow the rules.”
The median price for a house in <a href="/developments/sunnybank-hills-qld-4109">Sunnybank Hills</a> is $685,000, according to CoreLogic data.
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j.ballantyne1990-6AQqhLzZaK

Failed sale deposit dispute on Sunnybank Hills sees agent fined

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Banks have put the brakes on lending to people with small deposits, according to new research from RateCity.
Banks have slashed the number of mortgage products with a maximum loan-to-value ratio (LVR) of 95% in the past three years. 
Fewer than a third of home loans in the RateCity database now offer lending up to a maximum of 95% of the value of the property.
That’s down from 76% of all loans on offer in early 2015, in line with lending guidelines by the Australian Prudential Regulation Authority (APRA), who want banks to loan with small deposits to be the exception, rather than the rule.
Sally Tindall, spokesperson at RateCity, said the banks were actively looking for deposits of 20%, if not more.
“For Australians battling to crack into the highly competitive home loan market, low-deposit loans have been a doorway in," Tindall suggested.
"But the rules have changed and now borrowers that might have been given the green light three years ago are starting to be turned away."
RateCity research shows that upgrading from a 5% deposit to a 20% deposit on a $500,000 mortgage will require a buyer to stump up an extra $75,000 in cash.
“These new LVR requirements will set a lot of potential buyers back, because they just don’t have access to that kind of money.
“But the alternative is worse. Stretching yourself thin at record low interest rates can be a recipe for disaster.
“It’s been over seven years since we’ve experienced an RBA rate hike and people have become complacent. These new LVR rules will sharpen the focus who is serious about securing housing finance,” Tindall said.
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jonathanchancellor-7SQnKwU6yx

Banks tighten the screws on small-deposit home loan borrowers

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<div>
Liquidators are warning property buyers caught in the collapse of Deposit Power that there is no update yet on their deposit bond guarantees.
"It appears that, at this point in time, the interim liquidators cannot advise the timeframe in which claims will be paid or the dollar value that will be paid," stakeholders were told by the interim administrator.
<div>Deposit Power, which provided interim finance to property buyers, went into liquidation on February 23.</div>
<div> </div>
<div>Deposit Power offered deposit guarantee bond products, assisting Australian borrowers and investors to buy residential and commercial properties without the need to provide a cash deposit.</div>
The Administrators have urge all stakeholders, including property purchasers who have purchased deposit guarantee bonds to seek independent legal advice as to their rights generally. 
It means deals potentially coming undone if vendors are unwilling to wait for buyers to find alternative finance, according to mortgage brokers.
Existing deposit guarantee bonds cannot be amended because Deposit Power's parent, CBL Insurance, is in interim liquidation after the parent company into interim liquidation.
Gavin Moss, is the interim administrator of Deposit Power, which closed after the collapse of New Zealand's CBL Insurance.
</div>
<div>
<div id="article-inline-ad">Bids for Deposit Power were being made on this month.</div>
<div> </div>
<div>An estimated 4000 local residential, commercial and property investors - down from the initial 10,000 in the initial Australian Financial Review report - have an estimated $200 million of deposits unresolved now for more than a month after the bond issuer and guarantor was placed in interim liquidation.</div>
<div> </div>
<div>Deposit Power had links with most of the major property broker networks and major banks through their broker networks.</div>
</div>
<div>
Deposit Power was on the product panel of most of the leading mortgage brokerages and aggregators, including Mortgage Choice.
</div>
 
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Deposit Power collapse imperils smooth property settlements

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Nearly 95,000 first homes were purchased in the year to August 2017, the highest figure since June 2015, says a new report from Bankwest.  
Even though the 94,135 first homes bought till August represent a year-on-year increase of 5.6%, and a slightly cooling property market, the 2017 Bankwest First Time Buyers Report shows the amount of time Australian first time buyers will take to save for a deposit is still on the increase. 
The data also showed that the first home buyer figure accounts for 14.3% of all purchases over the same period. 
The report shows first time home buyer couples (FTB) will have to save for an average of 4.6 years to accumulate the $111,080 needed for a 20 per cent house deposit on a median priced home. This is three months longer than in 2016 (4.4 years) and a $7,173 increase on the $103,907 deposit required last year. 
<a href="https://www.propertyobserver.com.au/images/2017/12/1/FHBAus.png" target="_blank">Click to enlarge</a>
<img src="https://www.urban.com.au/images/2017/12/1/FHBAus.png" alt="">
FTB couples on average took two months longer to save for a deposit in the major cities except Perth and Darwin, said Bankwest general manager Personal &amp; Small Business Banking, Donna Dalby.
“Perth and Darwin as cities buck the national trend, being the two places where the savings times for first time buyers have dropped year on year. Perth’s house prices have dropped by 4.3% which means the saving time to get the 20 per cent deposit of $103,046 (down $4,627 from 2016) has dropped by three months to 3.9 years,” she said.
“Likewise WA as a whole is the most accessible mainland state for first time buyers. Our report shows in WA it takes 3.6 years to save the necessary $94,651 deposit.” 
“Low interest rates and a 6.9% increase in house prices with sluggish wage growth of only 2% during the same period are making it increasingly difficult for first time buyers to get a foot on the property ladder. 
“While lower interest rates are beneficial for those who already own their homes in the form of lower loan repayments and interest, they can also bring more buyers into the market and this can drive up house prices, making home ownership less affordable for first time buyers.” 
However, Perth’s Peppermint Grove defies the notion of WA’s accessibility and the local government area (LGA) has the longest savings time in all of Australia.
The salubrious suburb takes this unenviable title with a saving time of 21.2 years to save the $672,944 deposit need to put down a deposit (down from 21.7 years a year ago). The suburb of Mosman on Sydney’s north shore is threatening to end Peppermint Grove’s long reign, with the average couple needing 20.4 years to save a deposit – four years longer than in 2016. This is largely due to Mosman house prices appreciating by almost a third (29.8%) in the year to June 2017. 
The report suggests that FTB couples could get on the property ladder quicker if they opted for an apartment instead of a house.
The average savings time for a unit across Australia is 4.2 years, 5 months less than the what’s needed for a house. 
“Everyone dreams of having their own house but medium and high density housing is on the increase across the country and can offer a noticeably quicker route to home ownership than aiming at a house purchase,” said Donna. 
At the other end of the scale the LGA of Dundas in south eastern WA is the area with the shortest saving time – just 0.7 years are needed to save the necessary 20% deposit of $16,346. 
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More first time buyers enter housing market but saving for deposit an uphill task: Bankwest

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GUEST OBSERVER
At the start of a new year many of us make a number of resolutions that we wish to integrate into our lives. These resolutions can often include a commitment to eat better, exercise more or be better with our finances. Whether you’re aiming to become a better saver, or you’re wanting to save for a home deposit, the key is to not let your resolution fall flat. There are a few easy steps everyone can follow to ensure any financial resolutions become a reality. 1.  Set a goal  The key to saving more money is setting a financial goal that is specific and realistic.   You can have a large goal in mind, such as buying a home, but you should also break it up into smaller goals that will be easier to achieve.   If your goal is to save more money, give yourself a dollar figure and a target date to achieve that by, as this will keep you accountable. 
Savings calculators are helpful tools that can assist you in working out how much you can save a month and how long it will take for you to reach your savings goal.   You should review your goals at least once every six months to track how you’re doing. If you find that you are not making much progress, rather than giving up, make changes so that you can achieve your goals.   2.  Set up a budget  Mr Flavell said a budget was an essential factor in achieving any financial goal.     By creating a budget, you will have full control of your finances as you will know how much you are spending and saving.   Tracking where your money is going also allows you to make clear decisions about your purchases, see what expenses you can potentially cut back on, and plan your spending ahead of time.   A budget did not have to be too complicated.   It can be a simple document such as a spreadsheet, where you note down your income and all your expenses for the month.   The trick is to review and update it regularly to make sure it always aligns with your current financial or personal situation.   3.  Review your spending  You can boost your savings significantly by cutting back on certain expenses, or finding more affordable options. Look at your current contracts – like gym memberships and or your phone contract and see if there are easy ways for you to reduce the amount you spend each month. Call your gym up and ask for a discount, or research your phone provider options online and see if there is a cheaper supplier on the market.   While you may only save a few dollars here and there, not only does every cent count, but every cent takes you one step closer to your end financial goal. 4.  Reduce debt  Another great way to reach your financial goal faster is to pay down your existing debt.   The Christmas period is an expensive time of the year, so you have probably racked up debts on your credit card.   When you get your credit card bill, aim to pay these off completely or minimise them as soon as possible. You should also try and pay more than the minimum amount, which is typically 2 percent of your closing balance, to avoid paying additional interest.   When you pay off your debts, you free up your cash flow. This means you have more money in your back pocket each month that you can put towards your financial goals.   5.  Shop around for better deals  Now that you know how much you’re saving and how to potentially increase your cash flow, the next step is working out the best place to put your money.   If you want your money to work as hard as possible for you, you need to ensure you are saving it in the right location.   Get online and research the various options provided by Australia’s lenders. By doing your research, you will see what term deposit facilities or savings accounts will offer you the greatest return on your dollar.    Before making any final decisions however, speak with your bank or your local broker to ensure it is the right financial move for you and your end goals.
John Flavell is chief executive officer <a href="https://www.mortgagechoice.com.au/" target="_blank">Mortgage Choice</a>.
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