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It is becoming more common for generation Y to move to inner city or CBD areas and purchase properties using their family’s home equity, according to founder of Sydney-based Dream Design Do, buyer's agent Zaki Ameer.
“Upon finishing their studies, young adults find that their place of employment is located in the CBD, as well as all the amenities they want to access, such as nightlife, entertainment, and retail offerings,” says Ameer.
“In Sydney, these locations are typically the eastern suburbs and the inner city, and in Brisbane its Newstead and Fortitude Valley.”
“Property is priced way outside of capabilities of the salary of a career starter, so purchasing a property in the desired location of these Gen Y’s is impossible.”
This is forcing young people to draw on their family home equity which is becoming one of the easiest pathways for young people to tap into the property market, said Ameer.
“In many cases, the family home is already paid for, which creates substantial security when applying for the loan”.
“Provided the youngster is gainfully employed, purchasing in the area where it’s all happening is right within his/her foreseeable future.”
According to Ameer this option was not possible for past generations. The parents of today are likely to work longer and are not keen on downsizing or moving to a retirement complex for some years.
“Their parents do not see themselves as old, and therefore are in no hurry to sell the family home. They don’t want to live among retired people or senior citizens, and more than likely are perfectly happy in the family home surrounded by families and young people.”
Ameer said parents could use their children’s move to the city as an investment opportunity.
However, if parents aren’t in a position to draw down on their equity another option is renting which Ameer says is costly but manageable.
If renting is also too expensive and they are still keen to enter the property market, they may purchase a property in a cheaper area, and then work on building equity on that property so that they can buy in their target area in the future.
According to Ameer, another option is taking up employment in a different city where property and living cost is cheaper.
“In their 20s, they probably do not have a lot of personal responsibilities, and are more easily able to relocate,” he said.
“They will see it as an adventure; to work and live in another state than where they grew up, and also often take the opportunity to establish themselves when they are there, by purchasing property that is now affordable for them.”
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Young buyers leveraging family home equity to afford inner city purchases: Buyer's agent

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With summer heating up, there's few better places in Melbourne to sit and relax then a rooftop or balcony.
While many bars, restaurants and even cinemas are taking advantage of elevated open spaces, many residential offerings provide a personal oasis amongst the heat of summer.
Here are five of Property Observer's five favourite balconies  with great view currently available: 
<img src="/images/2014/07/04/yellow-one.jpg" alt="" style="float: left;"> <a href="https://www.realestate.com.au/property-apartment-vic-south+yarra-118347599" target="_blank">7/20 Airlie Bank Lane, South Yarra, VIC</a>
<img src="/images/2014/11/13/south%20yarra%20nov%2013%20one.jpg" alt="">
First off is a three bedroom apartment with a price range of $2.3 million- $2.8 million. It has a city view which includes a touch of the surrounding botanical gardens.
It won Houses magazine's apartment of the year in 2012.  
The balcony is a major feature of the apartment with a unique view of the city. The terrace also has a great view, overlooking South Yarra.
<img src="/images/2014/11/13/south%20yarra%20nov%2013%20two.jpg" alt="">
<img src="/images/2014/07/04/yellow-two.jpg" alt="" style="float: left;"> <a href="https://www.realestate.com.au/property-apartment-vic-docklands-118081347" target="_blank">2302/1 Point Park Crescent Docklands Vic </a>
<img src="/images/2014/11/13/docklands%20nov%2013%20one.jpg" alt="">
Here we have a balcony with a view of the Docklands and the city.
It is a two bedroom apartment and is priced at $860,000.
The balcony is seven metres swared and is central, expanding the living space outdoors and with floor to ceiling windows it captures views of the water and the city.
With the positioning of the balcony it is possible to create an open flow effect through the apartment with the view being the central feature.
<img src="/images/2014/11/13/docklands%20nov%2013%20two.jpg" alt="">
<img src="/images/2014/07/04/yellow-three.jpg" alt="" style="float: left;"> <a href="https://www.realestate.com.au/property-apartment-vic-st+kilda-118059735" target="_blank">1002/181 St Kilda Road St Kilda Vic 3182</a>
<img src="/images/2014/11/13/st%20kilda%20nov%2013%20one.jpg" alt="">
This St Kilda apartment has views across the bay and out to the city.
Situated in the recently completed Maxx boutique apartment building on the 10th floor, this two bedroom apartment has a panorama view of St Kilda Beach, Albert Park Lake and the city skyline.
It has an open plan living which leads into the balcony.
The apartment is a short walk from Albert Park Lake and public transport to the CBD.
It is currently under contract for $590,000.
<img src="/images/2014/11/13/st%20kilda%20nov%2013%20two.jpg" alt="">
<img src="/images/2014/07/04/yellow-four.jpg" alt="" style="float: left;"> <a href="https://www.realestate.com.au/property-apartment-vic-richmond-118207303" target="_blank">311/253 Bridge Road Richmond Vic 3121</a>
<img src="/images/2014/11/13/richmond%20nov%2013%20one.jpg" alt="">
A smaller apartment compared to the rest on the with a view looking out over Richmond.
Located on Bridge Road in the heart of Richmond, this is a one bedroom apartment on private sale at $459,000.
The floor plan allows an open living style that emphasises the views the balcony has to offer.
<img src="/images/2014/11/13/richmond%20nov%2013%20two.jpg" alt="">
<img src="/images/2014/07/04/yellow-five.jpg" alt="" style="float: left;"> <a href="https://www.realestate.com.au/property-apartment-vic-melbourne-118411639" target="_blank">2508/8 Downie Street Melbourne</a>
<img src="/images/2014/11/13/melbourne%20nov%2013%20one.jpg" alt="">
A balcony that gives you a view of Yarra River, Southbank and Port Phillip Bay.
Located near Etihad Stadium, Southern Cross Complex and the Crown Casino Complex, this two bedroom apartment is selling for $390,000.
<img src="/images/2014/11/13/melbourne%20nov%2013%20two.jpg" alt="">
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Five balconies with fantastic views of Melbourne

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The brand new penthouse apartment in Claremont House, in Sydney’s The Rocks, has hit the market with a price guide of $2.5 million.
Claremont House is located in the original Cadbury’s Chocolate Factory, and former Lawson Menzies House, on Cumberland Street.
The 197 square metre luxury penthouse, designed by TKD Architects, mixes a raw brick and masonry style with modern benches and fittings.
The three bedroom apartment consists of two large balconies with prime city views and three contemporary bathrooms. It offers private, off street parking and is a five minute walk from Circular Quay and close to public transport services.
The apartment is for sale through Sam Elbanna of CPM Realty and Gavin Rubenstein of Ray White Double Bay.
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Penthouse in converted warehouse in The Rocks hits the market

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Proposed changes to NSW's planning system are a step in the right direction, but there is still more to be done, according to the Urban Taskforce.
Urban Taskforce CEO Chris Johnson says: “Far more (improvement) is needed across the whole planning system.”
Johnson believes there are three major changes that can ideally improve the system.
“Firstly we need to have a much simpler planning system.
“Secondly we need to get rid of the street by street battles that are occurring in NSW by having code accessible projects. There is not nearly enough code accessible projects in NSW compared to Victoria and Queensland.
“The third thing is a revision of how approvals are occurring in NSW. There are 43 small councils in Sydney which think in very local ways and therefore are not supportive of change and new development.”
Johnson also said compared to other states, the NSW planning system is falling behind in promoting growth and dwelling approvals may be affected, with fears of the current high ratings declining.
“I detect that the planning systems in Queensland and Victoria are more supportive of growth but in NSW they are somewhat anti growth,” he said.
“While NSW is currently doing well in terms of dwelling approvals, this may not continue unless the planning system is made simpler.”
In the September 2014 quarter NSW approval ratings were down 6.7% on last year, according to ABS Building Approvals.
Pru Goward, NSW Minister of Planning believes these projects currently take too long to process.
“It is unreasonable for communities and industry to wait years for projects to be determined...we expect councils to assess development applications without delay, so we (the government) should hold ourselves to the same standards,” Goward said.
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Three changes that could improve NSW's planning system: Urban Taskforce

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Every year body corporates have to deal with property damage as a result of schoolies, and mitigating these damages is proving to be difficult.
This year Strata Match has received a flood of calls from apartment owners on what restrictions they can place on schoolies to prevent damages. Whatever preventatives they use, Strata Match warns that it must be lawful and applies to all tenants under the Body Corporate and Community Management Act 1997.
The Act states if a lot may be used for residential purposes, the by-laws cannot limit and confine the type of residential use.
This means that different by-laws cannot be made for schoolies if they aren’t imposed on other residents. For example imposing a minimum stay to prevent schoolies from actually renting a unit is unlawful.
Strata Match says the Act also prevents the body corporate from taking action, such as locking balcony doors. However, they do have control over things such as time restraints on the use of amenities, and whether or not glass, music or alcohol is allowed.
Although, if these changes are made they cannot be subject to schoolies week nor can they be exclusive to schoolies goers.
As stated by Fair Trading, all guests should be treated the same way. Any rule or condition that you impose should apply to all guests and should be compulsory for the whole year. This is the same with the bond price. 
 
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Schoolies making it harder for body corporates to protect themselves

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Smart Blocks, a company focused on improving the energy efficiency of apartment buildings, has received the Contribution to Sustainability Award for a Community Organisation at this year's Melbourne Awards.
Smart Blocks was created in partnership with Strata Community Australia (SCA), City of Sydney, City of Melbourne, Owners Corporation Network of Australia and Green Strata, and received funding from the Department of Industry as a part of the Energy Efficiency Information Grants Program.
Smart Blocks provides an online toolkit that gives owners and managers the steps needed to save energy on their apartment blocks common areas. The toolkit allows users to register their building, build a business case, identify the projects that will improve their energy efficiency, and prepare a case for implementation.
There are several projects on offer which include, lighting upgrades, heating and cooling, ventilation and solar options.
According to Smart Blocks, residents of high or medium density blocks use 25% more energy than those in detached dwellings with up to 50% of this energy usage coming from coming common areas such as hallways, car parks and swimming pools.
SCA's chief executive officer Kim Henshaw said that strata communities in Melbourne that use the smart blocks projects will reap big savings.
"It can often be hard to make energy efficient changes in residential strata buildings for many reasons such as the frustration of trying to retrofit an old building with new power saving technologies, the difficulties of collective decision-making and the complexity of navigating codes and by-laws,” said Henshaw.
“Smart Blocks takes care of these challenges, providing a clear and easy way for owners and managers to create a more sustainable and energy efficient building," says Henshaw.
Henshaw believes these kinds of initiatives are perfect for the changing residential landscape in, with nearly a quarter of the population living in strata dwellings and the figures continuing to grow every year.
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National energy efficiency program recognised with sustainability award

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The Reserve Banks’s (RBA) decision to keep interest rates on hold earlier this week came as no great surprise.
Of the 33 economists <a href="/expert-insights/finance/37395-rates-tipped-to-start-rising-in-2015-but-how-long-will-the-cycle-continue" target="_blank">surveyed by Finder</a> prior to the meeting, 91% expect rises in 2015, while two tipped 2016 as the earliest date for an increase.
But the lack of interest rate movement, the Bank has now left interest rates on hold for 16 consecutive months, has one property expert scratching his head.
Buyer’s agent and founder of Dream Design Property, Zaki Ameer, says that the RBA’s usual reaction to increasing house prices and unemployment is to raise interest rates.
“However, interest rates have remained unchanged for two years now, and in my opinion, that's because there is still some local uncertainty within our economy, which may be caused by local involvement in international terrorism,” Ameer said.
Ameer said that due to unrest in the Middle East and Ukraine, the RBA is unsure whether they should raise interest rates since, he believes, they are uncertain what is driving current economic conditions.
Eventually, it could be a global event that forces the RBA to act, Ameer told Property Observer.
Despite the continual presence of ominous global threats, Ameer believes that low interest rates are creating a fantastic environment in which to invest.
“Aside from the obvious benefits, which is low interest repayments for those who have fixed, what many people do not realise is that when the Reserve Bank does increase its interest rates, rent prices usually increase too, and this then creates more cash flow for investors,” he said.
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Global events may be shaping RBA's interest rate decisions: Buyer's agent

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Construction will commence later this month on Golden Age Group’s Victoria One, which on completion will be the tallest building in Melbourne’s CBD.
Construction is scheduled to be completed in 2017.
Victoria One will stand 241 metres high, set to beat Bourke Place (224 metres) and Telstra Corporate Centre (218 metres) as the CBD’s tallest tower. It will be Melbourne’s second highest residential building, behind the Eureka Tower on Southbank. 
The $350 million project, designed by architects Elenberg Fraser, will comprise 629 apartments over 75 levels and will be built on the corner of Elizabeth and Franklin Streets.
The tower will include 163 car parks, a pool, spa, gym and a communal entertaining area.
In the first four months on the market, 95% of apartments were sold. But what kinds of buyers are purchasing these apartments?
“These types of projects will find buyers in any market,” said founder of Golden Age Group Jeff Xu.
According to Xu, the majority of purchasers at Victoria One are local owner occupiers, though the project has also garnered interest from investors, both local and offshore.
Xu believes that the depth of local interest indicates a shift from the traditional Melbourne suburban lifestyle. 
“It signals a change in people’s desire to live closer to the city” says Xu.
One bedroom apartments at Victoria One are priced from $370,000, with two bedroom apartments starting at $473,000 and three bedroom apartments selling from $890,000.
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Majority of Victoria One apartments selling to local owner occupiers

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Architecture group Rothelowman are expanding their services across the east coast, opening new offices in Sydney.
The group specialises in highrise developments and are hoping to tap into a new market after the recent multi-residential boom in New South Wales and ACT.
Three years ago they opened offices in Queensland after the state's extended property slump. The Brisbane offices make upwards of 25% of the practice's income.
Last year RotheLowman designed 10,000 apartments in Melbourne. Managing principal Kim Lowman believes Sydney is primed to take on just as much development.
“Sydney is undergoing a development boom similar to the one experienced in Melbourne during the last five to 10 years,” says Lowman. 
Lowman anticipates Sydney offices will produce 30% to 40% of the firm’s revenue in less than three years. He predicts a sharp growth in Sydney’s property development after a recent slow period. Factors such as a prolonged post-Olympics and post-global financial crisis property slump “have led to pent-up demand for multi-residential development in Sydney.”
According to the Housing Industry Association, New South Wales building approvals for units in four plus storey buildings are currently at an historic high, despite a 36% drop in the September 2014 quarter. 
Rothelowman were granted approval of a $30 million dollar mixed-use, multi-residential development in Burwood and expect several other New South Wales projects to be approved in the coming months.
Newly appointed principal of Rothelowman in New South Wales and the ACT Ben Pomroy says the long-term trend of housing construction delivery of 18,000 dwellings per annum in New South Wales is consistently falling short of baseline demand of 22,000 to 25,000 dwellings per annum.
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Oliver Wisniewski

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