Buying off the plan isn't for everyone.

Every building begins as a new build before aging into the secondhand property market, much like cars transition from the showroom to the used car lot. While most Australians purchase established homes—akin to the prevalence of used cars on our roads—the majority of property buyers are more familiar with existing real estate.

While the concept of off the plan purchasing has been around for decades, the trend only really gained momentum in Australia in the 2000s, following a recovery from the early 1990s recession. As the market stabilized, property developers increasingly saw opportunities in multi-residential developments, particularly in major cities like Sydney, Melbourne, and Brisbane.

As urban centers grew, there was rising demand for apartments, particularly in inner-city areas. The trend toward apartment living grew as people sought more affordable and convenient living options close to city centers.

Now, off the plan buying in Australia is widespread and growing, and the type of purchasing has become favorable for those who are willing to wait for construction to complete on their new home. It favors first home buyers who want to get into the property market but aren't ready to make repayments or are increasingly frustrated by being outbid at auctions in the more traditional established market.

Downsizers have been the biggest movement in recent years. These buyers typically purchased their family home decades ago and are now ready to move into something closer to the city from the suburbs they've lived in. They seek properties that are low-maintenance and “lock and leave,” ideal for travel in retirement, and prefer buildings with high levels of amenities for added convenience.

While there are many factors that contribute to the popularity of off the plan buying, in this article, we’ve looked at eight of the biggest reasons why people choose this option.

<h2>Floorplans designed for 21st-century living</h2>

The majority of Australia's apartment buildings, particularly the classic 'walk-up' apartments, were built four or five decades ago.

While these properties present at a more affordable price point compared to brand-new developments, they don’t have the modern floorplan configurations that today's buyers expect for 21st-century living.

Many of these older buildings still feature communal coin-operated laundries, carport parking, and lack modern intercom systems for security.

New apartments now typically feature integrated study nooks (a response to the growing work-from-home trend), concealed internal laundries, balconies to extend the main living area, and kitchens with floating islands that create additional prep or dining spaces.

<h2>Customisation</h2>

Off the plan buyers often have the option to customise their apartments. This could be as simple as selecting a color scheme or upgrading appliances, or as significant as combining two apartments to create a larger unit or changing internal walls to adjust room configurations.

For an owner to do this in an established apartment, a renovation of that scale could cost hundreds of thousands of dollars, and it may not even get past the strata committee, which can be notoriously difficult when it comes to apartment renovations.

Read more:&nbsp;<a href="https://www.urban.com.au/news/vic/why-the-ability-to-customise-is-a-crucial-offering-in-the-off-the-plan-apartment-market">Why the ability to customise is a crucial offering in the off the plan apartment market</a>

<h2>Sustainability</h2>

New apartment buildings have a responsibility to focus on sustainable practices.

Most state governments enforce sustainability requirements, and now buildings have to be 7-star NatHERS rated, which means they must include energy-efficient features like double glazing and better insulation.

While it's a positive for the environment, it's also a benefit for new apartment buyers. Energy-efficient appliances and standard practices like solar panels and rainwater harvesting can save thousands on electricity and water bills every year.

You’d be hard-pressed to find an apartment building built before 2000 with solar panels.

<h2>Technology</h2>

Developers today go the extra mile to set their developments apart, and a small feature they often include is advanced technology.

Some developers offer keyless entry systems, whether through keypad door handles or facial recognition, as well as smart home capabilities like routine-driven lights or Wi-Fi-controlled air conditioning. Many fixtures in an apartment, from blinds to air conditioning and lighting, can be controlled remotely via an app, whether at home or not.

This enhances both the functionality and security of living in these buildings.

Developers creating large towers or masterplanned communities in particular understand they're not just building homes, but fostering a community. They&nbsp;go as far as offering a mobile phone application, which, depending on the project, can be used to reserve any of the bookable facilities, request concierge services, or see what community events are taking place.

<h2>Facilities</h2>

One of the biggest differences between apartment buildings from the 1960s and those of today is the level of facilities.

While the facilities offered vary depending on the size of the apartment building, developers dedicate significant resources and floorspace to ensure that residents are well-catered for within the building.

At a minimum, developers allocate large portions of the site for walkable gardens, often landscaped by a professional. Smaller boutique buildings, which may not have a pool or gym, often feature rooftop communal spaces with barbecue facilities and alfresco dining areas.

Larger skyscraper towers go all out with luxury facilities. It's no longer enough to have just a pool and a basic gym. Now, towers are offering facilities that rival those of high-end hotels.

Lap pools, accompanying spas, and daybeds are now standard. Gyms are often replaced with wellness centres that include saunas, hot and cold plunge pools, and rooms reserved for classes or yoga.

Private dining spaces with large communal kitchens have become common, and many developers in Brisbane and the Gold Coast orient these facilities on the rooftop to take advantage of the warmer climate.

In recent years, some towers have even included golf simulators, cinemas, and karaoke rooms. The majority now feature co-working spaces. Buildings with a prominent street presence often include a ground-level café, while those on larger sites may offer multiple hospitality and retail venues at street level, along with office spaces on the lower floors.

Parking is also becoming more innovative, with license plate recognition systems that sometimes eliminate the need for key fobs.

<h2>Location</h2>

The location of new developments tends to be more strategically selected than older buildings.

Developers nowadays ensure their sites are close to major transport links or local amenities like parks, beaches, and shopping areas. Buyers are less willing to compromise on location when they’re paying more than ever before for a new apartment.

<h2>The fact it's brand new</h2>

Much like the customisation reason, the fact that the apartment is brand new is a huge selling point.

There’s no need to upgrade any fixtures or fittings once the apartment is complete. New apartments feature top-of-the-line appliances, typically from brands like SMEG or BOSCH, with some luxury apartments offering Gaggenau appliances.

Additionally, improvements in flooring materials, like engineered timber and stone benchtops, provide durability and a modern finish that is resistant to wear and tear.

<h2>Financial benefits</h2>

Buying off the plan comes with several financial advantages, including potential stamp duty savings in certain states, which can significantly reduce costs on completion.

Additionally, the staggered payment structure in the off the plan market allows buyers to secure a property at today’s prices while saving for settlement during the construction period.

Generally, buyers pay 10 percent upon going unconditional on the contract, with the remaining 10 percent due on completion. Many developers, however, offer flexible deposit terms, which could be as low as five percent.

The deposit is placed in a protected trust account by the developer, ensuring that the money is safe and untouched, while also generating interest during this time. That interest is handed to the buyer upon completion.

Joel Robinson

Eight reasons why people buy an off the plan apartment

It was another solid growth year in the Gold Coast unit market.

Much like the majority of capital city unit markets, the <a href="https://www.urban.com.au/developments/gold-coast-qld">Gold Coast</a>&nbsp;market has cooled toward the end 2024, with December values remaining flat. However, the start of the year was so strong, and the market softening came much later than other city markets, values still rose 9.1 per cent in 2024, research from property data analytics firm CoreLogic shows.

The Gold Coast median unit value is now $820,000, having started 2024 at $740,000. To put in capital city comparisons, it would fall just behind Sydney's median ($859,000) and well ahead of Brisbane ($680,000).

<h2>What happened in Gold Coast’s off the plan apartment market in December?</h2>

While the majority of cities across the country shut down over the Christmas and New Year period, the Gold Coast market ramps up. Developers are keen to launch projects right up to Christmas, knowing that attention from interstate holidaymakers is particularly high—a trend that has been prominent since the pandemic.

One developer that has bided their time before launching in December is <a href="https://www.urban.com.au/developers/iris-capital">Iris Capital</a>, who, two years after securing approval for their luxury <a href="https://www.urban.com.au/developments/surfers-paradise-qld-4217">Surfers Paradise</a> beachfront project, has launched <a href="https://www.urban.com.au/new-apartments/71-garfield-surfers-paradise-71-garfield-terrace-surfers-paradise-qld-4217">71 Garfield</a>, just 52 two, three, and four-bedroom apartments.

[smartcode_project:default project_id=110713 project_image_fid=317234]

Garfield Terrace was set to undergo a drastic transformation a few years ago; however, several developments launched during the pandemic era didn’t proceed. Iris Capital, with its billionaire owner Sam Arnaout and in-house construction arm Iris Built, has all the tools to take to market a project that will go ahead as promised.

Architecture firm&nbsp;<a href="https://www.urban.com.au/architects/dbi">DBI</a>, who designed Iris Capital's other Gold Coast development, Victoria &amp; Albert in Broadbeach, was in charge of the designs for 71 Garfield. The large-scale apartments will be serviced by a suite of luxury beach-facing amenities, like a swimming pool and open-air gym.

[smartcode_project:default project_id=110713 project_image_fid=317237]

<a href="https://www.urban.com.au/developments/broadbeach-qld-4218">Broadbeach</a>&nbsp;has been the most popular suburb for developers for several years. No single developer has contributed more projects than&nbsp;<a href="https://www.urban.com.au/builders/morris-property-group">Morris Property Group</a>, who is onto their 10th development in Broadbeach.

They recently revealed <a href="https://www.urban.com.au/new-apartments/maison-broadbeach-22-chelsea-avenue-broadbeach">Maison Broadbeach</a>,&nbsp;just 21 full-floor apartments across a 22-level tower.

[smartcode_project:default project_id=113008 project_image_fid=318651]

Similarly sized apartments are on offer at&nbsp;<a href="https://www.urban.com.au/new-apartments/brighton-on-the-park-southport-28-brighton-parade-southport">Brighton on the Park</a> in&nbsp;<a href="https://www.urban.com.au/developments/southport-qld-4215">Southport</a> which offer the most expansive apartments the suburb has seen. The project, by developer Sixty Sticks, features just 12 units starting at 247 sqm, with the largest spanning 300 sqm.&nbsp;

Positioned on Brighton Boulevard with views over James Overell Park and the <a href="https://www.urban.com.au/developments/main-beach-qld-4217">Main Beach</a> skyline, Brighton on the Park apartments have been designed for the downsizer.

&nbsp;

&nbsp;

[smartcode_project:default project_id=138113 project_image_fid=209673]

Sixty Sticks has also doubled-down on luxury amenity, not often seen in such a boutique development.

The rooftop will home a resort-style swimming pool with sun-drenched day beds, a fully equipped gym, and multiple lounge areas.

[smartcode_project:default project_id=138113 project_image_fid=209308]

December also marked the registrations of interest campaign for&nbsp;<a href="https://www.urban.com.au/new-apartments/the-landmark-mermaid-beach-14-seaview-avenue-mermaid-beach-qld-4218">The Landmark</a>, the transformative $2 billion mixed-use precinct in <a href="https://www.urban.com.au/developments/mermaid-beach-qld-4218">Mermaid Beach</a>&nbsp;by&nbsp;<a href="https://www.urban.com.au/developers/aniko-group">Aniko Group</a>.

Comprising four towers, The Landmark will comprise around 800 apartments, high-end office spaces, and a luxury hotel. Its amenities range from a pickleball court to a lagoon pool and a golf simulator.&nbsp;

&nbsp;

[smartcode_project:default project_id=134338 project_image_fid=311028]

The first release consists of 240 two and three-bedroom apartments that start from just under $1.2 million.

“We are incredibly excited to bring The Landmark to life in&nbsp;Mermaid Beach,” said George Mastrocostas, Founder and Managing Director of&nbsp;Aniko Group.&nbsp;

[smartcode_project:default project_id=134338 project_image_fid=311030]

“This project reflects our dedication to creating iconic spaces that not only redefine residential living but also enrich the surrounding community.

“We are encouraging those interested to register early, as The Landmark promises to be a highly sought-after address for those looking to experience a premium coastal lifestyle.”

What happened in Gold Coast’s off the plan apartment market in December?

City Beat December 2024: Gold Coast unit values grow over nine per cent in 2024 but ends with cooling market

The cooling down of Sydney's property market looks to be heading into 2025.

After a multi-year boom in both the house and unit markets across Greater Sydney, heightened interest rates throughout 2024 gave prospective home buyers a reason to sit on their hands.

The year started off positively, so the decline in markets hasn't been extensively felt. Units across Sydney, in fact, rose 1.8 percent over 2024, reaching a new median high of $859,000. Values declined by -0.3 percent in December.

CoreLogic Research Director Tim Lawless noted that the slowdown in Sydney aligns with affordability pressures and higher advertised supply levels.

He said it wasn't a surprise to see the CoreLogic National Home Value Index show a decline for the first time in two years.

“This result represents the housing market catching up with the reality of market dynamics,” Lawless said.

“Growth in housing values has been consistently weakening through the second half of the year, as affordability constraints weighed on buyer demand and advertised supply levels trended higher.”

<h2>What happened in Sydney’s off the plan apartment market in 2024?</h2>

Sydney’s off the plan apartment market saw significant activity in 2024, reflecting the shifting dynamics of the housing sector and a focus on key projects reshaping the city’s urban landscape.

It was the new development pipeline that piqued the interest of Urban readers in 2024, as well as new projects launching to the market, which have been few and far between in recent years. Data just released from the ABS showed dwellings approved in New South Wales were 42,109 over the 12 months until November 2024, 34,000 short of meeting the National Housing Accord quota for NSW.

No development application was more popular than JDH Capital's plans for the Sir Stamford Hotel in Circular Quay. JDH, fresh off completing the redevelopment of the iconic Sirius building in The Rocks, filed plans to demolish the 1988-built hotel, which will make way for a striking 150-level glass tower with commercial, retail, and luxury apartments.

The 69 apartments will be spread across 10 residential levels in the new structure. Part of the development of the 1,612 sqm site, which sits in the Macquarie Special Character area defined in the Sydney LEP 2012, will include the restoration of the heritage-listed Health Department Building that dates back to 1896.

Read more:&nbsp;First look exclusive: <a href="https://www.urban.com.au/news/nsw/first-look-exclusive-jdh-capital-plot-183-million-sir-stamford-hotel-redevelopment-on-sydneys-macquarie-street">JDH Capital plot $183 million Sir Stamford Hotel redevelopment on Sydney's Macquarie Street</a>

<img alt="Sir Stamford" data-entity-type="file" data-entity-uuid="623b494a-f8c5-4b59-bf8f-ec28e6cb0895" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202025-01-08%20at%209.39.48%E2%80%AFAM_0.png?VersionId=qBPqrLUIcxy7s0limVnw9MygsUqzqqlo" />

There was a similar level of interest in moves by builder-developer giant <a href="https://www.urban.com.au/developers/aland">ALAND</a>, who took over the Macquarie Street, Parramatta site from besieged developer Toplace,&nbsp;

The plans for the site include two 30-level towers with 425 apartments, along with significant communal, retail, and parking spaces.&nbsp;

Read more:&nbsp;<a href="https://www.urban.com.au/news/nsw/first-look-exclusive-aland-take-over-second-toplace-site-plot-two-30-level-apartment-towers">First look exclusive: ALAND take over second Toplace site, plot two 30-level apartment towers</a>

ALAND has also stepped in to take over the final three buildings in the besieged Castle Hill development by Toplace.

Upon completion, the Skyview development is set to house approximately 2,500 residents across 964 apartments, with 532 units dedicated to build-to-rent.

Still in Castle Hill, a market which has proven strong for several years, custom home builder turned developer Kassis Homes submitted plans for a new suburb-shaping.

<img alt="Kassis" data-entity-type="file" data-entity-uuid="a71c263b-8e3c-4a62-84fc-f67a8b6a5983" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202025-01-08%20at%209.50.10%E2%80%AFAM_0.png?VersionId=rUCTL3RZo3zLkFLNv2HdeOxBw3yGUoj2" />

Under their new development arm Reve Group, Sam Kassis and business partner Romio Georges are planning a four-tower development on a sprawling 9,074 sqm site that cost about $80 million to amalgamate.

They're seeking to develop three residential towers, with 264 apartments, and a hotel tower.

"We've been building in the area for three decades, and we're passionate about delivering high-quality residential living to Castle Hill," Sam Kassis told Urban.

Read more:&nbsp;<a href="https://www.urban.com.au/news/nsw/reve-group-file-for-new-four-tower-development-in-castle-hill">Reve Group file for new four-tower development in Castle Hill</a>

The demand for new and off the plan apartments in <a href="https://www.urban.com.au/developments/north-sydney-nsw">North Sydney</a> has meant readers have been interested in the two new projects set to hit the market in 2025.

Earlier this year Urban revealed the plans by joint venture partners <a href="https://www.urban.com.au/developers/cbus-property">Cbus</a>, <a href="https://www.urban.com.au/developers/galileo-group">Gallileo</a> and Abadeen for East Walker Street 239 apartments across three buildings designed by&nbsp;<a href="https://www.urban.com.au/architects/rothelowman">Rothelowman</a>.&nbsp;

Read more:&nbsp;<a href="https://www.urban.com.au/news/nsw/first-look-exclusive-cbus-and-galileo-revise-plans-for-new-north-sydney-apartment-development-east-walker-street">First look exclusive: Cbus and Galileo revise plans for new North Sydney apartment development, East Walker Street</a>

East Walker Street will be one of two new apartment developments launching in the popular Walker Street pocket near the newly opened Sydney Metro Victoria Cross Station. Podia and its joint venture partner CASA will launch 71 apartments this year on McLaren Street, across the road from the recently completed AURA by Aqualand.

Read more:&nbsp;<a href="https://www.urban.com.au/news/nsw/first-look-podia-and-casa-lodge-bates-smart-plans-for-walker-st-north-sydney-mixed-use-tower">First look: Podia and CASA lodge Bates Smart plans for Walker St, North Sydney mixed-use tower</a>

The most indemand projects for new apartments buyers have been in close proximity to the recently expanded Sydney Metro, which opened in August.

The 130 one, two and three-bedroom apartments in <a href="https://www.urban.com.au/new-apartments/elevate-hume-place-crows-nest-25-hume-street-crows-nest-nsw-2065">Elevate Hume Place</a>, which is being developed by <a href="https://www.urban.com.au/developers/thirdi-group">Third.i</a> and Phoenix Property Investors, flew off the shelves. Over half of the apartments which are located directly above the <a href="https://www.urban.com.au/developments/crows-nest-nsw-2065">Crows Nest</a> Metro Station have been snapped up in a matter of months.

Elevate is the first Transit Oriented Development (TOD) to launch. The ToD is a government program which will accelarate planning, and offer different planning controls, around Sydney's extensive transport network.

[smartcode_project:default project_id=142550 project_image_fid=297878]

Similarly strong interest was observed further along the Metro line in Castle Hill which has two metro stops, Hills Showground, and Castle Hill Metro Station.

<a href="https://www.urban.com.au/new-apartments/larool-crescent-castle-hill-2-22-larool-crescent-castle-hill-nsw-2154">Larool Crescent</a>, one of the only new developments to launch to the market in Castle Hill in 2024, is just 850m from the Castle Hill Metro Station. The low-rise project has proven popular among first home buyers who are interested in the one-bed plus study at $650,000 and the two-beds at $925,000. There's also been strong demand from downsizers who are looking at the three and four-bedroom apartments and townhouses, a rarity in the&nbsp;

[smartcode_project:default project_id=135330 project_image_fid=289121]

Larool Crescent is also the only off the plan apartment development on the market in the area with the sought-after Latent Defects Insurance by Resilience Insurance. The policy, which can only be taken out by the developer as opposed to the purchaser, protects owners from any structural defects in the building for 10 years post-completion of the building.

CoreLogic Research Director Tim Lawless noted that the slowdown in Sydney aligns with affordability pressures and higher advertised supply levels

City Beat December 2024: Sydney unit market finishes 2024 up overall, but slowdown apparent

It was 1988 the last time the Brisbane unit market saw a growth rate of over 16 per cent in a calendar year.

2024 has just broken that 36-year record, according to data commissioned by property data analytics firm CoreLogic shows. The&nbsp;0.8 per cent gain in unit values in December pushed the annual growth rate of units in the Queensland capital to 16.6 per cent, far outperfoming the unit markets in Sydney and Melbourne.

The unit market in Brisbane is proving to be more resilient than other capital cities, albeit the 0.8 per cent growth in December is down from the highs of around two per cent per month in the middle of the year.

The median apartment value in Brisbane now sits at $680,000, having started the year at $568,000.

Annual growth in the unit market in Brisbane far surpassed houses. Houses in Brisbane rose 10.2 per cent over the year, with values in December growing at half the pace of units (0.4 per cent).

CoreLogic's National Home Value Index saw a decline for the first time in two years. CoreLogic Research Director, Tim Lawless, said the decline in values is no surprise.

“This result represents the housing market catching up with the reality of market dynamics,” Lawless said.

“Growth in housing values has been consistently weakening through the second half of the year, as affordability constraints weighed on buyer demand and advertised supply levels trended higher.”

<h2>What happened in Brisbane’s off the plan apartment market in December?</h2>

December is traditionally a quiet month in the new apartment market. There were some notable movements however, the biggest in&nbsp;<a href="https://www.urban.com.au/developments/south-brisbane-qld" target="">South Brisbane</a> where&nbsp;Heidelberg Materials Australia submitted plans for a multi-tower precinct on a 1.3-hectare site along the riverfront.&nbsp;

The proposal is for three 50-level residential towers with 620 apartments, a food and beverage plaza, and a 5,400 sqm public park.&nbsp;

<img alt="Multi-tower precinct planned for South Brisbane riverfront" data-entity-type="" data-entity-uuid="" src="https://res.cloudinary.com/dz9xllyip/image/fetch/f_auto,c_limit,w_1440,q_auto/https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/field/image/Screenshot%202024-12-23%20at%2012.29.48%E2%80%AFPM.png?VersionId=KDcTWEPBQ4btDYLGCkMi94uoT_uaeu.u" />

This ambitious project reflects the ongoing transformation of the Kurilpa Precinct, where new planning policies encourage greater density and sustainability benchmarks.

Read more:&nbsp;<a href="https://www.urban.com.au/news/qld/multi-tower-precinct-planned-for-south-brisbane-riverfront">Multi-tower precinct planned for South Brisbane riverfront</a>

Developer <a href="https://www.urban.com.au/developers/graya">GRAYA</a> also filed for a new development, another one in&nbsp;<a href="https://www.urban.com.au/developments/new-farm-qld-4005">New Farm</a>&nbsp;where they've recently delivered <a href="https://www.urban.com.au/buildings/chalk-by-graya-228-230-moray-street-new-farm">Chalk</a> and <a href="https://www.urban.com.au/new-apartments/york-new-farm-299-bowen-terrace-new-farm-qld-4005">York</a>.

They've submitted plans for&nbsp;Ivory New Farm, just four apartments at&nbsp;17 Julius Street. The Julius Street site spans 688 sqm and has 32-metre frontage to the river. It was bought by the Gray family for $8.5 million in late 2022&nbsp;from developer Tom Dooley, who had approved plans for a luxury four-level home.

It was reported that a home at that scale, on that rare of a site, would be worth around $20 million. A mid-1990s home sits on the block currently.

&nbsp;

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<img alt="First look: GRAYA files plans for Ivory New Farm apartments" data-entity-type="" data-entity-uuid="" src="https://res.cloudinary.com/dz9xllyip/image/fetch/f_auto,c_limit,w_1440,q_auto/https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/field/image/Screenshot%202024-12-11%20at%201.46.45%E2%80%AFPM.png?VersionId=55h24WR43SLDbAokm7Fq2LaoiLc15QVu" />

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Popular Brisbane developer&nbsp;<a href="https://www.urban.com.au/developers/mosaic-property-group" target="">Mosaic Property Group</a> achieved a landmark pre-sales result at <a href="https://www.urban.com.au/new-apartments/the-bedford-by-mosaic-16-30-prospect-street-kangaroo-point">The Bedford</a>&nbsp;in <a href="https://www.urban.com.au/developments/kangaroo-point-qld-4169">Kangaroo Point</a>, securing $210 million in sales within two weeks.&nbsp;

Positioned on a long-vacant site, The Bedford will deliver 128 apartments and the area’s first full-service supermarket, addressing a critical gap in local amenities.&nbsp;Mosaic’s in-house construction arm is set to commence building in 2025.

Read more:&nbsp;<a href="https://www.urban.com.au/news/qld/mosaic-secure-210m-in-pre-sales-at-the-bedford-by-mosaic-in-kangaroo-point">Mosaic secure $210m in pre-sales at The Bedford by Mosaic in Kangaroo Point</a>

The median apartment value in Brisbane now sits at $680,000, having started the year at $568,000

City Beat December 2024: Brisbane unit market surges to highest annual growth since 1988

Australia’s growing ageing population will underpin the opportunity for a significant housing response, with the possibility of shaping future demand and dwelling requirements across the nation.&nbsp;

Based upon ABS population projections across Greater Sydney, Greater Melbourne, Greater Brisbane and the ACT, the population aged 55+ will increase by 4.5 million people by 2071, highlighting the ongoing requirement for new housing solutions to be delivered across the market to cater towards both this demographic and others impacted by their emergence. This population cohort (55+ years) currently represents around 1 in 4 people and is anticipated to shift to around 1 in 2.5 people by 2071 across each of the capital city markets above. &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; 
&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;&nbsp; 
Through the medium term, Greater Melbourne is set to see the largest nominal increase of people aged 55-74 years old, followed by Greater Sydney and South-East Queensland, making it a prime location for right-sizers, however, the growth across each will support strong right sizing opportunities in each respective market.

“The right-sizer cohort is increasingly reflecting a blend of the established “Baby Boomers” and emerging “Generation X” that are ageing into this cohort,"&nbsp;Managing Director of Residential at Colliers, Diana Sarcasmo, said.

"With the recognition of changing expectations and aspirations across the generations, housing choice and requirements will need to be a dynamic consideration for the future. This increase in population will underpin the critical decisions of property developers and policymakers moving forward, as they need to cater for the ‘right-sizer’ cohort.”

As part of efforts to address Australia’s housing supply crisis, many older homeowners are opting to move out of large, underutilized homes into apartments that better suit their lifestyle needs. This trend frees up larger houses for families, making better use of existing housing stock and creating new opportunities for those seeking more space.

“While right-sizing is not a standalone solution, it highlights how individual choices can contribute to alleviating housing pressures. Combined with broader initiatives like increased construction and urban planning, this movement represents a small but meaningful step towards more sustainable housing solutions in Australia,” Sarcasmo added.

As of 2021, the number of detached homes owned outright by households over 55 in capital city markets totals 855,260, according to the ABS. In comparison, the total of current occupied apartment stock throughout the market is 939,763. This highlights the potential impact that downsizing detached homeowners may have on apartment demand, especially as the ageing population continues to grow).

Rightsizers have highlighted a reduction in dwelling size, decluttering, more manageable internal and external spaces as well as potential financial benefits being prime motivators for moving. &nbsp;Many of these benefits can be facilitated through well-designed apartment options, with right-sizers able to use funds from the sale of a detached home to support their lifestyle into retirement.&nbsp;

While historically there has been a higher representation across two-bedroom options occupied within apartments owned outright by these cohorts, it is expected this new trend will support an increasing push and opportunity for three-bedroom options, from this right-sizer cohort.

“The increasing representation of couples without children residing within apartments has the potential to support a greater demand for three-bedroom options. This trend has been observed across recent movers into apartments as well as detached houses. Three bedrooms offer increasing space for a larger ageing household with the flexibility to repurpose rooms to align with right-sizer’s lifestyles as they age,” Ms Sarcasmo said.

Historically, apartment stock has had a greater focus on one- and two-bedroom options, as apartments are increasingly required to support more permanent and diverse households. It is anticipated that three-bedroom stock will increasingly reflect the demands of these households in the future.

“To date, there has been a focus on smaller scale projects occupied by right-sizer and retiree households, however, they have also demonstrated acceptance of a diversity of project types (including medium and higher density). Developers should increasingly have these occupiers in mind when considering their project designs and product compositions with consideration for the significance of this demographic shift,” Ms Sarcasmo said.

Capital cities across the east coast will need to adapt to the surge of ‘right-sizers’, with innovative solutions required to meet growing demand.

Ageing population to drive downsizing trend and force major rethink of Australia’s housing response: Colliers

Local developer CS Collective is seeking to deliver a collection of just eight luxury apartments in Burleigh Heads.

They've had international architecture firm&nbsp;<a href="https://www.urban.com.au/architects/plus-architecture">Plus Architecture</a>&nbsp;to design Lantern Burleigh, with the triangular 834 sqm peninsula site at&nbsp;13 West Street&nbsp;also set to home a curated retail precinct&nbsp;anchored by a subterranean bathhouse that draws inspiration from ancient wellness traditions.

CS Collective Director Luke Carter said the vision was to create an iconic landmark that resonates with the local community.

"This isn't just about providing new homes – it's about delivering a destination that becomes a defining feature of Burleigh's evolving skyline while maintaining the area's cherished coastal character," Carter said.

Plus Architecture Principal Chrisney Formosa said the unusual triangular nature of the site allowed them to create something truly special for <a href="https://www.urban.com.au/developments/burleigh-heads-qld-4220">Burleigh Heads</a>.

"We've conceived the building as a lighthouse for the area – visible on approach and offering expansive views across one of Australia's most beautiful beaches. The monochromatic palette allows the sculptural nature of the development to be the hero, with an undercurrent of textural and tonal changes that reference the golden sands of Burleigh."&nbsp;

<img alt="Lantern Burleigh" data-entity-type="file" data-entity-uuid="61c53007-6a85-4779-b8d6-5c5477a6798a" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202025-01-08%20at%2010.33.48%E2%80%AFAM.png?VersionId=4NKN01PvfCv2tMKiOg7YoHt072wmjBJr" />

&nbsp;

Each residence has been conceived as an individual sub-penthouse, featuring double-height spaces that capture sweeping ocean views from every level. The design's distinctive elements include curved soffits, brick formations, and signature circular windows that reinforce Lantern Burleigh's lighthouse-inspired form.&nbsp;

The refined material palette weaves together tinted glass, lush landscaping, warm crazy pavers, stacked tile, profiled concrete, and aluminum battens, creating a sophisticated coastal aesthetic that balances street presence with residential privacy.

CS Collective Co-Director David Skeen said what sets Lantern Burleigh apart is its complete lifestyle offering.

"The private and communal rooftop spaces, featuring infinity pools, saunas, and steam rooms, capitalize on the site's stunning 360-degree ocean views," Skeen said.

"Combined with our premium wellness centre and carefully selected retail offerings, we're creating a new standard for beachside living."&nbsp;

The ground floor precinct will be thoughtfully curated to attract leading food and beverage operators, working in harmony with the development's bathhouse and wellness facilities.

CS Collective Co-Director David Skeen said what sets Lantern Burleigh apart is its complete lifestyle offering

First look: CS Collective file for Lantern Burleigh, luxe apartments in Burleigh Heads

The monthly dwelling approval update by the Australian Bureau of Statistics again painted a grim outlook for Australia's new-build environment.

Total dwellings approved fell 3.6 per cent in November to 14,998.

There were most positives found in Victoria and Queensland where dwelling approvals remained stable and closer to their targets, although New South Wales is tracking well behind where they're forecasted to be.

The total number of dwellings approved in NSW was 42,109 over the 12 months until November 2024, 34,000 short of meeting the National Housing Accord quota for NSW.

"Despite a range of State and Federal programs designed to promote housing supply, dwelling approvals data from the last 12 months shows a chronic trend in the wrong direction," Urban Taskforce CEO Tom Forrest says, adding the new data shows there is a "mountain to climb".

"The data for NSW shows that Premier Minns is on the right track in looking to fast-track planning through the Housing Delivery Authority and through changes to the planning laws. The key to success will be through ensuring that new housing and employment remain the focus, and that planners don’t become distracted with other portfolio imperatives."

There has been a -10 per cent annual decline in approvals across all housing typologies in New South Wales. Apartment approvals declined a massive -26 per cent in the 12 months to November.

Stuart Ayres, CEO of the Urban Development Institute of Australia (UDIA) NSW, says the&nbsp;NSW Government has a lot of work to do in 2025 to turn around the housing supply crisis that continues to inflict more pain on future homeowners. 
 
"With&nbsp;approvals&nbsp;in the detached house market sitting at a 10-year low, it is important that the Housing Delivery Authority (HDA) remains ambitious in supporting greenfield subdivisions," Ayres says. 
 
"The hope of the side at the moment is the Housing Delivery Authority. It is absolutely critical that it facilitates high demand and more feasible greenfield development and subdivisions, and not focus exclusively on less feasible infill projects."

&nbsp;

Multi-unit approvals in the three months to November 2024 climbed significantly in Western Australia (+207.5 per cent) compared to the corresponding period in the previous year. This was followed by Queensland (+16.0 per cent), Victoria (+9.4 per cent) and New South Wales (+1.6 per cent). The Northern Territory registered a flat result. Declines were recorded in Tasmania (-85.7 per cent), the Australian Capital Territory (-82.4 per cent), and South Australia (-15.1 per cent).

Apartment approvals in NSW declined a massive -26 per cent in the 12 months to November.

"Mountain to climb" as new home building activity falls

In the ever-evolving landscape of sustainable architecture and environmentally conscious design, systems and ratings in place can help determine the energy efficiency of residential buildings in Australia.

Australia has multiple building rating systems that evaluate energy efficiency and sustainability in existing and new building designs.

Some systems assess individual building components, while others provide an overall rating for the entire structure.

A rating system ensures that homes are comfortable and energy-efficient, whether you are buying, renovating, or building.

NatHERS (Nationwide House Energy Rating Scheme) is a common way for new homes to meet energy efficiency requirements.

As new developments continue to shape the urban environment, understanding NatHERS ratings becomes essential for developers and homeowners. This article delves into the concept of NatHERS ratings, their significance, and how they contribute to creating energy-efficient homes.

<h2>What is NatHERS?</h2>

NatHERS is a national initiative implemented by the Australian government to promote energy efficiency in residential buildings. The scheme aims to provide a standardised method for assessing the thermal performance of homes, considering factors such as insulation, orientation, ventilation, and building materials.&nbsp;

NatHERS ratings are the most common way new homes meet the National Construction Code's (NCC's) minimum energy efficiency requirements.&nbsp;

NatHERS assessments provide thermal and whole-home ratings for new homes, townhouses, and apartments.

The rating helps evaluate the energy performance of buildings, guides homeowners and developers to make informed decisions about the energy efficiency of their properties, and encourages the construction of more sustainable, comfortable, and cost-effective homes.

<h2>How NatHERS Ratings Work</h2>

NatHERS ratings are determined through four accredited software tools (AccuRate, BERS Pro, FirstRate5, HERO) using a calculation engine CSIRO developed to predict building temperature based on various factors.

The tools can model complex effects of building mass, insulation, window size, and other elements.

The outcome is a star rating that reflects the building's overall thermal efficiency, indicating how well it can maintain a comfortable indoor temperature without excessive reliance on heating or cooling systems.

The star rating scale ranges from 0 to 10, with a 6-star rating being the minimum requirement for compliance with the National Construction Code (NCC).&nbsp;

Achieving a higher star rating demonstrates a commitment to energy efficiency and sustainability, as the building is better equipped to minimise its environmental impact and reduce long-term energy costs.

Anyone can use NatHERS tools, but accredited assessors can provide certified ratings and professional advice.

<h2>Benefits of Higher NatHERS Ratings</h2>

Energy Efficiency: Buildings with higher NatHERS ratings are more energy-efficient, requiring less heating and cooling energy. This reduces the structure's carbon footprint and lowers occupants' energy bills.

Cost Savings: Homes with higher NatHERS ratings are generally more energy-efficient, resulting in reduced energy consumption for heating and cooling. This translates to lower energy bills for homeowners, making sustainable living environmentally friendly and economically viable in the long run.

Environmental Impact: Lower energy consumption directly translates to a reduced environmental impact. Buildings with higher NatHERS ratings contribute to the overall goal of mitigating climate change by lowering greenhouse gas emissions associated with heating and cooling systems.

Improved Comfort: Buildings with high NatHERS ratings offer better thermal comfort to occupants. Proper insulation, well-designed ventilation, and optimal orientation maintain a consistent and comfortable indoor temperature, providing occupants with a more enjoyable and healthier space.

Market Value and Desirability: Higher NatHERS ratings can enhance the market value of a property. As energy efficiency becomes a more significant consideration for homebuyers, a well-rated building may attract a premium price and stand out in the real estate market.

Compliance with Building Codes: NatHERS ratings are a vital component of the National Construction Code (NCC), and compliance with these ratings is often a mandatory requirement for new developments. Local councils and planning authorities may set minimum energy efficiency standards that must be met to obtain development approval.

The Nationwide House Energy Rating Scheme (NatHERS) is a crucial initiative shaping the future of energy-efficient, resilient, and cost-effective homes. With its recent upgrades, NatHERS has evolved into a world-leading tool for the building sector, supporting the global commitment to achieving net-zero emissions by 2050.

Urban Editorial

What is a NatHERS rating in new off the plan apartment developments?

Mixed-use developments have gained significant popularity across Australia in recent years due to their unique blend of residential, commercial, and recreational spaces.

Unlike traditional single-purpose developments, mixed-use projects offer a harmonious integration of various functions within a single locale.

Residential units seamlessly coexist with commercial establishments, retail outlets, dining venues, entertainment hubs, and recreational facilities, with the combination not only enhances convenience but also fosters a vibrant lifestyle and a sense of community.

<h3>Convenience and accessibility</h3>

Mixed-use developments are designed with convenience in mind. They often integrate residential units with commercial spaces, retail outlets, restaurants, and recreational facilities, creating a self-contained community.

[smartcode_project:default project_id=114215 project_image_fid=204874]

The proximity allows residents to enjoy the convenience of having essential amenities and services within walking distance. Whether it's grabbing a cup of coffee, going grocery shopping, or accessing healthcare services, everything is conveniently located, saving residents time and effort.

<h3>Vibrant lifestyle and community</h3>

One of the major advantages of mixed-use developments is the vibrant lifestyle they offer. With a diverse range of amenities and communal spaces, residents have ample opportunities to interact, socialise, and build a sense of community.

[smartcode_project:default project_id=107714 project_image_fid=214122]

The presence of parks, community centres, and shared spaces fosters a lively atmosphere, encouraging residents to engage in various activities and events. The vibrant lifestyle within these developments creates a unique sense of belonging and camaraderie among the residents.

<h3>Potential for higher rental yields and property value appreciation</h3>

Mixed-use developments tend to attract a broad range of tenants and buyers due to their versatile nature. This high demand can result in higher rental yields for investors and potentially lead to property value appreciation over time.

[smartcode_project:default project_id=139989 project_image_fid=212887]

The integration of commercial and retail spaces attracts businesses, which can provide a stable rental income stream. Additionally, the popularity of mixed-use developments often drives up property values, making them a potentially lucrative investment in the long term.

<h3>Enhanced security and maintenance</h3>

Mixed-use developments typically have comprehensive security measures in place. With controlled access points, CCTV surveillance, and professional security staff, residents can enjoy enhanced safety and peace of mind.

[smartcode_project:default project_id=108019 project_image_fid=212658]

Additionally, these developments often have dedicated maintenance teams responsible for the upkeep of common areas, landscaping, and infrastructure. This ensures that the overall appearance and functionality of the development are well-maintained, creating a pleasant living environment for residents.

<h3>Live-work-play balance</h3>

One of the key attractions of mixed-use developments is the ability to achieve a desirable live-work-play balance. The integration of residential and commercial spaces allows residents to live closer to their workplaces, reducing commuting time and improving work-life balance.

The proximity to various amenities and recreational facilities encourages an active and healthy lifestyle. Residents can easily access fitness centres, parks, restaurants, and entertainment options, all within the same development, leading to a more fulfilling and convenient way of life.

alisonwarters@gmail.com

The top five reasons to buy in a mixed-use development

When buying a property, everyone needs to be aware of the additional costs that come as part of the buying process.

Often the largest outlay, after the deposit which goes to the bank, is stamp duty.

<h2 style="line-height: 1.38;">What is Stamp Duty?</h2>

Stamp duty is an extra tax to pay the government when you buy land, a property, and other certain assets.

It happens when the legal ownership is transferred. It can also be known as property transfer duty or transfer duty.

<iframe allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="415" src="https://www.youtube.com/embed/C32BWkB5--c" title="YouTube video player" width="660"></iframe>

<h2>Who pays Stamp Duty?</h2>

In some circumstances, you may get an exemption. For some states, you won’t have to pay for stamp duty if you are a first home buyer or a pensioner for houses under a particular price. There are also stamp duty concessions, where you may be entitled to a discount.

<h2>How much does Stamp Duty cost?</h2>

Each state has different rules which affect how much you need to pay. These rules can affect the rate you pay, and the timeframe you will need to pay in. Before you buy land or a property, make sure you check the up-to-date information for your state’s stamp duty.

You can use a free stamp duty calculator online to see approximately how much you’ll need to pay. Find out if you’re eligible for an exemption by enquiring on a project via Urban!

Overall, the stamp duty you need to pay will depend on:

<ul>
	<li aria-level="1">How much your land/property is worth</li>
	<li aria-level="1">Where your land/property is located</li>
	<li aria-level="1">What type of land/property it is</li>
</ul>

Want to find out more? <a href="https://www.youtube.com/@UrbanAustralia?utm_source=YouTube&amp;utm_medium=Video&amp;utm_campaign=Subscribe&amp;utm_id=Subscribe">Subscribe to our YouTube channel</a> for more property videos.

Ellen Walker

Off-the-plan property explained: What is stamp duty?

A number of people ask - what is the settlement process when buying off the plan property?

The simple answer is that the process is one part of the off the plan buying journey that isn't too dissimilar to buying in the established market.

The major difference is the time from exchange to settlement, given the off the plan property isn't built yet. The standard settlement for established property is around six to eight weeks.

This however has a number of pros for off the plan buyers.

One of the biggest is that the price paid for the property at the time of exchange doesn't change. Even if the value of the apartment has risen during construction, buyers will still settle on their apartments at the same price agreed.

The settlement date will be forecasted in the contract, as to when the developer believes the building will be complete, and the certificate of occupancy is obtained. Then settlement can start to occur and buyers can move in.

The settlement date forecast is another pro for buyers. While this date can chop and change due to a number of reasons, least of all delays in construction, labour, and materials, it gives the buyer a ballpark future date where they need to have their finances in shape to settle.

By paying a deposit you lock in that price, and you might not be required to pay the rest of the deposit for two or three years, if the construction timeline is that far away. This allows buyers years to save up the rest of the money while their yet-to-be-built property potential grows in value.

The settlement date estimate also puts a time limit on buyers as to when they should either vacate their current rental, or put the wheels in motion to sell their current home.

If you're thinking of purchasing an off the plan apartment, it's a good idea to speak to a conveyancer or solicitor who can advise you on the settlement process and help ensure that everything goes smoothly.

A number of people ask - what is the settlement process when buying off the plan property?

Off the plan property settlement - how does it work?

Arguably floor plans matter more in off the plan property than any other type of property.

In established markets, the floorplan is the floor plan. That's it, barring renovations.

But in the off the plan market, there a number of factors to consider when analyzing floor plans, and a number of questions to ask agents and developers when discussing buying an off the plan property.

First there's the floor plan size.

Floor plan sizes advertised by agents or developers can differ hugely state by state, so it's important to understand whether you are being pitched a property's internal size, or total size.

Internal size is the measurement of the internal floor area of an apartment, and is typically measured in square metres (m²). External size is the measurement of the external dimensions of an apartment, be it a courtyard or a balcony, but sometimes it can include a parking space or storage cage.

Generally, off the plan apartments are advertised with their internal size, as this is the size that you will have to work with when furnishing and decorating your new home. It's important to be aware of external size, however, as this will give you an indication of the overall size of the building and how much outdoor space you will have access to.

When considering internal vs external size, it's important to keep in mind that internal size may vary slightly from the advertised size due to the internal walls of the apartment. External size, on the other hand, is usually accurate to the advertised size as it's based on the overall dimensions of the building.

Another thing to consider when analyzing floor plans in off the plan property is that floor plans aren't necessarily set.

The majority of developers, providing construction is still at its early stages, will allow buyers to customize their floor plan to suit their lifestyle.

It might be that you want to move a bedroom or bathroom, or re-orientate the living area. This generally isn't a problem for developers as long as the moving of internal walls doesn't impact the building structurally, and the redesign all occurs within the same floor plate size of the original apartment.

In the off the plan market, there a number of factors to consider when analyzing floor plans, and a number of questions to ask agents and developers

How to read a floor plan, what questions to ask, and why it's important for off the plan property buyers

Purchasing an off the plan property is a very different prospect compared to buying an established property.

Everything about the process is different. For starters, the property isn't even built when you agree to purchase.

Given the added complexity of purchasing an off the plan apartment, the contracts drawn up between developer are also more complex.

We've wrapped up the top seven things to look at when reviewing an off the plan contract.*

<h1>1. &nbsp;What is an off the plan contract?</h1>

An off the plan contract is a contract between a buyer and developer for the purchase of a property that has not yet been built. The contract sets out the terms and conditions of the sale, including the price, deposit amount, settlement date, and any special conditions that apply.

<h1>2. &nbsp;Why is off the plan property popular?</h1>

Off the plan property is popular because it offers buyers the opportunity to purchase a property at today's prices but settle at a later date when the property is completed. This can be advantageous for buyers as it allows them to lock in a price before construction costs increase.

<h1>3. &nbsp;What should I look for in an off-the-plan contract?</h1>

When reviewing an off-the-plan contract, there are several things that you should look for:

- The price: Make sure that you're happy with the price that has been agreed upon and that it is in line with similar properties in the area. 
 
- The deposit amount: Check that you're comfortable with the deposit amount and that it is refundable under certain conditions (e.g., if construction doesn't commence within a certain timeframe). 
 
- The settlement date: Ensure that you're aware of when settlement will take place and whether there are any conditions attached to this (e.g., construction must be completed by a certain date). 
 
- The cooling-off period: Make sure you understand your cooling-off rights and how long you have to change your mind after signing the contract.&nbsp;

<h1>4. What happens if I change my mind after signing an off–the–plan contract? &nbsp;</h1>

If you have signed an unconditional contract, generally speaking, you cannot change your mind about buying the property without incurring some sort of penalty e.g., losing your deposit. 
 
However, if your contract contains a waiver clause or sunset clause , then these may give you some flexibility in changing your mind without being penalised.

<h1>5. What is a waiver clause?</h1>

A waiver clause essentially states that if certain conditions aren’t met by a given date (usually completion of construction), then you as the buyer are released from your contractual obligations. 
 
For example, if construction isn’t completed within two years from when contracts were exchanged, then buyers may be able to walk away from their purchase without losing their deposit . &nbsp;

<h1>6. What is a sunset clause?</h1>

A sunset clause works in a similar way to a waiver clause in that it releases buyers from their contractual obligation if certain conditions aren’t met; however, as opposed to being linked to completion of construction, a sunset clause is usually linked to obtaining development approval from council. 
 
So, if council approval isn’t granted within 12 months from when contracts were exchanged, then buyers may be released from their purchase obligation. &nbsp;

<h1>7. Will I still need to pay stamp duty on an off the plan property?</h1>

In most cases, yes – even though settlement hasn’t taken place yet , stamp duty will still need to be paid at the time of exchange. 
 
However, there are some jurisdictions where payment of stamp duty may be deferred until settlement takes place e.g., Victoria and Queensland.&nbsp;

*Disclaimer - this should not constitute legal advice and you should always speak to a lawyer when executing property contracts.

Given the added complexity of purchasing an off the plan apartment, the contracts drawn up between developer and purchaser differ greatly also compared to buying an established property.

The top seven things to look for when reviewing an off the plan property contract

In a bid to boost homeownership among first home buyers in Australia, the government has allocated funds to supply grants to eligible property seekers.

To unlock the financial incentives, there is a set of criteria which must be met, and this varies state-to-state. Here&#39;s an outline of what may be required to meet the eligibility criteria:

<h2>Victorian&nbsp;First Home Owner Grant</h2>

In Victoria, eligible first home buyers could receive $10,000 through the First Home Owner Grant.&nbsp;

The rules:

1. The property must be less than $750,000 and it cannot be an investment property or holiday home. 
2. You or your partner must be using the grant for the first time 
3. You can&#39;t have already owned a property before 
4. You need to be over 18 years of age 
5. You must also be an Australian citizen or permanent resident 
6. Penalties and interest will apply if you receive the First Home Owners Grant and are not entitled to it

You can find more detailed information on the <a href="https://services.dffh.vic.gov.au/stamp-duty-concession ">Revenue VIC website.</a>

[smartcode_project:default project_id=28126 project_image_fid=186051]

<h2>New South Wales First Home Owner Grant</h2>

First home buyers who are buying a property in New South Wales may be eligible for the First Home Buyers Assistance Scheme and the First Home Owner Grant for new homes ($10,000).&nbsp; 
The First Home Buyers Assistance Scheme is a full or partial exemption of stamp duty.&nbsp;

The rules:

1. The value of the home must be no more than $1,000,000&nbsp; 
2. You, or at least one person you&#39;re buying with must be an Australian citizen or permanent resident&nbsp; 
3. You must be at least 18 years old 
4. The funds are for buying an existing home, a new home or vacant land to build a new home on 
5. You must not have already owned a property or received funds through the scheme previously

The First Home Owner Grant is for brand new properties, which includes all Mirvac off-the-plan homes. With this grant, you could receive $10,000 towards the purchase price in addition to the First Home Buyers Assistance Scheme.&nbsp;

The rules:

1. The home must be brand new and be worth no more than $750,000 
2. You must be at least 18 years old 
3. You also need to be an Australian citizen or permanent resident of Australia 
4. You must be buying or building your first home that no one has lived in before

You can find more detailed information on the <a href="https://www.revenue.nsw.gov.au/grants-schemes ">Revenue NSW website.</a>

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<h2>Queensland&nbsp;First Home Owner Grant</h2>

Eligible first home buyers looking to buy in Queensland are also able to receive a grant of $15,000 towards a new home.

The rules:

1. For new home contracts, first home buyers in Queensland may be eligible for a grant of $15,000 towards buying or building a new house, unit or townhome valued at up to $750,000.&nbsp; 
2. Applicants for this grant must be over 18 
3. You must also be an Australian citizen or permanent resident&nbsp; 
4. The home must be brand new.&nbsp; 
5. You&#39;ll also need to purchase with the intent of living in the property as your primary place of residence for six months after settlement.

You can find more detailed information on the <a href="https://www.qld.gov.au/housing/buying-owning-home/advice-buying-home/transfer-duty/how-much-you-will-pay/concessions-on-transfer-duty/concessions-for-homes ">Revenue QLD website.</a>

[smartcode_project:default project_id=28498 project_image_fid=190238]

<h2>Western Australia&nbsp;First Home Owner Grant</h2>

In Western Australia, eligible first home buyers could receive $10,000 for a new home.&nbsp;

The rules:

1. The property must be your permanent place of residence for at least six months, within 12 months of settlement 
2. It must be your first property 
3. It must be your first time receiving the grant 
4. The applicant must be an Australian citizen or permanent resident

You can find more detailed information on the&nbsp;<a href="https://www.housing.wa.gov.au/housingoptions/homeownershipoptions/firsthomebuyers/stampduty/pages/default.aspx ">Revenue WA website.</a>

[smartcode_project:default project_id=93786]

<h2>South&nbsp;Australia&nbsp;First Home Owner Grant</h2>

First home buyers in South Australia may be eligible for up to $15,000 towards the purchase or construction of a new home.

The rules:

1. The market value of the property must be $575,000 or less 
2. Applicants must be 18 years of age or older 
3. At least one applicant must be an Australian citizen or permanent resident 
4. The grant is for a brand new home which has not be lived in previously 
5. You can&#39;t have owned a home previously 
6. Each applicant must reside in the home as their principal place or residence for a continuous period of 6 months

You can find more detailed information on the Revenue SA website: https://www.revenuesa.sa.gov.au/taxpayer-stories/first-home-buyer&nbsp;

<h2>Northern Territory First Home Owner Grant</h2>

First home buyers in Australia&#39;s Northern Territory may be eligible for a $10,000 grant towards their first property purchase.

The rules:

1. The property must be new and not previously lived in 
2. Must be 18 years or older 
3. At least one applicant must be an Australian citizen or permanent resident 
4. Applicants must not have received the grant previously or owned property prior to applying for the grant

You can find more detailed information on the <a href="https://nt.gov.au/property/home-owner-assistance ">Revenue NT website.</a>

[smartcode_project:default project_id=28168 project_image_fid=186037]

<h2>MIRVAC | FIRST HOME BUYER HUB</h2>

How do I go about buying my first home?

If this is a question you find yourself asking, use the&nbsp;Mirvac&nbsp;First Home Buyers checklist to learn the 11 key steps in the buying process for first home buyers.

<h2><a href="https://firsthome.mirvac.com/?utm_source=urban&amp;utm_medium=organic">Complete the Quiz*</a></h2>

[smartcode_project:default project_id=28733 project_image_fid=167736]

Important note: The information in this article is general information only and has been prepared without taking into account your personal circumstances. While every care has been taken to ensure the accuracy of the information, Urban cannot be held liable for any inaccuracies, errors or omission.

The information in this article does not constitute legal, tax or financial advice and you should always seek professional advice before purchasing property in relation to your individual circumstances.

In a bid to boost homeownership among first home buyers in Australia, the government has allocated funds to supply grants to eligible property seekers. To unlock the financial incentives, there is a set of criteria which must be met, and this varies state-to-state. Here's an outline of what may be required to meet the eligibility criteria.

urban.com.au

Criteria for obtaining the First Home Owners Grant

Every $1000 makes a significant impact when it comes to buying property, which is why being aware of the savings and grants you may be eligible for is vital. Financial initiatives to boost first homeownership varies state-to-state; however here&#39;s a round-up of some of the grants the could be available to buyers in the four states Mirvac have master-planned communities.&nbsp;

<h2>New South Wales First Home Buyers&nbsp;</h2>

First home buyers who are buying a property in New South Wales may be eligible for the First Home Buyers Assistance Scheme and the First Home Owner Grant for new homes.&nbsp;

The First Home Buyers Assistance Scheme is a full or partial exemption of stamp duty. The value of the home must be no more than $1,000,000, and to qualify you must be an Australian citizen or permanent resident and at least 18 years old.&nbsp;

The First Home Owner Grant is for brand new properties, which includes all Mirvac off-the-plan homes. With this grant, you could receive $10,000 towards the purchase price in addition to the First Home Buyers Assistance Scheme. The home must be brand new and be worth no more than $750,000.

You can find more detailed information on the <a href="https://www.revenue.nsw.gov.au/grants-schemes">Revenue NSW website.</a>&nbsp;

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<h2>Victorian First Home Buyers</h2>

In Victoria, eligible first home buyers could receive $10,000 through the First Home Owner Grant. The property must be less than $750,000 and it cannot be an investment property or holiday home. When buying a brand new home, you may be eligible for a stamp duty exemption for a property where the dutiable value is up to $600,000. Dutiable value is the price paid for the property or market value (whichever is greater) including any GST. As a first home buyer, you may also be eligible for the Principal Place of Residence concession (PPR) if you intend to live in the home for a year within 12 months of settlement.&nbsp;

You can find more detailed information on the <a href="https://services.dffh.vic.gov.au/stamp-duty-concession ">Revenue VIC website.</a>

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<h2>Queensland&nbsp;First Home Buyers</h2>

For new home contracts, first home buyers in Queensland may be eligible for a grant of $15,000 towards buying or building a new house, unit or townhome valued at up to $750,000. Applicants for this grant must be over 18, Australian citizens or permanent residents and the home must be brand new. You&#39;ll also need to purchase with the intent of living in the property as your primary place of residence for six months after settlement.

You can find more detailed information on the <a href="https://www.qld.gov.au/housing/buying-owning-home/advice-buying-home/transfer-duty/how-much-you-will-pay/concessions-on-transfer-duty/concessions-for-homes ">Revenue QLD website.</a>

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<h2>Western Australian&nbsp;First Home Buyers</h2>

In Western Australia, eligible first home buyers could receive $10,000 for a new home. The property must be your permanent place of residence for at least six months, within 12 months of settlement.&nbsp;

You can find more detailed information on the <a href="https://www.housing.wa.gov.au/housingoptions/homeownershipoptions/firsthomebuyers/stampduty/pages/default.aspx ">Revenue WA website.</a>

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<hr />
<h2>MIRVAC | FIRST HOME BUYER HUB</h2>

How do I go about buying my first home?

If this is a question you find yourself asking, use the&nbsp;Mirvac&nbsp;First Home Buyers checklist to learn the 11 key steps in the buying process for first home buyers.

<h2><a href="https://firsthome.mirvac.com/?utm_source=urban&amp;utm_medium=organic">Complete the Quiz*</a></h2>

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&nbsp;

<hr />
Important note: The information in this article is general information only and has been prepared without taking into account your personal circumstances. While every care has been taken to ensure the accuracy of the information, Urban cannot be held liable for any inaccuracies, errors or omission.

The information in this article does not constitute legal, tax or financial advice and you should always seek professional advice before purchasing property in relation to your individual circumstances.

Every $1000 makes a significant impact when it comes to buying property, which is why being aware of the savings and grants you may be eligible for is vital. Financial initiatives to boost first homeownership varies state-to-state; however here's a round-up of some of the grants the could be available to buyers in the four states Mirvac have master-planned communities.

Property purchase concessions and grants: How much could you save on your first Mirvac property?

Often the coveted suburbs to buy a home are some of the priciest &ndash; which means buyers with a lower budget generally begin to look further afield to get on the property ladder.

Sometimes buyers luck out, purchasing a property in a less popular area where the median house price is relatively low.

Over time, suburb population grows and local businesses arise often driving demand for residential property.

We&#39;ve mapped out a few of the key features to look for in a burgeoning suburb.

<h2>Planned infrastructure upgrades</h2>

Familiarise yourself with each local council&#39;s planning applications and pipeline of infrastructure upgrades.

Often when money is invested in a suburb, it adds to the desirability of the area. Note that timeframes provided are usually only indicative, are often subject to planning approvals and may be subject to delays.

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<h2>Fringe suburbs of already popular neighbourhoods</h2>

Don&#39;t be afraid to extend your search radius. As populations grow, fringe suburbs are becoming more densely populated, and with more people comes more businesses, infrastructure upgrades and a thriving community.

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<h2>Well-thought-out master-planned communities</h2>

The development of a master-planned community gives an area an instant population boost.

A thoughtfully designed masterplan will also deliver active open space, additional schooling, retail and dining and healthcare.

Many master-planned communities will also have extra space for businesses to operate from &ndash; meaning you can work close to home.

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<h2>Decent public transport and motorway connections</h2>

Getting to and from the areas you spend most of your time socialising and working with ease is an important consideration when choosing a location to buy your first property.

Are you within close proximity to a reliable bus route?

Is there a park and ride near the train station, or is the train station within walking distance?

Is the property within easy access to a direct route motorway or freeway to the city?

If not, then check for any infrastructure upgrades planned for the area in future.

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<hr />
<h2>&nbsp;</h2>

<h2>MIRVAC | FIRST HOME BUYER HUB</h2>

How do I go about buying my first home?

If this is a question you find yourself asking, use the&nbsp;Mirvac&nbsp;First Home Buyers checklist to learn the 11 key steps in the buying process for first home buyers.

<h2><a href="http://firsthome.mirvac.com/?utm_source=urban&amp;utm_medium=organic">Complete the Quiz*</a></h2>

[smartcode_project:default project_id=93788 project_image_fid=186245]

<hr />
Important note: The information in this article is general information only and has been prepared without taking into account your personal circumstances. While every care has been taken to ensure the accuracy of the information, Urban cannot be held liable for any inaccuracies, errors or omission. 

The information in this article does not constitute legal, tax or financial advice and you should always seek professional advice before purchasing property in relation to your individual circumstances.

Often the coveted suburbs to buy a home are some of the priciest – which means first home home buyers limited by budget generally begin to look further afield to get on the property ladder. We've mapped out a few of the key features to look for in a burgeoning suburb.

How to pick an up-and-coming suburb to buy your first home

Buying a home within a well-curated masterplanned community can be a smart property purchase because with infrastructure upgrades comes future population growth, business and investment opportunities.

However, when selecting the right masterplanned community to call home, you want to ensure the developer facilitating the project knows what they&#39;re doing &ndash;&nbsp;as it&#39;s a significant undertaking.

With a proven track record of 50 years (and counting) of delivering significant multi-residential developments across Australia, many buyers place their trust in ASX-listed developer Mirvac.

Here are four Mirvac masterplanned communities that we believe pose a great opportunity for buyers in the current market:

<h2>One71 Baldivis, Western Australia</h2>

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Located approximately 30 minutes south of Perth* is Mirvac&#39;s master-planned community, One71 Baldivis.

Situated in a highly coveted area, you&#39;re about 10 mins from Rockingham Beach*, walking distance to Sheoak Grove Primary School and approximately a 3-minute drive to Baldivis Shopping Centre.

You&#39;ll be able to access the CBD via the Kwinana Freeway or enjoy exploring your own neighbourhood with the central Pump Park, perfect for weekend picnics and evening barbeques with friends and family.

<h2>Olivine, Victoria</h2>

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Olivine by Mirvac is a new community situated in Melbourne&#39;s north, in the heart of Donnybrook.

The thoughtfully designed masterplan seeks to encompass everything buyers are looking for &ndash; considered amenities, spacious homes and a home surrounded by nature.

Spend your days exploring the community or relaxing amongst the retained 200-year-old River Red Gum trees.

Olivine is Mirvac&#39;s largest estate in Victoria to date**, set on an expansive 187 hectares, with approximately 9 hectares dedicated to active open space for community use.

<h2>Georges Cove Residences, New South Wales</h2>

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Perfectly positioned within the established suburb of Liverpool is Mirvac&#39;s Georges Cove master-planned community.

You&#39;ll be within minutes from great local schools, restaurants and cafes. Accessing Sydney CBD is a breeze, with the M5 and major arterial roads nearby.

Within the community, you&#39;ll be able to enjoy making the most of the considered lifestyle amenities on offer, including a swimming pool and covered barbeque area, situated within stunning landscaped gardens.

You&#39;ve got bus services within walking distance in the area, and the Holsworthy Train is only about 3 kilometres away*.

<h2>Everleigh, Queensland</h2>

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Everleigh by Mirvac is an award-winning house and land estate situated in the heart of Greenbank, within Brisbane&#39;s fastest-growing south-west corridor.

With more than 37% of Everleigh dedicated to open space, residents will be able to immerse themselves in nature.

A state primary school and a neighbourhood centre are also part of the masterplan for the Everleigh Greenbank community*.

Located just 40 kilometres south of Brisbane CBD, Greenbank is a thriving community with plenty of local infrastructure and amenities for residents to enjoy, including Greenbank Shopping Centre nearby and parks, playgrounds and about 148 hectares of bushland and walking trails.

<h2>The Peninsula Burswood, Western Australia</h2>

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Enjoy riverside walks and cycle trails in your weeks, venture to Perth CBD in under 10 minutes and enjoy relaxing in your own urban oasis.

Mirvac&#39;s central masterplanned community, The Peninsula, encapsulates the ultimate inner-city living, with expansive parklands and spacious homes.

Live within a stone&#39;s throw to some of Perth&#39;s most sought after restaurants, world-class entertainment and catch a game or concert at Optus Stadium which is only a short stroll away.

<h2>Quay Waterfront Newstead, Queensland</h2>

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For the past two decades, Mirvac has been instrumental in shaping Waterfront Newstead as a coveted place to live alongside the Brisbane River.

Quay, is the exciting new chapter in the development story. With a collection of 1, 2, 3 and 4 bedroom apartments &ndash; with stunning views and intuitive layouts &ndash; there&#39;s truly something special for everyone.

You could start your day with yoga in the wellness centre or swimming laps of the skyline in the rooftop pool, spend your evenings catching the spectacular sunset from the rooftop terrace, drink in hand, or spend your weekends enjoying all the lifestyle offerings Newstead is renowned for.

<h2>Green Square, New South Wales</h2>

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Located approximately 4 km from Sydney CBD* and within walking distance to a train station is Mirvac&#39;s Green Square development. A selection of apartments and terraces are available for sale.

With environmental sustainability at the forefront of design, homes at Green Square will be the first multi-residential development to seek WELLV2 certification^.

<h2>Voyager, Victoria</h2>

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The 43-storey tower will become a signature landmark for Yarra&#39;s Edge in Melbourne&#39;s Docklands. Voyager is currently the tallest tower within the masterplanned precinct, offering some expansive views of the city skyline, with a selection of residences available for sale, including some with north-facing river frontage.

Yarra&#39;s Edge is an inner-city sanctuary, with approximately 3.7 hectares of open space and about 1,000 square metres of retail. Residents may also obtain access to the luxurious Wharf Club and Yarra&#39;s Edge Marina.

<hr />
&nbsp;

<h2>MIRVAC | FIRST HOME BUYER HUB</h2>

How do I go about buying my first home?

If this is a question you find yourself asking, use the&nbsp;Mirvac&nbsp;First Home Buyers checklist to learn the 11 key steps in the buying process for first home buyers.

<h2><a href="https://firsthome.mirvac.com/?utm_source=urban&amp;utm_medium=organic">Complete the Quiz*</a></h2>

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<hr />
&nbsp;

*Distances are approximate only and are calculated via the shortest route. Locations referred to are approximate only and may not be an accurate representation of the development. 

**Correct as at 1.08.2021. 

^Mirvac has registered with the International WELL Building Institute to seek WELLv2 certification for Green Square. However, WELLv2 certification for Green Square is not guaranteed. Mirvac and Landcom make no representations on whether certification will be obtained or the level of certification that may be achieved (i.e. Bronze, Silver, Gold or Platinum). If WELLv2 certification is achieved for The Frederick, certification will only apply to the residential components of The Frederick and will apply for 3 years from the date of certification. Mirvac and Landcom accept no responsibility should residents elect to recertify The Frederick after 3 years. Neither Mirvac nor Landcom will be responsible for the process or cost of recertification. Purchasers should refer to the Contract for Sale and should make their inquiries regarding recertification for the WELLv2. As part of the WELLv2 certification, Mirvac Green Square will be a smoke free building and will not permit smoking as well the use of e-cigarette within the building or residences. 

Important note: The information in this article is general information only and has been prepared without taking into account your personal circumstances. While every care has been taken to ensure the accuracy of the information, Mirvac cannot be held liable for any inaccuracies, errors or omission. The information in this article does not constitute legal, tax or financial advice and you should always seek professional advice before purchasing property in relation to your individual circumstances.

Buying a home within a well-curated masterplanned community can be a smart property purchase because with infrastructure upgrades comes future population growth, business and investment opportunities.

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