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Financing group Banksia Securities <a href="https://www.smartcompany.com.au/cashflow/051442-10-collapses-and-the-lessons-learnt">has collapsed</a>, putting $660 million in savings at risk.
Receivers McGrath Nicol took control of Banksia, which is based in the Victorian country town of Kyabram. 
Banksia’s trustee appointed Tony McGrath, Joseph Hayes, Matthew Caddy and Robert Kirman as receivers and managers yesterday at the request of Banksia’s board. 
The trustee is a secured creditor. However, Banksia owes around $660 million to investors and advanced these funds to borrowers primarily to finance real property purchases. 
As a non-bank lender, Banksia offers investors high interest on debentures and holds first-ranking real property mortgages to secure its advances. 
McGrath Nicol froze all interest payments and redemptions as of last night.
Tony McGrath said the receivers were in the process of conducting an urgent review of Banksia’s financial position, loan book and underlying security properties. 
“Our primary concern is to ensure the interests of debenture holders are being protected,” he said in a statement. 
“In this regard, we will be working closely with the trustee to ensure debenture holders receive regular communication and Banksia’s assets are managed in a manner to maximise returns”. 
David Grbin, group executive general manager of corporate client services at The Trust Company Limited, which is acting on behalf of the trustee, said the trustee will focus attention on ensuring debenture holders are treated fairly and equally. 
“We will communicate with debenture holders openly and will act in their best interests throughout the receivership,” Grbin said.
This article originally appeared on <a href="https://www.smartcompany.com.au/" target="_blank">SmartCompany</a>.
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Victorian non-bank lender Banksia Securities collapses

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The mood of mid-market companies is volatile, according to a Future Business Index report released by the Commonwealth Bank.
"While overall business sentiment has softened ... it is pleasing that the environment is still considerably better than 12 months ago," executive general manager Symon Brewis-Weston says.
The report, released twice-yearly by the bank, measures the confidence of businesses with a turnover of $10 million to $100 million. It shows a notable drop in overall business confidence, from 9.3 points six months ago to 4.3. However, the new figure is still much higher than 12 months ago when it was in the red at -0.3.
The trend wasn't uniform across all business sectors. Retailers and the mining sector jumped by 10 and 7 points respectively, while construction, business services and transport all dropped double figures.
In regard to the next six months, mid-market companies are undecided. While 27% are optimistic about the forecast, 26% of companies expect it to worsen. Opinion on revenue is evenly split, with 50% predicting a rise. But larger companies, with more than $50 million turnover, are more positive, with 59% expecting an increase.
The number of companies expecting to reduce expenditure was down to one third, although more are planning to cut staff.
The story is also very different from state to state. Victoria and Tasmania, both of which have experienced economic difficulties recently, had a 4-point jump in confidence. But that's where the positive outlook ends. New South Wales and the ACT declined 4 points, although confidence is still high, while South Australia and Tasmania slumped 15 points to -10.1. Western Australia also declined sharply off the back of bad news from China, slipping from 16.7 to -2 in just six months.
The news isn't all good, but the results show that while business confidence has dropped, mid-market companies haven't given up hope.
This article first appeared on <a rel="nofollow" href="https://www.leadingcompany.com.au/">LeadingCompany</a>.
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Mid-sized retailers feeling more optimistic than 12 months ago: CommBank

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The receivers of collapsed music chain Allans Billy Hyde have announced all the company's stores will close and more than 500 jobs will be lost as a result.
Brendan Richards of Ferrier Hodgson said in a statement Australian Music Group Holdings will be shut down.
"The loss of jobs is disappointing, but we exhausted all avenues and there is no other way forward for this business," he said.
"These people have served music lovers and been a key part of the Australian music industry for generations. It is a sad day for live music in this country."
The 513 staff will be made redundant over the next few weeks. All the 27 stores will be closed.
The company collapsed earlier this year, after an injection of capital failed to save the business and investors called in receivers. It had been experiencing trouble for years, with the two groups, Allans and Billy Hyde, creating a new chain in 2010.
This article originally appeared on <a target="_blank" href="https://www.smartcompany.com.au/index.php">SmartCompany</a>.
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Receivers of music chain Allans Billy Hyde to close all 27 stores

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Bluechip Properties, which owns a chain of hotels operating under the Leisure Inn brand and turns over $5 to $6 million a year, has slipped into receivership.

David Winterbottom of Korda Mentha has been appointed as receiver of the company, which owns properties including Hobart's Macquarie Inn and Woolmers Inn and Launceston's Penny Royal.
The Macquarie Inn has already been listed for sale by Korda Mentha.
Bluechip is owned by Sydney property mogul Kurt Braune and the Leisure Inn brand forms part of the 25-hotel StayWell Hospitality Group.
Richard Doyle, director of StayWell, told SmartCompany that Bluechip is a separate entity and Staywell manages the Bluechip hotels, a role which is continuing despite the receivership.
"The StayWell Group owns Leisure Inn brand and has licensed it to Bluechip Properties," Doyle says.
Doyle says his understanding is that the hotels are trading strongly but were tipped into receivership by existing debt obligations.
"The group got into difficulty because another entity associated with their group was involved in the collapse of an office facility in Sydney owned by New Invest, it was nothing to do with the management," he says.
"My understanding is the reason the group is in trouble is the bank was not paid under guarantee in relation to that property."
The major creditor is Bankwest.
Braune puts the reason for the collapse as an ongoing dispute with StayWell, which had been heard in the Supreme Court in March.
"We were continuing our negotiations with StayWell in good faith and thought we were just about there," he told The Australian Financial Review.
Braune said he had a good relationship with Bankwest until it called in receivers "out of the blue".
Winterbottom told SmartCompany the receivership has nothing to do with the trading of the hotels but would not comment further.
"All three hotels are trading very well and it is business as usual," he says.
Bankwest confirmed the hotel chain had entered receivership but had no further comment.
This article originally appeared on <a href="https://www.smartcompany.com.au/index.php" target="_blank">SmartCompany</a>.
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Bluchip hotel chain, which operates under the Leisure Inn brand, enters receivership

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The head of Ritchies IGA has accused the major supermarkets of land banking, which he says disadvantages small businesses, and has called for a two-year moratorium on building new retail spaces.
Ritchies operates 70 of the supermarkets which are part of the IGA's network of 1,400 independent grocers.
Fred Harrison, chief executive of Ritchies IGA, told SmartCompany the current pace of retail development was likely to disadvantage small business and he called for a two-year moratorium on development.
"I just think there is basically an oversupply of retail in Australia at present and we know retail is genuinely struggling. It is not just one sector, it is across the board," he says.
"There are enough indications now that retail life is fairly tough, it has not been tough for a day or week or month; it has been tough now for 18 to 24 months."
Harrison said the amount of available retail floor space in Sydney and Melbourne had increased from two to three square metres per person in the three years to 2010.
"Our population is not growing at a dramatic rate but the level of retail development in recent years has been phenomenal," says Harrison.
"Rather than just having more and more stores being built across the board maybe we should complete what we have and let existing businesses consolidate, because it is not going to be good if we end up with empty retail tenancies."
Harrison says it is "not the most level of playing fields" for small businesses to compete with Coles and Woolworths and accused the two supermarket giants of buying up land in order to block competition.


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"I believe there has been a lot of land banking and I think because of that they have such high subsidies across so many different businesses so they can use one business to subsidise another," he says.
"Naturally, the big end of town is going to be anti these sentiments but there are a lot of small businesses out there that don't have the clout or push to get on TV or to get in the business section of the papers so, in many respects, we are speaking for them."
SmartCompany asked Harrison if it was realistic to propose a two-year moratorium on retail building. "Everything is realistic: Did we think a carbon tax was realistic a couple of years ago?" he says.
"Do we want to go the path of the UK or Spain with acres and acres of empty tenancies? I think it needs to be discussed."
Harrison's comments follow the Australian Competition and Consumer Commission's concession that<a href="https://www.smartcompany.com.au/retail/051807-independents-warn-of-clear-and-present-danger-as-accc-says-coles-and-woolies-may-escape-legal-action">there is not much it can do about claims of anti-competitive behaviour </a>by Coles and Woolworths.
A spokesperson for Coles told SmartCompany, "Coles is not in the business of opening unprofitable stores, we only open stores where we believe there is customer demand for our offer."
Woolworths did not respond to requests for comment before publication.
This article originally appeared on <a target="_blank" href="https://www.smartcompany.com.au/index.php">SmartCompany</a>.
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Ritchies IGA calls for two-year moratorium on new retail space

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The Sando is likely to be redeveloped into apartments after the pub's owner failed to find a buyer or partner to save the iconic live music pub, which went into receivership in July with a debt to Bankwest of $3.6 million.
Expressions of interest closed yesterday for Sydney's Sandringham Hotel, immortalised by The Whitlams in the songs God Drinks at the Sando and Blow Up the Pokies.
Even support from the great and good in the music industry<a target="_blank" href="https://www.propertyobserver.com.au/leisure/the-sando-owner-says-iconic-recently-renovated-sydney-pub-receivership-due-bankwest-the-council-and-the-suits/2012071255560"> failed to save The Sando</a> despite a <a target="_blank" href="https://saveoursando.com/" rel="nofollow">free concert in Martin Place</a> earlier this week to draw attention to the pub's plight fronted by Mark Evans, formerly of AC/DC, Mark Gable of The Choirboys and Doc Neeson of The Angels.
Tony Townsend, owner of The Sando, told SmartCompany a number of rallies had been held to draw attention to the pub's plight but expressions of interest had closed and he is not aware of any offers.
"We were not able to uncover the white knight, unfortunately," says Townsend.
"We have tried a number of times to bring the bank to the table and we have actually made a few offers to the bank and at this point of time they are going to take it to due process."
Townsend claims The Sando was highly leveraged at around 65% when Bankwest (which was taken over by the Commonwealth Bank) called in its facility and gave him seven days to pay $3.2 million.
"I was very upset by some of the things that were said by Commonwealth Bank and the receivers as they were misleading to say the least; things like we never paid or defaulted on paying our interest, that was just not true," he says.
"Until the bank sent its letter of demand on we paid every single interest payment, the only default we had was a loan value ratio default which is a minor default."
Townsend says he ran a "very tight business" but it was very marginal and once the receivers, Ferrier Hodgson, were called in it was very difficult to save the business.
"We've worked through a number of solutions since that letter of demand but it's very difficult when you have a scenario of interest jumping from $16,000 to $48,000 per month plus other costs, such as the receiver's costs and legal costs," he says.
"It's just a recipe for disaster, especially when you put your hand out to the bank and said we are in trouble, we need you to give us a hand, that's the sort of hand we got given."
 
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Townsend says he is planning legal action and is also making a submission to the <a href="https://www.smartcompany.com.au/financial-services-and-insurance/051162-no-conspiracy-commonwealth-bank-denies-allegations-it-liquidated-bankwest-customers-at-senate-inquiry">Senate Inquiry into the banking sector</a>, which is investigating claims as to whether the Commonwealth Bank sought to liquidate Bankwest customers to reduce the price paid for Bankwest.
"It will go to court and we will be seeking damages. It appears that the Financial Ombudsman Service can't do a lot until somebody actually takes the business away from you. The court can't stop the process until you lose it."
Townsend says while he initially hoped to find a partner to enter into a joint venture to keep The Sando as a live music venue, it was difficult because live music venues only return around 6% while pubs which have gaming return about 14%.
"We tried to raise awareness of what a hotel like The Sando is in a community like Newtown and what it means to a community like the music community and, unfortunately, we were not able to uncover anyone who had an empathy for that use," he says.
Townsend expects The Sando will be sold cheaply to developers and will no longer operate as a live music venue. He says the property is zoned for accommodation and can be built to four storeys.
"Someone will make $5 million or $6 million out of it," he says.
"They won't pay full value for it, they'll pay fire sale value for it and it will just be another live venue gone."
Michael Cave, spokesperson for Ferrier Hodgson, told SmartCompany it was still "early days" in the process and the receivers are still dealing with the "numerous" expressions of interest that came in.
He says the Sandringham Hotel business had been in financial difficulty since mid-2009, and Townsend has been issued with numerous breach and default notices, with his account in arrears throughout 2011 and the first half of 2012.
"The bank took the decision to appoint receivers only after considering all available options and going to extraordinary lengths in an attempt to help the customer resolve his financial issues," Cave said in a statement.
The Commonwealth Bank directed SmartCompany to a statement it issued last month entitled "<a target="_blank" href="https://www.commbank.com.au/about-us/news/on-the-record/2012/270812-sandringham-hotel.aspx" rel="nofollow">Facts about The Sandringham Hotel</a>", which said Townsend was in default throughout 2009 and 2010, including non-payment of interest on the debt and also non-payment of land tax to the NSW Office of State Revenue.
"As the customer did not take the necessary steps to resolve his financial issues and following an extensive period of time working with the customer, the Bank appointed receivers in July, 2012," the statement said.
This article originally appeared on <a target="_blank" href="https://www.smartcompany.com.au/index.php">SmartCompany</a>.
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Sydney pub the Sando likely to be developed as white knight deadline passes

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Ardent Leisure Group has agreed to buy Fenix Fitness Clubs for $60.9 million in a move that signals further consolidation in the health and fitness sector.
The deal follows <a target="_blank" href="https://www.smartcompany.com.au/leisure-and-gaming/050009-fitness-first-to-slim-down-by-selling-24-clubs-as-low-cost-gyms-grab-market-share">Fitness First's recent sale</a> of 24 clubs in a response to low-cost gyms grabbing market share.
Sources in the industry say Fitness First is desperately trying to offload some of its remaining clubs, but Ardent went for the Fenix clubs instead, seeing them as an opportunity to strengthen its group.
Ardent already operates Goodlife gyms and Fenix's 10 premium fitness clubs in Victoria and Queensland. Two more Victorian clubs in development stage will be rebranded to Goodlife gyms within 12 weeks.
The Fenix clubs have about 35,773 members.
The purchase will be funded through a fully underwritten $50 million equity placement and a $20 million share purchase plan expected to be completed by October 31, 2012.
Ardent chairman Neil Balnaves said the deal was a "strategic opportunity" to strengthen the position of Goodlife "in a core growth market".
"[It] is expected to positively impact the performance of the existing club portfolio through enhanced passport benefits," he said.
"Goodlife has consistently delivered above market membership and profit growth and will now enjoy equal No1 ranking in Melbourne with 19 clubs, together with the two Fenix clubs under development.
"Following the recent acquisition of the Fitness First South Australian portfolio Goodlife is also now well placed to capitalise on a more extensive product offering in South Australia."
In a statement to the Australian Securities Exchange Ardent, he said the acquisition represented a strategic opportunity to strengthen one of its strongest performing operating divisions and would add to earnings both before and after synergies.
Ardent's divisions include Dreamworld and WhiteWater World on the Gold Coast, AMF bowling alleys, marinas and the Texas-based Main Event entertainment arcades.
However, Goodlife was one of Ardent's few successful divisions last year with earnings up 21% in comparison to Ardent's overall 2011-12 which fell below expectations by 63%.
This article originally appeared on <a target="_blank" href="https://www.smartcompany.com.au/index.php">SmartCompany</a>.
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Ardent Leisure Group to buy Fenix Fitness Clubs for $60.9 million

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Fashion retailer Ojay has collapsed, with David Coyne and Gideon Rathner of Lowe Lippmann appointed as administrators.
Ojay's administration is yet another blow to the fashion industry and follows the recent <a href="https://www.smartcompany.com.au/retail/051252-the-party-s-over-for-fashion-retail-chain-frat-house" target="_blank">liquidation of Frat House</a> and the collapse last year of <a href="https://www.smartcompany.com.au/retail/20111005-fashion-retailer-brown-sugar-rescued-out-of-administration" target="_blank">Brown Sugar</a>, Grab Jeans, Belinda International and Bettina Liano.
The fashion retailer was founded in 1976 and has stores in Victoria, New South Wales, Queensland and Western Australia.
Coyne told SmartCompany "it is still very early days in the administration" and said at this stage he was unable to comment.
Ojay reduced its prices by 40% last year but this move was not enough to address the fashion retailer's problems.
A spokesperson for Ojay said the business was not commenting at this stage.
David Gordon, retail specialist at WHK, says the collapse was "very sad news" for the retail sector.
"Ojay were veterans of the apparel game in Australia, with a very good reputation," says Gordon.
"I suppose you would say this is probably quite a telling indication of the impact of the quick-fashion low-price entrants into the market because their product is mostly after-five wear."
Gordon says Ojay did not have a presence with stockists such as Myer or wholesale, which would have made the business "extremely vulnerable".
"It indicates that without a real multi-sales channel you are extremely vulnerable in the current climate," he says.
A creditors' meeting will be held on September 10.
This article originally appeared on <a href="https://www.smartcompany.com.au/index.php" target="_blank">SmartCompany</a>.
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Retail landlords hit in Victoria, NSW, Queensland and WA as fashion chain Ojay collapses

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Queensland's Quinn family have revealed why they <a href="https://www.propertyobserver.com.au/retail/darrell-lea-s-27-retail-stores-to-close-as-chocolate-maker-sells-to-queensland-s-quinn-family/2012090356379" target="_blank">bought Darrell Lea</a>, after the confectionery and chocolate maker's administrators announced plans to close the brand's remaining 27 retail stores and make 418 employees redundant.
Tony and Christina Quinn are the owners of the <a href="https://www.smartcompany.com.au/retail-trends/20111128-plenty-of-bite-in-pet-food" target="_blank">chilled pet food producer VIP Pet Foods</a> and are well known for their involvement in Australian motor racing.
They are on the BRW Rich List, which estimates the couple's wealth at around $350 million.
A spokesperson for the Quinn family said the price paid for Darrell Lea was confidential but that the Quinns were attracted by the opportunity to buy an <a href="https://www.smartcompany.com.au/food-and-beverages/050642-the-rocklea-road-to-darrell-lea-s-demise-five-lessons-from-the-iconic-chocolate-company" target="_blank">iconic Australian brand</a>.
"The Quinn family have long held an interest in entering the Australian confectionery market, with the acquisition of Darrell Lea that interest become a reality, allowing the Quinn Family to purchase an iconic Australian brand and compete against market leading brands such as Cadbury, Nestle and Mars," says the spokesperson.
While chocolates and pet food might not sound like they have much in common, the spokesperson says there are significant synergies between the Quinn family's existing businesses and Darrell Lea.
"The Quinn family will bring a wealth of experience in food manufacturing and distribution to the Darrell Lea brand and are looking forward to building a strong brand presence that is enabled by a strengthened manufacturing and innovation capability," the spokesperson says.
However the spokesperson was tight-lipped on the family's plans for Darrell Lea: "At the moment we are developing plans to ensure the long-term success of the Darrell Lea brand for our employees, suppliers and consumers across Australia."
The Lea family issued a statement yesterday acknowledging that the collapse of the business had been "a very challenging period for everybody involved with the Darrell Lea business".
"The family believes that it has acted to the best of its ability to protect the interests of staff, licensees, suppliers and other key stakeholders," the statement said.
The Lea family said it wished the Quinn family success in maximising the "considerable value" that exists within Darrell Lea.
"Part of that value is reflected in the goodwill that resides within the Australian public," the statement said.
"The family thanks the Australian public for their support during the company's long history and especially in recent times."
Administrators PPB Advisory said the sale and subsequent store closures and redundancies were "unfortunate" but necessary to strengthen the manufacturing and distribution operations and ensure employment is secured for Darrell Lea's 83 manufacturing and administrative staff.
Those employees affected by the Darrell Lea sale are to have all superannuation and wage entitlements paid in full.
"We are confident that the Quinn family has the necessary skills and experience to take the business forward," said Mark Robinson of PPB Advisory.
 This article originally appeared on <a href="https://www.smartcompany.com.au/index.php" target="_blank">SmartCompany</a>.
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Quinn family explain their decision to buy Darrell Lea and close stores

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The iconic confectionery and chocolate maker Darrell Lea was sold today to Queensland's Quinn family. However, the brand's survival is bittersweet, with the remaining retail stores to close and 418 employees to be made redundant.
<a href="https://www.propertyobserver.com.au/retail/what-darrell-lea-s-collapse-means-for-retail-landlords/2012071155521" target="_blank">Darrell Lea</a> licorice and chocolates will be sold through its existing network of 1,200 licensed retailers, wholesale customers and by export.
The remaining 27 Darrell Lea company-owned stores will cease trading on Sunday, September 9 because the stores have been "consistently loss making for a number of years".
Darrell Lea's administrators say the stores did not attract any meaningful interest during the sale process.
The roles of 246 permanent and 172 casual employees will be made redundant in the process.
"While this is unfortunate, the decision is necessary to strengthen the manufacturing and distribution operations and ensure employment is secured for 83 manufacturing and administrative staff," administrators PPB Advisory said in a statement.
It said those employees affected by the decision would have all superannuation and wage entitlements paid in full.
"This sale represents the best outcome for Darrell Lea and it ensures that this iconic Australian brand and its manufacturing operations can continue to operate locally and stay Australian-owned," said Mark Robinson of PPB Advisory.
"We are confident that the Quinn family has the necessary skills and experience to take the business forward."
A spokesperson for the Quinn family said the family had a long-held interest in entering the Australian and international confectionery market.
"Our company has a strong history of building sustainable Australian-based businesses, and it is our aim to do the same with Darrell Lea," the spokesperson said.
This article originally appeared on <a href="https://www.smartcompany.com.au/index.php" target="_blank">SmartCompany</a>.
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Darrell Lea's 27 retail stores to close as chocolate maker sells to Queensland's Quinn family

The Gold Coast economy has grown by 25 per cent since 2020/21 to surpass $55 billion, but perhaps the more significant story is what sits behind the headline number.

For decades, the Gold Coast has been viewed through the lens of tourism, lifestyle and population growth. The latest State of the City Report suggests that perception is increasingly out of step with reality.

Released by Invest Gold Coast, the report ranks the Gold Coast as Australia's largest non-capital city economy and, perhaps more notably, second nationally behind Sydney for Economic Complexity, a measure that assesses the diversity and sophistication of an economy.

It's a result that places the Gold Coast ahead of Melbourne, Brisbane, Perth and Adelaide, highlighting the extent to which the city's economic base has broadened beyond its traditional industries.

Today, the Gold Coast supports more than 350,000 jobs, is home to over 83,000 businesses and generates $19 billion in annual exports. Manufacturing now accounts for 62 per cent of international export growth, while sectors including health, education, advanced manufacturing, technology and professional services are becoming increasingly important contributors to the local economy.

[smartcode_project:default project_id=150017 project_image_fid=372547]

Gold Coast Mayor Tom Tate said the report confirmed the city's evolution into one of Australia's most significant economies.

"The Gold Coast economy continues to grow at an incredible pace. This is no surprise to those of us who have watched the evolution up close," Mayor Tate said.

"As one of the most entrepreneurial, investment driven and opportunity focused economies in the country our ambition has been realised and possibilities are endless.

"The Gold Coast has built a reputation as the city that says yes. We say yes to investment, yes to opportunity and yes to people who want to build something.

"It's this mindset helping us drive major growth across health, advanced manufacturing, screen production, marine, technology and the knowledge economy."

[smartcode_project:default project_id=149670 project_image_fid=360975]

While population growth has been one of the defining stories of the past decade, the report points to a broader economic transformation taking place.

The city's knowledge economy now contributes $7.9 billion annually and supports around 31,000 jobs, while the health and wellbeing sector contributes $5.2 billion and employs more than 42,000 people. Together, the six priority sectors identified in the report account for almost $24 billion in economic output and more than 145,000 jobs.

One of the strongest examples is the Gold Coast Health and Knowledge Precinct at Southport. The 200-hectare precinct now contains more than $5 billion worth of health, education, research and innovation infrastructure and supports over 16,000 jobs.

The report also highlights the growing role of advanced manufacturing, particularly in aerospace, defence and modular construction.

Gold Coast-based Gilmour Space Technologies recently became the first Australian commercial company to attempt an orbital launch, while companies including Modscape and ModnPods are helping establish the Yatala-Stapylton corridor as one of Australia's fastest-growing advanced manufacturing hubs.

The city's entrepreneurial culture is also translating into business growth.

Since 2019/20, the number of businesses operating on the Gold Coast has increased by 22 per cent, while firms employing more than 200 people have grown by 80 per cent. The report suggests the next challenge is converting more local start-ups and medium-sized businesses into nationally significant companies.

Development activity remains another key indicator of confidence.

There are currently more than $23 billion worth of major projects underway across the Gold Coast, supported by a record 75 active cranes, a figure that now exceeds Brisbane and represents a 150 per cent increase since 2016.

[smartcode_project:default project_id=112024 project_image_fid=343235]

Importantly, the report notes the next phase of investment will need to extend beyond residential development.

While 93 per cent of crane activity is currently tied to housing, Invest Gold Coast argues future investment will increasingly need to focus on cultural, civic, infrastructure and industry-enabling projects that strengthen the city's long-term economic resilience.

Invest Gold Coast Chair Will Hodgman said the city was now benefiting from years of economic diversification.

"What is happening on the Gold Coast is the result of the city's economic base broadening, fuelled by industries with long-term, high-growth potential," Mr Hodgman said.

"This is no longer a secondary Australian economy, the Gold Coast is becoming a globally connected city with deeper capability across health, knowledge and creative industries, advanced manufacturing, technology and exports."

[smartcode_project:default project_id=108274 project_image_fid=365786]

Looking ahead, the Gold Coast's population is projected to exceed one million residents by 2046.

For a city that was once largely defined by tourism and lifestyle, the latest figures suggest the Gold Coast is becoming something more significant, one of Australia's most diverse and economically sophisticated urban economies, and increasingly one that national and international investors can no longer afford to overlook.

Joel Robinson

75 cranes, $23 billion pipeline and a $55 billion economy: Inside the Gold Coast economic boom

Ron Bakir's Homecorp has sold more than 75 per cent of the apartments in its wellness-driven Florence Residences in Surfers Paradise following its first weekend release.

The <a href="https://www.apartments.com.au/new-apartments/florence-residences-24-monte-carlo-avenue-surfers-paradise-qld-4217">26-storey project on Monte Carlo Avenue</a>, which commenced construction earlier this year, has seen a flurry of buyers secure their slice of the Gold Coast's latest wellbeing-focused offering in one of the nation's most competitive property markets.

Since the pandemic, the Gold Coast's population has grown by more than 11 per cent, a rate approximately four times faster than Sydney's, driven largely by lifestyle changes and interstate migration. While buyer activity has moderated in some markets nationally, demand for newly built dwellings on the Gold Coast continues to gain momentum as purchasers increasingly prioritise lifestyle, amenity, wellbeing, liveability and long-term investment potential.

&nbsp;

[smartcode_project:default project_id=150414 project_image_fid=372743]

Homecorp CEO Ron Bakir says buyers today are looking for more than just a home.

"What we are seeing is a shift in how people define value in property," Bakir says.

"What attracts residents to new developments is a desire for more than just a residence. They are looking for a place that complements their lifestyle, supports their wellbeing and reflects the way they want to live into the future.

"Lifestyle, longevity, proactive health, wellbeing, connection and a sense of community are increasingly shaping purchasing decisions, particularly on the Gold Coast, where these factors continue to be a major drawcard."

[smartcode_project:default project_id=150414 project_image_fid=372744]

Bakir says Homecorp is responding to this shift through an approach that places greater emphasis on design, amenity and experience working together to create places that feel considered, connected and enduring in value.

Inspired by Eastern European design, Florence Residences will comprise 120 apartments alongside a private residents-only wellness club featuring a resort-style rooftop pool, hot and cold plunge pools, a spa retreat, contemporary gymnasium, and a spacious yoga and Pilates studio.

The development will also feature a residents-only lounge with private dining facilities and a rooftop bar, premium outdoor entertaining areas, a hotel-style lobby lounge, generous bike parking, and pet-friendly amenities including a heated dog wash.

[smartcode_project:default project_id=150414 project_image_fid=372742]

A limited number of apartments remain available, with an exclusive collection of four-bedroom sub-penthouses set to be released in the coming months.

Florence is one of the latest additions to Homecorp's expanding multi-billion-dollar property portfolio, which also includes plans for a <a href="https://www.apartments.com.au/news/qld/homecorp-lodges-plans-for-260-million-moroccan-bathhouse-inspired-tower-in-budds-beach">$260 million development in Budds Beach</a> tailored to the growing wellness market.

A development application has been lodged for a 27-storey, 156-residence tower at 8–10 Acacia Avenue and 25–27 Oak Avenue, featuring a residents-only Moroccan spa-inspired sanctuary.

Apartments at Florence Residences are priced from $1,249,000, with construction expected to be completed by late 2027.

[smartcode_project_cta:default project_id=150414]

Buyers rush to Homecorp's Florence Residences as Gold Coast wellness trend gains momentum

The NSW Government has expanded its $1 billion Pre-sale Finance Guarantee program, broadening access for affordable housing providers and smaller residential developments as it seeks to accelerate housing delivery across the state.

The Minns Government says the program has already helped bring forward more than 600 homes across Sydney and regional NSW since launching in September 2025, with similar models now adopted in South Australia and Western Australia.

The latest changes, announced by Treasurer Daniel Mookhey and Minister for Planning and Public Spaces Paul Scully, are designed to improve access to finance for projects that have planning approval but are struggling to secure funding.

Among the key changes is an expansion of support for community housing providers. The program will now support up to 100 per cent affordable housing projects valued at up to $30 million when delivered by not-for-profit providers, while support for larger affordable housing developments will increase for projects worth up to $80 million.

The government says the changes will help accelerate the delivery of housing for low-income workers, older people, people living with disability, and those at risk of homelessness, while reducing reliance on direct grants or subsidised loans to bridge funding gaps.

The eligibility criteria for smaller residential developments have also been broadened. The previous $5 million minimum project value threshold has been removed and replaced with a requirement that projects deliver at least four homes.

Support has also increased for projects delivering fewer than 20 homes, with the guarantee now able to cover up to 75 per cent of dwellings in a development, capped at $30 million per project.

The changes are expected to particularly benefit smaller-scale and regional developments, which often face greater challenges meeting pre-sale requirements imposed by lenders.

Treasurer Daniel Mookhey said the scheme demonstrates how government can use its balance sheet to stimulate housing supply without relying solely on taxpayer-funded grants.

"The Pre-sale Finance Guarantee shows how this Government is using its balance sheet to reduce risk and unlock private investment, enabling new homes to move from design to construction faster," Mookhey said.

"This landmark reform allows us to deliver homes for working families at a lower cost to taxpayers, while also maintaining strong financial discipline."

Planning Minister Paul Scully said the program had already proven effective in bringing stalled projects to market.

"The Pre-sale Finance Guarantee has already proven it can unlock stalled projects and accelerate housing delivery by giving lenders the confidence they need to back good developments," Scully said.

"These changes will allow more affordable housing and smaller developments to access support so more homes can be built faster where communities need them most."

Housing Minister Rose Jackson said the expansion would help community housing providers overcome financing barriers that often delay projects.

"We know community housing providers are ready to build more homes, too often they're held back by barriers to finance," Jackson said.

"Expanding the Pre-sale Finance Guarantee helps remove those barriers so more affordable homes can get off the ground sooner."

The announcement was welcomed by the Property Council of Australia, which has long advocated for measures aimed at improving project feasibility and access to finance.

Property Council NSW Executive Director Katie Stevenson described the expansion as a practical intervention that addresses one of the most immediate constraints on housing delivery.

"This is exactly the kind of practical intervention we need right now, focused on getting projects out of the ground, not just approved," Stevenson said.

"It builds on a model the Property Council has worked closely with government to develop following calls for such a scheme ahead of last year's NSW Budget, so it's great to see it being expanded."

Stevenson said the reforms would help unlock projects that are ready to proceed but have been delayed by financing challenges. However, she noted that broader feasibility issues remain a significant barrier to increasing housing supply.

"The biggest challenge in NSW housing today is delivery. Too many projects have planning approval but are simply not financially viable to proceed under current settings," she said.

Speaking at the Property Council's NSW Housing Summit, Housing Minister Rose Jackson acknowledged that feasibility and financing pressures continue to constrain housing delivery, while reaffirming the government's commitment to work with industry on solutions.

Stevenson said the government's recognition of those challenges was encouraging ahead of next week's state budget.

"It's positive to see the government clearly recognising that feasibility pressures are now a binding constraint on supply," she said.

"With the Budget just days away, the focus must be on backing delivery, making sure projects stack up, finance can flow, and more homes can move from approval to construction."

The expanded Pre-sale Finance Guarantee forms part of the NSW Government's broader housing agenda, which also includes planning reforms, the NSW Housing Pattern Book, and a series of rezonings intended to increase housing capacity across the state.

NSW expands Pre-sale Finance Guarantee to unlock more affordable and regional housing

Design-led developer-builder Lowe Living has unveiled its latest residential development, Jardin House, marking its first foray into Melbourne's blue-chip City of Boroondara.

Located a short walk from Camberwell Junction, <a href="https://www.apartments.com.au/new-apartments/jardin-house-by-lowe-living-camberwell-335-camberwell-road-camberwell-vic-3124">Jardin House</a> has been designed to appeal to affluent local downsizers and established families seeking a low-maintenance alternative to the large homes that have long defined Camberwell and surrounding suburbs.

The project will comprise a collection of two and three-bedroom apartments ranging from 92 sqm to 280 sqm, alongside a limited number of penthouse residences featuring rooftop terraces spanning more than 100 sqm, with optional private pools.

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Lowe Living Co-Founder and Managing Director Tim Lowe said Camberwell represented a natural next step for the developer as it expands into some of Melbourne's most tightly held residential markets.

"Jardin House is an important project for our team as it marks the next evolution of our portfolio into different well-established blue-chip pockets of Melbourne," Lowe said.

"Camberwell, with its incredible walkability, family-led neighbourhood feel and superb access to education and transport, makes it a natural choice for us."

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Designed by Tristan Wong Architects, with interiors by Hecker Guthrie and landscaping by Acre, the development takes inspiration from the Art Deco architecture that remains a defining feature of many of Camberwell's established streets.

A curved facade, arched openings, textured brickwork and sculpted forms reference the suburb's architectural heritage, while extensive landscaping softens the building's presence and creates a strong connection to the surrounding tree-lined streetscape.

The project will be set behind a secure gated entrance, with residents arriving through landscaped gardens designed to create a transition between the public realm and private residences.

Inside, the residences feature natural stone and timber finishes, full-height glazing, Miele appliances and generous open-plan living areas designed for long-term owner occupation.

[smartcode_project:default project_id=146717 project_image_fid=372225]

While the apartments themselves have been designed to attract discerning owner-occupiers, it is the amenity offering that sets Jardin House apart from many other boutique projects currently launching across Melbourne.

The centrepiece is a 350 sqm private bathhouse curated in partnership with Aurora Spa &amp; Bathhouse founder Lyndall Mitchell.

The wellness precinct includes mineral pools, hydrotherapy experiences, a Himalayan salt room, sauna, steam room, cold plunge pools and dedicated relaxation spaces, creating what Lowe Living describes as a private wellness retreat exclusively for residents.

[smartcode_project:default project_id=146717 project_image_fid=372222]

The collaboration follows Lowe Living's recent partnership with Aurora at Maison Savoy in Brighton, although Jardin House is the first project to incorporate both indoor and outdoor wellness experiences.

Emma Lowe, Co-Founder and Managing Director of Lowe Living, said wellness was becoming an increasingly important consideration for apartment buyers.

"Collaborating with Lyndall Mitchell from Aurora Spa &amp; Bathhouse for a second time is an intentional nod to creating residences that are more than just homes, but a way to enrich the lives of our residents through wellness and longevity," Lowe said.

The amenity offering is complemented by a Technogym fitness studio, residents' lounge, private dining spaces and concierge services.

The launch comes as developers increasingly target Melbourne's established eastern suburbs, where rising land values, ageing housing stock and growing downsizer demand are creating opportunities for boutique apartment projects.

Lowe said the company expects significant generational wealth transfer across suburbs such as Camberwell in coming years, creating further demand for luxury apartment living.

"Camberwell is a blue-chip suburb where homes regularly transact for multiple millions of dollars," he said.

"The generational change of wealth in these locations expected in the coming years is significant, so we see an opportunity to create exclusive residences that appeal to older families and downsizers in order to meet this demand."

Apartments at Jardin house start from $1,195,000. The project forms part of Lowe Living's near-$1 billion portfolio of new developments across Melbourne.

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Lowe Living launches Jardin House in Camberwell

As <a href="https://www.apartments.com.au/developments/north-sydney-nsw-2060">North Sydney</a> continues its transition from a commercial centre into a more layered residential and lifestyle precinct, a new generation of apartment developments is reshaping expectations around scale, amenity, and long-term liveability.

Improved transport connections through the Victoria Cross Metro, continued investment in dining and public spaces, and a constrained supply of new luxury apartments have sharpened demand for homes that combine proximity to the CBD with the privacy and outlook traditionally associated with harbourside houses.

At 177 Walker Street, <a href="https://www.apartments.com.au/developers/aland">ALAND</a>’s new apartment development <a href="https://www.apartments.com.au/new-apartments/the-walden-north-sydney-177-walker-street-north-sydney-nsw-2060">The Walden</a> enters the market with a distinctly residential approach to high-rise living. The 30-level tower will deliver 161 residences, ranging from one-bedroom apartments through to sub-penthouses and a full-floor penthouse, all oriented to capture uninterrupted views across Sydney Harbour, the Opera House, and out toward the Pacific Ocean.

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Designed by <a href="https://www.apartments.com.au/architects/rothelowman">Rothelowman</a>, the project takes advantage of the site’s natural topography and elevated position above the harbour. Rather than relying on density alone, the architecture focuses on outlook, orientation, and spatial flow, with every apartment occupying a corner position to maximise natural light and cross ventilation.

Rothelowman says the site itself shaped much of the architectural response.

“The site has a long history in terms of its inevitable transformation and when we came in, we took inspiration from the idea of reestablishing a sense of the site’s natural terrain and fall. Our scheme aims to integrate with the terrain and the landscape, using the undulating site to slowly reveal glimpses and views of the harbour. The rotation of the tower off grid means every apartment has a view and is naturally cross ventilated. The building's colour palette is quintessentially Sydney, with bronze and sandstone and a luminescent green colour in the glass, making it very earthy and grounded in its location.”

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Inside the residences, the emphasis moves toward larger-format living typically associated with standalone homes. Kitchens sit at the centre of the apartments, connecting directly to open-plan dining and living areas before extending outward into expansive winter gardens and balconies. Calacatta marble, bespoke joinery, integrated appliances, and custom metal detailing are used throughout, while three distinct interior palettes, Terrace, Opera, and Harbour, allow buyers to personalise the spaces without compromising the architectural consistency of the project.

The larger residences place particular attention on separation between entertaining and private zones. In many apartments, master suites occupy the outer corners of the floorplates, allowing bedrooms to benefit from floor-to-ceiling glazing and harbour outlooks independent of the living spaces. Dressing rooms and ensuites continue the material palette through fluted detailing, freestanding baths, and layered stone finishes.

Rothelowman says the design intent centred on creating homes that feel enduring rather than transient.

“Our philosophy is all about the way people live in these spaces, and we wanted to create homes that reflect the quality of life in this unique Sydney location. The apartments showcase expansive living spaces that are generous, sophisticated, and bold, with the ability to connect with views throughout each apartment.”

[smartcode_project:default project_id=134323 project_image_fid=353235]

A separate four-storey amenity building known as The Pavilion expands the residential offering beyond the apartments themselves. Positioned alongside the tower, the building consolidates wellness, recreation, and social spaces into a dedicated resident retreat. Facilities include a 20-metre rooftop pool and sundeck, sauna, spa, ice bath, wellness studio, gymnasium, concierge service, wine cellar, residents’ lounge, private dining spaces, and dedicated co-working areas with meeting rooms and boardroom facilities.

The amenity mix reflects the buyer profile emerging in North Sydney, where owner-occupiers and downsizers are increasingly prioritising convenience, apartment scale, and long-term usability over purely investment-driven decisions.

The Walden also represents a significant milestone for ALAND, marking the company’s first major move into Sydney’s inner-city luxury apartment market after more than two decades delivering large-scale residential communities across Greater Sydney. Founder Andrew Hrsto says the Walker Street site stood apart because of both its positioning and its rarity.

[smartcode_project:default project_id=134323 project_image_fid=6390]

“As a company, we had been searching for a site in one of Sydney’s blue-chip locations, spanning the Eastern Suburbs, the Sydney CBD and the North Shore, and when we had the opportunity to purchase this site, we immediately recognised that it could be something iconic.”

At launch, The Walden recorded more than $103 million in sales, with buyers drawn to the project’s harbour positioning, apartment scale, and proximity to the Metro, which now connects North Sydney to Barangaroo in three minutes and Martin Place in five.

ALAND has commenced construction, and is expecting a completion date in 2028.

[smartcode_project_cta:default project_id=134323]

Cara Waters

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