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Home ownership levels have continued to rise over the past two decades and may be at record levels, the industry has tipped after the Australian Bureau of Statistics released new data showing the percentage of income put towards a home loan has stayed steady since 1994.

The figures show that although house prices have actually increased by more than 114%, the average household with a mortgage is still paying 42% of their income, roughly in line with the same figures from 1994.
Moreover, the figures show 36% of Australians had mortgages in 2009-10, up from 30% in 1994. APM economist Andrew Wilson says it is likely that since then, the percentage has continued to rise.
"Home owner occupancy levels have continued to hold up, and I'd suggest those numbers would rise once we get census data because of the great surge we had in first home buyers."
The data does indeed show of the 1.07 million households that purchased their home in the three years to 2009-10, 40% were first home buyers. Most first home buyers had a reference person aged under 35, while less than 10% had a reference person aged 45 years or over.
"I'd actually expect us to see record levels of home ownership when that data comes through. Of course, we're suffering from having much lower levels of first home owner stimulus, but I expect that data to still be high," Wilson says.
And although the data shows housing costs have remained in proportion to income, there are some caveats. Between the two surveys, private renters have seen a 45% increase in weekly housing costs after inflation. For public renters, the proportion of income needed for housing has risen from 17% to 19%.
The figures also show that the number of Australians who own a house with no mortgage has fallen to 33% from 42%, while 24% of Australians are now renting, compared with 18% in 1994.
"The decline in outright home ownership may, in part, reflect increasing uptake of flexible low-cost financing options which allow households to extend their existing home mortgages for purposes other than the original home purchase," the report states.
However, the figures also show a clear gap between professional singles, young couples without children and dual income families, and then families with single parents.
Younger persons in a couple were more likely to buy than younger singles. But for couples with dependent children, the eldest under five years, 64% owned their home, although this rose to 75% with the eldest aged between five and 14.
But one parent households with dependent children were more likely to rent, 58%, than to own their own home, only 40%. "And they were the life cycle group most likely to be renting through a state or territory housing authority (13%)."
The figures also show a clear trend towards larger homes, with the number of people per house also growing as well.
Households that owned their home with a mortgage had one or more rooms to spare, at 89%, with 68% of couples living with children having at least one spare bedroom.
"On average, dwellings for couples with dependent and non-dependent children contained the highest number of bedrooms (3.9) and housed an average of 4.7 people."
Experts say this could indicate why construction has not increased and there is a deficiency in dwellings, as more homeowners are using their spare rooms instead of those people moving out into other dwellings.
This article originally appeared on <a href="https://www.smartcompany.com.au/property/20111117-home-ownership-still-affordable-on-the-rise-abs-figures-show" target="_blank">SmartCompany</a>.
 
 
 
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Home ownership still affordable and on the rise: ABS

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The Exo development in the burgeoning Melbourne suburb of Docklands is almost two-thirds sold after launching at the end of July.
Developer Lend Lease has sold 60 of the 96 apartments off the plan so far, with the development officially launching July 31. The building was<a target="_blank" href="https://www.propertyobserver.com.au/victoria/docklands-development-half-sold-in-two-weeks-on-market/2011082251238"> half sold in the first three weeks of its marketing</a>. 
<img src="/images/stories/exo2.jpg">
The building will comprise 32 one-bedroom apartments of about 55 square metres, which start at $395,000. It will have 64 two-bedroom apartments, which range from 79 square metres to 93 square metres and start at $665,000.
Exo is part of Lend Lease's $4.5 billion Victoria Harbour, the epicentre of Docklands. Already completed in the precinct are Dock 5, a 30-storey tower comprising 148 apartments; The Mosaic, a mid-rise, nine-storey residential development; and The Montage, sister development to The Mosaic with a rooftop garden.
Construction has begun on Exo and is due to be completed in mid-2013.
<img src="/images/stories/exofacade.jpg">
Exo will be have a distinctive perforated white façade, with its irregular holes designed to bring to mind river rocks or forest paths. It was designed by Lend Lease Design’s architectural team.
“Exo is the latest in a line of commercial and residential projects adding panache to Melbourne’s Victoria Harbour precinct – a unique fusion of city and water,” says Lend Lease Victoria Harbour project director Claire Johnston.
The development will back onto <street><address>Collins Street</address></street>, and although its address is technically <street><address>Merchant Street</address></street>, Lend Lease aims for it to be “characteristically <street><address>Collins Street</address></street>”.
<img src="/images/stories/exo3.jpg">
“The design demonstrates an innate understanding of the need for sanctuary from the hustle and bustle of urban life, with each apartment purposely designed to maximise space and minimise noise, allowing residents to reside in the heart of the city without having to compromise on their quality of living,” says Johnston.
The 10-year-old Docklands precinct has been something of an urban experiment, with the new suburb home to 15,000 residents and a growing number of businesses. Companies like Myer, NAB and ANZ are headquartered in Docklands on the eastern fringe of Melbourne CBD, and they bring thousands of young professionals to the area every day. The ANZ building alone is full of 6,000 office workers on a busy workday.
For more on the past, present and future of Docklands, download our free e-book. 
 
 
 
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Docklands development Exo almost two-thirds sold

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{yoogallery src=[images/stories/november17hunt]}
Oscar-winning actress Helen Hunt has listed her Upper West Side New York apartment for US$2.75 million.
The 186-square-metre apartment includes three bedrooms, three bathrooms and large entertaining and living spaces. According to the <a href="https://online.wsj.com/article/SB10001424052970204224604577028240025782280" target="_blank">Wall Street Journal</a>, Hunt purchased the property in 2006 for US$2.4 million.
The 1915 co-op includes 35 apartments and has a full-time concierge and porter. 
Hunt's apartment is listed through <a href="https://corcoran.com/property/listing.aspx?Region=NYC&amp;listingid=2238281&amp;source=Trulia" target="_blank">Corcoran </a>agent Jon Capobianco. 
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Helen Hunt lists New York apartment

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They’re low-maintenance, affordable and concentrated in the hippest parts of town. No wonder studio apartments are proving hard to resist for buyers and tenants alike.
For investors, studios are a more affordable and safer option than bigger properties and can provide a higher rental return.
Andrew Donnelly, CEO of property marketing firm Whiterock Capital Partners, says studios can command rental yields of 1% to 1.5% higher than one-bedroom and two-bedroom apartments.
“That means from an investment perspective, studios are affordable to buy but the yields are much better than bigger properties,” he says.
“Studios offer yields closer to 6%, whereas a one-bedroom apartment will provide a yield of 5% and a two-bedroom a yield of 4.5%. And when it comes to renting out studios, there’s a queue halfway down the street with people wanting to rent these properties.”
<img src="/images/stories/studio.jpg">
Real estate agent Eileen Carroll of Ray White Glebe in Sydney recently sold a studio apartment on Ward Avenue, Potts Point for $253,000. The property was rented at $380 a week on a casual basis but is more likely to secure a weekly rent of $350 on a longer lease. A $350 weekly rent would still deliver an impressive rental yield of 7.2%.
By way of comparison, Carroll sold a two-bedroom apartment on Cook Street, Glebe for $505,000. With a potential weekly rent of $500, the two-bedder would return a 5.1% rental yield. “Studios definitely offer a better rental return for investors,” Carroll says.
Luke McDonnell, an agent with Richardson &amp; Wrench Elizabeth Bay, says studios in Sydney’s inner east can command rental yields of 5.5% versus a rental yield of 4.8% for two-bedroom apartments.
However, he says investors after quick capital gains should steer clear of studios. “It depends on why they’re investing,” McDonnell says. “If it’s for short-term capital gains, I wouldn’t advise them to buy a studio as capital growth isn’t as strong in the short term as it is for bigger apartments.
“But if you’re looking for strong rental return and an investment you don’t have to think about, then go for a studio.”
<img src="/images/stories/studio4.jpg">
Melbourne agent Nay Baeck, of Little Residential South Yarra, agrees strong rental return is the most attractive feature of studios for investors. “You can’t expect as much in capital growth, but the rental income is very good,” she says. “Studios are popular with tenants because they are cheaper and easier to manage.”
A concentration of studios in Melbourne’s CBD attracts overseas students who pay high rents, according to Baeck. In this case, furnished apartments tend to fare better in attracting tenants.
<a target="_blank" href="https://www.propertyobserver.com.au/residential/stylish-studios-finding-new-buyers-new-marketing-and-a-new-name/2011111552371?source=flicker2">Yesterday we looked at the increasing numbers of owner-occupiers and investors who are buying studios</a>, which have sometimes been renamed suites. 
 
 
 
 

 
 
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Yields of up to 6% draw investors to studio apartments

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SQM Research's top 10 discounted properties list includes a distressed Queensland property that is now being offered for $250,000 below its purchase price. It's been listed as mortgagee in possession, having failed to sell at its May auction. It was first listed in April 2010 at $590,000, which remained its asking price until April this year. 
"There is one in particular that we would like to draw to your attention to - number two on this week's list, 92 Beelong Street Macleay Island - an off shore location in Queensland. Yes, a large discount in price is not entirely surprising for a property in such a remote location. What is quite shocking however, is that this property is recorded to have last sold for $590,000 in December 2007,$250,000 more than its current asking price," SQM director Louis Christopher says.
"Although SQM Research have been predicting house price declines in certain areas, a discount of this degree is not expected nor common, even in isolated areas such as Macleay Island.
"We can only assume that with a price slash of this nature coupled with the mortgagee being in possession of the property that this is a simple case of the vendors wishing to meet the market and sell as soon as possible."
<h2 style="font-size: 18px; line-height: 21px;">1</h2>
<a href="https://&lt;http:/sqmresearch.com.au/homediscounts/redir.php?url=http%3A%2F%2Fwww.realestate.com.au%2Fcgi-bin%2Frsearch%3Fa%3Do%26id%3D106479093" target="_blank">588 White Beach Road, White Beach, Tasmania, 7184</a>
On the market since: May 23, 2010
Initial asking price: $780,000
Current asking price: $400,000
Reduction: 49%
Days on market: 532
 
<h2 style="font-size: 18px; line-height: 21px;"></h2>
<h2 style="font-size: 18px; line-height: 21px;">2</h2>
<a href="https://sqmresearch.com.au/homediscounts/redir.php?url=http%3A%2F%2Fwww.realestate.com.au%2Fcgi-bin%2Frsearch%3Fa%3Do%26id%3D106479016" target="_blank">92 Beelong Street, Macleay Island, Queensland, 4184</a> (pictured)
On the market since: May 23, 2010
Initial asking price: $590,000
Current asking price: $340,000
Reduction: 42%
Days on market: 531
 
3
<a target="_blank" href="https://sqmresearch.com.au/homediscounts/redir.php?url=http%3A%2F%2Fwww.domain.com.au%2FPublic%2FPropertyDetails.aspx%3Fadid%3D2008940771">102 Fountain Road, Burpengary, Queensland, 4505</a>
On the market since: April 17, 2011
Initial asking price: $1.2 million
Current asking price: $699,000
Reduction: 42%
Days on market: 204
 
<h2 style="font-size: 18px; line-height: 21px;">4</h2>
<a href="https://sqmresearch.com.au/homediscounts/redir.php?url=http%3A%2F%2Fwww.realestate.com.au%2Fcgi-bin%2Frsearch%3Fa%3Do%26id%3D105832903" target="_blank">3 Boolari Road, Gosford West, NSW, 2250</a>
On the market since: July 8, 2009
Initial asking price: $990,000
Current asking price: $580,000
Reduction: 41%
Days on market: 850
 
<h2 style="font-size: 18px; line-height: 21px;">5</h2>
<a target="_blank" href="https://sqmresearch.com.au/homediscounts/redir.php?url=http%3A%2F%2Fwww.realestate.com.au%2Fcgi-bin%2Frsearch%3Fa%3Do%26id%3D106866439">329 Waterford Road, Ellen Grove, Queensland, 4078</a>
On the market since: October 16, 2010
Initial asking price: $1,275,000
Current asking price: $800,000
Reduction: 37%
Days on market: 385
 
<h2 style="font-size: 18px; line-height: 21px;">6</h2>
<a href="https://sqmresearch.com.au/homediscounts/redir.php?url=http%3A%2F%2Fwww.domain.com.au%2FPublic%2FPropertyDetails.aspx%3Fadid%3D2008491614" target="_blank">25 Vicary Street, Triabunna, Tasmania, 7190</a>
On the market since: August 2, 2010
Initial asking price: $299,000
Current asking price: $189,000
Reduction: 37%
Days on market: 463
 
<h2 style="font-size: 18px; line-height: 21px;">7</h2>
<a href="https://sqmresearch.com.au/homediscounts/redir.php?url=http%3A%2F%2Fwww.domain.com.au%2FPublic%2FPropertyDetails.aspx%3Fadid%3D2007193295" target="_blank">290 Viveash Road, Swan View, WA, 6056</a>
On the market since: June 5, 2008
Initial asking price: $2.29 million
Current asking price: $1.45 million
Reduction: 37%
Days on market: 450
 
 
<h2 style="font-size: 18px; line-height: 21px;">8</h2>
<a href="https://&lt;http:/sqmresearch.com.au/homediscounts/redir.php?url=http%3A%2F%2Fwww.realestate.com.au%2Fcgi-bin%2Frsearch%3Fa%3Do%26id%3D107366585" target="_blank">146 Maddington Road, Maddington, WA, 6109</a>
On the market since: April 30, 2011
Initial asking price: $5.5 million
Current asking price: $3.5 million
Reduction: 36%
Days on market: 189
 
<h2 style="font-size: 18px; line-height: 21px;">9</h2>
<a href="https://sqmresearch.com.au/homediscounts/redir.php?url=http%3A%2F%2Fwww.domain.com.au%2FPublic%2FPropertyDetails.aspx%3Fadid%3D2007217761" target="_blank">1302 Birkdale Place, Magenta, NSW, 2261</a>
On the market since: June 17, 2008
Initial asking price: $700,000
Current asking price: $450,000
Reduction: 36%
Days on market: 1,236
 
<h2 style="font-size: 18px; line-height: 21px;">10</h2>
<a href="https://sqmresearch.com.au/homediscounts/redir.php?url=http%3A%2F%2Fwww.realestate.com.au%2Fcgi-bin%2Frsearch%3Fa%3Do%26id%3D105294317" target="_blank">3 Zelma Court, Macleay Island, Queensland, 4184</a>
On the market since: May 23, 2010
Initial asking price: $380,000
Current asking price: $250,000
Reduction: 34%
Days on market: 531
 
SQM Research also offers a list of the <a href="https://www.sqmresearch.com.au/top100bargains.php" title="SQM Research" target="_blank">Top 100 Biggest Bargains in Australia </a>for sale.
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Distressed Queensland property makes debut on SQM Research's top 10 discount list

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<img src="/images/stories/haven1.jpg">
Abbotsford is becoming a development hotspot, with a new 148-unit, 11-storey development 30% sold after launching on November 5.
Haven is the second stage of a three-stage project by developer Hamton, after stage one of the Abbotsford development, the 201-unit Eden, sold out. The three together are set to have 560 apartments.
They join other recent residential building in the suburb, such as<a href="https://www.propertyobserver.com.au/developments/trenerry-abbotsford-development-brings-residential-to-the-riverfront/2011091451544" target="_blank"> the Trenerry development</a>.
<img src="/images/stories/haven2.jpg">
Haven will include a mix of one-, two-, three- and four-bedroom units. One-bedroom units will range in size from 41 square metres to 72 square metres internally and are priced between $365,000 and $581,000. Two-bedroom units will be between 66 square metres and 134 square metres internally and range in price from between $680,000 and $1.3 million. Three- and four-bedroom units will be between 124 square metres and 235 square metres internally and are priced between $1.38 million and  $3.9 million.
Of the apartments that sold, 18 were over $1 million. 
Hamton joint managing director Paul Hameister says the previous development drew well-heeled owner-occupiers from the neighbouring high-end suburbs of Hawthorn and Kew. Prices for Eden apartments ranged from $320,000 to $2,665,000.
“With Eden, we were overwhelmed with demand from owner-occupiers currently living in the affluent suburbs across the river from our site,“ Hameister says.
“They were looking for larger luxury apartments with high-end finishes, allowing them to downsize to a low maintenance lock-up-and-leave lifestyle in essentially the same location as their current home. We have sought to address this demand with Haven.”
<img src="/images/stories/haven3.jpg">
Haven will include resort-like features to cater for high-end owner-occupiers, including a hotel-like lobby with concierge service, bar and lounge, a panoramic rooftop with landscaping and plots available for resident gardening, a heated rooftop pool and spa, indoor cinema, gym and outdoor adventure gear available for hire.
“We are pleased that our extensive research into the empty nester market and the steps we have undertaken to accommodate their needs has been validated with these results,” says Hameister.
Architecture firm RotheLowman is designing the inside and outside of the building, designed to emulate the curves and contours of the neighbouring Yarra River.
Between Haven and Eden will be Acacia Place, a series of landscaped spaces and a public walkway connecting the Yarra to Victoria Street.
“One of the key elements of our master plan for the site is Acacia Place, which allows the public to share this unique piece of river bend and bring activity and vibrancy to the precinct,” Hameister says.
Construction is expected to begin in early 2012 and is expected to be finished in early 2013.
For advice on buying off the plan download our free e-book.
 
 
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Abbotsford development Haven 30% sold in first fortnight of marketing

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As Australia’s incessant undersupply of homes continues to drive up property prices, more renters and buyers are looking to studio apartments for a more affordable entry into the property market.
Sometimes barely bigger than your average hotel room, studios often get a bad rap as a risky investment because their size limits their market appeal. Or so the argument goes. But as Australia shifts towards high-density living, will studios become a more viable option?
<img src="/images/stories/studio2.jpg">
Louis Christopher, managing director of property forecasting company SQM Research, says the long-term trend towards smaller apartments will increase the appeal of studios. “We’ll see more of this type of stock in the long term. The trend is towards smaller and smaller accommodation in capital cities around Australia,” he says.
“The trend is going to be with us for some time. There are quite a few studio apartments being built in Melbourne, followed by Brisbane.”
Property developers such as Frasers Property Australia have already tapped into the compact living trend and are offering a range of options, including studios, in new developments.
“Several factors are coming together to drive the trend toward smaller properties, and it’s clear this trend is continuing,” says Adam Sparkes, group sales manager at Frasers. “Firstly, smaller properties are more affordable, providing an entry point for first-home buyers and property investors.
“For investors, the rental return is often higher than for a larger property. Finally, demographic trends are toward more single-person households, and single residents are leading the charge toward inner-urban life, with the shopping, dining, transport, culture and easy access to everything that goes with it.”
<img src="/images/stories/studio3.jpg">
At Frasers’ Park Lane development on the old Carlton United Breweries site in Sydney’s Chippendale (pictured), one-tenth of the apartments on offer are studios. Marketed as “one-bedroom suites”, the apartments are open-plan spaces with designated sleeping and living zones. Prices range from $530,000 to $575,000. In Perth, at Frasers’ Queens Riverside development 8% of available apartments are studios, priced from $340,000 to $410,000.
Sparkes says despite resistance from the banks, studios appeal to many different buyers.
“A really diverse group of people are attracted to smaller apartments,” he says. “First-home buyers love them because they’re relatively affordable and yet beautifully new. Retirees buy them for a city crash pad. International businesspeople buy them as a Sydney base, far more personal than a hotel room. Investors include them in their portfolio because of high yields and the high demand for these properties.”
Six of the 31 apartments at Oliver Electric Co development in Sydney’s Alexandria are studios, and three of them sold on their first weekend on the market.
“From an investor’s perspective, studios are affordable but the rental yields are often higher than one- or two-bedroom apartments,” says Andrew Donnelly, CEO of Whiterock Capital Partners, which is marketing the development.
“The only issue is bank funding. Banks still require a higher loan-to-value ratio than they do for bigger properties so investors and buyers are required to save upwards of 30% for the deposit. But as studios are more affordable, this may not be a problem.”
An ANZ spokeswoman says the bank offers a maximum loan-to-value ratio of 60% for small residential apartments under 40 square metres.
“Lending for property is assessed on a case-by-case basis and is dependent on a number of factors, including how the loan will be serviced, the level of equity the customer has, the value of the asset for which the loan is used, as well as the resale value of the property,” she adds.
Banks have traditionally been reluctant to grant home loans for studios because it’s harder to secure mortgage lender’s insurance on properties smaller than 50 square metres. Lender's mortgage insurance covers the lender for any shortfall that may occur if a mortgage holder default on the loan and the property is sold at a loss. As the traditional thinking goes, studio apartments appeal to a limited market – families are ruled out, for example – so insurers and banks factor in the risk that it may be harder to sell studios in a quick sale.
Real estate agents, however, say studios in desirable city locations sell fast. Luke McDonnell, an agent with Richardson &amp; Wrench Elizabeth Bay in Sydney, has sold five studios in the past four months. “They are always quite easy to sell. Studios have always been popular in this area,” he says.
“They are a good first entry point into the market and vacancy rates are very low.”
Not surprisingly, today’s studios are in a different league from those built at the start of last century. While older studios hover around 20 square metres, the internal living space of studios in new developments is often twice that size. At Queen’s Riverside in Perth, studio apartments boast 41 square metres of internal space and a balcony measuring nine square metres. Studios in the Oliver Electric Co development offer the same dimensions.
Sparkes describes Frasers Property’s studios as “luxurious homes, intelligently designed within a smaller footprint”.
Maximising light and storage are key considerations for developers. At Oliver Electric, studios are 4.2 metres wide. “That’s wider than some terraces in Paddington, Sydney,” Donnelly says. “Today’s studios are much more liveable, so they are more attractive to owner-occupiers not just investors.”
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Stylish studios finding new buyers, new marketing and a new name

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{yoogallery src=[images/stories/november16sheen]}
Actor and tiger blood connoisseur Charlie Sheen has sold his LA house to Big Bang Theory star Simon Helberg and Helberg's partner, Jocelyn Towne, for US$2.9 million.
Sheen listed the  388-square-metre house for US$3,697,000 in 2009 but was unable to sell it. He continued to drop the asking price throughout 2010, according to the <a target="_blank" href="https://realestalker.blogspot.com/">RealEstalker </a>blog, and Helberg and Towne purchased it in late October of this year. Property records show that Sheen paid US$2,575,000 for the property in 2007.
The 1927 home includes four bedrooms and five bathrooms, plus a sizeable back yard with de rigeur pool and waterfall. It is not the home where Sheen recenlty holed up with his "goddesses", as Sheen has not lived in the property for some time.
Sotheby's International Realty <a target="_blank" href="https://www.zillow.com/homedetails/2549-N-Catalina-St-Los-Angeles-CA-90027/20808790_zpid/">listed the property. </a>
Sheen appeared in multiple blockbuster movies throughout the 1980s and 1990s, such as Platoon, Wall Street, Ferris Bueller's Day Off and Young Guns before landing starring roles on sitcoms Spin City and Two and a Half Men. Sheen was fired from the latter for his increasingly bizarre antics earlier this year. 
Helberg stars in the CBS comedy The Big Bang Theory. 
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Charlie Sheen sells LA house to Big Bang Theory star

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The rules surrounding what self-managed super funds can do using borrowed funds for are strict. There are limits and the Tax Office, as the regulator of these funds, takes a tough approach.
The reason this issue has come to attention is the recent release by the ATO of a major draft ruling on the circumstances where money borrowed by a self-managed super fund can be applied in maintaining or repairing a single acquirable asset, for example, a property.
With the rapid growth in SMSFs, this ruling when finalised has the potential to affect many people and the way in which they invest their superannuation. Presumably, some might suggest the in-the-doldrums property market could benefit from this ruling. Time will tell!
The draft is quite technical and explains the Tax Commissioner's views on what are known as the limited recourse borrowing arrangement (LRBA) provisions in sections 67A and 67B of the Superannuation Industry (Supervision) Act 1993 (SIS Act).
Broadly, an SMSF is permitted to borrow money (and maintain a borrowing) provided the borrowing is made pursuant to an LRBA. An LRBA entered into from July 7, 2010 (ie. the date the current sections 67A and 67B came into effect) can only be referrable to a single "acquirable asset" held in a holding trust, which the SMSF is not otherwise prohibited from acquiring directly. In addition, a borrowing applied to the original acquirable asset can only be replaced with a "replacement asset" according to the circumstances in s 67B.
The draft ruling outlines where money borrowed under an LRBA can be applied in maintaining or repairing (but not improving) a single acquirable asset.
While borrowings under an LRBA cannot be used to improve an acquirable asset, the Tax Office says money from other sources could be used to improve (or repair or maintain) that asset. However, any improvements must not result in the acquirable asset becoming a different asset.
Acquirable asset
The draft ruling notes that an "acquirable asset" is any form of property (other than money) that the fund trustee is not otherwise prohibited from acquiring under superannuation law. Although "property" can include proprietary rights or the physical objects of proprietary rights (eg. land), the Tax Office says it is necessary to consider the meaning of property in both senses to determine whether money borrowed under an LRBA has been applied for the acquisition of a single acquirable asset.
Single acquirable asset
While money borrowed under an LRBA can only be applied for the acquisition of a single acquirable asset (or a collection of identical assets with the same market value), the Commissioner considers that a single object of property may be acquired notwithstanding that it is comprised of two or more proprietary rights. However, this will only be so where it is reasonable to conclude that the object of the separate proprietary rights is distinctly identifiable as a single asset.
Borrowings applied for repairs (but not improvements)
To determine if an asset has been repaired or maintained (or whether it has been improved), the Tax Office says reference is made to the asset's qualities and characteristics at the time when the asset is acquired under the LRBA. To this end, the Tax Office says an asset is improved if the functional efficiency of the asset (or value) is substantially increased.
If an asset is already owned by an SMSF, and thus not subject to an LRBA, the Commissioner says a borrowing to fund repairs or maintenance for that asset would not satisfy the LRBA provisions.
Repairing the asset
According to the draft ruling, "repairing" means remedying or making good defects in, damage to, or deterioration of, an asset and contemplates the continued existence of the asset.
The Tax Office says a repair restores the functional efficiency of the asset without changing its character and may include restoration to its former appearance, form, state or condition. That is, a repair merely replaces a part of something or corrects something that is already there and has become worn out or dilapidated through ordinary wear and tear, or is damaged whether accidentally or deliberately.
Acquiring asset in need of repair
The draft ruling notes that an asset may be bought in a state in which a part of the asset is defective, damaged or suffering some deterioration of what would be considered to be its normal level of functional efficiency. Accordingly, the Tax Office says a restoration of that part of the asset to its functional efficiency would be a repair (and not an improvement) for LRBA purposes.
However, funds thinking of acquiring a "renovator's delight" need to beware. The Tax Office warns that a substantial renovation of a rundown house would improve the functional efficiency of the asset as well as substantially improve its value and thus would amount to an improvement for which borrowings under the LRBA could not be used.
Improving the asset
In contrast to a repair, the Tax Office considers that an asset is improved if the functional efficiency of the asset (or value) is substantially increased through the addition of new and substantial features or rights or bringing a thing or structure into a more valuable or desirable form, state or condition than a mere repair.
The Tax Office says this is a question of fact and degree to be determined against the state of the asset at the time when the LRBA was entered into. Minor or trifling increases in functional efficiency or value will not amount to an improvement.
Improvements using money not borrowed
While borrowings under an LRBA cannot be used to improve a single acquirable asset that is the subject of the LRBA, the Tax Office says money from other sources could be used to improve (or repair or maintain) that asset. However, any improvements must not result in the acquirable asset becoming a different asset.
A borrowing applied to the original acquirable asset can only be replaced with a "replacement asset" according to the circumstances in s 67B. If the acquirable asset is changed (including by way of improvements) to such an extent that it fundamentally changes the character of the asset such that it becomes a different asset, the exception in s 67A will cease to apply.
However, the Commissioner says that restoring a house destroyed by fire, flood or cyclone by reconstructing a similar house would result in the restoration of the original acquirable asset rather than its replacement.
The draft ruling sets out the following examples to illustrate when a change to a single acquirable asset results in a different asset:
Vacant block on single title: a subsequent subdivision will result in multiple titles. One asset has been replaced by several different assets as a result of the subdivision.
Vacant block on single title: a residential house built on vacant block of land (still single title) will fundamentally change the character of the asset from vacant land to residential premises. This is a different asset.
House and land: house is demolished and replaced by three strata titled units. The character of the asset has fundamentally changed along with the underlying proprietary rights. This has created three different assets.
House and land: land is re-zoned and house is renovated to become commercial premises. The character of the asset has fundamentally changed from residential premises to commercial premises. This is a different asset.
House and land: four-bedroom house destroyed by fire and a four bedroom house is constructed using insurance proceeds. Rebuilding a four bedroom house does not fundamentally change the character of the asset held under the LRBA. Rebuilding the house restores the asset to a house and land.
Date of effect
When finalised, the ruling is proposed to apply to arrangements entered into on or after July 7, 2010 (including an arrangement that is a refinancing of a borrowing of money under an arrangement entered into before, on or after July 7, 2010).
The final ruling may (or may not) be changed from this draft, so those potentially affected should keep an eye out for the final ruling – it is not known when that will be released.
Terry Hayes is the senior tax writer at Thomson Reuters, a leading Australian provider of tax, accounting and legal information solutions.
Terry Hayes is the senior tax writer at <a href="https://www.thomsonreuters.com.au/">Thomson Reuters</a>, a leading Australian provider of tax, accounting and legal information solutions.
This article originally appeared on <a target="_blank" href="https://www.smartcompany.com.au/superannuation/20110922-borrowing-smsf-cash-for-property-repairs-the-do-s-and-don-ts">SmartCompany</a>.
 
 
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Dos and don'ts of borrowing SMSF cash for property repairs

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The hospitality industry is suffering under lower consumer demand and higher wages, and now the number of businesses shutting down is exceeding that of new businesses entering the market, experts warn.

The warning comes as new figures from Westpac reveal the value of impaired loans has increased in the construction, accommodation and hospitality industries.
John Hart, chief executive of Restaurant and Catering Australia, says this year has been a dire one for the hospitality industry, saying it's taken a huge toll on the number of businesses that are actually operating in the field.
"This is the first year we've seen the rate of closure exceed the rate of new businesses opening in the industry... that's pretty damning," he says.
"We've always had churn of about 18-19%, and we've always had that number going out of business, but we're just not seeing the number of new businesses coming up to take their place."
As part of Westpac's legal requirements it released figures on impaired loans last week. One of the most significant increases was in the accommodation, cafes and restaurants sectors, which saw impaired loans rise from $134 million to $205 million – growth of 52%.
Hart says the failures are due to a combination of factors, although says higher wages are a key reason why some businesses can't afford to survive.
"This brings up the question of how the industry is going to look moving forward, because you can't sustain having nearly 50% of your revenues going out the door as wages."
"That's part of it, and it's just because wage costs have gotten so high, the average business is not in a profit-making situation. That's associated with this rise in impairment costs."
Overall, Westpac revealed impaired loans grew from $4.58 billion to $4.61 billion, but specific industries reveal a much darker picture.
The construction industry saw its impaired loans grow from $111 million to $180 million over the past year, while finance and insurance also grew from $150 million to $213 million – growth of 42%.
Westpac's figures show the utilities industry also saw its impaired loans rise from $56 million to $133 million, while the dedicated services industry saw impaired loans rise from $176 million to $242 million.
Actual losses for the previous year rose from $1.3 billion to $1.8 billion.
Meanwhile, separate figures from Westpac show the bank is expecting this Christmas to only be a "so, so performance", at least in the retail sector.
The bank explains that as part of its Consumer Sentiment survey, there were additional questions on Christmas gifts. Just over one-third of respondents said they would spend less, while 54% said they would spend the same amount.
Similar results were recorded in 2009, leading Westpac to believe this year will be a lacklustre Christmas season.
"That said, the outlook is mixed rather than bad with attitudes towards gift spending about mid-way between the 'dire' reading in late 2008 (immediately after the GFC) and the upbeat responses seen in 2007, the last 'boom' Christmas for retailers."
This article originally appeared on<a target="_blank" href="https://www.smartcompany.com.au/economy/20111114-more-restaurants-and-cafes-closing-than-opening-as-impaired-loans-jump-for-construction-and-hospitality-sectors"> SmartCompany</a>.
 
 
 
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More restaurants and cafes closing than opening

For most new apartment buildings, the Owners Corporation starts life with little more than a bank account and the first quarterly strata levies.

At <a href="https://www.apartments.com.au/buildings/9-gay-street-castle-hill-9-gay-street-castle-hill-nsw-2154">9 Gay Street</a> in <a href="https://www.apartments.com.au/developments/castle-hill-nsw-2154">Castle Hill</a>, it starts with around $7 million in reserve.

It's an unusual legacy of what was once one of Sydney's highest-profile apartment remediation projects. When the development, originally known as Skyview and built by disgraced developer Top Place, came under scrutiny by then NSW Building Commissioner David Chandler, an $11 million remediation bond was negotiated to ensure any building defects could be fully rectified.

The building underwent an 18-month remediation program, during which around $4 million of that bond was spent bringing the building up to the standard it should have been in from the outset.

After extensive inspections, all active rectification orders have been lifted. What's more, around $7.2 million remains secured for the Owners Corporation for the next 15 years.

In a twist few would have predicted, what began as a significant concern for purchasers has left the building with something almost unheard of in the apartment market: a multi-million-dollar financial reserve from day one.

[smartcode_project:default project_id=147685 project_image_fid=359136]

<a href="https://www.apartments.com.au/project-marketer/equitifund-group">Equitifund</a> Executive Chairman Greg Huxley said the structure offers buyers a level of certainty that is difficult to replicate.

"The $11 million bond established for the Skyview Castle Hill development represents exceptional value, providing genuine financial security for purchasers," Huxley said.

"Unlike a standard insurance policy, this bond consists of real funds held in trust for the Owners Corporation, offering a tangible layer of protection and added peace of mind."

The apartments themselves have been designed with a focus on practical, contemporary living. Interiors feature Smeg appliances, stone benchtops, tiled living areas, carpeted bedrooms, 2.7-metre ceilings, floor-to-ceiling glazing, and ducted heating and cooling throughout.

Residents also have access to a range of shared amenities, including two rooftop barbecue areas, a swimming pool, children's playgrounds, secure building access, storage cages, and visitor parking.

The location continues to be one of the project's strongest drawcards. Castle Hill Metro Station sits virtually on the doorstep, providing direct connections across Sydney's expanding Metro network, while Castle Towers offers extensive retail, dining, entertainment, and service amenities within walking distance.

[smartcode_project:default project_id=147685 project_image_fid=359127]

The building, now named after its location at 9 Gay Street, comprises a diverse mix of one-, two-, and three-bedroom apartments starting from just under $600,000.

Equitifund National Sales Director Ben Hamblett said demand in the Hills District continues to be driven by buyers seeking convenience and connectivity.

"Interest from both owner-occupiers and investors in Castle Hill remains exceptionally strong, with buyers consistently prioritising developments in close proximity to the Metro station and Castle Towers Shopping Centre," Hamblett said.

"There is a clear trend in the market, with purchasers seeking convenient access to transport and lifestyle amenities that support a seamless, low-maintenance way of living."

On top of the long-term protection afforded by the remaining $7.2 million bond, Equitifund is offering a limited-time stamp duty rebate on selected apartments.

Eligible purchasers can also secure finance options, including a 3.99 per cent two-year variable rate, loan-to-value ratios of up to 90 per cent, and interest-only lending options through EquitiCredit.

[smartcode_project_cta:default project_id=147685]

Joel Robinson

Why this Castle Hill apartment building starts with a $7 million advantage

For much of the past few years, conversations about Australia's property market have centred on the rapid growth seen in Sydney, Brisbane, Gold Coast, and Perth. <a href="https://www.apartments.com.au/developments/melbourne-vic-3004">Melbourne</a> has followed a different trajectory.

That relative underperformance is now encouraging some buyers to reassess the city, particularly those willing to look beyond short-term market movements and focus on quality property in established locations, along with the long-term growth prospects of a city expected to overtake Sydney as Australia’s most populous.

John Bekiaris, Research &amp; Market Insights at <a href="https://www.apartments.com.au/project-marketer/equitifund-group">Projects by Equitifund</a>, said Melbourne's current position is attracting increasingly sophisticated purchasers.

"Melbourne continues to present one of Australia's strongest long-term investment stories," Bekiaris says.

"While other capital cities have experienced stronger recent growth, that relative underperformance is exactly what's attracting sophisticated counter-cyclical investors."

[smartcode_project:default project_id=1979 project_image_fid=363268]

Equitifund isn't just commenting on Melbourne's property market, it's investing in it.

The Sydney-headquartered capital partner has taken over the remaining apartments at <a href="https://www.apartments.com.au/buildings/victoriana-melbourne-20-queens-road-melbourne-vic-3004">Victoriana</a>, the recently completed glass-encased development opposite Albert Park Lake in Melbourne's tightly held St Kilda Road precinct.

Designed by <a href="https://www.apartments.com.au/architects/rothelowman">Rothelowman</a> and built by <a href="https://www.apartments.com.au/builders/hickory">Hickory</a>, Victoriana places residents between one of Melbourne's most recognised parklands and the CBD, offering oversized two and three-bedroom apartments aimed at owner-occupiers seeking a genuine alternative to a traditional family home.

The development comprises 232 completed residences alongside a suite of resident amenities, including a 25-metre indoor swimming pool, gymnasium, landscaped entertaining areas, resident lounges, EV charging, secure basement parking and a concierge-style arrival experience.

[smartcode_project:default project_id=1979 project_image_fid=363229]

The apartments have been designed with owner-occupiers firmly in mind.&nbsp;Open-plan living and dining areas flow onto generous balconies framing views across Albert Park Lake, Fawkner Park, the Royal Botanic Gardens and the Melbourne skyline.

Kitchens feature Gaggenau appliances, stone benchtops and generous preparation space. Bedrooms include built-in robes, while bathrooms feature full-height textured tiling. Hardwood flooring and ducted air conditioning complete residences designed for long-term living.

Rothelowman's architecture takes its cues from the landscape opposite the site. Sweeping horizontal glazing references the movement of Albert Park Lake, while generous balconies and expansive glazing strengthen the connection between the apartments and the surrounding parklands. The result is a building designed to deliver the scale and amenity expected of luxury apartment living, while offering the larger floorplans increasingly sought by owner-occupiers.

[smartcode_project:default project_id=1979 project_image_fid=363284]

The location is one of Victoriana's defining characteristics. Positioned on Queens Road, residents are directly opposite Albert Park Lake and within easy reach of Fawkner Park, the Royal Botanic Gardens, South Melbourne, St Kilda Road and the CBD. With few comparable development opportunities remaining in the precinct, buyers are increasingly placing value on outlooks that are unlikely to be interrupted by future construction.

Greg Huxley, Founder of Equitifund, believes those qualities become even more valuable over time.

"Premium real estate has always rewarded buyers who take a long-term view," Huxley said.

"Victoriana represents the kind of asset that's increasingly difficult to recreate today, particularly in an established location like Queens Road."

He said rising construction costs are also changing the way buyers assess completed developments.

"When you combine an irreplaceable location with thoughtful architecture and premium finishes, you create something that becomes increasingly difficult to reproduce as construction costs continue to rise."

[smartcode_project:default project_id=1979 project_image_fid=363228]

According to National Sales Director Ben Hamblett, enquiry has been driven largely by Melbourne downsizers and buyers upgrading from smaller apartments.

"Interest in Victoriana continues to build, with strong buyer focus on the larger owner-occupier residences within the development," Hamblett says.

"Enquiry is increasingly driven by local buyers who recognise the rarity of what's on offer: park-facing apartments in an established neighbourhood where new development opportunities are becoming increasingly scarce. At Victoriana, the view is not just a feature; it's an appreciating asset in its own right."

He said interstate enquiry has also strengthened as buyers reassess Melbourne's position within the national property cycle.

"Melbourne currently stands as the most compelling entry point of any major Australian capital, and discerning buyers are beginning to recognise what those who move early always understand: the best opportunities are taken before the price rise confirms them."

[smartcode_project_cta:default project_id=1979]

Why now is the time to buy in Melbourne's premium apartment market

Developers and apartment buyers have a narrowing window of opportunity before Brisbane's Olympic infrastructure pipeline begins competing directly with residential construction, pushing up costs, tightening labour supply and making new projects increasingly difficult to deliver.

While Brisbane's apartment market continues to benefit from strong population growth and limited housing supply, industry research suggests the years leading up to 2027 could prove to be the most important period for developers looking to secure builders and buyers hoping to purchase before the next wave of price increases.

A new Colliers report, Brisbane 2032 Olympic and Paralympic Games: Creating Solutions, highlights the scale of the challenge. While thousands of new homes are planned across South East Queensland, the Brisbane Olympic Athletes Village alone will deliver more than 10,500 beds during the Games before being converted into around 1,750 to 2,000 apartments. Equivalent to almost two years of typical inner-city apartment supply, the project will also absorb a significant share of the construction workforce and building materials.

The broader construction pipeline paints an even clearer picture.

Construction Skills Queensland's Horizon 2032 report forecasts Queensland's annual construction pipeline will average $69 billion over the coming years before peaking at $75 billion in 2027-28. Demand for construction workers is expected to increase by 17 per cent to almost 150,000 people, with the industry facing an annual shortfall of around 19,000 workers that could blow out to as many as 35,000 during the peak construction period.

The Olympic venues, athletes village and supporting infrastructure will account for billions of dollars worth of work across South East Queensland through to 2032, creating intense competition for labour at a time when Australia's residential construction sector is already under pressure.

[smartcode_project:default project_id=150489 project_image_fid=373834]

Colliers Queensland Residential Director Andrew Scriven said the convergence of these projects is creating a clear window of opportunity for both developers and buyers.

"From 2027 onwards, the market will shift dramatically," Scriven said.

"Labour will increasingly be locked into government-led infrastructure and Olympic projects, which means private residential developments will face higher costs and tighter margins. The developers who move now are the ones most likely to get projects off the ground."

Scriven said the same dynamic would also affect buyers, with fewer apartment projects expected to launch once construction capacity tightens.

"If you're looking to change your lifestyle over the next five years, now is your window of opportunity to buy."

[smartcode_project:default project_id=150713 project_image_fid=373827]

Developers are already positioning themselves ahead of that window.

Following the success of Monarch at Toowong, Consolidated Properties is preparing to launch two new Brisbane apartment projects in the second half of 2026. They include <a href="https://www.apartments.com.au/new-apartments/gloriette-30-bedivere-street-yeerongpilly-qld-4105">Gloriette</a> at Yeerongpilly Green, a 25-storey tower within one of Brisbane's key Olympic precincts, and <a href="https://www.apartments.com.au/new-apartments/castile-47-skyring-terrace-newstead-qld-4006">Castile</a>, a recently approved 25-storey riverfront development at 47 Skyring Terrace in Newstead.

Hutchinson Builders will deliver both projects, with early works already underway at Yeerongpilly and Newstead expected to commence later this year.

The timing comes as Brisbane's fundamentals continue to strengthen, with strong interstate migration, population growth and vacancy rates remaining below 1.5 per cent.

Colliers Queensland researcher Pragya Sharma said Greater Brisbane is forecast to require around 40,000 new apartments between 2021 and 2031.

"There's a real mismatch emerging between when housing is needed and when it will be feasible to build," Sharma said.

"As a result, the period leading up to 2027 presents a key window of opportunity for developers to secure approvals, funding and construction capacity, while buyers will have greater choice before supply constraints intensify."

Colliers research outlines a critical pre-2027 window to start residential projects before labour squeeze: now is the time to buy

Developers, buyers on watch in South East Queensland ahead of construction crunch: Colliers

It's taken less than nine months for developer Sherpa Property Group to sell out all 51 apartments in its <a href="https://www.apartments.com.au/new-apartments/flourish-oasis-palm-beach-7-9-sixth-avenue-palm-beach-qld-4221">Flourish Oasis</a> development in <a href="https://www.apartments.com.au/developments/palm-beach-qld-4221">Palm Beach</a>, over a year before its anticipated completion.

&nbsp;

Located at 7-9 Sixth Avenue, the $67 million development has resonated strongly with both local owner-occupiers and downsizers seeking high-quality apartments within walking distance of the beach, dining precincts and everyday amenities.

[smartcode_project:default project_id=151449 project_image_fid=357458]

Christie Leet, Founder of <a href="https://www.apartments.com.au/developers/sherpa-property-group">Sherpa Group</a>, said the sell-out reflected both the strength of the Palm Beach market and the success of Sherpa's community-first approach to development.

"The sell-out of Oasis is a fantastic outcome and reinforces the strong demand we're seeing for thoughtfully designed apartments in lifestyle locations," Leet said.

"From the outset, our vision was to create a development that genuinely enhanced the Palm Beach community while providing residents with exceptional homes and wellness-focused amenities.

"We've been incredibly encouraged by the level of local support throughout the campaign, 72.5 per cent of buyers are locals, with a significant proportion of purchasers choosing Oasis as their future home rather than an investment."

[smartcode_project:default project_id=151449 project_image_fid=357463]

Construction is now progressing following development approval, with trusted builder LPS Group delivering the project and completion anticipated in Q3 2027.

Oasis forms part of Sherpa Group's successful Flourish collection, which has become recognised for its focus on wellness, community and elevated coastal living.

[smartcode_project:default project_id=151449 project_image_fid=357469]

Residents will have private access to a rooftop amenity space featuring a pool, gym, sauna, steam room, hot and cold plunge pools, spa and barbecue facilities.

"The success of Oasis demonstrates that buyers continue to prioritise quality, location and lifestyle," Leet said.

"We are proud to have delivered a project that has resonated so strongly with the market and look forward to bringing Oasis to life for our future residents."

Sherpa recently launched <a href="https://www.apartments.com.au/new-apartments/flourish-soleira-palm-beach-1150-1160-gold-coast-highway-palm-beach-qld-4221">Flourish Soleira</a>, its third instalment of the Flourish brand in Palm Beach following Flourish Oasis and <a href="https://www.apartments.com.au/new-apartments/amargo-6-12-sixth-avenue-palm-beach-qld-4221">Flourish Amargo</a>.

[smartcode_project_cta:default project_id=151449]

Sherpa sells out Flourish Oasis in booming Palm Beach

Urban Property Group's <a href="https://www.apartments.com.au/new-apartments/la-vera-macquarie-park-94-talavera-road-macquarie-park-nsw-2113">La Vera</a> is leading the next phase of Macquarie Park's residential evolution, with the new apartment development set to become the first of several new apartment projects in the precinct to complete.

The 169-apartment building has now topped out ahead of its scheduled completion in the third quarter of 2026, as new residential investment continues to reshape one of Sydney's largest employment hubs into a true mixed-use precinct.

[smartcode_project:default project_id=134951 project_image_fid=368645]

Cox Architecture has designed La Vera to capture the best of its unique positioning on Talavera Road, orienting the building towards Lane Cove National Park.&nbsp;The building features a sculpted northern façade with flowing curves inspired by the surrounding landscape, while its city-facing elevation adopts a more structured architectural expression to maximise skyline views.

"The vision for the project was to conceive a building that adopted an organic and curvilinear form to the northern portion that faces the Lane Cove National Park," <a href="https://www.apartments.com.au/architects/cox-architecture">Cox Architecture</a> Director Felipe Miranda said.

"The residents that reside in the northern portion of the building benefit by having beautifully crafted curved balconies that speak to the natural context and heighten the relationship of their internal living spaces to the external balconies."

[smartcode_project:default project_id=134951 project_image_fid=358802]

La Vera offers a diverse mix of one, two, three, and four-bedroom configurations, with prices currently starting from $740,000. Buyers so far have been a mix of Sydney-based investors,&nbsp;metro commuters, owner-occupiers and downsizers from surrounding North Shore suburbs.

Both investors and owner-occupiers have been drawn to La Vera's proximity to Macquarie University, Macquarie University Hospital, Macquarie Centre and the Sydney Metro, infrastructure that supports both strong rental demand and a convenient lifestyle for residents.

The apartments feature full-height glazing, timber flooring throughout living areas, stone kitchen benchtops, SMEG appliances, floor-to-ceiling bathroom tiling and ducted air conditioning.

Residents will have access to a rooftop recreation level featuring a swimming pool, sauna, barbecue facilities and landscaped relaxation areas, complemented by additional communal space at ground level. Many apartments enjoy uninterrupted views across Lane Cove National Park, reinforcing the project's connection to its natural setting.

[smartcode_project:default project_id=134951 project_image_fid=364551]

<a href="https://www.apartments.com.au/developers/urban-property-group">Urban Property Group</a>, a family-owned developer and builder with nearly four decades of experience, holds a 4.5-star iCIRT rating and was Australia's first developer to introduce 10-Year Latent Defects Insurance (LDI). La Vera is the first apartment development in <a href="https://www.apartments.com.au/developments/macquarie-park-nsw-2113">Macquarie Park</a> approved to offer the additional insurance protection, alongside a five-year warranty on SMEG appliances.

Urban Property Group CEO Patrick Elias said the additional protection reflects changing buyer expectations in the off the plan market.

"Consumers are a lot more weary and a lot more concerned in buying off the plan than they ever have been. Having LDI is a tool to portray the confidence that we have in our product, and a confidence we want buyers to share," Elias said.

Following completion of the building later this year, buyers will move into their apartments well before Christmas.

[smartcode_project_cta:default project_id=134951]

Cassidy Knowlton

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