<html><body>
{yoogallery src=[images/stories/october18brangelina]}
Brad Pitt and Angelina Jolie have reduced the asking price for their Malibu property, which has been on the market since February 2009, from US$18 million to US$13.75 million.
The four-bedroom, four-bathroom cliff-top house overlooking the ocean includes three bedroom suites, a tennis court and a lap pool, and it is of course behind privacy-ensuring gates. The house has an external staircase down the steps to the beach.
Property records show that Pitt purchased the property through a trust in 2005 for $8.41 million. It is listed through <a target="_blank" href="https://www.ellenfrancisco.com/">Coldwell Banker</a> agent Ellen Francisco. 
</body></html>

cknowlton-QnEa6ntUYP

Brad Pitt and Angelina Jolie knock more than US$4 million off their asking price

<html><body>
A new report into the property market that takes issue with a traditional metric used to define affordability has found families earning more than $100,000 are less able to buy a house compared with couples earning only $60,000 to $70,000. 
The new Australian Housing and Urban Research Institute has also revealed workers earning less than $40,000 a year are becoming less able to buy property at all.
Report author Terry Burke says traditional metrics use a "30% rule", which states no person should spend more than 30% on housing.
"The problem with that measure is that it assumes every family has equal ability to afford housing, but more household types of have far different and higher expenditures," Burke says.
"For certain families, after meeting necessary expenditures their discretionary income is far less. So what we are proposing the residual market method, you look at the different housing types, different families, and then after expenditures, see what they have left."
Once this measure is applied, the issue of affordability becomes much more dire, the report argues.
"For the households examined, representing about 75% of all Australian households, the residual income method for the lowest 40% of income earners shows a much higher incidence of affordability problems," it argues.
"33.6% use a low-cost-budget-standard, compared to 23.9% by the 30/40 method."
The report also argues that renters have it worst off, particularly aged renters, while families are "problematic, particularly if they have younger children".
"Among households with children, 34.3% were below the low-cost-budget standard, but if the children were under five it was 68%. Why this is the case is probably a combination of the additional costs of the second children being less, and more importantly, a parent may have to drop out of the workforce for some time to undertake child-rearing functions."
Overall, the report found the usefulness of the residual income method is questionable.
"What this is showing," Burke says, "is that singles and couples have much greater capacity to afford housing than suggested by the 30% rule, and that larger households have less capacity to afford."
"You can imagine if you're a single person earning $100,000, then you have a lot to spend on housing, but if you're a family on the same amount, you have much less."
Analysing housing in Melbourne, the report found that families are gradually being pushed into the outer fringe of the city and that more singles are heading into the inner suburbs, resulting in a greater number of smaller apartments being built.
"You don't see a lot of affordable three bedroom apartments being built. It's all one-bedroom and two-bedroom apartments," Burke says.
However, the report stops short at putting forward a detailed proposal for solving the crisis. In the end, Burke says, it's up to the government.
"There is nothing new and radical in what we can suggest. It's a problem of land use, high policies around land, zoning permits, negative gearing, and so on."
"It's a problem of supply. We can't come up with any new solutions, because they're pretty well known. The government just has to do them."
This article originally appeared on <a target="_blank" href="https://www.smartcompany.com.au/property/20111017-housing-affordability-measures-attacked-as-new-report-says-families-are-being-forced-to-fringe-suburbs">SmartCompany</a>.
</body></html>

Housing affordability measures attacked as new report says families are being forced to fringe suburbs

<html><body>
<h1>Mortgage broking group Refund Home Loans has been placed into voluntary administration, but several buyers are considering acquiring the business, which has more than 350 franchisees and a substantial stake in the growing alternative home loan market.</h1>
The announcement comes just 18 months after the Australian Competition and Consumer Commission slammed the company and Ormond, after he admitted making false and misleading statements to franchisees about an agreement with the ACCC itself.
It also comes just two weeks after BRW again named Ormond as one of the wealthiest people under 40 in Australia, with his fortune rising $5 million to $33 million.
Ormond declined to comment.
However, a company spokesperson said the company had endured "a difficult 12 to 18 months".
"Banks have been tightening up their lending to small business, and that's just the reality of the situation. They've made it particularly hard," the spokesperson says.
"The company is effectively under-funded, and we have director responsibilities. So there, the banks had no choice but to put in a voluntary administration."
Refund has suffered since the beginning of the year, especially in Queensland, where the property sector has suffered due to the January floods.
However, the spokesperson confirmed that four buyers are current involved and franchisees – who are still operating – are also looking at purchasing the business.
The company hopes to use the company's strong brand as leverage, along with its scope – the company has a loan book worth $2 billion.
While the company does have $2.5 million in debt, the spokesperson says this is "a small amount of debt considering the company's valuation".
It is understood the administration does not affect either the real estate or financial planning divisions of the business. A sale process is currently underway, led by administrators SV Partners.
It is unknown whether competitors are eyeing a stake in the company, although the company's substantial franchisee footprint would be very attractive to a number of existing players.
Two other businesses operated by Ormond, Refund Real Estate or Refund Financial Planning, are not in administration and are unaffected.
Ormond launched Refund back in 2003, after working in the banking finance industry. The company's model is based on providing a refund of any commission it receives from lenders.
The business has experienced substantial growth over the past few years, with its franchisees growing to more than 350, carving out a significant portion of the growing market for mortgage products sourced from outside the big four banks.
Refund appeared in the SmartCompany Smart50 list of Australia's fastest-growing small and medium enterprises during both 2008 and 2009, ranked as sixth and 43rd, respectively.
This article originally appeared on <a href="https://www.smartcompany.com.au/finance/20111017-refund-home-loans-falls-in-administration-but-buyers-waiting-in-the-wings" target="_blank">SmartCompany</a>.
</body></html>

Refund Home Loans in voluntary administration but buyers waiting in the wings

<html><body>
As we look to what's ahead for 2012, Property Observer is republishing some of our most noteworthy stories of 2011.
 
<a href="https://www.propertyobserver.com.au/developments/fender-katsilidis-ever-changing-place-in-melbourne-s-skyline/2011101351927?source=flicker4" target="_blank">With the success of the Melbourne Terrace Apartments</a>, a newly established firm and several landmark buildings under its belt, the big-ticket commissions began rolling in for Fender Katsalidis.
<img src="/images/stories/richmondsilos.jpg">
There was the Richmond Silos (pictured above), converted from old grain silos and built in 1996, the Ian Potter centre (1998), the Republic Tower, HM@S Tower (pictured below) and Bendigo Art Gallery (1999), and New Quay at Docklands (2004).
<img src="/images/stories/hmas.jpg">
But one building would say more about the ambition of Fender Katsalidis than any other – a gleaming, gold-tipped pillar called the Eureka Tower, which at 92 storeys Nonda Katsalidis insists is “still the tallest building in the country”, despite that title officially belonging to Q1 on the Gold Coast. (To set the record straight, Katsalidis says the roof height of Q1 is 275 metres, Eureka’s is 297, he reckons Q1 cheated by adding a 45-metre spire on top, “but let’s not start that argument again!”.)
<img src="/images/stories/eurekafka.jpg">
Katsalidis says designing the Eureka Tower (pictured above), which turns five years old this month, was always about creating “an iconic, huge thing”, and the firm certainly achieved that.
When awarding Eureka Tower the Royal Australian Institute of Architects Harry Seidler Award for Commercial Architecture in 2007, the jury said it “clearly demonstrates that commercial architecture can be about more than the ‘bottom line’ – it can contribute a broader value to the life and character of the city”.
And Eureka Tower’s bottom line is still doing just fine. According to end-of-financial-year reports for 2010 compiled by Harcourts City Residential, the average selling price for apartments in the Eureka Tower in 2010 was just under $1.047 million, up from $707,685 the previous year. The median sale price for Southbank apartments in 2010 was $602,900.
Katsalidis is coy about Eureka’s financial success. “It’s still the slickest-looking building in Melbourne,” he says. “It’s a very striking building; it’s used as the backdrop in the news and is a symbol for <city><place>Melbourne</place></city>.”
With Eureka under its belt and its stamp firmly placed on Melbourne, Fender Katsalidis set about looking for opportunities outside the city where the firm made their name.
<img src="/images/stories/monafka.jpg">
Katsalidis says his most recent highlight was designing entrepreneur David Walsh’s “adult <place>Disneyland</place>” MONA (the <place><placetype>Museum</placetype> of <placename>Old</placename></place> and New Art) in <city><place>Hobart (pictured above)</place></city>, carved into the sandstone cliffs of the <place><placename>Berriedale</placename><placetype>Peninsula</placetype></place>. Some have called it Katsalidis’ masterwork and it’s even been labelled the “Bilbao of the South” a reference to Frank Gehry’s Guggenheim.
MONA aside, the majority of Fender Katsalidis’ work is still focused on creating new residential possibilities, with much of its work being on large planning projects, even designing entire cities.
<img src="/images/stories/fkakl.jpg">
In <city><place>Kuala Lumpur</place></city> the firm has designed luxury apartments near the <place><placename>Petronas</placename><placetype>Towers</placetype></place> and in the millionaire’s precinct of Taman Duta (pictured above). In Thailand the firm designed several luxury resorts in Phuket and on the east coast of Gibraltar, an entire residential estate on the waterfront.
In Dubai, the firm consulted on the much talked-about Palm Jebel Ali, a reclaimed island designed to resemble the fronds of a palm tree, which developer Nakheel still hopes will house more than 250,000 people by 2020 although construction on the development has stalled. The firm was involved in some of <city><place>Dubai</place></city>’s most ambitious projects, but most stalled or were abandoned when in the 2008 property crash, when house prices plummeted 64%.
Karl Fender, quoted in a 2009 article about the Dubai crash in The Age, said “Dubai was a place in a hurry. It was based on a hard-to-define marketplace, and built on a frenzy of speculation.”
Despite Dubai’s well-documented property crash, its initial boom gave Fender Katsalidis architects the chance to push their design skills and imagination to a new level.
Today, the firm hires nearly 100 staff, but Katsalidis says he and Fender are still personally involved in every project and they are still as ambitious as ever. Their reach is now global, but they still call Melbourne home and aren’t done there yet.
<img src="/images/stories/phoenix.jpg">
Not just happy to build the tallest skyscraper in Melbourne, now the pair want to design the slimmest. <city><place>Phoenix</place></city> 82 (pictured above)looks set to make quite an impact on <street><address>Flinders Street</address></street>, with a unique trail of blue light “snaking” down its side. The site is only 6.7 metres wide and 24.3 metres deep. The 28-storey building will rise 88.5 metres, with one apartment on each floor.
Maxx Apartments in St Kilda has just begun construction and will be a mixed-use development incorporating two commercial storeys and 11 residential. Apartment prices range from $387,000 to $640,000.
<img src="/images/stories/bendigoart.jpg">
Fender has also been invited back to the Bendigo Art Gallery (pictured above) to assist with a $7.55 million expansion it hopes will give it more room to host big-name exhibitions.
Fender, who over the years has called the Melbourne Terrace Apartments, the <place><placetype>Republic</placetype><placetype>Tower</placetype></place> and <city><place>Eureka</place></city> home, says he had no trouble believing high-rise living would take off in <city><place>Melbourne</place></city>. As an expat from 1975 to 1995 he lived in high-rise apartments in London, Hong Kong and Rome and his many years as a happy apartment dweller would help shape his strong belief that high-density living is not only the answer to burgeoning population growth, but that it can provide the same sense of community, even more, than the long sprawl of the outer suburbs, which he calls “anonymous” and a place where “every man is an island”.
Fender Katsalidis’ most ambitious, or at least tallest, building is still to come. Katsalidis is tight-lipped on details, but confirms the firm has been commissioned to design a 100-storey, 500-metre skyscraper in Kuala Lumpur in mid-2012. It will be the firm’s tallest yet and just scrape through to be the second tallest building in the world. Further proof perhaps that Fender Katsalidis’ rising ambition is far from satisfied.
</body></html>

Onwards and upwards in Kuala Lumpur for Fender Katsalidis after Eureka moment

<html><body>
{yoogallery src=[images/stories/october16borat]}
Sacha Baron Cohen and Isla Fischer have put their 260-square-metre Los Angeles house onto the rental market for $10,995 per month. Baron Cohen bought the property through a trust in 2009 for $2.45 million, about a year before the couple were married.
The three-bedroom house features a pool, firepit, two-level deck and an outdoor gym. It overlooks the 21-hectare Woodrow Wilson Reserve.
Baron Cohen and Fischer welcomed their second child last year, and they are reported to be moving into a bigger house to accommodate their growing family. 
</body></html>

Sacha Baron Cohen and Isla Fischer put their LA home on the market

<html><body>
A string of good or at least better-than-expected data this week has dimmed expectations for a rate cut next month, but a worsening of the European debt crisis would likely force the central bank's hand, economists say.

CommSec economist Savanth Sebastian says yesterday's official job figures showing the unemployment rate had dropped one percentage point to 5.2% had "muddied the waters to some degree", but a rate-cut decision would be driven by events in Europe.
"If the RBA is going to cut rates, it's going to be on global concerns rather than domestic conditions," Sebastian says.
"And if the Reserve Bank policymakers do cut rates, it'll be to shore up confidence rather than provide stimulus," using the example of the Reserve Bank of New Zealand's decision to slice rates after the Christchurch earthquake.
Sebastian notes that jobs growth detailed in yesterday's ABS figures – with 20,400 new jobs created, including 10,800 full-time jobs – mainly came from the mining states.
There were 7,300 new jobs in Western Australia, and 4,900 new jobs in Queensland, plus growth in Victoria (3,400) and South Australia (900). New South Wales lost 1,300 jobs, and Tasmania lost 400.
The number of part-time jobs, up 9,600 to 3.41 million, was a record. The participation rate was steady at 65.6%.
The ABS figures follow a better-than-expected National Australia Bank business survey released on Monday.
CommSec's Savanth Sebastian says although the RBA has watered down its rhetoric on monetary policy in recent weeks because of the turmoil overseas, it would likely be interested in sitting on the sidelines because of Australia's robust terms of trade.
"We'd be advocating view rates on hold, but if we see external shocks then a cut is likely on the cards," Sebastian says.
The Reserve Bank last week drew attention to the "softer" labour market and consumers "more concerned about the possibility of unemployment rising", as it chose to leaves rates on hold at 4.75%.
But Westpac Banking Group says the numbers "reflect the statistical noise you would expect in a soft labour market that does not have a strong trend."
"We forecasted positive jobs numbers for September, mindful that it took the post GST volatility (back in 2000) to generate three consecutive monthly negative prints on jobs. Even the GFC could not do it," Westpac says.
The bank describes the Australian labour market as "soft rather than robust or collapsing."
"The Australian economy has shed close to 5,000 jobs over the last six months so it is clear the labour market has going through quite a soft patch," it says.
"We are forecasting the unemployment rate to peak at 5.75 by mid-2012. While WA is set to improve, and QLD should lift from here, the drag from the southeast (VIC and NSW) will be enough to see a rise in overall unemployment."
ANZ says the result "certainly doesn't change the story that trend employment growth has weakened considerably in the last six months."
"It would be a brave forecaster that suggested that this signals a turning point, given leading indicators of employment (such as the ANZ job ads series) remain soft," its senior economist Craig Michaels says.
Michael says the rebound serves as a "welcome stabilisation" for the RBA, and might give the central bank confidence that the boom states and match the sort parts for the time being.
"Whether the RBA will give greater credence to the leading indicators of employment, which currently point to a further modest rise in the unemployment rate, will be a key determinant of the outcome of the Melbourne Cup policy deliberations," he says.
"Despite today's bounce, we think weak leading indicators for employment, flat trend employment growth and the now weaker outlook for inflation means there is scope for the RBA to deliver an 'insurance' rate cut next month, given still heightened global uncertainty."
This article originally appeared on <a target="_blank" href="https://www.smartcompany.com.au/economy/20111014-string-of-good-data-might-stop-rba-from-cutting-rates-economists">SmartCompany</a>.
</body></html>

String of good data might stop RBA from cutting rates: Economists

<html><body>
As we look to what's ahead for 2012, Property Observer is republishing some of our most noteworthy stories of 2011.
 
Stand anywhere in the Melbourne <stockticker>CBD</stockticker> and it’s almost impossible for an upwards-glancing eye not to catch one of Fender Katsalidis Architects’ distinctive residential towers.
<img src="/images/stories/eurekafka.jpg">
There’s the gold-capped peak of Southbank’s Eureka Tower (pictured above), the rocket-like Republic Tower (pictured above) on the corner of Queen and La Trobe streets, the revolutionary Little Hero building and its Lego-style construction method in Russell Place, and just about all of New Quay in the Docklands, to name just a few.
<img src="/images/stories/republic.jpg">
Fender Katsalidis buildings are typically low-impact, high-density designs that aim to create a “vertical neighbourhood” for <stockticker>CBD</stockticker> dwellers.
Both Karl Fender and Nonda Katsalidis are public proponents of high-density living as opposed to the flat urban sprawl embraced by the baby boomers.
“You have to keep your mind open to new housing typologies that use less land, and in so doing give greater community facility,’’ Fender says. ‘‘Because the idea of just building houses cheek-by-jowl and going on forever is just not sustainable”. Although he does add: “You don’t have to go building Eurekas all over town”.
Most of FKA‘s apartments are designed to be relatively affordable, which ties in with the firm’s outspoken intention to convince the average buyer to embrace high-density living. Affordability, Fender says, is the key to encouraging buyers to choose an apartment over traditional house and land.
Apartments in the upcoming <street><address>Fulton Lane</address></street> development for example are being offered at a starting price of $365,000. The development is the first in Australia for Malaysian group SP Setia, which reported in June that 70% of Fulton Lane’s apartments had sold off the plan in just three days.
At <street><address>108 Flinders Street</address></street>, where construction has just commenced on a 12-storey development tucked in behind AC/DC Lane, a one-bedroom can be snapped up for $390,000. Developer Riverlea announced in August that 85% of 108’s apartments were sold before construction began in September.
While FKA’s main focus is on affordable high-density living, the firm does have its trophies. At time of writing, the Eureka Tower’s penthouse, which occupies the entire 84th floor of the building is on the market. It’s expected to fetch upwards of $13 million.
<img src="/images/stories/melbourneterrace.jpg">
Karl Fender and Nonda Katsalidis’ <city><place>Melbourne</place></city> footprint began with the Katsalidis solo project Melbourne Terrace Apartments (pictured above), just near the Queen Victoria Markets on <street><address>Franklin Street</address></street>. Opened in 1994, it was one of the first residential developments to come out of Jeff Kennett’s Postcode 3000 planning policy in the early ’90s, aimed at encouraging Melburnians to live in the <stockticker>CBD</stockticker>. The plan had its critics, – ‘‘where will people buy milk, Myer?’’ was a running joke – but they were ultimately proven wrong as Melbourne was put on a pedestal as an example of how to reinvigorate a city centre so it becomes not only a place of work, but also of entertainment, and for many, a place to live.
Considered an early test case for the ambitious Postcode 3000 strategy, Katsalidis’ Melbourne Terrace Apartments were lauded as a new model for medium- and high-rise living in the <stockticker>CBD</stockticker>. Its success would convince architects and planners that <stockticker>CBD</stockticker> living was not only possible, it had the potential to move <city><place>Melbourne</place></city> towards gaining the ‘‘most liveable city’’ badge it proudly wears now.
It also established Nonda Katsalidis as an architect to watch in <country-region><place>Australia</place></country-region>. In 1996, he would merge with Bob Nation and Karl Fender to create Nation Fender Katsalidis, which would go on to build some of Melbourne’s most recognisable landmarks.
On Monday we will look at the next step for Fender Katsilidis and its projects outside Victoria. 
</body></html>

Fender Katsalidis' ever-changing place in Melbourne's skyline

<html><body>
54/25 Pinkerton Circuit, Kambah, ACT
<img src="/images/stories/pinkerton.jpg">
This unit in the Canberra suburb of Kambah includes two bedrooms, one bathroom and an all-important car space. Listing agent Dan Cooper from<a href="https://www.ljhooker.com.au/19XTFK9" target="_blank"> LJ Hooker Tuggeranong</a> says it was previously tenanted and it could be expected to fetch between $330 and $350 per week in rent. Cooper is marketing the property with price hopes of $299,000 plus. If it sells for $299,000 and is rented at $350 per week that would secure an investor a gross rental yield of 6.1%, higher than the indicative gross rental yield for Kambah units of 4.8%, according to RP Data. The gross rental yield does not consider the costs of maintaining the property, including council rates and other fees such as water bills and managing agent fees. <a target="_blank" href="https://calc.washingtonbrown.com.au/wbdcalculator/calculator.aspx?RID=HPCAZOPTTT">Washington Brown</a> estimates the first-year tax depreciation deduction to be $2,500 and over five years $7,000. The property was passed in at auction on Saturday, October 15 with no bids.
For more information about yields and prices in Kambah, see the <a target="_blank" href="/news">RP Data suburb page</a>. 
 
<hr class="system-pagebreak">
6/22 Buckingham Street, Lara, VIC
<img src="/images/stories/buckingham.jpg"> 
This two-bedroom property is currently tenanted at $255 per week and is within walking distance of transport and shops. <a target="_blank" href="https://www.raywhite.com/vic/lara/671963/">Ray White</a> agent Michael Stevenson is marketing it with price hopes of $235,000 plus. If it sells at $235,000 it would secure an investor a gross rental yield of 5.6%, which is at the indicative gross rental yield for Lara, according RP Data. The gross rental yield does not consider the costs of maintaining the property, including council rates and other fees such as water bills and managing agent fees. <a href="https://calc.washingtonbrown.com.au/wbdcalculator/calculator.aspx?RID=HPCAZOPTTT" target="_blank">Washington Brown</a> estimates the first-year tax depreciation deduction to be $8,000 and over five years $22,000. The property has been withdrawn from action but is still for sale. 
For more information about prices and yields in Lara, see the <a href="/news">RP Data suburb page</a>.
 
<hr class="system-pagebreak">
 
2 Heininger Street, Dapto, NSW
<img style="border-style: initial; border-color: initial;" src="/images/stories/heininger.jpg">
This dual-occupancy house is currently tenanted at a combined $520 per week from the three-bedroom front half and two-bedroom back half. Listing agent Jeremy Tillman from <a target="_blank" href="https://www.prdnationwide.com.au/site/page.cfm?t=propertydetails&amp;s=franchisegeneric&amp;c=38&amp;RADIOMARKET=Buy&amp;SHOWAUCTIONLISTED=1&amp;INCLUDESURROUNDING=1&amp;SORTBY=&amp;id=43643&amp;type=Residential&amp;pagenum=1">PRDnationwide Dapto </a>is marketing the property with price hopes of $330,000 plus. If it sells for $330,000 that would reflect a gross rental yield of 8.2%, far higher than the indicative gross rental yield for Dapto houses of 5.4%, according to RP Data. The gross rental yield does not consider the costs of maintaining the property, including council rates and other fees such as water bills and managing agent fees.  <a target="_blank" href="https://calc.washingtonbrown.com.au/wbdcalculator/calculator.aspx?RID=HPCAZOPTTT">Washington Brown</a> estimates the first-year tax depreciation deduction to be $3,500 and over five years to be $8,500. The property went to auction on Saturday, October 15 at 10am but the result is yet unknown.
For more about yields and prices in Dapto, see the<a href="/news"> RP Data suburb page</a>.
</body></html>

Weekend yield watch : Yields of up to 6.1% in Kambah

<html><body>
For those looking for an opportunity to enter the property investment market, now might be a good time. Australia’s national rental vacancy rate sits at a low 2.2% and has been stable over the past 12 months.
“It’s a very tight market,” says Real Estate Institute of Australia chief executive Amanda Lynch. “It’s difficult to get rental accommodation, and as a result landlords can choose the best tenants.”
Additionally, <a target="_blank" href="https://www.propertyobserver.com.au/residential/unit-rents-approach-house-rents-in-most-capitals/2011101251906">rental yields are rising across most capital cities, particularly for units.</a>
That’s good news for current and potential property investors. Nevertheless, investing in property is not always a smooth ride. A good rental property agent can be the deciding factor in success or failure in the property investing game. For investors considering managing their own property, Lynch offers a word of caution.
“Property management can be a much bigger job than people realise,” she says. “The main reason you would use a rental agent is for peace of mind. It can mean phone calls at all times of the day and night, having to get quotes yourself for any maintenance required or dealing with unpaid rent.”
But how do you choose the best possible rental agent, and what is the difference between a good and bad agent?
Over the past 20 years, Andrew Jones and his family have entrusted eight investment properties into the hands of property managers. Not all of them have been successful relationships.
In one recent incident, the tenants in the family’s Lake Macquarie, NSW property fell behind on their rent for several months and were evicted. It was only following the eviction that the family discovered the tenants had kept several birds and rabbits in the house, causing damages totalling $15,000.
“If the agent had carried out regular inspections on the property – as they had told us they had – the pet issue would have been noted and addressed well before we received the bill,” Jones says. “Having learnt from this, I would strongly recommend maintaining a good relationship with your agent and don’t be afraid or embarrassed to seek feedback on your property on a regular basis.”
High on Jones’s checklist of what makes a good rental agent are attributes such as professionalism, experience and proactivity. Local knowledge is also important, he says. “‘Out of towners’ or ‘rookies’ can’t always give you the accurate feedback or service you require to maximise the return on your investment.”
Jones recommends property investors just starting out do their own research on their chosen area and ask prospective rental agents for appraisals. “Choose the agent you think best suits your location, the size and type of property you own and don’t always go with the agent that tells you the highest rental amount they can achieve. If your property is overpriced you may end up spending four weeks longer looking for a tenant, only to find you have to drop the price anyway.”
Rob Farmer, CEO of rental specialist agency RUN Property, reels off five key attributes of a good rental agent: people person, good negotiator, calm under pressure, eye for detail, and an understanding of property investment.
“Real estate agencies are often owned by real estate salespeople, who are good salespeople but they don’t have the operational management and attention to detail required in property management,” Farmer says.
He recommends investors ask friends and family to recommend agents and interviewing all prospective property managers. “Also interview the manager of the property management division,” he adds. “It is just as important to have a good property management company as well as a good manager. If your property manager leaves or you have a problem you need to know you have a quality company standing behind them.”
Mary Anne Cronin, an agent with Raine &amp; Horne Bondi Junction, says choosing the best possible tenant is an important measure of a good rental agent. “We interview all our prospective tenants,” she says.
“If you’re dealing with properties with a rental average of $1,000 to $1,500 per week, as we are, it’s essential to ensure the tenants are the right match for the property.
“It’s about matching the right people to the property and that they are going to appreciate it. So if the property has a garden, you have to make sure the tenant will appreciate and look after it.”
</body></html>

Choose the right person to manage your rental property

<html><body>
The number of commitments for owner-occupied housing finance lifted by 1.2% in August to 50,965, the Australian Bureau of Statistics says.

While the figures are the second straight rise for the owner-occupied sector, they are lower than expectations for a 2% rise.
Westpac has described the August report as "lacklustre", saying the level of housing finance to owner-occupiers is down 0.9% from the end of 2010, and 4.6% for new lending.
"More broadly, the housing sector is facing a number of headwinds: interest rates, stretched housing affordability and household's desire to pay down debt. These forces are offsetting the positives of rising household incomes, relatively low unemployment and a shortage of housing stock," the bank says.
And the total value of dwelling finance commitment excluding alterations and additions rose by 1% to $20.848 billion.
The seasonally adjusted series for the value of owner-occupied commitments rose 0.6%, while the value of investment housing commitments seasonally adjusted rose 1.8% in August 2011.
This article originally appeared on <a href="https://www.smartcompany.com.au/economy/20111012-housing-finance-commitments-lift-shares-down-on-euro-woes-middday-roundup" target="_blank">SmartCompany</a>.
</body></html>

Rise in housing finance commitments

A mix of Gold Coast locals, fly-in, fly-out purchasers from Sydney and Melbourne, and Brisbane-based families has driven early sales success at Broadbeach's newest apartment tower, Lumara.

The 26-level project, a joint venture between builder-developer 5Point Projects and Bourke Projects, comprises just 37 luxury residences and is attracting a buyer profile that is looking for exclusivity, above the most amenity-rich suburb on the Gold Coast.

[smartcode_project:default project_id=150454 project_image_fid=364156]

Jamie Bourke, Director of Bourke Projects, says every buyer secured so far intends to use Lumara as a lock-up-and-leave residence, combining holiday use with the ability to work remotely when required.

“The size of the apartments, both half- and full-floor options, and the different zones within the floorplans, lends itself perfectly to dedicated home office setups and multi-generational family holidays,” Bourke says.

That flexibility has become a key drawcard for affluent buyers seeking a second residence on the Gold Coast without sacrificing the ability to conduct business away from their primary home base.

The absence of holiday letting within the building has also resonated strongly with purchasers.

“This type of buyer doesn't need to generate holiday rental income,” Bourke says. “They're paying for exclusivity, privacy and certainty around who their neighbours are.”

[smartcode_project:default project_id=150454 project_image_fid=366491]

The strong demand comes amid broader shifts in the high-end apartment market following the Federal Budget announcements in May.

“We were already seeing strong enquiry from high-net-worth buyers, but that has only accelerated since the policy changes,” Bourke says.

“A lot of those buyers are looking to place more capital into premium lifestyle assets rather than investment-grade stock that has been targeted by the Federal Government.”

[smartcode_project:default project_id=150454 project_image_fid=366486]

Designed by Cottee Parker, Lumara adopts a slender, sculpted form with an emphasis on natural materials suited to its beachfront setting. The architectural approach draws on coastal influences, with a palette of stone, timber and concrete selected for durability and the ability to weather over time.

Apartments are limited to three and four-bedroom configurations, with a maximum of two residences per floor through the mid-levels and a selection of full-floor and dual-level homes in the upper levels. All apartments are oriented to the north to maximise natural light, cross-ventilation and views across the ocean, city skyline and hinterland.

A two-level amenity offering is positioned high within the building on levels 20 and 21, conceived as a sky wellness retreat. Facilities include a magnesium pool, spa, sauna and steam rooms, alongside more social spaces such as a private dining room, resident lounge, workspaces and outdoor barbecue areas integrated with landscaped greenery.

The uppermost levels are reserved for larger-format residences, including several full-floor homes and a dual-level penthouse with its own private wellness features and recreational spaces.

&nbsp;

To give buyers confidence, 5Point and Bourke commenced construction ahead of the apartments launching to the market, a sure-fire way to prove they mean business, and the building will be delivered. They are targeting a 2028 completion date.

[smartcode_project_cta:default project_id=150454]

Joel Robinson

Locals, interstate holiday makers, drive early sales at Lumara, Broadbeach's newest luxury apartment tower

Often when it comes to purchasing property, the biggest barrier to entry is the deposit. Buyers of established homes typically aim for a 20 per cent deposit to avoid the added cost of Lenders Mortgage Insurance, while most property transactions require around a 10 per cent deposit when contracts are exchanged.

The off-the-plan market works differently, with buyers typically paying a deposit during construction and settling the balance upon completion. As completion approaches at <a href="https://www.apartments.com.au/new-apartments/fabbrica-fitzroy-369-gore-street-fitzroy-vic-3065">Fabbrica Fitzroy</a>, developer <a href="https://www.apartments.com.au/developers/pace-development-group">Pace</a> is making it easier for buyers to secure a residence through a deposit-matching incentive. Purchasers need only contribute a five per cent deposit*, with Pace matching the remaining five per cent.

The offer comes as Pace unveils a completed display apartment and townhouse, now available for inspection by appointment ahead of the project's Spring completion.

[smartcode_project:default project_id=139552 project_image_fid=371009]

Designed by <a href="https://www.apartments.com.au/architects/sjb-architects">SJB</a> with interiors by <a href="https://www.apartments.com.au/interior-designers/winwood-mckenzie-architecture">Winwood Mckenzie</a> and landscaping by <a href="https://www.apartments.com.au/landscape-architect/acre">Acre</a>, Fabbrica draws on Fitzroy’s industrial and manufacturing history, incorporating references to the former Argyle Shirt Factory and Life Savers Confectionery Company that once occupied the site.

The development comprises 85 residences, spanning low-maintenance apartments through to larger-format townhouses with private street access and double lock-up garages, a relatively uncommon offering in Fitzroy’s higher-density apartment market.

Pace says the project has been designed to appeal to buyers seeking inner-city convenience without sacrificing space, flexibility, or amenity.

[smartcode_project:default project_id=139552 project_image_fid=371016]

Inside the residences, Winwood Mckenzie has focused on adaptable layouts and integrated detailing, with features including custom joinery, and concealed storage solutions. The material palette leans into warm, tactile finishes intended to complement the building’s industrial architectural language.

Fabbrica’s rooftop amenity is a key part of the project offering. Spanning around 800 sqm, the communal rooftop includes a private dining room, communal kitchen, lounge spaces, work-from-home zones, and outdoor dining areas overlooking the Melbourne CBD skyline.

[smartcode_project:default project_id=139552 project_image_fid=371017]

Landscape architecture studio Acre has introduced a layered rooftop garden designed to soften the urban setting while creating a more communal environment for residents.

The Fitzroy location also positions residents within walking distance of Brunswick Street, Smith Street, parks, cafés, galleries, and public transport, while remaining only minutes from Melbourne’s CBD. The project has an enviable Walk Score of 96.

[smartcode_project:default project_id=139552 project_image_fid=371025]

Pace, which is also delivering the project as builder, has developed more than 100 projects across Melbourne over the past three decades. The vertically integrated approach has become increasingly common among developers seeking greater control over construction delivery amid broader market pressures affecting the apartment sector.

The strikingly contemporary Gore Street development is now around 70 per cent complete, with purchasers expected to move into their new homes in Spring 2026. A limited number of residences remain available under the current deposit match offer.

*Conditions apply in relation to the deposit match offer.

[smartcode_project_cta:default project_id=139552]

Pace offers five per cent deposit match at Fabbrica Fitzroy ahead of Spring completion

Sydney developer Hyecorp's roots on the Lower North Shore stretch back three generations, and that deep understanding of the market continues to shape where and how it develops today.

From high-rise towers to boutique apartment projects, the family-run developer has built its reputation by focusing on a part of Sydney it knows intimately. Founded by Michael Abolakian in the early 1990s, Hyecorp is now led by his sons Stephen, Troy and Patrick.

Stephen Abolakian, joint managing director alongside Troy, has spent more than two decades in the business, overseeing development, planning, finance, marketing and sales.

Abolakian says the developer's disciplined focus on where it chooses to operate has been, and continues to be, one of Hyecorp's greatest strengths.

“We know the buyer profile exceptionally well,” Abolakian says.

“The demographics between places like Willoughby, Chatswood, St Leonards and Roseville are very similar. There are nuances between suburbs and projects, but culturally and from a buyer perspective, there’s a strong overlap.”

That buyer has historically been overwhelmingly owner-occupier driven.

Unlike many Sydney apartment developers that have traditionally relied heavily on investor demand, Hyecorp’s projects have typically attracted downsizers, upsizers, rightsizers and family owner-occupiers seeking long-term homes rather than short-term investments.

“Historically, investors have been a much smaller portion of our demand profile,” Abolakian says.

“We design for owner-occupiers. We don’t design for yield, we design for comfort, amenity, family living and long-term usability.”

That philosophy extends well beyond apartment layouts.

From landscaping and communal gardens to shared amenities and circulation spaces, Hyecorp’s developments are designed around how people actually live, something Abolakian believes has become increasingly important in Sydney’s apartment market.

“There was probably a period where having an approved project in market was enough,” he says.

“There wasn’t as much competition and if you built it, buyers would come. That’s no longer the case.”

“There’s more supply in the pipeline now, particularly with TOD precincts and low and mid-rise reforms opening up opportunities across Sydney. Buyers have more choice, so if you get the product wrong, they’ll simply go elsewhere.”

[smartcode_project:default project_id=110379 project_image_fid=311393]

The shift has forced developers to become more sophisticated in how they approach apartment design, particularly as owner-occupier expectations continue to rise.

For Hyecorp, that means thinking beyond who the buyer is today and designing for who they may become in five or 10 years' time.

“People buying now often aren’t moving in for several years,” Abolakian says.

“You might have a young couple buying today, but by the time they move in they may have children, older children, or changing lifestyle needs. You’ve got to think about how families evolve.”

That thinking also shapes Hyecorp’s approach to amenity, which positions wellness at the forefront.

[smartcode_project:default project_id=149594 project_image_fid=362634]

While resort-style facilities have become increasingly common marketing tools across Sydney apartment developments, Abolakian says the challenge is ensuring amenities are genuinely usable and appropriate for the scale of the project.

“If amenities are done right, they can materially improve the living experience,” he says, adding however that if you&nbsp;overdo it or get it wrong, you can end up with facilities nobody uses that simply create ongoing strata costs.”

That balance is something Hyecorp is aiming to strike with projects like Roseville Avenue, one of the group's upcoming Lower North Shore developments, which Abolakian describes as bringing a resort-style living experience into a metropolitan setting.

“It’s about creating something that feels special without being excessive,” he says.

“Good gardens, quality apartments, thoughtful amenity. Creating that resort feeling in a metro location.”

<img alt="Hyecorp" data-entity-type="file" data-entity-uuid="13c4c0f3-b1b7-44cf-9344-0b3d1d07797a" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-06-02%20at%2012.14.57%E2%80%AFPM.png?VersionId=9OLWjyj2bYkDV35F78WJnyMSPfc2bJ2z" />

The focus on owner-occupier product comes as Sydney’s apartment market continues to navigate a difficult development environment.&nbsp;For Hyecorp, maintaining an in-house operating model across construction, sales, marketing and development management has become increasingly important in navigating that environment.

“We’ve always believed in keeping a lot of the process in-house,” Abolakian says.

“It creates efficiencies, but it also creates quality control. You can make faster decisions and ensure the end product stays aligned with the original vision.”

Despite the challenges, Abolakian believes demand for quality owner-occupier apartments across Sydney remains strong beneath the surface, particularly across established Lower North Shore suburbs where downsizers continue to seek new housing options close to existing communities.

“There are definitely people waiting,” he says.

“Once some of the broader uncertainty settles, whether that’s the global environment or some of the local economic noise, I think the right projects will perform very strongly.”

Hyecorp currently has three residential developments on the market across Sydney’s Lower North Shore.&nbsp;Audrey, St Leonards, positioned opposite Newlands Park, is nearing completion and preparing to welcome its first residents, with the project now almost sold out.

Hyecorp has also recently launched&nbsp;<a href="https://www.apartments.com.au/new-apartments/celine-chatswood-37-archer-street-chatswood-nsw-2067">Celine Chatswood</a>, an architectural tower, while continuing to deliver&nbsp;<a href="https://www.apartments.com.au/new-apartments/juliet-roseville-64-pacific-highway-roseville-nsw-2069">Juliet Roseville</a>, a more boutique scale of development with just 34 apartments.

Why Hyecorp continues to back Sydney's Lower North Shore apartment market

South East Queensland’s apartment market is entering a new phase defined by rising prices, constrained affordability, and mounting pressure on the construction pipeline, according to RPM Group’s latest SEQ Apartments &amp; Townhomes Market Report.

The May 2026 report highlights a widening divide between what buyers can afford and what developers can viably deliver, with detached house prices continuing to push more buyers toward apartments across Brisbane, the Gold Coast, and the Sunshine Coast.

RPM says Brisbane’s median house price has reached around $1.5 million, accelerating the shift toward higher-density housing as buyers are increasingly priced out of the detached market.

[smartcode_project:default project_id=135094 project_image_fid=356540]

Median unit prices rose across all three major SEQ markets in the March quarter. Brisbane City recorded the strongest annual growth, with median unit prices climbing 21 per cent to $862,000, while the Gold Coast reached the highest overall median at $950,000, up 17 per cent year-on-year. The Sunshine Coast followed at $870,000, representing annual growth of nine per cent.

RPM noted the affordability gap between houses and units remains significant, with detached homes commanding premiums of 67 per cent in Brisbane and 68 per cent on the Gold Coast relative to apartments.

The report suggests this price disparity is increasingly consolidating buyer demand within the apartment market, particularly among downsizers and owner-occupiers.

“Demand is real. Supply is moving. But they’re operating on different timelines and the gap between what’s being built and what buyers can afford is the defining tension in this market right now,” RPM Queensland and NSW Managing Directors Peter Neale and Clinton Trezise said in the report.

[smartcode_project:default project_id=150787 project_image_fid=366230]

While approvals and commencements are strengthening, RPM argues the delivery pipeline remains constrained by construction costs, labour shortages, and extended build timelines.

Apartment approvals across Queensland increased 86 per cent over the year to February 2026, reaching 12,682 approvals, the highest level recorded since 2016. Brisbane overtook the Gold Coast as the state’s most active apartment approval market, with nearly 5,000 apartments approved over the past 12 months.

Unit commencements also strengthened considerably, rising 48 per cent year-on-year to 5,453 commencements in the December 2025 quarter, the highest level since 2018.

However, RPM’s research found apartment delivery timeframes have expanded sharply compared to the previous cycle. Projects are now averaging around 30 months from approval to completion, compared to roughly 20 months a decade ago.

[smartcode_project:default project_id=143932 project_image_fid=367515]

The number of units under construction has climbed to approximately 31,530 dwellings, nearing the previous 2016 peak, though projects are remaining in the pipeline for considerably longer.

Construction costs continue to weigh heavily on feasibility. RPM found the average apartment construction cost in Greater Brisbane reached $630,000 per dwelling in 2025, exceeding both Sydney and Melbourne. Coastal Queensland markets, including the Gold Coast and Sunshine Coast, were even higher at an average of $817,418 per apartment due to the prevalence of larger premium product.

The report also points to increasing pressure from Olympic-related infrastructure spending ahead of Brisbane 2032, with labour competition expected to intensify over the next several years.

[smartcode_project:default project_id=150017 project_image_fid=370960]

ANZ Associate Director of Property Daniel Gradwell said the underlying demand drivers across South East Queensland remain strong, supported by interstate migration, downsizers, and population growth.

“The challenge is bringing enough supply to market to meet that demand, and nothing on the horizon makes that straightforward,” Gradwell said.

RPM’s analysis found the affordability challenge is becoming more pronounced in the new apartment market itself, with only three per cent of surveyed new apartments priced below $1 million.

Instead, the market is increasingly concentrated in higher price brackets, with the most common new apartment price band across SEQ sitting between $1.5 million and $1.75 million. Around half of all new apartment stock surveyed is priced below $2 million.

The report suggests developers are not necessarily avoiding lower price points by choice, but because current construction economics make delivering affordable apartments increasingly difficult at scale.

Rental conditions also remain tight across the region. Median rents for one-bedroom apartments rose 12 per cent in Brisbane over the past year to $580 per week, while Gold Coast one-bedroom rents increased nine per cent to $630.

Despite rising rents, RPM noted bond lodgements have generally trended downward over the past five years, indicating more apartments are being absorbed by owner-occupiers rather than retained as investor-held rental stock.

Looking ahead, RPM expects projects targeting the mid-market owner-occupier segment between $1.25 million and $2 million to remain the most viable part of the market, while premium projects in highly constrained coastal or riverfront locations continue to attract demand.

“Construction costs are rewriting the feasibility rulebook across Greater Brisbane, and with little relief in sight, only projects in the right price band, right location, and with presales secured early will make it through,” the report concludes.

SEQ apartment demand outpacing affordable supply as construction timelines stretch: RPM

Camberwell Junction has long been the epicentre of amenity in Melbourne’s Boroondara region.

For nearly a century, it has drawn both locals and visitors, anchored by the Camberwell Sunday Market, which first operated in 1929 and quickly became a fixture of the suburb’s identity. Over time, the Junction evolved into one of Melbourne’s most established retail and lifestyle precincts, now comprising more than 400 stores and over 300 commercial businesses.

Despite that depth of amenity, one thing has remained notably limited: the supply of new apartments.

In a suburb defined by its heritage streetscapes and tightly held residential stock, new development opportunities have been scarce, particularly within the core of the Junction itself. That lack of supply has left a gap in the market for larger, design-led apartments suited to downsizers and owner-occupiers wanting to remain in the area.

Boutique developer Above Zero identified that gap when it secured a prime site on Burke Road, in the heart of Camberwell Junction.

[smartcode_project:default project_id=4896 project_image_fid=368543]

The site has a long planning history. Various proposals have been put forward over more than a decade, many of which were knocked back by the City of Boroondara, with initial applications dating back to 2015. Above Zero acquired the site in 2022 and returned with a revised scheme, refining both the building’s height and its ground-level interface to better align with Council expectations.

That process has culminated in approval for Camberwell House.

The Cera Stribley-designed development will deliver 57 residences on a 1,950 sqm site within the Camberwell Activity Centre, placing it directly within one of Melbourne’s most established retail and transport hubs.

It is expected to be one of the only new apartment developments to launch in the Junction in recent years, reinforcing the rarity of new supply in the precinct. Currently, there are just a handful of projects on the market in Camberwell, underscoring the significance of a development of this scale and positioning.

[smartcode_project:default project_id=4896 project_image_fid=368544]

Camberwell House has been conceived with a clear focus on larger-format apartments. The project will offer a mix of two-, three- and four-bedroom residences, alongside a limited number of penthouses, targeting owner-occupiers seeking scale rather than volume-driven product.

The building’s vertical presence will also set it apart.

Positioned on Burke Road, the development is set to become one of the taller buildings in its immediate context, allowing for elevated outlooks across Melbourne’s CBD skyline and toward the Dandenong Ranges. In a precinct characterised by lower-scale built form, that height provides a point of differentiation, particularly for buyers seeking outlook and natural light.

[smartcode_project:default project_id=4896 project_image_fid=368568]

Architecture has been led by Cera Stribley, with interiors by GOLDEN and landscape design by Florian Wild. The design approach centres on material consistency and restraint, with residences oriented to maximise light, ventilation and connection to outdoor spaces.

Full-height glazing and generous terraces form a key part of that strategy, allowing apartments to extend beyond their internal footprint and engage with the surrounding environment.

Beyond the private residences, a significant component of the project is its amenity offering.

Above Zero has positioned Camberwell House as a “complete living environment”, incorporating a full floor dedicated to resident facilities. At the centre of that is a wellness zone, including a 12.5-metre lap pool, spa, sauna and treatment spaces, alongside a gym and recovery-focused amenities.

This level of amenity is more commonly associated with inner-city developments, rather than established middle-ring suburbs like Camberwell.

[smartcode_project:default project_id=4896 project_image_fid=368588]

Additional shared spaces include a private library lounge, dining and entertaining areas, and an indoor golf simulator. A self-contained guest suite has also been incorporated, allowing residents to accommodate visiting family or friends without impacting their primary living space.

The inclusion of these facilities reflects a broader shift in buyer expectations.

As more downsizers look to transition from larger family homes into apartments, there is increasing demand for developments that offer not just a residence, but a lifestyle. That includes access to wellness, social and entertaining spaces within the building itself, reducing the reliance on external amenity while still maintaining proximity to established precincts.

Camberwell House is positioned to benefit from both.

Its location places it within immediate walking distance of Camberwell Junction’s retail and dining offering, as well as public transport connections, including tram and train services. That combination of internal amenity and external convenience is central to its appeal.

<section data-scroll-anchor="false" data-testid="conversation-turn-150" data-turn="assistant" data-turn-id="request-WEB:55d7c6ac-8e6d-4881-ad49-0ed9bf66d1cc-74" dir="auto">
Jellis Craig Projects Director Stephen Bowtell is handling sales for the project and says Camberwell House offers a rare entry point into one of Melbourne’s most tightly held markets.

“Buyers are recognising that Camberwell House offers something they simply haven’t seen before in Boroondara,”&nbsp;Bowtell&nbsp;says.

“It combines a level of resident amenity and service typically associated with Melbourne’s premium inner-city developments, while being positioned right in the heart of Camberwell Junction.

“The response to the concierge offering has been particularly strong. Buyers appreciate not only the convenience, but also the sense of security and peace of mind that comes from having a dedicated presence in the building every day.

“When you combine that with the wellness facilities, the exceptional arrival experience, and panoramic views across both the CBD skyline and the Dandenong Ranges, it creates a lifestyle proposition that is genuinely unique within the local market.”
</section>

[smartcode_project_cta:default project_id=4896]

Cassidy Knowlton

Editor's Picks

Have something to contribute?

Developments

New apartments

New townhouses

News