<html><body>
GUEST OBSERVATION
Until now, student debt in Australia has been relatively modest, with low repayment rates, low indexation and high repayment thresholds. This won’t be the case if the government proceeds with changes mooted in the recent budget, including higher fees and higher interest on debts. Australia will move to a student debt model similar to the US, so this is a good place to look at the effects that large levels of debt have on young graduates.
<a href="https://www.demos.org/what-cost-how-student-debt-reduces-lifetime-wealth" target="_blank">Much recent research</a> from the United States shows that student debt is having profound and negative effects, both at the individual and at the national level.
Graduates living with debt
Purdue University is a public university in South Bend, Indiana. President Mitch Daniels commissioned a large, evidence-based study of the impact of student debt on university graduates. <a href="https://www.gallup.com/strategicconsulting/168791/gallup-purdue-index-inaugural-national-report.aspx">The results</a>, based on a survey of 30,000 graduates, were recently released.
The <a href="https://www.nuvo.net/indianapolis/purdues-mitch-daniels-talks-college-costs/Content?oid=2837651#.U4KfSPmSyPY" target="_blank">findings of the study</a> are sobering, on two fronts.
First, student debts weigh heavily on students’ later wellbeing. Wellbeing was measured along five dimensions: life purpose, social engagement, community engagement, financial satisfaction and physical health. Graduates without student debt were seven times more likely to report themselves to be “thriving” along all of these dimensions than graduates (or indeed dropouts) with more than $40,000 in debt.
This finding tends to confirm the results of a <a href="https://www.sciencedirect.com/science/article/pii/S0272735813001256">major meta-analysis</a> of evidence from the United States, the United Kingdom and New Zealand. The findings suggest that higher levels of debt while a student are significant predictors of stress and secondary negative health consequences. This study also points to other evidence of serious consequences more generally. Higher levels of debt have serious long-term consequences, including mental, neurotic or psychotic disorders, depression, suicide attempts (or suicide completion), problem drinking and drug dependence.
Secondly, large debt burdens influence choices related to work, careers and lives. Graduates with higher debts are less likely to be entrepreneurial and start new businesses. This is to be expected, as student debt repayments tend to constrain the capacity to borrow for other productive purposes.
In the robust free-market economy of the US, such entrepreneurial timidity among the best and brightest is a source of real and valid concern for policy makers.
Other <a href="https://www.sciencedirect.com/science/article/pii/S0047272710001337" target="_blank">recent research</a> has shown that students with higher debts tend to pursue higher-paying careers, not pursuing “public interest” jobs in areas like teaching and community services. Over time, this means that public institutions like schools will have to pay higher wages to attract the best and brightest, indirectly shifting some of the cost of student debt back to the taxpayer in the form of higher public sector salaries.
Large student debts <a href="https://www.learnvest.com/2012/10/real-women-speak-out-how-student-loans-have-affected-me/" target="_blank">have also been shown</a> to lead to delays in home purchases and having children.
Debt ain’t free
Shifting more of the burden for higher education back on to students, and saddling them with huge debts, may seem like a good idea for policy makers, but it will have serious long-term consequences for those students and thus the wider Australian community.
In the United States, the average student graduated with around $30,000 of student debt in 2013. Currently, Australian graduates of three-year business degrees have debt of a similar level.
If the proposed changes lead to higher fees, <a href="https://theconversation.com/how-much-student-debt-will-you-be-facing-post-budget-26712" target="_blank">as most analysts expect</a>, it would be reasonable to anticipate the graduates of 2018 completing their three-year degrees with debt of around $50,000.
It would be naïve to think debts of this level won’t have far-reaching consequences for graduates’ well-being and the work and economic choices they make in their lives. These choices will have serious consequences for our economy and society.
John Rice is associate professor in strategic management at Griffith University.
John Rice works for Griffith University, a public university. His most recent previous role was Chief Researcher at the National Centre for Vocational Education Research, a ministerial company owned by the Commonwealth and State education ministers. He has received grant funding from the Australian Research Council. He is a current member of the Australian Labor Party and the National Tertiary Education Union.
This article was originally published on <a href="https://theconversation.com" target="_blank">The Conversation</a>.
Photo courtesy of <a href="https://taxrebate.org.uk/" target="_blank" rel="nofollow" data-rapid_p="22">TaxRebate.org.uk</a> / <a href="https://creativecommons.org/licenses/by-sa/2.0/" target="_blank">Creative Commons</a>.
</body></html>

jake-cSmGT7VXVf

How will rising student debt affect first home buyers?

<html><body>
GUEST OBSERVATION
Once you’ve made the decision to build a new home, and that itself is an exciting decision, the next choice is finding the right home design.
With many builders and designs out there, it can become overwhelming and confusing.
<ol>
<li>
How long do you plan to live there? The first question you need to identify is the timeframe; how long do you plan to live in the home? If your plan is short-term, you’ll learn very quickly what works well, what you like, and what you don’t like, so next time you can learn from the experience and make the design better to suit your requirements. If you’re designing your forever home, you’ll want to establish the following points. 
</li>
<li>
Children  The age and number of children will determine many factors. In addition to the number of bedrooms, parents of young children might want a rumpus room for the kids to play in, while teenage children might require a quiet space away from living areas to study. You can ‘zone’ the kids are of the home, or have a ‘kids wing’. This enables you to close doors to hide the mess or dull the noise. <img src="/images/2014/05/23/Kids%20wing.jpg" alt="" style="line-height: 1.3em;"> 
</li>
<li>
Location of bedrooms  Do you want the master bedroom at the front of the home or at the rear? Do you want your room to be close to the kids? You’ll need to think about the proximity of bedrooms to the bathroom, laundry noise, living room noise and access to your room. 
</li>
<li>
Versatile design  This is a home that will adapt as you need it to. Using the above example, a spare room can be used as a rumpus and converted into a study as the kids get older. By the time your children are young adults (being realistic, kids are staying at home a lot longer these days) it can be set up as a separate living room. 
</li>
<li>
Lifestyle  Depending on your lifestyle to what features you have in the home. If you’re avid movie fans, you might consider a home theatre, or if you love entertaining, an alfresco or formal lounge could be ideal. If you run a business from home, a home office located near the entry would be perfect. <img src="/images/2014/05/23/Alfresco.jpg" alt="" style="line-height: 1.3em;"> 
</li>
<li>
Kitchen  Something you need to consider before finalising your kitchen is the infamous kitchen work triangle. The triangle is made up of the distance between the cooktop, sink and refrigerator. These three elements need to be close together, but not too close. Another thing you need to consider with your kitchen design is where you will store everything. A good way to work through it is to imaging dishing up dinner, unloading the dishwasher and baking a cake.  <img src="/images/2014/05/23/Kitchen.jpg" alt="" style="line-height: 1.3em;"> 
</li>
<li>
Block of land Your house must be suited to the block of land. If you have a narrow inner city allotment, your options are more restricted compared to a rural acreage block. In addition, if the land has a slope, you may need a split-level design. Every land estate has different design requirements; in some areas your front door must be set in front of your garage. 
</li>
<li>
Backyard  Depending on what you would like to achieve with a backyard will impact the size of the block of land you need and the size of the home. Keen gardeners, entertainers or people with pets may want a larger backyard than those who don’t spend much time outdoors. 
</li>
<li>
Think about the furniture you currently own  Many people like the look of a home, however when it comes to moving they realise there isn’t a place for their antique hall table or the room configuration doesn’t allow room for their couch. Imagine where everything you currently own will go. <img src="/images/2014/05/23/Furniture.jpg" alt="" style="line-height: 1.3em;"> 
</li>
<li>
Storage Builders and designers are very savvy when it comes to incorporating storage into your home. There is no wasted space with every nook and cranny being used wisely. You may consider extending the garage to allow extra room for storing bicycles or a boat. You also may want to add extra storage inside your home for toys, linen or coats. 
</li>
<li>
Study/computer nook  If you don’t want a complete study, but you still want somewhere to store your computer or charge your laptop, a study/computer nook is a great compromise. It is efficient use of space and provides the perfect place to store all your electronic devices and mail.  <img src="/images/2014/05/23/Study%20nook.jpg" alt="" style="line-height: 1.3em;"> 
</li>
<li>Don’t lose sight of the goal</li>
</ol>
Keep referring back to why you’re moving in the first place. If your reason for moving was to downsize, make sure you don’t get caught up in the design process and end up with a bigger home than you started with.
Similarly, if it’s an investment, consider the versatility of the home to suit a wide audience, so remember your audience and don’t take over with ‘this is what I would want’.
Natalie O’Shea is a designer at <a href="https://hotondo.com.au/" target="_blank">Hotondo Homes </a>and has been designing homes for over 15 years. Hotondo Homes is an Australian owned family business that was established in 1979.
Images courtesy of Hotondo Homes.
</body></html>

12 tips to help choose the perfect home design

<html><body>
GUEST OBSERVATION
A damaging admission by the Commonwealth Bank will boost concern about the government’s plan to weaken protections for consumers seeking financial advice and throw into doubt its timetable for announcing changes.
The bank’s earlier failure to provide a parliamentary inquiry with full information about its handling of the aftermath of financial advisers' misconduct has forced a last-minute delay to a Senate report into the affair.
The bank now admits not all the relevant clients were contacted and offered the promised $5,000 to help them get fresh advice. More than 4000 cases are now to be dealt with.
Full information was apparently withheld by the bank for some time from the inquiry and from the Australian Securities and Investments Commission.
The government’s proposed changes to Labor’s Future of Financial Advice (FoFA) law would advantage the banks. They would apply the ban that exists on “conflicted renumeration” only to the provision of personal advice - exempting general advice provided by employees of banks and product manufacturing institutions.
The controversial package was put on hold for further inquiry and consultations. Seniors groups have been particularly critical.
Finance Minister Mathias Cormann is anxious to finalise the measures quickly and does not want to revise them substantially.
But what the Senate economics references committee on Wednesday described as “surprise developments” – the production of new information from ASIC and the bank - will increase suspicion.
The committee, investigating the performance of ASIC, had been due on Friday to present a report expected to be very critical of the bank.
One of the committee’s main concerns has been the misconduct of some financial advisers in Commonwealth Financial Planning Ltd (CFP), part of the Commonwealth Bank of Australia Group, and ASIC’s response to allegations of wrongdoing.
The committee said in an interim report on Wednesday that it was particularly interested in the adequacy and integrity of the ASIC-approved compensation arrangements for affected clients.
It had been well advanced in preparing its report when on May 16 ASIC and the CBA advised there were inconsistencies in the way in which the compensation arrangements had been applied.
“This revelation suggested that, for some time, the CBA had not kept either the committee or ASIC full informed about the compensation process for clients affected by serious misconduct within CBA’s businesses,” the interim report said.
Although ASIC and the CBA had attempted to correct the record, the committee said the evidence provided was “sketchy” and many questions were left unanswered.
Committee chairman, Labor’s Mark Bishop, said these included how many affected clients were “kept in the dark by the CFP, for how long, and the number who missed out on the offer of $5000 to help them pay for an expert assessor to assist their claim”.
Concerned it might still not have a full understanding of what had happened, the committee has asked for more information from ASIC and the bank.
Bishop tweeted that he was alarmed that “ASIC says over 4000 clients affected by inconsistent approach CBA applied to compensation measures. Maybe ten of thousands”. The latter number is a reference to possible unidentified clients.
The committee’s final reporting date has been delayed to no later than June 26.
The Senate economics legislation committee, with substantially overlapping membership with the ASIC inquiry, is examining the proposed FoFA changes.
It will report on June 16 and Cormann has planned to announce the government’s position immediately after that.
But the government could expose itself to more criticism if it did not wait until the report dealing with the Commonwealth Bank.
Chairman of the Financial Planning Association Matthew Rowe told The Conversation one would expect the latest development would push out the timetable for the government’s announcement.
His organisation, a professional body representing financial planners, has written to Cormann with its concerns about the reintroduction of commissions. It says the selling of products should be clearly separated from providing professional advice.
“Consumers are becoming increasingly suspicious of the behaviour of some of our major institutions,” Rowe said.
“The government needs to take great care with the arguments of those with significant vested interests where there is a real and significant public interest at stake.”
On FoFA the government is trapped in the triangle of what it wants to do, what politically it should do, and what the Senate will allow it to do.
<img src="https://counter.theconversation.edu.au/content/27285/count.gif" alt="The Conversation" width="1" height="1">Michelle Grattan is one of Australia's most respected and awarded political journalists. Michelle currently has a dual role with an academic position at the University of Canberra and as associate editor (politics) and chief political correspondent at The Conversation.
This article was originally published on <a href="https://theconversation.com" target="_blank">The Conversation</a>. 
</body></html>

Commonwealth Bank behaviour sends more warning signals about Liberals' financial advice changes

<html><body>
GUEST OBSERVATION
Office space is one of the largest costs associated with running a business, which is why hot desking, where employees choose from a selection of available work sites rather than having an assigned workspace, has gained popularity since the 1990s.
Greater collaboration is an essential ingredient in the creative process, and one of the arguments in favour of the adoption of hot desking in organisations. But research on information processing suggests employees need space to concentrate without distractions, and interruptions inhibit creativity. Open work spaces may actually undermine creativity by normalising group behaviours towards structures and boundaries.
Frequent desk relocations can also waste time and generate additional work, and the noise associated with more open work spaces can increase distraction, mental workload, fatigue and stress, all of which can negatively impact productivity.
One of the major criticisms of hot desking is that it reduces the opportunity for employees to express their identity and personality at work, which in turn can decrease job satisfaction, commitment and engagement, factors that have been shown to be positively associated with performance. It has also been suggested hot desking may contribute to a sense of loss and marginalisation thus negatively impacting mental well-being. When managers take control of an individual’s work space, workers can feel psychological discomfort and begin to identify less with the organisation.
The good news is that regular online communication helps maintain organisational attachment in hot desking environments. The bad news is that employees are wary of surveillance systems used to manage dispersed workers, and they may even increase counter-productive behaviours, such as only putting in as much effort as they feel inclined to. There is also evidence to suggest hot desking can result in distinct social structures and even indifference between those employees who settle, versus those that move regularly. Managing employee behaviour in this environment requires an awareness that two distinct cultures may emerge.
Health scares
The negative health implications associated with hot desking are often exaggerated, although perhaps rightly. Multiple user keyboards have been <a href="https://www.telegraph.co.uk/health/healthnews/5727910/Shared-computers-are-breeding-grounds-for-germs">found</a> to have five times the bacteria of single-user keyboards, although one would hope policies such as BHP’s <a href="https://www.miningaustralia.com.au/news/bhp-billiton-enforces-severe-clean-office-policy-" target="_blank">“office environment standard”</a> can go some way to diminishing the associated risks.
The negative effects associated with sedentary office jobs are however well established and it’s just possible that making employees walk around to find an available desk, find each other, and perhaps find themselves, could have beneficial health implications.
It’s apparent from the literature to date that different job roles require different environments. Hot desking works best when there are clearly defined inputs, outputs, and set goals, and in many cases these are unlikely to be sufficiently defined for every employee and team within every organisation.
There’s also evidence to suggest that employees have different preferences, for example, goal orientated environments align most closely with the preferences of conscientious individuals. For organisations and managers this means fitting the person to the job and to the workspace.
Activity-based working
Activity-based working (ABW) is one possible solution which is gaining momentum both in Australia and world-wide. ABW has moved beyond hot desking by creating multiple areas tailored to work tasks such as “hubs” for team working and collaborative areas for brainstorming and meetings.
Undoubtedly some of the challenges associated with hot desking will continue to be evident with ABW and the question as to whether the benefits outweigh the costs will still need to be answered. It’s possible ABW environments will become the norm in certain sectors and that there will be work spaces to fit the needs of every work role and every employee.
Global companies such as Microsoft and Google have experimented with ABW, closely followed by companies in the professional services sector such as PwC and KPMG. Companies in the financial sector, such as BankWest, Macquarie Bank, NAB and the Commonwealth Bank have also started to adopt ABW. More recently government departments have been getting in on the action, often using office refurbishments, to integrate the shift to ABW.
While the jury is still out with regards to the financial return of ABW, there are a number of other benefits including a reduction in sedentary behaviours, attracting talent, and retaining high performers. Ultimately it’s about matching individual employees and specific work tasks to work environments and technologies that support those activities in order to enable greater efficiency and effectiveness.
Graeme Ditchburn is academic chair - organisational psychology at Murdoch University.
This article was originally published on <a href="https://theconversation.com" target="_blank">The Conversation</a>. 
</body></html>

The rise and fall of the hot desk: Say hello to activity-based working

<html><body>
GUEST OBSERVATION
I have worked in the property investment industry for a long time and have learned something new nearly every day. Some of the most important lessons I have learned involve the simplest things like requesting a title search. 
A title search may seem like a mundane or irreverent task to you now, but once you read the three cases below, you will understand why a title search is so important.
A title search can sometimes reveal unexpected surprises and not the good kind.
Title Search Case #1 – That’s not our home?
Bob and Mary were applying for a business loan and they were using the equity in their home to fund the purchase of this new business.
About one week into the loan application the bank called to give them the “bad news”. The land they owned did not provide enough value to support the loan application. In fact, the bank asked Bob and Mary, “We thought you told us you owned a home, not a block of land.”
After much confusion it was discovered that the Titles Office had noted the incorrect lot and plan number on their title. At that point in time Bob and Mary technically owned a vacant block of land, two doors down the road! This took weeks for it to be proven incorrect and then rectified.
Title Search Case #2 - Mark who?
Jane and Mark were refinancing a unit in North Queensland, which they owned for many years and planned to use the equity to support their latest purchase. The increase on the property was approved, as was the loan for the new purchase. Everything was going to plan until the day of settlement. Their world suddenly became very stressful.
As settlement was about to happen, it was noted Mark’s middle name on the title of the property and on his birth certificate was not spelled the same. Yes, Mark’s driver’s licence and passport were the same as the name on the title.
The settlement was aborted. Jane and Mark had to pay default interest on the purchase for three weeks until Mark<ins cite="mailto:Lisa%20Sanders" datetime="2014-04-28T16:46"> </ins>could prove he was the rightful person on the title and on the purchase documents. Mark also had to rectify the spelling error on his birth certificate, which his mother knew about, but never thought it was enough to worry about. 
Title Search Case #3 – Nearly debt free... 
Jim and Jenny purchased their family home in 1984 and paid it off within 10 years. When they made the last payment they were very proud and promptly approached their bank for a copy of the title deed.  After speaking with the bank, Jim and Jenny changed their minds as the bank told them they would have to pay a fee to have the title deed released to them. The bank also suggested they would be the safest place for the title deed to be held.  
Many years later in 2004, Jim and Jenny agreed to act as guarantor for their son to purchase a small farm and they offered their home as additional security. Their son paid down the loan within a few years and then refinanced the farm so he could purchase more equipment and stock. 
One day, Jim and Jenny decided to request a copy of their title. They discovered there were still two registered mortgages against their property, which they believed was totally unencumbered.
Their are several valuable lessons you can learn here:
<ol>
<li>
Carefully check data entry Make sure your title search has been correctly registered – human error is possible, even in the titles office.  Check to see if your names are spelled correctly and are exactly the same on all identification documents, in particular on your birth certificate. Make sure you cross check your lot and plan number. You can do this through your local council and/or order a copy of the plan for your lot. 
</li>
<li>
The more you learn, the more you earn If you have paid off your home, make sure you learn about the potential investment opportunities that come with all your new equity.  Find out how you can generate wealth using your home. Remember, it is far wiser to have your money working for you and not the bank. If you seek further education and learn how banks leverage against mortgage backed securities, it makes it a lot easier to obtain and understand good professional financial advice. 
</li>
<li>
Always understand your risks When you sign up to be a guarantor for a loan, you are offering your assets as security for the debt on the loan. If the loan cannot be paid, the bank or lender has the right to go after your assets because you have agreed to be the guarantor for the loan. If the loan is increased, then the bank also has increased ownership over your assets because you are a guarantor of the loan. This can occur with or without your knowledge. For example, when John and Jenny agreed to go guarantor for their son they did not fully understand their risk with the second mortgage registered again with their home. Nor did they know this could be extended to future borrowings their son may commit to without their consent or knowledge.  They should have obtained more advice on the risks of offering a limited guarantee.
</li>
</ol>
In Summary 
<ul>
<li>Conduct regular title searches on all property you own.</li>
<li>Make sure all details are recorded correctly and as you believe they should be.</li>
<li>Make no hesitation regarding the release of a mortgage once you have repaid the loan. </li>
<li>The cost to have a mortgage released is minimal compared to the potential risk if you leave it registered without full knowledge of the lost opportunity and/or risk associated.<ins cite="mailto:Lisa%20Sanders" datetime="2014-04-29T11:53"></ins>
</li>
<li>Obtain a full understanding of the opportunity available to you if you have equity in your home. You must also understand the cost of lost opportunity if you are not making smart financial decisions.</li>
</ul>
If for some reason you cannot obtain a palpable copy of the title, it is not the end of the world. Thanks to the <a href="/expert-insights/finance/what-is-torrens-title-property-investment-terms-explained">Torrens title register</a>, all titles are digitally stored. The Torrens title system, which transfers property ownership through title registration rather than the deed, was introduced in 1863.
Now that property titles are digitally stored, it eliminates the risk of you losing all your property if you lost the tangible copy of your title.  However, it’s always better to be safe than sorry so we strongly encourage you to keep your title in a safe deposit box at the bank or you can ask the bank to hold it for security.
Dianne Crichton is a property market advisor at <a href="https://yourfuturestrategy.com.au/" target="_blank">Your Future Strategy</a>. 
</body></html>

Three case studies that show why you should always perform a title search

<html><body>
GUEST OBSERVATION
Conveyancing is the process of transferring ownership of land from one person to another, under the terms of a contract for the sale of that land.
That's it!
Every Australian state has different law, forms, regulations, fees, time requirements, protections, jargon and government departments as part of the conveyancing process.
But basically each state follows the same steps - just the details changes.
Whether you are buying or selling, there is a contract that sets out the terms of the sale. The buyer and seller have obligations and rights under the contract. The conveyancer's job is to make sure you do what you are supposed to do when you are supposed to do it.
Queensland and ACT
Unlike the other Australian states and territories where there are conveyancing companies owned and run by licensed conveyancers, it is illegal in Queensland and the ACT to have conveyancing companies owned by licensed conveyancers. All paid conveyancing work in QLD and the ACT must be done by a law firm. That is the law!
Many law firms in Queensland and the ACT have set up conveyancing companies that are in fact law firms and are treated as law firms. These companies must therefore comply with the rules and regulations of a Legal Profession Act which is administered by the relevant law society. Licensed conveyancers and para-legals can be employed in these law firms run as conveyancing companies, but all work must be supervised by a solicitor.
The bottom line is that in Queensland and the ACT it doesn’t matter at all if you go with a conveyancing company or a law firm, because there is no difference between them. The solicitor/law firm must hold a current practising certificate as well as having professional indemnity insurance.
All Other States and Territories 
In NSW, Victoria, South Australia, Western Australia, Northern Territory and Tasmania, entities that provide a conveyancing service may be law firms or licensed conveyancers.
Like law firms, licensed conveyancers are able to prepare your documents and offer advice within the scope of the laws regarding conveyancing. They will provide you the services necessary to complete your property transaction including title searches, liaison with financial institutions, contract advice, preparing legal documents, stamping, calculating rates and taxes as well as preparing for and attending settlements.
Licensed conveyancers cannot give legal advice outside the area of conveyancing.
The <a href="https://www.aicnational.com.au/">Australian Institute of Conveyancers</a> (AIC) has divisions in all of these states and territories. They are the peak body representing conveyancing in Australia. Conveyancing entities may apply to become a certified practising conveyancer recognised by the AIC. Certified practising conveyancers would work to the best practice standards as governed by the AIC.
How to Pick Your Legal Advisor
You have the right to do your own conveyancing. However, you won’t have a legal practitioner’s or conveyancer’s professional indemnity insurance to protect you if you do something wrong. And you won’t know if something is about to go wrong if you don’t have the knowledge to foresee any issues that may arise and which you should have protected yourself against.
While only Queensland and ACT require a solicitor/law firm to do paid conveyancing, you still have the choice of using a solicitor to complete your conveyance in all other states and territories.
All law firms must comply with the minimum professional standards of their state and territory law society and every licensed conveyancing company will have their own standards. Each must comply with their own rules and recommendations and any legislative regulations. The ethical standards of law firms are higher than those of conveyancers, and the penalties for non-compliance are greater.
Some things to take in consideration…
<ul>
<li>Business people don’t give away anything that is valuable, especially their time. Be wary of anyone who works for nothing. Would you work for nothing?</li>
<li>The best legal advisor will charge reasonable prices because they know how valuable their time and experience is. Experience is earned the hard way and valued. Generally the inexperienced need to provide an inducement to attract business.</li>
<li>Be careful of giveaways that are being used to lure you in, especially if the company is the cheapest to start with or promise to undercut the rest. Quality will always beat quantity.</li>
<li>Beware of businesses that offer a low cost first and foremost. These tend to have a high turnover of clients to compensate for their low fees and that means you won’t get as much service as a company that isn’t doing a high turnover and promotes service over cost. Look for service at a reasonable cost. Reasonable means in relation to the experience being offered.</li>
<li>Conveyancing is a service industry and this is what you are paying for. There will be times in the conveyancing process where you will want immediate service and that’s a guarantee, but can you be sure you will get it when you want it on your terms, given the conveyancer may be snowed under with a high turnover of files?</li>
<li>If you're paying a low fee don’t expect as much personalised service. Often you get the bare necessities. More often than not you won’t get answers to questions or explanations and they will probably not want to meet with you as this will take up their time. Essentially, they will try to spend the least amount of time on your conveyancing transaction as possible because time is money and the more transactions they can do, the more money they can make.</li>
</ul>
Don’t be taken in by ads for conveyancing companies when they:
<ul>
<li>Say they are your saviour from chaos.</li>
<li>Try and convince you that conveyancing is complicated, confusing, intricate, involved and carrying huge financial and time risks if the slightest thing goes wrong.</li>
<li>Claim to be good guys.</li>
<li>Are giving away something not usually given away and then try and make it sound like those who don’t follow their lead are the bad guys.</li>
<li>Put down their competition by calling them dishonest, or accuse them of cutting corners. Truthful advertising talks about positives in self, not negatives in others.</li>
<li>Tell you it’s all a bit dramatic and frightening and intend to scare you into using them – these tactics are aimed at first home buyers especially.</li>
<li>Leave you feeling afraid or intimidated by the unknown because you don’t know anything, or very little, about conveyancing.</li>
</ul>
Article continues on next page. Please click below. 
<hr class="system-pagebreak">
Should I use a Lawyer or Conveyancer?
Conveyancers and lawyers are doing the same job - are they the same? No.
Conveyancers often charge less than lawyers because they are offering a lower service, e.g. they aren't qualified to give advice other than on conveyancing.
Lawyers provide full legal services at a comparable cost with conveyancers - therefore their service is generally better value for money.
A bigger business isn’t necessarily a better one
Low cost conveyancers will likely have substantially more files and clients than the more expensive ones. And they will need more clients turning over to keep the business open. As a result, the attention to detail is reduced as will be the time that they can devote to your case and to you.
A lawyer relies on his reputation which is based on his broad legal experience. They will have fewer clients and can give a more personalised service.
Qualifications
A conveyancer will have completed a conveyancing course and can do conveyancing work only.
Lawyers have university law degrees and are trained in conveyancing, property law, contract law, tax law, equity law, trade practices law, consumer law, local government law, family law, company law, the law of who gets your land after you die and other areas of law. These areas may be relevant to your conveyance, e.g. if the house you're selling is part of a deceased estate, the lawyer can advise on the will and tax implications.
Access to greater advice
Conveyancers aren't property law experts. They can't give you legal advice on consumer law protection, tax advice, and family law implications on how to buy the land so that you and your family are most protected or to have the best advantage.
A lawyer can give you more comprehensive advice.
Duty to refer
Conveyancer should refer you to a lawyer where legal advice is required e.g. the legal issues are too complex for a conveyancer.
Lawyers have access to their Law Society for advice or barristers or fellow lawyers in their own business or the profession generally. Usually, lawyers already have the information because of their qualifications.
Professional Indemnity Insurance
Conveyancing entities must have this insurance in place to become registered but you should always ask if their insurance is current.A conveyancer carries insurance for doing "conveyancing work", not anything else they do.
Do you know where conveyancing work starts and finishes and if the conveyancer is giving you legal advice they aren't allowed to? This means that you may have no claim where something goes wrong and you won’t know that until after your claim has been declined, or you've paid a lawyer to investigate what went wrong.
It is compulsory for a lawyer to have this insurance. It covers everything they do. lawyers cannot be issued their annual practicing certificates unless they have this insurance.
Professional standards
Conveyancers are only required to work within the law. There is no requirement to work to any standard - legal or management wise.
All lawyers must work within the law. They must also work to the compulsory levels dictated by the Legal Profession Act, the Regulations of the Law Society and their Professional Indemnity Insurers who create protocols of behaviour, management, service and accountability, so their standard of work and accountability is higher. Failing to work to the standard can lead to being disqualified by a supervisory body set up by Parliament. Consumer recourse against a lawyer is stronger and more regulated .
Conveyancer v lawyer - Which one should you use?
Use a conveyancer if:
<ul>
<li>You are a first home buyer with limited funds and the transaction is low risk.</li>
<li>If a house sale looks to be a relatively simple, conveyancers may be cheaper, and service should be the main consideration over expertise in the legal field. The question is how do you know if the selling your property will be simple?</li>
<li>If you are on a tight budget and don’t expect personalised service.</li>
</ul>
Use a lawyer when:
<ul>
<li>The property is of ‘high value’ as there is more risk.</li>
<li>In very large real estate deals, or in complicated sales, it could be safer to go with a Lawyer as their legal experience, depth and breadth of knowledge delves into other applicable legal realms you may find yourself in need of help with.</li>
</ul>
If you want more one-on-one attention and the transaction is expected to be a difficult one.
Stephen Jensen is a senior solicitor with <a href="https://www.monkeyconveyancing.com.au/">Monkey Conveyancing</a>.
</body></html>

What's the difference between a conveyancer and a lawyer, and do I really need one?

<html><body>
GUEST OBSERVATION
Following last week’s public hearing, the Senate Economics Legislation Committee is preparing to report on its <a href="https://www.aph.gov.au/Parliamentary_Business/Committees/Senate/Economics/FOFA" target="_blank">inquiry</a> into a government bill that would significantly water down the Future of Financial Advice (FOFA) legislation.
The legislation banned “conflicted remuneration” - commissions provided to advisers and financial planners by the producers of financial investment products such as banks and wealth management firms. FOFA also required bi-annual renewal of any ongoing fee agreements between investors and their planners on an “opt in” basis, and made it the duty of financial services providers to advise and act in the “best interests” of their clients.
The government argues the “streamlining” of FOFA will help to “cut red tape” and reduce costs to consumer investors. Unfortunately, while there is always room for fine-tuning new legislation to “streamline” it, the government’s proposals do far more. They seriously undermine the consumer protections in the FOFA legislation and, in some ways, take investors back to the pre-FOFA position.
Banks win under a ‘streamlined’ FOFA
While not attempting to reinstate product-based commissions for personal advice, the government’s bill does propose to allow them for “general advice”.
Bankers, planners and lawyers may understand the difference between “personal advice” and “general advice”, but the subtleties of this distinction may be lost on consumers in real-life situations. A bank employee may say to a consumer, “This product is very good for people (in general) of your age with your income/asset position,” without considering the consumer’s particular needs, objectives and financial situation. This is “general advice” only but under the current legislation, the employee still may not receive a commission if the consumer invests in the product as this would be “conflicted remuneration”.
The government proposes to exempt such “general advice” from the ban on commissions. Further, there will be almost no restrictions on commissions when the result of the conversation between the bank employee and the customer results in a basic banking product, general insurance or life insurance. Not surprisingly, this is one area where consumer groups agree with the Financial Planning Association of Australia (FPA) as the latter is concerned at the decline of properly remunerated personal advice and the total domination of a “sales culture” built on commission-driven “general advice”.
Where the consumer groups and the FPA part ways, however, is on the issue of bi-annual renewals. Currently, under FOFA, a planner or adviser who is receiving ongoing commissions, either from product issuers for old pre-FOFA investments, or directly from the client, must notify the client every two years and allow them 30 days to “opt in” and renew the ongoing fee arrangement.
Best practice for all
The government proposes removing this requirement and returning to the old pre-FOFA “opt out” situation. This is despite strong evidence, from many sources including ASIC itself, that large numbers of consumer investors are “inactive” and that many planners and advisers receiving commissions from these consumers or their investments don’t bother regularly contacting them to review them. Of course, “best practice” in the financial planning industry is to conduct such reviews, annually or bi-annually. FPA members who abide by its Code of Practice would do so.
It is surprising, therefore, for the FPA to oppose this requirement and to support the government’s attempt to “streamline” it away. Other financial services products, like house and car insurance, are renewed annually and consumers are given notice and opportunity to consider the product and shop around. Why not investments? Informed and updated consumers regularly considering their investment performance and their fee arrangements with their planners and advisers makes for a better-performing investment industry and confident consumers.
FOFA also repealed the requirement for advisers to have a “reasonable basis” for their advice and replaced it with the obligation to act and advise in the “best interests” of the client. This duty, however, can be satisfied if the adviser can prove they complied with a “checklist” of quite specific obligations followed by the general requirement to consider “any other step” that was in the client’s best interest. This last requirement is the only item in the relevant sub-section that actually mentions “best interest”. The government is proposing to remove this last “catch all” provision, saying it is too open-ended and “creates uncertainty”.
Most professionals have open-ended obligations which require the exercise of professional judgement. While their insurers produce checklists to help manage risks, these are no defence to a claim of professional negligence. Indeed, the principles of the law of negligence itself, which apply to everybody, not just professionals, are expressed in general terms such as “reasonable foreseeability”.
If financial planners and advisers want to be seen as a profession and to charge accordingly, they need to accept that not all their obligations can be neatly spelt out for them in a legislative checklist.
Paul O'Shea is senior lecturer, TC Beirne School of Law at University of Queensland.
Paul O'Shea was commissioned to write an analysis for National Seniors Australia on the potential consumer detriments of the Commonwealth government's proposals to "streamline" the Future of Financial Advice reforms. He is affiliated with Queensland Consumers and is a "Friend" (Honorary Life Member) of the Financial Counselling Association of Queensland. He is a member of the Investment, Life Insurance and Stockbroking Panel of the Financial Ombudsman's Service. His private legal practice advises both consumers and financial services providers. 
This article was originally published on <a href="https://theconversation.com" target="_blank">The Conversation</a>.
</body></html>

Financial advisers must accept that their obligations can't be spelt out in an easy checklist

<html><body>
GUEST OBSERVATION
As public hearings into the <a href="https://futureofadvice.treasury.gov.au/Content/Content.aspx?doc=home.htm" target="_blank">Future of Financial Advice’s</a> Senate inquiry begin today, it’s probably not overstating the case to say the financial planning industry is at a crossroads.
With the F0FA regime currently in place, the opportunity presents itself for a new generation of financial planners committed to serving the best interests of consumers, without the conflicting incentive of commissions.
Unfortunately the old generation of financial planners appears intent on rejecting this opportunity. It’s probably not surprising given that, according to 2011 MFAA figures, only 11% of planners are aged under 30, and around 80% of planners are either owned or affiliated with the major banks. Hence the sales culture of the older planners and their vertically integrated organisations, wishing to cross-sell as much product as possible, is well entrenched.
As a consequence we are seeing an ongoing campaign (<a href="https://futureofadvice.treasury.gov.au/Content/Content.aspx?doc=home.htm" target="_blank">notably by some of the big banks</a>) to water down the FOFA legislation, which has only been in place since July 2013.
The proposed reforms to FOFA include removing the “opt-in” requirement where clients of financial advisers must indicate annually that they wish to continue the service, removing the need for an annual fee disclosure for clients engaging before 1 July, 2013, and a watering down of the “best interest” duty and provisions directed at removing conflicted remuneration; that is the payment of commissions, on general advice.
The process was postponed in March when assistant treasurer Arthur Sinodinos stepped aside and finance minister Mathias Cormann referred the legislative package to the Senate Economics Legislation Committee, but <a href="https://www.smh.com.au/business/fofa-reforms-sell-retirees-short-20140512-385tm" target="_blank">media reports</a> suggest the government may soon unveil its plans.
The banking industry claims much has changed since the impact of the global financial crisis revealed the extent of shameful practices in the advice industry.
The financial advice collapses in Australia between 2006 and 2010 - involving <a href="https://www.themonthly.com.au/issue/2011/february/1299634145/paul-barry/eye-storm" target="_blank">Storm Financial</a>, <a href="https://www.asic.gov.au/asic/asic.nsf/byheadline/Opes+Prime?openDocument" target="_blank">Opes Prime</a>, <a href="https://www.theglobalmail.org/feature/inside-the-offshore-fraud-the-villains-and-victims-of-australias-biggest-pension-scam/789/" target="_blank">Trio Capital</a> and <a href="https://www.propertyobserver.com.au/https://www.smh.com.au/news/business/westpoint-could-have-been-wound-up-years-ago/2006/07/05/1151779013363?from=rss" target="_blank">Westpoint Property Group</a> - resulted in more than A$6 billion in losses and involved more than 120,000 people.
All involved conflicted remuneration structures and high commissions as fundamental issues.
But more recent cases involving Commonwealth Financial Planning have been brought to light <a href="https://www.smh.com.au/business/banking-and-finance/cba-told-to-reopen-compensation-for-advice-victims-20140516-38fd7" target="_blank">by reporting from Fairfax’s Adele Ferguson</a> and <a href="https://www.abc.net.au/4corners/stories/2014/05/05/3995954.htm" target="_blank">the ABC’s Four Corners</a>.
Advisers in these cases exploited their clients by offering advice that prioritised their own best interest over that of their clients.
It is difficult to understand the extent of this exploitation without reference to specifics. In one of the key cases surrounding the Storm Financial collapse, ASIC pursued Macquarie Bank and Bank of Queensland on behalf of two investors aged in their sixties, <a href="https://storm.asic.gov.au/storm/storm.nsf/byheadline/Doyle%20proceedings?opendocument" target="_blank">Barry and Deanna Doyle</a>.
Despite the fact that the Doyles had indicated to their advisers that they had a low risk appetite, they were “double-geared” into the stock market by borrowing against their home and using the cash to raise yet more money to invest.
With only part-time income of less than $20,000, some Centrelink payments, and assets which consisted of a house worth $450,000 and $640,000 in superannuation savings, the Doyles ended up owning a share portfolio costing $2.26 million, on which annual interest payments eventually rose to $191,800.
Following the fall in asset prices the Doyles’ highly leveraged share portfolio was sold, consuming all of their superannuation savings. They were left with a debt of $456,000 on their previously unencumbered home, with insufficient income to make the repayments. In return for this disastrous investment advice, which saw them increase their borrowings or exposure to the stock market no fewer than 11 times in 25 months, the Doyles paid Storm $152,000 in fees.
Not surprising then that at the heart of the FOFA legislation are two key “gatekeeper” requirements to address conflicted remuneration. First, planners must prioritise their clients interests over their own, and second, the advice must be appropriate to the client’s own situation.
It is important to note here that there are advisers who do routinely act in their client’s best interest. This is reflected in the Financial Planning Association of Australia’s <a href="https://fpa.asn.au/financial-system-inquiry-submission-recommends-consideration-fairness-co-regulation/" target="_blank">submission to the Financial System Inquiry</a>, which argues that rather than water down the FOFA legislation, there is a good case to extend this “gatekeeper standard” to other areas of financial services to protect the interests of investors more broadly.
As we have been reminded only too often over recent weeks, we have an ageing population, increasing demands on the welfare system, and a very real need to maximise our retirement savings to ensure greater self-reliance in retirement. Given the generally poor level of financial literacy in this country, this is most unlikely to happen unless individuals can access low cost and scalable advice to assist in their retirement planning. The opportunities for the financial advice industry, and the investment community more generally, is therefore enormous.
The willingness with which individuals seek such advice, however, will depend on their confidence in the financial planning industry. Research from Rice Warner indicates that as a result of collapses such as those listed above, consumers hold a low view of financial advisers, with only 25% regarding them as ethical and honest. This mistrust results in Australians not seeking financial advice when it could be beneficial for them to do so.
The FOFA legislation presents a great opportunity for the financial advice industry collectively to adopt a more ethical client focused approach, re-instilling confidence in the industry. Without that confidence, individuals will not seek the advice they need, retirement savings will not be maximised, and there is likely to be an even greater need to rely on the age pension.
Deborah Ralston is Professor of Finance and Director at <a href="https://www.australiancentre.com.au/" target="_blank" style="line-height: 1.3em;">Australian Centre for Financial Studies</a><img src="https://counter.theconversation.edu.au/content/26822/count.gif" alt="The Conversation" width="1" height="1" style="font-size: 12px; line-height: 1.3em;">
Deborah Ralston is affiliated with Mortgage Choice Financial Planning and provided expert advice to ASIC on the Storm Financial case.
This article was originally published on <a href="https://theconversation.com" target="_blank">The Conversation</a>.
</body></html>

Financial planning industry at the crossroads: Why efforts to water down FOFA must be resisted

<html><body>
Changes to the Future of Financial Advice laws could cost consumers more than $530 million a year in increased fees and charges, according to a report published today.
The report from Rice Warner says the reintroduction of commissions and other conflicted payments could hit consumers with a staggering $7.5 billion of extra costs over 14 years.
It also debunks the claims by banks and financial planners that diluting consumer protections will reduce the cost of advice.
Industry Super Australia chief executive David Whiteley said in a statement the multi-billion dollar impact explains the relentless lobbying by the banks and financial planners to reduce consumer protections.
“The reality is that cutting consumer protections just increases commissions and fees paid to financial planners to sell bank products.”
“It would seem that the banks’ objective is to be able to sell compulsory super and other products through financial planners and other staff, rather than provide Australians with the impartial financial advice that they want, need and deserve,” he said.
This article first appeared on <a href="https://www.smartcompany.com.au/" target="_blank">SmartCompany</a>.
</body></html>

Aussies hit with $7.5 billion in extra costs due to FOFA changes

<html><body>
GUEST OBSERVATION
As a general rule, one place you really don’t want to find yourself is in-between a Melburnian and a piece of real estate.
But one group of long-term city residents has been getting in the way of developers and planners for a very long time now. This is even more impressive when you consider these residents have been dead for well over a century.
The Queen Victoria Market’s carpark <a href="https://www.theage.com.au/victoria/past-versus-present-20140507-37wdj" target="_blank">sits atop the city’s original cemetery</a>, founded in the 1830s. Despite exhumations in the 1920s there are still thousands of bodies buried there, some at depth, others barely a foot beneath the surface.
Surveyor Robert Hoddle’s understandable lack of foresight in siting the cemetery so close to <a href="https://en.wikipedia.org/wiki/Hoddle_Grid" target="_blank">the CBD grid that bears his name</a> has meant that the use of this land has long been a sensitive and difficult matter. Works over the years have had to negotiate the competing needs of the market (in more sense than one) and the non-economic needs of human remembrance, trying to combine mercantile and sacred space in a delicate balancing act.
Recently, City of Melbourne <a href="https://participate.melbourne.vic.gov.au/queenvictoriamarket" target="_blank">has proposed</a> turning most of the existing carpark into a park as a sign of respect for those buried there – a far cry from the attitude of the 1930s, when a steam shovel was used to tear through the old cemetery to build the Franklin Street stores.
And yet questions have still been raised about whether the new plans show sufficient forbearance. The proposed extension of Franklin Street and commercial development at the southern end of the market precinct would potentially sit atop burial sites.
This clash between the call of the future and the depth of the past poses important questions for us here in the present: should the dead impede the activities of the living in this way? What, if anything, do we owe the dead?
It’s too easy to say “nothing”, that the dead simply don’t exist any more and any responsibilities we have regarding the dead are actually duties to the living. Even the unsentimental Aristotle thought it “<a href="https://www.perseus.tufts.edu/hopper/text?doc=Perseus:text:1999.01.0054:book=1:chapter=11" target="_blank">heartless</a>” to claim the dead couldn’t be harmed by events after their death, such as the fortunes of their descendants.
There is a real question as to how we can harm or benefit a person who no longer exists, and philosophers have tried to answer this question <a href="https://plato.stanford.edu/entries/death/index" target="_blank">in a number of ways</a>. An influential answer, first <a href="https://www.propertyobserver.com.au/https://www.jstor.org/stable/2214297" target="_blank">offered by Thomas Nagel</a>, is that just as we can harm someone at a great spatial distance, say by betraying them, we can also harm them at a temporal distance as well.
So when, for instance, Colin Campbell Ross <a href="https://en.wikipedia.org/wiki/Colin_Campbell_Ross" target="_blank">was pardoned</a> for Melbourne’s <a href="https://www.emelbourne.net.au/biogs/EM00679b.htm" target="_blank">Gun Alley Murder</a>, 86 years after he was wrongfully convicted and hanged, this was justice for Ross, not for the living.
I’ve <a href="https://www.academia.edu/197785/Duties_to_the_Dead_Earnest_Imagination_and_Remembrance" target="_blank">argued previously</a> that the dead persist phenomenally in our recollection – not as conscious selves, but nonetheless as the objects of loving attention they were for us while they lived – and that this gives us a responsibility to maintain that memory.
Sartre said the dead are “prey” to the living, but they are also our dependants: without our maintenance they slip away into oblivion, into what Goethe called the “second death” of being forgotten.
Yet those buried beneath the Queen Vic are beyond memory. There are no direct personal bonds between the living and the dead in this case, no personal promises left to honour or break. Whatever connections of blood or allegiance we might have to these people are lost in their anonymity. Each is, for us, simply a distinct token of humanity, and whatever we owe them, we owe them simply as human beings.
Kierkegaard declared that remembering the dead was the purest act of love, because the dead can neither repay us for our trouble nor force us to remember them. This work of love is harder when the dead are beyond human memory, stripped of their identity and decomposed into a body that can only be reconstructed, not recognised, and described only through general categories – age, height, sex.
But the sense remains that even these remains are those of distinctive persons, objects of someone’s loving regard even if they remain unknowable to us.
The inscription “Known Unto God” on the gravestones of unknown soldiers picks out something like this: to us these are perhaps just bones, but someone – God, at least, for the epitaph-writers of the Great War – knew this person in their distinctive fullness. They lived. And that they lived deserves to be respected.
The reason we’re horrified by the thought of a steam shovel tearing up the old cemetery is not that we’re superstitious or have taken metaphors about the “resting place” of the dead too literally. It’s that the dead continue to demand a respect that extends to how we treat their remains, however far removed these might be from the full, living person they once were.
The dead, in a way, have a right to be awkward. They should be an obstruction, something the living need to work around, because in doing so we refuse to quarantine them from the realm of what is.
The rights of those buried beneath the market carpark are of course no more absolute than those of any other Melburnians. It would be silly to deny that the living have a far greater claim on us, and the demands of the dead are easily outweighed by other considerations. But that doesn’t mean the dead have no claim on us at all.
The continued sensitive management of this site isn’t simply a piece of good urban planning or canny politics. It’s a work of love.
Patrick Stokes is lecturer in Philosophy at Deakin University<img src="https://counter.theconversation.edu.au/content/26462/count.gif" alt="The Conversation" width="1" height="1" style="font-size: 12px; line-height: 1.3em;">.
This article was originally published on <a href="https://theconversation.com" target="_blank">The Conversation</a>.
</body></html>

Building on cemeteries: Should the dead roll over to make room for real estate?

<a href="https://www.apartments.com.au/developers/consolidated-properties">Consolidated Properties Group</a> (CPG) is approaching the launch of its latest Brisbane riverfront development, Castile, on the dress circle Skyring Terrace in Newstead.

VIP buyers are now being engaged, with a full public sales launch coming later this year.

Positioned as the final opportunity to secure a new absolute riverfront residence on the East bank of Newstead, Teneriffe or New Farm, Castile at 47 Skyring Terrace has been designed by <a href="https://www.apartments.com.au/architects/woods-bagot">Woods Bagot</a> as a timeless addition to the Brisbane skyline.&nbsp;

[smartcode_project:default project_id=150489 project_image_fid=371113]

The name Castile draws on themes of permanence, sophistication and legacy, reflecting a broader vision centred on enduring architecture and timelessness in the rarest of riverfront positions.&nbsp;

CPG Chairman and CEO Don O’Rorke said the project had been envisioned as a future Brisbane icon.&nbsp;

“With 47 metres of direct river frontage and never to be built out views, 47 Skyring Terrace is the definitive address on the Brisbane River,” O’Rorke said.&nbsp;

[smartcode_project:default project_id=150489 project_image_fid=371114]

“Rather than following trend-based apartment design, Castile draws inspiration from Brisbane’s great heritage buildings, reinterpreting classical architecture into a contemporary riverfront landmark designed to stand proudly for the next 100 years,” he said.&nbsp;

The approved development will comprise 227 apartments across a 25-storey tower alongside a boutique six-storey riverfront building of just 12 residences.&nbsp;

Construction is scheduled to commence in September 2026.

[smartcode_project_cta:default project_id=150489]

Joel Robinson

CPG unveils Castile Newstead ahead of upcoming sales launch

Australia’s online shopping habits have shifted dramatically over the last decade. As eCommerce volumes surged, so too did the frustrations that came with traditional parcel delivery: missed deliveries, long Post Office queues, parcel theft and the challenge of being home during business hours.

Australia Post’s Parcel Lockers emerged as one of the more practical responses to that changing consumer behaviour.

What started as a relatively niche delivery option has evolved into a nationwide network of more than 1,400 self-service Parcel Lockers positioned at train stations, shopping centres, supermarkets and Post Offices across the country. The system allows Australians to send, collect and return parcels 24 hours a day, fundamentally changing how many people interact with deliveries.

The appeal is relatively straightforward: flexibility.

Instead of waiting at home for a delivery driver or rushing to a Post Office before closing time, users can direct eligible parcels to a Parcel Locker location of their choice. Once the parcel arrives, Australia Post sends a notification with a collection code or QR access through the AusPost app, allowing customers to retrieve their package at any time within the collection window.

For apartment residents in particular, the system has become increasingly valuable.

Higher-density living has created logistical challenges around deliveries, especially in buildings without concierge services or secure parcel rooms. Missed deliveries are common, while parcel theft has become an increasing concern as online shopping volumes continue to rise.

Australia Post itself has repeatedly highlighted the growing issue of “porch pirates” during peak shopping periods, encouraging customers to use Parcel Lockers as a safer alternative to unattended home deliveries.

That security aspect is one of the key reasons the Australia Post Parcel Locker network has grown so rapidly.

Parcel Lockers are positioned as secure, monitored collection points that reduce the risk of theft while also improving delivery efficiency for Australia Post. Instead of multiple redelivery attempts, parcels can be consolidated into a single secure destination.

The Parcel Lockers themselves are free to use through a MyPost account and support a range of parcel sizes up to 16 kilograms and dimensions of approximately 35 x 44 x 61 centimetres.

Beyond receiving parcels, the system has increasingly become integrated into the broader eCommerce ecosystem.

Customers can now use Parcel Lockers to return online purchases, while retailers have embraced the model as a way to improve delivery success rates and reduce friction in the shopping process. Australia Post has actively expanded partnerships with major retailers and promoted Parcel Lockers as part of a broader out-of-home strategy.

The timing of that expansion aligns with broader changes in Australian shopping behaviour.

The acceleration of online retail during and after the pandemic placed enormous pressure on delivery infrastructure. Parcel volumes reached record highs, particularly during Black Friday and Christmas periods, with Australia Post delivering more than 100 million parcels during peak festive seasons.

That growth forced logistics providers to rethink the “last mile” of delivery, widely regarded as the most expensive and operationally difficult stage of the process.

Parcel Locker systems have increasingly been viewed as part of the long-term solution.

The concept itself is not unique to Australia. Parcel Locker networks have become common globally, particularly across Europe and Asia, where dense urban environments and apartment living create similar logistical challenges. But Australia’s geography and suburban sprawl made adoption slower initially.

Now, however, the convenience factor is driving mainstream usage.

For commuters, Parcel Lockers near train stations allow parcels to be collected on the way home from work. For apartment dwellers, they remove the uncertainty around access and missed deliveries.

The rise of the AusPost app has also streamlined the experience, centralising notifications, tracking and Parcel Locker access into a single platform. Australia Post has increasingly pushed customers toward app-based delivery management, partly as a way to combat phishing scams and fake delivery notifications, which have become more sophisticated in recent years.

The Parcel Locker model is also beginning to influence property development itself.

Parcel management has become a growing consideration in apartment building design, particularly as online shopping becomes embedded in everyday life. Many new residential developments are now incorporating dedicated parcel rooms or Parcel Locker systems into foyers and communal spaces.

For developers, parcel management is increasingly viewed as part of the broader resident amenity offering, alongside gyms, wellness spaces and communal work areas.

That reflects a wider evolution in how residential buildings are designed.

Apartment buyers are placing greater emphasis on convenience, security and operational functionality, particularly in higher-density urban environments. Parcel delivery, once considered a minor operational detail, has become an increasingly important part of that equation.

Australia Post’s Parcel Locker network sits at the centre of that behavioural shift.

What began as a simple alternative delivery option has evolved into a key piece of infrastructure supporting Australia’s growing eCommerce economy and changing urban lifestyles.

And as online shopping continues to expand, the role of Parcel Lockers is likely to become even more embedded in how Australians live, shop and receive goods.

How Australia Post Parcel Lockers changed parcel delivery convenience in Australia

Perth’s new apartment market recorded its strongest quarter of sales since Q4 2021, with 412 apartments sold in Q1 2026 and a record quarterly sold value of $537 million, according to Urbis’ latest Apartment Essentials results.

Urbis said the March quarter result reflects strong, highly product‑specific demand across both ends of the market, from more attainable projects delivering at scale, through to premium stock being absorbed by equity‑rich downsizers.&nbsp;

David Cresp, Partner at Urbis, said the key story in Perth is not demand, it is the market’s ability to convert demand into delivered housing.&nbsp;

“This is the strongest sales quarter since Q4 2021, and it reinforces that demand in Perth is real and it’s local,” David Cresp said. “But the task now is delivery, turning that demand into projects that can actually be built and completed.”&nbsp;

[smartcode_project:default project_id=110291 project_image_fid=302785]

<h2>Affordable product leads, premium demand remains resilient</h2>

Sales in Q1 were led by more affordable projects, with The Boulevard (SKS Group) recording 115 sales in the quarter, the presentation noting this is only the second time a single project has surpassed 100 quarterly sales. The project was able to offer more affordable housing product right next to a train station.&nbsp;

Palmyra West (Finbar) also delivered strong results with 28 sales in Q1, following 84 sales in Q4, with an average price of under $800,000, underscoring depth of demand for well‑located, attainable new stock.&nbsp;

At the premium end, Urbis said downsizer demand is continuing, with the results highlighting Romeo (Applecross, Finbar) recording 75 sales and reaching almost 50% sold in one quarter.

Jual (Shenton Park, Celsius Property) also posted a strong quarter with 28 sales, reaching 39% sold in one quarter.

Urbis noted that Perth apartment demand is not speculative, not investor‑led, and not uniform, describing it as localised, often equity‑driven and highly product‑specific, a pattern reflected in the polarisation between strong “attainable” performers and premium downsizer product.&nbsp;

[smartcode_project:default project_id=148957 project_image_fid=364102]

<h2>Prices underpinned by costs, and the delivery risk is growing</h2>

Urbis said pricing pressure is cost not demand‑driven: construction costs and delivery risk are now a central constraint, with the results noting build costs remain elevated and volatile, and that energy, fuel and labour uncertainty weigh on feasibility.

David Cresp said a growing challenge for private Build‑to‑Sell developers is simply securing a builder in the current environment.

“Developers are really feeling the pressure from a building market that was operating at capacity and securing a builder is challenging,” David Cresp said, adding that even where a builder can be secured, “trying to get to the price that makes the development financially viable is incredibly challenging in the current market.”&nbsp;

Urbis’ broader WA commentary also notes that industry remains at or above capacity with lot and housing creation, and that many builders are limiting new sales to manage stretched workforces and fixed‑price contract pressures, conditions that flow directly into apartment feasibility and delivery timing.

[smartcode_project:default project_id=108869 project_image_fid=317905]

<h2>Supply: improving later, but still constrained, and Perth lags eastern benchmarks</h2>

While near‑term supply remains constrained, Urbis’ forecast shows completions lifting “Supply is forecast to be back above 1,500 apartments per annum for the first time since 2019”, with 1,775 completions forecast for 2026, and volumes remaining above that level over the following years.&nbsp;

Looking further ahead, completions are forecast to reach 2,500 in 2028, with the report noting 32% of that total is social/affordable, reflecting the role of government‑supported delivery in rebuilding the pipeline.&nbsp;

However, Urbis said Perth remains behind comparable markets on pipeline scale. In a national comparison of projects under construction, the report shows under construction Perth Build‑to‑Sell (BTS) at 3,446 apartments versus the Gold Coast at 7,922. Mr Cresp said “The challenge for Perth is how to we grow the delivery pipeline”.

Urbis’ conclusion is that Perth’s market is increasingly defined by product discipline and delivery certainty, with the research identifying “delivery certainty is key” and calling out builder risk and procurement models as core success factors, alongside “timing and staging”.&nbsp;

Perth apartment sales hit strongest pace since late 2021 as builder capacity tightens

<a href="https://www.apartments.com.au/developers/sammut-developments">Sammut Group</a> has secured development approval for its latest Brisbane apartment project, marking the Sydney developer’s next step in expanding its Queensland pipeline following the success of its debut Gold Coast development, Coast.

The approved project at <a href="https://www.apartments.com.au/new-apartments/44-glen-road-toowong-qld-4066">44 Glen Road, </a><a href="https://www.apartments.com.au/developments/toowong-qld-4066">Toowong</a> will deliver a 15-storey riverfront apartment building with 42 residences, significantly increasing the scale of the site’s previous approval for a smaller luxury scheme. Designed by Bureau^proberts, the development will comprise a mix of predominantly four-bedroom and two-bedroom apartments positioned to maximise Brisbane River and city views.

Sammut Director Julian Sammut said the group had been actively searching Brisbane for several years before identifying Toowong as the right fit.

“Brisbane was the right step for Sammut,” Sammut said.

“With the success of Coast we thought we should definitely look to do more in Queensland alone. We then pushed up to look at Brisbane. We've been looking for I'd say two to three years actually and it was hard to find the right location.”

<img alt="Sammut makes Brisbane apartment play" data-entity-type="" data-entity-uuid="" src="https://res.cloudinary.com/dz9xllyip/image/fetch/f_auto,c_limit,w_1440,q_75/https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/field/image/Screenshot%202025-12-23%20at%203.27.14%E2%80%AFPM.png?VersionId=dYAVIL7qdcGA8ojvkslSrLjczXFejSSx" />

Sammut said suburbs including New Farm and Teneriffe were considered before the group ultimately focused on Toowong due to its strong downsizer demographic and limited supply of developable riverfront land.

The site was acquired off-market after what Sammut described as a lengthy negotiation and planning process, with the developer pursuing an uplift to the original approval.

“We are DA approved now which is very exciting,” Sammut said.

“We've had our change approval come through and we've obviously doubled the height, 15 storeys plus rooftop. We've got 42 amazing apartments that are going to be coming to market soon.”

<img alt="Sammut makes Brisbane apartment play" data-entity-type="" data-entity-uuid="" src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,dpr_2.0,q_auto:good/https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202025-12-23%20at%203.27.26%E2%80%AFPM.png?VersionId=ohkRkY0dIZlqdfME2EZePsCQavRiBadE" />

Bureau^proberts said the design responds to Toowong’s evolving urban character, balancing contemporary apartment living with the area’s established residential identity.

“A place where traditional Queensland living has taken place for centuries; Toowong is seeing a shift of contemporary influence, commercial and retail hubs mixed with well-considered residential offerings – all the while maintaining its character and charm,” the architect noted in planning documents submitted to Brisbane City Council.

The architecture practice said the project’s form was shaped by its riverfront setting, flood considerations, neighbouring building scales, and view corridors.

“They said the mix of four and two-bedroom apartments capture the ‘fundamental qualities of Queenslander living,’ translated into the context of a contemporary subtropical building.”

The development sits just off Coronation Drive within walking distance of Toowong’s retail precinct and the upgraded Regatta ferry terminal, while also benefiting from proximity to the incoming green bridge connection to West End. Sammut said the accessibility and amenity offering were central to the site’s appeal.

The approval adds to growing residential activity along the Toowong riverfront, joining nearby projects including Consolidated Properties’ Monarch Residences and Spyre Group’s ARC Residences.

Sammut secures approval for debut Brisbane apartment development in Toowong

Developer Lanevick is heading back into Sydney’s apartment market after focusing more heavily on the luxury townhouse and terrace sector in recent years.

Lanevick, founded and directed by Steve Maroun, is expecting to receive approval in the coming months for a new apartment development in Gladesville, with the aim to launch it to the market later this year.

The 51-apartment project, designed by Studio Johnston, will comprise a mix of one-, two-, and three-bedroom apartments positioned toward the Hunters Hill downsizer market.

“Traditionally it’s been difficult for people in that market to downsize because there just hasn’t been the right product available,” Maroun said.

“We’re targeting buyers who might have 30 to 40 per cent of their house value sitting in the bank after downsizing.

“They still want good spacious entertaining areas, they still want quality design, but they also want flexibility and the ability to enjoy life a bit more after working hard for a long time.”

The project sits near Boronia Park and within close proximity to the Parramatta River foreshore, an area Maroun says offers more of a Hunters Hill lifestyle than a traditional apartment precinct.

“From a lifestyle perspective, it’s really more Hunters Hill than Gladesville,” Maroun said. “You’re close to the foreshore, close to parklands, and still connected back into the village precinct.”

From level four and above, apartments will capture water views&nbsp;toward Sydney Harbour. Communal amenity will include rooftop entertaining areas, wellness spaces, and a gym tailored toward owner-occupier buyers.

“We’ve really designed these apartments around that buyer coming from the Hunters Hill LGA and what they’re actually looking for in their next chapter.”

The proposed development has also been designed to respond to the changing character of the broader Gladesville town centre, where a growing number of mixed-use and residential proposals are expected to emerge over the coming years.

“Gladesville presented a rare opportunity to deliver a genuinely design-led residential project within an evolving lifestyle precinct, just moments from the growing Gladesville town centre, and we’ve approached the project with a strong focus on architecture, liveability and long-term community value,” Maroun said.

Maroun said Lanevick saw a first-mover advantage within the precinct as planning controls continue to evolve to accommodate greater housing density.

“We think there’s a real opportunity there that hasn’t really been serviced properly yet,” he said.

“There’s going to be a broader evolution of the whole Gladesville village precinct over time, particularly with more activation and mixed-use outcomes.”

The Venus Street proposal will include a commercial and retail component at ground level designed to contribute to that evolving streetscape activation.

“A big part of the thinking was how do you activate that area properly and create more vibrancy and amenity, which is what Hunters Hill has been looking for,” Maroun said.

Lanevick’s focus since 2020 has largely been on smaller-scale luxury townhouse and terrace developments. The developer recently completed Royale Randwick, also designed by Studio Johnston, where prices reached $3.65 million. The project was featured in the UDIA NSW 2026 Professional Development Prospectus and was also named a finalist for Development of the Year.

&nbsp;

Jacob Robinson

Editor's Picks

Have something to contribute?

Developments

New apartments

New townhouses

News