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An enforceable undertaking has been accepted by ASIC from Franchelen Pty Ltd, as a result of an investigation that found they had engaged in unlicensed credit activity in relation to off the plan apartments.
Sunshine Coast residential developer, Kawana Island Properties Pty Ltd, created Franchelen to provide loans totalling $7 million to 49 different property purchasers of off the plan properties in Ocean Reach.
The sales in Ocean Reach began in May 2008, with construction taking place between mid-2009 and 16 June 2010. During 2010, the National Credit Code extended the definition of credit to include purchasing residential investment properties.
Back in 2010 the Sunshine Coast Daily reported that all 100 apartments in the $78 million development were sold ahead of the official launch. The development featured a lagoon pool, a heated lap pool, a 14 person spa, a theatre with cinema quality sound and tiered recliner seats.
In June 2010, Ron Grabbe and Rob Gowland created Franchelen for the sole purpose of providing finance to these borrowers and established themselves as directors. The enforceable undertaking explains that on completion of contract, some of the purchasers requested that Kawana Island Properties provide financing for a portion of the purchase price.
Franchelen provided finance to the borrowers for the difference between purchase price and the loan that the borrowers could obtain from a commercial lender.
The loans provided by Franchelen assisted buyers to complete their contracts, however at the time Franchelen offered the loans they were unlicensed. Franchelen has since applied for and obtained a credit licence.
The Enforceable Undertaking requires Franchelen to limit its credit activity to the management and finalisation of the 49 loans, cap interest payable at the rate last negotiated with each individual borrower and engage an independent consultant to review compliance with credit legislation.
A number of the loans were said to be refinanced one or more times.
The investigation began in April 2013, after Franchelen suspended the collection of payments from the borrowers on the loans in January 2013 - acting on a notification from ASIC of their concerns.
RGD Constructions developed Ocean Reach, of which Grabbe has been the director of since 2002.
Franchelen had obtained legal advice that noted it was not required to hold an ACL to conduct its activities - which they now accept was not correct advice. ASIC accepts that they genuinely misunderstood the requirements.
Franchelen will cease credit activities when the loans are finalised, as well as engage in correspondence with current borrowers, including to notify that the loans will be capped at the rate it was last negotiated with the borrower - ranging from nine to 11%, "notwithstanding that the loan agreements entitle Franchelen to charge interest at 15%".
Deputy chairman of ASIC, Peter Kell, expressed the importance of firms understanding the rules around legal compliance.
“Further, they must ensure they are appropriately licensed to engage in credit activities,” said Kell. “ASIC will act when we come across instances of unlicensed credit activity.”
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Unlicensed credit activity engaged in by Sunshine Coast apartment developer for 49 buyers

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The Urban Development Institute of Australia's 2014 State of the Land Report points to significant supply problems across much of the country and warns that while it might not be a 'front page' hot media topic of the day, "we've got a problem".
Quoting Minister for Social Services Kevin Andrews from November last year, the report, launched today, explains that more private dwellings need to be built to cater for a growing population.
The report found that while lot prices have remained stable or fallen slightly in recent years, the price of land when looked at on a per square metre basis has continued to rise. The overall fall is due to declining lot sizes, according to the report. The average median lot size across the five largest capital cities is 423 square metres, down 8% over the year and down 29% on 10 years previously. Sydney saw a 16% drop over 2012/2013.
The average median lot price across the capitals is $213,000 - down 5% over the year. Despite this short-term fall, it is up 78% over the last 10 years. In Sydney, the median price for a new landlord fell $34,000 over the year period, to $247,500 and the city retains its position as the most expensive for land across the country.
"This suggests that current lot prices may be close to the absolute upper limit of what new home buyers are able to afford," the report explains.
Supply of land lots was found by the UDIA to be continually constrained in "most jurisdictions" by high charges levied on new developments and the inadequate provision of infrastructure, as well as delays in rezoning, planning and approvals.
Interestingly, Sydney experienced the largest turnaround over 2013 out of the cities examined, with a significant increase of supply. Despite this, it still suffers from the highest infrastructure charges, a difficult planning system and increasingly high land costs. Meanwhile, Perth was found to have the worst performance.
Currently, the average median price of land said to be paid by new home buyers is $504 per square metre. That is a 3% increase over the year and 148% up over a 10 year period. UDIA national president, Cameron Shephard, said that governments are failing to address the key barriers to supply. “Inadequate investment in urban infrastructure, slow planning and approvals systems, and high taxes and charges are strangling the supply of land for new housing, severely damaging housing affordability," he said. “UDIA is concerned that housing has fallen off the agenda for governments around the country. The 2014 UDIA State of the Land Report shows that there are still major problems with land supply and housing affordability across our largest cities, and that governments need to take urgent action,” Shephard explained.
See over page for a city by city breakdown of performance and for the UDIA's suggestions for federal, state and local government intervention.
<hr class="system-pagebreak">
<h2>City by city performance</h2>
Adelaide
Progress has been made with stamp duty exemptions and construction grants, introduction of private certification for code compliant developments, structure plans for growth areas and rezonings. Fairly balanced land market.
Potential trouble area: Implementation of the infrastructure agreements.
Brisbane
Improvements in planning processes under State Planning Policy introduction, creation of single state assessment and referral agency and creating a number of Priority Development Areas.
Potential trouble area: The undersupply of serviced lots and inability to respond to changes in market demand.
Melbourne
Lot supply has increased, market is well supplied and affordability is improving.
Potential trouble area: Slow approvals and rezoning.
Perth
Affordability and lot supply did well, with stable prices.
Potential trouble area: Increasing delays in planning approval system, increasing land taxes and subdivision application fees, infill and infrastructure provision planning worsens.
Sydney
Lot production increasing, lots somewhat cheaper due to smaller lots being created.
Potential trouble area: Structural planning reforms have yet to appear and strata reform has been delayed.
<h2>UDIA's suggestions for the federal government:</h2>
Providing additional funding for investment in new urban infrastructure, in order to unlock land.
Auditing Commonwealth land holdings to identify surplus land, and where suitable, make it available for new housing development.
Assisting state governments with removing stamp duty on property and replacing it with more efficient forms of taxation.
<h2>UDIA's suggestions for state and local governments:</h2>
Undertake major planning system reform, to increase the supply of urban land and reduce delays and uncertainty associated with zoning, planning and approvals processes.
Reduce up front charges and levies on new housing by favouring the recovery of costs over long time frames, rather than up front.
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Significant dwelling supply problems across country: UDIA report

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Housing affordability is an emotive topic across the country, and it comes as little surprise that the majority of borrowers surveyed currently believe that getting a foot on the property ladder is harder now than it was for the previous generation.
Interestingly, the Genworth Homebuyer Confidence Index saw a 1.6 point drop from September 2013 to March 2014, which they note was partially to a decline in first home buyer confidence, as well as overall cost of living pressures for those currently holding mortgages.
Home buyers experiencing or expecting mortgage stress did, however, largely drive the decline in the confidence index, said Genworth Australia's chief commercial officer, Bridget Sakr.
“Of those surveyed, 49% cited the rising cost of living as the key driver of mortgage stress," said Sakr.
“The high cost of living has remained the number one cause of mortgage stress for homeowners since September 2011,” she said. Of those surveyed, four in 10 make overpayments to their mortgage.
Similarly, the proportion of those using more than 50% of their income to service this debt dropped from 28% to 25%.
The first home buyer component dipped from 85.0 in September to 82.3 in March, driven by fears around unemployment.
“While 71% of first home buyers consider the dream of home ownership to be realistic, this group continues to struggle to save for a deposit,” she said.
A third of prospective home buyers noted it would take them four years or longer to save a 20% deposit, while 60% of all respondents said it would take four years.
Sakr also noted that nearly two thirds of all borrowers believe first home buyers have it tougher than the previous generation did, with 86% expressing a willingness to help their children buy property, but significantly fewer noting they were in a financial position to be able to do so.
“The struggle to enter the property market may also be exacerbated by any future dwelling price growth,” said Sakr.
“This ongoing challenge for prospective first home buyers highlights the value of low deposit options such as Lenders Mortgage Insurance which can help people enter the property market sooner,” she said.
The index surveyed more than 2,000 consumers and analysed the proportion of monthly income expected to be used to service debts, repayment history and expectations for the nest 12 months, as well as their beliefs about home buying.
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Majority believe it is harder to get into property now than for previous generation: Genworth

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If you've seen the term Torrens Title and you're not sure what it means, you're not alone. However, chances are you're more familiar with the concept than you think. Despite the unusual name, based on Robert Richard Torrens who pioneered this now land transfer method, this is actually one of the more common ways to take over ownership of property.
Torrens Title is a land title system where the ownership is transferred through registering the title, rather than the deeds. Land transfer is noted in a register of ownership and essentially, this removes the requirement of searching beyond the Certificate of Title to confirm details of ownership. Torrens was introduced to resolve the difficulty, keeping details of when the property was purchased, the location, measurement and other details.
Essentially, the registered proprietor is said to then have an 'indefeasible title', which means that there are very limited circumstances when ownership, or title, can be challenged, and as a result conveyancing has become a lot easier. The transactions undertaken prior to Torrens Title regularly required extensive and laborious research to discover if any unregistered interests existed.
The Torrens Title system was introduced into Australia in the mid-1800s and it is now one of the most common ownership structures. Torrens Title is strongly linked to the adapted Strata Title system, introduced much later, which is the structure used for ownership of apartment buildings and units. While with the common Torrens title you own both the house and the land, and you are responsible for the upkeep of both, Strata Title provides ownership of the inside of the property but co-ownership of joint areas and joint responsibility for upkeep of these spaces. Previously, a company structure was used, however this had numerous difficulties - particularly in regards to upkeep of common property.
New South Wales' Land and Property Information government portal explains that it is used to record details such as the following:
<ol>
<li>Easements</li>
<li>Covenants</li>
<li>Mortgages</li>
<li>Resumptions</li>
<li>Caveats</li>
<li>Subsequent changes in ownership</li>
</ol>
Notably, New South Wales was the first worldwide to computerise details of the Torrens Title register.
Most people understand the Torrens Title system, as it is common across the country and the most usual form of transfer, and so it does make life simpler when selling property. However, there are benefits of Strata Title - particularly when looking at subdivisions with shared driveways or other common areas that require a distinct formal agreement over upkeep.
Observer Jo Chivers previously <a href="/expert-insights/buying/why-a-strata-subdivision-is-better-than-a-torrens-title-subdivision-for-some-developments">explained her thought process surrounding choosing a Strata Title or Torrens Title</a> for a new subdivision development.
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What is Torrens Title? Property investment terms explained

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Two developments in Melbourne's north-west are seeing a sales uptick, with Maribyrnong-located Horizon Drive more than 50% sold and Mirvac's Ascot Vale Enclave seeing their latest release achieve a 100% sales rate in a number of hours.
<a href="https://www.enclave.mirvac.com/home" target="_blank">Enclave</a>, the 10.423 hectare residential community (pictured above and below), released a total of 20 homes in the latest marketing approach. All of the properties achieved a sale, bringing the new total sales revenue for the project to $88,595,000.
<img src="/images/2014/03/26/4.jpg" alt="">
John Carfi, Mirvac CEO of residential, noted that these sales included Doncaster Street terraces, sitting adjacent to the site, and the sell-out continues a string of good results for the project that launched in April 2013. The development is a joint venture between Mirvac and Gresham.
“This result validates that buyers continue to recognise this unique opportunity being presented in the heart of Melbourne," said Carfi of the site that is seven kilometres out from the CBD. 
The site will include 200 dwellings on completion, with a mixture of different land blocks, and nearby to parkland, a gold course, sporting oval and retail services. 
Construction of the first stage of land and housing has begun, set to complete late-2014, with 35 land lots settled and with first residents expected to move in by July.
The next release of land and townhouse will be in the middle of this year.
Meanwhile, in next door's Maribyrnong, <a href="https://www.horizondrive.com.au" target="_blank" style="line-height: 1.3em;">Horizon Drive</a> (pictured below) is a new residential subdivision that was re-launched in the second half of last year after being taken over by ICG. It is also seeing an uptick in sales with half of the 32 properties sold.
<img src="/images/2014/03/26/maribynong%20march%2026%202.jpg" alt="">
Near to redeveloped Highpoint shopping centre, the site includes two- and three- bedroom townhouses with their own garages and two-bathrooms (a main and an ensuite). Buyers looking for larger residences can join two of the two-bedroom townhouses to form a four-bedroom home for under $1.2 million.
The homes are designed by Rothelowman.
The latest release was of 121 square metre townhouses of two-bedroom and two-bathrooms from $595,000 upwards.
<img src="/images/2014/03/26/maribynong%20march%2026%203.jpg" alt="">
<img src="/images/2014/03/26/maribynong%20march%2026%204.jpg" alt="">
<a href="mailto:jduke@propertyobserver.com.au" target="_blank">jduke@propertyobserver.com.au</a>
For the latest development listings, brought to you by Property Observer and partners, see our <a href="https://showcase.propertyobserver.com.au/" rel="nofollow">INVESTOR SHOWCASE</a>.
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Melbourne's north-western developments seeing strong sales

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Blaming foreign investors for playing a 'negative role' in the Australian property market is misguided, according to the Real Estate Institute of New South Wales (REINSW).
REINSW president, Malcolm Gunning, said that the decision to investigate foreign investment by the government will find other forces at work closer to home.
“The fact that the government and the media are pointing the finger at foreign investors as the primary reason for increases in property prices and the affordable housing shortage is flawed,” Gunning said.
“The reason we have a shortage of property in NSW is a convoluted planning system and a tax system that places an unfair burden on property,” he said.
He conceded that bringing anyone "extra" into an already stressed market will bring problems, but said that foreign investors are not the heart of the issue.
“The government has created a situation where foreign investors are being encouraged to buy new property and therefore they are competing against the first home buyer. It’s time to give the first home buyer a break and stop pitting them against foreign investors and those who are purchasing properties to fund their retirement. Bringing back the incentives for first home buyers to purchase existing properties can do this," he said.
“Now is not the time to discourage foreign investment. The enquiry will find that foreign investors help our economy. They support the creation of jobs in the construction industry and other areas like retail."
These sentiments were echoed by John McGrath last night on A Current Affair's delving into foreign investment; however the report also noted that the "flood of foreign investment in Australian properties" was largely not towards properties competing with first home buyers, noting that some of the properties are "so exclusive they aren't even advertised in Australia".
The report referred to foreign buyers as "cashed up and ready to spend" to "trade up for our surf, sun and Aussie way of life".
Comments on the A Current Affair homepage about the report largely were against foreign investment in the country.
"I say put a stop to it. They pool their money and buy buy buy. How is the normal everyday Australian supposed to buy properties these days, when the overseas people both here and abroad join together to buy Australia out. Time a stop was put to it. They also come here and live two and three families in one house while they buy another one, then they put two or three families in that one, and so on and so on. Or they come here and have a couple 'wives', one legal and the others pretend wives and breed like their is no tomorrow," one comment said.
However, Gunning urged that everyone benefits from a stronger market.
“Now is not the time to point the finger at foreign investors, Australia needs them," he said.
“Let’s fix the flaws in the system that created these problems, the clunky planning laws that are slow and outdated and the overtaxing of property, rather than blaming an easy target".
YOU MAY ALSO WANT TO READ
<a href="/expert-insights/why-do-australians-only-protest-foreign-buyers-if-theyre-asian">Why do Australians only protest foreign buyers if they're Asian? </a>
<a href="/news/letter-from-the-editor-talking-about-foreign-buyers">Letter from the editor: Talking about "foreign" buyers</a>
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Don't blame foreign investors, look closer to home for real issues: REINSW

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Queensland’s prestige stock is in the spotlight, with $1 million plus sales on the rise at nearly 20% above previous levels, according to Place Advisory.
In the last year, 2,334 homes have sold for $1 million or more in south-east Queensland, compared to 1,981 sales recorded in this bracket the year before.
Director of Place Advisory, Lachlan Walker, said that the sales in this bracket had peaked in 2010 before declining, and were now increasing again.
“With the way the figures are tracking and the state of the market at the moment we would expect the sales volumes in this price bracket over 2013 to be exceeded in 2014,” said Walker. Brisbane was the performer for these properties, with volumes up by 23% between 2012 and 2013.
<table style="width: 460px; height: 194px;" border="0"><tbody>
<tr>
<td>YEAR</td>
<td>Sunshine Coast</td>
<td>Gold Coast</td>
<td>Brisbane</td>
<td>Total</td>
</tr>
<tr>
<td>2004   </td>
<td>459</td>
<td>777</td>
<td>685</td>
<td>1,921</td>
</tr>
<tr>
<td>2005</td>
<td>462</td>
<td>462</td>
<td>846</td>
<td>2,057</td>
</tr>
<tr>
<td>2006</td>
<td>540</td>
<td>1,051</td>
<td>938</td>
<td>2,529</td>
</tr>
<tr>
<td>2007</td>
<td>695</td>
<td>1,487</td>
<td>1,813</td>
<td>3,995</td>
</tr>
<tr>
<td>2008</td>
<td>404</td>
<td>921</td>
<td>1,177</td>
<td>2,502</td>
</tr>
<tr>
<td>2009</td>
<td>386</td>
<td>936</td>
<td>1,173</td>
<td>2,495</td>
</tr>
<tr>
<td>2010</td>
<td>386</td>
<td>888</td>
<td>1,353</td>
<td>2,627</td>
</tr>
<tr>
<td>2011</td>
<td>297</td>
<td>698</td>
<td>1,062</td>
<td>2,057</td>
</tr>
<tr>
<td>2012</td>
<td>305</td>
<td>580</td>
<td>1,096</td>
<td>1,981</td>
</tr>
</tbody></table>
The 2013 results saw a total of 2,334, with the breakdown being 322 on the Sunshine Coast, 668 on the Gold Coast and 1,344 in Brisbane.
Walker pointed to this increase as an overall positive sign, marking confidence in consumer’s perceptions of the market. Coinciding with this uptick in sales, the prices have also slightly improved, said Place CEO, Damian Hackett.
“While the improvement in Brisbane’s top end has particularly been noticeable from a volumes perspective, there has also been a slight increase in prices, and this is set to continue as the year progresses and momentum in the market only solidifies, with confidence rebounding,” he said.
Of all sales within the $1 million plus range, it is the $1 million to $1.49 million that is most popular, taking out 65% of all prestige sales.
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Prestige Queensland sales seeing surge in interest

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Redeveloping parklands in the Gold Coast's Southport will be one of the most significant and largest urban renewal projects ever taken in the area, as part of the 2018 Commonwealth Games.
Premier Campbell Newman confirmed that an agreement had been made with Grocon to be the preferred developer of the 29 hectare site.
{qtube vid:=SkqNi2pr5jQ}
"The Commonwealth Games Village will provide essential services and accommodation for 6,500 athletes and officials in Games-mode and will be one of the Games’ most significant legacy projects," said Newman.
"This project will inject an estimated $500 million into the local economy over the next five years and will generate more than 1,500 jobs during its construction phase."
Newman released the Commonwealth Games Village Masterplan yesterday and the design includes more than 1,200 dwellings, including 1,171 one- and two-bedroom apartments and 82 townhouses, across more than 30 new buildings. These buildings will range from single to eight levels in height.
This community is expected to be retained after the Commonwealth Games.
"The developer’s approach is to create a tailored institutional investment vehicle to hold and rent the village dwellings after GC2018, with a gradual sell down over time. Approximately 12 hectares of land will be held by the state for future health and knowledge use," the <a href="https://www.edq.qld.gov.au/resources/plan/commonwealth-games-village/commonwealth-games-village-master-plan.pdf%20" target="_blank">masterplan details</a>.
Other features include seven hectares of total green and open space and gardens, including a community park, over 6,000 square metres retail precinct and 12 hectares for future health and knowledge development.
<img src="/images/2014/03/25/gold-coast-march-25-breakout.jpg" alt="">
Minister for Tourism, Small Business, Events and the Commonwealth Games, Jann Stuckey, said that it will be iconic after the games themselves have passed.
"It will create a great civic space that will no doubt become a focal point as the Gold Coast is propelled onto the international stage," said Stuckey.
"After the Games, Parklands will provide significant infrastructure as it becomes home to people and new businesses as part of a modern, mixed-used community which will include residential and a new business hub for health and knowledge, commercial and retail development."
Meanwhile, Grocon CEO, Carolyn Viney, said that they are thrilled to be part of the redevelopment and delivering value for the Gold Coast.
"Grocon’s design captures the essence of the sub-tropical environment of Queensland’s south coast with special attention being paid to sunlight, shading, natural air flows and water," said Viney.
"The urban and landscape design approach adopts the history and unique characteristics of the Gold Coast and its hinterland, intertwined with the role that water has played, and will continue to play, in shaping the Parklands site."
The masterplan has been submitted for development approval, with construction suggested to begin by early-2015.
For the latest development listings, brought to you by Property Observer and partners, see our <a href="https://showcase.propertyobserver.com.au/" rel="nofollow">INVESTOR SHOWCASE</a>.
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Gold Coast Commonwealth Games Village urban renewal project underway

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The recent public launch of Green House, a development in Waterloo from JPR Architects, Hecker Guthrie and Myles Baldwin Design saw 55% of the properties snapped up on the day.
The launch, on 15 March, followed an earlier pre-launch and showcased 161 apartments with one, two and three bedroom offerings each with private garden and terrace at 20 McEvoy Street, Waterloo.
The development, a $120 million creation of four low-rise buildings from Icon Co, is near to the $8 billion urban renewal project for Green Square and is one of a number of developments changing the nature of Sydney.
<img src="/images/2014/03/25/waterloo-march-25-one.jpg" alt="">
With a garden focus, Garden House includes architecture that is inspired by the outdoors, as well as water links externally and planted walkways with porte-cocheres.
JPR Architects brought a contemporary theme to the project, while Myles Baldwin Design took control of the garden plantings, paths, bridges and waterway features, with natural light being a focus.
The internal design, from Hecker Guthrie, focuses on paneled feature walls with timber shelves, timber flooring and planter boxes that are integrated into the construction.
<img src="/images/2014/03/25/waterloo-march-25-two.jpg" alt="">
There is a corner café also located on the site, and the entire development includes barbecue facilities, pergolas, outdoor lounge areas and rooftop terraces.
In total, 67 of the apartments are one-bedroom, 79 are two-bedroom, and tgere are 15 three-bedrooms at 52, 72 and 107 square metres respectively.
One bedroom homes can be purchased from $550,000, with two bedroom available from $750,000. Meanwhile, three bedroom apartments are selling from $1,250,000.
<img src="/images/2014/03/25/waterloo-march-25-three.jpg" alt="">
With 70 apartments already having sold at launch, including those from the earlier VIP launch for <a href="https://www.garden-house.com.au/" target="_blank">Garden House</a>, it’s notable that the majority of buyers had resided within 10 kilometres of the development already.
Selling agent, John Meagher, managing director 360 Property Group, said that the sales were mainly to owner occupiers.
“There was an excellent blend of sales from one-bedrooms through to penthouse offerings and we were delighted with the results. What really engaged potential purchasers was the unique private garden entries to all apartments. This was a major drawcard. In addition, Hecker Gutherie’s interior design was exceptionally well received,” said Meagher.
Garden House is expected to be completed for July to October 2016.
Icon Co is currently still developing <a href="https://botaniclanecove.com.au" target="_blank">The Botanic, in Sydney’s Lane Cove</a>, which expects to be completed in October 2014.
<img src="/images/2014/03/25/waterloo-march-25-four.jpg" alt="">
For the latest development listings, brought to you by Property Observer and partners, see our <a href="https://showcase.propertyobserver.com.au/" rel="nofollow">INVESTOR SHOWCASE</a>.
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More than half of stock sells at big-name Sydney Garden House launch

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Located on Lees Road, Robertson, just off of Jamberoo Mountain Road, is Temenos. The name, which means “sacred space”, is apt for this 220 acre offering with multiple uses that the listing believes an entrepreneur will snap up.
The <a href="https://www.propertyobserver.com.au/https://www.mcgrath.com.au/buy/acreage-rural-robertson-nsw-2577/208107" target="_blank">multi-use site has views of the ocean, lake and escarpment</a> from Botany Bay to Shellharbour.
<img src="/images/2014/03/24/2.jpg" alt="">
It offers two irrigation licences, six natural springs on the property, a mineral water licence and a DA for a water bottling facility on the site. It also mentions that since July 2011 the government is not issuing any more water licences. The water has just 68 Total Dissolved Solids and no coliforms, bacteria, arsenic, nitrates, suphates, which is said to be a rarity.
The site also has tourism opportunities, with the start of the historic Butter Track beginning at the property’s northern end. Jamberoo was home to Australia’s first butter co-operative factory, which opened in 1884.
<img src="/images/2014/03/24/3.jpg" alt="">
The land, 750 metres above sea level, is located near six national parks and six waterfalls, and the suggestion is for eco-cabins or glamourised camping. The site comes with an American barn and hut.
The site could also be used for potato growing, truffles and as grazing land, with red basalt soil striking across the property.
<img src="/images/2014/03/24/4.jpg" alt="">
On the market with McGrath, Bowral, it is asking for expressions for interest by close 5pm 17 April, with a price guide of over $4.5 million.
<img src="/images/2014/03/24/5.jpg" alt="">
Meanwhile, <a href="https://www.realestate.com.au/property-acreage+semi+rural-nsw-robertson-115679387" target="_blank">93 acre Misty Ridge Farm is listed</a> for $2,950,000 at 170 Lees Road (pictured below). The cattle grazing, horse-appropriate property includes 11 paddocks, eight dams and sheds for farming and livestock use. Accommodation includes two houses, with six-bedrooms and two-bathrooms in total, with wood fires, solar power and air conditioning, as well as a six car space car port. There is also a 12 by six metre swimming pool.
<img src="/images/2014/03/24/robertson%20march%2024%20two.jpg" alt="">
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"Sacred" 220 acre space in Jamberoo advertised for entrepreneurial buyers

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

Joel Robinson

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

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

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

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

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

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

Sherpa sells out Flourish Oasis in booming Palm Beach

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

Jennifer Duke

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