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Changes to the MyRate Pty Ltd (My Rate) website (myrate.com.au) have been made following ASIC concerns that the home loan interest rates advertised had the potential to likely mislead consumers.
The non-bank lender's website was said to give the impression that the advertised rate for variable home loans applied to both existing and new loans. In fact, it only applied to new home loans, meaning those with existing variable rates were charged interest above the advertised rate.
<img alt="rate-city-dec-9-two-from-july-1-2012" src="/images/stories/2013/12/09/rate-city-dec-9-two-from-july-1-2012.jpg" height="367" width="470">
Photo: Screenshot of the MyRate website from July 1, 2012. Source: The Wayback Machine
MyRate has since made prominent changes to its website to state the rate only applies to new loans, as well as have agreed to write to all affected customers to confirm this fact.
ASIC deputy chairman Peter Kell said that the expectation from credit licensees is that clear and accurate information is provided in advertising.
<img alt="rate-city-dec-9-one" src="/images/stories/2013/12/09/rate-city-dec-9-one.jpg" height="373" width="470">
Photo: The MyRate website as of December 9, 2013
This comes after <a href="https://www.propertyobserver.com.au/finance/asic-penalises-mortgage-choice-for-claims-of-saving-customers-%2410k-over-five-years/2013112766653" target="_blank">Mortgage Choice recently paid a penalty</a> for potentially misleading advertising, and appears to fit with Kell's warning at the time that "ASIC will continue to act in instances where advertisements contain representations about a product that are false or misleading".
"Where advertising promotes a particular product feature, such as a low interest rate for a loan, the credit provider needs to make sure that any qualifications about how that rate applies are clear and that the information is not misleading in any way," said Kell.
ASIC refers to their <a href="https://www.asic.gov.au/asic/asic.nsf/byheadline/Regulatory+Guide+234+Advertising+financial+products+and+services+%28including+credit%29%3A+Good+practice+guidance?openDocument" target="_blank">guide around advertising financial products and services</a> here, for those concerned.
The loans on MyRate are funded by ING Bank (Australia) Limited.
Customers who think they may have been misled are encouraged to contact: enquiries@myrate.com.au, 1300 663 558 or Suite 901, 447 Kent Street, Sydney, NSW 2000.
In 2006, MyRate, as well as One Direct, revised their advertising for variable home loan rates after ASIC raised concerns over misleading promotional material. This was after their low, variable home loan rate did not reflect a Reserve Bank interest rate increase in August.
ASIC enquiries discovered that both lenders decided to postpone a decision over whether to pass on the increase until 2007. ASIC noted that they were concerned the promotional material did not make it clear that at a later stage the rate may be increased to reflect the RBA's movement, that customers would not expect a variable rate to be affected by official interest rates announced some time before they signed up and that the advertised rate was used as the basis for a comparison with another rate that could be inconsistent in the long-term.
One Direct and MyRate altered their advertising to reflect a potential future increase, with ASIC executive director, consumer protection, Greg Tanzer, noting in 2006 that he welcomed the constructive response received.
"Consumers are likely to respond positively to low home loan interest rates," said Tanzer.
"If those rates are subject to changes or conditions that are unusual or unexpected it is vitally important that they be prominently disclosed and explained," he said.
Since 2006 a number of new guidelines have been brought out by ASIC regarding advertising for this industry.
MyRate currently has an <a href="https://www.myrate.com.au/education/avoid_being_misled" target="_blank">'Avoid Being Misled' guide available</a> on their website, warning about: Exaggerated claims of independence Exaggerated guarantees Out of date interest rates Deceptive enquiry forms Non-existent lenders Advertising of bait and switch products Editorial for paid finance products masquerading as "top" or "featured" listings
It notes the following: "Although it is illegal to advertise an incorrect rate, some lenders may not notify the comparison site. For instance, if all the lender rates go up, by not notifying comparison websites a lender could propel themselves to the top of the tables based on rate."
 
<a target="_blank" href="mailto:jduke@propertyobserver.com.au">jduke@propertyobserver.com.au</a>
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jduke-EHk3XBmHkn

MyRate makes changes to advertising in response to ASIC concerns

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Searching for beautiful properties is never a difficult task, however it conjures up many conversations about taste, how money is spent and what really makes a home beautiful. In saying that, we were absolutely spoiled for choice by the Tasmanian listings. We were thrown one stunning house after another, and usually without the sum required for purchase that we'd see for many properties on the mainland.
One thing we did notice, however, was that while a home could be stunning from the outside, often the bathrooms and kitchens didn't live up to expectations - perhaps due to the older, heritage style of many of these properties. It appears that renovating isn't in everyone's blood. In saying that, despite the let down of these two rooms, many other elements shone through - stained glass windows, intricately decorated ceiling details and unique features that we couldn't help gaping at.
Here are our top five from Tasmania.
YOU MAY ALSO BE INTERESTED IN OUR TOP FIVE IN: <a target="_blank" href="https://www.propertyobserver.com.au/victoria/five-of-the-most-beautiful-homes-currently-on-the-market-in-victoria/2013112766650">Victoria</a> <a target="_blank" href="https://www.propertyobserver.com.au/south-australia/the-beauties-of-south-australia-five-homes-you-have-to-see/2013120566816">South Australia</a> <a target="_blank" href="https://www.propertyobserver.com.au/queensland/queenslands-five-most-beautiful-homes-on-the-market/2013120366766">Queensland</a> <a target="_blank" href="https://www.propertyobserver.com.au/new-south-wales/step-inside-five-of-the-most-beautiful-residences-in-nsw/2013120166700">New South Wales</a> 5) <a target="_blank" href="https://www.realestate.com.au/property-house-tas-riverside-115277575">78 New Ecclestone Road, Riverside</a>
Four-bedroom, three-bathroom Calbrook has expectations of around $1,150,000, and is set on more than three acres, and is one of the renovated properties on the list.
With a somewhat modern feel, but retaining the classic country style, it includes a 20 metre lap pool, a conservatory-style pagoda, white wooden beamed ceilings and beautiful gardens, it also has balconies and fireplaces.
One of our favourite features is the window chair that can be seen in the photographs, with storage capacity underneath.
It last sold in September 1991 for $260,000, according to RP Data.
It has currently been listed since the end of October.
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4) <a target="_blank" href="https://www.propertyobserver.com.au/https://www.42degrees.com.au/details.php/3722423">717 Hobart Road, Relbia</a>
Asking for offers around $3,000,000, this is no run of the mill home. It was previously advertised in September 2011 for the same pricetag. The six-bedroom, two-bathroom beauty is an "example of Mediterranean themed artistry" notes the listing, filled with symbology from ancient Greece.
The owner is the artist for the home, also dubbed Old Marchington.
{qtube vid:=cd1cmCbRWo0}
It is home to Tasmania's largest private fountain, with a Versace-inspired mosaic... meanwhile, the property is also described as having a "subtlety in design" with Sistine Chapel inspired ceiling artwork.
A detached two-bedroom studio apartment is included in the listing, along with tennis courts and a swimming pool, it's definitely on the grand scale.
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3) <a target="_blank" href="https://www.realestate.com.au/property-house-tas-taroona-112874195">Address withheld, Taroona</a>
Sadly, the address for this Victorian Italinate mansion has been withheld on this property, however it's too beautiful to not include on the list.
Established in 1893, and built of sandstone, it sits on 6,396 square metres and is named 'Winmarleigh'.
Having been designed by the Tasmanian architect George Fagg, and constructed by owner/builder H.W. Stabb, the listing explains that it's the first time it has been on the market since its purchase by the Chief Justice in 1939.
Including an articulated verandah and vast gardens, the five-bedroom, two-bathroom home includes eight original fireplaces, it also has 14-foot ceilings and a servant's bell system.
Chief Justice John Demetrius Morris and his wife lived in this house and "loved to entertain" notes the Australian Dictionary of Biography.
"As administrator on occasion, he also received at Government House. He mixed equally well with conservative families, intellectual leaders and trade-union officials. He dressed well, had a natural charm and social ease, spoke learnedly and talked with wit," it <a target="_blank" href="https://adb.anu.edu.au/biography/morris-sir-john-demetrius-11172">notes of Morris</a>. He was titled Chief Justice in 1940 aged 38, and from 1944 was appointed Chancellor of the University of Tasmania and Chairman of the State Library Board.
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2) <a target="_blank" href="https://www.realestate.com.au/property-house-tas-richmond-114883299">2 Wellington Street Richmond</a>
Stunning home "The Mill House" is said to have been built in 1865 with the original function being as a flourmill, and then a butter factory, before becoming a B&amp;B and now a home.
And it's fit for royalty, with the home of George and Heather Vozar having been visited by Camilla, Duchess of Cornwall, and Charles, Prince of Wales, late last year for a luncheon as part of a six day tour of Australia to mark the Queen's Diamond Jubilee. The luncheon was hosted for women from Tasmania's agricultural industry. The entire tour was the subject of some debate from the Member for Murchison, who <a target="_blank" href="https://www.ruthforrest.com.au/index.php/parliament/questions/2012/1115-government-royal-visit-14-november-2012">asked about the costs of the entire tour</a>.
It has five-bedrooms and four-bathrooms, and retains the sense of rural history with Baltic Pine and a "convict brick feature wall".
It also includes an attic games room, a double garage and a cellar. A cottage near to the main residence is also included.
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1) <a target="_blank" href="https://www.realestate.com.au/property-house-tas-sandy+bay-113103363">12 Lambert Ave Sandy Bay</a>
This five-bedroom, three-bathroom home includes a billiards hall, library, study and swimming pool.
It has gorgeously striking stained glass windows and comes with the classic feel but with a bit of security in that it has been rewired, includes new plumbing and a new roof, as well as having a modern extension on the original home.
It has been on the market since February and last sold in 1993 for $620,000.
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{module Which of these currently listed Tasmanian houses is your favourite?}
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Tasmania's five most breathtaking homes on the market

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Mary Valley has reached 100 sales in the area, in an attempt to revive the area, with Deputy Premier and Minister for State Development, Infrastructure and Planning, Jeff Seeney, noting that it is a good indication of confidence in the region.
Not only are sales occurring, but the Tenant Purchase Scheme is also being taken up, with the 100th contract signed by an existing tenant.
"These property sales are a clear sign that confidence is returning to the Mary Valley and that people are being attracted to the picturesque surrounds and lifestyle the region has to offer,” Seeney said.
"Tenant Purchase Scheme sales currently represent 14 percent of the total property sales in the Mary Valley with that number expected to increase significantly in the New Year.”
The value of the properties closed is close to $30 million, covering more than 1,290 hectares of land.
The compulsory acquisition of 12 rural properties, 10 of which were successfully auctioned, <a target="_blank" href="https://www.propertyobserver.com.au/queensland/traveston-dam-auctions-signal-possible-market-revival/2013090264732">was also noted by Property Observer earlier this year</a> as potentially signaling a revival in this market.
This is in line with an uptick seen in visitors to the Mary Valley website, with 3,000 visits noted.
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Mary Valley revival depends on property sales

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Class action lawsuits against eight banks over ‘unfair fees’ has Finder.com.au saying this will be a ‘game changer’ for the industry.
Citing fees between $20 and $45 for overdraft and over the limit charges, spokesperson for Finder.com.au, Michelle Hutchison, said that the class action lawsuits show the power of public pressure, with a potential shake-up of bank fees across the entire industry if the cases do win.
“In fact, last year, we collectively paid our banks over $11 billion in bank fees – over $4 billion of which was from households,” said Hutchison.
However, she said that it’s worth considering voting with your own wallet and switching yourself.
Observer C<a target="_blank" href="https://www.propertyobserver.com.au/economy/busting-big-bank-secrets-insights-on-avoiding-bank-fee-traps-christopher-joye/2011110752245">hristopher Joye recently wrote about how to avoid bank fee traps</a>, and went into the reasons some of these fees crop up.
“But we can’t rely on financial institutions to charge fair fees or drop their fees altogether. The only way we will make real changes to the banking industry is if more Australians compared their financial products and switched. This will force institutions to be more competitive.”
Statistics from their site note that there are 105 home loans with no annual service fees, and 101 home loans where redraw fees are not charged.
“It’s up to more Australians to take on the responsibility with their financial products by reviewing their options and comparing deals,” she said.
“It will not only force competition between banks but also will save consumers potentially thousands of dollars every year.”
The proceedings in the Federal Court of Australia were initially issued against the ANZ bank in September 2010, over repayment of fees they have charged their customers over the past six years. These were issued by Maurice Blackburn Lawyers. The fees including honour and dishonour fees on bank accounts, over limit fees and late payment fees on credit cards.
Proceedings were then issued against Citibank, Commonwealth Bank, NAB and Westpac (16 December 2011), St George and BankSA (1 February 2012) and BankWest (18 April 2012) with more than 170,000 Australians who were charged these fees signing up online to be part of the case, with the claim size estimated at more than $220 million.
The case went to trial this month and is scheduled to run for three weeks, Maurice Blackburn Lawyers notes.
Maurie Blackburn will claim that the bank charged exorbitant fees (those being the $20 to $45) for services that cost minimal amounts (a few cents or dollars) to provide. Fees are able to be considered a penalty charged by the bank rather than a fee for service.
In other words, we will claim that the bank charged exorbitant fees of between $20-$45 for a service that cost them only a matter or cents or a few dollars at the most to administer.
 <a target="_blank" href="mailto:jduke@propertyobserver.com.au">jduke@propertyobserver.com.au</a>
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Class action cases over bank fees to be a “game changer”

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Newly listed, George Altomonte's Kirribilli apartment has been listed with harbour and bridge views, and hopes of $8 million plus.
The "house-like" ground floor apartment has uninterrupted views of the Opera House and Sydney Harbour Bridge, as seen in the photos, and as such has a hefty price tag attached.
Altomonte, who established Alto Group, founded his first auto repair shop in Chatswood in the 1960s. He then began breeding stock horses, standing the first ever registered Australian stock horse, named 'Cecil Bruce'. In the 1970s he then began with thoroughbreds, where he purchased the <a href="https://www.corumbenestud.com.au/page.asp?page_id=41" target="_blank">Corumbene Stud at Dunedoo</a> in 1978.
He has been involved in breeding some of the more significant horses in Australia, including Overreach, winner of the Golden Slipper this year. The Daily Telegraph recently noted that said he would not sell the filly for any price.
Whether his success will be repeated in the property market is to be seen. Having been purchased by Altomonte in May 2001 for $4,250,000, the apartment was then briefly listed in January 2011 with $7,500,000 plus hopes before being taken off of the market, according to RP Data.
<a href="https://www.mcgrath.com.au/buy/apartment-kirribilli-nsw-2061/203852/?searchID=34734199" target="_blank">The home, on Kirribilli Avenue</a>, is a three-bedroom, three-bathroom opportunity, with an entertainer's terrace, Gaggenau kitchen appliances, a walk-through wardrobe and two parking spaces. The complex itself features a swimming pool and a gym.
At 256 square metres in total, it has $1,405 per annum council rates and $653 per annum water rates.
This isn't the first thoroughbred owner to list their Kirribilli apartment. In 2011, Property Observer reported that thoroughbred horse owner <a href="https://www.propertyobserver.com.au/new-south-wales/thoroughbred-owner-tony-huang-lists-pedigree-kirribilli-apartment-that-celebrates-the-magic-of-sydney/2011110652225" target="_blank">Tony Huang listed his waterfront Greencliffe apartment</a>... which is also on Kirribilli Avenue.
 
<a href="mailto:jduke@propertyobserver.com.au" target="_blank">jduke@propertyobserver.com.au</a>
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Horse-powered George Altomonte's Kirribilli apartment listed with bridge views

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Some of the most affordable vacant land sites are going up for grabs on today, with Forrest Beach hosting its inaugural Super Sunday real estate auction at beachfront Forrest Beach Hotel.
With lots of land from $65,000 upwards, being advertised to first time buyers, holiday makers and investors, Nathan Henderson, principal of Raine &amp; Horne Ingham &amp; Beaches, expects significant first timer interest.
“We will have 10 lots for sale, including vacant blocks and new and established homes – and value will be the order of the day,” said Henderson.
The cheapest of the options is 9 Mistletoe Street, Forrest Beach (pictured below), expecting around $65,000. This may be an attractive proposition for those eligible for the Great Start Grant, he said.
<img alt="mistletoe_street_dec_6" height="353" width="470" src="/images/stories/2013/12/06/mistletoe_street_dec_6.jpg">
New homes should also be of interest for first time buyers, including 7 Magnolia Street, with expectations of $329,0000. The three-bedroom, two-bathroom home is on an 800 square metre block.
“The construction of the $500 million sugar and ethanol facility at nearby Ingham is on target to be completed in 2016 after the owner, North Queensland Bio-Energy Corporation Limited, recently secured China’s Nanning Good Fortune Heavy Industry Company as its major equity partner,” said Henderson of the area, expecting this may underpin some investor interest.
“Forrest Beach is only 20 kilometres from Ingham and we expect the mill to swell the hamlet’s population of 1,200, creating renewed demand for tenant accommodation.”
<a target="_blank" href="mailto:jduke@propertyobserver.com.au">jduke@propertyobserver.com.au</a>
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Super Saturday and now Super Sunday? Affordable property up for grabs

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The one level five-bedroom three-bathroom Queensland home with tennis court, on <a target="_blank" href="https://www.brisbanetenniscourthome.com/#!description/c24i2">25 Walsall Street, The Gap</a>, is on 7,022 square metres of landscaped grounds.
Belonging to Gregory and Jennifer Kennish, the home is up for auction today at 5pm with final viewings from 4.30pm on the day.
Gregory Kennish is currently principal at Kenwal Corporation, however was previously Group MD and Group CEO at IntraPower/TrustedCloud, a company now owned by TPG and no longer ASX listed.
The home is a product of award-winning builder Griffin and Knowlman, and includes a championship North-South tennis court and a 15 metre swimming pool with spa.
With wrap-around terraces, French doors and "extensive use of glass" it has a nice spacious feel.
The formal dining room has a seating capacity of eight to twelve people, and the home also has a media room and wine cellar.
A self-contained flat with two-bedrooms is also included.
The property has the potential for subdivision, and the website claims the views are "never to be built out".
Rates are $440 per quarter, with water and sewerage at $460 per quarter.
<a target="_blank" href="mailto:jduke@propertyobserver.com.au">jduke@propertyobserver.com.au</a> 
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Power couple's Queensland home up for auction today

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Two private landlords have been ordered to pay $3,000 in fines and costs after making their tenant pay too much for their bond, not providing them a receipt and not lodging the money with the Bond Administrator. Steven and Nava Mayer had a guilty plea to all of these offences at the Perth Magistrates Court on December 2. The fine was $1,000, with $2,000 of costs. Commissioner for Consumer Protection, Anne Driscoll, said that in 2011 the landlords took $8,500 worth of bond money for a rental in Yokine. She notes this was 10 times the weekly rent, when the tenancy law notes that no more than four weeks should be taken as the bond. “As well as failing to give the tenant a receipt, meaning there was no proper record of the transaction, the Meyers did not lodge the money with the Bond Administrator for nearly 500 days – legally it must be lodged within 14 days. At the time, tenancy law also gave an option for them to put the money in a dedicated bond account at the bank and they did not do this either," said Driscoll. “The law ensures that a tenant’s bond money will not be misused and is held securely, so whether it is a private landlord or a real estate agent, funds must be lodged with the Bond Administrator as soon as practicable and no later than 14 days after receipt." She noted that failure or delays to lodge may result in prosecution.
“Last month a private landlord was fined a total of $2,500 in the Geraldton Magistrates Court for failing to deposit two tenants’ security bonds and failing to lodge the bond of a third tenant with the Bond Administrator within 14 days of receipt," she said.
<a target="_blank" href="mailto:jduke@propertyobserver.com.au">jduke@propertyobserver.com.au</a>
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Landlords fined for taking 10 times weekly rent as bond

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1) Our exclusive on Tuesday after the RBA kept the rate stable asked key industry members whether now is the time to fix your rates. What was the overwhelming response?
2) Which former Home &amp; Away star's Bondi Beach apartment passed in last weekend on a vendor bid?
<img src="/images/stories/2013/12/06/bondi-dec-6-one.jpg" width="470" height="250" alt="bondi-dec-6-one">
3) Murdered millionaire Craig Puddy's former home has been sold at a loss a week ago today, but in which suburb was the property located? Hint - While there were a number of homes in his portfolio, this is one in New South Wales
<img src="/images/stories/2013/12/06/mona-vale-dec-2-two-breakout.png" width="470" height="264" alt="mona-vale-dec-2-two-breakout">
4) This Hastings mansion is a replica of a plantation property in Louisiana. We recently discussed some of the famous videos and television spots the original had been host to, however which popular singer filmed a music video here?
Hint - The song was called 'Déjà vu'.
<img src="/images/stories/2013/12/06/hastings-dec-5-breakout.jpg" width="470" height="264" alt="hastings-dec-5-breakout">
5) Which state or territory recently saw duplexes losing their development exempt status?
6) Developer Ho Bee Australia is bringing a $120 million Surfers Paradise tower to the area. It will be the first high rise development to been seen in the area for how many years?
FOR OUR COMMERCIAL PROPERTY READERS
7) More than 20 bidders battled it out at auction for a rare redevelopment opportunity in a Sydney suburb. There are six separate buildings and a car park on the site. It ended up going to an owner-occupier for $7.375 million. Which suburb was it in?
8) A slightly different type of investment hoped to tap in to Australia's ageing population. It had an estimated $250 million return over 25 years and is a 10-hectare site. But what is the opportunity?
Click through to the next page to reveal the answers.
 
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Answers
1) <a target="_blank" href="/news">Yes, you should</a>
2) <a target="_blank" href="https://www.propertyobserver.com.au/news/sydney-s-super-saturday-s-80-auction-success-but-no-festive-result-for-holly-brisley-at-bondi-beach/2013113066690?utm_source=po&amp;utm_medium=aida&amp;utm_campaign=mostread">Holly Brisley </a>
3) <a target="_blank" href="https://www.propertyobserver.com.au/news/murdered-businessman-craig-puddy-mona-vale-waterfront-house-sells-at-loss/2013120266710?utm_source=po&amp;utm_medium=aida&amp;utm_campaign=mostread">Mona Vale</a>
4) <a target="_blank" href="https://www.propertyobserver.com.au/news/historic-louisiana-mansion-replica-in-hastings-listed-for-33-million/2013120466797?utm_source=po&amp;utm_medium=aida&amp;utm_campaign=latestnews">Beyonce Knowles</a>
5) <a target="_blank" href="https://www.propertyobserver.com.au/australian-capital-territory/duplexes-loses-development-exempt-status-in-act/2013120566802?utm_source=po&amp;utm_medium=aida&amp;utm_campaign=newsplus">ACT</a>
6) <a target="_blank" href="https://www.propertyobserver.com.au/developments/overseas-investors-to-tap-into-surfers-paradise-first-highrise-in-five-years/2013120366738?utm_source=po&amp;utm_medium=aida&amp;utm_campaign=newdevelopmentsextra">Five years</a>
COMMERCIAL PROPERTY ANSWERS
7) <a target="_blank" href="https://www.propertyobserver.com.au/new-south-wales/more-than-20-bidders-battle-for-rare-balmain-redevelopment-site/2013120466783">Balmain</a>
8) <a target="_blank" href="https://www.propertyobserver.com.au/news/a-deadset-burial-park-potential-for-%24250-million-in-25-years-return/2013120466776">A burial park</a>
jduke@propertyobserver.com.au
 
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Property Trivia: Home & Away, Craig Puddy, RBA and commercial opportunities

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Nelson Mandela has recently passed away, in his South Africa Johannesburg, Houghton home, aged 95. The crowds are forming around his residence in tribute to say goodbye on the corner of 12th Avenue and 4th Street, surrounded with a high stone wall.
<div style="position: absolute; top: -1999px; left: -1988px;" id="stcpDiv">corner of 12th Street and 4th Avenue</div>
<div style="position: absolute; top: -1999px; left: -1988px;" id="stcpDiv">corner of 12th Street and 4th Avenue</div>
<blockquote class="twitter-tweet" lang="en">
Now in front of Nelson Mandela's Houghton home. More and more people coming through to show love. <a target="_blank" href="https://t.co/DabFCuHQGQ">pic.twitter.com/DabFCuHQGQ</a>
— Lalla Hirayama (@Lalla_Hirayama) <a target="_blank" href="https://www.propertyobserver.com.au/https://twitter.com/Lalla_Hirayama/statuses/408726230687821824">December 5, 2013</a>
</blockquote>
<blockquote class="twitter-tweet" lang="en">
From <a target="_blank" href="https://twitter.com/Immanu3">@immanu3</a> - photo of police and press outside Nelson Mandela's home <a target="_blank" href="https://t.co/6OCbKZ74UM">pic.twitter.com/6OCbKZ74UM</a>”
— Rhett Bartlett (@dialmformovies) <a target="_blank" href="https://www.propertyobserver.com.au/https://twitter.com/dialmformovies/statuses/408712186718994432">December 5, 2013</a>
</blockquote>
<blockquote class="twitter-tweet" lang="en">
Crowds are starting to gather at the home of Nelson <a target="_blank" href="https://twitter.com/search?q=%23Mandela&amp;src=hash">#Mandela</a> in Johannesburg, who died earlier on Thursday.
— BBC Africa (@BBCAfrica) <a target="_blank" href="https://www.propertyobserver.com.au/https://twitter.com/BBCAfrica/statuses/408721685702250497">December 5, 2013</a>
</blockquote>
The Tenant's Union of NSW' <a target="_blank" href="https://tunswblog.blogspot.com.au/2013/12/vale-nelson-mandela">The Brown Couch blog</a> also pays tribute to Mandela's contribution. The right to housing, as outlined in the South Africa Constitution, is one of the highlights.
<a target="_blank" href="https://www.info.gov.za/documents/constitution/1996/96cons2.htm#26">26. Housing </a> <ol>
<li>
Everyone has the right to have access to adequate housing.
</li>
<li>
The state must take reasonable legislative and other measures, within its available resources, to achieve the progressive realisation of this right.
</li>
<li>
No one may be evicted from their home, or have their home demolished, without an order of court made after considering all the relevant circumstances. No legislation may permit arbitrary evictions.
</li>
</ol>
Property Observer's thoughts are with Mandela's loved ones at this time.
<a target="_blank" href="mailto:jduke@propertyobserver.com.au">jduke@propertyobserver.com.au</a>
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Nelson Mandela's home has crowds gather for farewell

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

Joel Robinson

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

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

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

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

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

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

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

Sherpa sells out Flourish Oasis in booming Palm Beach

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

Jennifer Duke

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