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This weekend the Western Australian property developer launched Toccata (pictured), the latest development in its four building Symphony City project in East Perth.
The new development from Finbar is located on Terrace Road in East Perth, one street back from the waterfront along the Swan River. Finbar’s Symphony City comprises so far of the newly completed Adagio and Toccata, both residential developments.
The site will also include the yet to be launched mixed-use Concerto and Harmony developments. Finbar paid $37.48 million for the former ABC site in 2008, obtaining a minor town planning amendment scheme in a joint venture with Ventrade Australia, a subsidiary of the Singaporean Chuan Hup Holdings.
Last week, the City of Perth’s Assessment Panel approved plans for the $220 million Concerto development on the site. Concerto is set to become Western Australia’s tallest apartment building upon completion, with 226 apartments over 38 levels. The ABC’s former administration building will be converted into 17 studio and one bedroom apartments as part of the development.
Toccata, which is now selling, comprises 45 three bedroom, two bathroom residences. The new residential complex includes a heated lap pool, a gymnasium and an in-house private theatre. Each of the development’s 22 floors has a maximum of two apartments, which are priced from $1,298,000.
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jrichardson-uRX5hFdKfN

Finbar launches Toccata, latest stage in Perth’s Symphony City

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Former Block contestant Duncan Miller and his wife, Jenny, have listed their <a href="https://northbridge.ljhooker.com.au/AJZF6W" target="_blank" style="line-height: 1.3em;">multi-million dollar Castlecrag home</a>.
The 2,000 square metre estate, which comes with a 14 metre heated pool and a tennis court is being marketed by Mark O’Brien of Richardson and Wrench Castlecrag and Martin Forward of LJ Hooker Northbridge. Rumour has it that the vendors are expecting more than $5 million for the five bedroom, four bedroom property.
<img src="/images/530e75517cd719a11700073e.jpg" width="460" height="345">
Miller will be hoping to make more from this property than the one he renovated on The Block: All Stars with best friend Mark Bowyer. Their Bondi townhouse was sold for $1.37 million, with the pair splitting a $25,000 profit. The team’s offering on All Stars was apparently a little too eccentric for buyers on the day, with a cowprint splashback in the kitchen, a giant propeller in the dining room and a urinal in the bathroom.
<img src="/images/530e75517cd719a11700074c.jpg" width="460" height="345">
The Millers’ Castlecrag residence, with city views, is a much more restrained offering. It will be auctioned on March 29.
<a href="mailto:jrichardson@propertyobserver.com.au" target="_blank">jrichardson@propertyobserver.com.au</a>
                   
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The Block’s ‘fat tradie’ selling multimillion Castlecrag home

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With misleading <a href="https://www.propertyobserver.com.au/western-australia/we-buy-houses-claims-from-rent-to-buy-promoters-prompts-fine/2014030568189" target="_blank">rent to buy schemes</a> gaining momentum and property spruikers increasingly<a href="https://www.propertyobserver.com.au/queensland/cancer-patients-and-pensioners-found-to-be-victims-of-gold-coast-financial-scam/2014021267745" target="_blank"> targeting the elderly and the ill</a>, the dodgy practices of a few are threatening to tarnish the reputation of the property industry. Properties, once considered safe and reliable investments, are increasingly being used by unethical operators to victimise those looking for a stable source of income.
<img src="/images/stories/2014/03/07/jc-profile.jpg" alt="jc-profile" width="125" height="150" style="float: right;">A predator in the property sphere may cost someone their retirement savings, their biggest asset or their home. Jonathan Chancellor, editor at large of Property Observer, says there are a number of ways to spot an investment trap.
"Dodgy operators try to get you into something without allowing you a second opinion from your accountant or solicitor, and sometimes not even your partner or spouse, given the intensity of their “act now” imperative.
"But no deal being pushed by a spruiker is going to simply disappear overnight. If it did, they would be out of business.
"So you are entitled to sleep on it - without signing anything - cooling off promise notwithstanding.
"And then overnight, take the time to just do some simple research. The internet makes it easy. Research the sales person, their team and their potentially dodgy practices in online chat rooms, which have plenty of feedback on the worst of cases. Then research the property, its neighbourhood and the promised returns.
"If it still looks good, then getting an independent legal and financial review of any transaction could save you your hard earn income in the long term.
<blockquote>
"Remember, property investment falls largely outside the jurisdiction of major regulators, so you are on your own.
</blockquote>
"You ought to sign only once you are completely comfortable with the clarity of the offering. Quite simply, if you lack investment knowledge - and who doesn't - then you need an independent advisor. They could be your savvy estate agent or mortgage broker acting as an honorary sounding board, or a non-commissioned professional who preferably doesn't charge over the top, but who knows their stuff."
 
While strict regulations exist for financial advisors and real estate agents, property advisors, or “spruikers” operate in much more nebulous territory. They could be a regular on the investment seminar circuit, the face of an investment scheme or your own accountant. With such unclear waters, property investors are left largely to take care of themselves. Property Observer approached some leading advocates of ethical operations in property field to ask them about how to spot a dodgy operator.
 
<img src="/images/stories/2014/03/07/ben-kingsley-profile-2.jpg" alt="ben-kingsley-profile-2" width="113" height="150" style="float: right;">Ben Kingsley, chair of the <a href="https://www.pipa.asn.au/" target="_blank">Property Investment Professionals of Australia</a> (PIPA) and chief executive of <a href="https://empowerwealth.com.au/" target="_blank">Empower Wealth Advisory</a>
Unfortunately our property investment industry remains unregulated. Given that property is such a high value transaction, which can attract large commissions and incentivised sales campaigns from builders and developers, it naturally attracts some operators who are more interested in their own self-gain than the investment returns of their clients.
For me the two main warning signs of a dodgy operator are:
<ol>
<li>
A reluctance, or even worse, a total refusal to talk about or disclose how much they are being paid for recommending a property.
</li>
<li>
A hard sell in terms of what property they are pushing. Usually the classic line about acting now, as ‘this opportunity won’t last’.
</li>
</ol>
In any field of work there is always a chance that a ‘bad egg’ or two will find their way into a professional environment, even if their profession is licensed or regulated in some way.
Having said that, PIPA is steadfast in its belief that regulation is necessary in order to limit these kinds of operators.
When it comes to steering clear of dodgy operators, PIPA’s advice is to be very cautious, do your due diligence, ask plenty of questions and don’t be rushed into anything.
Article continues on next page. Please click below.
                     
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<img src="/images/stories/2014/03/07/jacque-parker-porfile-3.png" alt="jacque-parker-porfile-3" width="113" height="150" style="float: right;">
Jacque Parker, director of <a href="https://housesearchaustralia.com.au/" target="_blank">House Search Australia,</a> president of the <a href="https://rebaa.com.au/" target="_blank">Real Estate Buyer's Agents Association of Australia</a> (REBAA)
When seeking a property advisor, including a buyer's agent:
<ol>
<li>Ensure they are appropriately licensed with their relevant state or territory licensing body, for example, the Office of Fair Trading.  This entails a simple check online via the Department of Fair Trading and also provides consumers with information on how long the operator has been in business for.</li>
<li>Ensure they are members of a professional industry body, like their state Real Estate Institute or preferably REBAA, for buyer's agents.</li>
<li>Confirm they are appropriately insured with personal indemnity cover, as this affords consumer protection.</li>
<li>An important question to ask a buyer’s agent is whether they are truly “exclusive” or “independent”. If they accept sales commission from vendors or developers then they cannot be classified as “independent” as they are acting in the interests of the seller.</li>
<li>Ask for references of recent clients and speak to them if possible. If a buyer’s agent can’t provide you with recent buyers, then there’s something wrong.</li>
</ol>
        
<img src="/images/stories/2014/03/07/jenman-profile.jpg" alt="jenman-profile" width="113" height="150" style="float: right;">Neil Jenman, property commentator, consumer advocate and <a href="https://www.jenman.com.au/index.php" target="_blank">investigative writer</a>
Honest people, straight people have always got something wrong with them. They make a mistakes, they muck up. Dodgy spruikers have nothing wrong with them. Their websites are perfect, their pitches are perfect – there won’t be anything wrong with them whatsoever, because they’ve gone to great lengths to whitewash their image completely.
They’ll quote statistics to scare people, most of which are made up. They’ll say things like “most people are going to be poor in their old age”.
Another one is the claim that they’ve “carefully researched properties for prime growth areas” – this is just doublespeak for “the developer is telling me to get people to invest here”.
The way that apartment buildings and developments used to be sold was with a full page ad in the Sunday newspapers. Now, there aren’t any ads in the paper, because property spruikers are getting commissions ranging up to $50,000 per property.
The developer will go to an accountant and say, “Listen, all your clients need to invest in something, they need tax deductions” – which means a loss. “If you get them to invest in one of our projects, we’ll give you $50,000 per property.”
They’ll often call themselves a club – this is a big warning sign. And they might not say it, but they’ll give the impression that they’re doing this out of love and helping the community. The word “club” is one of the worst things. There are right now about 15 or 20 dodgy spruiking outfits that refer to themselves as “clubs”. It’s not just in the property industry either; it’s also spread to the finance industry.
There is so much money to be made, because people are afraid of being poor; especially the elderly. I went through a copy of the Financial Review seven years back and cut out all the ads where people were offering high interest rates. There were about 11 of them, all targeting older people, with photos of elderly people walking on the beach, that sort of thing. I waited five years to see what had happened to those companies – every single one had gone into receivership.
[Of those who aren’t familiar with property investing and want to protect themselves] They should go to an ordinary real estate agent in an ordinary suburb. And buy an ordinary house, in ordinary times.
Years ago – when you wanted to buy a property, you went to the local real estate agent. Now, real estate agents are like angels compared to some of these property spruikers.
<a href="mailto:jrichardson@propertyobserver.com.au" target="_blank">jrichardson@propertyobserver.com.au</a>
                            
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Exclusive: How to spot a dodgy operator - tips from the experts 

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According to the latest Local Development Performance Monitoring Report, the number of home builders using complying development to get faster and cheaper approvals is growing. But despite complying developments making up 25% of all housing approvals  in New South Wales last financial year, some are saying that the state's approval process is still unacceptably inefficient.
Housing approvals on using complying development take on average 17 days for councils to determine compared to an average of 68 days for regular development applications, according to the 2012-13 report, released this month.
The report also noted that complying development applications were up 12% from the previous year, with their total value up 35% on the previous year, at $3 billion. The new complying development process also appears to have increased overall housing application approval efficiency at NSW councils, with the average time taken by councils to determine regular development approvals down three days since its introduction.
NSW Planning and Infrastructure Minister Brad Hazzard has commented that the fast track process allows home builders to “take the hassle” out of planning.
“Home builders can save up $7,000 on the cost of building a new home and get their project ticked off extremely quickly if they meet the rules for complying development,” said Hazzard.
“The NSW government expects to see further increases in fast track development approvals as a result of recent expansions of complying development to include straightforward renovations such as building a garage door or putting in a foot path.”
But despite the increasing use of complying development applications, the NSW approvals process is still slow, says the Urban Development Institute of Australia NSW (UDIA). According to the UDIA, the approvals process in NSW is three times slower than that in Queensland.
According to UDIA chief executive Stephen Albin, NSW cannot compete with fast tracked development on a national level.
“Project delivery in this state is so choked up in outdated, inconsistent bureaucratic red tape - a symptom of a 33 year old planning act,” he said.
“NSW cannot compete on an even footing with other States when it comes to investment and job certainty in the property construction sector.
“The number of complying development applications in Queensland is at 80% with development applications generally approved far more efficiently than in NSW.”
While Albin said that the number of complying developments processed in NSW last year was a good start, the state still has a long way to go.
“Let me be clear, streamlined approvals do not provide a green light for all development but a more efficient way to manage the process,” he said.
“To get Code Assessable Development approved in NSW applicants have to meet more than 20 strict criteria including privacy, energy usage, landscaping and floor areas to name a few,” he said.
The Local Development Performance report also showed that the value of total developments approved in NSW was up 11% on the previous year, at almost $25 billion. However, overall development activity only increased marginally from the previous year, up 0.5% (74,875 approvals).
Almost all determinations were valued at less than $1 million, with Coolamon Shire, Ryde, Junee Shire and Brewarrina Shire the local government areas with the highest proportion of complying development applications.
<a href="mailto:jrichardson@propertyobserver.com.au">jrichardson@propertyobserver.com.au</a>
 
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Fast track complying developments making up a quarter of housing approvals: NSW

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<img alt="brisbane_march_6_on" src="/images/stories/2014/03/06/brisbane_march_6_on.jpg" height="436" width="470">
Artistic impression
An undeveloped site at <a target="_blank" href="https://www.realcommercial.com.au/property-land+development-qld-brisbane+city-501016895">550 Queen Street</a> (pictured above) in Brisbane’s CBD has been listed by owners Consolidated Properties Group. The 1,530 square metre site is being marketed by Seb Turnbull and Geoff McIntyre of JLL.
“With Development Approval for a 20,000 square metre commercial scheme in place, plus the residential market showing positive fundamentals, the buyer for this prime site in Brisbane’s CBD could come from either market sectors however there’s strong interest from residential development players,” said JLL’s Seb Turnbull.
There is existing development approval for a 20,000 square metre gross floor area tower on the site, which has three street frontages to Queen Street, Ann Street, and Clark Lane. Consolidated Properties previously had plans for a residential tower on the site, with a design by John Wardle Architects.
 
{yoogallery src=[images/stories/2014/03/06/her]}
<a href="https://rca.joneslanglasalle.com.au/property-hotel+leisure-qld-urangan-500504047" target="_blank">Fisherman’s Wharf Marina and Slipway </a>in Hervey Bay (pictured above) is being sold via expressions of interest by Jacob Swan of JLL and Lindsay Fallon of Ray White. The 4.78 hectares of leasehold land comprises 2.38 hectares above the high water mark, and 2.40 hectares below high water mark, with 136 marina berths. The property located in Urangan Boat Harbour, which the agents tout as the “whale watching capital of the world.” The site is an access point to the Great Sandy Strait and Fraser Island, and has a fully operational 200 tonne slipway and 40 tonne travel lift.
According to the listing, the marina and slipway had earnings before income tax of $433,000 for the 2013 financial year.
 
{yoogallery src=[images/stories/2014/03/06/wav]}
<a target="_blank" href="https://www.propertyobserver.com.au/retail/waverley-park-stadium-shops-on-the-market/2014012867386">Two shops are available</a> at Mirvac’s Waverley Park Stadium in Mulgrave, Victoria. The two shops, Stadium Fish and Chippery and Last Piece Café (pictured above), are being auctioned by Tom Noonan and Jeremy Gruzewski of <a target="_blank" href="https://www.colliers.com.au/Auctions/AuctionPortfolio/Current_Auction_Listings/VIC/Waverley_Park_Stadium_Mulgrave.aspx">Colliers International on March 19</a>. Stadium Fish and Chippery, at Shop One, is currently bringing in $23,920 per annum in rent, while Shop Seven is leased to the Last Piece Café, bringing in $91,936 per annum.  The stadium is currently the training ground for the Hawthorn Hawks.
 
{yoogallery src=[images/stories/2014/03/06/well]}
A mixed use building on <a href="https://www.propertyobserver.com.au/https://www.raineandhorne.com.au/properties/310448" target="_blank">Swift Street in Wellington</a>, New South Wales (pictured above), is being marketed by Gary Francis of Raine &amp; Horne. Part of the building houses NAB, with the tenant contributing to 45.8% of the building’s outgoings. The other section of the two storey building is currently leased to residential tenants, but the listing notes that there is potential to convert the residential section to commercial space.
The building features marble fireplaces, ornate ceilings and tessellated tiles, along with contemporary bathrooms and kitchens. Raine &amp; Horne are accepting offers over $550,000, with a listed price of $580,000.
<a target="_blank" href="https://mce_host/jrichardson@propertyobserver.com.au"> jrichardson@propertyobserver.com.au</a>
                 
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Commercial roundup: Waverley Park shops up for auction as Brisbane CBD development site listed

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There are a lot of benefits to buying an investment property with existing tenants. You’ll start earning rental income from the property’s settlement date, and won’t have to shoulder the costs of advertising the property to renters – not to mention you can dodge the hassle of finding a new property manager.
But purchasing a property that comes with its own occupants can also have its downsides.
Your obligations to tenants
If the tenants have been there for a long time and the property’s in good nick, you can be relatively sure that the tenants have had a good relationship with their property manager or landlord.  But what if you’re not happy with the tenants of the property you’ve purchased?
The first and most important thing to remember is that most leases are not voided once a property changes hands. Unless there is a special clause in a lease that attaches it to a mortgage (which is rare), in all states and territories you are required to honour an existing lease when you purchase a property.
So if the existing tenant is on a lease you must honour its terms. That means not breaking the lease, or giving fair notice or reason if you do terminate the tenancy. “Fair notice or reason” can change from state to state, but the rules are relatively consistent. If you’re unhappy with your tenants because they’re behind on rent or have violated the terms of their lease, for example, you only have to give them 14 days written notice to vacate in most states.
You are also able, in most states, to end a fixed term lease early if you have written agreement from the tenants.
But what if the tenants haven’t violated the terms of their lease?
Perhaps you intend to occupy the home. In that case, make sure that can time your move in date for shortly after the lease term is over.
But remember, even when a lease is ending, you must give the tenants proper notice that you do not intend to renew their lease. This could be up to 90 days notice for Victorian tenancies. And in some states, you automatically switch over from a full term lease to a periodic lease, so you’ll still have to give up to 60 days notice if you require the tenants to vacate.
Another thing to keep in mind is the income you’re receiving from tenants. Be aware that some vendors have been known to sign up tenants shortly before selling and at sub-market rents. If the sellers manage to pull it off, the practice can give uninformed buyers the impression that the home is highly rentable and therefore a good investment.
So before you purchase a home with tenants, make sure you inquire about the current rent being charged. In most states owners cannot raise the rent during a fixed term lease, unless a rental increase is flagged in the tenancy agreement. So if you, as the new landlord, do want to raise the rent, you’ll have to wait til the end of the fixed lease period.
The property manager
You’re happy to keep your tenants in your new home and thrilled with the automatic rental income. So far, the transition has gone smoothly. But there is one more ingredient in the mix, one that can make or break your relationship with your tenants. The property manager.
When purchasing a house with an existing lease, chances are, you are inheriting the home’s property manager as well. This could be a great thing. The <a href="https://www.propertyobserver.com.au/news/how-to-choose-the-best-property-manager/2014021067669/Page-2" target="_blank">right property manager</a> will have good market knowledge, be familiar with the property and its tenants and be able to spot any problems before they occur. But a <a href="https://www.propertyobserver.com.au/news/how-to-choose-the-best-property-manager/2014021067669/Page-2" target="_blank">bad property manager</a> can neglect your property and your tenants.
Chances are, the property manager will be from the same agency as those marketing the home. So if you’re interested in purchasing a property with existing tenants, see if you can get a chance to speak to the property manager. Though a five minute chat on the phone won’t tell you everything you need to know, first impressions can be valuable.
Remember that even if you do inherit a bad property manager, you always have the option of changing to a better one. If you ditch the property manager, you are always able to retain your tenants and their lease. It may be a hassle – most experts recommend giving your property manager at least 28 days notice – but it’s worth it for the safety of your tenants, and your investment. And when you do go about choosing a better property manager, make sure you <a href="https://www.propertyobserver.com.au/landlords/six-things-to-look-for-when-choosing-a-property-manager-cameron-mcevoy/2012101657190/Page-1" target="_blank">do it right</a>. 
Neither bad tenants or a dodgy property manager should be enough to put you off making a sound investment with good capital growth potential. But if you go into your purchase with your eyes open, you can save yourself a lot of time and money.
<a href="mailto:jrichardson@propertyobserver.com.au" target="_blank">jrichardson@propertyobserver.com.au</a>
                  
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Purchasing a property with existing tenants: what you need to know

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The Property Council is carrying out an extensive pre-election campaign in South Australia, with policy recommendations to politicians, businesses and powerbrokers. According to the Property Council, their agenda items, which include taxation reform, jobs growth, population growth and infrastructure, are intended to stimulate economic growth in the state.

The Property Council’s pre-election policy manifesto is titled Igniting Our Economy: Building a Dynamic Future for South Australia. According to Property Council president Ben Yates, “Igniting Our Economy offers a host of recommendations, that if adopted, will make South Australia a better place to live, work and do business.”
The council claims that the state currently has an “anti-growth taxation system”, and requires a “comprehensive taxation review.” In a statement released last month, the council comments that “our future leaders also need to boost jobs growth and stem the tide of South Australians fleeing interstate and overseas. With more jobs and local opportunities South Australia will attract more people and be able to keep pace with other states and markets.”
The Liberal party has <a target="_blank" href="https://www.propertyobserver.com.au/south-australia/liberal-party-vows-to-decrease-land-tax-for-investors-if-elected-in-south-australia/2014030368137">vowed to decrease land tax</a> if elected in South Australia.
The Property Council also believes that sustainable population growth must be a priority for the next government of South Australia, with population growth a potential driver of funding for infrastructure development.
The council has also launched a website, <a href="https://www.sadecides2014.com.au/" target="_blank">SA Decides 2014</a>, covering news regarding the upcoming South Australian election. The website lists the Property Council's policy recommendations as follows:
<ul>
<li>Conduct a ‘root and branch’ review to reshape the State’s taxes and design a sustainable system.</li>
<li>Invest in innovation and long-term economic development by trialling a Payments in Lieu of Taxation (PILOT) program.</li>
<li>Remove disincentives to ‘down-sizing’ and ‘right-sizing’ by providing stamp duty relief for home owners aged over 55.</li>
<li>Establish a ‘Jobs Fund’ to explore and invest in job-creating businesses.</li>
<li>Adopt the Property Council’s Nine Point Plan to increase the number of skilled migrants settling in South Australia.</li>
<li>Establish Infrastructure SA to identify and prioritise key infrastructure projects.</li>
<li>Charge Infrastructure SA with recommending and implementing the financing and funding of infrastructure projects.</li>
<li>Implement the Property Council’s planning and development reforms package.</li>
<li>Work with the private sector to improve social housing outcomes for the community.</li>
<li>Make available competitively located, and development-ready industrial land to support growing industries.</li>
<li>Increase and retain international students in South Australia.</li>
<li>Leverage off investments in medical education to enhance the State’s health and biomedical research industry.</li>
<li>Establish a Centre for Construction Excellence in South Australia.</li>
<li>Appoint an independent Audit Commission to examine the role, structure and culture of the public service.</li>
<li>Take stock of current projects and spending by initiating a line-by-line review of all State Government programs and projects.</li>
<li>Repeal a prioritised list of out-dated legislation and regulation, and adopt a one-in, one-out rule.</li>
<li>Fully liberalise trading hours and allow businesses to respond to demand.</li>
<li>Reform local government to improve its professionalism and effectiveness.</li>
</ul>
Source: <a href="https://www.sadecides2014.com.au/action" target="_blank">SA Decides 2014</a>
South Australia will go to the polls on 15 March 2014.</body></html>

Property Council pushes agenda ahead of South Australian election

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Approvals for dwellings increased to a record high of 17,104 in February, with dwelling approval figures for January described as "much stronger than expected" by Westpac.
January saw dwelling approvals increase by 6.8% from the previous month and 34.6% over the year, according to seasonally adjusted estimates from the Australian Bureau of Statistics. The strong result defied market expectations of a modest 0.5% rise for the month, while Westpac had predicted a 1.5% decline in approvals.
However, Westpac is quick to warn that data for the early months of the year are comparitively unreliable, with 'raw' unadjusted approvals about 25% lower in January than seasonally adjusted approvals, which take into account the seasonal component of fluctuations. Despite this, Westpac notes that seasonal adjustments are unlikely to have had a large impact on the overall results, with unadjusted January approvals still up 36% on the previous year.
Private sector house approvals in particular posted a strong result, with a 8.3% increase in the month to January, and a total 26% rise in the year to January. Apartment approvals, which are, as termed by CommSec, "lumpy", rose by 4.7% in the month.
According to Westpac, the figures underscore a strong outlook for new residential building in 2014, with the bank predicting double-digit annual growth for this year.
<a href="https://mce_host/jrichardson@propertyobserver.com.au" target="_blank">jrichardson@propertyobserver.com.au </a>
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Building approvals at record high for February

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The 2014 outlook for Australia's $1.3 trillion mortgage market is positive, according to the latest mortgage from Deloitte. The research firm, which surveyed a roundtable of residential lending industry leaders to consider the driving factors of change in the market, is predicting a "consumer-driven revolution" in mortgages.
Deloitte's report notes that at the end of 2013, a record number of housing commitment applications across the market was driven by annualised settlement growth of about 20%. Deloitte banking partner James Hickey was one of the report's primary authors. "Settlements across Australia on a monthly basis in 2013 reached more than $28 billion. That is the highest single monthly settlement rate on record, and a clear jump since the onset of the GFC, when they struggled to reach $20 billion," said Hickey.
<img src="/images/stories/2014/03/05/deloitte_march_5.png" alt="deloitte_march_5" width="470" height="302">
"Confidence among borrowers is high. Investors have made a comeback and funding pressures are easing, promising a vibrant and competitive mortgage market this year and through to 2017."
But Hickey also noted that the market's performance wasn't due to the new buyers.
"However, most of the growth in settlement volumes through 2013 was due to existing owner-occupiers upgrading and investors returning rather than first home buyers entering," Hickey said.
The report also pointed to changing technology as a key factor that will shape the mortgage market over the next three years.
"The consensus from the Deloitte Mortgage Report roundtable was that digital and data will be the main game for mortgages over the next three years. For consumers, lenders and brokers, the digital and data revolution is producing significant change in how they are accessing and delivering the mortgage of the future," said Hickey.
"Much of this change will be consumer-led and driven by the need for both simplicity and advice from customers as to how best to manage their finances.
"The organisational winners will be those that can make the best scientific interpretation of the masses of 'big data' that financial institutions and others continue to accumulate and use this to facilitate successful proactive and valuable interactions for the consumer. Digital will be a critical enabler of that," Hickey said.
According to Deloitte Digital partner Katherine Milesi, face the challenge of presenting a coherent brand and service to customers who use a variety of digital devices. 
"Customers want their banks to make life easier for them by using the unique data they have, to help them better manage their money. A simple example is being able to save an incomplete online application form and then call a sales assistant who can expedite completion. Being able to switch from one channel to another, without losing data or context, is exactly what omni-channel banking will deliver," Milesi explained.
Milesi also noted that the results of the government's upcoming Financial Systems Inquiry will influence activity in the mortgage market.
Of the inquiry, Deloitte Banking partner Graham Mott said, "The two largest engines in Australian financial services are mortgage lending ($1.3 trillion) and superannuation ($1.5 trillion). The inquiry needs to explore how these two significant systems can better interact at a macro (systems-wide) and a micro (household) level.
"There is a really exciting opportunity for the Inquiry to assist financial services be more integrated. To paraphrase Yellow Brick Road CEO Matt Lawler at the Deloitte roundtable: 'There is no longer one great Australian dream, there are two dreams running in parallel - to own your own home and to retire comfortably.'"
<a href="mailto:jrichardson@propertyobserver.com.au" target="_blank">jrichardson@propertyobserver.com.au</a>
                           
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Competition to intensify as mortgage settlement growth returns: Deloitte

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NAB is now offering a two year fixed rate loan at 4.84%, and its three year fixed rate loan at 5.06% interest per annum as part of  its package deal.
The bank, which cut rates on its standard fixed loans to record lows in January, has dropped the interest rates on its packaged home loan products by five basis points for two year fixed rate loans and seven basis points for three year fixed rate loans, as reported by the Sydney Morning Herald. NAB has been contacted for confirmation.
Rates for its standard non-packaged loans at NAB are currently at 4.94% and 5.16% for two and three year fixed rate loans respectively.
None of Australia's other major banks have made a change to their interest rates this month ahead of the Reserve Bank of Australia's March cash rate decision.
Westpac is offering an interest rate of 5.04% per annum for its two year fixed rate loan, and 5.29% for its three year fixed rate loan. It also <a target="_blank" href="https://www.propertyobserver.com.au/finance/westpac-cuts-fixed-rates-for-two-and-three-year-loans/2014022467985">cut rates</a> for its "premium advantage package" fixed rate home loans (where the loan value exceeds $150,000) last month. For those eligible for the package, two year fixed rate loans are offered at 4.84% interest per annum and three year loans are offered at 5.09%.
ANZ is currently offering two year fixed rate loans with its "breakfree package" at 4.89% interest per annum and 5.04% per annum for its pacakged three year fixed rate loans. Unpackaged standard  loans are offered by the bank at 5.04% and 5.28% for its two and three year fixed rate loans respectively.
The Commonwealth  Bank's packaged loans are offered with 4.84% interest for its two year fixed rate loan, the same rate now offered by Westpac. Its packaged three year fixed rate loan is currently offering an interest rate of 5.09% per annum The bank's two year standard fixed rate loan is at 4.99% per annum, while its standard non-packaged three year fixed rate loan is at 5.24%. 
<a target="_blank" href="mailto:jrichardson@propertyobserver.com.au">jrichardson@propertyobserver.com.au</a>
                          
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NAB cuts rates on fixed rate home loans

The new <a href="https://www.apartments.com.au/new-apartments/yarraville-green-42-stephen-street-yarraville-vic-3013">Yarraville Green</a> development in Melbourne's inner west is showing that landscaping can be just as influential as architecture, with buyers responding strongly to the garden-first approach adopted from the outset by developer Excelon Projects and the project's design team.

Excelon appointed Six Degrees Architects and landscape architects SBLA to work collaboratively on the development, with a brief to create "a sustainable, design-led building with a focus on community."

That approach has resonated with buyers. According to Next Chapter Director Tom Hirini, who is leading the sales campaign, the landscaped communal garden has become one of the project's defining features, alongside its boutique scale and European-inspired cluster housing concept.

Local downsizers, right-sizers and established families already living in Yarraville and surrounding suburbs have accounted for the majority of purchasers.

[smartcode_project:default project_id=144913 project_image_fid=297740]

Yarraville Green will comprise 53 homes, including apartments and townhomes, arranged around the shared central garden to maximise connections to the landscaped open space. Parking has been moved underground, allowing the ground plane to be dedicated to greenery, pedestrian movement and communal spaces.

The landscape extends well beyond passive planting. Productive garden beds, a pergola, communal gathering spaces, garden sheds and a pet wash have all been integrated into the masterplan, creating spaces designed to encourage everyday interaction between residents.

[smartcode_project:default project_id=144913 project_image_fid=297741]

The interiors continue Excelon's focus on craftsmanship, incorporating bespoke elements by Melbourne artisans including leadlight detailing by Adadaz, hand-turned timber hardware by Auburn Woodturning and blown-glass lighting by Ruth Allen.

Sustainability has also been embedded throughout the project, with Yarraville Green targeting an average 7-star NatHERS energy rating through passive design principles, rooftop solar servicing common areas and rainwater harvesting for landscape irrigation.

[smartcode_project:default project_id=144913 project_image_fid=297735]

Construction continues to progress at Yarraville Green, with structural works well underway and framing works approaching completion under builder Balmain &amp; Co. The project remains on track for completion in mid-2027.

Apartments at Yarraville Green are currently priced from $625,000, while townhomes start from $1.4 million.

[smartcode_project_cta:default project_id=144913]

Joel Robinson

Garden-led design drives buyer demand at Yarraville Green

National diversified developer Fortis has officially launched Crest &amp; Walker, its latest Brisbane apartment development, with construction now underway on the 20-storey Newstead project.

Award-winning builder BINAH has commenced construction on the Bureau^Proberts-designed building, which will deliver a limited collection of 65 two and three-bedroom apartments on Kyabra Street.

[smartcode_project:default project_id=145922 project_image_fid=373556]

The project marks Fortis' fourth active residential development in Brisbane, following River House, which is nearing completion, alongside projects in New Farm and Hamilton as the national developer continues to expand its South East Queensland pipeline.

Fortis General Manager – Development Queensland Dan Boman said Crest &amp; Walker reflects the developer's long-term commitment to delivering design-led residential projects in Brisbane's established inner-city suburbs.

"We're proud to be strengthening our presence in Brisbane with Crest &amp; Walker, particularly in such a sought-after lifestyle destination as Newstead," Boman said.

"Every Fortis project is shaped by its context, and we approach each one with the respect and care it deserves.

"Our focus is always on creating places that feel connected to their neighbourhood and elevate the everyday experience for residents. Newstead continues to evolve as one of Brisbane's most sought-after urban communities, and Crest &amp; Walker reflects our ambition to contribute meaningfully to that story."

[smartcode_project:default project_id=145922 project_image_fid=373559]

Positioned between Gasworks Plaza and James Street, <a href="https://www.apartments.com.au/new-apartments/crest-walker-newstead-12-kyabra-street-newstead-qld-4006">Crest &amp; Walker</a> has been designed as a boutique residential address offering privacy and generous living spaces within one of Brisbane's most established lifestyle precincts.

The building features a contemporary brick podium softened by integrated landscaping, while the upper levels are characterised by restrained architecture and enduring materiality. Interiors have been designed to maximise natural light, acoustic performance and long-term liveability.

[smartcode_project:default project_id=145922 project_image_fid=373583]

Residences comprise spacious two and three-bedroom floorplans, with two-bedroom apartments priced from $1.55 million and three-bedroom, half-floor residences from $3.95 million.

Residents will have access to a wellness-focused rooftop featuring a swimming pool, sauna, steam room, landscaped dining spaces and outdoor lounge areas overlooking Newstead and the Brisbane CBD.

[smartcode_project:default project_id=145922 project_image_fid=373571]

Sales are being managed by Slaite Projects, with Fortis expecting strong demand from owner-occupiers seeking a high-quality, design-focused apartment in one of Brisbane's most tightly held inner-city suburbs.

Completion of Crest &amp; Walker is slated for late 2028.

[smartcode_project_cta:default project_id=145922]

Fortis expands Brisbane pipeline with launch of Crest & Walker in Newstead

The enormity of delivering a true skyscraper in Australia's new development market is often overlooked.

It has taken the best part of a decade since plans for Chevron One were first unveiled, but the 41-storey tower is now complete, with residents collecting their keys and moving into what has become one of the Gold Coast's most recognisable new landmarks.

Rising 127 metres above Chevron Island, Chevron One stands almost twice as high as any other building on the island. Its scale places it alongside the trio of towers at Jewel, arguably the last truly significant addition to the central Gold Coast skyline when they were completed around six years ago.

While there are several developments underway around a similar height to Chevron One, they are more concentrated within clusters of the highest towers in the city. The fact Chevron One sits within a developing precinct, looking back at the other high-rise developments in Surfers Paradise and Broadbeach, makes it a different proposition altogether. It will certainly become a reference point on the Gold Coast skyline.

[smartcode_project:default project_id=6515 project_image_fid=68833]

Developer Bensons Property Group is behind the 41-storey tower, which has 229 apartments, along with an exhaustive list of resident amenity spread across what is the largest development site ever assembled on Chevron Island.

The tower has been the talk of the town for years, says Ray White Projects Gold Coast agent Caitlin Rosenboom, who is selling the remaining apartments.

"People have been watching Chevron One go up for years," Rosenboom says, adding that many prospective buyers have been surprised by the scale of the views once they step inside.

"It's only when they walk through a completed apartment that they truly understand the position of the building," Rosenboom says.

"The views are jaw-dropping. Whether you're looking east over the ocean, across Surfers Paradise, along the river systems or out to the hinterland, every level offers something different but equally impressive."

[smartcode_project:default project_id=6515 project_image_fid=360215]

One of Chevron One's defining advantages is its location on the eastern side of Chevron Island on Stanhill Drive, a position which protects the views forever.

"There's only one row of houses between Chevron One and the water, and the height restrictions along the river means views from Chevron One can never be built out,"&nbsp;Rosenboom says.

While new apartment developments continue to emerge across the Gold Coast, Rosenboom says opportunities to secure a completed apartment with this level of outlook are becoming increasingly rare.

"The size of the site is something that would be incredibly difficult to replicate today," she says.

"That's allowed Chevron One to deliver the sort of amenity, open space and resident facilities that very few projects can offer. There are not many completed apartment buildings on the Gold Coast right now that can compete with the combination of scale, quality and amenity."

[smartcode_project:default project_id=6515 project_image_fid=68839]

There's around 2,000 sqm of amenity solely for the use of residents of Chevron One. Club One features a uniquely shaped swimming pool that mirrors the footprint of the building itself, set within a extensively landscaped gardens. There's also an indoor pool and spa, a fully equipped gym with a Pilates room, a yoga garden, a bookable private dining area and lounge that can host up to 30 people, and a 24-hour concierge service.

As for the buyers, Rosenboom is fielding enquiry from everywhere: Sydneysiders and Melburnians looking at the new and off-the-plan market following the changes in the Federal Budget, as well as those looking to relocate, through to South East Queenslanders seeking either a permanent home or a weekender bolthole.

"The Gold Coast lifestyle continues to resonate with people relocating from the southern states, and when they see the views and the quality of what's been delivered at Chevron One, it becomes very easy for them to understand the appeal," Rosenboom says.

A diverse mix of one, two and three-bedroom apartments remain available, with each offering "something a little different", be it the orientation and views, configuration, or level, to suit a wide variety of buyers.

The remaining apartments are ready to inspect in person, by appointment.

[smartcode_project_cta:default project_id=6515]

A decade in the making: Residents to move into Chevron One as construction wraps up

A general rule of thumb in new apartment developments is that the penthouses get the rooftop.

It's a formula that's become commonplace across Australia's apartment market. Residents might have access to a pool, gym or barbecue facilities on a dedicated lower level, but the most desirable outdoor spaces are typically reserved for the highest-priced homes at the top of the building.

<a href="https://www.apartments.com.au/developers/sherpa-property-group">Sherpa Property Group</a> has taken the opposite approach.

Rather than dedicating the rooftop to a handful of buyers, the Gold Coast developer has made it the centrepiece of its Flourish collection, creating expansive shared spaces from the best vantage point in the building.

The philosophy has reached its most ambitious expression at <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> in Palm Beach, where two rooftop precincts connected by a skybridge will deliver one of the most extensive lifestyle offerings seen in a residential apartment project on the Gold Coast.

[smartcode_project:default project_id=150017 project_image_fid=374053]

"We're seeing a clear move toward developments that offer more than just an apartment," Sherpa Group founder Christie Leet said.

"People want spaces that support how they actually live, whether that's working from home, staying active, or spending time with family and friends.

"That's where amenity becomes critical. It's not just about what's included, but how those spaces are designed to be used every day."

[smartcode_project:default project_id=150017 project_image_fid=374052]

The breadth of amenity has already attracted buyers across multiple demographics. Younger first home buyers have been drawn to Soleira's one-bedroom apartments, a product rarely delivered in Palm Beach, while families have responded to practical inclusions such as the shallow children's pool adjoining the main lap pool and the extensive communal recreation areas.

Instead of a single rooftop, Soleira delivers two distinct lifestyle zones.

[smartcode_project:default project_id=150017 project_image_fid=372547]

The southern rooftop has been dedicated to wellness, featuring a gym, yoga and Pilates studio, work-from-home facilities, a wellness centre, spa, and hot and cold plunge pools.

The northern rooftop focuses on recreation and entertaining, incorporating a heated resort-style pool, private dining rooms, pizza ovens, barbecues, a golf simulator, children's recreation areas, and what is expected to be the Gold Coast's first rooftop basketball court, which will also double as a squash court.

[smartcode_project:default project_id=150017 project_image_fid=374054]

Beyond the rooftops, Soleira will introduce 1,500 sqm of curated retail beneath the towers, creating one of Palm Beach's first genuinely mixed-use lifestyle precincts where cafés, restaurants and convenience retail become part of residents' everyday lives.

Sherpa has also retained management rights across the development, allowing it to oversee the long-term operation of the building through a 24-hour concierge model. The developer is also exploring additional revenue streams within the precinct aimed at helping offset ongoing body corporate costs for residents.

[smartcode_project:default project_id=150017 project_image_fid=370962]

While Soleira is the largest project Sherpa has delivered, the rooftop-first philosophy has been evolving for several years.

It began with <a href="https://www.apartments.com.au/new-apartments/amargo-6-12-sixth-avenue-palm-beach-qld-4221">Flourish Amargo</a>, the first project released under the Flourish brand. Rather than competing at the ultra-luxury end of the market with oversized half-floor and full-floor residences, Sherpa focused on creating lifestyle-driven apartments supported by resort-style shared spaces.

Amargo introduced more than 800 sqm of rooftop amenity, combining wellness facilities, heated pools, entertaining areas, cabanas, pizza ovens and private dining spaces into what was designed as an extension of residents' homes rather than a facility used only occasionally.

[smartcode_project:default project_id=146527 project_image_fid=366550]

That approach continued with Flourish Oasis, where the same amenity-led philosophy was refined into a more boutique development. Strong demand from Sherpa's growing VIP database saw much of the project sold before it reached the broader market, reinforcing buyer appetite for apartment communities centred around shared lifestyle experiences.

Flourish Amargo is slated for completion mid-way-through next year, with Oasis to be delivered by late 2027. Flourish Soleira is expected to complete in 2030.

[smartcode_project_cta:default project_id=150017]

Sherpa takes amenity to the sky as Flourish Soleira captures booming Palm Beach demand

As apartment living continues to evolve across Sydney's growth corridors, the quality and distribution of shared spaces is increasingly shaping how residents experience home. Rather than functioning as add-ons, amenities are being embedded into the daily rhythm of a building, supporting everything from quiet retreat to social interaction, often within a single vertical community.

At <a href="https://www.apartments.com.au/new-apartments/aeris-melrose-park-nursery-street-melrose-park-nsw-2114">Aeris</a> in Melrose Park, this approach is resolved through a layered amenity offering that unfolds from ground level through to its upper podium. Developed by <a href="https://www.apartments.com.au/developers/sekisui-house-australia">Sekisui House Australia</a> in partnership with Hankyu Hanshin Properties, the project introduces 468 apartments across two towers and a mid-rise building, positioned at the highest point of the broader masterplan.

[smartcode_project:default project_id=426 project_image_fid=359199]

The amenity experience begins at street level, where two courtyards sit within a landscaped setting that connects residents to the wider network of parks and green spaces. These green spaces are not isolated pockets but part of a wider pedestrian network that links Aeris to the surrounding <a href="https://www.apartments.com.au/developments/melrose-park-nsw-2114">Melrose Park</a> precinct, including Central Park, future schools, and the Town Centre opening in July 2026. The result is a transition that moves from public to private without abrupt boundaries, allowing residents to pass through shaded, tree-lined environments before reaching the building itself.

Moving upward, the focus shifts to the level five podium, where the primary communal facilities are concentrated. This space brings together a 16-metre swimming pool, outdoor seating areas, and a communal BBQ zone arranged to take advantage of elevated outlooks. Seating is positioned beneath pergolas, creating pockets of shade that extend the usability of the space throughout the day. The pool edge aligns with views toward the wider district, reinforcing the sense of elevation that defines the project’s positioning.

In the adjacent building, this is complemented by quieter, more contemplative spaces, including an outdoor cinema set within the same level. Positioned to operate primarily in the evening, it introduces a different tempo to the shared environment, shifting from daytime activity to after-hours use without requiring separate zones.

[smartcode_project:default project_id=426 project_image_fid=360299]

The podium also accommodates an intimate private resident gym. Located on the lower levels, it gives residents convenient access to fitness facilities without leaving the building.

Above, the elevated podium sky deck extends the amenity offering, providing additional open-air spaces with elevated outlooks across the surrounding landscape. While more restrained in program, this upper level reinforces the project’s vertical progression, from ground-level greenery to elevated outlook, allowing residents to move between distinct spatial conditions within a single address.

This distribution of amenities reflects a deliberate response to how residents use space across the day. Sekisui House Australia Sales and Marketing Director Peter Kalaf points to the role these shared areas play in shaping buyer demand. Aeris has been conceived as more than a collection of apartments, with the podium pool, gym and outdoor cinema forming part of a broader lifestyle offering that extends the home beyond each individual residence.

[smartcode_project:default project_id=426 project_image_fid=360300]

What distinguishes Aeris is not the inclusion of these elements individually, but how they are arranged in relation to one another. Active, social, and passive spaces are layered vertically rather than separated, allowing residents to choose between them without leaving the building or moving far from their apartment. This proximity supports both routine use, such as a morning swim or evening workout, and more occasional gatherings, whether around the BBQ area or within the cinema setting.

The amenity design also sits within a broader framework of connectivity across Melrose Park. The Melrose Park Town Centre, anchored by Coles and Dan Murphys, features a mix of retail, dining, health and lifestyle offerings, bringing everyday convenience closer to residents. By the end of the year, more than five hectares of parks and open space, equivalent to around seven football fields of green space on residents' doorstep, will further enhance the precinct, allowing the internal facilities at Aeris to operate as an extension of the wider neighbourhood rather than a substitute for it.

Construction at Aeris continues to gather momentum, with ground floor slabs expected to be completed in late 2026 before the first sections of the buildings begin to rise above ground.

[smartcode_project_cta:default project_id=426]

Jessie Richardson

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