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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 residential transformation of St Kilda Road is set to continue into with more new apartment plans for the sought-after boulevard.

Wing Tai Asia has lodged plans for a major residential tower at 464-466 St Kilda Road, replacing the former VACC House with an 18-storey mixed-use development designed around a retained heritage podium and a sculpted contemporary tower.

The proposal, prepared under Victoria’s Significant Residential Development with Affordable Housing pathway, would deliver 325 apartments and ground-floor retail across the prominent 4,653 sqm boulevard site in Melbourne’s St Kilda Road North Precinct.

The project centres on the adaptive reuse of the site’s heritage-listed VACC Building, an eight-storey office designed by Bernard Evans that has occupied the address for decades. Planning documents state the development would involve “carefully dismantling and conserving off-site the original metal fabric of the podium visible from St Kilda Road,” before reinstating it as the defining frontage of the new scheme.

Above the restored podium, Wing Tai is proposing a curvilinear residential tower. The scheme includes 172 one-bedroom apartments, 63 two-bedroom apartments, 66 three-bedroom apartments, and 24 four-bedroom apartments, alongside two ground-floor food and beverage tenancies fronting St Kilda Road.

The tower has been designed with substantial articulation and variable setbacks to minimise perceived bulk and maintain view corridors along the boulevard. Urbis, which prepared the planning report, said the design “has been significantly articulated through a curvilinear design” with “an interplay with materials, façade expression and depth” to create visual separation and visual interest.

The proposal also includes 254 basement car spaces, landscaped pedestrian links connecting St Kilda Road and Queens Lane, and a biophilic landscape strategy featuring canopy trees, raised planters, cascading greenery and a glass oculus pool overlooking the eastern frontage.

Planning documents confirm the $270.1 million development will contribute 3 per cent of project costs to the Social Housing Growth Fund as part of the application process.

Wing Tai acquired the St Kilda Road property in 2018 alongside Abacus Property Group for $95.38 million, before later consolidating ownership of the site. The property previously served as the Victorian Automobile Chamber of Commerce headquarters for around 60 years.

The transformation of the St Kilda Rd boulevard is already beginning to materialise, with a number of high-profile projects recently completed, launched, or approaching launch as developers continue to back the long-term appeal of the precinct.

Among the most notable recent completions is Louise by Samuel Property Group, just off the strip on Queens Lane, the same pocket Hirsch &amp; Faigen recently launched The Queensbury. Mirvac is too on the same street with The Albertine, which is approaching completion.

Dexus recently secured approval for its slice of St Kilda Road, while Gurner also has approved plans for the precinct.

Joel Robinson

Wing Tai unveils 325-apartment St Kilda Road tower on former VACC House site

Malaysian developer <a href="https://www.apartments.com.au/developers/s-p-setia">SP Setia</a> is the latest to jump into St Leonards booming Transport Oriented Development precinct.

The developer, which has previously delivered Sapphire by the Gardens apartment development in Melbourne, identified the Atchison Street site in 2023. It filed a Scoping Report around 12 months ago, and now has revealed the designs for the new&nbsp;40-storey mixed-use tower.

The State Significant Development Application covers <a href="https://next-portal.urban.com.au/projects/14650/summary">20-22 Atchison Street</a>, a 1,374 sqm site positioned between St Leonards Station and the new Crows Nest Metro station.

Designed by <a href="https://www.apartments.com.au/architects/cox-architecture">COX Architecture</a>, the project would deliver 181 apartments, above a four-storey commercial podium, five basement levels, and new public domain works along Mitchell Street. The apartment mix comprises 35 one-bedroom apartments, 39 one-bedroom-plus-study apartments, 85 two-bedroom apartments, and 22 three-bedroom residences.

The proposal has been lodged as a shop-top housing development under the NSW Government’s TOD planning pathway, which allows increased density around key transport infrastructure. The site sits within the recently rezoned Crows Nest Accelerated TOD Precinct.

<img alt="First look: SP Setia targets St Leonards skyline with 40-storey TOD tower" data-entity-type="file" data-entity-uuid="b799673d-48e2-46b0-801a-0e33a9330100" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/atchinson%20site.png?VersionId=dPh0UfwfaHpbFL1R7H1cbZNbIW0CHbCC" />

SP Setia acquired the Atchison Street site as part of its continued expansion into the Australian apartment market. In comments made to City &amp; Country (The Edge Malaysia) in 2023, SP Setia President and CEO Datuk Choong Kai Wai described the acquisition as “a strategic move” aligned with the group’s post-pandemic market recovery strategy.

“Our target for this exceptional development is local and overseas buyers, including first-home buyers, downsizers and investors,” Choong said.

The tower has been designed as a slender vertical form rising from a mixed-use podium, with COX Architecture positioning the development as a response to the evolving St Leonards and Crows Nest skyline.

“The purpose of the project is to facilitate the delivery of high-quality housing at a strategically located site and deliver a built tower outcome that is consistent with the desired future character of St Leonards and aligns with the TOD controls,” the design report stated.

<img alt="First look: SP Setia targets St Leonards skyline with 40-storey TOD tower" data-entity-type="file" data-entity-uuid="b1a85eee-76f7-436c-a6da-73ba827b9b13" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/atchinson%20entry.png?VersionId=dA9jHGPMcm.dDbwk4QfxqWiY5bfh3UVt" />

The podium would incorporate retail uses fronting Atchison Street, commercial tenancies, landscaped communal areas, and pedestrian improvements along Mitchell Street. Vehicle access and loading would be consolidated via Atchison Lane.

Residents would have access to more than 665 sqm of communal indoor and outdoor spaces, while the development proposes 96 parking spaces across five basement levels.

The proposal also includes a commitment for 10 per cent of residential floor space to be allocated toward affordable housing through a monetary contribution.

COX said the tower form responds directly to the emerging high-density character of the precinct while seeking to maximise solar access, cross ventilation, and outlook from apartments.

<img alt="First look: SP Setia targets St Leonards skyline with 40-storey TOD tower" data-entity-type="file" data-entity-uuid="2163f85c-f63b-4be3-aafa-f8763976cec5" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Article%20Feature%20Image%20%28Grid%29_5.png?VersionId=WiAmtIKJ6.ZQ41EtYEQ1fol7AeorKBlL" />

“The building is orientated towards north,” the Apartment Design Guide compliance report noted, adding that the tower’s slim form was driven by the constrained inner-urban site dimensions.

The design also incorporates landscaped setbacks and communal open space at podium level, intended to soften the interface with surrounding streets and improve pedestrian amenity.

The project adds to a growing wave of redevelopment proposals reshaping St Leonards and Crows Nest following the opening of the Sydney Metro City line and the NSW Government’s push for higher-density housing around major transport nodes.

Last week Stockland filed plans just down the road. They want to build a <a href="https://www.apartments.com.au/new-apartments/601-pacific-highway-st-leonards-nsw-2065">52-storey tower on Pacific Highway</a>.

Read more:&nbsp;<a href="https://www.apartments.com.au/news/nsw/first-look-stockland-plans-52-storey-538-apartment-st-leonards-tower">First look: Stockland plans 52-storey, 538-apartment St Leonards tower&nbsp;</a>

First look: SP Setia targets St Leonards skyline with 40-storey TOD tower

<a href="https://www.apartments.com.au/developers/urban-property-group">Urban Property Group</a> has revealed plans for a new mixed-use tower at 10 Dangar Street, Wickham, advancing a proposal that would reshape the southern gateway to Newcastle’s city centre with one of the city’s tallest residential buildings.

The State Significant Development proposal, now on exhibition, seeks approval for a <a href="https://www.apartments.com.au/new-apartments/bowline-10-dangar-street-wickham-nsw-2293">43-storey tower</a> immediately adjacent to the Newcastle Interchange. The project would deliver around 200 apartments, including 42 affordable housing dwellings, alongside 99 co-living units, a 171-room hotel, retail space, and new public domain integrated through the site.

The scheme marks a significant escalation of plans previously approved for the site. Urban Property Group took over the prominent 2,904 sqm parcel, where excavation and demolition had already commenced under an earlier consent for a 14-storey mixed-use development.

<img alt="First look: Urban Property Group unveils Newcastle’s next supertower at Wickham interchange" data-entity-type="file" data-entity-uuid="58a96dd9-407f-4d20-86b4-94e4bfeef74b" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/wickham%20podium.png?VersionId=LGlf08pdFGAZDzvx_CXC4XakHNZRuEE0" />

Designed by <a href="https://www.apartments.com.au/architects/sjb-architects">SJB</a>, the tower has been conceived as a landmark transit-oriented development anchored to the Newcastle Interchange precinct. The proposal includes 245 build-to-sell apartments across a mix of one, two, and three-bedroom residences, as well as two penthouses. Fifteen apartments and one operational unit are earmarked for NDIS housing. The co-living component would add a further 99 units, while the podium would accommodate retail uses and hotel facilities.

SJB said the site presents “a valuable opportunity to anchor the precinct by setting the standard for design, active ground planes and character at the key southern gateway.”

The architecture responds directly to the site’s position beside major transport infrastructure and within one of Newcastle’s fastest-evolving urban renewal precincts. The tower form sits above a sculpted podium designed to frame new public spaces, including a through-site pedestrian link connecting Station Street to Hannell Street, landscaped plazas, and activated retail edges.

<img alt="First look: Urban Property Group unveils Newcastle’s next supertower at Wickham interchange" data-entity-type="file" data-entity-uuid="a7bd6ff0-f7db-4ce8-a6dc-ea56e72c6149" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/wickham%20lanne.png?VersionId=xzf39VADyhj7zBQY2I9fx9vI62u2tuSb" />

The design report describes the project as part of the broader transition of Wickham into “a vibrant, high-quality mixed-use urban precinct” that leverages proximity to the station, open space, and regional connectivity.

A detailed public art strategy has also been prepared for the development. The strategy positions the project as “a transit-oriented development of state significance at the gateway to Newcastle’s city centre” and outlines a series of integrated artworks responding to Newcastle’s industrial and transport heritage.

Creative Road’s curatorial framework for the project, titled Unveil, draws on “stratified surfaces, carved volumes, and light-filled apertures” while referencing Newcastle’s transformation from an industrial city into a contemporary education and technology hub.

<img alt="First look: Urban Property Group unveils Newcastle’s next supertower at Wickham interchange" data-entity-type="file" data-entity-uuid="77a882bb-14b1-4d28-99ff-9438e39508c0" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/wickham%20site.png?VersionId=cevgo_vN0eKPK78P8YcEu3mKPLkpFqE7" />

The proposal is being advanced through the NSW Housing Delivery Authority pathway after being declared State Significant Development in June 2025. The accompanying scoping report states the development aims to “maximise the site’s proximity to the Newcastle Interchange by delivering transit-oriented development” while increasing housing supply and affordable housing provision within the Newcastle LGA.

Urban Property Group’s plans align with the long-term strategic vision established under the Wickham Master Plan, which identified the interchange precinct as suitable for substantial uplift in height and density. The current proposal would significantly intensify that vision, positioning the tower among the tallest developments proposed for Newcastle.

The site sits immediately north of the Newcastle Interchange, bounded by Dangar Street, Hannell Street, and Charles Street. It is surrounded by a rapidly growing cluster of residential towers and mixed-use projects that have emerged following the completion of the light rail and transport interchange.

First look: Urban Property Group unveils Newcastle’s latest tower at Wickham interchange

Bottega House has completed settlement of a landmark riverfront site in Macquarie Street, St Lucia, representing its first major Brisbane development.&nbsp;

Positioned on the banks of the Brisbane River, the <a href="https://www.apartments.com.au/new-apartments/180-macquarie-street-st-lucia-qld-4067">premium site at 180 Macquarie Street</a> features uninterrupted river frontage in one of Brisbane’s most tightly held residential precincts.&nbsp;

The proposed development, currently under assessment with Brisbane City Council, has been designed by <a href="https://www.apartments.com.au/architects/plus-studio">Plus Studio</a> with interiors by <a href="https://www.apartments.com.au/interior-designers/mim-design">Mim Design</a> and will deliver a boutique collection of premium residences positioned specifically for owner occupiers and downsizers.&nbsp;

The residences are set to redefine luxury apartment living in the area, with a focus on architectural quality, refined finishes, landscape integration and elevated amenities including curated wellness facilities, resort-style pools and recreation spaces rarely seen in the local market.&nbsp;

Exclusive sales for the project will be led by Keenan &amp; Byrne, ahead of an anticipated launch later this year.&nbsp;

Bottega House Managing Director Nick Malloch said the project reflects the group’s ambition to deliver a highly curated residential offering within one of Brisbane’s most tightly held precincts.&nbsp;

“This is an incredibly rare riverfront opportunity and one we have approached with a long-term perspective,” Malloch said.&nbsp;

“Our vision from the outset was to create a boutique collection of residences that feel more like private homes than traditional apartments, with generous proportions, refined finishes and exceptional amenity throughout."

Malloch says there is a&nbsp;lack of premium owner-occupier stock of this quality in the market, particularly for downsizers wanting space, privacy and a true lifestyle offering without compromise.&nbsp;

"Demand is expected to be strong given the scarcity of premium riverfront opportunities of this nature within Brisbane’s inner-west."&nbsp;

Bottega House secures landmark riverfront site in St Lucia 

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The arrival of the first piling rig officially marks the commencement of construction at SIERA’s new beachside apartment development, Exhale, in Northcliffe.

<a href="https://www.apartments.com.au/new-apartments/exhale-surfers-paradise-8-enderley-avenue-surfers-paradise-qld-4217">Exhale</a>, a glass-encased tower featuring 54 large-scale apartments at 8 Enderley Avenue, is SIERA’s third Gold Coast development. It follows the recently completed PIPIS Bilinga beachfront project, which achieved suburb-record prices, and the soon-to-be-completed Chevron Island development, Tapestry.

[smartcode_project:default project_id=112661 project_image_fid=359603]

<a href="https://www.apartments.com.au/developers/siera">SIERA</a> Founder and Managing Director Brent Thompson said the arrival of the piling rig represented a significant milestone for the development, which is scheduled for completion in late 2028.

Over the next month, around 260 piles are expected to be installed as work progresses on the basement structure. The building is anticipated to rise above ground level early next year, before unveiling its sculptural glass curtain wall, developed in collaboration with specialist façade engineers.

“The façade was designed to maximise panoramic coastal views while creating a distinctive architectural identity,” Thompson said.

[smartcode_project:default project_id=112661 project_image_fid=355935]

Designed by BDA Architecture, Exhale will comprise just 54 two- and three-bedroom residences across 26 levels, a level of low-density living rarely delivered in this beachside pocket between Surfers Paradise and Broadbeach.

The project has been conceived as a resident-only building, with no short-stay accommodation permitted. SIERA says the model is intended to appeal to long-term owner-occupiers rather than transient holiday demand.

[smartcode_project:default project_id=112661 project_image_fid=361052]

Residences have been designed with large-format layouts and expansive glazing, with most apartments featuring more than 30 metres of glass frontage to maximise natural light and ocean views.

The amenity offering spans two levels and centres on wellness and lifestyle, including a heated magnesium pool, sauna, yoga and Pilates studio, gymnasium, private dining facilities, cinema lounge, and dedicated surfcraft storage.

[smartcode_project:default project_id=112661 project_image_fid=359607]

More than half of the apartments have already sold. SIERA has also opened a sales gallery for Exhale at its Chevron Island commercial premises, near its Tapestry tower and the site of its second Chevron Island apartment development, which is slated to launch in early 2027.
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[smartcode_project_cta:default project_id=112661]

Jessie Richardson

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