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About 1000 company chief executives have already raised more than $2.2 million as the days count down to the national homelessness fundraising event St Vincent de Paul’s CEO Sleepout.
Scheduled for the evening of Thursday, June 16, the CEO Sleepout, now in its sixth year, aims to raise awareness about homelessness and to raise funds for Vinnies’ services across Australia.
The executives spend spend one night sleeping outside with limited bedding and food to experience homelessness first-hand as best as possible.  
 "Like the traditional Sherpa who braves the elements, protects where they can, leads from the front, carries packs and guides, I am hoping my small part will enlighten and encourage others to donate and become aware of the difficulties faced by many within our society. By no means do I think it will be easy – scaling Mt Everest might be simpler!" Sherpa Group CEO Vicki Prout says.
"But by joining the cause to raise awareness of homelessness and necessary funds, we can contribute positively to the thousands of people around South Australia [and nationally] who experience disadvantage."
The 253 NSW executives have collected $800,000 in donations from 4900 donors to date. John Hartigan from News Ltd, John Borghetti at Virgin Australia and Ralph Norris from the CBA are among the NSW participants. Graham West, chief executive of St Vincent de Paul NSW and former state government minister, will be NSW’s sleepout host.
In Queensland the executives have raised at least $330,000; in Victoria $308,000; the ACT $260,000; WA $250,000; SA $135,000; Tasmania $110,000; and the Northern Territory $57,000.
Foreign Minister Kevin Rudd, who pushed the homelessness issue when he was Prime Minister, is among those intending to sleep rough, but is choosing to do it in Melbourne, as he reckons sleeping out in warm Queensland is “simply too soft''.
Minister for Social Housing and Homelessness Mark Arbib has join the registered CEOs.
"Thanks to organisations such as Vinnies, homeless Australians are provided with temporary accommodation daily, however sleeping rough is the reality for more than 16,000 Australians each night," Arbib says.
"The Gillard Government is committed to working with community organisations, state and territory governments and private industry to break the cycle of homelessness.
"By sleeping out for one night Australia's CEOs are taking a step to improve awareness about this issue and raising money which directly supports Vinnies homelessness services across the country.
"It would be fantastic if the 2011 sleep out surpassed last year's efforts – which attracted almost 700 CEOs and raised $2.9 million."
Arbib says the Australian Government has committed to ambitious goals to halve the rate of homelessness and offer supported accommodation to all those who seek it by 2020.
The 2011 Vinnies CEO Sleepout will be held in Sydney, Melbourne, Brisbane, Perth, Canberra, Adelaide, Launceston and Darwin.
Property industry chiefs who are participating include L Janusz Hooker, the boss of LJ Hooker.
The SleepOut is Thursday night. Donate<a href="https://www.ceosleepout.org.au/" title=" here. "> here. </a>
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jchancellor-FAypfDUnLy

CEOs to take to the streets

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Less needy Australians are increasingly occupying the cheap housing that has traditionally been the domain of the poor.
Research by the Australian Housing and Urban Research Institute found almost 80% of 268,000 private renter households with very low incomes (less than $22,000 a year) miss out on affordable rental accommodation.
The research found that the situation was worsened by a trend of wealthier Australians occupying cheap accommodation that has traditionally housed the very poor.
The greatest shortages in affordable and available private rental dwellings for very low-income renters in capital cities were observed in Sydney (44,500, or 93% missing out), Melbourne (40,200, or 87% missing out) and Brisbane (19,100, or 87% missing out).
It also studied eight large regional centres that also had high levels of very low-income private renter households missing out on affordable rental housing, including the Gold Coast (93%) and Sunshine Coast (88%) in Queensland.
The study analysed the amount and cost of housing as related to various income groups between 2001 and 2006.
It found only 37% of private renters with household incomes in the lowest 40% of the national income distribution were able to access affordable housing.
It found just 21% of very low-income private renter households pay an affordable rent, and 19% pay a severely unaffordable rent.
The study determined affordable rent as less that 30% of gross household income.
“Very-low income renters face affordability problems both because of an absolute shortage of housing that is affordable and because a significant proportion of affordable stock is not available to them because it is occupied by higher-income households,” says Professor Maryann Wulff from the AHURI Swinburne-Monash Research Centre.
“Low-income renters (households earning between $22,001 and $42,000) do not face an absolute shortage of affordable housing but are often excluded because affordable stock is occupied by other income groups,” she says.
For the 360,467 Australian households in the low-income group, there was a net shortage of 87,000 affordable homes, partly because many cheaper homes are occupied by wealthier households, according to the study, entitled Australia’s private rental market: the supply of, and demand for, affordable dwellings.
The study found age, living arrangements and number of children play an important role in determining access to affordable rental housing.
Generally, elderly renters, people living alone, and households without children are more likely to find an affordable rental dwelling.
It noted very few younger renters or families with two or more children were able to access affordable rental housing. About 33% of young childless couples; 36% of couples with children and 21% of single parents pay more than 50% of their gross household incomes in rent.
The researchers say policies aimed at increasing the supply of affordable housing could use the findings of the study to determine the need for various types of dwellings, and they suggested the adoption of a suitability concept that would assess household size and composition against dwelling type.
The study found that Geelong and Launceston had the best affordability outcomes of all the regional centres and major capital cities, so Wulff has recommended studying these two locations in greater detail to help identify housing market or economic factors that reduce the affordability problems.
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Affordable rental housing snapped up by those who don't need it as much: Report

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The Australian expatriate boss of Nakheel, Chris O’Donnell, is departing Dubai and returning to his Hunters Hill, Sydney home.
As Nakheel restructures $10.5 billion of debt, O’Donnell, who joined the Dubai World unit in 2006, quit after his contract ended.
Chief financial officer Sanjay Manchanda will replace him until further notice, the company says.
“The departure won’t affect Nakheel’s strategy, which at this point is determined by the government and the chairman,” says Majed Azzam, an analyst at AlembicHC Securities in Dubai.
“Once the restructuring is completed, the new CEO will have to start making some tough decisions on what to do with Palm Jebel Ali and other projects that are on hold.”
Nakheel, which constructed an artificial archipelago shaped like a world map, has suffered since Dubai’s property prices slumped 64 percent from the market's peak in mid-2008.
Mr O’Donnell leaves behind two Australian former colleagues, Matthew Joyce and Marcus Lee, who were senior executives of the Nakheel, subsidiary Dubai Waterfront.
The two, who can’t leave the emirate, are accused of profiting from the sale of land in an unauthorised manner.
O’Donnell recently testified in their favour.
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Nakheel CEO quits and returns to Sydney

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<img style="float: left; margin: 5px;" src="/images/stories/flagtitletat.jpg">Robert Morgan, the chairman of Clemenger Communications whose career was made marketing Campbell’s soups, and his wife, Vanessa, have spent $8 million to buy on Sydney Harbour. Their Point Piper acquisition was bought from Pierce Cody, the entrepreneurial adman who went onto establish and sell Macro Wholefoods, and his wife, Toni. With views across the Royal Motor Yacht Club, it last traded in 1997 for $3,262,500. It sold through Alain Waitsman of McGrath and the LJ Hooker Double Bay agent Bill Malouf. <ul></ul>
<img src="/images/stories/morgan.jpg">
The Morgans have yet to sell their four-bedroom Woollahra hillside residence, Attunga Lodge (pictured), which has $6 million-plus hopes through Michael Pallier from Raine &amp; Horne Double Bay. The five-bedroom 1868 house has been refurbished since it was bought for $5.06 million in 2007 from Mark Chiba from Asia-Pacific advisory outfit the Longreach Group. Attunga Lodge underwent its major late 1980s refurbishment by developer Bill Shipton, who put in the two-storey addition around the original 19th-century home after it was bought from investment banker Paul Espie for $800,000 in 1988.
Morgan moved to Sydney from Clemenger's Melbourne office after Greg Daniel stepped down in the late 1990s. Australasia's largest marketing services company, Clemenger Group, voted in early 2011 in favour of a $150 million takeover by the New York-based Omnicom. The 469 local shareholders in the unlisted public company approved the bid, with the directors and staff selling half their shares at $6.43 a share, a 70 %-plus premium on the valuation of $3.75, calculated in November 2010 by Ernst &amp; Young.
 
 
<img style="float: left; margin: 5px;" src="/images/stories/flagtitletat.jpg">Sticking to the wealthiest waterfront peninsula, architect Harold Finger's four-bedroom Point Piper harbourfront house has been sold through LJ Hooker agent Bill Malouf and Ray White agent Michael Finger. The Wunulla Road house, with Annie Wilkes gardens, was initially expected to fetch more than $14 million on its September 2010 listing, but it has ended up selling for just under $10 million. <ul></ul>
<img src="/images/stories/finger.jpg">
The house, with a jetty and pool (pictured), previously was bought from bookie John Muir in the early 1990s. No names yet on the latest owner, but they are pretty cashed-up. The same family apparently gave thought to buying Altona, the nearby $50 million-plus listing. And presumably to the other half-dozen waterfronts for sale, including Deauville, which has been listed for sale by the Darling Point-bound property investor George Snow and his wife, Sabrina, who are off to a luxury apartment with a marina. Deauville remains for sale through Ben Collier and James Dack at McGrath, in conjunction with Bart Doff of Laing+Simmons Double Bay.
Albeit not on the water, the freshest Point Piper listing comes from the Double Bay-bound stockbroker John Bowie Wilson and his wife, Sally, who have entrusted the Wyuna Road listing with Brad Pillinger from Pillinger Real Estate.
 
 
<img style="float: left; margin: 5px;" src="/images/stories/flagtitletat.jpg">The climate change actor activist Michael Caton, star of The Castle and sage of the TV reality show Hot Property, and his wife, Helen, have their Bondi apartment listed for June 23 auction. Caton, who also stars in Packed to the Rafters, has owned in Bondi since 1984, when the couple paid $57,000. But the listing is an apartment that was bought on Sir Thomas Mitchell Road in 2000 for $400,000. <ul></ul>
It a top-floor two-bedroom unit that comes with study, deck and 46 square metres of floor space in the block of four known as Sunnyhurst. Sandy Kogan at Richardson &amp; Wrench Bondi Junction expects more than $900,000. After the sale the Catons are tipped to upgrade in the locality.
 
 
<img style="float: left; margin: 5px;" src="/images/stories/flagtitletat.jpg">Still on The Castle, property investor Richard Moseley’s Bonnie Doon holiday shack near Lake Eildon in Victoria was featured in the comedy as the serene holiday home of the Kerrigans. Moseley proudly secured the property for $169,950 in 2006 and has wanted to sell the two bedder 115 kilometres from Melbourne since early 2011, when it was initially listed at $195,000. <ul></ul>
<img src="/images/stories/bonnie-doon.jpg">
After a bit of salutatory feedback, the price eased to $188,000. And now it’s got a $182,000 asking price, making the gap between purchase and possible resale just $12,050. Moseley, a Sydney telecommunications technician bought it sight unseen – other than of course having viewed the movie. Dean Shipley and Andrew Houghton at RT Edgar Yarra Valley have the listing, which is a popular rental.
 
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<img style="float: left; margin: 5px;" src="/images/stories/flagtitletat.jpg">The Mount Hotham ski retreat of former Qantas chairwoman Margaret Jackson remains unsold. The ski-in, ski-out four-bedroom chalet on Twirligig comes with a $795,000 asking price through RT Edgar Alpine. <ul></ul>
<img src="/images/stories/mthotham.jpg">
RT Edgar’s Robin Ford says the property is consistently rented and provides excellent returns year after year. But its asking price has slipped from $945,000 on its initial winter 2010 listing.
 
 
<img style="float: left; margin: 5px;" src="/images/stories/flagtitletat.jpg">Just Jeans founders Craig Kimberley and his wife, Connie, have $10 million-plus hopes for Kalimna, their hilltop Port Douglas retreat. The far north Queensland property was designed by Christine Vadasz with nine pavilions. It is listed through Coldwell Banker agent Chris Buse without any internet marketing. It’s the friends who no doubt miss it the most, as the Kimberleys have been remarkably generous with the key. <ul></ul>
 
 
<img style="float: left; margin: 5px;" src="/images/stories/flagtitletat.jpg">All eyes turned to the Ginahgulla Road, Bellevue Hill hillside this week following news that businessman Michael Darling had spent $14 million on a luxury condominium site at North Bondi. But his current trophy home isn’t likely to hit the market for some years yet. The oceanfront Ramsgate Avenue redevelopment project to be undertaken by his son-in-law architect Nick Tobias will surely take until almost 2013 for completion. <ul></ul>
<img src="/images/stories/darling.jpg">
The chairman of Caledonia Investments and his wife, Manuela Darling-Gansser, have resided in colonial Georgian revival grandeur since paying $8.24 million in 1991 when the property was bought from merchant banker James Yonge through Double Bay agent Jane Ashton. It had been built in 1935 to a Hardy Wilson design for Jean Flynn, the grand-niece of George Adams, the Tattersall’s Sweepstake founder. 

The couple’s North Bondi acquisition was bought from the retired IT entrepreneur Neill Miller through Raine &amp; Horne agents Martin Maskin and Mary Anne Cronin. Set on the rock shelf known as Mermaid Rocks, the building now comprises 10 apartments that Miller consolidated at a cost of $14 million between 2006 and 2008. 

 
 
<img style="float: left; margin: 5px;" src="/images/stories/flagtitletat.jpg">The Woollahra home of the serviced apartment pioneer and property developer Robert Palmer and his wife, Inge, has been sold for about $10.7 million. Palmer last made headlines when he sold the Oakford All-Suite hotel chain to Singaporean buyers in 2002. The Tuscan-inspired residence was bought by the then Melbourne-based couple for $4 million in 1996. Its extensive renovations have included a commercial-size kitchen, plus a sunroom and gazebo. <ul></ul>
The five-bedroom house, with three ensuite bathrooms, comes with tennis court and pool on a 1,140-square-metre block. For a short time it was the Sydney rental of actors Hugh Jackman and Deborra-Lee Furness. The whispers are it has been bought by estate agent James Dack and his wife, Mary Cowin.
 
 
<img style="float: left; margin: 5px;" src="/images/stories/flagtitletat.jpg">Chris  Kyriakou and his wife, Phoebe Baker, who must vacate their Point Piper rental later this year given the house has been sold, have bought in Woollahra from the Ryan publican family for about $8 million through Ben Collier and Hamish Robertson at McGrath. <ul></ul>
Their current rental is the townhouse-style three-bedroom house sold by the richest MP in Federal Parliament, Malcolm Turnbull, and his wife, Lucy. Their investment property, designed by Michael Suttor and completed in 2003, sits adjacent to the Turnbull’s $50 million-plus harbourfront residence. The townhouse-style three-bedroom house has been bought by Ben and Tiffany Tilley.
 
 
<img style="float: left; margin: 5px;" src="/images/stories/flagtitletat.jpg">The silly property distraction of the week came from Women’s Day suggesting that the novelist J.K. Rowling had spent $10 million in Tasmania. It was Ingleby, the Denmark-based worldwide group headed by Hans Henrik Koefoed, that was actual buyer of the $10 million pastoral farm Symmons Plains. It was sold by the Youl family, who had resided at the property since the 1820s. <ul></ul>
<img src="/images/stories/symmons.jpg">
It sold through Harcourts Rural agent Michael Warren. Title Tattle recalls that similar rumours spread when Ingleby bought the 1838 Bridport property Bowood, for $7.75 million in 2005.
 
 
Title Tattle aims to tell you as soon as we know – often before it happens – so the word from Western Australia is of a $13.25 million house sale – Perth’s dearest sale for about two years. It is understood to be in Applecross, and the sale betters the suburb’s $11.75 million record set in 2008 through the repeat record-setting agent William Porteous.
And don’t say that Title Tattle told you, but apparently the Paspaley pearl family have spent $9.45 million in Bellevue Hill.
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Admen close the deal on $8 million Sydney Harbour property: Title Tattle

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{yoogallery src=[images/stories/reynell]}
With a modern interpretation of the Victorian terrace, five grand new terrace homes built within the heritage-listed Walter Reynell &amp; Sons building redevelopment in The Rocks in Sydney are nearing completion and listed for sale.
Set on Gloucester Street, the Reynell Terraces all come with a timber-clad triple-storey, eight-metre-high glass atrium that bathes the interiors in natural light.
Overseen by the Kann Finch Group, the strata title Reynell Terraces sit within the 1913 Walter Reynell &amp; Sons wine-making building, which when built was among the last phase of warehouse and light industrial development in the Sydney CBD.
The Reynell Terraces sit on the ridge of Sydney Cove, where the First Fleeters established small farms and homes, which then gave way to terraces, lodging hostels and hotels to accommodate the growing seafaring and mercantile population.
By the late 1800s and early 1900s bond stores proliferated, typified by The Reynell Building and The Bushells Building.
The latest arrival of residents will have the services of a concierge and use of an indoor heated lap pool and gymnasium located in the inter-connected 30-storey Stamford Residences tower.
“The Reynell Terraces combine the vibrancy of New York, the leafy charms of Paris, the urban sophistication of London and the true heritage of Sydney,” says Murray Wood of Colliers International.
“The serenity inside each terrace is hard to believe considering they are located on the southern edge of the Harbour Bridge in one of Sydney’s most popular precincts.”
There are four three-bedroom, four-bathroom terraces with space of between 203 square metres and 243 square metres internally, along with eight-square-metre balconies. There is also a smaller two-bedroom, three-bathroom terrace houses (169 square metres plus eight square metres externally).
Two of the terraces have been decorated, by Coco Republic (pictured) and Thomas Hamel.
Prices are around $4 million, with strata levies expected to be around 0.6% of the purchase price.
The neighbouring 122-apartment Stamford Residences, which is the last approved high-rise development in The Rocks Urban Conservation Area, has seven apartments remaining.
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Five grand terraces built within heritage Reynell development

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A Port Melbourne potential development site has been sold for $3.425 million after spirited auction bidding.
The sale price reflected a yield of 3.6%, or $5,385 per square metre of land.
The 636-square-metre property at 11 Nott Street is about 400 metres from Port Phillip Bay and some 50 metres from the Bay Street shopping precinct.
Fitzroys selling agent Mark Talbot says the site, currently as a recording studio and office, is suited to being turned into a multi-level residential complex after the lease expires.
The site, which currently returns $125,000 per annum plus GST, has a six-year lease from April 2011 with no further options to the tenant to extend.
The property is zoned mixed use and adjoins two residential apartment complexes, both of which are six levels.
“This area of Port Melbourne has undergone significant gentrification over recent years with the development of Beacon Cove,” Talbot says.
“There are numerous multi-level apartment complexes including the Bianca Apartment complex, which incorporates a Thomas Dux Supermarket, First Choice Liquor, gymnasium and office accommodation.”
A mixed-use office, cafe and warehouse property on Nott Street with potential to develop 50 apartments sold in March for $4.25 million through Richard Curtain and Nick Bade at Lemon Baxter South Melbourne after being offered with vacant possession.
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Port Melbourne site sold for potential development

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World Bank economists have warned a real-estate bubble is among the biggest economic risks China faces.
The warning came at a Beijing press briefing on Wednesday. It noted residential prices are heading downward in some major cities, damping some undesired real-estate speculation but raising the prospect that the Chinese economy may slow more rapidly than anticipated, with consequences for global growth.
Ardo Hansson, lead economist at the World Bank's Beijing office, said China should consider boosting interest rates further to tame consumer prices and head off bubbles in housing and other assets, according to the <a target="_blank" title="Wall Street Journal" href="https://www.wsj.com/article/SB10001424052702304906004576367121835831168">Wall Street Journal</a>.
Partly as a result of the Chinese real-estate slowdown, prices for key industrial metals used in construction have softened.
Beijing has become one of the most expensive real-estate markets in the world relative to the income of its residents.
Calculations based on Soufun data show that in the opening months of 2006 an average-price new apartment in China's capital would cost about $100,000 — the equivalent of 32 years' disposable income for the average resident. By 2011, the average price had more than doubled to $250,000, but relatively modest increases in income mean it would now take 57 years to cover the cost.
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Economists warn China's housing bubble could burst

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Buyer’s market conditions prevailed for cattle station listings in the Northern Territory before the Federal Government’s recent decision to suspend live cattle exports to Indonesia in the wake of a Four Corners investigation that showed graphic animal cruelty and inhumane treatment.
It was evidenced by the sale of a smaller scale Katherine cattle station, Mathison Station, which sold after its recent auction for $2.2 million, according to valuers Herron Todd White.
Mathison is a 625-square-kilometre holding in a fairly underdeveloped state.
“Nevertheless, with frontage to the sealed Victoria Highway at around 100 kilometres from Katherine, this same property would have fetched a much higher price back in 2008-2009 when conditions were at their peak,” Herron Todd White valuer Frank Peacocke says.
The neighbouring 60,000-hectare Stapleton Station, also part of the former East Mathison, was passed in at the same auction. It is now listed at $3.7 million through Ray White Katherine agent Bernie Brosnan.
“Although there have been few sales in the northern half of the territory, each progressive sale has been marked with a pronounced drop in value, a direct response to the lack of competitive tension in the market,” Peacocke noted.
Peacocke points to the recent auction of Tanumbirini Station on the Carpentaria Highway at Daly Waters in the western half of the Gulf region as another test of the market.
The 5,001-square-kilometre station was passed in at $30 million late last month through Andrew Adcock at Ray White Rural.
Macquarie Pastoral's trading entity Paraway Pastoral was reputedly among the pre-auction inspectees, having accumulated 3 million hectares of land across Australia in recent years. It now has 200,000 cattle and 200,000 sheep under management.
AACo was not thought to be interested in Tanunbirini, as its current preference was to lease, rather than buy, grazing country.
Tanumbirini last sold in 2007 for $31 million on a walk in, walk out basis at about $1000 per beast area value (bare), according to HTW.
It was listed by cattle baron Sterling Buntine, whose personal fortune is estimated in the BRW rich list at $385 million. Buntine owns Bedford Dows near Halls Creek, and also recently purchased Amburla Station in Central Australia for about $6 million.
Tanumbirini, about 400km southeast of Katherine, is being sold with up to 30,000 head.
More than 90% of Top End cattle were exported live to Indonesia from Darwin. But Jakarta had slashed import quotas and slapped a maximum 350kg weight limit on the cattle before the current ban on live exports to the country.
In central Queensland the Comely and Mapala aggregation has been listed with an asking price of $35 million.
Its viewed as an iconic central Queensland cattle station, located south west of Moura and covering 23,159 hectares. It includes large areas of top-quality brigalow and softwood scrub country, with the reported capacity to run more than 12,000 young cattle.
The vendors are hoping to gain interest from national and international corporate interest.
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Live export ban to trigger more tender offerings in cattle station market

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Listed property trust Stockland is shifting its focus away from industrial, as it prepares to develop a $1 billion residential and retail development in south-west Sydney at the same time as it is selling $200 million worth of its industrial assets.
The 339-hectare East Leppington development, the property group’s second NSW acquisition this year, is set to become about 3000 homes and a shopping precinct.
“The transaction further increases our geographic diversity and strengthens our presence in NSW,” Stockland chief executive for residential Mark Hunter told the Australian Financial Review.
The vendors are reported to be private landowners Joe Stambe and Vince Lopresti, and the first homes on the site are expected to be sold in the 2014-2015 financial year.
The news comes at the same time Stockland has confirmed it is in negotiations to sell $200 million in industrial properties. Currently about 13% of the group's commercial investment portfolio is made up of industrial properties.
The group's commercial property chief executive, John Schroder, says Stockland is considering an offer of about $200 million, which comprises 20 per cent of its entire portfolio, and that negotiations were advanced.
"We have a clearly articulated strategy to reweight our commercial portfolio towards retail and self-fund our growth opportunities," Schroder says.
Schroder says Stockland was also evaluating a number of acquisition opportunities for reinvestment of the proceeds into assets across the group.
This is in line with Stockland's "3-R strategy", which involves investment in retail, retirement and residential property.
On delivering its half-year result, Stockland said it had sold $148 million of non-core office and industrial assets. At the end of May, Stockland sold 50% of its stake in Waterfront Place, the fifth tallest building in Brisbane, to the Future Fund for $216.4 million. In the second half of last year, Stockland reported a profit of $425 million.
The company has advised in the next five to seven years, it aimed to own and manage a quality commercial portfolio with 10% industrial assets, 15 to 20% per cent office assets and 75% of retail properties.
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Stockland sells industrial, buys retail and residential

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The much-vaunted first home saver account scheme has finally gained some traction, with a 21% jump in accounts over the past year.
There are now 27,400 account holders holding $173 million in savings that form the basis of their future home deposits.
Smart money might consider opening an account with $5500 by June 30, as it will immediately qualify for the maximum $935 Federal Government contribution this financial year.
Financial advisors have been making the suggestion as a worthy means of minimising the time the deposit sits in the bank, and maximising the government payout.
It will be necessary to maintain the account, with further, say, $5500 deposits, for the full financial years of 2011-2012 and 2012-2013.
Then, on making one final $5500 payment into the account on July 1, 2013, the total funds can be immediately withdrawn, and the account closed with the final Government maximum contribution for the 2013-2014 year.
Participants will walk away with the makings of a deposit of $27,300, of which about $3740 will be from the Government, accumulated in two years and two days.
The scenario is based on calculations from infochoice.com.au, Australia’s leading finance comparison site. The calculations are based on the government making a contribution equal to 17% of personal contributions for each financial year, up to a maximum of $935 based on annual deposits of $5500 or more.
The deposit will have been topped up with interest calculated at 5.5% per annum, which is the current rate available with some of the providers of first-home savers accounts. The net benefit depends in part on the saver’s marginal tax rate; the higher it is the better off the person will be, but an ordinary bank account would have to get 15% interest to beat the benefits of the first-home savers accounts.
The “four years is really only two years” scheme, as outlined, ideally suits indolent and expectant young people relying on the largesse of benevolent family patrons, who don’t necessarily see an imperative to buy their first home until spring of 2013 at the earliest.
Perhaps they could travel overseas in the meantime.
Of course this doesn’t quite match the purpose of the scheme, which was to encourage first-home buyers to save in a disciplined environment, which then helped with applications to banks.
But this well-intentioned scheme hasn’t matched the Federal Government’s initial high hopes of $4 billion under deposit by 2012. The typical account currently has $6,300, the Australian Prudential Regulation Authority said.
The initial projections were of 220,000 accounts opened in 2009, and 730,000 by 2012. The scheme had a very slow start, with just $41 million deposited after its first nine months. As at June 2009 there were just 13,946 First Home Saver accounts. This jumped to 22,600 as at June 2010, and to currently about 27,400.
It dates back to an election commitment by then aspiring Prime Minister Kevin Rudd, with the Government offering to contribute up to $850 for every $5000 deposited each financial year. This amount has now been adjusted to $935 for every $5500 or more.
Anyone over 18 and under 65 who has not previously purchased a home in which to live can have an account with an indexed $80,000 balance limit.
Only 18 financial institutions offer the accounts, and most of them are credit unions. Just two of the four big banks, the ANZ and Commonwealth, offer the accounts.
One of the main reasons why the scheme's uptake was woefully slow was its introduction coincided with the frenzy accompanying the first home owner grant boost, one of the overdone stimulatory measures during the global financial crisis.
The first-home saver scheme became swamped by the first home owner grant bonus.
There are tight rules regarding withdrawals, which are tax-free but can only be used to go to the purchase of a first home.
Account holders who change their minds about buying a house can transfer the balance of the account into  superannuation. 
The account holder must live in the home for at least six months as his or her main residence following the purchase of the property after the withdrawal of the funds.
First home saver accounts are an individual account, not a joint account.
Account holders don't have to be Australian residents or living in Australia to open or contribute to a first-home saver account, but do have to be Australian residents for income tax purposes for at least part of the financial year to receive the government contribution.
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Saving for a first home, thanks to a silver spoon

International developer&nbsp;<a href="https://www.apartments.com.au/developers/spg-land">SPG Land</a> is preparing to re-launch its long-awaited $1.5 billion <a href="https://www.apartments.com.au/new-apartments/paradiso-place-surfers-paradise-103-ferny-avenue-surfers-paradise-qld-4217">Paradiso Place</a> development at Budds Beach, bringing a new price point to the Surfers Paradise apartment market.

The developer will release one-bedroom apartments from $825,000 and two-bedroom apartments from $1.24 million in the three-tower development.

According to Urbis, the starting price for the two-bedroom apartments is more than $400,000 below the weighted average sale price for comparable two-bedroom apartments in Surfers Paradise during 2025, which was pinned at $1.7 million.

&nbsp;

Urbis reported quarterly average sale prices for new two-bedroom, two-bathroom apartments ranged from around $1.2 million to $1.7 million throughout 2025, peaking in the December quarter.

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Paradiso Place is now moving into its formal sales campaign, with a limited early-release opportunity available ahead of the public launch.

The development will comprise 845 apartments across three towers rising 40, 41 and 44 storeys from a 1.15-hectare site spanning an entire city block. The towers will sit above a new retail precinct.

"Paradiso Place represents a rare opportunity in today's market, offering premium apartments at a price point that is significantly more competitive than anything else currently available," SPG Land Sales Director Brad McMahon said.

"When you look at comparable new developments across Surfers Paradise, Main Beach and the Southern Beaches precinct, buyers are typically paying hundreds of thousands more for a similar product.

"The scale of this project and the developer-builder construction model allows us to unlock efficiencies that smaller developments simply cannot achieve. We are passing those benefits directly to buyers, while still delivering a five-star residential experience with an unmatched lifestyle."

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Each of the three towers designed by Rothelowman will have its own podium, connected by an elevated skybridge network to create a beachside village for residents. The resident amenity has been designed to rival a five-star hotel, with private dining rooms, resident lounges and entertainment spaces.

McMahon said the pricing strategy was a deliberate response to the current market.

"What Paradiso Place offers is a unique balance, genuine value within a premium market. Buyers are not compromising on quality, design or amenity, they are gaining access to it at a more competitive price point at a time when prices across the Gold Coast continue to reach new highs."

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Located around 100 metres from the beach and within walking distance of the Surfers Paradise North light rail station, Paradiso Place occupies one of the Gold Coast's most tightly held beachfront precincts.

Construction is continuing to progress, with eight of the project's 112 foundation piles now complete. Excavation has also commenced on the first diaphragm wall panel, with the first concrete poured on 15 June, marking a key milestone in the project's early works program.

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Joel Robinson

SPG Land launches $1.5 billion Paradiso Place at attractive price point

Luxury developer-builder <a href="https://www.apartments.com.au/developers/lowe-living">Lowe Living</a> has achieved a new Victorian benchmark for an off-the-plan apartment, with the sale of two penthouses at its ultra-exclusive Maison Savoy development in Brighton.

The two penthouses achieved a combined sale rate of $49,926 per sqm. Both transactions eclipsed the previous identified Victorian off-the-plan price-per-square-metre benchmark, set by the 449 sqm apartment at Como Toorak, which sold at $46,659 per sqm.

[smartcode_project:default project_id=140818 project_image_fid=366473]

<a href="https://www.apartments.com.au/new-apartments/maison-savoy-brighton-150-esplanade-brighton-vic-3186">Maison Savoy</a>, Lowe Living's redevelopment of the former Brighton Savoy Hotel on absolute beachfront land at 150 The Esplanade, Brighton, has gained significant momentum since launching just eight weeks ago. Around 30 per cent of the project's 19 residences have already been secured, generating approximately $45 million in sales.

"Securing two of the three penthouse sales at this stage, within eight weeks of launching to market speaks to the confidence our clients place in Lowe Living," Lowe Living co-founder Emma Lowe said.

"They know we'll be with them through every stage of the journey, and that assurance is something we've worked hard to earn and never take for granted."

[smartcode_project:default project_id=140818 project_image_fid=366474]

Lowe said Maison Savoy was conceived as a genuine alternative to a prestige Brighton home, combining house-scale proportions with the convenience, security and lock-up-and-leave appeal of apartment living.

Lowe Living co-founder Tim Lowe said the early sales success demonstrated the resilience of Melbourne's prestige market and highlighted the growing demand for house-sized apartments among ultra-high-net-worth buyers.

"The Melbourne market has definitely been tested in recent years, with interest rates and global economic factors all creating a period of uncertainty across the real estate sector. The sales success at Maison Savoy however demonstrates that confidence remains exceptionally strong at the top end of the market.

"The prestige market is being driven by long-term lifestyle decisions rather than short-term market sentiment, which continues to create a level of certainty that befits an absolute beachfront property in a blue-chip location like Brighton.

"Brighton's fundamentals remain among the strongest in Melbourne, with limited new supply, enduring demand from an overwhelmingly local owner-occupier market, and a rare combination of beachfront amenity and proximity to the CBD."

[smartcode_project:default project_id=140818 project_image_fid=374378]

According to Cotality, Brighton remains one of Melbourne's most tightly held prestige suburbs, with an average ownership tenure of 15.3 years for houses and 12.3 years for units, while more than 73 per cent of homes are owner-occupied.

Tim Lowe said selling two of the project's three penthouses so early in the campaign was an uncommon result.

"This sales result is a reflection of quality and understanding the local market. It's incredibly rare to transact the penthouses so early in a sales campaign in any project so to have sold two of the three penthouses at Maison Savoy so soon after launch, all in-house without any external sales agency appointed, is reflective of our careful consideration of our buyers' needs and lifestyle.

"This is knowledge that is accumulated not just from data and demographic analysis, but via a deeply embedded understanding of how this type of buyer wants to live and feel in their home. We pride ourselves on getting to know our clients personally, and over the last 10 years we have been able to refine our product offering by talking one-on-one with our clients about their design and floorplan preferences.

"Being a fully integrated developer-builder with an in-house design and sales team allows us to lead every part of the process and ensure the highest quality of product and service at every touchpoint. It's a really important part of our DNA and the recent sales success at Maison Savoy indicates that our clients and purchasers are resonating with this point of difference.

"It reinforces that demand remains strong for thoughtfully designed residences that offer rarity, lifestyle and long-term value in tightly held locations, which ultimately validates Maison Savoy's positioning as creating a new benchmark for house-scale, wellness-led apartment living on Brighton's beachfront."

&nbsp;

[smartcode_project:default project_id=140818 project_image_fid=366480]

The residences at Maison Savoy start from 295 sqm, with most enjoying uninterrupted views across Port Phillip Bay. The project sits moments from the Brighton Bathing Boxes, Royal Brighton Yacht Club, Middle Brighton Baths and Church Street's retail and dining precinct.

A key feature of the development is its private residents-only bathhouse, curated by the founder of Aurora Spa &amp; Bathhouse and modelled on traditional European bathing rituals and the award-winning Sorrento bathhouse.

The wellness offering includes a hydrotherapy pool, salt room, sauna, steam room, cold plunge pool, foot activation zone and a Vichy rainfall bed, one of only a handful in Australia. Residents will also have access to a Technogym studio, lounge spaces and a dedicated concierge service offering everything from morning coffee delivery and restaurant bookings to dry cleaning and home coordination.

"Wellness-led design has become a defining factor for luxury buyers," Emma Lowe said.

"Purchasers increasingly value homes that enhance wellbeing through thoughtful design, private amenity, privacy and liveability."

The penthouse purchasers are now undertaking a bespoke customisation process curated personally by architect Pete Kennon and the Lowe Living team, one of the developer's signature service offerings.

Construction on the $160 million transformation of the former Brighton Savoy Hotel site commenced last month, with completion expected in early 2028. The project has secured funding from NAB alongside development partner Monark.

Just one penthouse remains available, along with a limited number of two and three-bedroom residences starting from $3.75 million.

Lowe Living currently has eight projects on the market across Melbourne and recently celebrated its 10th anniversary, having grown a $1 billion development pipeline alongside a $350 million construction pipeline.

&nbsp;

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Lowe Living set new Melbourne off the plan apartment record

For more than three decades, Hyecorp has been delivering residential projects across Sydney's Lower North Shore, building a portfolio centred on design-led apartment living in some of the city's most established neighbourhoods.

Hyecorp recently launched the latest in its long line of apartment developments, Celine, a 29-storey tower on Archer Street in Chatswood. Like the majority of the developer's projects, Celine caters to a broad buyer demographic, offering a mix of one, two, three and four-bedroom apartments, all designed with owner-occupiers in mind.

Functionality and flexibility are often buzzwords in the new apartment market, but they sit at the core of Hyecorp's design philosophy.

Hyecorp Joint Managing Director Stephen Abolakian says the developer understands it isn't designing apartments for today's needs alone, but for how buyers will live several years into the future.

"When we launch our projects we need to be aware that these developments aren't finished for several years," Abolakian says.

"That home office in the here and now might be a nursery by the time the project completes for a prospective buyer, so we need to think about how the apartment spaces function for future uses so there's longevity in the ownership."

Celine's architects, Fuse, followed the same philosophy, saying the design extends well beyond aesthetics.

"Celine focuses on timeless architectural form and functionality, with a strong emphasis on light, proportion and materiality. The design responds to the urban context of Chatswood while delivering calm, highly liveable interiors that feel both contemporary and enduring. The floorplans have been carefully resolved to maximise usability and outperform typical market offerings in terms of efficiency and liveability."

Most apartments incorporate multipurpose rooms designed for flexibility. Each includes an integrated desk and a standard Murphy pull-down single bed, allowing the space to transition from a home office or study to guest accommodation as needs change. The layouts have also been designed to maximise natural light, storage and overall functionality.

One and two-bedroom apartments feature Miele appliances, while three and four-bedroom residences are appointed with integrated Gaggenau appliances and Taj Mahal stone benchtops.

Buyers who purchase early in the construction process can also take advantage of Hyecorp's "Live Your Way" interior design service, allowing them to personalise finishes and tailor elements of their home to suit their own lifestyle. It's a feature designed to appeal to owner-occupiers who want their apartment to feel uniquely theirs from the day they move in.

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While flexible floorplans have become a hallmark of Hyecorp's apartment design, the developer has also continued to place significant emphasis on resident amenity.

As buyers increasingly expect more from apartment living, shared spaces have evolved beyond a gym and barbecue area. They are now an extension of the home, providing spaces to relax, exercise, entertain and connect with neighbours.

At Celine, the resident amenity has been designed with a focus on wellness, centred on the level six podium. An infinity-edge swimming pool, spa, sauna and fully equipped gym are complemented by barbecue facilities and a residents' lounge, creating a range of spaces for relaxation, recreation and social connection above the streets of Chatswood.

Practical conveniences have also been integrated throughout the building, including EV charging provisions, smart parcel lockers, bicycle storage, a pet wash station and dedicated car wash bays, reflecting the project's focus on making everyday living as seamless as possible.

[smartcode_project:default project_id=149594 project_image_fid=362633]

"Celine has been designed to deliver a refined residential experience that reflects the evolution of Chatswood into a premium urban centre,"&nbsp;Abolakian says.

"With over 30 years of experience delivering projects across Sydney's Lower North Shore, Hyecorp brings a deep understanding of what local buyers value. Every detail has been considered to balance luxury, functionality and long-term liveability. This is not just about apartments, but about creating a lasting residential address for discerning buyers."

Hyecorp, vertically-integrated builder-developer, is anticipating construction commencement later this year.

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Hyecorp brings 30 years of Lower North Shore experience to Celine in Chatswood

Burgeoning South East Queensland developer <a href="https://www.apartments.com.au/developers/frank-developments">Frank Developments</a> is continuing to pad out its capital city development pipeline.

The developer, led by Frank Licastro, has its sights set on Kingsford Smith Drive in Hamilton, where it is planning <a href="https://www.apartments.com.au/new-apartments/avela-60-kingsford-smith-drive-albion-qld-4010">AVELA</a>, a 166-apartment development across three towers that tier down from 28 storeys to 19 and 17.

The towers will rise above the iconic Breakfast Creek Hotel.

Frank has brought on Melbourne architecture practice <a href="https://www.apartments.com.au/architects/rob-kennon-architects">Kennon</a> to design the building, conceived as a “defining architectural marker where the airport corridor meets the inner city.”

<img alt="First look: Frank Developments plans sculptural AVELA for Brisbane's Breakfast Creek gateway" data-entity-type="file" data-entity-uuid="e787c64e-f0a4-4725-891e-e86b40ee5c5c" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/AVELA.png?VersionId=1ulwuZ9w2vQ2td7v.J2zUI7Ih_DT4Kwz" />

Kennon describes the project as a once-in-a-generation opportunity.

"Positioned at the northern gateway of Brisbane's primary CBD corridor, this project represents a singular moment in the city's urban evolution, one that will not come again," the architecture practice said in the documents submitted to the Brisbane City Council.

"Where the airport and world beyond meets the city, the building will rise as a sculptural landmark, a defining piece of architecture that signals arrival into Brisbane and anchors the connection between the city and the communities to its north."

<img alt="First look: Frank Developments plans sculptural AVELA for Brisbane's Breakfast Creek gateway" data-entity-type="file" data-entity-uuid="d572bf62-a98d-4847-95d0-889e3d3283e1" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/AVELA%20podium.png?VersionId=6.Ax4jBzTbY5ahm55iaMWNR03ODhDQSm" />

The development is centred around owner-occupier apartments, with a mix of two, three and four-bedroom residences designed to capitalise on city and river views.

Four basement levels accommodate resident parking, allowing the podium to prioritise pedestrian activity and public-facing uses like ground-floor retail, a cafe, a&nbsp;neighbourhood grocer, and a public accessible indoor pickleball court and event space.&nbsp;

There will be nearly 2,000 sqm of communal wellness and recreation facilities across three levels.

<img alt="First look: Frank Developments plans sculptural AVELA for Brisbane's Breakfast Creek gateway" data-entity-type="file" data-entity-uuid="c5ac3cbf-3c11-4219-89f3-e12d9e0f9ffd" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/AVELA%20podium%20A.png?VersionId=_.4zd1HLCKa1s6I_oxkY4NNqX6o3Yevn" />

&nbsp;

Frank Developments has increasingly focused on design-led residential projects across South East Queensland.

AVELA is Licastro's second on Kingsford Smith Drive following <a href="https://www.apartments.com.au/new-apartments/alba-92-kingsford-smith-drive-hamilton-qld-4007">Alba</a>, 85 apartments just down the road. The developer has <a href="https://www.apartments.com.au/new-apartments/mira-61-garfield-terrace-surfers-paradise-qld-4217">MIRA</a> and <a href="https://www.apartments.com.au/new-apartments/myst-burleigh-heads-270-the-esplanade-miami-qld-4220">MYST</a> on the Gold Coast, as well as <a href="https://www.apartments.com.au/new-apartments/murano-teneriffe-37-wyandra-street-new-farm-qld-4005">Murano</a> coming up in Teneriffe and <a href="https://www.apartments.com.au/new-apartments/bel-air-33-oxlade-drive-new-farm-qld-4005">Bel Air in New Farm</a>.

Frank Developments plans sculptural AVELA for Brisbane's Breakfast Creek gateway

ASX-listed developer <a href="https://www.apartments.com.au/developers/stockland">Stockland</a>&nbsp;is continuing its push back into the new apartment market, filing plans for a prominent gateway site between Collingwood and East Melbourne.

The development giant, which moved back into the new apartment space when it announced Stanton Place in Sydney's Rosebery and have since filed plans for a 50-storey tower, are jumping into the off the plan Melbourne market.

They are hoping to create a mixed-use neighbourhood precinct for <a href="https://www.apartments.com.au/new-apartments/79-81-victoria-parade-collingwood-vic-3066">79-81 Victoria Parade</a>, replacing an existing commercial building with a scheme by <a href="https://www.apartments.com.au/architects/john-wardle-architects">Wardle</a>&nbsp;for 478 apartments,&nbsp;ground-floor retail, new public open spaces and a publicly accessible pedestrian laneway.

<img alt="First look: Stockland plans new mixed-use neighbourhood precinct for Collingwood gateway site" data-entity-type="file" data-entity-uuid="72dbbca9-3918-4073-afad-a0c0c35be8e7" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/stockland%20pers.png?VersionId=bzMVUKKxvwuNK1m0v_td126Rgct32uk_" />

The design report identifies the public realm as a central driver of the proposal.

"Collingwood has limited access to high-quality parks and public open space, and the proposal delivers valuable new areas for respite, social interaction and fine-grain retail activity."

The development would deliver a diverse mix of housing, including studio, one, two and three-bedroom apartments alongside townhouse-style residences. Two basement levels are proposed beneath the development, providing resident and retail parking as well as extensive bicycle facilities.

Wardle's design draws heavily on Collingwood's industrial character, using articulated building forms, brickwork and robust materials inspired by the suburb's warehouse and manufacturing heritage. The built form has been broken into a series of smaller volumes to better respond to the surrounding streetscape while extensive communal gardens, rooftop amenities and shared resident spaces are integrated throughout the project.

<img alt="First look: Stockland plans new mixed-use neighbourhood precinct for Collingwood gateway site" data-entity-type="file" data-entity-uuid="7b2135ed-65df-4253-ad53-f216f06bd467" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/stockland%20podium.png?VersionId=l1B6Hqn8zs772VxH6L1fDPg0KHshan9v" />

The planning documents describe the existing office building as offering little engagement with the public realm, with the redevelopment intended to create a more permeable and active neighbourhood destination.

"The proposed scheme presents a significant opportunity to deliver a vibrant retail plaza and a local neighbourhood hub serving both existing and future Collingwood residents."

The 79–81 Victoria Parade site occupies a strategic location about 1.5 kilometres east of Melbourne's CBD, at the threshold between Collingwood and East Melbourne. It is well served by tram services along Victoria Parade and sits within walking distance of St Vincent's Hospital, Fitzroy Gardens, the Fitzroy activity centre and a broad range of employment, retail and hospitality destinations.

Jonathan Chancellor

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