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The hockingstuart Richmond real estate agency has admitted it underquoted on property listings.
Hockingstuart Richmond was accused of 11 contraventions of Australian Consumer Law relating to deceptive conduct and misleading representations relating to land sale.
Tony Nolan QC, for the estate agency, told the Federal Court hockingstuart would be “admitting every fact” during the hearing yesterday. The sentence hearing gets underway next week.
The realAs website noted the agency has improved its price guidance as in June 2015 hockingstuart Richmond was inaccurately quoting properties by 22 percent on average, ie a $1,000,000 agent quoted house would typically sell for $1,228,000.
Now they are one of the most accurate quoters of property prices at 11 percent on average.
Hockingstuart issued a statement saying it took seriously its responsibility to accurately price properties.
“Our network of 50 offices successfully helps 20,000 Victorians buy and sell their homes each year so it is disappointing to see this outcome,” the statement said.
“As master franchisor, we are doing everything in our power to reduce the risk of this happening again.
"We have recently run a number of refresher courses in accurate pricing across the entire group and will continue to work with all offices to audit their sales files — ensuring this training has been embedded at all agent levels.”
The consumer watchdog’s half-year report noted 12 major underquoting investigations underway, but the CAV is yet to take legal action against any other agencies.
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jchancellor-FAypfDUnLy

Hockingstuart Richmond admit to underquoting

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SPONSORED POST
When it comes to the ideal location for an investment property, you'd be forgiven for running with the assumption that the closer to the city, the better.
Close proximity to the CBD does, of course, provide a range of well-known benefits and potential benefits. Among some of them are luxury city views, convenience in multiple forms and vibrancy.
But as technology and the public transport infrastructure of our cities progresses, the advantages of city living depreciate. Technological interconnectivity means that working from home has become not only possible, but common. And as things progress even further, the everyday limitations that make city living desirable will be solved (or at least mitigated) by other means.
Here are some of the things you might want to think about when deciding whether or not, to invest in an outer-suburbs property.
Safety and insurance
The first thing to consider is the safety of the property (and the appropriate insurance implications). Properties in rural areas are more vulnerable to natural disasters such as floods and fires, which can mean higher insurance costs.
Consider the surrounding landscape of your property and be sure to factor the insurance into your calculations.
Demand
If you’re going to invest in a property, you want to make sure that you keep the property occupied with happy tenants. In order for that to happen, there needs to be a decent level of demand for properties of that particular kind.
As of right now, nearly a third of Australians live outside of major cities. People seeking a better work / life balance, a slower pace and some clean air have plenty of reasons to seek country accommodation.
Before investing in a property, garner a clear understanding of the area’s rental yields, population growth rate and median income. Figures like this will help determine whether or not the property is lucrative.
Profitability
Closely related to demand (and probably the most important consideration for an investment property), profitability can be determined by a number of factors. Median property price, for example, is a strong place to start.
The median property price in Sydney recently reached $1,000,000 for the first time in history. That's quite a large number for first-time home buyers to afford – and as property prices climb higher and higher, it becomes even harder for new blood to enter the market.
As an investor, it might pay more to target said new blood. If that's the case, maybe a country home selling for $400,000 or less is exactly what you need!
Mortgage House
At Mortgage House, we're no strangers to the homeowner's journey. It's a long (but rewarding) one.
But don't worry, we can help with that.
If you're thinking of buying a home, you can contact us for advice about the best options for you when it comes to your mortgage. The cost of your mortgage can drastically affect your financial planning, so it pays to speak to the experts about it.
<a href="https://www.mortgagehouse.com.au/mortgage-house-contact-us" target="_blank">Click here to speak to us!</a>
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Should your investment property be close to the city? Mortgage House

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Investors Danny and Cindy Gilbert have added another marquee property to their Pyrmont portfolio - but this time it’s their new home.
The couple have had a busy month with the recent sale of their HYPE shoes company to RCG Corporation. 
Now they have upgraded their harbourfront home through Robert Alfeldi of FELDI Property Agents who had the off market offering.
It was the prime top floor southern corner penthouse on the Sydney Wharf complex which seems set for a renovation by the couple after their reputed $6.5 million acquisItion. It last sold at $3.88 million in 2007 when bought by Danny Goldberg.
The property combines expansive floor areas, an abundance of light with soaring ceiling heights and a grandstand view of the Sydney skyline.  
“With some 40sqm of roof top deck the views from this entertainer's haven match the best roof top bars around the world,” Robert Alfeldi suggested.
Alfeldi holds the highest price record for apartments in Pyrmont when he secured $12 million earlier this year when the Huang family bought from Dr Ian Campbell.
Danny and Cindy Gilbert will continue to manage the business day‐to‐day as joint CEOs of Hype and Danny Gilbert will join the RCG board as an executive director. 
They founded it in 1998. The deal included the issue of shares worth $52.5 million to the Gilberts. There are 57 Hype DC stores selling athleisure and active wear brands as well as three Shubar stores, which sell men's and women's fashion shoes, boots and sandals, including some of RCG's brands.
This article was first published in the Sunday Telegraph.
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Gilbert's add Sydney Wharf trophy to Pyrmont portfolio

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<img src="https://counter.theconversation.edu.au/content/63336/count.gif" alt="The Conversation" width="1" height="1">
GUEST OBSERVER
On August 9, most of the Australian population will complete the 2016 Census of Population and Housing. Census night comes less than a week after national Homelessness Week, which aims to raise awareness of the plight of homeless people. With that in mind, the week’s theme this year is “Homelessness Counts”.
While homelessness does count in that most people share concern about its rising incidence and societal impact, a perplexing issue is how to count the people who are homeless. It is essential that the information collected accurately reflects the true extent of homelessness in Australia. Reliable data about the homeless population is vital when developing policy, allocating funding and developing services for vulnerable people.
At the previous 2011 Census, 105,000 people were homeless. That was an increase of 17 percent from the 2006 Census. Anecdotal evidence suggests the number of homeless people – in particular the very old and the very young – is still increasing.
ShelterWA notes the majority of people become homeless due to financial and emotional reasons. The biggest cause of homelessness is family and domestic violence (25 percent), followed by financial difficulties (16 percent). Mental illness and addiction issues can play a role.
Most people experiencing homelessness have lived “normal” lives. They become homeless after a life crisis such as a job loss, illness or marital breakdown.
<h2>When is a person defined as homeless?</h2>
According to the Australian Bureau of Statistics (ABS), when a person does not have suitable accommodation alternatives they are considered homeless if their living arrangement:
<ul>
<li>
is in a dwelling that is inadequate; or
</li>
<li>
has no tenure, or their initial tenure is short and not extendable; or
</li>
<li>
does not allow them to have control of and access to space for social relations.
</li>
</ul>
This definition is much broader than commonly held perceptions of homelessness. While obviously the term covers the archetypal person “sleeping rough”, homelessness refers to a variety of precarious housing circumstances. This includes:
<ul>
<li>
people living in hostels and refuges;
</li>
<li>
people without a usual address – for example, “couch surfing” or staying with friends; and
</li>
<li>
those living in a single room without a kitchen or bathroom of its own.
</li>
</ul>
<h2>How do we ensure homeless people are counted?</h2>
Even armed with the ABS definition, the next issue for the census is how to identify and locate people experiencing homelessness.
<h4>Identification is an issue for several reasons. These include:</h4>
<ul>
<li>
it is not obvious that people who are couch-surfing are not living permanently on the premises;
</li>
<li>
people may not self-identify or feel comfortable about elaborating on their circumstances;
</li>
<li>
as they have a roof over their heads, such as in a hostel, people may not realise they are regarded as homeless.
</li>
</ul>
Locating people is another issue. This is especially challenging in the case of those sleeping rough.
Furthermore, homelessness is an issue in rural and regional areas as well as in cities. Resources are limited and, as 2016 Census data director Sue Taylor has noted: "we have to know they are there to be able to go and count them."
<h2>So what is being done about this?</h2>
Efforts are already being made to obtain quantitative data on homelessness, particularly in the major capital cities.
Unlike the census, which occurs every five years, Registry Week takes place annually and uses the methodology developed by Common Ground in the US. Using a specific survey tool called the Vulnerability Index, trained volunteers work in teams to conduct early morning surveys of people who are sleeping rough.
The methodology promotes a targeted approach with a view to moving the vulnerable homeless people into long-term housing. The strategy is effective in raising awareness of homelessness issues and informing agencies of trends.
It is, however, difficult to target everybody. For a start, some people simply do not want to be found or participate. Although this approach provides valuable information about city areas, there are not enough volunteers in rural and regional areas to assess the issue adequately.
The ABS will adopt a similar approach to the census by employing field officers to seek out homeless people. They will take direction from homelessness service providers.
These providers will help to identify likely locations occupied by people experiencing homelessness and to locate boarding houses, refuges and hostels. Obviously, the field officers have received training or are already experienced in dealing with vulnerable people.
The census form includes a question: “Where does the person usually live?” People who have no usual address are encouraged to enter “None” for the suburb part of the question, regardless of where they are staying on census night, even if they are couch-surfing or staying in other temporary accommodation.
Those using supported accommodation vouchers or brokerage services to stay in caravan parks and motels should record “None – crisis” on the census form.
<h2>On the verge of homelessness</h2>
On a related note, the census is expected to glean information about people experiencing housing stress.
On Monday, Homelessness Australia chair Jenny Smith noted that one in ten Australian households are in housing stress and at risk of homelessness. That is 850,000 people on the lowest 40% of incomes. This inescapable link must be factored into any analysis of the homelessness statistics.
Although the ABS is trying to identify as many people experiencing homelessness as possible, the figures are likely to underestimate the true extent of the issue. Unfortunately, a gap will remain between what providers know is happening “on the ground” and the statistics garnered through the census and channelled through to government.
Until a more expansive approach can be developed – and adequate resources provided for analysis of the results – the census’ pursuit of the homeless demographic will be akin to ghost-hunting.
Eileen Webb is associate professor, Curtin Law School, Curtin University and author for The Conversation. She can be contacted <a href="https://theconversation.com/profiles/eileen-webb-95332" target="_blank">here</a>.
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Ghost-hunting: will the census reveal the true scale of homelessness in Australia?

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<img src="https://counter.theconversation.edu.au/content/63512/count.gif" alt="The Conversation" width="1" height="1">
GUEST OBSERVER
The big, but completely unsurprising, news this week was the Reserve Bank of Australia cutting the cash rate to an historic low 1.50 percent.
As Vital Signs has been saying for some time, this month was a likely candidate for a cut, once second-quarter inflation was confirmed to be disturbingly low – as it was last week.
<a href="/images/2016/08/05/Screen%20Shot%202016-08-05%20at%208.48.39%20AM.png" target="_blank">Click to enlarge</a>
<img src="/images/2016/08/05/Screen%20Shot%202016-08-05%20at%208.48.39%20AM.png" alt="">
Australia is faced with extremely low inflation, low effective growth, a squishy labour market, and prudential regulation measures enacted last year partially reigning in the housing market. Given this, it was almost inevitable Glenn Stevens would engineer another cut.
But there were some other figures of note this week. Australian retail trade rose 0.1 percent in June, compared to market expectations of 0.3 percent – further underlining the weak domestic economy.
Adding to that story of gloom, private sector building approvals were down in June, both in absolute terms and relative to expectations. House approvals fell 2.3 percent implying a 5.9 percent drop compared to a year earlier. Apartment approvals fell 2.4 percent, implying a 4.8 percent drop year-on-year.
Chinese manufacturing data was mixed – or perhaps just confusing – with the official Purchasing Managers' Index (PMI) down to 49.9, from 50.0 the month before. Recall that 50 is the break even between expansion and contraction. Meanwhile, the private Caixin index came in at 50.6 in July, up from 48.6 in June. This was the first jump above 50 since February 2015.
Why the difference? The likely answer is that the official government PMI is more relevant for large, state-owned enterprises, while the Caixin index is a better gauge of smaller and medium-size companies.
In the US, payroll processing firm ADP’s latest data revealed a 179,000 increase in non-farm payrolls in July. This was essentially confirmation of the official Bureau of Labor Statistics figures (though on a slightly different scale) of strong job creation in the US. This is further evidence of the likelihood of a rise in official rates by the Fed in the next month or two.
Now, back to Australian interest rates. Lower rates only have a potential stimulatory effect if they are passed on to borrowers by (largely) the big 4 banks. About half of Tuesday’s cut was passed on – with the rest “kept” for bank shareholders.
On Thursday afternoon, Prime Minister Malcolm Turnbull and Treasurer Scott Morrison announced at a press conference that the big 4 banks would have to front the House Economics Committee annually to “explain” their interest rate decisions.
Populist nonsense? Interventionist joke? Meaningless charade? Those are all phrases that come to mind. Turnbull grinned like a Cheshire cat as he described it as a “great opportunity” for the banks. Ho, ho, ho.
I’m no apologist for the banks, but they do have a legitimate argument that their funding costs have been rising. The US money market funds are much harder to tap as they have become significantly more conservative after the Primary Reserve Fund “broke the buck<a href="https://www.investopedia.com/terms/b/broke-the-buck.asp">”</a> during the financial crisis. Deposits now make up about 60% of bank funding, compared to 40 percent in 2007-08 – and those rates have been rising.
Nonetheless, the banks do have a good deal of market power. It’s legitimate for them to use that, unless they are violating competition law. That’s a matter for the Australian Competition and Consumer Commission, not the House Economics Committee.
One final note. To all those people who keep saying “rates have been cut a lot and it hasn’t done any good”: please search my name and the word “counterfactual”.
Richard Holden is professor of economics, UNSW Australia and author for The Conversation. He can be contacted <a href="https://theconversation.com/profiles/richard-holden-118107" target="_blank">here</a>.
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Vital signs: only the banks know

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<img src="https://counter.theconversation.edu.au/content/63395/count.gif" alt="The Conversation" width="1" height="1">
GUEST OBSERVER
The Productivity Commission has released its draft report setting out criteria for assessing the competitiveness and efficiency of the superannuation system. The final report will be delivered in November this year.
The study, the first stage of a three-stage exercise, is part of the Government’s response to the 2014 Murray Financial System Inquiry. Murray recommended that the Government “introduce a formal competitive process to allocate new default fund members to MySuper products, unless a review by 2020 concludes that the Stronger Super reforms have been effective in significantly improving competition and efficiency in the superannuation system.”
This first stage does not assess the superannuation system; it merely sets out criteria for evaluating it. The second stage, to be delivered by mid-2017, will develop alternative models for the competitive process. The third and final stage will review the system. Only then, and only if the government finds there is still significant inefficiency, will it consider introducing one or more of the “models” developed in the second stage.
<h2>What’s at stake?</h2>
The efficiency of the superannuation system makes a big difference to incomes in retirement. Today, the system charges fees totalling about $16 billion, or 1% of GDP. There are too many unwanted accounts, too many funds, and many funds charge fees that are too high. Costs that are too high by even half a percent a year can reduce balances at retirement by over 10%, and many Australians are paying more than that in excess fees. The recent Stronger Super reforms and the Future of Financial Advice reforms have reduced fees somewhat, but billions of dollars in excess cost remain.
<h2>What the Commission proposes</h2>
The challenge in evaluating superannuation is to make sense of the system’s jargon and its maze of products, sales channels, governance structures, and performance metrics. Even people with real financial expertise struggle to assess funds' performance, and many members are inexpert and disengaged. What’s more, some providers and advisers have interests that are not aligned to those of members.
The Commission proposes a rich set of performance measures for this complex system. It begins from the Government’s announced objective for superannuation: “to provide income in retirement to substitute or supplement the Age Pension”, and proposes five supporting goals, including maximising net returns, meeting member needs, providing appropriate insurance at least cost, complementing a stable financial system, and competition that drives efficient outcomes.
It then sets out separate criteria for the competitiveness and efficiency of the superannuation system. Sensibly, it notes that “competition in the superannuation system is not an end in itself, but provides benefits to the community as a whole and members in particular when it promotes efficient outcomes.”
It proposes that the system’s competitiveness be assessed by reviewing such measures as whether members are engaged and informed, whether advisers and sellers are acting in members' interests, whether funds compete on costs and pass on cost savings to members, and whether member outcomes are affected by vertical or horizontal integration.
The criteria it proposes for the system’s efficiency include net returns after fees and tax, the costs of the system, the extent to which the system’s services align to members' needs and preferences (such as risk management), and the extent of unpaid contributions and lost accounts.
These criteria are all sensible, though many will prove much easier to specify than to measure against an ideal or acceptable outcome. As the draft notes, work must begin now to ensure the data is in place when it is needed.
<h2>Three critical additions to ensure the process works</h2>
The Commission needs to build on its draft report in three directions.
First, it should be more explicit about the weighting given to different performance measures. Not all measures are equally important.
Second, it should be clear about what matters to different fund members. The draft notes that default and choice superannuation members have different needs; those needs should be clearly set out in the final report. Many of the 9.5 million Australians with default products are disengaged. Few will engage much until they near retirement, if they ever do. Many do not have financial expertise. That means that risk-adjusted net returns should be given strong weight in evaluating default products.
Lost accounts and unpaid contributions will also be particularly important for this part of the market. For the choice part of the market – currently about 5 million people – returns should remain paramount, but member engagement and advice quality may play a larger role.
Third and most critically, the Commission must strengthen the links between the three stages of its work. The government’s response to the Murray Inquiry and the Commission’s Terms of Reference for the first two stages make it obvious that the three are intended to work closely together. Stage 1 must define criteria that inform the development of competition models in Stage 2, as well as the assessment of those models against today’s model in light of the findings of Stage 3.
But the draft hardly discusses these links. For example, there is no discussion of how the proposed measures will inform Stage 2. And there is no discussion of which measures will help government decide whether to deploy the models designed in Stage 2. Without much tighter links between stages, the whole purpose of the process will be defeated.
At a minimum, the set of measures in Stage 1 must include the performance of funds by governance type (industry, public sector, and for-profit) in different competitive contexts (tender, awards, direct, and advised) and across product types (default and choice, accumulation and post-retirement).
It must also include the performance of tenders for investment management and administration separately. And it must include the implications of those segment outcomes for the whole system. That type of detailed assessment will be vital if the Commission is to assess competitiveness and efficiency and so inform the government’s decision about whether and how to change the competition model for default super.
<h2>Broader lessons?</h2>
The Commission’s process might seem cumbersome, but it could prove a model for a better way of developing policy. Superannuation is not the only sector in which competition seems to be leaving many consumers little better off.
There are at least two opportunities to roll out the multi-stage market assessment model. First, in its response to the Murray Inquiry, the Government has already committed to implement periodic reviews of competition in the broader financial sector.
More generally, last year’s Harper Review recommended that government set up a new body that would have the power to initiate what it called “market studies”. That was one of the few Harper recommendations the Government left hanging, perhaps because it wasn’t convinced a new body was needed.
But if the Commission’s three-stage process can credibly assess both superannuation system outcomes and the policy options to improve them, it could prove a model for further market studies, whether undertaken by the Commission, the ACCC, or some new body.
Jim Minifie is productivity Growth Program Director, Grattan Institute and author for The Conversation. He can be contacted <a href="https://theconversation.com/profiles/jim-minifie-10230" target="_blank">here</a>.
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PC sets groundwork for long-awaited look at super competition and efficiency

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<img src="https://counter.theconversation.edu.au/content/63393/count.gif" alt="The Conversation" width="1" height="1">
GUEST OBSERVER
Will competition in the superannuation system improve efficiency, or is this an ideological argument extended beyond its usefulness?
If more competition would promote efficiency, what design and policy issues need to be addressed to accommodate the changes?
The Productivity Commission’s draft report on superannuation’s efficiency and competitiveness seeks to address whether increased competition will, in fact, drive efficiency, or whether this proposal is ideologically driven by either a belief in the free market or a desire to weaken the role of the unions in industry superannuation funds.
The Commission confronts this, saying that the role of competition is to drive efficiency, and is not an end in itself. Competition is justified only if it drives funds to become more innovative and efficient. An increase in the number of funds could lead to inefficiencies as smaller, potentially more innovative, funds would not have the economies of scale of bigger funds.
A number of participants in the consultation process made the case that competition may not lead to greater efficiency: the ACTU raised the concern that competition could weaken the superannuation system, noting failures when other services, specifically technical education, were opened to the market.
Other submissions discussed whether consolidation of the existing range of providers would improve efficiency; Fiduciary’s Friend thought this would detract from innovation, while the Financial Planning Associationand Financial Services Council thought that competition could incentivise underperforming funds to consolidate with more efficient funds.
Another perverse effect of competition could be to change the investment policies of superannuation trustees. If members were encouraged to switch funds, this could place stress on the liquidity of the fund. If funds retained more investment in liquid assets this would not only flow through to capital markets but would affect the returns of the fund.
The draft report does make the point that superannuation is a unique environment, so the usual frameworks for assessing efficiency need to take that into account. Specifically, superannuation is an instrument for government policy, and is compulsory. Member disengagement continues to be relatively high, as shown by the number of members who accept the default options both of their fund and of investments within their fund.
Although the introduction of MySuper with the Stronger Super Reformswas intended to increase efficiency and reduce costs, the behavioural effect could well be to further reduce member engagement with the superannuation system.
Since 2005 most employees have been able to choose their fund, but according to the PC report, about two thirds of employees remain in their default fund and less than one third switch their investment options within their fund. There are also about 20% of employees who are not able to choose a fund other than the default fund nominated in their award or enterprise bargaining agreement (EBA).
This contributes to a large number of agency relationships in the system: the employer acts as an agent for the members when nominating a default fund; there is a fiduciary relationship between the trustees of the fund and the members in respect of managing the fund; and many trustees outsource functions to external service providers.
Given the combination of member disengagement and the agency relationships, competition needs to be considered more broadly than facilitating member choice.
The report also discusses the relationships that arise at the wholesale level, including a range of services provided to the superannuation sector. Insurance is particularly in the spotlight here as many members are entitled to insurance benefits through their superannuation fund.
Superannuation trustees are able to obtain policies at far better rates than most individuals – although this has been under the spotlight recently as members find exclusions in their policies. The effect of competition in this area could be less efficient than the current system.
The Productivity Commission sets out a series of objectives for the superannuation system, that sit below the policy objective that the superannuation system is “to provide income in retirement to substitute or supplement the Age Pension”. These objectives include:
<ul>
<li>Competition that drives efficient outcomes through facilitating rivalry and contestability in supply and demand conditions and allowing suppliers to compete on adding value to members</li>
<li>Maximising net returns over the long term</li>
<li>Meeting member preferences and needs over the member’s lifetime</li>
<li>Providing insurance that meets members needs at the lowest cost</li>
<li>The Superannuation system complements a stable financial system</li>
</ul>
The development of these objectives is the first stage: the report goes on to refine the objectives into assessment criteria and indicators.
It is important that the superannuation sector operates efficiently as it is becoming an increasingly important retirement policy instrument and a major component of household wealth. This report has articulated a set of objectives that would strengthen the superannuation system and the faith that members have in their superannuation fund.
Helen Hodgson is associate professor, Curtin Law School and Curtin Business School, Curtin University and author for The Conversation. She can be contacted <a href="https://theconversation.com/profiles/helen-hodgson-94553" target="_blank">here</a>.
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A competitive superannuation system: will efficiency gains follow?

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Market analysts believe First Home Owner Grant (FHOG) schemes should either be reviewed or abolished, according to a finder.com.au survey.
The <a href="https://www.finder.com.au" target="_blank">finder.com.au </a>survey is the largest of its kind in Australia. 
When asked about their views on first home owner grants and schemes across the country, 69 percent of experts said it’s time to review or abolish these schemes; 38 percent of respondents believe first home buyer grants and schemes should be abolished, while 31 percent say State and Federal Governments should review first home buyer schemes.
Finder.com.au insights manager,  Graham Cooke, said it’s important that first home buyers get a foot on the property ladder, but not at the cost of increasing property prices.
“If you live in a capital city such as Sydney or Melbourne, there is a very high barrier to entering the market in terms of the financial resources required to secure a property. While first home buyer grants may allow you to enter the property market sooner, they can also increase the funds going into the housing market, possibly driving up prices," he said.
“These grants also require buyers to live in the property for a specified time, and are therefore not available to first time investors who may choose to buy a property in a more affordable area, and rent elsewhere.”
Mr Cooke says there is a strong belief that First Home Owner Grant schemes need review.
“The general view is that these grants artificially inflate the price of new dwellings at the cost of the taxpayer," he said.
“The national homeownership rate has been declining and the First Home Owner Grant hasn’t solved Australia’s housing affordability problem. It could be time for the state and territory governments to review relevant schemes to provide greater accessibility for first buyers. Stamp duty discounts or land tax rebates may need to be revisited.
"First home buyers should be careful not to overextend themselves in the current low interest rate market. A buffer of 2-3 percent should be factored in on top of your current interest rate to allow you to service any future rate hikes comfortably."
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FHOG schemes should be reviewed, abolished: finder.com.au

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The Melbourne-based Dixon Hospitality Group has appointed Citi to look at its possible acquisition of the overburdened food and beverage group Keystone Group.
Dixon has only just signed off on its $31 million purchase of the Beer DeLuxe Group.
The Australian Financial Review says Dixon seeks to expand its portfolio ahead of a potential $300 million ASX listing next year. 
Dixon Hospital Group was set up in 2012 by Bruce and Michael Dixon who now own 30 venues. 
Keystone is up for sale via receiver Ferrier Hodgson. 
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Dixon Hospitality look at Keystone Group acquistion

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With residential building at record levels and markets headed for oversupply, Frank Gelber, the chief economist at BIS Shrapnel, expects the worst impact will be in Melbourne and Brisbane inner-city apartments where the oversupply will be greatest.
He says the tightening of lending is containing the extent of damage from oversupply — but not completely.
Apart from Melbourne and Brisbane inner city apartments, the oversupply is not large.
He says the downturn will not be uniform 
"We’re building too much and headed towards oversupply in most capital city markets," he wrote in The Australian.
"The exception is Sydney where a decade of under-building led to extreme deficiency — hence the magnitude of the upswing — so that, even given the escalation of building, there remains a significant deficiency of residential stock."
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Melbourne and Brisbane have the worst of the apartment oversupply: Frank Gelber

A landmark former orphanage site in Surrey Hills could be transformed into a new residential community under plans lodged by <a href="https://www.apartments.com.au/developers/antipodean-land-developments">Antipodean Land Developments</a> that would deliver 76 apartments and townhouses while restoring some of the suburb's most significant heritage buildings.

The burgeoninng Melbourne-based developer has submitted plans for the 9,158 sqm site at 1 Kent Road and 24 Durham Road, home to the former St Joseph's Home for Destitute Children, a historic institutional complex dating back to the late 19th century. The proposal seeks to adaptively reuse several heritage buildings while introducing two new four-storey residential buildings set within extensive landscaped grounds.

Designed by <a href="https://www.apartments.com.au/architects/woods-bagot">Woods Bagot</a> and Kerstin Thompson Architects, the project has been conceived as a contemporary residential village embedded within a restored heritage precinct. The development team describes the design approach as "The Village in the Garden," with new buildings positioned among mature landscaping by OCULUS and significant heritage structures.

<img alt="First look: Antipodean Land Developments plans heritage-led apartment community in Surrey Hills" data-entity-type="file" data-entity-uuid="44ec8c1b-c0b6-44ae-859e-5811b3e6a023" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Untitled%20design%20%281%29.png?VersionId=p.p1_KFh4iQoV4nisdnPfQBAsWNi7m79" />

The proposal would deliver 76 dwellings comprising a mix of apartments and duplex-style residences, significantly increasing housing supply on one of the largest privately held residential landholdings in Surrey Hills. The development includes 127 car spaces, 24 bicycle spaces and more than 1,000 sqm of communal amenity, with the existing chapel building earmarked for conversion into resident facilities.

According to the planning submission, the project centres on the restoration and adaptive reuse of the site's most significant heritage assets, including the original c.1889 St Joseph's building, the chapel designed by architect Augustus Andrew Fritsch, and the historic brick perimeter walls and entry gates. The proposal also incorporates the retention of other contributory buildings including the former infirmary and school building.

Tract Consultants, in the planning report accompanying the application, said the scheme had been shaped through extensive heritage analysis and design development.

"The shared vision for the Site by the project team has culminated in a scheme which successfully breathes life back into a historic site while delivering upon the objectives of Victoria's Housing Statement in a carefully curated and contextually responsive manner."

<img alt="First look: Antipodean Land Developments plans heritage-led apartment community in Surrey Hills" data-entity-type="file" data-entity-uuid="7263b7d8-95ea-400f-9531-6ca7d22c3c33" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Untitled%20design%20%282%29.png?VersionId=4cR1tiWOsDpgxEOwZi5vVFcyvvOsYkIE" />

The proposal is being assessed under Victoria's Significant Residential Development with Affordable Housing pathway. As part of the application, three per cent of the project's residential development cost would be contributed to the Social Housing Growth Fund. The development would also provide a diverse mix of one, two and three-bedroom residences targeting a broader range of buyers than typically found in Surrey Hills' detached housing market.

Sustainability initiatives include an anticipated 66 per cent BESS score, natural cross-ventilation to 80 per cent of apartments, 28 per cent deep soil landscaping and a canopy cover outcome exceeding local planning requirements. The proposal also sets aside more than 1,083 sqm for communal indoor and outdoor resident amenity spaces.

<img alt="First look: Antipodean Land Developments plans heritage-led apartment community in Surrey Hills" data-entity-type="file" data-entity-uuid="33fad46f-fe26-4d0a-acfd-6b776e1c6a3d" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Untitled%20design.png?VersionId=D9F6WVSyYCtGvSUmith35LRp6R7PQkw_" />

Planning documents describe the property as one of the largest underutilised residential sites in Surrey Hills, arguing it presents a rare opportunity to introduce "missing middle" housing in an established inner-eastern suburb while preserving and revitalising a significant heritage precinct.

Antipodean Land Developments has built a reputation for design-focused residential projects across Melbourne, particularly in the medium-density sector. Previous developments include Neighbourhood in Brunswick East, delivered with Breathe Architecture, and Balfe Park Lane, designed by Kerstin Thompson Architects.

They've been very active in site acquisition as they build out their future development pipeline. They recently launched Thornubury House, 45 apartments above a mix of commercial, retail, and food and beverage tenancies, and have plans for a boutique project in Fitzroy and another <a href="https://www.apartments.com.au/news/vic/antipodean-plan-apartments-for-deepdenes-missing-middle-on-whitehorse-road">"missing middle" project</a> on Deepdene's Whitehorse Road.

Joel Robinson

First look: Antipodean Land Developments plans heritage-led apartment community in Surrey Hills

Developer <a href="https://www.apartments.com.au/developers/auyin-property-development">Auyin</a> is the latest to turn to the Victorian Government's Development Facilitation Program in an effort to secure approval for its long-planned, mixed-use project in Elsternwick.

In 2018, Auyin lodged plans with Glen Eira City Council for a 14-storey building, however Council approved a reduced eight-storey scheme. A subsequent VCAT appeal in 2019 upheld the eight-storey height limit.

The project was later amended to nine storeys, but Auyin is now seeking to revive something closer to its original vision. The developer argues that the planning context has evolved significantly over the past decade, particularly within the Elsternwick Activity Centre, where higher-density development has increasingly been encouraged along Glen Huntly Road.

The proposal would transform the 1,239 sqm site at <a href="https://www.apartments.com.au/new-apartments/7-12-horne-street-elsternwick-vic-3185">7-15 Horne Street</a>, opposite Elsternwick Railway Station, into a 13-storey residential and retail development designed by CBG Architects, with 40 apartments

The site currently comprises three commercial properties.

<img alt="First look: 13-storey mixed-use tower planned for Elsternwick activity centre" data-entity-type="file" data-entity-uuid="5f465dd4-509b-4082-a669-0253b313914b" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/elsternwick%20podium.png?VersionId=72frWi0SmQ5AVJ3ARRhX5ILUYObhTm7x" />

The proposed apartment mix comprises 25 two-bedroom and 15 three-bedroom residences above 200 sqm of retail space at ground level. Residents would have access to a 90 sqm wellness facility, a 351 sqm communal indoor and outdoor terrace on the third level, and extensive landscaped areas throughout the development. A publicly accessible 135 sqm plaza would be created on the north-east corner of the site, providing seating, landscaping, and a new gathering space adjoining Horne Street.

The design adopts a four-storey podium that references the finer-grain character of the surrounding streetscape, with the upper tower recessed behind generous setbacks on all boundaries.

<img alt="First look: 13-storey mixed-use tower planned for Elsternwick activity centre" data-entity-type="file" data-entity-uuid="e637e763-2abc-4c34-a0aa-5c7ad36fae18" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/elsternwick%20open.png?VersionId=J1AoOpZgTyaF.KeeFSX6lMjEScX8KKRi" />

A key element of the proposal is the reconfiguration and widening of the surrounding laneways. Vehicle access would be retained from Lois Lane, with upgraded pedestrian connections linking Ross Street and Horne Street. The development would provide 58 residential car spaces, two retail car spaces, and 52 bicycle spaces across two basement levels and ground-floor facilities.

Architecturally, the building draws inspiration from the established character of Elsternwick Village. The façade combines dark charcoal brickwork, textured concrete, bronze-toned metal detailing, and extensive planting integrated into podium and tower levels. The design also incorporates a chamfered corner treatment and publicly accessible plaza intended to strengthen pedestrian activity around the station precinct.

Elsternwick's last new development completion was&nbsp;EVA Elsternwick by Pitard late last year. <a href="https://www.apartments.com.au/developers/milieu-property">Milieu</a> is working away on its nature-led neighbourhood, <a href="https://www.apartments.com.au/new-apartments/elsternwick-gardens-by-milieu-8-gordon-street-elsternwick-vic-3185">Elsternwick Gardens</a>, on Gordon Street, with its first stage expected to complete next year.

First look: Auyin seeks mixed-use apartment project in growing Elsternwick Activity Centre

<a href="https://www.apartments.com.au/new-apartments/otium-parkdale-123-125-como-parade-east-parkdale-vic-3195">Otium Parkdale</a>, the 13-residence boutique development by&nbsp;<a href="https://www.apartments.com.au/developers/huxtable-property">Huxtable Property</a>, has entered its final stages of delivery, with completion expected within the coming month and more than half of the residences sold.

The Como Parade East project is nearing the finish line at a time when opportunities to purchase new apartments in <a href="https://www.apartments.com.au/developments/parkdale-vic-3195">Parkdale</a> remain exceptionally limited. Fewer than 10 per cent of dwellings in the bayside suburb are apartments, making developments like Otium a relatively rare addition to a market traditionally dominated by detached housing.

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The three-level development comprises 13 residences, including ten two-bedroom apartments and three larger three-bedroom homes, all positioned above a secure basement car park.

Designed by <a href="https://www.apartments.com.au/architects/almeida-architects">Almeida Architects</a> with a strong connection to its coastal surroundings, Otium combines red brick, exposed concrete and dark metal detailing with integrated landscaping and greenery. Expansive glazing, generous balconies and terraces have been incorporated throughout the design to maximise natural light and reinforce indoor-outdoor living.

Inside, the residences feature engineered European oak flooring, natural and reconstituted stone benchtops, Bosch kitchen appliances, ducted heating and cooling, lift access and secure entry systems. The larger three-bedroom residences on the upper level have been designed with house-like proportions, while the two-bedroom apartments prioritise functionality, flexibility and low-maintenance living.

[smartcode_project:default project_id=134974 project_image_fid=5421]

The project is now in its final stages, with <a href="https://www.apartments.com.au/builders/labco">Labco</a> completing the remaining landscaping and external finishing works following the completion of the residences' interiors.

Otium's location within the heart of Parkdale continues to underpin its appeal. Residents will be just steps from local cafés, restaurants, shops and the newly elevated Parkdale Station, while the beach is less than a kilometre away.

With the project tracking ahead of schedule, buyers can currently secure a residence with a five per cent deposit and benefit from settlement terms of up to eight months. The advanced stage of construction also provides buyers with the opportunity to walk through the near-complete residences and experience the quality and finishes firsthand ahead of completion.

[smartcode_project_cta:default project_id=134974]

Otium Parkdale enters final month before completion as rare apartment opportunity nears sellout

A new boutique apartment development is entering the market in <a href="https://www.apartments.com.au/developments/chermside-qld-4032">Chermside</a>, with Brisbane-based developer <a href="https://www.apartments.com.au/developers/ausdev">Ausdev</a> bringing 33 residences to a well-connected pocket of Brisbane's north.

<a href="https://www.apartments.com.au/new-apartments/parkdrive-apartments-chermside-25-sammells-drive-chermside-qld-4032">Parkdrive Apartments</a>, at 25 Sammells Drive, will comprise a mix of one- and two-bedroom residences positioned within walking distance of Westfield Chermside, The Prince Charles Hospital, and Bradbury Park.

Established in 1989, Ausdev has a long-standing presence across both development and construction, with Parkdrive Apartments representing its latest residential project in Brisbane's northern suburbs.

[smartcode_project:default project_id=152125 project_image_fid=363778]

The development has been designed around open-plan living and natural light, with residences featuring stone benchtops, timber cabinetry, BOSCH appliances, and private balconies that extend the living areas outdoors.

Kitchens are positioned as the centrepiece of the homes, incorporating natural material palettes and integrated appliances, while bathrooms have been designed with a focus on functionality and understated finishes.

Residents will have access to a communal barbecue and entertaining area on Level 3, providing shared outdoor space within the development. Secure parking and lift access are also incorporated into the building.

The project will deliver a limited collection of 33 apartments, with one-bedroom residences priced from $749,000.

[smartcode_project:default project_id=152125 project_image_fid=363782]

Beyond the building itself, the location places residents within easy reach of several of Chermside's key amenities. Bradbury Park is around 350 metres away, while Westfield Chermside is approximately 1.3 kilometres from the site. The Prince Charles Hospital is located within 750 metres, and the Chermside Bus Interchange is around 1.5 kilometres away, providing connections across Brisbane.

Parkdrive Apartments adds to the growing residential pipeline in Chermside, a suburb that continues to evolve as a major retail, healthcare, and transport hub for Brisbane's north.

[smartcode_project_cta:default project_id=152125]

Ausdev introduces boutique Parkdrive Apartments to Chermside's growing centre

<a href="https://www.apartments.com.au/developers/skymark-group">Skymark</a>'s boutique Cronulla development Solis has secured a 10-year Latent Defects Insurance policy through Resilience Insurance, providing buyers of the 16-residence building on Ewos Parade with structural and waterproofing protection that extends a decade beyond the building's completion.

Currently under construction and due for completion in late 2027, <a href="https://www.apartments.com.au/new-apartments/solis-cronulla-8-ewos-parade-cronulla-nsw-2230">Solis</a> is one of a small number of new developments in the Sutherland Shire to carry Resilience LDI coverage, a distinction that carries increasing weight as buyer confidence in the off-the-plan sector continues to be shaped by how developers stand behind their product.

Latent Defects Insurance, which entered the Australian market in 2022 when Resilience Insurance was approved to offer the cover, protects buyers against major structural or waterproofing defects for ten years post-completion. Unlike traditional statutory warranties, it operates as a first-resort policy, if a covered defect arises, the insurer responds directly, without the buyer needing to pursue the builder or developer through a lengthy claims process.

Resilience Insurance CEO Corey Nugent has noted that the product addresses something fundamental to the new apartment market.

"The overarching feedback from prospective buyers in the new development space is that they want more confidence and assurances around the quality of the build," Nugent says.

"Resilience Insurance Latent Defects Insurance not only gives them complete peace of mind for 10 years, but it shows the developer they are buying from is standing by their product."

[smartcode_project:default project_id=150499 project_image_fid=370898]

For Solis, the Resilience LDI policy adds a meaningful layer of accountability to an already considered project. The development comprises nine two-bedroom and seven three-bedroom residences, including one dual-level three-bedroom apartment, across a five-storey building on Ewos Parade, positioned between Shelly Beach and South Cronulla.

Garden apartments connect directly to private landscaped courtyards, while upper-level homes capture beach views to the east from level four and above.&nbsp;

All 16 residences include at least one balcony or courtyard, and select apartments on the upper floors feature bar areas and secondary flexible living spaces.

Hiba Sander, Managing Director of Skymark, says Solis offers a rare balance, nestled between the quiet beauty of secluded beaches and the lively charm of South Cronulla's esplanade.

"It's a place to choose your pace and live gracefully, seaside'," Sander says.

[smartcode_project:default project_id=150499 project_image_fid=370900]

The architecture, designed by <a href="https://www.apartments.com.au/architects/ida-design-group">IDA Design Group</a>'s Michael Trinh, draws from the natural erosion patterns of <a href="https://www.apartments.com.au/developments/cronulla-nsw-2230">Cronulla</a>'s sandstone headlands, translating the organic forms of the coastline into soft curves, pavilion-style massing, and a material palette chosen for longevity in a salt-tinged environment.&nbsp;

Textured natural stone, soft renders, and timber-look battens reference the tones of the surrounding cliffs, while the building has been oriented to maximise natural light and passive ventilation, with primary living spaces facing north and east to capture morning sun and sea breezes.

"At Solis, our aim was to create architecture that feels quietly confident, grounded in natural materials like stone and timber, and elevated by light and landscape," Trinh says.&nbsp;

"The buildings are designed to sit gently within their coastal surrounds, with expansive glazing and abundant greenery creating a seamless dialogue between inside and out."

[smartcode_project:default project_id=150499 project_image_fid=370897]

Interiors by <a href="https://www.apartments.com.au/architects/hot-black">Hot Black</a> carry the same material language through to every room. Kitchens feature integrated Gaggenau appliances, sculpted stone benchtops, and Lo &amp; Co joinery, while bathrooms feature natural stone, timber, and brushed metal finishes.&nbsp;

Hot Black Founder and Design Director Sophie Safrin describes the intent as one of considered restraint: "At Solis, every detail has been thoughtfully considered to create a timeless coastal retreat, calm, refined, and effortlessly liveable. From natural finishes to seamless indoor-outdoor flow, Solis offers a quiet elegance that's deeply connected to its surroundings.

The landscape, designed by Julian Brady of <a href="https://www.apartments.com.au/landscape-architect/sitedesignstudios">Site Design Studios</a>, treats green space as an integral part of the resident experience rather than an afterthought.&nbsp;

"Gentle curves and layered native plantings mirror the ebb and flow of the ocean," Julian Brady says, "creating a serene connection between architecture and place."&nbsp;

Coco Republic has provided bespoke furniture packages tailored to the project's coastal palette.

[smartcode_project:default project_id=150499 project_image_fid=370899]

Skymark has an established track record in the Sutherland Shire, with a portfolio spanning Cronulla, Woolooware and Burraneer that includes Isla, Sylva, Bask, Shells, Sula and Mist. Securing LDI on Solis reflects a broader shift in how the developer is positioning its buildings to buyers, at a time when Resilience Insurance expects the policy to become mandatory in New South Wales by 2028.

Sales at Solis are launching soon through Ray White Projects, with an official event scheduled for 11 June. Enquire for more information.

[smartcode_project_cta:default project_id=150499]

Jonathan Chancellor

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