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<img src="https://counter.theconversation.edu.au/content/57114/count.gif" alt="The Conversation" width="1" height="1">
GUEST OBSERVER
The New South Wales government has announced, through its development agency UrbanGrowth, that it will assume the role of master developer of the White Bay Power Station site in Sydney’s inner west.
The announcement on Thursday ended a lengthy request-for-proposals process to develop the site as a “tech hub”. Following a spectacular launch event on the site last year, 13 proposals were received from complex consortiums, which reportedly included Lend Lease with anchor tenant Google, and Mirvac with Ecoworld.
On Thursday, NSW Planning Minister Rob Stokes said:
"This will not be an exercise where government hands over large areas of public land and gives away control, without ensuring good outcomes for the community."
While the NSW opposition is crowing about Premier Mike Baird’s “completely bizarre” turnaround, it’s worth considering what UrbanGrowth NSW chairman John Brogden might have meant when he said:
"While some proposals were strong in certain areas, unfortunately there were no complying proposals that addressed the evaluation criteria to achieve the government’s plan for the site."
<h2>What are the grounds for non-compliance?</h2>
So what were these criteria? There are three general evaluation criteria for non-compliance: financial offer; quality of secured tenant; and design.
Across 13 schemes, failure of compliance could have happened in any number of ways. But let’s speculate based on information that is available in the public realm.
Lend Lease’s proposal involved a partnership with Google, one of the most sophisticated tech operators globally. One could assume, then, that compliance failure was not on the grounds of quality of tenant.
Given Lend Lease’s significant experience developing large projects in Australia and internationally, one might also assume that the financial offer, perhaps even in the form of high-density housing as the UrbanGrowth press release suggests, also could not be the grounds for non-compliance.
So by a process of deduction – as good a process as any other given the lack of transparency – we’re left with design as the grounds of non-compliance.
Anyone following the Planning Assessment Commission (PAC) hearings on the proposed casino at Barangaroo will know that this issue – or, rather, the creeping culture of non-compliance of aspects of the project – has dogged the Barangaroo development from the outset.
It is how we find ourselves in a position where the UNESCO-listed Sydney Opera House will now feature, when viewed from the water, the very big casino visible through its sails.
The state government’s taking charge of masterplanning of White Bay, via UrbanGrowth, has to be understood within this context.
And I say that a process of deduction to come to this conclusion is as good as any other process because an incredible lack of transparency characterises all of these projects in the city. A key condition of working with either UrbanGrowth, Lend Lease or the Barangaroo Delivery Authority is the signing of confidentiality clauses.
The sheer scale of these projects in the city right now means that a significant proportion of members of the architecture and planning professions in Sydney are bound to silence. Many of those with a professional responsibility to speak and act in the public interest have been taken out. Those who remain free to speak in the public realm are often ill-informed and, as a result, impotent.
<h2>Now to rebuild trust in public planning</h2>
As a consequence of an environment so poorly informed, the Sydney public is conflating several issues. This was evident in public protests several weeks ago.
The disparate issues include:
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rising concern about council amalgamations and a perception that democratic processes are being restricted;
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<li>
city transformations as a consequence of the lockout laws and their application; and
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<li>
the slow pace of public transport reform and extension, coupled with intensifying congestion in the city.
</li>
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Contributing to the sense of public frustration is the fact that, through the experience of Barangaroo, “there is a deep cynicism across Sydney that proper planning processes have been bypassed in favour of an agreement made behind closed doors", as leading planner John McInerney, the chairman of the local Residents Action Group, told the PAC’s public hearing last month.
“Casino Mike” and his government are right to be listening to their electorate with their change of position on White Bay.
What all of this starts to indicate, and what UrbanGrowth’s taking up of responsibility for the masterplanning of White Bay suggests, is that the private sector in NSW has lost its agency to deliver projects in the public interest. And the state government will be increasingly damaged by this perception.
Globally, many complex government agency delivery vehicles and public-private partnerships are producing very successful urban renewal projects. Examples include Orestad in Copenhagen and Roosevelt Island in New York. We have to be willing to allow government to take up risk again in the public interest, instead of outsourcing all risk to the private sector.
The fact that the state government has stepped in to take back control of the White Bay redevelopment in the face of design non-compliance is actually an amazing story. One would hope this is a process of learning at work.
Tarsha Finney is senior lecturer, School of Architecture, University of Technology Sydney an author for The Conversation. She can be contacted <a href="https://theconversation.com/profiles/tarsha-finney-1031" target="_blank">here.</a>
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jchancellor-FAypfDUnLy

White Bay rethink hinges on who looks out for the public interest in remaking Sydney

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GUEST OBSERVER
The Housing Industry Association urges the Federal Government and Opposition to commit to actions targeting housing supply constraints in their election platforms. 
Providing affordable homes to house our growing, ageing and increasingly diverse population requires more than one line references about increasing supply.
Providing affordable homes that cater for families large and small, in capital cities and regional centres, in city centres and their suburbs requires vision and planning.
We don’t have a national housing plan.
Successive Federal Governments have failed to coalesce the roles, responsibilities and endeavours of state, territory and local governments. Governments at all levels, and their well-intentioned agencies, work outside of a national housing strategy. They don’t act in unison, towards a national goal.
It’s like attempting to piece together a jigsaw puzzle without knowing the image or landscape.
With an ageing workforce and mounting pressure on publicly funded services, the Federal Government cannot simply dismiss housing affordability as a supply problem for the states to solve.
An incoming Federal Government must do better. It needs to provide national leadership and vision, and the resources to support better targeted initiatives to increase the supply of both private and public housing.
Committing to a dedicated Federal Minister for Housing, within Cabinet, and establishing a national land planning council to provide national monitoring and reporting of land supply across each stage of the supply pipeline are high on the HIA’s list of imperatives. 
Instigating a holistic inquiry into the added cost of housing caused by taxes, excessive regulations and delays in planning assessments is also a priority for the housing industry. 
Graham Wolfe is chief executive industry policy and media, HIA and can be contacted <a href="https://hia.com.au/en/about.aspx" target="_blank">here</a>. 
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New housing fuels affordability: HIA's Graham Wolfe

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Consumer regulators across Australia are launching a national video campaign against spruikers, who run get-rich-quick seminars.
<a href="https://www.youtube.com/v/srb0wYnyyWI" target="_blank">The national campaign</a>, has been promoted by the likes of Consumer Protection WA.
Its director of property industries Stephen Meahger said spruikers must comply with Australian consumer law.
"We always are concerned in any spruiking when you see a big, glossy ad or a full page ad in the paper that says that it's a free seminar," Mr Meahger told the ABC.
WA spruikers often teach their students how to set up rent-to-buy housing deals, which offers people who do not have a home deposit the option of purchasing a home after paying above-market rent for a set period of time.
Miles Larbey from the Australian Securities and Investments Commission (ASIC) said unscrupulous operators had been put on notice.
"ASIC assesses every report of misconduct it receives about such operators and there are serious consequences for property spruikers who break the law by providing unlicensed financial or credit advice," he said.
"ASIC strongly supports the campaign warning investors about property spruikers."
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Video warning about property spruikers 

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The infamous Bondi hoarders' property was withdrawn from auction last night, in yet another stalled chapter in its 26 year saga.
There were around 10 interested parties expected, but the property was pulled just an hour before its scheduled 6pm auction.
The owner Mary Bobolas had secured a temporary legal stay that stopped any auction.
A $2 million sale had been anticipated due to its prime location and 550 sqm block size.
The <a href="https://www.realestate.com.au/property-house-nsw-bondi-118903099" target="_blank">19 Boonara Avenue</a> offering was listed under instructions of the NSW Sheriff's Office.
It was the third time that the marketing failed to end in an under the hammer sale.
There was an unexpected delay last month with the paperwork not quite right.
Previously the owner Mary Bobolas dodged the sale of the property February last year by coming up with $180,000 to pay Waverley Council's cleaning and legal bills just hours before that scheduled auction.
The drawn out process has seen buyer interest wane as when it was first listed in 2015, 63 contracts had been handed out. Last month it was in the 30s. This time interest was down to around the expected 10 attendees.
They will need to pay a further $160,000 to meet the newest set of cleaning and legal bills.
The council's solicitors wrote to the Bobolas family in November asking for settlement of the outstanding money to avoid the sale but they received no funds.
Raine &amp; Horne agent Ric Serrao was commissioned by the NSW Sheriff's Office to sell the property so that clean-up costs can be recovered on behalf of the council.
Rubbish flowed out of the door and onto the property frontage on the latest listing images despite a 10 truck clear up in July last year.
There were no inspections possible for prospective buyers.
Ric Serrao couldn't even access the property so there were no internal photos or floor plan available.
This article was first published in the Daily Telegraph. 
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Bondi hoarders home auction postponed again

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Despite expectations of steady income and jobs growth in Melbourne, house values are forecast to decline more than 6 percent from the end of 2016 through to early 2020.
However, the declines are likely to be confined mostly to apartments in comparison with detached dwellings, according to CoreLogic-Moody’s Analytics Australia Home Value Index Forecast.
House values in Melbourne reached a new high in April, but the outlook was described as "less positive."
The current momentum will enable values to gain 7.1 percent this year, but the effects of high levels of incoming supply—200,000 dwellings approved for construction from 2013 to 2015—will depress house values through to 2020. 
CoreLogic-Moody’s Analytics Australia Home Value Index Forecast, suggested house values nationwide are expected to rise 6 percent this year and 4.1% in 2017.
Much of this rise will be driven by continued gains in Sydney, where values are forecast to rise 7.3 percent this year, or about half the 14.9 percent rise in 2015.
Melbourne’s market is nearing a peak and could be entering a slump because of high incoming supply.
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Melbourne apartments to bear brunt of price downturn: CoreLogic Moody's

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The Federal Coalition is slowly appreciating that the retrospectivity of their Federal Budget SMSF changes has dire consequences.
The Australian reported the federal government would look at situations where people had entered into binding legal contracts who might be hit by the proposed superannuation changes.
The Assistant Treasurer Kelly O’Dwyer said yesterday there will be a period of consultation to make sure there are no unintended consequences from the legislative changes.
“If someone has made a binding legal agreement before budget night, the government will look at that situation in the design of the legislation.’’
Ms O’Dwyer’s comments came as the superannuation industry expressed concern that some people could have entered into binding legal contracts to buy property through their super fund or made other legal arrangements that would be hit by the budget night imposition of a $500,000 cap on post-tax superannuation.
All the government’s proposed changes to super are scheduled to operate from July 1, 2017, except the $500,000 lifetime cap on post-tax contributions, which applies from May 3, budget night.
Ms O’Dwyer said the government had no intention of backing down and rejected calls by Melbourne barrister Jack Hammond QC that people with existing superannuation accounts should be grandfathered from the negative impacts of the changes.
Off the plan apartment purchases have real concerns, the Henderson Maxwell financial planner Sam Henderson, wrote in today's Australian Financial Review in an answer to a reader question on super.
The question was: My wife (56) and I (63) are the only trustees of our SMSF, which has about $1 million. I'm retired and my wife has just retired to look after six grandchildren. Last year we entered into a contract within the super fund to buy an off-the-plan apartment ($650,000). Our plan was to put more money into super by selling the investment property, and borrowing, say, $200,000. We did this thinking that after renting it out for, say, six years, we would "in-specie" transfer it out of the super fund to ourselves. The building work has started, with estimated completion in early 2018.
The new Liberal budget has thrown a curve ball into the equation. Assuming the Liberals stay in government and the 2007 retrospective $500,000 non-concessional cap is passed, we could be in serious trouble as we are close to the maximum $500,000. If this happens, I see three choices for us: losing the deposit ($65,000) by reneging on the contract; trying to change the contract to buy the apartment outside the SMSF, or trying to get a bigger loan and proceeding with the original idea. If we take the last option, we still lose as we won't have much left in super and no way to put more in if we do the "in specie" transfer. It seemed like a great idea last year, and we did believe the Liberals would not change super as they promised not to. Have you any suggestions or other options for us? Rob
Hendserson's answer was in part: Rob, you're exactly the reason why retrospective legislation should never be enacted. You are also a good example of what can go wrong in an SMSF by purchasing apartments off the plan, despite your best intentions.
Legislation in superannuation is guaranteed to change over time. While super will always remain a concessionally-taxed savings environment and generally a good place to invest, caution needs to be exercised when purchasing assets over a longer time period. 
Your dilemma is a serious one. If you change the contract, you will almost certainly be up for another round of stamp duty for a change of ownership. If you forfeit your deposit, you are creating a loss of 6.5 percent ($65,000 loss of deposit) for your fund. Make sure you do your research to ensure the property will stand on its own two feet at settlement in all markets with a strong and growing rent, which will be a challenge based on these statistics.
One alternative is to lend the money to your super fund rather than use the bank. You simply establish your own limited recourse borrowing arrangement on commercial terms and lend the money to the fund to avoid the use of further bank funding, all assuming the bank will accept that structure which may be a challenge without personal guarantees. But it's worth considering under expert guidance.
Failing that option, you will need to tap the bank for the settlement amount and hope that its lending policy hasn't changed between now and settlement. Banks have been overhauling their investment lending policies in the past few months so jump on the phone and see what they are willing to do.
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Property 101: Dire OTP consequences to Government's Budget super retrospectivity

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<img src="https://counter.theconversation.edu.au/content/57114/count.gif" alt="The Conversation" width="1" height="1">
GUEST OBSERVER
The idea of separating out the arms of the “Big Four” banks like insurance and superannuation from their core banking business is gaining traction in Australia.
It featured in the Greens' banking and finance election policy. However this is not a new idea; Australia is just catching up to banking reforms already made by the UK.
The proposals by the Greens are, in international terms, actually quite tame. The Greens talk about “looking at breaking up the banks,” rather than actually breaking them up. They also suggest applying a “tax deductible levy of 0.20% on the asset base of institutions worth greater than $100 billion” on the “too big to fail” Big Four.
Other jurisdictions have gone much further than the Green’s proposals. For example, following the recommendations of the Vickers’ Inquiry into the UK banking system, banks with assets over £25 billion, will be required from 2017 to split off their retail banking activities into separately managed entities that can be floated off, if the holding company goes belly up. Similar rules are also to be enacted throughout the European Union.
Far from local banks being well-regulated, the latest research on managing systemic risk by the Bank of England shows that Australian banks are simultaneously extreme outliers, in regards to size relative to GDP, yet among the lowest of their peers as regards capital requirements. This is extremely risky, especially given the banks’ exposure to the Australian housing market.
The Australian taxpayer is providing a guarantee for such risky behaviour which the Reserve Bank estimates to be worth some $3.5 billion per year to the big four banks.
One of the Green’s proposed considerations is to investigate:
“The nature of vertically integrated business models, including: i. the integration of everyday banking, financial planning, wealth management and insurance within a single entity; ii. whether the incentives provided encourage illegal or unethical conduct; and iii. whether the incentives provided are aligned with the duty of care to customers.”
This term “vertical integration” is a classic illustration of the problems that arise in so-called Universal Banking. The concept of Universal Banking, sometimes called a “financial supermarket”, in which many financial services are sold under the one roof, goes back to the 19th century in Germany.
This is where German banks not only took deposits and made loans, but also funded and even made equity investments in companies. This one-stop shop was credited with helping to make Germany an industrial superpower in the late 19th century.
On the other hand in the UK and USA, there was strict separation of retail banks and so-called investment (or merchant) banks. In the USA, this separation was enshrined in the famous/infamous Glass Steagall Act of 1933 which was an outcome of the Pecora Commission into the Wall Street Crash of 1929.
In the UK, a strict separation lasted until 1984, when the Thatcher government implemented the so-called Big Bang, which broke down the barriers between commercial and merchant banks. Subsequently, there was a massive consolidation of banks, merchant banks and eventually building societies.
US banks, such as Citicorp and JPMorgan, joined in the takeovers of UK firms even though technically it was still forbidden in the USA. However in 1999, after pressure in the industry and with almost unanimous congressional support, the Glass Steagall Act was repealed and the concept of a one-stop shop for financial products became the accepted business model around the world.
In Australia in the year 2000, NAB acquired MLC Life Limited, which was the insurance and investment arm of Lend Lease. Soon afterwards the other big three Australian banks followed suit, acquiring investment firms and insurance companies. For example, Colonial Mutual insurance was acquired by the Commonwealth Bank to become its scandal-ridden CommInsure subsidiary.
The prevailing model of Universal Banking in Australia is barely 15 years old.
<h2>Why did Universal Banking become the accepted model around the world?</h2>
There are two arguments usually put forward for Universal Banking: economies of “scale” and economies of “scope.” The argument for scale is, the bigger a bank is, the better it can leverage its resources, especially expensive technology. The more depositors a bank has the more money it can lend and in a sort of virtuous circle, the more depositors the bank can attract, always provided that the banks treat their depositors fairly, of course.
Scale is important. For comparison, the largest retail bank in the world by market capitalisation is the US based Wells Fargo bank which has some 70 million customers worldwide, mainly in the USA. That is about three times the population of Australia.
Last financial year, Wells declared net income of around A$30 billion (US$ 22.9 billion) which is almost identical to the total declared by the Big Four banks. On a per customer basis then, Wells appears not to be as efficient as Australian banks, or just possibly Australian customers may be getting a very raw dea<a href="https://www.smh.com.au/business/banking-and-finance/banks-fail-to-pass-on-rba-cuts-to-credit-card-customers-20160603-gpb18z">l</a> from their banks.
Economies of scope means that a bank, using its presence in the market, can expand the products it sells to existing and new customers. This so-called cross-selling is infuriatingly obvious in Australian banks.
An example of this is a consumer, when attempting merely to pay in a cheque, can be bombarded with questions about whether they would like insurance with that. It is a form of diversification, expanding and hopefully stabilising sources of income.
In pursuit of scope, the largest Australian banks have all acquired investment management and insurance companies, bundling these acquisitions up into fashionable “Wealth Management” units. According to KPMG, these units provided a 25 percent of the Big Four’s profits in 2015. The problem is that the Big Four banks have proved to be not very good at “wealth management.”
The original reason for diving into the wealth management business was the pot of gold that is Australian superannuation, which is growing year on year through mandatory contributions and today sits at just over A$2 trillion – who could lose? Certainly not the superannuation funds managers.
But could they outperform others? Unfortunately not, as the largest bank-owned retail funds consistently underperform not-for profit industry funds - not really surprising as industry funds operate on a not-for-profit basis.
And all the while, people are deserting the retail sector in droves to run their own Self-Managed Superannuation Funds (SMSFs). In 2016, self-managed assets total some A$592 billion or 30% of the total super pot of just over A$2 trillion, exceeding the retail sector and growing each month.
If the prospect was only ever little more than a pipe-dream, it became a nightmare as pensioners lost their savings in the GFC, created incidentally by banks. And today the prospect of even the middle class living in poverty in retirement has become a reality. In Australia, with the average super balance for men at retirement being just less than $300,000 (much less for women), ASFA, the industry body for super funds, concludes that” many recent retirees will need to substantially rely on the Age Pension in their retirement”.
<h2>Is the rationale for seeking economies of scope still valid?</h2>
Technology has changed everything. In the 20th century, people still went into banks to withdraw or deposit money, to make payments, to ask for a mortgage or to talk about investments.
It was quite possible then for the banks to catch customers at the counter and sell them something they may not want or need but nonetheless may be good for them, like an insurance policy.
But a lot of people don’t go to banks much anymore. They get cash when they check out at the supermarket.
They visit websites or mortgage brokers when they are looking for a mortgage. They search websites that compare deposit and investments offers, and there are a myriad of ways that people can pay bills or make payments for online goods.
People are deserting bank branches for the internet and the importance of face-to face contact and opportunities to cross-sell have diminished.
If there is no pot of gold at the end of the Wealth Management rainbow for banks nor their customers, then the boards of Australian banks must look to strategies other than Universal Banking.
Unfortunately, the subject of banking reform was not addressed fully by the Financial Systems Inquiry, headed as it was by the architect of CommBank’s vertical integration strategy, and the subject has since become a political football.
The Green’s policy would be seen as a minimum and meek in most other jurisdictions, while the industry’s response is shortsighted and defensive. The subject is too important to be trapped in this stalemate.
Pat McConnell is honorary fellow, Macquarie University Applied Finance Centre, Macquarie University and author for The Conversation. He can be contacted <a href="https://theconversation.com/profiles/pat-mcconnell-13137" target="_blank">here</a>.
 
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It’s time we broke up the retail arms of Australia’s Big Four banks

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The Queensland government will impose a 3 percent charge on foreign purchases of houses and apartments.
The extra tax follows Victoria's foreign investor surcharge which was recently increased to 7 percent.
The Baird government is preparing to introduce additional property taxes on foreign investors in its budget on June 21.
The Queensland treasurer Curtis Pitt said foreign investors would now have to pay an additional $10,962 on top of the existing $11,214 in transfer duty for a $365,000 house or apartment.
"This will ensure foreign purchasers of residential property, who benefit from government services and infrastructure, make a contribution to their delivery – as local buyers do," Mr Pitt told the Queensland Media Club in Brisbane on Thursday.
"We welcome mutually beneficial foreign investment. We are confident this surcharge – that does not affect Queenslanders – will also not affect the interest foreign investors have in sharing our state's economic strengths."
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Queensland to tax the foreigners 

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Moody's Investors Service says that signs of a re-acceleration in Australian house prices are credit negative for Australian banks and pose a risk to the economy.
The 2016 spurt had raised the banks' sensitivity to downside risk in the housing market.
"The likelihood of an outright downward correction in prices is rising,” the agency advised.
Moody’s Investors Service viewed loans taken out over 2014-15 as “bearing the most risk, given that they were originated after significant house price appreciation had already occurred”.
While noting strong employment conditions and low interest rates continue to support the quality of the banks' housing portfolios, the household debt/income ratios continue to rise.
Moody's conclusions are contained in its report, "House Price Growth is Increasing Tail Risks for Australian Banks".  
Annual house price growth has risen over the past two months, increasing by 10 percent for the 12 months to May 2016.   Moody's says that there is evidence the banks' appetite for investor lending is returning, after a period of tighter underwriting to comply with the Australian Prudential Regulation Authority's 10 percent annual limit for growth in such loans.  
Moody's points out that over the past month, a number of lenders have lifted their maximum loan to value ratios for investor lending, and there are indications that the banks are becoming more competitive in their pricing for investor loans.  Moody's notes, however, that some of the newer lending activity can be explained by investors bringing their purchase plans forward, ahead of the federal election.  
"These trends are unfolding against a backdrop of already high levels of household indebtedness, and elevated overall leverage in the economy," says Daniel Yu, a Moody's Vice President and Senior Analyst.
"The current trends are therefore credit negative for Australian banks, particularly in the context of the banks' high ratings, because these trends raise the banks' sensitivity to any potential deterioration in the housing market," Yu suggested.
According to Moody's senior vice president Ilya Serov, the housing market in Australia appeared to have accelerated over the past couple of months partly on the back of the cut in interest rates in May.
Mr Serov told he ABC's The World Today investors were exposed if the RBA moves or banks hike rates independently.
"The economy now I think from a household sector is more sensitive to increases in interest rates should they occur," Mr Sherov said.
"We are already in an economy which is characterised by fairly high levels of debt particularly in the household sector and the debt to income ratio which had been stable is now creeping up again."
 
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Moody's concern at 2016 house price re-acceleration

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Canstar advises that five year fixed rates terms can now be found at under 4 percent.
Thanks to the May cut in official cash rate, research and comparison site canstar.com.au advises that borrowers with some equity can now potentially lock in a home loan interst rate of less than 4 percent across all loan terms up to and including 5 year fixed.
“The cash rate is at a historic low and this is fantastic news for home owners wanting to refinance their mortgage,” said Canstar group manager, research &amp; ratings, Mitchell Watson.
“For the first time our database of more than 1,000 home loans is showing advertised interest rates of less than four percent across all loan terms, including 5 year fixed. Prior to the most recent rate cut the lowest 5 year fixed home loan advertised rate on our database was 4.34 percent; it’s now 3.99 percent for owner-occupiers.”
Current highest, lowest and average advertised home loan rates 
<table style="width: 476px;" border="1" cellspacing="0" cellpadding="0"><tbody>
<tr>
<td colspan="7" width="0">
Table: Residential Home Loan Market – Snapshot of the current market (3/6/2016)
</td>
<td colspan="2" width="0">
 
</td>
</tr>
<tr>
<td width="62">
 
</td>
<td width="0">
Standard Variable
</td>
<td width="0">
Package Variable
</td>
<td width="52">
1 Year Fixed
</td>
<td width="0">
3 Year Fixed
</td>
<td width="0">
4 Year Fixed
</td>
<td width="0">
5 Year Fixed
</td>
<td colspan="2" width="0">
 
</td>
</tr>
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<td width="62">
Average
</td>
<td width="0">
4.64%
</td>
<td width="0">
4.35%
</td>
<td width="52">
4.35%
</td>
<td width="0">
4.31%
</td>
<td width="0">
4.66%
</td>
<td width="0">
4.70%
</td>
<td colspan="2" width="0">
 
</td>
</tr>
<tr>
<td width="62">
Min
</td>
<td width="0">
3.59%
</td>
<td width="0">
3.64%
</td>
<td width="52">
3.50%
</td>
<td width="0">
3.74%
</td>
<td width="0">
3.99%
</td>
<td width="0">
3.99%
</td>
<td colspan="2" width="0">
 
</td>
</tr>
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<td width="62">
Max
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<td width="0">
5.84%
</td>
<td width="0">
5.10%
</td>
<td width="52">
5.34%
</td>
<td width="0">
5.24%
</td>
<td width="0">
5.59%
</td>
<td width="0">
5.59%
</td>
<td colspan="2" width="0">
 
</td>
</tr>
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<td colspan="7" width="0">
Source: <a href="https://www.canstar.com.au/" target="_blank">www.canstar.com.au</a>, the search results do not include all home loan providers, and may not include all features relevant to you. Advertised rates of products on CANSTAR database
</td>
<td colspan="2" width="0">
 
</td>
</tr>
<tr>
<td width="62">
 
</td>
<td width="69">
 
</td>
<td width="0">
 
</td>
<td width="0">
 
</td>
<td width="0">
 
</td>
<td width="0">
 
</td>
<td width="41">
 
</td>
<td width="0">
 
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<td width="12">
 
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Table: Investment Home Loan Market – Snapshot of the current market (3/6/2016)
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<td colspan="2" width="0">
 
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</tr>
<tr>
<td width="62">
 
</td>
<td width="0">
Standard Variable
</td>
<td width="0">
Package Variable
</td>
<td width="52">
1 Year Fixed
</td>
<td width="0">
3 Year Fixed
</td>
<td width="0">
4 Year Fixed
</td>
<td width="0">
5 Year Fixed
</td>
<td colspan="2" width="0">
 
</td>
</tr>
<tr>
<td width="62">
Average
</td>
<td width="0">
4.86%
</td>
<td width="0">
4.63%
</td>
<td width="52">
4.55%
</td>
<td width="0">
4.53%
</td>
<td width="0">
4.84%
</td>
<td width="0">
4.88%
</td>
<td colspan="2" width="0">
 
</td>
</tr>
<tr>
<td width="62">
Min
</td>
<td width="0">
3.84%
</td>
<td width="0">
3.95%
</td>
<td width="52">
3.59%
</td>
<td width="0">
3.89%
</td>
<td width="0">
4.39%
</td>
<td width="0">
4.49%
</td>
<td colspan="2" width="0">
 
</td>
</tr>
<tr>
<td width="62">
Max
</td>
<td width="0">
6.03%
</td>
<td width="0">
5.37%
</td>
<td width="52">
5.34%
</td>
<td width="0">
5.34%
</td>
<td width="0">
5.69%
</td>
<td width="0">
5.69%
</td>
<td colspan="2" width="0">
 
</td>
</tr>
<tr>
<td colspan="7" width="0">
Source: <a href="https://www.canstar.com.au/" target="_blank">www.canstar.com.au</a>, the search results do not include all home loan providers, and may not include all features relevant to you. Advertised rates of products on CANSTAR database
</td>
<td colspan="2" width="0">
 
</td>
</tr>
</tbody></table>
“Investors aren’t quite as lucky, the minimum and average interest rates on offer are higher than for owner-occupiers. Nevertheless there is significant variance between rates on offer – definitely shop around,” said Mr Watson.
You can search for a home loan and <a href="https://www.canstar.com.au/compare/home-loans/?amount=400000&amp;profile=Buying+Next+Home&amp;repayment_type=Principal+%26+Interest&amp;state=NSW&amp;Loan+Type%5B%5D=Fixed+Loan+5yr" target="_blank">compile tables of the lowest-rate home loans on the Canstar database here</a>.
</body></html>

Five year fixed rate terms found under 4 percent: Canstar

Apartment buildings are increasingly being designed around how people actually live day to day, not just how they want a building to look.

For buyers, that shift is showing up in practical inclusions that respond to changing habits. Work-from-home spaces, EV charging, wellness amenities, secure bike storage and parcel management are becoming part of the broader apartment conversation, reflecting a move toward buildings that reduce friction in everyday life.

Online shopping has become one of the clearest examples of that change.

Australians spent a record $82.6 billion online in 2025, with nearly one in four retail dollars now spent online. That has made parcel delivery a regular part of apartment living, rather than an occasional inconvenience.

For apartment residents, however, the delivery process can be less straightforward than it is for detached homes. Parcels may be left in lobbies, redirected to Post Offices, missed entirely, or placed under the responsibility of building managers and concierge teams.

That is why secure parcel infrastructure is increasingly being considered alongside more familiar apartment amenities.

<iframe allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" allowfullscreen="" frameborder="0" height="315" referrerpolicy="strict-origin-when-cross-origin" src="https://www.youtube.com/embed/-VjjLwoViX0?si=A3k7ws9NX35Uac7_" title="YouTube video player" width="560"></iframe>

Australia Post Parcel Lockers offer one way to address the issue. When a parcel arrives, residents receive a notification through the AusPost app or SMS, then collect it using a QR code or one-time PIN. The parcel is kept secure, accessible and removed from common areas.

The broader Parcel Locker network now includes more than 1,500 locations across Australia, positioned at Post Offices, shopping centres, supermarkets, transport hubs and other accessible locations.

For new apartment projects, the relevance is clear. A building’s amenity offering is no longer only about lifestyle spaces, but also about convenience, security and functionality.

As buyer expectations evolve, secure parcel delivery is becoming part of the same design conversation as flexible working, sustainable transport and resident wellbeing.

It is one less thing for residents to worry about, and another example of apartment design adapting to the way Australians now live.

Joel Robinson

Apartment design is adapting to the way Australians shop

While school holidays and trips to Europe tend to define the winter property market, there's been no cold snap at <a href="https://www.apartments.com.au/new-apartments/the-walden-north-sydney-177-walker-street-north-sydney-nsw-2060">The Walden</a> in North Sydney.

Developer-builder&nbsp;<a href="https://www.apartments.com.au/developers/aland">ALAND</a> sold more than $35 million worth of apartments throughout June, including a $6.8 million apartment that now ranks among the highest apartment sales ever recorded in North Sydney.

SRM Residential agent Ben Stewart said buyer demand throughout June reflected a mix of improving market confidence and longer-term thinking from owner-occupiers.

"We're seeing strong demand from owner-occupiers who are taking a longer-term view," Stewart said.

"Many recognise the opportunity to secure an apartment in an iconic building and premium location while values remain attractive. They may initially lease the property, but the intention is to eventually move in themselves, rather than purchasing purely as an investment."

[smartcode_project:default project_id=134323 project_image_fid=367129]

Located at 177 Walker Street, The Walden will deliver 161 one, two, three and four-bedroom residences across a 30-storey tower designed by Rothelowman. Every apartment occupies a corner position, maximising natural light, cross ventilation and views across Sydney Harbour, the Opera House, Sydney Heads and the northern districts.

Rather than a traditional balcony, the residences feature winter gardens that seamlessly extend the open plan living areas, creating versatile spaces for relaxing or entertaining throughout the year. Floor-to-ceiling glazing draws in natural light while showcasing sweeping views from the building's elevated Walker Street position.

Every apartment features high-end Calacatta marble, bespoke joinery, and fully integrated appliances.

The larger residences have been planned with distinct entertaining and private zones, with many master suites positioned on corners to capture natural light and harbour views. Walk-in dressing rooms, freestanding baths and refined stone finishes reinforce the house-like feel that has resonated with downsizers and owner-occupiers.

[smartcode_project:default project_id=134323 project_image_fid=6393]

Rothelowman Principal Ben Pomroy said the project was designed to make the most of its unique position overlooking the harbour.

"The Walden is a celebration of all things beautiful, curated for those who expect nothing less than exceptional," Pomroy says.

"Meticulously designed entertaining spaces and light-filled living areas that capitalise on capturing the natural beauty of Sydney's iconic harbour."

Residents will also have exclusive access to The Pavilion, a dedicated amenity building featuring a rooftop pool, wellness studio, gymnasium, sauna, concierge service, residents' lounge, private dining spaces and work-from-home facilities.

[smartcode_project:default project_id=134323 project_image_fid=6402]

The project marks ALAND's first major luxury apartment development in Sydney's inner-city market after more than two decades delivering residential communities across Greater Sydney.

Founder and CEO Andrew Hrsto previously said the rarity of the Walker Street site made it an opportunity the company could not overlook.

"This is a rare opportunity to bring a truly exceptional project to life in one of Sydney's most iconic locations, and to showcase our craftsmanship and design expertise at a world-class level," Hrsto said.

[smartcode_project:default project_id=134323 project_image_fid=6383]

The Walden has been introduced to the market at a time when demand for living in North Sydney is at an all-time high. Billions of dollars have been invested in infrastructure, including the recently opened Victoria Cross Metro station, located just 300 metres from The Walden, providing residents with direct access to the Sydney CBD in just minutes.

Private investment has also transformed the area through the arrival of new retail and dining destinations, elevating the lifestyle offering in what was once considered primarily a commercial precinct rather than an aspirational residential address.

The Walden is currently under construction and is scheduled for completion in 2028.

[smartcode_project_cta:default project_id=134323]

ALAND records $35 million in sales in North Sydney as The Walden bucks quiet winter selling season

The long-awaited redevelopment of the former Eastlakes Shopping Centre site has reached a major milestone, with Conquest's plans for a new mixed-use precinct officially placed on public exhibition.

The State Significant Development Application would transform the 1.7-hectare site at <a href="https://www.apartments.com.au/new-apartments/19a-evans-avenue-eastlakes-nsw-2018">19A Evans Avenue</a> into one of Sydney's largest urban renewal projects, delivering 736 apartments above a new shopping centre anchored by Woolworths, alongside specialty retail, dining, commercial space and new public open spaces.

The public exhibition marks the next chapter for the project after <a href="https://www.apartments.com.au/developers/conquest">Conquest</a> acquired the stalled Stage Two development from Crown Group, who completed the first stage across the road prior to their voluntary liquidation.

<img alt="First look: Conquest unveils plans for 736-home Eastlakes Shopping Centre redevelopment" data-entity-type="file" data-entity-uuid="5fca22c5-d1ed-4e2c-8801-03f7df1eafc8" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/eastland%20podium.png?VersionId=uomwr41nF8CmLUZRDcu3mHQechlbxucS" />

&nbsp;

Designed by DKO Architecture, the proposal comprises four residential buildings ranging from 14 to 18 storeys above a two-level retail podium. The development would deliver 736 apartments, including 74 affordable homes, 215 Build-to-Rent apartments and 521 market residences. Provision has also been made for dual-key apartments, which could increase the total number of dwellings to 877.

At ground level, the shopping centre has been designed as the suburb's new meeting place, anchored by a full-line Woolworths and complemented by a curated mix of fresh food retailers, cafés, restaurants, health services and everyday convenience shopping. Generous pedestrian links and landscaped public spaces will connect the retail precinct through to Jack Mundey Reserve, creating a more walkable and connected neighbourhood.

Conquest CEO Michael Akkawi said the redevelopment was about far more than replacing a shopping centre.

"Eastlakes has been overlooked for too long, and this is the community’s moment. We are building a shopping centre and homes, a genuine heart for the suburb, and we genuinely want locals to help shape it."

"We enrich communities through the creation of homes, places, and experiences designed for life, built to last, and owner for generations. That starts with listening, so we warmly encourage everyone with a connection to Eastlakes to view the plans and share their thoughts."

<img alt="First look: Conquest unveils plans for 736-home Eastlakes Shopping Centre redevelopment" data-entity-type="file" data-entity-uuid="22f6fb20-54fb-4bd7-8a92-48fafdd00608" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/eastland.png?VersionId=cugp7s9hrMHGJJdYzkeAkrFoQgnF4GXf" />

DKO said the design had been shaped by the site's landscape setting and surrounding open space.

"Our vision for the site embraces its unique Bidjigal identity by blending the residential living with generous landscaping and a material palette inspired by the Bidjigal locality, and celebrating the panoramic views to Botany Bay and the wetlands reserves."

"Taking cues from Country, we seek to harmonise built form with the landscape and lightly touch the earth. By reconnecting, retaining and regenerating existing ecology, and weaving in natural elements, we can deepen our connection to Country."

The landscape strategy extends across the podium and rooftops, incorporating communal gardens, children's play areas, lawns, community gardens, family gathering spaces and extensive tree planting. New landscaped links will also strengthen the connection between the precinct and Jack Mundey Reserve, while publicly accessible open spaces have been integrated throughout the development.

The proposal builds on Conquest's broader placemaking strategy for the site. Through an ongoing partnership, local artist Joe Rashbrook has been appointed Urban Art Curator, working alongside young residents to transform the project's site hoardings into a public art gallery that allows the community to engage with the redevelopment before construction is complete.

Conquest has rapidly expanded its development pipeline since acquiring the Eastlakes site, with more than $6 billion worth of mixed-use projects now in planning across Sydney, including Stanmore, Castlecrag and Waterloo.

Conquest CEO Michael Akkawi said the redevelopment was about far more than replacing a shopping centre.

First look: ‘Far more than replacing a shopping centre’ as Conquest unveils 736-home Eastlakes redevelopment

Abadeen has lodged a State Significant Development Application (SSDA) for one of Mosman's largest apartment developments in recent years, seeking approval to transform the former Honeysuckle Garden and Midas site on Military Road into a 100-apartment mixed-use development.

The SSDA, lodged with investment partner Phoenix Property Investors, proposes around $230 million worth of new housing on the prominent <a href="https://www.apartments.com.au/new-apartments/494-516-military-road-mosman-nsw-2088">494-516 Military Road</a> site.

The proposal comes as Mosman Council continues to progress its recently endorsed Masterplan, which identifies the precinct for increased housing density while maintaining the suburb's established character.

Designed by DKO Architecture, the development would comprise 100 apartments above ground-floor retail, with a rooftop wellness precinct including a gym, sauna, entertaining areas and landscaped communal spaces.

Rather than pushing to the full 12-storey height identified in Council's Masterplan, the proposal ranges between five and nine storeys, stepping down towards Hale Road. A tenth level would accommodate resident amenities rather than additional apartments.

The project has been designed to appeal to a broad range of buyers, from first home buyers and young professionals through to families and local downsizers looking to remain on the Lower North Shore.

<img alt="Mosman" data-entity-type="file" data-entity-uuid="5dada03f-5b4c-43ba-ba62-2868add31440" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-07-27%20at%209.57.55%E2%80%AFAM.png?VersionId=7LBy0B.Jo8_iWAFJsClcV7Q3UnXrv49r" />

Abadeen Executive Chairman Justin Brown said the apartments had been designed as genuine long-term homes rather than investor-focused stock.

"The apartments have been designed as genuine long-term homes, with efficient floorplans that maximise usable living areas, generous storage, natural light and strong connections between indoor and outdoor spaces," Brown says."

"We've focused on creating homes for a broad range of buyers, from first home buyers and growing families through to downsizers who want to remain in Mosman."

The rooftop wellness offering forms a key part of the proposal, with residents set to have access to a gym, sauna, outdoor entertaining spaces, communal dining areas, landscaped gardens and a multi-use recreation court overlooking Sydney Harbour.

<img alt="Mosman" data-entity-type="file" data-entity-uuid="d37c2d6b-583a-4a0f-b7a9-9f46b893d2f4" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-07-27%20at%209.58.06%E2%80%AFAM.png?VersionId=FPoa5FCm2RtzjhAh2w5FTWJbV6GHfY8D" />

DKO drew heavily on the site's natural and cultural history, undertaking a Connecting with Country process with local Aboriginal Elders to inform the architectural and landscape design.

Senior Associate Matthew Ritchard said the design sought to create a building that responded to both the site's landscape and its cultural significance.

"The architectural language of the project is a deep expression of Connecting with Country, where the materiality and colour palette serve as a bridge between the site's geological history and its future as a residential sanctuary."

The proposal also retains the site's established blue gum tree as the centrepiece of the communal landscaped gardens, while introducing activated retail fronting Military Road to strengthen the connection between Mosman and Cremorne villages.

If approved, the project would deliver 100 new homes within walking distance of shops, public transport, schools and local amenities, adding to the limited pipeline of new apartments on the Lower North Shore.

<h2>Project Snapshot</h2>

Project: Honeysuckle Garden Redevelopment

Address: 494-516 Military Road, Mosman

Developer: Abadeen and Phoenix Property Investors

Architect: DKO Architecture

Lead Architect: Matthew Ritchard

Value: $230 million

Residences: 100 apartments

Key features:

<ul>
	<li>
	Ground-floor retail
	</li>
	<li>
	Rooftop wellness precinct
	</li>
	<li>
	Gym and sauna
	</li>
	<li>
	Outdoor entertaining and BBQ areas
	</li>
	<li>
	Landscaped communal gardens
	</li>
	<li>
	Multi-use recreation court
	</li>
	<li>
	Retained mature blue gum tree
	</li>
	<li>
	Connecting with Country design process
	</li>
	<li>
	Harbour, CBD and Balmoral views from upper-level apartments
	</li>
</ul>

Abadeen Executive Chairman Justin Brown said the apartments had been designed as genuine long-term homes rather than investor-focused stock

First look: Abadeen plans 100 apartments on former Honeysuckle Garden site in Mosman

The wave of apartment proposals sweeping through Mosman shows no signs of slowing, with another major residential development lodged through the NSW Government's State Significant Development pathway.

Developer First Quadrant Properties, which recently completed Willoughby Grounds and has several projects in planning across the North Shore, has unveiled plans for <a href="https://www.apartments.com.au/new-apartments/cove-on-ourimbah-40-56-ourimbah-road-mosman-nsw-2088">Cove on Ourimbah</a>, a 63-apartment development on Ourimbah Road, adding to the growing pipeline of projects reshaping one of Sydney's most tightly held harbour suburbs.

The proposal would consolidate nine properties at 40-56 Ourimbah Road into a part eight, part nine-storey apartment building, continuing the momentum created by the NSW Government's accelerated planning pathways that have seen several significant developments emerge across Mosman over the past 12 months.

Designed by Doroch Architects, the project would deliver 63 apartments, resident wellness facilities including a gym, pool and sauna, landscaped communal spaces and basement parking, while using recessed upper levels, generous setbacks and extensive planting to reduce the perceived scale of the building.

<img alt="First look: First Quadrant Properties eyes nine-storey Mosman apartment project under State Significant pathway" data-entity-type="file" data-entity-uuid="32ee68e4-141e-4a10-8f83-48e961a5e71e" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Ourimbah%20Road%2C%20Mosman%20a.png?VersionId=CUeILFc6APlwXPc.iplElbxHvREKwjig" />

Doroch Architects said the building had been designed to reinforce Mosman's established character.

"The building's aesthetic is grounded in the existing residential character of Ourimbah Road and the broader Mosman context," the architect noted in the planning documents submitted to the NSW Government.

The design adopts a contemporary material palette of natural stone, textured concrete and brown concave metal cladding, complemented by integrated planters and deep balconies. The podium incorporates softened curved concrete forms, while increased setbacks have been provided adjacent to the heritage-listed property at 60 Ourimbah Road to create a more sympathetic transition.

The site sits around 330 metres from Mosman Town Centre, placing it within the NSW Government's Low and Mid-Rise Housing policy area, where increased residential density is being encouraged close to shops, transport and services.

The proposal follows a string of major apartment projects lodged or declared State Significant in Mosman in recent months, including Abadeen's 100-apartment Honeysuckle Garden redevelopment on Military Road and several other developments across Awaba Street, Redan Street and Muston Street from the likes of Time &amp; Place, HELM and Prosker Property.

&nbsp;

Read more:&nbsp;<a href="https://www.apartments.com.au/news/nsw/time-place-to-take-on-mosman-apartment-market">Time &amp; Place to take on Mosman apartment market</a>

Read more:&nbsp;<a href="https://www.apartments.com.au/news/qld/first-look-abadeen-plans-100-apartments-on-former-honeysuckle-garden-site-in-mosman">First look: Abadeen plans 100 apartments on former Honeysuckle Garden site in Mosman</a>

&nbsp;

Jonathan Chancellor

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