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Aussie John Symond has warned of a potential recession if Labor's plan to limit negative gearing to freshly constructed dwellings goes ahead, calling it "frightening" in an appearance on Seven's Sunrise program on Sunday. 
"Who knows? I don't know whether prices will drop 10 percent, 20 percent or more," he said.
The property tycoon and founder of Aussie Home Loans predicted a slide in home prices under Labor.
"It is frightening and it will frighten others . . . and it creates this stampede. And that's my concern that there could be a glut of properties come on the market, force the prices down, and then all of a sudden it could be Armageddon with the housing industry that's propped up the Australian economy the last four years."
Symond joins another industry leader, Stockland boss who expressed a similiar recession fear last week. 
Mark Steinert, chief executive of Australia's largest residential property developer, Stockland, believes Labor's housing policy has "the potential to destabilise the entire economy" – to the extent of "risking a recession".
"At the end of the day, house prices are unlikely to adjust so much that it would really change that affordability equation anyway," Steinert told the Australian Financial Review.
"And if they do, believe me it won't be a recession. It will be a depression."
Steinert told columnist Jennifer Hewitt property is such a major force driving Australian growth and activity, that even a small change in the market and in sentiment flows through the entire economy. 
"Housing represents $6.5 trillion of the Australian people's wealth," he told The Australian Financial Review. 
"It is so big and so many people are involved that even when that order of magnitude of change is obviously small compared to the stock market…its affects people.
"It becomes the new dinner party conversation.
"People feel poorer. 
"They buy less in the shops and people employ less and people are less willing to borrow money to start a business and suddenly that goes on.
"That is how markets work.
"The only way you deal with affordability in my view is first and foremost about supply…in a structural way.
"You cannot deal with affordability in a manageable way by de-stabilising the largest asset in the country."
Symond's fears were dismissed by Labor's shadow parliamentary treasury secretary and western Sydney MP, Ed Husic, who called them "outrageous", according to a report in the Sydney Morning Herald.
"It's a shame that Malcolm Turnbull and John Symond have teamed up to look after their interests, having done very well for themselves, when there are so many people in my part of Sydney for example, who are trying to buy a first home but cannot," he said.
Turnbull called Symond an authority on the property market at a recent forum in Sydney, the report in the Sydney Morning Herald said.
"As you've heard today from the Real Estate Institute, from John Symond - from Aussie John - that is going to have the impact of putting up rents and reducing the amount of rental property," he said.
A campaign against Labor's change by many of the country's most prominent real estate firms and Coalition supporters uses a website to warn of "disastrous consequences" if negative gearing is crimped.
"Our industry participants pride themselves on being apolitical, but this time, the issue is far too important not to speak out," it states.
Labor has announced it will limit negative gearing to new housing from 1 July 2017 as part of it tax overhaul.
Labor says negative gearing and the capital gains discount have not achieved their aim to boost housing supply and instead will cost the budget over $10 billion this year, more than what the government spends on higher education or child care. It also claims it mostly benefits the top income earners.
 
{mijopolls 142} 
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jchancellor-FAypfDUnLy

John Symond says Labor's negative gearing 'frightening', fears recession

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The Sylvania trophy Palazzo Georges, home to flamboyant rag trader George Georges and his wife Cathy has been listed with $20 million hopes.
Occupying three lots totalling over 1400 sqm on the Georges River, the mansion has 15 rooms, five bedrooms, an internal elevator, home cinema, customised wet bar and a home office.
The circular dining room even rotates.
Outside on the waterfront there's a private deepwater jetty, three pontoons and boathouses which can be seen from the wide outdoor entertainment terraces and swimming pool.
The former home on the site was owned by furniture retailer Keith Lord and his wife Jean in the 1960s, and then the late Formula One champion Sir Jack Brabham in the 1970s.
The Georges's bought the three lots in 2002 for a then suburb record $4.3 million and built the opulent mansion designed by Chris Tsioulos, of CMT Architects.
<a href="https://www.realestate.com.au/property-house-nsw-sylvania-122633510">It is listed through</a> Sotheby’s inconjunction with DJW Property’s Dave Watkins.
The shire’s house record was set two years ago at $8.5 million when hotelier Geoff Redmond sold his waterfront home in Caringbah South to Adam Yu.
The median price for houses in Sylvania is $1,210,000, according to CoreLogic RP Data.
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$20 million Sylvania trophy home listing

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The weekly tug of war between Sydney and Melbourne in the quest for property market supremacy nears it autumnal finale.
There was a stellar <a href="https://www.realestate.com.au/property-house-vic-albert+park-122454754" target="_blank">$7,805,000 Albert Park sale</a> which headed off Sydney's top $7,025,000 price on the river at Hunters Hill.
Both highly coveted locations.
The 24 St Vincent Place, Albert Park offering through the Marshall White agency was a freestanding balconied Victorian residence overlooking the heritage garden square.
The pre-auction price guidance was $6.25 million plus. The bidding opened at $6 million and the property was announced on the market just after $7.3 million with three bidders.
The five bedroom house on its 480 sqm holding, now with the rear extension designed by Bates Smart, last traded in 1978 at $107,000, reflecting 12 percent annual price growth.
The two level house, built in the 1870s for Melbourne’s harbour master, Robert Fullarton, fell on hard times becoming a rooming house in the 1950s for around three decades.
The three bedroom, single storey, Hunters Hill riverfront home was a knockdown at <a href="https://www.realestate.com.au/property-house-nsw-hunters+hill-122433278" target="_blank">36 Viret Street</a> (above) on 695 sqm which sold through Tracey Dixon at McGrath Estate Agents at $7,025,000.
It had last sold in 1975 at $170,000, reflecting 9.5 percent annual price growth.
When it came to clearance rates, CoreLogic RP Data had Sydney having the edge securing in the mid-70s with Melbourne dipping unusually into the high 60s.
Sydney's house auction median price was $1.27 million - well inexcess of Melbourne's $860,000 auction median house price. For apartments the difference was even higher - $812,500 in Sydney to $515,000 in Melbourne, according to Domain.
Around 500 Sydney properties were scheduled to go under the hammer, below the 550 auctioned over the same weekend last year, with Marrickville and Mosman the busiest suburbs for auctions each with eight scheduled. 
Nearly 750 Melbourne auctions were scheduled to be held, also lower than the 830 held over the same weekend last year.
Richmond was the busiest suburb for Melbourne auctions with 14 offerings.
Weekend celebrity sales included the legendary Collingwood full forward Peter McKenna who secured <a href="https://www.realestateview.com.au/real-estate/8-malleson-street-richmond-vic/property-details-buy-residential-10151560/" target="_blank">$1.42 million for his Richmond home</a>.
It was a single fronted Edwardian cottage was bought at 1998 auction for $306,750.
Despite the cuts to mortgage rates, the seasonal effect of the approaching quieter winter selling market and the cyclical impact of declining underlying price growth was at work, Dr Andrew Wilson, Domain's chief economist suggested.
"The announcement of the federal election and a lengthy election campaign may also act to quell some buying and selling decisions, particularly given the potential for significant changes to the treatment of property taxes for investors," Dr Wilson said.
Brisbane had the nation's cheapest weekend sale when $220,000 was paid at Regency Downs. The <a href="https://www.realestate.com.au/property-house-qld-regency+downs-122388854" target="_blank">18 Bucknall Court</a> three bedroom house, listed through Elders in the Lockyer Valley region, last sold at $73,000 in 2002.
It was a mortgagee sale for the three bedroom weatherboard Queenslander on an 8000 sqm parcel.
Brisbane's weekend clearance rate sat close to 60 percent, one of the strongest results in recent times.
Over in the west the big news was West Coast Eagles star Nic Naitanui spending $3 million on a Mount Lawley home.
The star ruckman secured a five bedroom, four bathroom 2008 Zorzi-built house with home cinema. It was listed with high $3 million hopes mid-last year, selling earlier this year by private treaty.
His redundant Swan View home, which cost $1,285,000 in 2012, had been put up for rent.
Last month he sought $900 a week, which has been adjusted now to $800 a week.
Perth's weekend auction success rate sank to 20 percent, according to CoreLogic RP Data.
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Sydney, Melbourne weekly property sales race nears finale 

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An art deco inspired trophy home, Bluebird has been listed in Sydney's Carlingford.
Set on 1495 sqm with a circular driveway, the five bedroom 1950s home has been restored to its original condition.
Bluebird sits on a 1495 sqm block.
Harcourts have <a href="https://www.realestate.com.au/property-house-nsw-carlingford-122489718" target="_blank">the 252 Pennant Hills Road offering</a>.
Agent David Ryan last sold it in 2009 at $968,000.
The median price for a home in Carlingford is $1,263,500, according to CoreLogic RP Data.
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Bluebird, the art deco Carlingford beauty

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There was a stellar $7,805,000 Albert Park sale at weekend auction.
The 24 St Vincent Place, Albert Park offering through the Marshall White agency was a freestanding balconied Victorian residence overlooking the heritage garden square.
The pre-auction price guidance was $6.25 million plus. The bidding opened at $6 million and the property was announced on the market just after $7.3 million with three bidders. 
The five bedroom house on its 480 sqm holding, now with the rear extension designed by Bates Smart, last traded in 1978 at $107,000, reflecting 12 percent annual price growth. 
The two level house, built in the 1870s for Melbourne’s harbour master, Robert Fullarton, fell on hard times becoming a rooming house in the 1950s for around three decades.
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St Vincent Place, Albert Park trophy home sale

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<img src="https://counter.theconversation.edu.au/content/57114/count.gif" alt="The Conversation" width="1" height="1">
GUEST OBSERVERS
Australia’s snow season is notoriously fickle. Some years bring deep cover lasting for nearly six months (such as in 1964). Others barely cover the grass for a few weeks (such as in 2006).
The difference between a good season and a bad one may be a single weather event, such as the so-called Snowmageddon in 2014, which dropped around a metre of snow in less than a week.
The high variability of the snow season means the Bureau of Meteorology doesn’t currently produce a seasonal outlook for snow (as we do for temperature and rainfall). However, we know that the same climate drivers that affect Australia’s weather also influence our snowfall.
<h2>El Niño and La Niña</h2>
The best way to see how snowfall varies from year to year is to use data from Spencers Creek in the New South Wales Snowy Mountains, a pristine site 1,830 metres above sea level. Past studies show that these data tend to correlate with snow more generally across the mainland alpine regions, but they don’t always match the cover at lower elevations.
First, let’s look at El Niño. We are coming out of one of the strongest El Niño events on record. During El Niño years, rainfall is typically below average across eastern Australia during the snow season, and temperatures are warmer during the day. The maximum snow depth averages about 35cm less than the all-years average, while the period with more than 100cm is about two weeks shorter.
El Niño’s opposite, La Niña, usually brings above-average rainfall, but this doesn’t necessarily mean more snow. Temperatures can sometimes be too high and hence precipitation may fall as rain even at higher elevations, which can actually decrease snow depths.
This has happened more frequently in recent decades as a result of climate change. Seven of the past eight La Niña years have produced lower maximum snow depths than average.
Historically, neutral years have had more consistent good snow depths than either El Niño or La Niña years.
It is important to consider these drivers as tilting the odds towards a particular outcome, rather than guaranteeing it. While about half the historical El Niño years have had well-below-average snow, three El Niño years had well-above-average snow depths: 1972, 1977 and 1991. That said, no recent El Niño year has produced good snow, with these winters tending to be particularly dry.
<a href="/images/2016/05/13/image-20160426-1341-81102p.jpg" target="_blank">Click to enlarge</a>
<img src="/images/2016/05/13/image-20160426-1341-81102p.jpg" alt="">
<h4>
Maximum snow depths for all years 1954-2014, segregated by a) ENSO, b) IOD and c) SAM. Australian Bureau of Meteorology, Author provided
</h4>
<a href="/images/2016/05/13/image-20160426-1327-38yzqm.jpg" target="_blank">Click to enlarge</a>
<h4><img src="/images/2016/05/13/image-20160426-1327-38yzqm.jpg" alt=""></h4>
<h4>
Average snow depths throughout the season, with 90% confidence interval shaded, segregated by a) ENSO, b) IOD and c) SAM. Australian Bureau of Meteorology, Author provided
</h4>
<h2>The other players</h2>
To make things more complicated, El Niño and La Niña don’t act alone.
The Indian Ocean Dipole (IOD) may actually be a clearer indicator of snow depth. Similarly to El Niño, positive IOD years tend to be drier than average across southeastern and central Australia, leading to lower snow depths. They are particularly dry over the Australian Alps when El Niño and positive IOD events coincide.
Unsurprisingly, snow depths in late winter and spring are also lower when the IOD is positive. Snow depths are generally higher than average during years with a negative IOD.
The Southern Annular Mode (SAM) has the strongest relationship with snowfall. Cold fronts and low pressure systems are the main weather systems that bring our snow, and the SAM indicates whether the westerlies that bring this weather are closer to Australia or the poles.
Negative SAM brings the fronts, rain and snow further north, while during a positive SAM these fronts move further south. The average (mean) maximum snow depth in negative SAM years is a cool 240cm, almost 80cm higher than in positive years. Unfortunately, accurate forecasts for SAM are still only possible for two to three weeks ahead, which means that this measure is more of a diagnostic rather than a forecasting tool.
Of course, climate change also plays a role. Both maximum snow depth and total snow accumulation have declined over the past 25 years. The reduction in snow cover is most obvious at lower elevations and at the end of the ski season when warm spring rains can hasten the melt.
However, while it has been a few decades since the last 3-metre year (in 1992), there are still above-average seasons when the weather and climate is right, most recently in 2012.
<a href="/images/2016/05/13/image-20160426-1355-aggnfh.jpg" target="_blank">Click to enlarge</a>
<h4><img src="/images/2016/05/13/image-20160426-1355-aggnfh.jpg" alt=""></h4>
<h4>
Annual maximum snow depth at Spencers Creek, 1954-2015, with a linear trend line shown Australian Bureau of Meteorology
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<h2>Less moisture? Never fear, snowmaking is here</h2>
El Niño, positive IOD and positive SAM periods all typically lead to less moisture in the air, which partly explains the lower snowfalls. But with less cloud to trap in the heat at night, they also have lower minimum temperatures.
Luckily for snowriders, these are also the ingredients for good snowmaking and can contribute to less snow melting. The ability to harvest snow and move it where needed can also allow ski resorts to moderate the impacts of average or below-average natural snow cover on skiers and snowboarders.
<h2>What’s ahead in 2016?</h2>
While forecasts for the Southern Annular Mode only have skill for a few weeks ahead, and it’s also too early to forecast what may happen in the Indian Ocean, we can look to the Pacific.
The 2015 El Niño is in decline and neutral conditions are expected to prevail by winter. For 2016, the most likely outcomes are either neutral or La Niña conditions, a hopeful early sign for 2016 snowfalls.
Finally, a word of caution. Don’t get too excited by early snowfalls, or indeed sell your skis if winter starts with no cover: two of the best seasons on record – 1956 and 1981 – had no snow at all at the start of June, while two of the poorest seasons – 2006 and 1965 – had 20cm and 60cm, respectively, of snow on the ground before the Queen’s Birthday weekend. Early-season cover isn’t always the guide we might think it is.
While we know the Australian snow season can certainly have large variations in its snow cover, knowing the state of Australia’s climate drivers can give a heads-up on what the season may be like. But remember, there are always exceptions to the rules.
 
This article is written for The Conversation by Catherine Ganter, Australian Bureau of Meteorology; Acacia Pepler, Australian Bureau of Meteorology; Andrew B. Watkins, Australian Bureau of Meteorology; Blair Trewin, Australian Bureau of Meteorology; David Jones, Australian Bureau of Meteorology. They can be contacted <a href="https://theconversation.com/au" target="_blank">here</a>.
 
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When is it going to snow? Getting a fix on what can make a good season

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GUEST OBSERVER
Lending: Total new loans (personal, business, housing &amp; lease) rose by 0.7 percent in March after a 3 percent rise in February. Lending was just 3.9 percent shy of the 7½-year high recorded in November 2015.
Total lending is up 1.6 percent on a year ago.
Within personal fixed finance commitments, loans for new cars were up by 20.4 percent on a year earlier while loans for used cars were up 15.5 percent. Loans for residential blocks of land were up by 9.1 percent on a year ago.
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The lending figures have implications for finance providers, retailers, and companies dependent on consumer and business spending.
What does it all mean?
Similar to the housing finance data early this week, the lending statistics is essentially old news – pre Reserve Bank interest rate cut. In fact the shift in Reserve Bank commentary to a lower inflation profile suggests that further interest rate cuts are on the cards. And in that context very likely to support further lending not just in housing but across the business sector as well.
The lift in borrowing across the economy in March is encouraging coming of the back of solid gains in February.
Overall, total lending is just shy of 7½-year highs recorded in late 2015. While lending remains healthy the hope would be that business borrowings lift from here - driving investment and supporting medium term growth.
The generational low interest rates will be supportive of further borrowing – but there is no guarantee. While Reserve Bank policymakers would be hoping that the latest rate cut spurs another round of activity, they would be well aware that borrowers are cautious about taking on more debt. And lower interest rates compress bank margins, affecting profits and potentially investment, employment and shareholder returns.
Unfortunately elections cause consumers and businesses to hold back on spending, employment and investment plans, and that is the risk to the positive momentum that has built up in recent months. CommSec expects that the low inflation outlook will result in further cuts to the cash rate. Rate cuts have been pencilled in for August and November.
What do the figures show?
Lending Finance
Total new loans  (personal, business, housing &amp; lease) rose by 0.7 percent in March after a 3 percent rise in February. Lending was just 3.9 percent shy of the 7½-year high recorded in November. Total lending is up 1.6 percent on a year ago.
Housing finance:  The seasonally adjusted measure of construction and new purchases fell by 1.2 percent in March while alterations &amp; additions rose by 0.4 per cent. Home loans are up 11.9 percent on a year.
Commercial finance : The seasonally adjusted series for the value of total commercial finance commitments rose by 0.9 percent in March after rising by 4.8 per cent in February. Revolving credit commitments rose by 2.3 percent. Fixed lending commitments rose by 0.4 percent. Business loans are down 2.2 percent over the year.
Personal finance : The seasonally adjusted series for the value of total personal finance commitments rose by 6.3 percent in March after falling by 2.9 percent in February. Revolving credit commitments rose by 11.9 percent and fixed lending commitments rose by 3 per cent. Personal loans are down 1.9 percent over the year.
Within personal fixed finance commitments, loans for new cars were up by 20.4 percent on a year earlier while loans for used cars were up 15.5 percent. Loans for residential blocks of land were up by 9.1 percent on a year ago.
Lease finance : Lending fell by 7.7 percent in March and was up 0.8 percent over the year.
What is the importance of the economic data?
Lending Finance  is released monthly by the Bureau of Statistics and contains figures on new housing, personal, commercial and lease finance commitments. The importance of the data lies in what it reveals about the appropriateness of interest rate settings, confidence and spending levels in the economy.
What are the implications for interest rates and investors?
At present the national economy is tracking ok. Economic growth is healthy and more encouragingly unemployment is at a 2½-year low. However the concern for policymakers is that the deflationary environment becomes more firmly entrenched in coming quarters. A sustained super low inflation landscape will lead to low inflationary expectations over time and in turn a shift in asset allocation.
The bottom line is that underlying inflation is undershooting the 2-3 percent target band and that suggests little risk in cutting rates a little further. CommSec believes there is a strong chance the Reserve Bank will cut interest rates twice more this year, taking the cash rate to a historical low of 1.25 percent by in November.
<a href="/images/2016/05/13/Screen%20Shot%202016-05-13%20at%2012.56.43%20PM.png" target="_blank">Click to enlarge</a>
<img src="/images/2016/05/13/Screen%20Shot%202016-05-13%20at%2012.56.43%20PM.png" alt="">
Savanth Sebastian is an economist for <a href="https://www.commsec.com.au/" target="_blank">CommSec</a>.
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Personal loans drive lift in lending: CommSec's Savanth Sebastian

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The Commonwealth Bank of Australia predicts another two official Reserve Bank of Australia interest rate cuts will occur in 2016.
It would take the cash rate to 1.25 percent.
CBA's chief economist Michael Blythe said he felt obliged to add another cut to our cash rate profile in November following the one already pencilled for August.
In a note to investors he said there was also a risk that those two cuts come earlier, he said.
The CBA is alone among the big four in tipping a 1.25 percent cash rate by November.
NAB expects the Reserve Bank to hold at 1.75 percent for the rest of 2016.
Westpac and ANZ Bank economists expect one more cut in August.
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CBA's Michael Blythe predicts 1.25 percent cash rate

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<img src="https://counter.theconversation.edu.au/content/57114/count.gif" alt="The Conversation" width="1" height="1">
GUEST OBSERVER
Most of our hidden housemates are harmless. But when it comes to termites, some can literally eat us out of house and home.
While termites' ability to damage our homes by eating wooden foundations is legendary, most species do not cause problems. Usually they are rarely seen, hidden away inside wood, underground or in their nests.
<h2>The importance of termites</h2>
Termites eat cellulose – the complex sugars that plants use to build leaves, stems and trunks. Cellulose is the most abundant organic compound on earth. To find wood and other cellulose sources, termites often construct miniature, private highways under the soil that can radiate more than 50 m from their nests.
Perhaps the most famous termite nests are those made by the magnetic termite, Amitermes meridionalis, in northern Australia. These nests are oriented in a north-south direction. Many other species build mounds of different shapes and sizes, while others nest in wood, underground in the soil, or in trees. 
The combined mass of termites on earth is estimated at 445 million tonnes, putting them in the top ten alongside cattle, krill, ants and humans.
Outside our homes, termites play a critical role as carbon recyclers and are considered keystone species in many tropical ecosystems, such as savannah habitats like those of northern Australia, Africa and South America. They use nutrient-rich saliva and gut excretions to build tunnels, which improves the quality of the soil. Alongside ants, there is evidence that termites increase crop yields.
When winged adult termites emerge from the nest they become a feast for many animals across the tropics.
<h2>Cockroach relatives</h2>
Termites evolved more than 140 million years ago from social cockroaches that burrowed deep into rotting wood. The closest living relatives of termites are cockroaches from the genus Cryptocercus, found only in isolated mountainous areas of China, Korea and North America.
Mum and dad Cryptocercus pair up and burrow into a large log that will be their home (and source of food) for life. Soon after meeting, the female lays a single clutch of 10 or so offspring, which they both feed and look after for around three years – about half the life of a typical Cryptocercus.
As termites evolved, their firstborn offspring began to look after the next clutch of siblings, freeing mum and dad to produce more sons and daughters. The older siblings stayed to build and defend the colony, and feed and look after the young.
The population of a termite colony these days can number in the millions. All the offspring derive from of a single reproductive pair (the queen and king).
Some species have evolved alternative systems. Colonies of the Australian termite Nasutitermes exitiosus often contain up to four unrelated pairs living together with their countless offspring in apparent harmony – a bit like a 1960s hippie commune.
In the Japanese termite Reticulitermes speratus, the king tends to outlive the queen. But the queen produces many half-clones of herself without any genetic input from the king (a form of virgin birth). These clones replace their dead mother, and all mate with the remaining king. In one colony, over 600 of these queen-clones have been found, making it the largest harem known in the animal kingdom.
<h2>One giant organism</h2>
The vast majority of termite offspring within a colony will never reproduce. Instead, these worker and soldier termites remain in a state of suspended development, never becoming adults. Soldier termites attack predators to ensure the survival of the colony and have evolved impressive jaws or snouts that spray toxic chemicals.
In some species like Neocapritermes taracua from South America, workers sacrifice themselves through the use of an “explosive backpack”. They do this by rupturing their skin, which allows normally harmless chemicals to mix and produced modified chemicals that are dangerous to any nearby predators.
All the efforts of the workers and soldiers go towards raising a small proportion of their brothers and sisters to adulthood, usually once a year. This select few will grow wings (all four of which are almost identical, hence the scientific name Isoptera meaning “equal wings”), pair up and promulgate the genes they share with their siblings back home.
<h2>Living with us</h2>
The dark, humid areas under the floor of many Australian houses provide the ideal environment for termites to emerge from the soil and create their covered highways up foundations to a mother lode of wooden frames.
In Australia, about a billion dollars is spent each year on termite control. House-eating termites are most common in the tropical north, although they are found throughout the continent. While there are more than 300 species of termite, only a handful are considered pests.
Most termites are deterred with chemicals and by replacing damaged wood with treated timber.
Their sophisticated social system is also their Achilles heel. Termite baits contain slow-acting chemicals that prevent termites from moulting or disrupt their nervous systems. Workers voraciously feed on the bait and take it back to the colony, where the poison is spread to the queen, king and their new offspring.
But as one colony is killed, another is often ready to take over. Termites have been around a long time and they are not likely to go away any time soon.
Nathan Lo is associate professor, School of Biological Sciences, University of Sydney and author for The Conversation. He can be contacted <a href="https://theconversation.com/profiles/nathan-lo-248026" target="_blank">here</a>.
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Hidden housemates: the termites that eat our homes

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<h3>In most cases, the flat, unit or apartment you are considering will be strata title:</h3>
<ul>
<li>Strata title is individual ownership of a unit or apartment within a multi-unit complex. At settlement, you will receive a certificate of title for the unit you bought and become a joint owner of the common property (common areas shared by all the unit owners).  </li>
<li>The unit owners are members of the owners corporation (formerly body corporate), which owns and manages the common property. An owners corporation is automatically created when a plan of subdivision containing common property is registered at Land Victoria.</li>
</ul>
<h3>If you buy the property, you will have the right to vote on decisions about the operation of the owners corporation and, among other responsibilities, must: </h3>
<ul>
<li>pay annual owners corporation fees, levies and charges </li>
<li>obey owners corporation rules. Rules may include things such as renovations to the property, pet ownership and noise levels. </li>
</ul>
<h3>You can research the owners corporation by reviewing: </h3>
<ul>
<li>the owners corporation certificate attached to the Section 32 statement (also known as a vendor's statement). This has details of current fees, insurance cover and maintenance works carried out. It also details any proposed works, fee increases and any potential or existing legal claims affecting the property  </li>
<li>the owners corporation manager’s details on the <a href="https://www.consumer.vic.gov.au/businesses/registered-businesses/owners-corporation-managers/public-register" target="_blank">public register of owners corporation managers </a>
</li>
<li>any contracts, agreements, leases or licenses affecting the common property  </li>
<li>the minutes of the owners corporation’s annual general meetings  </li>
<li>the contract of sale. </li>
</ul>
<h3>Finances: </h3>
<ul>
<li>What are annual owners corporation fees, levies and charges? Are you able to manage any increases in annual fees and special levies?  </li>
<li>Are there any fees or other monies owing to the owners corporation?  </li>
<li>Is there a bank account in the name of the owners corporation or a trust fund held by the manager?  </li>
<li>Can you see the owners corporation’s register or most recent financial statements, and the budget?  </li>
<li>Does the owners corporation have a credit balance or is it in debt?  </li>
<li>Has the owners corporation borrowed any money? Does it have other financial liabilities? If so, how much?  </li>
<li>Does the owners corporation have a maintenance fund? How much are you required to contribute? </li>
</ul>
<h3>Plan of subdivision: </h3>
<ul>
<li>Will you be a member of more than one owners corporation? </li>
<li>What would your lot entitlements (voting rights) and lot liabilities (your contribution to the owners corporation/s) be as part of the whole development?  </li>
<li>Check the measurements of the apartment and the car space. Are they the same as shown in the plan of subdivision, brochure and the contract of sale?  </li>
<li>Is the car parking space a lot and part of your title? If so, ensure that the car parking space is transferred with the title.  </li>
<li>Is the car parking space common property? If so, ensure you have a lease or a licence. </li>
</ul>
<h3>Maintenance and repairs: </h3>
<ul>
<li>Are there any proposed maintenance, renovations or other building works? Has the owners corporation already raised the funds to cover the cost of the building works? Will there be a special levy? </li>
<li>Is there a maintenance plan? If so, ask to see it. If there is a plan, there must be a maintenance fund.  </li>
<li>Are there any guarantees and warranties on building works and finishes? Are the documents referred to in the contract of sale? </li>
<li>Are the building works and finishes completed? Are there any defect claims?  </li>
<li>Is there sufficient reinstatement and replacement insurance cover for the building? </li>
<li>Are there any obvious structural issues, damage or repairs needed to the building? Consider organising an independent building inspection. </li>
</ul>
<h3>Management issues: </h3>
<ul>
<li>Does the owners corporation have a registered manager? Check their registration on the public register of owners corporation managers</li>
<li>Is there a resident building manager or caretaker manager?  </li>
<li>When was the last annual general meeting? Ask to see its minutes. How many complaints were reported to the owners corporation?  </li>
<li>Is there a committee? Can you contact the chairperson?  </li>
<li>Does the owners corporation have rules? Are the rules registered at Land Victoria? </li>
<li>What is the grievance procedure?  </li>
<li>Are any legal proceedings affecting the owners corporation? If so, ask for details or copies of the application or complaint. You should get legal advice before signing the contract.  </li>
<li>Check for any record of a Victorian Civil and Administrative Tribunal decision affecting the owners corporation or the address or the building. The tribunal’s decisions are available for download from the <a href="https://www.austlii.edu.au/" target="_blank">Australasian Legal Information Institute website</a>. </li>
</ul>
<h3>When looking at an apartment or unit, consider:</h3>
<ul>
<li>Can you hear people walking and talking in other apartments?</li>
<li>Can you smell cooking? </li>
<li>Are you near the garbage bins or waste collection areas? Are there any odours? </li>
</ul>
 
For more information <a href="https://www.consumer.vic.gov.au/housing-and-accommodation/buying-and-selling-property/checklists/buying-an-apartment-or-unit" target="_blank">visit the Victoria government website here</a>
 
</body></html>

Buying an apartment in Victoria

An entity directed by HSN's Rafi Assouline and Rebel Property's Allen Linz has filed plans for an impressive new precinct in Woolloomooloo.

The major mixed-use development would transform a prominent William Street site into a new residential village anchored by affordable housing and a large public park.

The proposal, submitted as a State Significant Development Application, covers 164-172 and 174-194 William Street, a 6,398 sqm site between Forbes Street and Dowling Street on the southern edge of Woolloomooloo.

Designed by fjcstudio in collaboration with Bangawarra, Studio Bright and Tribe Studio Architects, the scheme would deliver 227 apartments across four residential buildings ranging in height up to 18 storeys, alongside retail space, public domain improvements and a new publicly accessible park.

<img alt="Rebel" data-entity-type="file" data-entity-uuid="0eb59b7c-914a-4a5c-b849-3a56749f5e93" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-06-12%20at%2011.18.51%E2%80%AFAM.png?VersionId=mxM6EEqeoLjrCiTlCzTKTvzpKuh6kSkH" />

It's another design scheme for Rebel, who took <a href="https://www.apartments.com.au/news/nsw/first-look-rebel-property-group-takes-woolloomooloo-precinct-to-nsw-government">concept plans to the NSW Gov late last year</a>.

The latest plans will be a mix of 167 build-to-sell apartments and 60 affordable apartments, with the affordable housing component representing 15 per cent of the project's gross floor area. The apartment mix includes 12 one-bedroom, 53 two-bedroom, 89 three-bedroom apartments and 13 penthouses, while the affordable housing component would comprise 42 one-bedroom and 18 two-bedroom apartments.

<img alt="Rebel" data-entity-type="file" data-entity-uuid="3b3d4553-8a8c-4af5-aa8c-519ffb1e28c6" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-06-12%20at%2011.20.12%E2%80%AFAM.png?VersionId=_Yb6ibN7eDnOtQjCNDK2eviORa4qzgv." />

Rebel Property is seeking to take advantage of the NSW Government's infill affordable housing bonus provisions under the Housing SEPP, which provide additional floor space and height in exchange for the delivery of affordable housing for a minimum of 15 years. The planning pathway allows a 30 per cent increase in floor space ratio and building height where 15 per cent of the development is dedicated to affordable housing.

&nbsp;

At the centre of the development is a 1,356 sqm sunlit public park designed to become a new community gathering space at the gateway to Woolloomooloo. The park would be complemented by a network of pedestrian laneways connecting William Street with the surrounding streets, improving permeability through what is currently a largely impermeable block.

<img alt="Rebel" data-entity-type="file" data-entity-uuid="257af931-a393-4007-8c6d-7219796df58d" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-06-12%20at%2011.20.51%E2%80%AFAM.png?VersionId=KAHy94GrhaReFsWTGDKfy39EDJ8gEEv4" />

The design team says the public domain has been heavily influenced by the site's topography and Aboriginal cultural heritage, drawing on the escarpments, gullies and landscape characteristics that historically defined the area before urbanisation. The landscape design has been developed in partnership with First Nations consultancy Bangawarra.

The project would be delivered across four separate buildings. The William Street East and William Street West buildings, designed by fjcstudio, would contain the majority of the apartments. Melbourne-based Studio Bright has designed the Forbes Street building, while Tribe Studio Architects is responsible for the Dowling Street building.

Rebel had secured approval for the concept plans late last year.

Joel Robinson

First look: HSN, Rebel, advances Woolloomooloo precinct plans

A locally heritage-listed furniture showroom on Water Street is set to become the centrepiece of a new mixed-use residential development as local developer&nbsp;<a href="https://www.apartments.com.au/developers/keylin-group">Keylin</a> seeks approval for <a href="https://www.apartments.com.au/new-apartments/lotus-on-water-street-290-water-street-fortitude-valley-qld-4006">Lotus on Water Street</a>, a 15-storey project on the Fortitude Valley side of Spring Hill.

The proposal spans 290 Water Street and 137-141 Warry Street, combining several properties into a 2,869 sqm site that sits between Fortitude Valley, Spring Hill and the rapidly evolving Victoria Park precinct. Keylin's plans would deliver 132 apartments alongside new retail, hospitality and commercial space, while retaining and repurposing the historic Brunswick Home Furnishers Showroom that fronts Water Street.

Designed by <a href="https://www.apartments.com.au/architects/jackson-teece">Jackson Teece</a>, Lotus on Water Street comprises a 12-storey residential tower rising above a three-storey podium and communal rooftop terrace. The development includes 76 apartments classified as multiple dwellings and a further 56 units proposed as short-term accommodation, designed to be flexibly used as either accommodation or permanent residences. The apartment mix comprises six one-bedroom, 54 two-bedroom and 16 three-bedroom homes.

<img alt="First look: Keylin unveils heritage-led Lotus on Water Street tower in Fortitude Valley" data-entity-type="file" data-entity-uuid="9822bb79-6c49-49c9-95ba-319e8c8d81c3" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/fortitude%20valley%20front.png?VersionId=ioW8zbN4UVebbLetTFuv92t.HkdgfR5e" />

Residents would have access to an extensive rooftop recreation level spanning more than 1,200 sqm of communal open space. Plans include a pool, gym, sauna, infrared sauna, yoga area, library, private dining room, barbecue facilities and landscaped entertainment spaces, making the rooftop the project's largest shared amenity offering.

At street level, the proposal focuses on the adaptive reuse of the heritage buildings along Water Street, where 518 sqm of retail and commercial space is planned across shop, office and food and drink outlet uses. A permeable residential lobby would be positioned between the retained heritage buildings, creating a pedestrian connection between the historic streetscape and the new tower behind.

<img alt="First look: Keylin unveils heritage-led Lotus on Water Street tower in Fortitude Valley" data-entity-type="file" data-entity-uuid="269cf3e0-7d13-48bf-a318-05a00deb5c10" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/fortitude%20valley%20podium.png?VersionId=DLXmTCLsp6GOcLpQ0h.0z7wKCw59EhN_" />

The heritage retention strategy is central to the scheme. The development application notes that the Brunswick Home Furnishers Showroom and adjoining heritage buildings will remain, with only non-significant structures on the site earmarked for removal under a previously issued Heritage Exemption Certificate. Levels one and two of the new podium are recessed behind the heritage façades to maintain their prominence within the streetscape.

Jackson Teece has drawn inspiration from the site's manufacturing history when designing the podium. The planning documents state that the façade incorporates perforated metal screening that references the woven and rattan furniture historically produced on the site. Cascading and climbing plants are integrated throughout the podium to soften the building's presentation and screen parking levels behind. The landscape strategy also informs the project's name, Lotus on Water Street, drawing on the historic Spring Hollow waterholes that once ran through Spring Hill and the blue water lilies associated with Meeanjin, Brisbane's traditional name.

The proposal also incorporates the neighbouring property at 141 Warry Street, currently occupied by a healthcare service. The existing building would remain, with nine dedicated parking spaces allocated within the new development to support its ongoing operation. In total, Lotus on Water Street proposes 117 car spaces, including 110 resident spaces and seven visitor bays, alongside 100 bicycle spaces.

<img alt="First look: Keylin unveils heritage-led Lotus on Water Street tower in Fortitude Valley" data-entity-type="file" data-entity-uuid="70cf07bc-4fd8-4e70-92dd-be8b21c4e4f0" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/fortitude%20valley%20site.png?VersionId=txlxrJImM0Sm_vTzHVKh5DDUkyL_CiiA" />

The site sits within the Spring Hill East Precinct of the Spring Hill Neighbourhood Plan and is positioned around 650 metres from both Fortitude Valley Station and Exhibition Station. It is also within walking distance of the King Street precinct, Royal Brisbane and Women's Hospital, Herston Quarter and Victoria Park, which is earmarked to become a major venue precinct ahead of the Brisbane 2032 Olympic and Paralympic Games.

Planning documents describe the location as a key gateway between Spring Hill and Fortitude Valley and highlight the area's increasing importance as new transport infrastructure and Olympic-related investment reshape Brisbane's inner north. The development team argues the project will contribute additional housing supply while activating a section of Water Street that has historically received less investment than other parts of the Valley.

Keylin has become increasingly active across Brisbane and southeast Queensland, assembling sites in strategic inner-city locations. They are currently selling and delivering <a href="https://www.apartments.com.au/new-apartments/oria-spring-hill-447-gregory-terrace-spring-hill-qld-4000">Oria Spring Hill</a>, just over 140 apartments due for completion in 2027.

Keylin plans heritage-led Lotus on Water Street apartment development in Fortitude Valley

Roseville is poised for a wave of new apartment development following the NSW Government's rezoning of land around Roseville Station under its Transport Oriented Development program.

The new planning controls have unlocked significant development potential within walking distance of the station, with a number of sites expected to be amalgamated and redeveloped in the coming years as developers seek to take advantage of the increased density allowances.

One of the more restrained developments in the precinct, and set among the first to be delivered having commenced well before the recent changes, is Hyecorp's Juliet. The boutique apartment project is already well under construction and remains on track to welcome residents by the end of the year, offering a markedly different proposition to many of the larger-scale developments now likely to emerge across the suburb.

[smartcode_project:default project_id=7395 project_image_fid=278194]

<a href="https://www.apartments.com.au/new-apartments/juliet-roseville-64-pacific-highway-roseville-nsw-2069">Juliet</a> will comprise just&nbsp;34 one-, two-, and three-bedroom apartments opposite Roseville Station. For Hyecorp, which has delivered projects across Sydney's Lower North Shore for more than three decades, Roseville presented a rare opportunity to address a growing gap in the market.

"<a href="https://www.apartments.com.au/developments/roseville-nsw-2069">Roseville</a> has long been one of the North Shore's most tightly held and desirable suburbs, offering a unique combination of village charm, established greenery, excellent transport connections, and proximity to some of Sydney's best schools and lifestyle amenities," Hyecorp said.

"We recognised a growing demand from local homeowners seeking to downsize without leaving the community they have built their lives around. The location presented a rare opportunity to create homes that cater specifically to that buyer profile."

[smartcode_project:default project_id=7395 project_image_fid=278196]

The six-level development has been designed by <a href="https://www.apartments.com.au/architects/pbd-architects">PBD Architects</a> as a collection of residences that feel more like homes than apartments. The brief centred generous floorplans, abundant natural light, quality finishes, and strong connections to outdoor space.

PBD Architects drew inspiration from Roseville's established garden suburb character, creating a building that sits comfortably within its surroundings rather than dominating them. The architecture incorporates natural materials, soft forms, layered landscaping, expansive balconies, and generous setbacks to strengthen the connection between residents and the suburb's leafy environment.

"The focus was on designing spacious, house-like residences for discerning owner-occupiers and downsizers who wanted to remain on the North Shore without compromising on comfort, privacy, or design," PBD said.&nbsp;

"Every apartment was to feel considered, timeless, and highly functional."

[smartcode_project:default project_id=7395 project_image_fid=278195]

Inside, residences feature engineered timber flooring, stone kitchen benchtops and splashbacks, integrated Fisher &amp; Paykel appliances, ducted air conditioning, and large outdoor entertaining areas designed to take advantage of district and treetop views.

Residents will also have access to a rooftop barbecue and lounge area, alongside practical amenities including parcel lockers, EV charging capability, bicycle storage, a dog wash bay, and a basement car wash facility.

The majority of purchasers so far have been local owner-occupiers from Roseville, Lindfield, Chatswood, Killara, and the broader Upper North Shore, many of whom are transitioning from larger family homes.

"Buyers are looking for spacious, house-like apartments that allow them to downsize without feeling like they are sacrificing comfort or functionality," Hyecorp noted.

"They value large kitchens, generous living areas, ample storage, quality finishes, secure parking, lift access, and low-maintenance living."

[smartcode_project:default project_id=7395 project_image_fid=278204]

Juliet sits directly opposite Roseville Train Station and within walking distance of Roseville Village, while Chatswood's retail and dining precinct is only minutes away. The development is also surrounded by some of Sydney's most established schools, including Roseville College, Ravenswood, Pymble Ladies' College, and Knox Grammar, as well as nearby parklands and golf courses.

Juliet is currently more than 75 per cent sold ahead of its anticipated completion in late 2026.

[smartcode_project_cta:default project_id=7395]

Juliet to sit quietly amid Roseville apartment boom

Sherpa Property Group has unveiled the third instalment of its Flourish series, securing full approval for the two-tower, $500 million Flourish Soleira development in Palm Beach.

<a href="https://www.apartments.com.au/new-apartments/flourish-soleira-1150-1154-gold-coast-highway-palm-beach-qld-4221">Flourish Soleira</a> will rise from a prominent site in the commercial heart of Palm Beach, the long-time home of Cash Converters and a range of local retailers.

The project will introduce a new retail and dining precinct at ground level, beneath 286 apartments.

[smartcode_project:default project_id=150017 project_image_fid=370959]

“We’re very committed to not only providing affordable residential offerings that are much needed in Palm Beach, but also delivering a vibrant new commercial heart that complements the extraordinary growth of the southern Gold Coast,” Sherpa Property Group founder Christie Leet said.

The development will sit under Sherpa's Flourish brand, which is aimed at providing a pathway into the beachside suburb for locals, first-home buyers and downsizers. In a move designed to assist first-home buyers entering the market, Sherpa has reserved all one and two-bedroom, one-bathroom apartments exclusively for eligible first-home buyers.

[smartcode_project:default project_id=150017 project_image_fid=370964]

“Our vision through Flourish is to create a vibrant retail and lifestyle focal point within the Palm Beach centre zone, delivering thriving communities underpinned by lifestyle-rich locations,” Leet said.

“So far, Flourish has been an incredible success, and we hope to carry this momentum as we progress the next two Flourish projects in Palm Beach.”

[smartcode_project:default project_id=150017 project_image_fid=371430]

Located across 1150-1164 Gold Coast Highway and 3 Sixth Avenue, the development will comprise two towers. The northern tower will deliver 154 apartments, while the southern tower will add a further 132 residences, helping address ongoing demand for new apartments in the tightly held coastal suburb.

Flourish Soleira will also feature the most extensive rooftop amenity offering ever delivered in Palm Beach.

The two towers will be connected by a skybridge, with residents gaining access to a rooftop recreation deck featuring a full-width swimming pool, hot and cold plunge pools, wellness spaces, a gymnasium, private dining facilities, massage treatment rooms, barbecue areas, a basketball court, golf simulator, indoor and outdoor dining spaces, sun lounges and extensive landscaping.

LPS Group is expected to start construction later this year.

Sherpa is already well advanced on construction of its debut Flourish project, Flourish Amargo, located just around the corner from Soleira. Meanwhile, Flourish Oasis, positioned opposite Amargo, recently commenced construction and has nearly sold out its collection of 47 apartments.

[smartcode_project_cta:default project_id=150017]

Sherpa unveils $500m mixed-use Palm Beach precinct, Flourish Soleira

Are mortgage holders set to get a reprieve from the RBA in 2026?

Big Four bank NAB believes so. They are now expecting the next move from the RBA to be a cut, rather than a hike, which they had pencilled in for August. They are unsure of the timing of the cut however, they note in their latest&nbsp;NAB Economics RBA Watch.

NAB Chief Economist, Dr Sally Auld, said recent data suggests the economy has lost momentum and the outlook for rates has shifted, noting that the broader economic backdrop has changed since earlier in the year.

“The next move in the cash rate is likely to be down, but the timing is uncertain," Dr Auld said.

"In February, growth was above trend, the economy was operating above capacity and there was uncertainty over the restrictiveness of rates. None of these conditions exist today,” she outlined.

Dr Auld said recent data pointed to softer momentum across the economy while acknowledging that at the same time, uncertainty remains a key feature of the outlook.

“Both Q1 GDP data and the NAB business survey suggest momentum in the economy has slowed, meaning that growth has likely peaked for the cycle. That said, we are cognisant there is still considerable uncertainty around the outlook, both with respect to activity and inflation.”

Dr Auld said inflation risks and labour market outcomes would be important to watch.

“On the prices side, we are still forecasting above target core inflation through to mid-2027. Margins will compress and weaker labour market outcomes are a risk.”

She said tighter financial conditions are expected to weigh on housing and activity.

“Tighter financial conditions will be reflected in a slowing in house price growth and housing credit growth. In summary, we have greater conviction that the next move in rates is down, but less conviction on the timing.”

Jonathan Chancellor

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