<html><body>
Comedienne Geraldine Doyle and her musician husband Paddy Fitzpatrick have finally sold their long-held Newport home after being pulled from auction pre-Christmas.
Having hopes of $1.7 million plus, Stephanie Hammond of C21 The Property Partnerships secured a $1.8 million sale earlier this month.
Privately elevated on 1,611 sqm, the timber and rendered brick residence has a full length timber verandah which offers panoramic views over Pittwater's Crystal Bay.
The former Midday Show regulars bought the five bedroom home for $320,000 in 1990, the year Doyle published her tell-all book, You wouldn't read about it.
The many time Mo Awards winner grew up in a large Catholic family in Dublin before emigrating to Australia in the early 1970's.
</body></html>

jchancellor-FAypfDUnLy

Legendary entertainer Geraldine Doyle sells Newport home

<html><body>
GUEST OBSERVER
Asbestos is the generic term for a number of fibrous silicate minerals. Products made from asbestos cement - a bonded asbestos material - include fibro sheeting (flat and profiled) guttering and downpipes, as well as other pipes for water, drainage or flues, corrugated roofing sheets, roofing shingles and guttering.  WHY WAS ASBESTOS USED IN HOMES?
Asbestos materials were cheap and durable and after World War II until 1954 it was used extensively in the building industry. In New South Wales it's estimated 52 percent of all houses, (approx. 70,000 houses), were built using it. Up till the 1960s, 25 percent of all new housing was clad in asbestos cement in Australia and around 20 percent of all domestic roofs of that period contained asbestos. In Victoria, the percentage was higher and approx. 98 percent of homes constructed before 1976 contained asbestos products.  IS ASBESTOS STILL USED?
The good news is NO. Asbestos has not been used in domestic building materials since the 1980s, however, it was not until 31 December, 2003, that the use of asbestos and all products containing asbestos was banned throughout Australia. It is now illegal to import, store, supply, sell, install, use or re-use asbestos products. Please note: the ban does not apply to asbestos installed prior to this date and if your home contains asbestos you are not required to remove it, but if you do then you must follow safety guidelines and you cannot dump any type of asbestos material in a general waste disposal area. HEALTH RISKS
The health risks associated with working in the asbestos industry and being exposed to asbestos products through occupational, environmental and secondhand factors are now well known and documented and include Cancer; Mesothelioma, Asbestosis and other related serious conditions. It is strongly recommended before starting to undertake any type of renovation on a house built before the late 1980's that absolute caution be observed as it can potentially have asbestos containing materials like fibro, and exposure to broken asbestos by breathing in asbestos fibers which are toxic can be serious especially for anyone who smokes and young children.
RENOVATING - WHERE WOULD I FIND ASBESTOS IN A HOUSE?
It is very hard to identify asbestos products in a house just by looking at them. Below is a list of potential locations where asbestos was used in houses built or renovated before the late 1980's ... • Chimney flues • Flat, patterned or corrugated wall and roof sheeting • Lining under eaves • Lagging on hot water pipes • Vinyl floor tiles and backing to cushion tile and vinyl flooring • Internal and external walls • Imitation brick or weatherboard cladding • Insulation in wood heaters • Asbestos cement sheeting beneath heater hearths • Electrical meter boards • Garages &amp; carports • Garden sheds • Dog kennels
 If you suspect there could be asbestos materials - the only way to be certain is to have a sample of the material analysed by a laboratory - DO NOT ATTEMPT TO REMOVE IT OR BREAK IT UP call in an expert first and contact NATA – The National Association of Testing Authorities for an analytical laboratory in your area that is accredited to identify asbestos, visit NATA website: <a href="https://www.nata.asn.au/" target="_blank">www.nata.asn.au</a>
Confirmation should be carried out before any general maintenance, renovation or demolition activities proceed. Following the severe thunderstorms and tornado that lashed Kurnell, NSW last December, 2015 there was a trail of debris and fears of airborne asbestos. 
Home owners found themselves in a devastated condition with experts assessing the area to identify hazardous materials, such as asbestos products, because of the age of the houses many built before 1987. Authorities warned residents of the risks and advised them not to disturb the debris and to wear a P2 mask and protective clothing as a precaution before entering the ruins of their homes. This was very sad for the whole community and underscored the high danger of asbestos materials when they are disturbed and broken.  As a Conveyancer I always alert my client who is considering purchasing a home built prior to the late 1980's of the potential that the house may contain asbestos materials and I ensure the client understands the importance of checking for asbestos issues through a building report before going ahead.  A good suggestion I make to the client is to meet with P&amp;B Inspectors while they are conducting their inspections for questions about asbestos, extensions without Council approval or other matter of material concern before signing a contract and tendering a Deposit. 
Garth Brown is an accountant and certified conveyancer with Brown and Brown Conveyancing and can be contacted <a href="https://www.conveyancers.net.au" target="_blank">here</a>.
</body></html>

Property 101: Asbestos and what you need to know

<html><body>
GUEST OBSERVER
Negative gearing and capital gains tax are a looming battleground in the federal election.
The debate was heightened last month by the release of modelling by consultants BIS Shrapnel purporting to show that reforms would lead to rent increases of between 4 percent and 10 percent. If correct, this would scare any political party.
An article in The Australian on Tuesday revealed that the ALP had seen this modelling before it released its policy to wind back the tax breaks on negative gearing and capital gains,
The ALP should be applauded for proceeding nevertheless. The report was clearly going to be inconvenient. But it was also not worth the paper on which it was printed.
The report implied that a<a href="https://grattan.edu.au/news/a-low-cost-way-to-derail-the-housing-debate/"> </a>$2 billion increase in tax would reduce economic activity by $19 billion a year. The report’s model also suggested that every additional house or apartment would increase the size of the Australian economy by $2.6 million.
None of this is remotely plausible, and consequently, it is difficult to believe anything else that the modelling or the report has to say.
Nonetheless, this report is still being discussed a month later – so it clearly needs some more critical analysis.
Tax changes will clearly reduce the after tax benefits for property investors. The key question is whether the market responds by reducing the price of housing, or by increasing rents, or by absorbing a reduction in returns.
Most likely, the price of housing will fall somewhat, investor returns will reduce a little, and rents will barely move. This is why.
Changes to negative gearing and capital gains tax will increase taxes for investors and lower their returns. Normally this would lead to lower asset prices.
But the outlook for home-buyers is different. The benefits for a home-buyer (of living in the home) won’t change. The price of the home will be a little lower due to the changes in negative gearing and capital gains tax. Therefore the return on assets (the benefits divided by the price) will be a little higher for home-buyers.
Combining the effects of the changes for investors and home-owners leads to an average after tax return on housing that is about the same as today. There will be more home-owners and correspondingly fewer investors – but higher rates of home ownership are the political goal.
The outcome might be different if the supply of new housing dried up. If there were fewer incentives to develop new homes, then eventually rents would increase.
However, our best guess is that tax changes will have little effect on housing construction. The supply of new housing is mainly restricted by planning rules rather than a lack of returns. In any case, reforms to negative gearing are likely to reduce the price of developable land, but they won’t change the returns on development.
BIS Shrapnel assume otherwise. They believe that changes to negative gearing rules will reduce the price and therefore the profitability of property developments, but not the price of developable land. And so they assert that tax changes will lead to less residential development, and therefore higher rents in the long run. Their report assumed that the price of developable land wouldn’t change based on three claims.
First claim: if the price of developable housing land fell, sites would instead be used for commercial purposes. But as a firm that advises clients on property development, BIS Shrapnel should know that in most localities land provides a much higher return per square metre when turned into residences than when used for commercial purposes. Indeed, there are concerns that too much of the Melbourne and Sydney CBDs is being converted to residential rather than commercial uses. There isn’t much evidence of enormous pent-up demand for commercial development.
Second claim: landholders will be reluctant to sell at lower prices. This is simply wishful thinking. Prices don’t rise just because sellers would like them to do so.
Third claim: it will be more expensive to aggregate sites for development. But lower prices as a result of negative gearing reform will affect all residential properties, irrespective of whether they have already been developed, or have potential to be aggregated further.
Instead of assuming that tax changes will only affect the price of development, it is much more plausible that changes in after tax returns to investors will primarily lead to lower land prices. This won’t hurt the profitability of development, the supply of rental property will continue, and the impacts on rents will be minimal.
Even if tax changes did affect the profitability of development, it’s all small beer. Quick sanity checks (the kind of things that property developers do to ensure that their modellers don’t lose them a fortune) show that the effect of negative gearing changes on property prices will be less than 2 per cent across the Australian market.
One way to think about it is that negative gearing and capital gains tax provide investors in real estate with a tax benefit of about $3 billion a year; that annual benefit converts to an asset value of about $55 billion; and all Australian residential property is worth a little over $5 trillion. If negative gearing were abolished entirely the lost value would be $55 billion, just over 1 per cent of $5 trillion of property value.
Another way to crunch the numbers shows that negative gearing and capital gains tax changes would reduce the after tax returns on real estate investment assets by about 7 percent. But this wouldn’t affect all housing assets – only 30 percent are investment properties, and the rest are owner occupied. So across the market, return on assets – and therefore asset values –would fall by about 2 percent. Or in the unlikely event that investors succeed in passing on tax costs, rents would rise by at most 2 percent.
BIS Shrapnel presented the ALP with a claim that tax changes would increase rents by 4 to 10 percent. But that claim was several times larger than fundamentals would suggest. It used a model that was not publicly available. It was allied with a series of manifestly ridiculous economic results. And it all rested on an unjustifiable assumption that tax changes won’t affect land prices.
The ALP was right to ignore such flawed analysis. It is a relief to discover that – sometimes – a political party’s policy cannot be bought off just by commissioning a flawed report with scary numbers.
<a href="https://theconversation.com/profiles/john-daley-1870" rel="author">John Daley </a>is chief executive officer, Grattan Institute and author for The Conversation. He can be contacted <a href="https://theconversation.com/profiles/john-daley-1870" target="_blank">here</a>.
 
</body></html>

Why it is good policy, not bad politics, to ignore bad modelling on negative gearing

<html><body>
With the end of the 2015/16 financial year less than two months away, Angus Raine, executive chairman of Raine &amp; Horne, is urging Australian property investors to have a current depreciation schedule in place by 30 June 2016.
“Almost 80 percent of landlords fail to maximise depreciation claims against their investment property, potentially missing out on thousands of dollars come tax time,” says Mr Raine.
“The problem is that many landlords either aren't aware of the benefits associated with depreciation, or don't have an up-to-date depreciation schedule, which enables them to claim against the reduction in value of items such as carpets, curtains, stove cook tops, some light fixtures, shower heads and so on.
“Each year, landlords can claim between 10 percent and 40 percent off a variety of depreciable items, and sometimes more.
“In many cases, 2.5 percent of the building cost of the investment home is also claimable on an annual basis.”
Landlords should seek professional support when creating or updating a depreciation report, according to Mr Raine.
“Arranging a specialist tax depreciation company such as BMT to carry out the report will ensure that everything is done by the book,” says Mr Raine.
This advice is particularly appropriate for established properties, where it is also possible to back-date missed depreciation claims by two years.
“Always seek professional advice for established investments as it can be trickier to navigate the tax deductions.
“Moreover, the costs associated with a depreciation schedule, which can be between $650 and $700 per report, are also tax deductible,” advises Mr Raine.
</body></html>

Property 101: Maximising depreciation claims

<html><body>
An office property in the Melbourne suburb of Burwood East has sold at auction for $502,000.
The 15 Royton Street building occupies 110 sqm with a total land area of about 186 sqm.
The ground floor retail/office space building is ready to occupy or has the potential to be developed subject to Council approval (STCA).
It was previously trading as a restaurant and has both rear and front parking.
The auction was through George Kelepouris and Paul Rizzo of Ray White Commercial.
</body></html>

Ground floor office building in Melbourne's Burwood East sold at auction

<html><body>
<img src="https://counter.theconversation.edu.au/content/57114/count.gif" alt="The Conversation" width="1" height="1">
GUEST OBSERVER
The literacy levels of construction workers are low relative to other industries, and yet prescriptions about how to work safely are often buried inside long and complicated documents.
Our research suggests workers may not even read these documents before they commence work. Also, no matter how complex they are, documents cannot cover all eventualities. There’s a gap between the way work is described in formal health and safety documents and the way it is practised on site.
Visual methods, including video, can overcome some of these difficulties. For a long time videos have been used to communicate health and safety information to workers. But safety training videos are often produced by technical experts or media companies and shown to workers in stand-alone presentations. In such uses, workers are passive audiences to generic video materials.
Construction companies are legally required to consult workers on health and safety issues, but this is often done in a very formal top-down way, rendering it meaningless.
This is a missed opportunity because construction workers possess a wealth of knowledge based on their practical experience, often gained over many years. Research conducted at RMIT University (undertaken in partnership with Melbourne-based firm CodeSafe Solutions) examined the potential for digital and mobile technologies to be used to access, capture and share workers’ health and safety knowledge.
In the research, construction workers were involved in making films about their everyday work practices. Unlike documentary, in which subjects have little or no say in how they are portrayed, participatory video engages people in making films about their everyday experiences.
Construction workers received basic media training before making digital videos about their work practices. The video making enabled workers and managers to understand and reflect on the way work is routinely done and, in doing so, identify constraints and enablers of safe and healthy ways of working. Only when watching the video footage did managers and workers identify problems inherent in standard operating procedures that were either poorly understood or impractical due to physical features of the work environment.
Gaps were identified between the way work was documented and the way that it is routinely practised. Understanding these gaps meant they could be discussed and collaboratively resolved.
In several instances work equipment, processes or procedures were redesigned to improve safety. In some instances tasks that had been undertaken the same way for many years were redesigned to make them safer. Both workers and managers described how watching the video footage gave them a different perspective and enabled them to view and understand work in new ways.
In one example an access platform erection process was redesigned after workers were seen working adjacent to an unprotected edge.
The collaborative redesigning of a long established work task reveals how workers’ tacit knowledge – which is not easily captured or written down - was made explicit and usable through the participatory video activities.
Once made, the digital videos are disseminated at participating worksites using quick response codes, accessible via smartphones. Some workers share these videos with workers outside their organisations, while others show them to builders and principal contractors to explain why they need to work in certain ways to remain safe.
The workers described video as being a powerful way to share “know how” as opposed to “know what.”
Digital and mobile technologies are now an integral part of everyday life. Using a smartphone to capture and share knowledge, experiences and ideas in video format is not only possible, but now second nature to many. The research shows it can also improve construction workers’ health and safety.
Helen Lingard is professor, Construction Occupational Health and Safety, RMIT University and author for The Conversation. She can be contacted <a href="https://theconversation.com/profiles/helen-lingard-170971" target="_blank">here</a>.
</body></html>

Construction workers safer when they ditch the manual: study

<html><body>
LA-based actor Simon Baker might have a new neighbour at his Bondi Beach bolthole, or perhaps move to secure three quarters of the top floor of his lowrise apartment complex.
One of the other two apartments with rooftop patio has just been listed through Raine &amp; Horne agent Hannah Bouskila for May 5 auction.
Set on the Ben Buckler peninsula in an art deco building of just seven,<a href="https://www.realestate.com.au/property-apartment-nsw-north+bondi-122355678" target="_blank"> the 69 sqm apartment offering has two bedrooms, two bathrooms</a> plus its all important 66 sqm roof terrace. 
Baker's adjoining three bedroom apartment spreads over 135 sqm and takes up half of the roof, fitted with a covered bbq kitchen.
It is a near beachfront $2.63 million Bondi bolt hole which Baker purchased in 2014.
It's unsure whether Baker has seen the auction board sign that went up this week in front of the two storey block on Hastings Parade.
You'd imagine he'd have been called by his buyer's agent Janne Sutcliffe.
Prices on the headland parade have ranged between $1.2 million and $2 million over recent weeks. 
The Logie award winning actor is regularly spotted enjoying the beach lifestyle at Australia’s most famous beach when ever he's here from LA.
A sale to Baker would further increase the longtime Mentalist stars eastern suburbs property portfolio.
He paid $6.5 million last July for a Bronte hillside home having lived in LA with his wife Rebecca Rigg and their three children since the mid 1990's.
He also owns in the Byron Bay hinterland.
The 45-year-old Baker has turned director, preparing for his forthcoming film, an adaptation of Tim Winton's disturbing novel Breath which he will star in and co-produce.
The coastal Australian setting has seen Baker film at Bronte Beach.
Baker wouldn't be the first to start on a complete top floor aquisition of an apartment block in North Bondi.
There was also former David Jones CEO Mark McInnes secured two top floor apartments for around $5.5 million, which adjoined his earlier $1.6 million acquisition.
The chairman of Caledonia Investments Michael Darling and wife Manuela Darling-Gansser paid $14 million for an entire Ramsgate Avenue apartment complex in 2011.
Sold by retired IT entrepreneur Neill Miller, Darling then commissioned son-in-law and architect Nick Tobias to design the family compound project.
The plan was for the Darling's to live in an apartment which covered the whole top floor, with the lower floors converted to a recreation space for his children and grandchildren.
This article was first published in the Saturday Daily Telegraph.
</body></html>

Neighbouring beach pad to actor Simon Baker listed

<html><body>
GUEST OBSERVER
The number of loans (commitments) for people who are buying or building homes to live in (owner-occupiers) rose by 1.4 percent in February after sliding by 4.4 percent in January.
The average home loan across Australia fell for the third consecutive month down by $15,200 to $357,200 in February – the biggest monthly decline on record. And it was the biggest percentage decline for a February month.
Retail petrol: According to the Australian Institute of Petroleum, the national average Australian price of unleaded petrol rose 4.1 cents per litre, to 114.4 cents per litre in the week to April 10.
Capital cities: In Adelaide, the average petrol price is currently below $1 a litre. In Sydney and Brisbane, prices are near $1.25 - $1.29 a litre after lifting a much as 20 cents a litre in the past week.
Chinese inflation: Chinese consumer prices fell by 0.4 percent in March to be up 2.3 percent on the year (forecast 2.5 percent). Producer prices fell by 4.3 percent over the year (forecast -4.6 percent).
Food inflation: Over the year food prices are up 7.6 percent with non-food prices up just 1.0 percent.
<a href="/images/2016/04/11/Screen%20Shot%202016-04-11%20at%203.02.41%20PM.png" target="_blank">Click to enlarge</a>
<img src="/images/2016/04/11/Screen%20Shot%202016-04-11%20at%203.02.41%20PM.png" alt="">
The housing finance data has implications for banks, building material suppliers and retailers. The petrol figures have implications for retailers, especially petrol marketing groups. The Chinese inflation data is of importance to exporters and importers.
What does it all mean?
The housing sector has shown signs of slowing, however Aussies are still taking out home loans to build homes or buy homes to live in, albeit at a more moderate pace. Overall it is an encouraging result suggesting that a soft landing is underway. The lift in loan activity in February is a sign of confidence in both the state of the job market and the outlook for interest rates.
<a href="/images/2016/04/11/Screen%20Shot%202016-04-11%20at%203.04.05%20PM.png" target="_blank">Click to enlarge</a>
<img src="/images/2016/04/11/Screen%20Shot%202016-04-11%20at%203.04.05%20PM.png" alt="">
It’s no surprise the strength is in the owner occupied market with loans still up 15 percent on a year ago. In contrast, investor loans are down over 7 percent compared with this time last year. The cooling in the property market is a welcome sign given the ramp up in property over 2014/15.
In addition, a key guide to house price growth - the average loan size - has fallen for the third straight month, down by 4.1 percent or over $15,000 in February – the biggest monthly decline in dollar terms on record. The result was driven by the average loan for established dwellings (down 8 percent over the past three months) and new dwellings (average loan down by over 12 percent in the past three months).
It should be noted that the average home loan is influenced by home prices, composition of borrowers and the geographic location of home purchases.
Interestingly the value of owner occupier and investor loans to build new homes rose by a sizable 5.8 perccent in February and is holding just of record highs - partially a function of price growth.
The Chinese inflation data has clearly been affected by the seasonality in higher food prices (in particular pork prices – up 28 percent over the year to March). Outside food, inflation remains low at 1.0 percent. The timing of Chinese New Year can cause distortions in economic data as has already been apparent in the trade figures.
<a href="/images/2016/04/11/Screen%20Shot%202016-04-11%20at%203.05.27%20PM.png" target="_blank">Click to enlarge</a>
<img src="/images/2016/04/11/Screen%20Shot%202016-04-11%20at%203.05.27%20PM.png" alt="">
The lift in petrol prices last week was more a function of the discounting cycle across capital cities rather than any major shifts in global oil markets.
Motorists would be well rewarded for keeping an eye on petrol signboards and filling up at the cheap end of the cycle. In Adelaide, petrol is below a $1 a litre, while In Sydney and Brisbane, prices are near $1.25 - $1.29 a litre after lifting a much as 20 cents a litre in the past week. Melbourne prices peaked 10 days ago and have so far eased to around $1.20 a litre.
What do the figures show?
Housing finance - number
The number  of new owner-occupier housing loans (commitments) rose by 1.4 percent in February after sliding by 4.4 percent in January. Excluding the refinancing of dwellings, the number of loans was up by 1.6 percent.
Loans by owner-occupiers for the construction of homes  fell by 1.9 percent in February; loans to buy newly erected dwellings  fell by 15.4 percent; and loans for the purchase of established dwellings  (excluding refinancing) rose by 5.5 percent. The number of refinancing transactions  fell by 0.4 percent.
Housing finance - value
The value of new housing commitments (owner occupier and investment) rose by 2.6 percent in February after a 3.7 percent increase in February. Owner-occupier loans rose by 1.7 percent while investment loans rose by 4.1 percent.
The value of loans by owner-occupiers and investors to build new homes rose by 5.8 percent in February after a fall of 1.6 percent in January. The value of loans to build new homes stood at a 14-month high of $2.95 billion, marginally weaker than the record high of $2.97 billion in December 2014.
 Housing finance – other statistics
The proportion of first-time buyers in the home loan market fell from 15.1 percent to 14.7 percent in February. (However the figures take into account refinancing loans and as such the figures may misrepresent the true situation).  
The proportion of fixed rate loans eased from 13.6 percent to 13.1 percent in February. And the average home loan across Australia stood at $357,200 in February, up 7.8 percent on a year ago, but down 4.1 percent in the month.
<a href="/images/2016/04/11/Screen%20Shot%202016-04-11%20at%203.06.38%20PM.png" target="_blank">Click to enlarge</a>
<img src="/images/2016/04/11/Screen%20Shot%202016-04-11%20at%203.06.38%20PM.png" alt="">
Chinese inflation:
Consumer prices fell by 0.4 percent in March to be up 2.3 percent on the year. The annual result was below the forecast of 2.5 percent but in line with the February result.
Non-food prices fell by 0.1 percent in the month to be up 1.0 percent over the year. The February annual result was also +1.0 percent. Prices of consumer goods rose 2.5 percent over the year (February 2.6 percent) with services up 1.9 percent (February 1.8 percent).
Food prices fell by 1.8 percent in March after rising by 6.7 percent in February (reflecting Chinese New Year effects). Food prices are up 7.6 percent over the year, up from the 7.3 percent annual gain in February. Pork prices fell by 1.3 percent after rising by 6.3 per cent in February. Pork prices are up 28.4 per cent in the year to March, up from the 25.4 per cent annual increase to February.
Consumer good categories (year to March): Food, tobacco and alcohol 6.0 percent; Clothing 1.5 percent; Rent, fuel &amp; utilities 1.3 percent; Household goods 0.4 percent; Transport and communication -2.6 percent; Education, culture and recreation 1.2 percent ; Healthcare 3.1 percent; Other goods and services 1.7 percent.
Producer prices fell by 4.3 per cent in the year to March, firmer than the 4.9 per cent decline to February and below market forecasts centred on a 4.6 per cent decline. It was the smallest rate of decline since January 2015.
<a href="/images/2016/04/11/Screen%20Shot%202016-04-11%20at%203.07.55%20PM.png" target="_blank">Click to enlarge</a>
<img src="/images/2016/04/11/Screen%20Shot%202016-04-11%20at%203.07.55%20PM.png" alt="">
Petrol prices
According to the Australian Institute of Petroleum, the  national average Australian price of unleaded petrol rose by 4.1 cents per litre to 114.4 cents per litre in the week to April 10. The metropolitan petrol price rose by 5.5 cents to 115.2 cents per litre while the regional price rose by 1.1 cents to 112.7 cents per litre.
The national average Australian price of diesel petrol rose by 0.7 cents to 112.3 cents per litre in the week to April 10. Last week the metropolitan price rose by 0.5 cents to 111.3 c/l, while the regional average price was up 0.9 cents to 113.2 c/l.
Average unleaded petrol prices across states and territories over the past week were: Sydney (up by 4.9 cents to 110.1 c/l), Melbourne (up by 12.3 cents to 124.9 c/l), Brisbane (up 7.2 cents to 116.9 c/l), Adelaide (down 6.0 cents to 100.5 c/l), Perth (down 0.5 cents to 111.5 c/l), Darwin (up by 0.2 cents to 115.6 c/l), Canberra (down 0.1 cents to 117.0 c/l) and Hobart (up by 0.2 cents to 117.4 c/l).
Today the national average wholesale (terminal gate) unleaded petrol price stands at 101.4 cents per litre, down 2.8 cents per litre on a week ago but still up 5.6 cents a litre on than the lows set in mid-February. The terminal gate diesel price stands today at 94.50 cents a litre, down 2.2 cents a litre over the week.
Last week the key Singapore gasoline price rose by US80c or 1.5 per cent to US$53 a barrel. In Australian dollar terms the Singapore gasoline price rose by $2.11 a barrel (3.1 per cent) to $70.34 a barrel or 44.24 cents a litre.
MotorMouth records the following retail prices for capital cities today: Sydney 125.9c; Melbourne 119.7c; Brisbane 128.7c; Adelaide 99.5c; Perth 100.8c; Canberra 111.3c; Darwin 114.4c; Hobart 117.7c.
What is the importance of the economic data?
Housing Finance data is produced monthly by the Bureau of Statistics and shows commitments by lenders, such as banks, to provide finance for housing purposes. The lending figures relate to those looking to buy or build homes to live in as well as those seeking to buy or build homes for investment purposes. Generally people get their finance organised first, so the figures are regarded as a leading indicator on the housing market.
Weekly figures on petrol prices are compiled by ORIMA Research on behalf of the Australian Institute of Petroleum (AIP). National average retail prices are calculated as the weighted average of each State/Territory's metropolitan and non-metropolitan retail petrol prices, with the weights based on the number of registered petrol vehicles in each of these regions. AIP data for retail petrol prices is based on available market data supplied by MotorMouth.
China’s National Bureau of Statistics releases its monthly economic statistics around mid-month. Quarterly GDP data is released around the 19th of January, April, July and October. China’s Customs Office releases trade data, and the People’s Bank of China releases financial statistics, around the 10th of each month. China is Australia’s largest trading partner and changes in the Chinese economic have major implications for the Aussie economy.
What are the implications for interest rates and investors?
Petrol prices look set to bounce around current levels although capital city motorists must still contend with the vagaries of the discounting cycle.
While it is hard to read too much into it, Chinese consumer prices have lifted in recent months largely due to the seasonality in food inflation. If inflation was a result of stronger demand, it would be seen as positive in the current environment by investors.
The Reserve Bank will be comforted by the more stable conditions in the investor housing market.
CommSec expects no change to interest rate settings for the foreseeable future.
Savanth Sebastian is an economist for <a href="https://www.commsec.com.au/" target="_blank">CommSec</a>
</body></html>

Record drop in average home loan: CommSec's Savanth Sebastian

<html><body>
Retired publicans Peter and Kalli Winter have their modern Georgian-inspired, East Melbourne terrace listed for sale.
The two level <a href="https://www.realestate.com.au/property/180-hotham-st-east-melbourne-vic-3002" target="_blank">180 Hotham Street</a> terrace includes three interconnecting living rooms, one opening to a courtyard.
There are three bedrooms.
The couple, who once owned Fitzroy’s Provincial Hotel, reportedly expect between $5 million and $5.5 million.
When is a pre-purchase building inspection a must?  What do they entail?  How does one interpret the results?  What defects can be fixed and which ones should prompt you to walk away. Jarrod McCabe, associate director, Wakelin Property Advisory and Peter Alexander, building inspector, Safehome Building Inspections present a webinar for Victorian home buyers on April 20. <a href="https://wakelin.com.au/inspection" target="_blank">Click here to register</a>.
</body></html>

Modern East Melbourne Georgian-style trophy home

<html><body>
Justin Butterworth, the entreprenuer who pioneered online holiday home rental websites in Australia, has listed his architecturally stunning Bronte home.
His <a href="https://www.realestate.com.au/property-house-nsw-bronte-122381986" target="_blank">Palmerston Avenue home</a> comes with a $3.9 million to $4.29 million McGrath Estate Agents price guidance.
The Dale Jones-Evans designed home last traded at $2.6 million in 2012.
It was the Goode-Nicholas family who built on the 270-square-metre site on Palmerston Avenue in 2005, a family home with four bedrooms, three bathrooms, a study, a media room and plenty of indoor-outdoor living space. It is nicknamed the "Mound House."
It features semi-enclosed entertainers' decking. 
Since last September, following 16 years, Jason Butterworth has been on a work break, initially taking off overseas to travel, study and also explore new business opportunities. 
He was most recently at the Stayz website, but Butterworth had previously been with HomeAway, YesBookit, Rentahome and Takeabreak.
It was in 1999, after being an economist at the NSW Treasury, that he founded Australia's first online bookable holiday and short term rental website. 
The big break came in 20011 when Fairfax Media bought Butterworth's Occupancy Pty Limited, paying $29 million for rentahome.com.au and takeabreak.com.au.
At the time Fairfax's own website Stayz handled 10 percent of the holiday rental bookings in Australia, with industry analysts calculating the deal with Occupancy saw Stayz then having 60 percent of the market with the addition of around 30,000 properties.
Occupancy’s Sydney based co-owners with Justin Butterworth were Craig Davis, Michelle Davis and Penny Parsons who shared $17.9 million in cash from Fairfax and $11.2 million worth of shares in the Stayz business.
Butterworth and his rentahome business had joined forces with Davis’ and Parsons and their takeabreak.com.au business in 2010.
These businesses earned their main revenues from an 8% commission paid by property owners on every booking. Stayz was sold in late 2013 to US-listed holiday rentals group HomeAway for about $220 million.
Butterworth remains an active Angel investor with an interest in providing seed investments in fintech or arbitrage type business models. 
This article was first published in the Sunday Telegraph.
</body></html>

Entreprenuer Justin Butterworth lists Bronte home

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

Editor's Picks

Have something to contribute?

Developments

New apartments

New townhouses

News