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The final Sydney Burgess Rawson portfolio auction of the year raked in nearly $65 million in sales with an 80% clearance rate.
All eight commercial buildings put up for sale by the <a href="/expert-insights/investing/nsw-government-selling-eight-properties-through-burgess-rawson-auction">NSW state government</a> were sold, indicating investor confidence in the NSW economy. 
The sale of these properties, all in regional centres outside of Sydney and leased to tenants such as Services NSW and Roads and Maritime Services offering five-year leases with fixed annual rent increases of 3%, will boost the state's coffers by almost $17 million.
The properties were at Bathurst (Robin Hill), Cessnock, Deniliquin, Grafton, Mittagong (Welby), Penrith, Unanderra (Wollongong) and Tweed Heads.
Net incomes were in the range of $23,445 per annum to $335,760 per annum, with the yields ranging from 4.3% for a Motor Registry office in Mittagong in the Southern Highlands, which fetched $1.88 million, to 6.7% for a Motor Registry office in Wollongong, which sold for $3.34 million.
A Sydney buyer paid $5.71 million for a Motor Registry office in Penrith, translating to a yield of 5.9%. 
In all, 20 out 25 properties up for auction were sold under the Burgess Rawson hammer.
The highest price of $8.1 million was a retail property in Armidale in the NSW Northern Tablelands, which has a Woolworths-owned Dan Murphy's liquor store and a Dick Smith electronics outlet. The yield works out at 6.9%.
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jchancellor-FAypfDUnLy

All 8 NSW government properties sold at Burgess Rawson auction

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The casino tycoon James Packer and his wife Erica stood unchallenged when it came to the windfall price secured for their Vaucluse mega-mansion, La Mer earlier this year.
(1) No other Sydney trophy home sale came close to the $70 million paid for the six storey mansion, La Mer which was sold to the Hunters Hill-based billionaire Chinese property developer Dr Chau Chak Wing.
The surprise Packer exit was an imposing Alex Tzannes-designed architectural gem that had been updated from the original Guilford Bell-designed home.
It had the requisite gun barrel views back to the Harbour Bridge. 
<a href="/news/james-packer-and-erica-baxter-sell-vaucluse-trophy-la-mer">Title Tattle wrote about the Packer sale in August.</a> 
But despite all the record price excitement surrounding the August sale, which The Daily Telegraph broke exclusively, the prestige property market had its quietest spring in living memory, with just three spring selling season sales amid the top 10 for the year to date. 
The list of the 10 highest house sales across Sydney saw seven buyers of Asian descent, a marked escalation in the trend to foreign prestige home buyers.
"The La Mer sale has recalibrated the market from an international perspective as, currencies aside, the price spread between prestige and trophy is not as condensed," Christies International agent Ken Jacobs said.
<div>Ken Jacobs' forecast was Sydney will see continued strong interest from off-shore buyers. But veteran agent Bill Malouf, who said it was the quietest spring he'd had in two decades or so, thought the prospect of official FIRB investigations into most top end sales had turned some of the Chinese buyers gun-shy.</div>
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<div>The top 10 house sales are evenly split between harbourfronts and hillside, all but one - Cate Blanchett's Hunters Hill home - situated in Sydney's pricey eastern suburbs. Around $18 million was the cut off for entry this year to the trophy home list.</div>
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<div>Last year's top 10 topped out at $39 million, with the 10th place price also at around $18 million. Mosman disappeared from the list this year, with its highest sales coming in at $16 million.</div>
(2) Mandalay, a non-harbourfront at Point Piper sat in second place at $39.9 million this year. The Wolseley Road sale had set the prior record for a non-waterfront house in Sydney, until James Packer trumped it a three months later. 
Mandalay was sold by the Toorak-bound former tobacco executive Bill Webb with the five bedroom, five bathroom European style villa sold through Bill Malouf of LJ Hooker to road construction developer Phillip Dong Fang Lee and his wife. It had last sold in 2004 for $20 million. 
The three-level, 900 sqm property has an east wing and a west wing and comes with unobstructed views of the Sydney harbour.
(3) Then Treasurer Joe Hockey's dampening crackdown on illegal foreign ownership triggered the sale of Villa Del Mare, Point Piper at $39 million in May with the Wolseley Road six bedroom, eight bathroom luxury mansion sold at the same price as its had been bought in October 2014 without FIRB approval by Chinese real estate developer Xu Jiayin.
(4) The top harbourfront sale this year was at Gladswood Gardens, Double Bay at $38 million.
The Double Bay waterfront mansion of former Multiplex chief Andrew Roberts and his wife Andrea sold in April to the property tycoon and Malaysian-born Mulpha billionaire Seng Huang Lee and his wife.
Inspired by the work of legendary architect Frank Lloyd Wright, the contemporary home has six bedrooms, eight bathrooms.
The 1145 sqm of land includes a jetty, an infinity pool and a large waterfront garden.
(5) Spring's highest sale was Leura at Bellevue Hill for an as yet unconfirmed $30 million. The buyer of the Victoria Road property was an unidentified Australian Chinese buyer who did not need FIRB approval. 
The Bellevue Hill trophy home Leura sold in November after having only six owners over the last 125 years.
The eight bedroom, eight bathroom heritage home sits on a 4260 sqm block with tennis court and a swimming pool.
The packaging company businessman Ken Allen and his wife, Christine sold the day before its scheduled private Ray White auction.
(6) The buyer at Wolseley Road, Point Piper which sold at $28 million was Qingling Wang from the longtime property developer Juliana Lim. It was a knockdown house close but not on the harbour, coming with plans approved for an Alex Tzannes-designed new home.
(7) Indah at Rose Bay sold at $27.08 million on Bayview Hill Road in May after a contemporary makeover of the five bedroom home to an expatriate.
The property was bought by UK barrister Georgina Black, the wife of Graham Edwards, chief executive of the UK’s property giant Telereal.
(8) Loch Maree at Vaucluse sold for around $24 million with its noteworthy Leonard French's stained glass windows a key feature.
The 2311 sqm holding was sold by entrepreneur Duncan Saville and wife Julie to cosmetic surgeon and hotelier Jerry Schwartz and his wife Debbie who have sold at around $18 million not far from their purchase. It had been on and off the market for many years.
(9) Actor Cate Blanchett sold Bulwarra at Hunters Hill for $19 million plus - almost $20 million - in September to Chinese buyers who currently own in Point Piper. 
The 1887 sandstone residence is set on one of the sandstone suburb's largest privately held blocks at 3642 sqm. 
The heritage home has five bedrooms, four bathrooms, a pool pavilion and a championship sized tennis court.
(10) Sitting on the list amid a few unconfirmed $18 million plus sales is the Wunulla Road, Point Piper waterfront home bought by the Bellevue Hill based South African billionaire and co-owner of Nandos, Dick Enthoven and his wife Karen.
This article was first published in the Daily Telegraph.
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James Packer's La Mer unchallenged atop Sydney's top 10 trophy home sales in 2015

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GUEST OBSERVER
All newly acquired investments by SMSF trustees in collectables and personal use assets since 1 July 2011 have been subject to strict rules under reg 13.18AA of the Superannuation Industry (Supervision) Regulations 1994 (Cth) (‘SISR’).
However, SMSF trustees should be aware that the grandfathering relief in relation to such investments that were held prior to 1 July 2011 will come to an end on 1 July 2016. Therefore, to avoid potential penalties, SMSF trustees with grandfathered investments in collectables and personal use assets will need to consider the current rules carefully and take appropriate action before 1 July 2016 to ensure their investments are compliant. 
This article provides an overview of the rules concerning collectables and personal use assets. 
The origin of the rules
The current rules in relation to collectables and personal use assets arose in response to the 2010 Super System Review (also known as the Cooper Review). The Cooper Review expressed concern that there was an unacceptable risk that investments by SMSF trustees in collectables and personal use assets may be made for present day benefits rather than for the purposes of retirement. Accordingly, the final report recommended a total prohibition on SMSF trustees making such investments. 
However, the federal government rejected the recommended blanket ban and instead sought to allay these concerns by legislating certain restrictions which are contained inreg 13.18AA of the SISR which commenced 1 July 2011. 
Collectables and personal use assets
Regulation 13.18AA covers artwork, jewellery, antiques, artefacts, coins, medallions or bank notes, postage stamps or first day covers, rare folios, manuscripts or books, memorabilia, wine or spirits, motor vehicles, recreational boats, and memberships of sporting or social clubs.
As matter of passing curiosity, we note that collectables and personal use assets include antique firearms but not modern firearms. Moreover, we note that it applies to spirits and wine, but not to beer or pre-mixed drinks. 
No leases to related parties
Sub-regulations (2) and (3) of reg 13.18AA require that SMSF trustees must not lease collectables and personal use assets to a related party of the SMSF, or enter into lease arrangements in respect of these assets with related parties. A lease arrangement is a broad concept covering any agreement, arrangement or understanding in the nature of a lease.
No use by related parties
SMSF trustees must not allow collectables and personal use assets to be used by a related party of the SMSF.
Storage in private residence of related parties
Sub-regulation (3) of reg 13.18AA prohibits SMSF trustees from storing collectables and personal use assets in the private residence of related parties.
The drafting of this provision raises the question of whether it may be possible to store collectables or personal use assets in the offices of related parties where those offices are not a private residence. For example, might an SMSF trustee be allowed to store artwork in the business premises of a related party? 
The ATO has published material on their website which clarifies the position:
You can store (but not display) collectables and personal use assets in premises owned by a related party provided it is not their private residence. They can't be displayed because this means they are being used by the related party. For example, if your SMSF invests in artwork it can't be hung in the business premises of a related party where it is visible to clients and employees.
Remember to keep a record of the reasons for deciding on where to store the assets.
Though this is not binding on the ATO, as the regulator of SMSFs, it is consistent with the legal construction of the regulations and the ATO seems relatively likely to follow the views expressed in such public materials.
SMSF trustees must also make and keep written records of the reasoning behind any storage decisions. There is no specific timeframe as to when the written records must be made, however, the record must be kept for at least 10 years after the decision.
Insurance
The rules stipulate that SMSF trustees must insure collectables and personal use assets in the name of the SMSF within seven days of acquiring such items, excluding memberships of sporting or social clubs.
More specifically, reg 13.18AA(5) provides:
Each trustee of a regulated superannuation fund that is a self managed superannuation fund commits an offence if:
(a)  the fund owns a section 62A item, other than a membership of a sporting or social club; and
(b)  it is more than 7 days since the fund acquired the item; and
(c)  the item is not insured in the name of the fund.
The reference to ‘owns’ is an interesting aspect of the drafting of sub-reg (5). It must be noted that most of the compliance requirements in reg 13.18AA are drafted using the language ‘holds an investment involving’ rather than ‘owns’ [emphasis added]. 
This difference in language raises the question of whether the requirement for taking out insurance in the fund's name would still apply in relation to investments in collectables and personal use assets which are held through an interposed entity. For example, could an SMSF trustee invest in artwork as a unitholder in a div 13.3A non-geared unit trust without the insurance requirement applying? If so, this would allow for more flexible insurance arrangements, such as having artwork insured as part of an overall gallery policy. 
Realisation of assets and related party transfers
Collectables and personal use assets must be realised for a market price determined by a qualified independent valuer if a related party receives an interest in the asset because of the realisation.
More specifically, reg 13.18AA(7) provides:
A trustee of a regulated superannuation fund that is a self managed superannuation fund commits an offence if: 
(a)  the trustee realises an investment held by the fund involving a section 62A item; and 
(b)  a related party of the fund receives an interest in the item because of the realisation; and 
(c)  the realisation was not at a market price determined by a qualified independent valuer. 
Though the ATO has long maintained that qualified independent valuers are desirable, it is notable that this is the first time that there has been an actual legislative requirement to utilise a qualified independent valuer.
Moreover, given the legislation is framed in terms of the SMSF trustee being the entity which ‘realises’ the collectable or a personal use asset, this raises the question of exactly what kind of dealings are covered.  
Neither ‘realises’ or ‘realisation’ are defined in the SISR. Therefore, in the absence of an express definition, we note that words should take their ordinary meaning. Relevantly, Macquarie Dictionary defines realise as follows:
4. to covert into cash or money: to realise securities.
5. to obtain as a profit or income for oneself by trade, labour or investment
6. to bring as proceeds, as from a sale: the goods realised $1000
7. to convert property or goods into cash or money.
Furthermore, the explanatory statement which introduced the provisions in reg 13.18AA uses the language ‘disposes of’. This would tend to suggest that disposal of the asset is required for the purposes of the regulations.
Though the above points are not entirely dispositive, it is arguable that a transfer of an asset directly to a member by way of in specie lump sum would not be caught by reg 13.18AA(7) and thus independent valuation would not be required. Naturally, however, this is a novel and untested construction and therefore the most prudent course of action may be to obtain a qualified independent valuation in any event. 
The end of grandfathering
As noted above, the rules in reg 13.18AA did not immediately apply to existing investments in collectables and personal use assets when the requirements commenced on 1 July 2011. This is because reg 13.18AA(9) provides that sub-regs (2)­–(7) do not apply to investments in collectables and personal use assets that were held by the fund on 30 June 2011. However, the rules will apply to such ‘older’ assets from 1 July 2016 because reg 13.18AA(9) ceases to be enforced as of 1 July 2016 (refer to reg 13.18AA(10)). 
Thus, SMSFs with grandfathered collectables and personal use assets must conform with reg 13.18AA by July 2016. For example, if artwork was stored at a member’s private residence, was not insured, or was leased to a member, the artwork must be leased to a third party at arm’s length terms and insured, or otherwise disposed of by 1 July 2016.
Penalties for contraventions
The prescribed penalty for contravention of any of the above rules is 10 penalty units (ie, $1,800 currently) for each SMSF trustee. This is another timely reminder of the advantages of using a corporate trustee over individual trustees. 
Where contraventions involve a collection of items, the potential for a penalty multiplier to apply to the facts should also be considered. Case law, such as Olesen v Eddy [2011] FCA 13 [32], Vivian v Fitzgeralds [2007] FCA 1602 [33] and Australian Prudential Regulation Authority v Derstepanian (2005) 60 ATR 518 [31] suggests that a multiplier approach is unlikely, however, no guarantee can be given about this and SMSF trustees should be very careful to ensure they comply with the rules.
Conclusion
SMSF trustees who have previously enjoyed grandfathered protection in relation to their investments in collectables and personal use assets held prior to 1 July 2011 will need to take appropriate action to ensure they meet the strict requirements of the SISR prior to 1 July 2016. 
This article is for general information only and should not be relied upon without first seeking advice from an appropriately qualified professional.
 
William Fettes and Bryce Figot are lawyers at DBA Lawyers and <a href="https://www.dbalawyers.com.au/" target="_blank">can be contacted here</a>.
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Collectables and personal use assets in an SMSF: Bryce Figot

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Savills Australia has announced the promotion of Graham Postma to Managing Director, Western Australia, effective April next year.
His appointment follows the recent announcement that the current managing director Paul Craig, will move into the role as Chief Executive Officer of Savills Australia &amp; New Zealand.
Currently the Director of Office Leasing in WA, Graham will continue to lead the commercial leasing team whilst assuming the responsibilities of managing director.
Graham has been a key member of the WA leadership team for the past 13 years, having specialised in commercial leasing for more than 23 years.
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Savills promote Graham Postma to WA GM

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GUEST OBSERVER
Australian housing finance approvals to owner occupiers posted a smaller than expected 0.5% decline in Oct – industry data had been pointing to a 1-1.5% decline. 
The detail was on the soft side though. Ex refinance, the number of owner occupier loans declined 1.2%mth, more in line with expectations.
The value of investor loans also declined sharply by -6.1% to be down 13.8% since August and 9.7%yr – the value of loans in this segment are back at June 2014 levels. 
Given the regulatory restraint being applied to investor lending and the indirect spillover boost this appears to be giving to owner occupier loans, the best gauge of broader market conditions is the combined total value of loans.
This declined 2.7% in Oct (ex refi) to be off 5.6% in two months. Annual growth is still positive but at 4.4%yr is much weaker than the strong double-digit growth rates averaged over the three years to August and the slowest annual pace since August 2012. 
In effect the housing market slowdown that has been apparent in buyer sentiment and auction markets is now showing through more clearly in the finance aggregates.
The state detail in today’s release is for owner occupier loans only and as such provides little additional insight into relative state performances. The investor loan split on Friday will allow for a clearer assessment.
 Details  Owner–occupiers (no.)   -0.5%mth, 6.3%yr   – ex-financing (no.)        -1.2%mth, 4.1%yr                                
Construction of dwellings (no.)   -0.4%mth, -9.7%yr         Purchase of newly built dwellings (no.)   -1.6%mth, 8.9%yr                                
Value of loans:             
Owner-occupiers ($bn)  0.4%mth, 21.2%yr   Investors ($bn)  -6.1%mth, -9.2%yr         Total ($bn)  -2%mth, 8.4%yr Total ex refi ($bn)  -2.7%mth, 4.4%yr  
 
Matthew Hassan is senior economist with <a href="https://www.westpac.com.au/" target="_blank">Westpac</a>.
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Owner occupier housing finance approvals down 0.77%: Westpac's Matthew Hassan

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GUEST OBSERVER
Narrow lot designs will be one of the key changes to the home building market in 2016 as it has also been for 2015. It’s no secret that land sizes are becoming smaller to cater for the growing population.
According to the December 2014 report ‘A PLAN FOR GROWING SYDNEY’ by NSW Government Planning and Environment* – over the next 20 years, the population in Sydney will grow much faster than in the last 20 years. The report states that, “Projections indicate that Sydney will need around 664,000 additional homes over the next 20 years. New housing will be needed in greenfield locations and the established urban area. Providing housing in a variety of sizes, types and locations will be essential to meeting Sydney’s future housing need."
To respond to these issues, the Government will introduce planning controls and work with the development industry to increase the number of homes in established urban and development areas. The government is also encouraging innovative, well-designed, smaller homes to suit lifestyles and budgets of the growing population. 
With smaller block sizes, it means more demand for innovative designs that don’t compromise on space. Some people won’t consider buying a block of land unless it has the space they need for their ideal home. All builders are becoming savvier about the way they build a practical ‘family home’.
As well as narrow block designs, there are many other trends and buyer behaviour that Allworth Homes predicts for 2016.
1.      Knock-down rebuilds will continue to increase. 
Home buyers are realising re-building a brand new home on their existing property is beneficial in the long run, financially and logistically. We have seen a marked increase in the number of re-build sites at Allworth Homes and are confident these numbers will keep rising in 2016. We believe this trend comes down to people crunching the numbers around associated costs relating to ‘moving’ compared to building ‘new’. Mixed with the fact that they are future proofing the resale of their home down the track, it’s a clear winner as to why people are choosing to go down this road. 
2.      Buyers are demanding more transparency. 
People are now more educated about what’s involved in building a new home but are still drowning in uncertainty around costs. Buyers want transparency up front. They want to know what they’re in for. Allworth Homes promotes a ‘Ready To Live’ price at every display home door. 
We have been pricing homes on various sites for so long we feel confident in promoting an all up price that will be very close to the final quotation. There are some conditions relating to lot size, services and site fall but in the majority of cases, our ‘Ready To Live’ price should be spot on.
3.      Buyers are future proofing their homes for multigenerational living.  
A lot of new home buyers are now following the trend toward ‘future-proofing’ their new home design. That is, designs that allow, with a small amount of renovation work, a former living area to be converted into sleeping accommodation with bathroom access, for example. Homes with versatile spaces that can be used in different ways and accommodate multi-generational living will continue to be in high demand in the coming years.
4.      High land prices in Sydney will make it tougher for First Home Buyers entering the market. 
This is an unfortunate reality that doesn’t need much explanation. We are seeing a decrease in the amount of sites for first home buyers can afford in Sydney and with the reduction in the First Home Owners Grant, we expect those numbers to keep dropping.
Good news is this may be short lived. With major land release planned and lot sizes decreasing, competition amongst developers should see land priced within the in reach of first home buyers in Sydney late 2016 – 2017.
5.      A tighter market and major developers focussing on ‘Mum and Dad’ buyers will see the return of the discerning traditional buyer, pushing solid long-term contract home builders to the fore. Newer, speculative builders once reliant on a burgeoning market will have to re-invent themselves to survive.
6.      The shortage of bricklayers and subsequent increased labour costs has seen many builders turning to alternate materials. These alternates - do they pass conservative NSW buyers ‘knock test’? Do they provide adequate termite protection? Long term maintenance issues. resale values… all questions buyers will consider in their decision. Whilst Allworth Homes is considering alternatives to brickwork, none have yet passed muster for us. Allworth are sticking with brick at this stage. More bricklayers will be freed up by the builders going other ways and we feel brick will be people’s number one choice for some time.
Stephen Thompson is managing director, <a href="https://allworthhomes.com.au" target="_blank">Allworth Homes</a>.
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2016 home building trends and predictions: Stephen Thompson

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GUEST OBSERVER
As I write this (December 2015), house prices have fallen in most major capital cities for the first time in several years.
In fact, the CoreLogic RP Data Home Value Index for November 2015 showed that home prices fell by 1.5% across Australia's capital cities over the month, with five of the eight capital cities showing declines.
So, what does this mean?
In my opinion, and also that of the ANZ and several other financial institutions around the country (thankfully), is that housing markets in Australian capital cities will cool, not crash in 2016.
The actions of APRA and subsequently the banks have achieved the desired result by dampening prices through tighter investor lending conditions.
1. My Prediction for 2016: The CoreLogic RP Data Home Value Index will show an average decline of between 5% and 10% for Australia’s capital cities over 2016.
 The Turnbull Government will be re-elected at the 2016 Federal Election.
Whilst the Prime Ministerial ‘musical chairs’ appears to be over, the music hasn’t fully stopped for the Australian public.
The timing of the next federal election is unknown at this stage, however according to the Constitution, must be held by no later than 14 January 2017.
Pollsters are suggesting that Prime Minister Malcolm Turnbull may capitalise on his ‘honeymoon’ ratings and call an early election, potentially as early as March, however the PM has affirmed he is in no rush.
"I'm expecting it to be about this time (next year), well perhaps November is getting a bit late, I would say around September, October next year is when you should expect the next election to be," Turnbull told reporters in November 2015.
2. My Prediction for 2016: I’ll take a stab and say Saturday September 25, 2016 with the Coalition comfortably elected.   Interest rates will remain stable whilst the economy shows modest growth.
December’s GDP growth results came as a surprise to many analysts, with Australia's economy showing signs of picking up momentum by registering 2.5% growth over the past year.
Despite this being the fastest economic growth in 18 months, it is still below the economy's long-term trend of 3.5% - a sign of continued patchiness in the economy. Subsequently, it’s hard to envision any material change in interest rates over the course of 2016.
3. My Prediction for 2016: The Australian economy will record GDP growth of 2.5% - 3.0% over the course of 2016 and interest rates will remain unchanged or increase by a maximum of 25 basis points.   Architectural excellence and innovation will define success.
It goes without saying that 2015 has been a year of architectural excellence in property. As markets have accelerated, so have the expectations of a building’s occupants. Whether it is skyscrapers inspired by ‘Beyonce’s curves’, the world’s smartest office building or a retail experience so authentic that a young Melbourne architect took out the top global gong, success is being defined by the ability to experience and inspire.
4. My Prediction for 2016: Architecture will expand to be branded, experiential and intelligent.   New, disruptive technologies will shake up our industry.
The next 12 months will feature some genuine game changers that excite and inspire me like nothing else in the industry.
I genuinely believe that our sector - largely unaffected by the disruption we have seen in the travel or media industries, for example -  will experience an inflection point over the coming year.
Just think about this for a moment. These four trends – prefabrication, crowdfunding, 3D printing and virtual reality – are all at a point of their evolution where the products are fundamentally proven but the everyday impact is yet to be felt. 2016 will be the year where the next “UBER” hits the Australian property sector.
5. My Prediction for 2016: One (if not more) of the four trends above will become ubiquitous and fundamentally change the way we do business.   The globalisation of real estate markets has just begun.
The flow of offshore capital into Australian property markets reached historical highs in 2015, largely due to a significant increase in Chinese investment in residential real estate.
Despite the sometimes xenophobic rhetoric underpinning the national conversation, one thing is clear: the fundamentals haven’t changed and certainly won’t change for at least a generation.
We are at the start of our “Asian century” and foreign direct investment will only grow.
6. My Prediction for 2016: Foreign direct investment in Australian residential and commercial property will grow.   Governments start to wake to the demographic and environmental challenge.
There continues to be a strange disconnect between the rhetoric of our national leaders, Federal and State Governments’ policies and the sobering demographic and environmental challenges that confront the Australian economy over the next few decades.
An ageing population and climate change sit at the center of this monumental challenge.
With a change in Prime Minister and the installment of a more moderate and pragmatic government, perhaps 2016 will be the year in which public policy catches up with the needs of the public.
7. My Prediction for 2016: Major policy reform platforms will be established around tax, health and the environment.
Adam Di Marco is publisher and founder of <a href="https://www.theurbandeveloper.com" target="_blank">TheUrbanDeveloper.com</a>. Adam is also a director of Brisbane-based investment, management and development firm, <a href="https://www.marquette.com.au/" target="blank">Marquette Properties</a>.
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10% price declines possible amid 7 predictions for Australian property in 2016: Adam Di Marco

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The four bedroom, octagonal shaped Grandview is up for auction in Mittagong.
Built and designed in 1981 by renowned Southern Highlands builder Colin Sell, the award winning architectural design of Grandview still maintains its original interiors. 
The rotunda-style, open plan living and dining room are the centre piece of the property with cathedral ceilings, exposed brickwork and a central fireplace.
The wraparound entertainment and viewing deck is met by landscaped gardens and district and mountain views from all angles.
There is a separate family room, a home office and an underhouse studio or workshop.
Privately placed on 2288 sqm and surrounded by landscaped gardens, the unique home is a short walk to Mittagong town centre.
Rick Mooney of Ray White Mittagong has the listing of <a href="https://www.realestate.com.au/property-house-nsw-mittagong-121474714" target="_blank">56 Oxley Drive</a>.
Octagonal shaped houses are becoming more and more a curiosity after The Block's conversion of the octagonal shaped Hotel Saville in South Yarra. 
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Mittagong's octagonal Grandview up for auction

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Billionaire property entreprenuer Brett Blundy has paid around $100 million for the Walhallow cattle station aggregation in the Northern Territory.
It was the largest single cattle station deal in Australian history, The Australian Financial Review suggested of the sale of the one million hectare property on the Barkly Tablelands by Macquarie Group's Paraway Pastoral.
The walk in-walk out deal included 48,000 head of cattle, worth more than $40 million, with the estimated land component worth around $56 million.
Blundy's purchase was made with pastoralists Adrian and Emma Brown.
Macquarie purchased the aggregation from cattle baron Peter Hughes in 2009 as part of a larger portfolio.
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Brett Blundy buys Walhallow, the NT cattle farm

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Australia 108, to be home to the highest residences in the southern hemisphere, will commence construction this month, with a ground breaking ceremony held December 8 to mark the milestone.
When completed in 2020, the $1 billion tower will rise 319 metres and feature 1105 apartments as well as what's billed as the most extensive and opulent residential amenities in Australia, including two infinity pools located 210 metres above ground.
About 60% of the Australia 108 buyers are thought to be intending owner occupiers. The split between offshore and local buyers sits at around 50:50.
It was designed as a sister tower to the nearby gold-topped Eureka Tower.
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Australia 108 ground breaking ceremony

Design-led developer-builder Lowe Living has unveiled its latest residential development, Jardin House, marking its first foray into Melbourne's blue-chip City of Boroondara.

Located a short walk from Camberwell Junction, <a href="https://www.apartments.com.au/new-apartments/jardin-house-by-lowe-living-camberwell-335-camberwell-road-camberwell-vic-3124">Jardin House</a> has been designed to appeal to affluent local downsizers and established families seeking a low-maintenance alternative to the large homes that have long defined Camberwell and surrounding suburbs.

The project will comprise a collection of two and three-bedroom apartments ranging from 92 sqm to 280 sqm, alongside a limited number of penthouse residences featuring rooftop terraces spanning more than 100 sqm, with optional private pools.

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[smartcode_project:default project_id=146717 project_image_fid=372212]

Lowe Living Co-Founder and Managing Director Tim Lowe said Camberwell represented a natural next step for the developer as it expands into some of Melbourne's most tightly held residential markets.

"Jardin House is an important project for our team as it marks the next evolution of our portfolio into different well-established blue-chip pockets of Melbourne," Lowe said.

"Camberwell, with its incredible walkability, family-led neighbourhood feel and superb access to education and transport, makes it a natural choice for us."

[smartcode_project:default project_id=146717 project_image_fid=372227]

Designed by Tristan Wong Architects, with interiors by Hecker Guthrie and landscaping by Acre, the development takes inspiration from the Art Deco architecture that remains a defining feature of many of Camberwell's established streets.

A curved facade, arched openings, textured brickwork and sculpted forms reference the suburb's architectural heritage, while extensive landscaping softens the building's presence and creates a strong connection to the surrounding tree-lined streetscape.

The project will be set behind a secure gated entrance, with residents arriving through landscaped gardens designed to create a transition between the public realm and private residences.

Inside, the residences feature natural stone and timber finishes, full-height glazing, Miele appliances and generous open-plan living areas designed for long-term owner occupation.

[smartcode_project:default project_id=146717 project_image_fid=372225]

While the apartments themselves have been designed to attract discerning owner-occupiers, it is the amenity offering that sets Jardin House apart from many other boutique projects currently launching across Melbourne.

The centrepiece is a 350 sqm private bathhouse curated in partnership with Aurora Spa &amp; Bathhouse founder Lyndall Mitchell.

The wellness precinct includes mineral pools, hydrotherapy experiences, a Himalayan salt room, sauna, steam room, cold plunge pools and dedicated relaxation spaces, creating what Lowe Living describes as a private wellness retreat exclusively for residents.

[smartcode_project:default project_id=146717 project_image_fid=372222]

The collaboration follows Lowe Living's recent partnership with Aurora at Maison Savoy in Brighton, although Jardin House is the first project to incorporate both indoor and outdoor wellness experiences.

Emma Lowe, Co-Founder and Managing Director of Lowe Living, said wellness was becoming an increasingly important consideration for apartment buyers.

"Collaborating with Lyndall Mitchell from Aurora Spa &amp; Bathhouse for a second time is an intentional nod to creating residences that are more than just homes, but a way to enrich the lives of our residents through wellness and longevity," Lowe said.

The amenity offering is complemented by a Technogym fitness studio, residents' lounge, private dining spaces and concierge services.

The launch comes as developers increasingly target Melbourne's established eastern suburbs, where rising land values, ageing housing stock and growing downsizer demand are creating opportunities for boutique apartment projects.

Lowe said the company expects significant generational wealth transfer across suburbs such as Camberwell in coming years, creating further demand for luxury apartment living.

"Camberwell is a blue-chip suburb where homes regularly transact for multiple millions of dollars," he said.

"The generational change of wealth in these locations expected in the coming years is significant, so we see an opportunity to create exclusive residences that appeal to older families and downsizers in order to meet this demand."

Apartments at Jardin house start from $1,195,000. The project forms part of Lowe Living's near-$1 billion portfolio of new developments across Melbourne.

[smartcode_project_cta:default project_id=146717]

Joel Robinson

Lowe Living launches Jardin House in Camberwell

As <a href="https://www.apartments.com.au/developments/north-sydney-nsw-2060">North Sydney</a> continues its transition from a commercial centre into a more layered residential and lifestyle precinct, a new generation of apartment developments is reshaping expectations around scale, amenity, and long-term liveability.

Improved transport connections through the Victoria Cross Metro, continued investment in dining and public spaces, and a constrained supply of new luxury apartments have sharpened demand for homes that combine proximity to the CBD with the privacy and outlook traditionally associated with harbourside houses.

At 177 Walker Street, <a href="https://www.apartments.com.au/developers/aland">ALAND</a>’s new apartment development <a href="https://www.apartments.com.au/new-apartments/the-walden-north-sydney-177-walker-street-north-sydney-nsw-2060">The Walden</a> enters the market with a distinctly residential approach to high-rise living. The 30-level tower will deliver 161 residences, ranging from one-bedroom apartments through to sub-penthouses and a full-floor penthouse, all oriented to capture uninterrupted views across Sydney Harbour, the Opera House, and out toward the Pacific Ocean.

[smartcode_project:default project_id=134323 project_image_fid=6395]

Designed by <a href="https://www.apartments.com.au/architects/rothelowman">Rothelowman</a>, the project takes advantage of the site’s natural topography and elevated position above the harbour. Rather than relying on density alone, the architecture focuses on outlook, orientation, and spatial flow, with every apartment occupying a corner position to maximise natural light and cross ventilation.

Rothelowman says the site itself shaped much of the architectural response.

“The site has a long history in terms of its inevitable transformation and when we came in, we took inspiration from the idea of reestablishing a sense of the site’s natural terrain and fall. Our scheme aims to integrate with the terrain and the landscape, using the undulating site to slowly reveal glimpses and views of the harbour. The rotation of the tower off grid means every apartment has a view and is naturally cross ventilated. The building's colour palette is quintessentially Sydney, with bronze and sandstone and a luminescent green colour in the glass, making it very earthy and grounded in its location.”

[smartcode_project:default project_id=134323 project_image_fid=6399]

Inside the residences, the emphasis moves toward larger-format living typically associated with standalone homes. Kitchens sit at the centre of the apartments, connecting directly to open-plan dining and living areas before extending outward into expansive winter gardens and balconies. Calacatta marble, bespoke joinery, integrated appliances, and custom metal detailing are used throughout, while three distinct interior palettes, Terrace, Opera, and Harbour, allow buyers to personalise the spaces without compromising the architectural consistency of the project.

The larger residences place particular attention on separation between entertaining and private zones. In many apartments, master suites occupy the outer corners of the floorplates, allowing bedrooms to benefit from floor-to-ceiling glazing and harbour outlooks independent of the living spaces. Dressing rooms and ensuites continue the material palette through fluted detailing, freestanding baths, and layered stone finishes.

Rothelowman says the design intent centred on creating homes that feel enduring rather than transient.

“Our philosophy is all about the way people live in these spaces, and we wanted to create homes that reflect the quality of life in this unique Sydney location. The apartments showcase expansive living spaces that are generous, sophisticated, and bold, with the ability to connect with views throughout each apartment.”

[smartcode_project:default project_id=134323 project_image_fid=353235]

A separate four-storey amenity building known as The Pavilion expands the residential offering beyond the apartments themselves. Positioned alongside the tower, the building consolidates wellness, recreation, and social spaces into a dedicated resident retreat. Facilities include a 20-metre rooftop pool and sundeck, sauna, spa, ice bath, wellness studio, gymnasium, concierge service, wine cellar, residents’ lounge, private dining spaces, and dedicated co-working areas with meeting rooms and boardroom facilities.

The amenity mix reflects the buyer profile emerging in North Sydney, where owner-occupiers and downsizers are increasingly prioritising convenience, apartment scale, and long-term usability over purely investment-driven decisions.

The Walden also represents a significant milestone for ALAND, marking the company’s first major move into Sydney’s inner-city luxury apartment market after more than two decades delivering large-scale residential communities across Greater Sydney. Founder Andrew Hrsto says the Walker Street site stood apart because of both its positioning and its rarity.

[smartcode_project:default project_id=134323 project_image_fid=6390]

“As a company, we had been searching for a site in one of Sydney’s blue-chip locations, spanning the Eastern Suburbs, the Sydney CBD and the North Shore, and when we had the opportunity to purchase this site, we immediately recognised that it could be something iconic.”

At launch, The Walden recorded more than $103 million in sales, with buyers drawn to the project’s harbour positioning, apartment scale, and proximity to the Metro, which now connects North Sydney to Barangaroo in three minutes and Martin Place in five.

ALAND has commenced construction, and is expecting a completion date in 2028.

[smartcode_project_cta:default project_id=134323]

The Walden pairs house-scale living with North Sydney connectivity

The ACT will become the first jurisdiction in Australia to abolish stamp duty for all first home buyers, with no income caps and no property price thresholds from 1 July.

The move, announced as part of the ACT Budget, completes a key election commitment from the Barr Government and removes what Chief Minister Andrew Barr described as one of the biggest barriers to entering the housing market. The reform forms part of the ACT's long-running transition away from transaction taxes and towards a broader-based property tax system.

"This budget marks a major milestone in our long-term tax reform program," Barr said, adding that the government had maintained a sustained focus on removing barriers to home ownership. He said stamp duty had long been one of the largest upfront hurdles facing buyers and that from July, "that barrier is gone" for first home buyers in the Territory.

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The changes come alongside a range of measures designed to encourage new housing supply, including support for the delivery of so-called "missing middle" housing such as terraces, townhouses and low-rise multi-unit developments.

The announcement has renewed debate around whether the ACT's approach could provide a blueprint for improving housing affordability nationally.

New research from OurTop10.com.au, conducted by Primara Research, suggests the Territory's decade-long reform agenda has produced outcomes unmatched elsewhere in Australia.

While stamp duty costs have increased by an average 67 per cent nationally over the past decade, the ACT has recorded growth of just 15 per cent, the lowest increase of any jurisdiction.

The Territory has also emerged as one of the strongest performers on housing delivery. Based on population-weighted housing targets, the ACT is sitting less than one per cent behind its target. Victoria is the next closest at seven per cent behind, while the national average sits 25 per cent below target. New South Wales is tracking 39 per cent behind.

The latest reform removes one of the final barriers facing first home buyers in Canberra.

[smartcode_project:default project_id=139989 project_image_fid=359152]

The average Australian home buyer currently pays $61,714 in stamp duty. In the ACT, that figure is $38,399 despite the Territory having the third-highest median house price in the country.

Until now, the ACT's first home buyer concession scheme only applied to purchases up to $1.02 million, around $51,000 below Canberra's median house price of $1.071 million. In practical terms, many first home buyers were unable to access the median-priced home without losing the concession.

From July, those restrictions disappear.

Every first home buyer in the ACT will pay no stamp duty, regardless of income or purchase price.

Canberra remains one of Australia's most expensive housing markets, with dwelling values increasing 82 per cent over the past decade. However, that growth ranks only 11th among Australia's 15 major housing markets, suggesting affordability pressures have been less severe than in many other parts of the country.

Simon Ma, CEO of OurTop10.com.au, said the latest reforms recognise that many first home buyers have simply outgrown thresholds set years ago.

"Many first home buyers aren't just looking for a way onto the ladder, they want a home their family can actually live in," Ma said.

"In a market where the median house price is over a million dollars, a concession scheme that cuts out at $1.02 million was never going to get them there.

"Removing the ceiling entirely means ACT first home buyers can now pursue the home they actually want, rather than limiting themselves to a price point designed for a very different market."

Whether other states follow remains to be seen. But at a time when most jurisdictions are struggling to improve affordability while also increasing housing supply, the ACT has quietly become the national test case for both.

15% stamp duty growth. Just 1% off the national housing target. Zero stamp duty for FHBs. Is the ACT the blueprint for the great Australian dream?

ACT abolishes stamp duty for first home buyers

A rooftop pool and spa overlooking the Brisbane CBD, private dining spaces, expansive landscaped gardens and a residents' lounge are set to crown <a href="https://www.apartments.com.au/new-apartments/callista-on-park-west-end-49-mollison-street-west-end-qld-4101">Callista on Park</a>, the final residential building within Brisbane's West Village precinct.

The rooftop amenity collection has been designed as an extension of the lifestyle already established throughout West Village, providing residents with a series of indoor and outdoor spaces that capitalise on the building's elevated position above West End.

A swimming pool and heated spa form the centrepiece of the rooftop offering, surrounded by landscaped gardens developed through a collaboration between developer Sekisui House and ASPECT Studios. The design incorporates expansive lawn areas surrounded by English garden-inspired planting.

[smartcode_project:default project_id=134800 project_image_fid=370648]

Residents will also have access to two barbecue and outdoor dining areas positioned to take advantage of views across Brisbane's skyline, neighbouring Mollison Park, and the surrounding inner-city landscape.

For larger gatherings, the rooftop includes a private dining room centred around a substantial stone island bench, complete with a full kitchen and a 10-seat dining table set beneath four-metre-high ceilings. The space has been designed to overlook both the rooftop gardens and the Brisbane CBD skyline.

A separate residents' lounge provides an additional indoor retreat connected to the broader rooftop amenity offering, creating another space for residents to work, relax or entertain guests.

[smartcode_project:default project_id=134800 project_image_fid=370647]

The attention to detail extends beyond the rooftop.

Upon arrival, residents will enter through a lobby featuring a bespoke ceiling light installation developed in collaboration between Sekisui House and Alcorn Middleton Architecture. The arrival experience is complemented by private resident mailboxes and carefully considered interior finishes designed to reflect the premium positioning of the building.

[smartcode_project:default project_id=134800 project_image_fid=372541]

The amenity offering forms part of Callista on Park, the final residential release within the decade-long transformation of the former Peters Ice Cream Factory site into West Village, one of Brisbane's most established mixed-use communities.

Designed by <a href="https://www.apartments.com.au/architects/rothelowman">Rothelowman</a> and being delivered by <a href="https://www.apartments.com.au/builders/hutchinson-builders">Hutchinson Builders</a>, Callista represents the most premium residential offering within the masterplanned precinct.

Construction is now entering its final stages, with scaffolding beginning to come down and completion expected in the first quarter of 2027.

Prices for the three-bedroom plus MPR apartments start from just over $2.6 million.

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Callista will mark the final opportunity to purchase within West Village, where residents have direct access to more than 35 retail, dining, wellness and medical operators including Harris Farm Markets, Woolworths, Function Well and Goodlife Health Clubs, Metro Arts, and a growing collection of restaurants and cafés.

Located just 800 metres from the Brisbane CBD, the precinct also places residents within walking distance of South Bank, West End's dining scene, riverfront parklands and major public transport connections.

For Sekisui House, which has delivered more than two million homes globally, Callista serves as the concluding piece of the West Village masterplan, bringing together the precinct's heritage character, parkland setting and emphasis on walkability in a final collection of larger-format residences.

[smartcode_project_cta:default project_id=134800]

Rooftop pool, private dining and skyline gardens to crown West Village's final apartment release, Callista on Park

<a href="https://www.apartments.com.au/developments/wahroonga-nsw-2076">Wahroonga</a>’s enduring appeal has long been tied to its balance of bushland, established amenity, and access to some of Sydney’s most respected education and healthcare institutions.

Along Fox Valley Road, that combination is becoming increasingly sought after by buyers looking to remain connected to the Upper North Shore lifestyle while prioritising walkability, wellbeing, and convenience.

Developer Capital Corporation's initial vision of a 62-hectare site on Fox Valley Road was that they could create their own walkable community, bordered by&nbsp;more than 25 hectares of bushland and adjoining Coups Creek.

<img alt="Wahroonga" data-entity-type="file" data-entity-uuid="b84917a1-0d75-49b9-888c-ddf7ebfd6692" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/NEW2026_Wahroonga_Walkway.gif?VersionId=Gk3_xi5ssYfalmwuQQ5umQakddceC31j" />

<a href="https://www.apartments.com.au/new-apartments/the-residences-at-wahroonga-estate-169-fox-valley-road-wahroonga-nsw-2076">The Residences at Wahroonga Estate</a> draws directly on the area’s natural landscape, with walking trails and green corridors linking into sections of Lane Cove National Park. The surrounding network of bushwalks, cycling tracks, and reserves reinforces the suburb’s long-standing reputation as one of Sydney’s most nature-oriented residential pockets, while still maintaining close ties to village retail and transport infrastructure.

The address places residents within minutes of Wahroonga and Turramurra villages, where cafés, local grocers, boutiques, and everyday services support a highly localised lifestyle. Popular nearby venues including The Fox Café and Breeze Valley Café provide easy options for morning coffee or casual dining, while longstanding retailers such as IGA Wahroonga Fresh and Novella Fine Books continue to anchor the area’s village character.

&nbsp;

<img alt="Wahroonga" data-entity-type="file" data-entity-uuid="c4a950f7-4f05-4370-b360-b106359788e5" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/2026_Wahroonga_Entry_Gates.gif?VersionId=7n5kh9ymu.azYEYDemJkPgiIAfSw44oj" />

Healthcare access remains one of the defining locational advantages of the estate. Sydney Adventist Hospital, known locally as The San, sits directly adjacent and is one of the largest and most respected private hospitals in New South Wales. The hospital precinct incorporates specialist medical services, radiology, physiotherapy, and outpatient care, contributing to growing buyer demand from downsizers and owner-occupiers seeking long-term convenience and peace of mind.

Research commissioned by Capital Corporation found that health and wellbeing considerations are increasingly influencing downsizing decisions, particularly among buyers wanting to remain within familiar neighbourhoods while accessing medical infrastructure more easily.

Education has also historically underpinned demand across Wahroonga and the broader Upper North Shore. The estate sits close to several of Sydney’s leading private and independent schools, including Knox Grammar, Abbotsleigh, Barker College, Pymble Ladies’ College, Ravenswood School for Girls, and Loreto Normanhurst. Co-educational options including Wahroonga Adventist School and Sydney Adventist School further strengthen the area’s appeal to established families looking for long-term schooling pathways within a tightly held catchment.

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Transport connectivity supports the suburb’s liveability without compromising its quieter residential character. Wahroonga and Turramurra train stations provide direct rail access into the Sydney CBD, while the nearby Pacific Highway and M1 motorway strengthen links across the North Shore and broader metropolitan area. At the same time, the heavily treed streetscape and low-density character continue to distinguish the precinct from more urbanised parts of Sydney.

The Residences at Wahroonga Estate forms the first stage of <a href="https://www.apartments.com.au/developers/capital-corporation">Capital Corporation</a>’s broader masterplanned vision for the precinct, delivered alongside the Seventh-day Adventist Church.

[smartcode_project:default project_id=135247 project_image_fid=364995]

Designed by <a href="https://www.apartments.com.au/architects/group-gsa">GroupGSA</a> with interiors by <a href="https://www.apartments.com.au/interior-designers/coco-republic-interior-design">Coco Republic</a>, the development integrates landscaped communal spaces including a pet-friendly Green Spine, resident lounge, BBQ pavilion, and direct bushland access, reinforcing the project’s focus on outdoor connection and community-based living.

Now under construction by Gold Star iCIRT-rated builder <a href="https://www.apartments.com.au/builders/dasco-australia">DASCO</a>, The Residences at Wahroonga Estate will deliver a collection of one, two, and three-bedroom apartments priced from $990,000, with completion anticipated in 2027.

[smartcode_project_cta:default project_id=135247]

Jonathan Chancellor

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