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The Supreme Court of NSW found Park Trent Properties Group Pty Ltd (Park Trent) had been unlawfully carrying on a financial services business for over five years by providing advice to clients to purchase investment properties through a SMSF.
Acting Justice Sackville said it was in the public interest that Park Trent be restrained from carrying on a financial services business.
"There is a clear public interest in the court expressing its disapproval of Park Trent’s behaviour," the judgement advised.
ASIC launched legal proceedings in November 2014 against Park Trent who, by the time of the trial in June 2015 had advised over 860 members of the public to establish and switch funds into an SMSF.
In handing down his judgment, his Honour observed that Park Trent's business model depended on "persuading relatively unsophisticated investors of the virtues of using their superannuation accounts to purchase investment properties and to establish SMSFs… Investors were influenced to make important decisions concerning their superannuation strategy with little or no genuine consideration of whether the decision took proper account of their individual financial circumstances. Some suffered financial loss as a consequence."
His Honour also referred to the role of Park Trent's CEO, Ronald Cross and referred to his "willingness to ignore legal advice as to the nature of Park Trent's statutory obligations."
Mr Cross was the person who made all significant decisions within the Park Trent Group and "who was the controlling mind of Park Trent."
The reporting structure within the Park Trent Group makes it clear that Mr Cross, as the CEO, directed the activities of all companies within the group and responsible for the strategies that were employed to persuade clients to purchase properties.
"On the approach devised by Mr Cross, where a purchase of an investment property was feasible only through an SMSF, the client was advised as to the merits of setting up an SMSF to facilitate the purchase.
"Mr Cross personally conducted many of the seminars and was responsible for determining the content of the PowerPoint presentations made at seminars
"Mr Cross’ role included training all new sales consultants, a process that took place at Park Trent’s head office in Wollongong over a period of four days.".
His Honour said that his decision "serves as a warning to others who conduct or propose to conduct businesses which seek to influence clients to establish SMSFs for investment purposes, without having the necessary licence to do so."
"I have found that the making of recommendations and stating opinions as to the desirability of purchasing investment properties was integral to Park Trent’s business.
"But that finding does not mean that an injunction would prevent other companies within Park Trent Group continuing to conduct the business of selling investment properties to clients on a commission basis. That is precisely what Park Trent’s submissions contend that the other companies (except Easy Plan) have been doing throughout the Relevant Period.
"In any event, if any companies within the Park Trent Group suffer any prejudice, it is not “unfair prejudice” within the meaning of s 1101B(1) of the Corporations Act.
"If they do sustain any prejudice, it will be because Park Trent’s business in which they have participated and from which they may have derived some benefit, can no longer be conducted unlawfully.
"It should be noted that the proposed order does not restrain Park Trent from facilitating the purchase of investment properties by means of an SMSF." 
ASIC Deputy Chairman Peter Kell said the decision demonstrates the courts, ASIC and the public will not tolerate this type of "unscrupulous" behaviour.
"Property spruikers who recommend people invest in property via SMSFs, or facilitate such an investment, and who do not have an Australian financial services licence are breaking the law.
"ASIC’s message is that anyone recommending or facilitating SMSFs as a way of investing in property will need to have a licence and provide appropriate advice that prioritises the client's interests.
‘It is important that advisers who deal with SMSFs are appropriately licenced because the important safeguards and standards that come with being licenced are in place for a sector which is of growing importance to more Australian investors."
The court was told Park Trent's business model to a considerable extent, "depends on persuading relatively unsophisticated investors of the virtues of using their superannuation accounts to purchase investment properties and to establish SMSFs (at considerable expense) to enable the purchase to proceed.
"Park Trent’s contraventions of s 911A(1) of the Corporations Act have influenced investors to purchase investment properties through SMSFs without receiving appropriate financial advice," the judgement noted.
"Investors have therefore been influenced to make decisions that expose the investors and their superannuation accounts to significant risks of financial loss (notwithstanding the optimistic projections presented to them)."
The parties have until October 29 to file submissions on the form of final orders. Subject to any submissions by the parties on costs, his honour's present view was that Park Trent should pay ASIC’s costs of the nine day trial proceedings.
ASIC established a SMSF taskforce in 2012 to focus on high-risks in this sector, including potentially inappropriate geared investment strategies and increasingly aggressive advertising for SMSFs.
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Park Trent unlawfully ran financial services SMSF advisory

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Mandurah vendors lost $6 million plus in recent property resales, with Stirling ranking next as Perth's biggest loss making locations, according to the recent CoreLogic RP Data Pain &amp; Gain report.
Overall around 8.6% of resold homes across Perth in the June 2015 quarter were sold for less than the previous purchase price compared to 6.7% the previous quarter and 4.2% a year earlier.
The 8.6% of resales at a loss ranks as the highest for the capital city since January 2013.
Peppermint Grove council areas recorded no resales at a loss over the quarter, while Claremont (3.3%) and Canning (3.5%) also had a low proportion.
The highest proportion of loss-making resales occurred in the Perth (27.5%), Mandurah (21.4%) and Murray (18.9%) council areas. 
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Mandurah and Stirling rank as Perth's biggest loss making locations: CoreLogic RP Data Pain & Gain

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Every month, the REIV surveys members on the current and future expectations of the performance of the market. 
The questions asked include member opinions on the number of enquiries, settlements, listings, transactions, and sale/lease prices. This information provides insight on the sentiment within the real estate industry.
The REIV Property Market Sentiment Index experienced a significant decline of 6.4% to 117 in September, <a href="/news">down from 125 in the previous month</a>.
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Melbourne market sentiment in significant anticipatory decline: REIV

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The latest Australian Property Monitors (APM) days on market heat chart indicates the Brisbane and Perth private treaty market slowed in September.
Sydney slowed, but Perth takes around three times longer to now secured a sale.
September property market offerings had a mixed trend across the country as to the required discounting before offerings were sold by vendors.
Sydney property vendors needed to knock 5% from asking prices with Perth vendors needing a 7.1% downwards adjustment. 
 
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According to APM, Sydney property vendors need to <a href="/news/sydney-property-vendors-needing-to-knock-5-from-asking-prices-apm-heat-chart">knock 5% from their asking price</a>.
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Perth now the slowest property sales market in country: APM heat chart

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The north facing bushland Belrose home of the late water polo Olympian Doug Laing, the 60 year real estate veteran, sits high above the escarpment of Garigal National Park with glimpses of water. 
His 1972 house was designed by architect Nino Sydney for the family who, having spent much their early days in Bondi, introduced a stepped terrace, not unlike the steps at Bondi Beach.
It flows down to the large pool and an enormous lawn at the 3640 sqm property. 
The split level, five bedroom <a href="https://laing.com.au/2406226/" target="_blank">Morgan Road home </a>goes to October 24 auction through his daughter, Vicki Laing who continues the estate agency.
This article was first published in the Saturday Daily Telegraph.
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Estate agent pioneer's Belrose home for October auction

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With many top estate agents, and auctioneers already overloaded with listings, prospective spring auction vendors face the likely choice of a weekday onsite or an in-room auction.
Daylight savings has become a welcome opportunity for Sydney home sellers hard pressed to secure a Saturday auction timeslot.
These bumper schedules of 900 plus auction weekends means many last minute desirious spring sellers are turning to weeknight on-site auctions.
"We're seeing a trend of vendors and agents utilising daylight savings for on-site auctions mid-week avoiding busy Saturdays," auctioneer Rocky Bartolotto said.
"We have more on-site auctions booked in the coming weeks taking place on Monday through to Thursday's nights," he said. 
These weekday twilight auctions are potentially just as powerful in outcome as any onsite weekend.
I hold the strong belief that the competitive nature of a well marketed auction property campaign can create outcomes where buyers bid higher than they originally wanted to spend.
Of course there's always large crowds of neighbourhood stickybeaks at any on-site auction that create the impression of perhaps greater buyer interest in the property than actually the case.
Mid-morning in-rooms were once the norm for most Sydney residential auctions, with the innovative late estate agent Andrew Gibbons popularizing the weekend onsite in the mid-1980s. Before then private treaty ruled.
All sales techniques have advantages and disadvantages, but I think the Real Estate Institute of Australia President Peter Bushby was misguided when he suggested last year "the actual (on-site or in-room) location honestly doesn’t make any difference to the end result.”
I reckon on-site auctions can potentially, with a great auctioneer, create a completely different dynamic to any in-rooms.
There is a definite heightened emotional factor possible when the registered bidders are actually at the home... and especially when potentially about to lose out. The auctioneer and everyone present are focused solely on the one property, with all the time to have the property sold then and there. 
While families typically turn out at onsite auctions which heightened the emotional factors at play. 
Of course some property offerings don't lend themselves to onsite auctions, and some vendors aren't in any particular rush to sell.
The weather, noise and traffic and parking can also play havoc with onsite auctions. 
Inrooms have their pluses and minuses.
But auction lists for in-room auctions can sometimes run as high as 30 or more offerings, and the crowd can often be noisily disinterested until their one comes up.
Normally the strongest sale prospects head the list. The room then thins out so that by evening's end there's more estate agents hovering than prospective buyers which casts a pall over proceedings.
It is sometimes the case that these tail-end listings weren't ever suited to the auction system and ought have been actually offered via the private treaty system.
CoreLogic RP Data tabulated that Sydney's strongest performing regions for clearance rates over the past three months were those concentrated closest the city centre, that is auction heartland. Mosman was the busiest and Bondi Junction the best.
Cameron Kusher from CoreLogic RP Data noted the top selling region was the eastern suburbs (84.8% sales success under the hammer), then the inner west (84.0%), followed by North Sydney and Hornsby (81.7%).
The city and Inner South (81.3%) and Sutherland (80%) all recorded a clearance rate at or above the 80% mark for the quarter.
North Sydney and Hornsby (1,779) and the inner south west (1,700) were the busiest sub-regions for auctions.
This article was first published in the Saturday Daily Telegraph.
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Daylight savings provides mid week property auction opportunity during festival of super Saturdays

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The entreprenuerial Double Bay dental innovator David Penn and his wife, Linda, secured $4.825 million when they finally sold their Whale Beach oceanfront retreat, just a few days shy of a year on the market.
More than $6 million was initially expected by the couple who have purchased next door where there they have plans for another renovation.
The cliff-top property, designed by <a href="https://www.raineandhorne.com.au/properties/141-whale-beach-road-whale-beach-2107-new-south-wales" target="_blank">architect Joe Rooz</a>, was bought by Emma and Garren Cronin, former Lazard managing director now heading up Cadence (90) Investments. 
The house of steel, glass and sandstone sits amid Richard Unsworth-designed gardens.
It sold through Glenn Lee at Raine &amp; Horne.
 
This article was first published in the Saturday Daily Telegraph. 
 
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Joe Rooz-designed Whale Beach sale at $4.8 million

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GUEST OBSERVER
Last week, Westpac hoisted its lending rate by 20 basis points in a bid to recover the costs of recent capital raisings. There is speculation other banks will follow. Australia’s non-bank lenders could be winners from such a scenario - but the choice may not be as simple as the lowest interest rate.
The outcome of the Financial Systems Inquiry
The background to Westpac’s move lies in recommendations by the Financial System Inquiry that the capital base of Australian banks should be increased to an “unquestionably strong” level and that there should be a narrower gap in different mortgage lending requirements between institutions.
As a result Australian banks have considerably increased capital levels this year by approximately $16 billion.
However, higher capital levels and bank stability may come at additional costs, even if trade-off theory suggests greater bank and system resilience would normally equal lower funding costs. That’s because bank investors have high dividend expectations, so this means the costs of boosting capital may be passed onto borrowers.
Capital levels are likely to increase further as regulators seek to narrow the gap between the practices of the big banks and smaller lenders, and amid their increasing concern at Australia’s house prices. In particular, large banks are expected to increase capital required under their internal risk weighting models for mortgages.
Will non-bank lenders grow their mortgage books?
Non-bank lenders provide mortgage loans with comparable features but unlike banks are exclusively funded from wholesale markets and not from consumer deposits.
As a result, banks face minimum capital requirements enforced by the Australian Prudential and Regulation Authority to protect depositors, while non-bank lenders are unregulated and may more freely choose their funding mix and hence have lower funding costs.
This often implies lower capital ratios for non-banks than banks. Raising capital levels for banks only may have an impact on the balance between bank and non-bank competitors.
The following chart shows the counts and total assets of banks and non-bank lenders in Australia over time:
<a href="/images/2015/10/19/image-20151018-25135-1sqzbqr.jpg" target="_blank">Click to enlarge</a>
<img src="/images/2015/10/19/image-20151018-25135-1sqzbqr.jpg" alt="">
 
The size of non-bank lenders ($120 billion) is much smaller than the size for bank lenders ($3.8 trillion) and has shrunk in relative terms over the past years. This may suggest that Australians fail to really consider this sector to finance their homes despite competitive mortgage rates from non-bank lenders.
There are many reasons for this – convenience may be one of them as banks are able to offer a larger product range and cover most financial needs of consumers, and consumers prefer to bank with a single institution.
The small size is a great disadvantage as relative fixed costs are higher for small firms than for the major banks.
Should you choose a bank or non-bank to finance your home?
Consumers seeking mortgage finance for a property – either a new borrowing or refinancing of an existing loan – can choose between a large number of banks and non-bank lenders, along with hundreds of loan products.
Comparison websites generally rank lenders and products according to the most obvious criterion – the interest rate. Non-bank lender often provide the cheapest terms. But the lowest rate loan is not necessarily the best loan.
The choice between bank and non-bank lender can be important if you want to use an offset facility. Offset facilities are not always included and they can expose borrowers to lender risk.
Having savings in an offset facility means that in effect the lender owes you money. Banks are much less risky in this regard because they benefit from government guarantees as well as greater scrutiny that are tied to the bank status.
Non-bank lenders are excluded from such guarantees and furthermore may have a greater exposure to market instability.
During the global financial crisis non-bank lenders (especially overseas firms) that were funded through capital markets, rather than customer deposits, were challenged as wholesale funding markets dried up. Some failed and total volumes shrank between 2009 and 2013 (see chart above).
Still, it is likely that more Australians change to non-bank lenders in the future. Changing a lender is easy as mortgage brokers often provide the legwork, plus exit fees have been considerably reduced since new laws came into effect on 1 July 2010 limiting mortgage exit fees to the lender’s losses directly connected to the borrower exiting the loan early.
Are non-bank lenders dangerous to our system?
Low volumes mean non-bank lenders are currently of no systemic concern to the economy and regulators. However this may change in the future as volumes shift and grow for non-bank lenders.
New market participants enter as new non-bank loan platforms are developed. One example is internet-based peer-to-peer lending.
Australians may adapt to this new regime and take on new technologies offered and seek the lenders providing the cheapest funding. Consumers generally do not care about the lenders’ own funding and may arbitrage the differences in mortgage rates by shifting the business from regulated banks to unregulated non-banks.
A concern may arise if non-bank lending is successful and to become a large player that is systemically important. In such a scenario the government would be well advised to consider regulating the industry.
Such regulations may include minimum lending and funding standards with the mission to protect de facto consumer deposits via offset accounts and to ensure the credit supply in economic downturns when wholesale funding markets are constrained.
We may be some time away from such a scenario in light of the increasing dominance of bank lenders.
 
Harry Scheule is associate professor, Finance, UTS Business School, University of Technology Sydney and author for <a href="https://theconversation.com/profiles/harry-scheule-3573" target="_blank">The Conversation</a>.
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Rising mortgage rates - is it time to refinance your home loan?

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McGrath Limited today announced the appointment of the entrepeneurial Daniel Petre as a non-executive director of the company.
Mr Petre is one of Australia’s leading internet entrepreneurs, the founder of AirTree Ventures, netus and ecorp, an author and philanthropist.
McGrath Limited chairman David Mackay said Mr Petre’s appointment brought to the company a wealth of knowledge and expertise in the technology and digital arena.
“We are fortunate that Daniel has agreed to join our Board at this very important stage of McGrath’s expansion,” said Mr Mackay, who was recently appointed chairman of McGrath Limited, replacing Wendy McCarthy who retired on June 30. 
Mackay — who commutes between Australia and the US where he sits on the boards of Fortune Brands Homes &amp; Security and coffee company Keurig Green Mountain — was chief executive of US giant Kellogg Company until 2011 and replaced the business executive and corporate coach Wendy McCarthy who chaired the real estate chain for 15 years.
Cass O'Connor is another board member with media expertise, having has spent over twenty years as corporate advisor, investor and analyst, mostly focusing on the communications, media and entertainment industries. Currently running her own corporate advisory and investment firm, she has been a director with Carnegie, Wylie &amp; Company (now Lazard Australia); executive director with Goldman Sachs Australia Limited; and was also a director of Turnbull &amp; Partners Limited.
“Daniel Petre is an outstanding business leader and his ability to understand the influence of technology, and leverage it to the benefit of our customers will be invaluable to us,” David Mackay said.
McGrath chief John McGrath said it was a "strong endorsement of the growth and potential of the company" that a technology leader of Mr Petre’s calibre had chosen to join its board.
“I’ve known Daniel for many years and respected his ability to bring clarity and new ideas to complex business challenges, and to see the potential and opportunity in new technologies”, said Mr McGrath.
Earlier this month McGrath Limited announced it reached agreement to acquire the largest franchise group within its 27 year old agency network.
The acquisition will result in <a href="/news/mcgrath-ltd-acquire-shane-smollens-10-sydney-franchise-offices">10 McGrath franchise offices</a> across Sydney’s mid to upper North Shore, North-West and Northern Beaches region, becoming McGrath Limited company owned offices.
McGrath Limited has been tipped as undertaking a public float this year.
McGrath appointed JP Morgan and Bell Potter as joint lead managers for the expected float.
Luminis Partners is advising McGrath.
Its annual residential sales turnover for FY15 was $12.3 billion from 11,760 sales with its newest offices opened in Bankstown, Frenchs Forest, Long Jetty, Revesby, Ryde, The Ponds (NSW), Annerley/Yeronga, Cairns, Noosa, Rockhampton and Wilston (QLD).
McGrath has expanded to 73 offices in the network.
Petre has been a leading player in Australia’s technology industry for more than 25 years and has held leadership positions in a number of technology businesses including nine years at Microsoft during which he worked closely with Bill Gates as Vice-President of the Work Group Division.
He has also been an active technology investor, co-founding AirTree Ventures, a $60 million Investment Fund established to invest in disruptive technology companies at the growth stage, as well as netus and ecorp, the digital investment company for PBL which brought ebay to Australia and founded ninemsn.
Mr Petre is the author of several books, including The Clever Country, dealing with the impact of the internet on Australia in 1996, and Father Time, on the role of fathers in their children’s development, published in 1998 by Jane Curry Publishing.
Together with his wife Carolyn he has donated more than $10 million to charitable causes and medical research through the Petre Foundation. 
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Daniel Petre joins McGrath Estate Agents board

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The doomsayer economist Steve Keen - who predicted in 2008 that Sydney property prices would collapse by 40% - pocketed $540,000 when, with global financial crisis recessionary fears uppermost in his mind, he sold his Surry Hills apartment.
An optimistic estimate some seven years on of his two-bedroom Chalmers Street unit calculates its current resale price as potentially nearing $1.1 million. Close to doubling and Dr Keen has not benefited a cent.
I was reminded of the Keen prophesy and ramifications for him, and those who likewise sold or sat out, when there was a flurry of forecasts issued this week from milder economists on the immediate future of the property market.
They were forecasting not just an end - or softening - to the property boom, but rather boldly putting a figure on the size of the price fall.
The biggest mooted was a 7.5% drop over the next two years from Macquarie Research analyst James McIntyre in a report titled Aussie Macro Outlook: Population &amp; Housing - Perishable.
Any such fall would be about half the actual gain of just this year in Sydney, so the sky ain't falling in, though for those capital cities already going backwards, such pain might be more harmful. 
Ofcourse an overall national 7.5% decline means there has to be cities with a greater decline, and Sydney being the unrivalled engine room for growth for the past three years, would be presumably ripe for that under the Macquarie Research scenario. Not that there was much detail.
Brian White, the head of the Ray White group, says he hasn't been convinced by the logic of the three forecasts from Macquarie, Bank of America Merrill Lynch and Credit Suisse, but senses that they might have a self fulfulling outcome given the banks are well credentialed. 
"I don't crave for a boom," Brian White said yesterday.
Indeed few want the 15% plus annualised price growth of Sydney to continue into its fourth year, and anyway as regulatory measures currently conspire, it will not likely be sustainable. 
However as the Reserve Bank governor Glenn Stevens noted there have been crazy prices, and the record $6.055 million Chatswood sale took the last weekend's crazy prize.  
After almost a decade of dawdling, Sydney has so many varying factors that have helped keep the many property markets strong in our resurgent recent times, and not just auction silliness.
Macquarie's warning on price momentum mostly related to an oversupply of apartments and slower than expected population growth.
Yes Sydney has plenty of apartments in the pipeline, but its population growth is running at above average.
There are so many mini-markets within Sydney and NSW that even amid the so-called bubble conditions not all property are in the same rising (or falling) boat. Indeed recently a $3.6 million Paddington home sold for the same price as its 2008 sale, having overpaid it seems back then, so much still rests on the individual circumstance of how reckless the purchase price was.
It’s also way too simplistic to say the entire property market will go this way or that.
And with home loans at historic lows it is hard to envisage the market heading backwards in a hurry. Sure there will be pauses, procrastinations, problems... and plenty of mixed messages sometimes juxtaposed in the same day's reportage.
After the now London-based academic Steve Keen made the mother of all housing crash predictions, he was sometimes referred to as the world’s scariest economist. 
He lost a public bet with then Macquarie Bank economist, Rory Robertson, over the big call which resulted in Keen having to walk in 2010 from Canberra to Mt. Kosciuszko wearing a T-shirt that read: “I was hopelessly wrong on house prices”.
If people had listened and then acted on his genuine sentiment, they would have lost money from the subsequent house and sharemarket price surge.
One day he or others who make such forecasts might be right but economics assumptions are not just not mathematical or scientific desktop calculations — but need to mixed in with the social science of actual human behaviour.
So this week's forecasts will eventually look dumb or smart, but most likely forgotten as by then there'll be a whole raft of newer forecasts to take onboard.
Just be very prepared for all eventualities.
What worries me most is that since there's been no recession since the early 1990s we have a generation or so without any deep knowledge of being at the mercy of the market.
This article was first published in the Saturday Daily Telegraph.
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Property price forecasts don't have that doomsayer outlook, but be prepared for any eventuality

The Gold Coast economy has grown by 25 per cent since 2020/21 to surpass $55 billion, but perhaps the more significant story is what sits behind the headline number.

For decades, the Gold Coast has been viewed through the lens of tourism, lifestyle and population growth. The latest State of the City Report suggests that perception is increasingly out of step with reality.

Released by Invest Gold Coast, the report ranks the Gold Coast as Australia's largest non-capital city economy and, perhaps more notably, second nationally behind Sydney for Economic Complexity, a measure that assesses the diversity and sophistication of an economy.

It's a result that places the Gold Coast ahead of Melbourne, Brisbane, Perth and Adelaide, highlighting the extent to which the city's economic base has broadened beyond its traditional industries.

Today, the Gold Coast supports more than 350,000 jobs, is home to over 83,000 businesses and generates $19 billion in annual exports. Manufacturing now accounts for 62 per cent of international export growth, while sectors including health, education, advanced manufacturing, technology and professional services are becoming increasingly important contributors to the local economy.

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Gold Coast Mayor Tom Tate said the report confirmed the city's evolution into one of Australia's most significant economies.

"The Gold Coast economy continues to grow at an incredible pace. This is no surprise to those of us who have watched the evolution up close," Mayor Tate said.

"As one of the most entrepreneurial, investment driven and opportunity focused economies in the country our ambition has been realised and possibilities are endless.

"The Gold Coast has built a reputation as the city that says yes. We say yes to investment, yes to opportunity and yes to people who want to build something.

"It's this mindset helping us drive major growth across health, advanced manufacturing, screen production, marine, technology and the knowledge economy."

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While population growth has been one of the defining stories of the past decade, the report points to a broader economic transformation taking place.

The city's knowledge economy now contributes $7.9 billion annually and supports around 31,000 jobs, while the health and wellbeing sector contributes $5.2 billion and employs more than 42,000 people. Together, the six priority sectors identified in the report account for almost $24 billion in economic output and more than 145,000 jobs.

One of the strongest examples is the Gold Coast Health and Knowledge Precinct at Southport. The 200-hectare precinct now contains more than $5 billion worth of health, education, research and innovation infrastructure and supports over 16,000 jobs.

The report also highlights the growing role of advanced manufacturing, particularly in aerospace, defence and modular construction.

Gold Coast-based Gilmour Space Technologies recently became the first Australian commercial company to attempt an orbital launch, while companies including Modscape and ModnPods are helping establish the Yatala-Stapylton corridor as one of Australia's fastest-growing advanced manufacturing hubs.

The city's entrepreneurial culture is also translating into business growth.

Since 2019/20, the number of businesses operating on the Gold Coast has increased by 22 per cent, while firms employing more than 200 people have grown by 80 per cent. The report suggests the next challenge is converting more local start-ups and medium-sized businesses into nationally significant companies.

Development activity remains another key indicator of confidence.

There are currently more than $23 billion worth of major projects underway across the Gold Coast, supported by a record 75 active cranes, a figure that now exceeds Brisbane and represents a 150 per cent increase since 2016.

[smartcode_project:default project_id=112024 project_image_fid=343235]

Importantly, the report notes the next phase of investment will need to extend beyond residential development.

While 93 per cent of crane activity is currently tied to housing, Invest Gold Coast argues future investment will increasingly need to focus on cultural, civic, infrastructure and industry-enabling projects that strengthen the city's long-term economic resilience.

Invest Gold Coast Chair Will Hodgman said the city was now benefiting from years of economic diversification.

"What is happening on the Gold Coast is the result of the city's economic base broadening, fuelled by industries with long-term, high-growth potential," Mr Hodgman said.

"This is no longer a secondary Australian economy, the Gold Coast is becoming a globally connected city with deeper capability across health, knowledge and creative industries, advanced manufacturing, technology and exports."

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Looking ahead, the Gold Coast's population is projected to exceed one million residents by 2046.

For a city that was once largely defined by tourism and lifestyle, the latest figures suggest the Gold Coast is becoming something more significant, one of Australia's most diverse and economically sophisticated urban economies, and increasingly one that national and international investors can no longer afford to overlook.

Joel Robinson

75 cranes, $23 billion pipeline and a $55 billion economy: Inside the Gold Coast economic boom

Ron Bakir's Homecorp has sold more than 75 per cent of the apartments in its wellness-driven Florence Residences in Surfers Paradise following its first weekend release.

The <a href="https://www.apartments.com.au/new-apartments/florence-residences-24-monte-carlo-avenue-surfers-paradise-qld-4217">26-storey project on Monte Carlo Avenue</a>, which commenced construction earlier this year, has seen a flurry of buyers secure their slice of the Gold Coast's latest wellbeing-focused offering in one of the nation's most competitive property markets.

Since the pandemic, the Gold Coast's population has grown by more than 11 per cent, a rate approximately four times faster than Sydney's, driven largely by lifestyle changes and interstate migration. While buyer activity has moderated in some markets nationally, demand for newly built dwellings on the Gold Coast continues to gain momentum as purchasers increasingly prioritise lifestyle, amenity, wellbeing, liveability and long-term investment potential.

&nbsp;

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Homecorp CEO Ron Bakir says buyers today are looking for more than just a home.

"What we are seeing is a shift in how people define value in property," Bakir says.

"What attracts residents to new developments is a desire for more than just a residence. They are looking for a place that complements their lifestyle, supports their wellbeing and reflects the way they want to live into the future.

"Lifestyle, longevity, proactive health, wellbeing, connection and a sense of community are increasingly shaping purchasing decisions, particularly on the Gold Coast, where these factors continue to be a major drawcard."

[smartcode_project:default project_id=150414 project_image_fid=372744]

Bakir says Homecorp is responding to this shift through an approach that places greater emphasis on design, amenity and experience working together to create places that feel considered, connected and enduring in value.

Inspired by Eastern European design, Florence Residences will comprise 120 apartments alongside a private residents-only wellness club featuring a resort-style rooftop pool, hot and cold plunge pools, a spa retreat, contemporary gymnasium, and a spacious yoga and Pilates studio.

The development will also feature a residents-only lounge with private dining facilities and a rooftop bar, premium outdoor entertaining areas, a hotel-style lobby lounge, generous bike parking, and pet-friendly amenities including a heated dog wash.

[smartcode_project:default project_id=150414 project_image_fid=372742]

A limited number of apartments remain available, with an exclusive collection of four-bedroom sub-penthouses set to be released in the coming months.

Florence is one of the latest additions to Homecorp's expanding multi-billion-dollar property portfolio, which also includes plans for a <a href="https://www.apartments.com.au/news/qld/homecorp-lodges-plans-for-260-million-moroccan-bathhouse-inspired-tower-in-budds-beach">$260 million development in Budds Beach</a> tailored to the growing wellness market.

A development application has been lodged for a 27-storey, 156-residence tower at 8–10 Acacia Avenue and 25–27 Oak Avenue, featuring a residents-only Moroccan spa-inspired sanctuary.

Apartments at Florence Residences are priced from $1,249,000, with construction expected to be completed by late 2027.

[smartcode_project_cta:default project_id=150414]

Buyers rush to Homecorp's Florence Residences as Gold Coast wellness trend gains momentum

The NSW Government has expanded its $1 billion Pre-sale Finance Guarantee program, broadening access for affordable housing providers and smaller residential developments as it seeks to accelerate housing delivery across the state.

The Minns Government says the program has already helped bring forward more than 600 homes across Sydney and regional NSW since launching in September 2025, with similar models now adopted in South Australia and Western Australia.

The latest changes, announced by Treasurer Daniel Mookhey and Minister for Planning and Public Spaces Paul Scully, are designed to improve access to finance for projects that have planning approval but are struggling to secure funding.

Among the key changes is an expansion of support for community housing providers. The program will now support up to 100 per cent affordable housing projects valued at up to $30 million when delivered by not-for-profit providers, while support for larger affordable housing developments will increase for projects worth up to $80 million.

The government says the changes will help accelerate the delivery of housing for low-income workers, older people, people living with disability, and those at risk of homelessness, while reducing reliance on direct grants or subsidised loans to bridge funding gaps.

The eligibility criteria for smaller residential developments have also been broadened. The previous $5 million minimum project value threshold has been removed and replaced with a requirement that projects deliver at least four homes.

Support has also increased for projects delivering fewer than 20 homes, with the guarantee now able to cover up to 75 per cent of dwellings in a development, capped at $30 million per project.

The changes are expected to particularly benefit smaller-scale and regional developments, which often face greater challenges meeting pre-sale requirements imposed by lenders.

Treasurer Daniel Mookhey said the scheme demonstrates how government can use its balance sheet to stimulate housing supply without relying solely on taxpayer-funded grants.

"The Pre-sale Finance Guarantee shows how this Government is using its balance sheet to reduce risk and unlock private investment, enabling new homes to move from design to construction faster," Mookhey said.

"This landmark reform allows us to deliver homes for working families at a lower cost to taxpayers, while also maintaining strong financial discipline."

Planning Minister Paul Scully said the program had already proven effective in bringing stalled projects to market.

"The Pre-sale Finance Guarantee has already proven it can unlock stalled projects and accelerate housing delivery by giving lenders the confidence they need to back good developments," Scully said.

"These changes will allow more affordable housing and smaller developments to access support so more homes can be built faster where communities need them most."

Housing Minister Rose Jackson said the expansion would help community housing providers overcome financing barriers that often delay projects.

"We know community housing providers are ready to build more homes, too often they're held back by barriers to finance," Jackson said.

"Expanding the Pre-sale Finance Guarantee helps remove those barriers so more affordable homes can get off the ground sooner."

The announcement was welcomed by the Property Council of Australia, which has long advocated for measures aimed at improving project feasibility and access to finance.

Property Council NSW Executive Director Katie Stevenson described the expansion as a practical intervention that addresses one of the most immediate constraints on housing delivery.

"This is exactly the kind of practical intervention we need right now, focused on getting projects out of the ground, not just approved," Stevenson said.

"It builds on a model the Property Council has worked closely with government to develop following calls for such a scheme ahead of last year's NSW Budget, so it's great to see it being expanded."

Stevenson said the reforms would help unlock projects that are ready to proceed but have been delayed by financing challenges. However, she noted that broader feasibility issues remain a significant barrier to increasing housing supply.

"The biggest challenge in NSW housing today is delivery. Too many projects have planning approval but are simply not financially viable to proceed under current settings," she said.

Speaking at the Property Council's NSW Housing Summit, Housing Minister Rose Jackson acknowledged that feasibility and financing pressures continue to constrain housing delivery, while reaffirming the government's commitment to work with industry on solutions.

Stevenson said the government's recognition of those challenges was encouraging ahead of next week's state budget.

"It's positive to see the government clearly recognising that feasibility pressures are now a binding constraint on supply," she said.

"With the Budget just days away, the focus must be on backing delivery, making sure projects stack up, finance can flow, and more homes can move from approval to construction."

The expanded Pre-sale Finance Guarantee forms part of the NSW Government's broader housing agenda, which also includes planning reforms, the NSW Housing Pattern Book, and a series of rezonings intended to increase housing capacity across the state.

NSW expands Pre-sale Finance Guarantee to unlock more affordable and regional housing

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.

&nbsp;

[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]

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]

Jonathan Chancellor

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