<html><body>
Channel Seven program chief Angus Ross has revealed that a new series of House Rules, already filmed and originally slated to screen in late 2015, won’t go to air this year.
The move comes as part of a major shake-up at the network, which will also see them dumping Million Dollar Minute from its afternoon time slot.
Its program chief Angus Ross acknowledged that the next House Rules would struggle competing against The Block in the planned 7.30pm timeslot.
"We've got a series [completed] but I don’t think the genre matching that has occurred this year has helped anyone," he told News Ltd.
"Do I think House Rules versus The Block is going to be a good outcome for us or for audiences? No. I don’t think it would be a win for anyone."
The Mumbrella website wrote one of the issues that has annoyed media buyers was the big networks putting similar shows up against each other.  
In recent years Seven and Nine have faced off with The Voice vs X Factor, House Rules vs Reno Rumble and The Hotplate vs Restaurant Revolution.
Mumbrella advised at last week’s revenue announcement Nine’s sales boss Peter Wiltshire acknowledged this had hit the bottom line for the network.
“(In quarter four) Nine’s ratings were impacted by the two leading networks programming formats being in the same genre head to head.
"To some extent we were our own worst enemy as we competed aggressively,” said Wiltshire.
“This caused pressure on audiences on free-to-air TV and specifically Nine’s share of that audience.
"The size and magnitude of these changes coincided with advertisers moving to shorter term buying decisions and immediate ratings history to support their actions. 
"This clearly worked against us as buyers worked to Q3 ratings in allocating Q4 revenues.”
</body></html>

jchancellor-FAypfDUnLy

House Rules won't take on The Block Octagonal

<html><body><div class="domain-article-share-panel">
<div class="domain-article-share-link domain-article-share-tw">
The warehouse residence at 21 Joy Street, South Yarra sold at weekend Marshall White auction.
It was a <a href="https://www.realestateview.com.au/Real-Estate/21-joy-street-south-yarra/Property-Details-buy-residential-9294720" target="_blank">one-bedroom warehouse-style </a>house once owned by abstract artist Yvonne Audette .
It fetched $1,303,000.
It last sold at $371,500 in 2008 and before than in 1992 at $223,000.
</div>
</div></body></html>

South Yarra warehouse home sold at $1,303,000

<html><body>
The fashion designer Natalie Coyle and her husband Scott Sheezel, who run Tilkah boutiques around Melbourne, have sold in McKinnon.
Their three-bedroom property at <a href="https://www.realestateview.com.au/Real-Estate/3-lysbeth-street-mckinnon/Property-Details-buy-residential-9288760" target="_blank">3 Lysbeth Street </a>sold ahead of its scheduled August 29 auction.
Buxton’s Simon Wood secured the $1,705,000 sale.
It last sold at $630,000 in 2006.
</body></html>

Designer McKinnon cottage sells at $1,705,000

<html><body>
Four investors competed for a $327,500 Russell Lea studio, Sydney's cheapest weekend auction sale.
<a href="https://www.realestate.com.au/property-studio-nsw-russell+lea-120377129" target="_blank">The 7/275 Lyons Road studio</a> had last sold at $172,000 in 2005, so not quite doubling over the decade.
Its price growth was 6.6% annually.
Currently rented at $300 a week, it reflected a gross 4.7% rental yield.
<a href="https://www.realestate.com.au/photogallery_new.ds?id=120377129&amp;theme=rea.buy" rel="photos" data-id="120377129"><img src="https://i4.au.reastatic.net/456x342/70e8611bc74acd71afcb0f228fdc51747d6aa457fcccbdc5a29e9ae11bf7cf73/image3.jpg" alt="7/275 Lyons Road, Russell Lea" title="7/275 Lyons Road, Russell Lea" data-index="2"></a>   
Selling agent Rocky Mammone at Richardson &amp; Wrench Five Dock said the property was announced on the market at around $315,000 with competition from four investors.
"This is an ideal opportunity for the first home buyer to secure a property in this popular, vibrant Russell Lea precinct with easy access to the city," was his marketing suggestion.
<img src="https://i3.au.reastatic.net/456x342-resize/c66f50138028775e4fa465a14cde8fca783a5b77cc8a2f701414841d9e66592c/floorplan1.gif" alt="7/275 Lyons Road, Russell Lea" title="7/275 Lyons Road, Russell Lea" data-index="5">
The auction came ahead of data showing loans to property investors across Australia rose in July, according to figures released by the Australian Prudential Regulation Authority (APRA) monthly banking statistics.
It showed that $539 billion worth of loans to property investors were on the books in July this year, up 22 per cent on the $439 billion in July last year and up on June's $507 billion tally.   
<div class="domain-article-content-body">
But the breaks in investor lending are finally showing up after APRA introduced a 10 per cent annual growth limit on bank loans to property investors in December 2014.
Westpac, which has the largest investor loan book at $156 billion, was up just 0.3 per cent on its June level, or 3.6 per cent annualised.
Westpac's book is around a complying 9.5 per cent above the level of a year ago.  
</div>
</body></html>

Four investors compete for Russell Lea studio, Sydney's cheapest weekend sale 

<html><body><div class="page" title="Page 1">
<div class="section">GUEST OBSERVER</div>
<div class="section"> </div>
<div class="section">Credit grew by 0.6% in the month of July, following a 0.4% rise in June and an average monthly gain of 0.5% over the first half of the year.</div>
<div class="section"> </div>
<div class="section">Annual credit growth is 6.1% currently, strengthening from 5.1% this time a year ago and up from 3.2% in mid- 2013. Both businesses and households have responded to interest rates declining to fresh historic lows.</div>
<div class="section"> </div>
<div class="section"><a href="/images/2015/08/31/Screen%20Shot%202015-08-31%20at%205.40.15%20PM.png" target="_blank">Click to enlarge</a></div>
<div class="section"><img src="/images/2015/08/31/Screen%20Shot%202015-08-31%20at%205.40.15%20PM.png" alt=""></div>
<div class="section">The July update included revisions. The RBA advise that: "There have been a number of amendments to the data over the past year due to reclassifications by a financial institution, largely regarding housing lending."</div>
<div class="section">
 For the month of June the revisions in level terms (and annual growth) are: total credit, +$3bn; owner-occupier credit, –$43bn (–0.4ppts); investor credit, +$30bn (+0.4ppts); personal credit, +$11bn (+0.6ppts); and business credit, +$4bn.
</div>
<div class="section"> </div>
<div class="section"><a href="/images/2015/08/31/Screen%20Shot%202015-08-31%20at%205.42.14%20PM.png" target="_blank">Click to enlarge</a></div>
<div class="section"><img src="/images/2015/08/31/Screen%20Shot%202015-08-31%20at%205.42.14%20PM.png" alt=""></div>
<div class="section">Business credit provided an upside surprise in July, advancing by 0.7%, following a broadly flat June. Annual growth is 4.8%, strengthening from 3.4% a year earlier. It was in the six months to February that business credit enjoyed a strong burst, increasing by 3.0%. From March, this sustained strength has given way to volatility month to month, as is often the case for the business segment, given the lumpy nature of such transactions.</div>
<div class="section">
 Commercial finance - new lending to businesses - has rebounded in 2015, reversing a sharp fall-off during the second half of 2014. That points to further gains in business credit over coming months.
</div>
<div class="section">
 Housing credit increased by (a soft) 0.6% in July. Annual growth is 7.4%, up from 6.5% in July 2014.
</div>
<div class="section"> </div>
<div class="section"><a href="/images/2015/08/31/Screen%20Shot%202015-08-31%20at%205.43.38%20PM.png" target="_blank">Click to enlarge</a></div>
<div class="section"><img src="/images/2015/08/31/Screen%20Shot%202015-08-31%20at%205.43.38%20PM.png" alt=""></div>
<div class="section">Investors have been a key driver of the current housing market upswing. Annual investor credit growth is 10.8% currently, strengthening from 9.2% this time a year ago.</div>
<div class="section">
 In the month of July, it was notable that investor credit softened, with a more modest gain of 0.6%, albeit that comes on the heels of an above trend 1.0% lift in June.
</div>
<div class="section">
 The RBA reduced rates in February and May 2015, lowering the cash rate to 2.00% from 2.50%. This will act to support housing finance and housing credit, near-term.
</div>
<div class="section"> </div>
<div class="section"><a href="/images/2015/08/31/Screen%20Shot%202015-08-31%20at%205.45.02%20PM.png" target="_blank">Click to enlarge</a></div>
<div class="section"><img src="/images/2015/08/31/Screen%20Shot%202015-08-31%20at%205.45.02%20PM.png" alt=""></div>
<div class="section">However, at the same time, the RBA has been working with the regulator, APRA, to temper strength in investor credit, with a desired limit of 10% annual growth.</div>
<div class="section">
 Major banks have announced initiatives in recent weeks in regards to investor lending, including higher interest rates. The impacts of these measures may begin to become apparent in the credit data from around October, given a one to two month lag from finance approvals. 
</div>
<div class="section"> </div>
<div class="section">Andrew Hanlan is senior economist for Westpac and can be contacted <a href="https://www.propertyobserver.com.au/https://au.linkedin.com/pub/andrew-hanlan/3/222/430" target="_blank">here</a>. </div>
</div></body></html>

Investors driving housing market upswing: Andrew Hanlan

<html><body>
GUEST OBSERVER
The median house in Sydney surpassed the million dollar mark in July and is now valued at $1,017,500. In the quarter ending July, the Sydney median house value grew an astonishing 7.58%. The average quarterly growth rate of all other capital city house markets was just 0.92%.
<a href="/images/2015/08/31/Graph_1_Capital_Growth_Summary.jpg" target="_blank">Click to enlarge</a>
<img src="/images/2015/08/31/Graph_1_Capital_Growth_Summary.jpg" alt="" width="723" height="464">
The annual rate of growth for Melbourne houses was 9.07 per cent, bringing the median house value to $683,000. Growth for the month was significantly lower, at just 0.13 per cent. 
Brisbane houses performed steadily in the year to July, however performance was down in the unit market due to an overhang of stock. Commencement of the Queens Wharf development in the heart of the Brisbane CBD (a complex which will include 2,000 new apartments) is likely to place further downward pressure on the growth of Brisbane units. 
The worst performing areas in the year to July were once again the resource states. Perth houses contracted 4.34 per cent while Darwin unit values dropped 6.41 per cent. 
Table 1 presents the market performance summary for July.
<a href="/images/2015/08/31/Table_1_July_Stats_Summary2.jpg" target="_blank">Click to enlarge</a>
<img src="/images/2015/08/31/Table_1_July_Stats_Summary2.jpg" alt="" width="818" height="716">
A Note on the Resource Markets
A number of commodity prices have tumbled in the last year. The iron ore price averaged just AUD $69 per dry metric tonne over the month of July, which is a 13.88 per cent reduction from the previous month. 
Australian Thermal Coal remained steady over the last month, averaging AUD $85.75 per pound. However, this is a significant reduction from the peak price in 2008 when coal averaged over AUD $200. 
World Bank data shows that resources boomed in the early 2000’s, following a long period of low valuation between the 1970’s and the 1990’s. While it appears that commodities are in a correction period, values have not fallen so drastically that prices are below what they were a decade ago. 
In response to the decline in commodity prices, many suppliers, including BHP Billiton and Rio Tinto, chose to increase efficiency and cost cutting as opposed to reducing supply. This is likely due to larger producers taking advantage of the fall in commodity values to pressure smaller suppliers out of the market. 
In line with cost cutting, thousands of mining positions have been terminated across South Australia, the Northern Territory and Western Australia. This, coupled with the completion of mining construction projects, is exacerbating economic downturn in the resource states.
Deterioration may be slightly offset in the short term due to the devaluation of the Yuan, which will make Chinese steel exports more competitive and drive demand for Australian Iron Ore, an input in steel production.
Commodity prices have a strong lead lag effect on dwelling values in the resource state capitals. As commodity prices stabilise at significantly lower levels, the Darwin and Perth dwelling markets are also stabilising.
To put the current growth cycle in perspective, I have provided the historical House Price Index (HPI)<a href="https://blog.residex.com.au/2015/08/28/property-market-update-3/#footnote-1">[1]</a>data for Darwin and Perth in Graphs 2 and 3.
<a href="/images/2015/08/31/Graph_2_Perth_HPI.jpg" target="_blank">Click to enlarge</a>
<img src="/images/2015/08/31/Graph_2_Perth_HPI.jpg" alt="" width="816" height="523">
 
<a href="/images/2015/08/31/Graph_3_Darwin_HPI.jpg" target="_blank">Click to enlarge</a>
<img src="/images/2015/08/31/Graph_3_Darwin_HPI.jpg" alt="">
 
The graphs show that, like commodity values, dwellings in the resource capitals are no longer in a stage of rapid growth as they were between 2000 and 2008. 
The Perth and Darwin markets are currently in a correction period, which is indicated by the downward movement of the HPI. However, putting the dwelling positions into a larger historical context shows they have not drastically collapsed. 
During the mining boom, the Perth market saw annualised growth rates as high as 40 per cent in 2006. However, these growth rates were met with corrections as large as 10 per cent in 2009. The end of the mining boom has restored growth cycles that are much more subdued than these levels. 
The New Normal – Ownership and Lifestyle in the Age of Population Convergence
Growth in the Sydney and Melbourne markets have concerned lending institution regulators, and hopeful investors and homeowners.
As discussed in previous newsletters, there is little evidence attributing foreign investment and tax structures to the surge in property values. I have not found sufficient data to argue rigorously that these forces are driving up prices. 
There is another force that I believe may be attributed to house and unit value increases – particularly in Sydney: the concept of population convergence. 
In 2005, American urban studies theorist Richard Florida built a case for population convergence. Measuring economic production, levels of innovation and population, Florida found that population and economic activity were converging to a few large cities around the world. 
Evidence suggests that Sydney could be one of these cities. This would account for the positive returns on Sydney property over the last three years, which according to Residex data has averaged a rapid 3.05 per cent per quarter. 
At the time of Florida’s study in 2005, Sydney was one of just 60 cities around the world that had a population of approximately five million or more. Using World Intellectual Property Organization and U.S. Patent and Trademark data, Florida also found that Sydney was one of just 20 cities around the world to be fostering significant levels of innovation. 
Population density in Sydney has increased approximately 16 per cent between 2000 and 2012, according to data from Charting Transport. Increased density and the presence of more investors in the property market has led to an increase in the supply of units over houses. From September 2012, unit commencements have regularly outperformed housing builds, which can be seen in Graph 4. This further implies that most development is occurring in urban, densely populated areas.
Graph 4: Sydney Dwelling Commencements
<a href="/images/2015/08/31/Graph_4_Dwelling_Commencements_Sydney.jpg" target="_blank">Click to enlarge</a>
<img src="/images/2015/08/31/Graph_4_Dwelling_Commencements_Sydney.jpg" alt="" width="752" height="479">
Population convergence theory could explain the growth in the house and unit markets, and signal that such growth is likely to continue. This is not unprecedented. Values and rents have skyrocketed in cities around the world, including Singapore, New York, London and Tokyo over the last few decades.
High rates of property growth are not just reflected in a desire to be near amenities, culture and cosmopolitan environments. Density also brings productivity advantages through economies of scale. It increases connectivity and knowledge sharing. In turn, these things create more jobs and attract a higher population, reinforcing population convergence.
In response to higher density living, many people have begun to adjust their standards of living in Sydney. However, a level of development resistance could further increase prices, such as a court ruling earlier this year which will see the minimum approval unit size in Sydney increase by 30 per cent<a href="https://blog.residex.com.au/2015/08/28/property-market-update-3/#footnote-2">[2]</a>.
The methods inhibiting development are wide and diverse and therefore difficult to fully quantify; the prevention of new development can come from environmental regulation and community resistance.
These forces prohibit development of popular space and undermine innovations used to adapt to higher density, such as the micro-apartment movement. Resistance to development can also preserve a higher standard of living in Sydney, which – for those who can afford it – is clearly in demand. 
Assuming Florida was right in his theory of population convergence, Sydney could see strong house value increases over the next few quarters before stabilising at a level that even the most wealthy and mobile will find excessive. 
Eliza Owen is market analyst for Onthehouse.com.au and can be contacted <a href="https://investors.onthehouse.com.au/" target="_blank">here</a>.<a href="https://investors.onthehouse.com.au/"> </a>
</body></html>

Sydney house median passes $1 million mark: Onthehouse's Eliza Owen

<html><body>
GUEST OBSERVER
In the next couple of weeks you’ll start to see all the signs of the change of season. Like many Sydneysiders, I’m looking forward to the longer hours of sunshine and flowers blossoming.
Inevitably, and unfortunately, we’re about to see an increase in property spruikers declaring “The main selling season is here!” (2012) “The market is poised for a bumper spring!” (2013), “There’ll be a strong surge in the traditional spring selling season!” (2014).
The chart below shows why:
Average ABS House Price Index Return by Season
<div class="enlarge_hint"><a href="/images/2015/08/31/image-20150828-17468-500s53.jpg" target="_blank">Click to enlarge</a></div>
<div class="enlarge_hint"> </div>
<div class="enlarge_hint"><img src="/images/2015/08/31/image-20150828-17468-500s53.jpg" alt=""></div>
The thing is, though, it’s just a marketing gimmick.
Yes, the house price index appears to increase a lot more, on average, in Spring. But so does the sales volume. Why would people knowingly jump into the housing market at the seasonal peak?
It couldn’t just be that these property buyers don’t know that this is the annual peak. For our relative size, the number of inquiries, studies and urban policy research should mean Australians are among the most informed in the world when it comes to real estate markets.
In a 2009 research article I explore this phenomenon (available on SSRN) and show that the “Spring bounce” is an artefact of inadequate statistical modelling.
Many house price indices are limited by the availability of data, and rely on median prices to get a sense for what’s going on across the market. However, the change in the observed median sales price can have more to do with the types of properties that are selling from period to period than the actual market movement.
The underlying reality is that nicer properties sell through Spring: typically larger, well-located, ready to sell properties. And, unsurprisingly, these nicer properties tend to sell for more. Why is this the case? In many situations it is because of the education and work calendar - families relocating (resulting in buying and selling houses) will more often than not do so over the summer break. Given property settlement times, this means looking for a new house through spring.
So what advice can we take from this? For those needing to move for the very reason outlined above and braving an upcoming auction, try to avoid FOMO (“fear-of-missing-out”), for another property will come on to the market soon. If you don’t need to buy now, the data would suggest you should wait until summer when many are away on vacation, and pick up a spring-listed property that remains unsold - hopefully for a discount!
Danika Wright is Lecturer in Finance at University of Sydney and author for The Conversation. You can contact her <a href="https://theconversation.com/profiles/danika-wright-121868" target="_blank">here</a>.
</body></html>

Spring selling season and other gimmicks

<html><body>
The expatriate Sydney property developer Nati Stoliar has been sentenced to two years jail in the United States, after he pleaded guilty to fraud under the US Clean Air Act.
His Nevada home (below) has been sold after he was ordered to pay more than $1.4 million in restitution and to forfeit $4 million in cash in a biofuels credits fraud case.
The 64 year old Stoliar, who pleaded guilty in mid-2014 to the fraud, faced a maximum sentence of 20 years in prison.
The FBI announced earlier this month Stoliar had been sentenced to 24 months in prison along with three years of supervised release. It was for his role in an illegal scheme to generate fraudulent biodiesel credits and to export biodiesel without providing biodiesel credits to the United States. 
As a Sydney property developer Nati Stoliar owned two of the trophy homes of Sydney, Boomerang at Elizabeth Bay and Villa del Mar which he built at Point Piper.
Villa del Mare was sold by Stoliar sold in 2004 for $21.5 million, hitting the headlines earlier this year when Treasurer Joe Hockey ordered the trophy home be sold after recent Chinese purchaser ran foul of foreign investment regulations.
Stoliar's six bedroom, six bathroom US home in Henderson, Nevada was sold under order of forfeiture at $1,140,000.
Stoliar's business partner James Jariv was sentenced in federal court in Las Vegas to ten years in prison. Records show other items forfeited included a gold Bulgari chronograph and a diamond tennis bracelet.
Under the 2009 scheme, Stoliar and his co-defendants were alleged to falsely claim to import, purchase, and blend more than 4.2 million gallons of biodiesel.
They then allegedly sold the fraudulent RINs generating more than $7 million. 
It was alleged Stoliar and Jariv instructed tanker truck drivers to drive back and forth across the U.S.-Canada border.
 
The drivers would claim to be importing biodiesel into the United States and exporting feedstock to City Farm in Canada. The trips would generate paperwork purporting to show biodiesel production and importation.
Accounts were utilized in Nevada, Canada and Australia, and transactions were investigated by the U.S. EPA Criminal Investigation Division and the FBI, with assistance from the U.S. Secret Service and the Department of Homeland Security. 
Following his indictment, Stoliar’s arrest was sought by the United States.
Located in Poland, Stoliar returned to the United States to surrender for arrest.
James Jariv and Stoliar then both pleaded guilty to one count of conspiracy, one count of conspiracy to engage in money laundering, two counts of wire fraud and one count of making false statements under the Clean Air Act. 
“This was an egregious scheme to defraud fuel suppliers, the United States, and a program designed to strengthen our nation’s petroleum independence and improve our air quality” said assistant attorney general John C. Cruden for the Justice Department’s Environment and Natural Resources Division.
“We will not tolerate such fraud and will vigorously prosecute those who put their own enrichment above our nation’s interests.”
“Mr. Jariv and his co-defendant (Stoliar) defrauded the United States government of millions of dollars through this biodiesel fraud scheme,” said U.S. attorney Daniel Bogden for the District of Nevada.
This article was first published in the Sunday Telegraph.
 
 <img src="https://de0d77f3666a325745ba-d0cf96f115e5ae2109ab044c1f6b4f88.r76.cf1.rackcdn.com/2289__BUCKINGHAM_CT_Henderson_NV_89074_64419439_2_20150611102427.jpg" alt="2289 BUCKINGHAM CT Henderson, NV 89074 - MLS #: 1527135" title="2289 BUCKINGHAM CT Henderson, NV 89074 - 
MLS #: 1527135" width="800" height="523" style="font-size: 1em; line-height: 1.3em; font-family: Arial, Helvetica, sans-serif; font-weight: bold;"> 
</body></html>

Sydney developer Nati Stoliar jailed in US biofuels credits fraud case

<html><body>
The celebrity photographer Nicholas Wilson and his wife Sally have sold their Zetland terrace.
The four-bedroom terrace was tipped to fetch more than $1.65 million through McGrath's Ben Forsyth at its weekend auction.
The $2 million pre-auction sale of 92 Portman Street was a residential sale record for the suburb when a local family purchased the home to take advantage of the Green Square amenities.
The Wilson family wanted more space for their three sons at Kensington. The couple bought <a href="https://www.propertyobserver.com.au/https://www.mcgrath.com.au/buy/house-zetland-nsw-2017/266497" target="_blank">the Victorian-era home</a> on Portman Street in 2006 for $729,000.
Nick Wilson’s images have appeared in magazines, newspapers and advertising campaigns across the globe.
Born in Adelaide, South Australia, Nick developed his eye as a photographer while at school. A neighbour was an international photojournalist and brought rolls of film home to process, often with Nick at his side.
At 17 Nick won a cadetship at the Adelaide Advertiser, becoming principal sports photographer. He made the move to Sydney in 1994.
</body></html>

Photographer Nicholas Wilson sets Zetland record

<html><body>
Pre-purchase reports, highlighting building, pest and strata inspection issues, are a necessary, but costly, impost in the lead up to almost all property purchases.
The latest NSW government proposal that toys with requiring vendors to provide pre-purchase reports along with the contract for sale, is not a new idea.
Last time it was raised with vigour under the State Labor Government in 2010, the founder of Aussie Home Loans, mortgage broker John Symond described the longstanding practice of buyer inspection reports as "antiquated, cumbersome and expensive".
"It imposes a serious cost to the consumer in circumstances where there's no guarantee they'll get the property anyway," he said.
Wonder how many wasted inspection reports have been binned since then. Or worse how many buyers have been bidding cold on properties without knowing of the potential defects.
So five years on the Coalition government is again looking at requiring provision of a standard inspection report as a condition of selling a home.
It has come from the NSW Minister for Better Regulation, Victor Dominello who wants to see a one-off impost, rather than the current multiple cost.
The minister sees the changes as part of a broader drive for better regulation of businesses across NSW. The cost of a single inspection can range from $250 to $1500 for a larger house. 
Some inspections might take three hours, others with paperwork and attendance in just 60 minutes.
No sooner had the renewed plan been aired by NSW Fair Trading before it being quickly knock down by a raft of industry players suggesting it could leave property buyers at risk of sub-par inspections, similar to that affecting the Rudd Federal Government home insulation program.
They have expressed concern the inspection reports provided by vendors may not rigorous enough especially if the vendor's mate was the building inspector.
This question of independence is never going to disappear, but savvy buyers will surely sense issues needing further attention, and make their own further inquiries. 
It will be a comfort blanket not a guarantee as clearly the vendor’s motivation for obtaining a pre-purchase report differ to that of a purchaser - the buyer after all wants to get advance knowledge of the nature of any problems with the intended property and better negotiate a price for the property. 
Purchasers are therefore still quite likely to obtain their own reports, but hopefully fewer over their buying journey.
In the Australian Capital Territory vendors have since 2004 been required to provide pre-purchase reports to potential purchasers.
Upon completion of the contract, the purchaser reimburses the vendor for the cost of the reports.
The regulations standardises the minimum content of reports with all inspections being consistent with Australian Standards.  
There are issues around the duration of time for which a report remains valid. 
Important questions too on how would the purchaser, who is not a party to that inspection contract, recoup their loss if the report is defective, so liability insurance helping protect buyers will need to be considered.
The doctrine of privity of contract prevents the property purchaser from directly relying on the contract. In the ACT however the legislation gives the purchaser a direct right to sue the report author in circumstances where loss has been suffered as a result of any materially false or misleading statement or content in a report. 
So let's give it a go in NSW - after all we pioneered our pretty good Torrens and strata title systems.
This column was first published in the Saturday Telegraph.
</body></html>

NSW should trial vendor-supplied pre-purchase reports

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.

[smartcode_project:default project_id=150017 project_image_fid=372547]

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."

[smartcode_project:default project_id=149670 project_image_fid=360975]

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."

[smartcode_project:default project_id=108274 project_image_fid=365786]

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;

[smartcode_project:default project_id=150414 project_image_fid=372743]

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

Editor's Picks

Have something to contribute?

Developments

New apartments

New townhouses

News