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Lola Wang Li has placed a caveat on the Point Piper property Villa del Mare to buy the trophy home from Golden Fast Foods Pty Ltd, a company associated with Chinese billionaire Xu Jiayin.
Lola Wang Li is married to Li Liang a wealthy former chief executive of the Hong Kong-listed China Power New Energy Development, which invests in renewable energy projects in mainland China.
Li currently resides in a $2.668 million apartment on Darling Island Road, on Pyrmont's waterfront which was bought eight years ago. It is a 192 square metre three bedroom apartment bought off the plan. 
She was born in China in 1966 at Fujian, on China's south eastern coast. She directs an Australian registered company called, L L International which was registered in 1996, when Vaucluse Road, Vaucluse-based. For a time the company was also registered at a $494,000 Peak, Haymarket apartment that remains in the Li family ownership. Members of the extended Wang family spent $5.1 million in Rose Bay in 2009.
The face saving May 2015 sale came after Treasurer Joe Hockey forced the divestment of the Point Piper home, arguing the sale to Xu Jiayin breached Australia's foreign investment rules.
Gibson Lawyers caveat says it was a May 8 sale, although it was announced as sold six days earlier by the Treasurer. It was only registered today, with price details to be lodged on its undisclosed settlement date. Peter Hudson and Norman Gibson appeared to be assisting with the legalities. 
Treasurer Joe Hockey told Reuters earlier this month the re-sale of the Point Piper trophy home, Villa del Mare had taken place.
It was advised an Australian buyer had been found by its the billionaire owner Xu Jiayin (許家印 also known as Hui Ka Yan).
“She has signed a statutory ­declaration that she is not associated with Golden Fast Foods in any way,” his office says.
There was a 90 day divestiture order Treasurer Joe Hockey that announced to force the sale of the $39 million Point Piper trophy home, Villa del Mare.
"The property that has been reported has been re-sold to an Australian citizen, and we are investigating around 100 other cases," Joe Hockey told Reuters. 
"In some cases people are disclosing their own failure to comply with the law."
The forced sale by one of China's richest men Xu Jianyin followed a crackdown on enforcing foreign ownership rules.
The head of the Evergrande Real Estate Group was given 90 days on March 3 to divest the property as it was deemed to have been bought without approval from the Foreign Investment Review Board.
Agents were not aware the property has been shown to buyers since the order.
The sale by the owner of the company, Chinese billionaire Xu Jianyin, has been billed as set to be followed by more divestment orders, with about 100 other cases currently being investigated.
 
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jchancellor-FAypfDUnLy

Australian buyer Lola Wang Li emerges with Villa del Mare, the $39 million Point Piper FIRB home

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The 2015 Federal budget left property well-alone, other than confirmation of the looming pension asset test changes in early 2017. 
Last week Property Observer suggested couples approaching retirement - and aware of the rules in advance - will possibly <a href="/expert-insights/investing/upsizing-homes-before-retirement-and-forget-passing-down-the-holiday-shack-joe-hockeys-2015-budget-pension-implications">compromise on their superannuation voluntary contributions</a> - or sell one of the two $400,000 investment properties - and instead push the funds towards buying an untaxed, un-counted bigger, better home that can be beneficially sold later in retirement.
Now with budget confirmation, data and commentary confirm that some supposed asset-rich part pensioners will wisely upsize homes in order to retain their pensions, and then build up a tax-free asset for their late retirement years. The Scott Morrison aim was for older couples who own their home and have other assets between about $800,000 and $1.2 million to lose their part-pension altogether. 
It presumes the asset test pension limit changes get through parliament.
It will certainly take some planning by nearing pensioners and professionals to ensure it all works, but as one listener told 2GB's Ross Greenwood pre-budget it makes fiscal sense to sell that second $400,000 investment property in coming years to get below the asset test threshold.
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<div>Ross Greenwood also explained to <a href="https://www.9jumpin.com.au/show/today/videos/4230274363001/" target="_blank" style="line-height: 1.3em;">his Channel 9 Today show viewers</a> pre-budget how wise financial planning following the Federal Budget would save part-pensions, to the applause of his colleagues.</div>
"Clever people can work out how to get around Scott Morrison’s new pension rules," the morning show report advised, warning part-pensioners can't give the money away as otherwise Centrelink will nab you..
"Just before you reach pension age you buy something that is not subject to the assets test.
"That something is a new house.
"So in this case the people with $800,000 sell their current home and buy a new home that is $400,000 more expensive, so they reduce their assessable assets to $400,000.
"And they get a 75% pay rise in retirement.
"Infuture if they are desperate for their dough they sell the house which hopefully keeps going up with inflation," Ross Greenwood advised.
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Ross Greenwood quickly sensed retirees set to lose their very small part pension could envisage the gradual destruction to the income under the 2015 Federal budget initiative set to start in 2017.
One pensioners was prompted to write that the Scott Morrison-Joe Hockey 2015 Federal budget proposal "can have only been dreamed up by comfortably well off politicians who have no appreciation of what it is like to try to live off one’s own assets." 
And two charts compiled by the pensioner show how home-owning couples will be effected.
In the first chart, with an interest rate of 3% a couple with $800,000 of assets would only end up with a yearly income of $25,773, whereas a couple with $400,000 and almost a full pension will have a yearly income of $44,973.
A difference in income of $19,200 to the advantage of the couple with less assets.
<img src="/images/2015/05/08/700_2015_budget.jpg" alt="">
In the second chart, where the interest is increased to 5% a couple with $800,000 of assets would only end up with a yearly income of $41,773 whereas a couple with $400,000 and almost a full pension will have a yearly income of $52,973.
A difference in income of $11,200 to the advantage of the couple with less assets.
<img src="/images/2015/05/08/700-budget2.jpg" alt="">
It was calculated it is not until the interest rate is at about 7% that the couple on $800,000 earns an income more or less level with the couple on $400,000.
The outcome is not exclusive to home owning couples, but effects all four categories of retirees.
Pensioners acknowledge the present taper and thresholds can also show the same sort of warp in incomes, it is less evident and indeed at 4% interest most asset levels draw equal in the income they can achieve.
Retirees who are very cautious with investing their assets especially after their experiences in the GFC - are finding trying to earn even 3% is getting harder.
Pensioners suggest any riskier investments could invite loss of capital, which for a retiree can never be made up.
Lots of retirees will either have to dip into their capital and with the spiral down effect that this will produce, will sooner rather than later end up on the full and part pension anyway.
Many others will decide to spend their assets on holidays, upgrading homes or renovations, in order obtain a higher income via the full pension.
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Offloading assets and home upsizing: the maze to keep your part-pension in 2017

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The historic Newspaper House, at 247 Collins Street, Melbourne is under offer.
It comes with mosaic mural on its front facade designed by Napier Waller in 1932.
Mervyn Napier Waller's "I'll put a girdle about the earth" features heroic human figures appear among scenes of commerce, construction and communication.
There's lots of gold, an echo of the Byzantine era, in the 1933 commission by Sir Keith Murdoch from the Herald &amp; Weekly Times who needed more than their empire on Flinders Street.
It was the former WH Rocke Ltd building on a 478 square metre holding.
<a href="https://www.realcommercial.com.au/property-retail-vic-melbourne-501464323" target="_blank">Set near Swanston Street with a 2084 square metre floor area</a>, it was marketed recently by CBRE as an irreplaceable seven level sandstone retail and office building, fully refurnished and upgraded.
Agents suggested it was a genuine “blank canvas” providing strategic opportunity for multi-level retail and/or residential/hotel conversion.
In 2010 Savills Australia had brokered a five-year lease deal for 250 square metres to Nespresso, who have now departed.
Its latest sale price has not been revealed but the former Herald and Weekly Times building sold for $11.08 million to a private investor, Melbourne horse-racing identity Ken Biddick in 2006 through Knight Frank, fully leased for $403,600 a year, reflecting a yield of 3.6%.
The then vendor, Desmond Oppenheimer had bought the building for $7.55 million in 2002.
The ground floor of 247 Collins Street had been previously leased to the House of Cashmere, and the upper levels to Sydney International College.  
HIDDEN TREASURES OF NAPIER WALLER
1926-27 MURALS Melbourne Town Hall, Swanston Street.
1927 MURAL Menzies Hotel, cnr Bourke and William streets (building demolished in 1969, mural sold privately).
1928 MURAL Better Than to Squander Life's Gifts Is to Conserve Them and Ensure a Fearless Future T&amp;G Life Building entry foyer, cnr Collins and Russell streets.
1928 MURAL Peace After Victory State Library of Victoria, first-floor landing near La Trobe Reading Room, cnr, Swanston and La Trobe street.
1933 MOSAIC I'll Put a Girdle Round the Earth Newspaper House facade, 247 Collins Street.
1934 FLORENTINE MURALS Florentino Restaurant, now Grossi Florentino, first floor, 80 Bourke Street.
1935 STAINED GLASS WINDOW Wesley Church, Pioneers window, upper gallery, north wall, 148 Lonsdale Street.
1935 STAINED GLASS WINDOW Ian Potter Museum foyer, Swanston Street on university campus. (Designed for Wilson Hall, University of Melbourne, which was destroyed by fire in 1951. Window was retrieved from the ruins.)
1935 MUIRALS Myer Melbourne Mural Hall dining room, sixth floor, 314 Bourke Street.
1937 STAINED GLASS Orchid Window University of Melbourne Botany School.
1940 MURAL Australian Symbolic Figures University of Melbourne Achitecture, Building and Planning Library (Orginally on display at Royal Insurance Company, 414-418 Collins Street, but donated to university after building was demolished in 1969.)
1963 MOSAIC The Eight Aboriginal Tribal Headmen Temple Court foyer, 422 Collins Street.
1967 MOSAIC Prometheus Monash House foyer, 15 William Street.
List Source: Fairfax Media
 
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Newspaper House, Collins Street under offer

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A rumoured $11.5 million has been paid for a Kew home.
The <a href="https://www.realestateview.com.au/Real-Estate/35-sackville-street-kew/Property-Details-buy-residential-8635040" target="_blank">35 Sackville Street trophy home</a> sold at private auction through Kay &amp; Burton agent Scott Patterson which was brought forward on its marketed May 12 auction date.
It has a resort-style pool, seven-seat cinema, two studies, gym, floodlit tennis court and five-car underground garaging.
It was built eight years ago, Fairfax Media noted.
Kew's last big sale was when the Armadale-bound president of the Hawthorn Football Club Andrew Newbold and his wife, Sarah, sold their Kew home which was listed with $9 million expectations through Kay &amp; Burton late last year.
No settlement documents have yet been registered, and the price has been withheld.
The <a href="https://www.domain.com.au/property/for-sale/house/vic/kew/?adid=2011582332" target="_blank">9-11 Edward Street</a> offering was a 2,700 square metre block with an Edwardian-style residence with north-facing rear swimming pool and floodlit N/S Mod-grass tennis court. 
Sarah Newbold, an interior designer, oversaw the renovation which followed its $5.5 million purchase in 2008.
The street has had two higher sales since, both in 2012 and both to Chinese buyers. 
Kew price disclosure is an issue.
Earlier this year another private auction had everyone talking.
But without price confirmation until settlement, much of the chatter is ill-informed.
The Australian Financial Review advised the private auction secured a bullish $5.6 million price for 10 Blythswood Court.
Expectations, they wrote, had been in the high $4 millions and the highest pre-auction expression of interest was reportedly $5.1 million. 
The Age had previously reported pre-auction the Smorgon family had price expectations of near $6 million. 
Then there were weekend News Ltd reports that it sold for more than $5.75 million.
"It is understood six bidders fought for the four-bedroom home and that it sold for more than its quoted price guide of $5.75 million-plus," the report said.
The selling agents clearly aren't that helpful with any confirmation, given it was a supposed private auction, so sadly the market remains ill-informed.
<a href="https://www.realestateview.com.au/Real-Estate/blythswood-court-kew/Property-Details-sold-residential-8370788" target="_blank">The riverside family estate</a> sits on a 3,354 square metre holding with gas-heated in-ground pool and floodlit North-South tennis court. 
Kay &amp; Burton sold it in conjunction with Castran Gilbert Real Estate.
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Kew trophy home sells at private auction

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The 2015 budget confirms pre-budget announcements that the government is committed to reducing the cost of the age pension, but will now do so more fairly than it had intended in last year’s budget.
<h2>Indexation plans dumped</h2>
The government had previously wanted to link the annual increase of the age pension to CPI instead of wages. Since prices grow more slowly than wages, this would have affected negatively anyone expecting to receive the pension in future.
Crucially, that policy would have lowered the safety net for those with the lowest incomes, halving its value relative to wages in the next forty years. Of the different options to reduce pension costs, this was the <a href="https://theconversation.com/the-intergenerational-report-and-reforming-the-age-pension-38056">most inequitable</a>. Thanks to Senate opposition it has now been abandoned. The freeze on eligibility thresholds relating to the pension will also be abandoned.
<h2>Changes to means-testing</h2>
The <a href="https://scottmorrison.dss.gov.au/media-releases/fairer-access-to-a-more-sustainable-pension">new proposal</a>, to start in 2017, is to make the pension more targeted by tightening the asset test, particularly for home-owners.
As with any means-tested benefit, there are <a href="https://theconversation.com/the-intergenerational-report-and-reforming-the-age-pension-38056">three parts</a>: maximum benefit (i.e. the full pension), the amount of assets you can have before the pension is reduced (i.e. the asset “free area”), and the rate at which the pension is reduced as you have more assets (i.e. the taper). Income is tested separately.
The previous policy would have cut the maximum. The new proposal is to extend the free area, but to make the taper on extra assets more aggressive (see illustration) – a measure originally <a href="https://www.acoss.org.au/media/release/drop_unfair_plan_to_lower_pension_indexation_reform_super_and_pension_asset">proposed</a> by the Australian Council of Social Service (ACOSS).
The family home is still not counted as an asset. But as this graphic shows, people who own their own home will be affected differently to those who do not because the free area increases much more for non-home-owners than for home-owners.
 
<a href="https://62e528761d0685343e1c-f3d1b99a743ffa4142d9d7f1978d9686.ssl.cf2.rackcdn.com/files/81342/area14mp/image-20150512-19524-1rgvrrx.png"><img src="https://62e528761d0685343e1c-f3d1b99a743ffa4142d9d7f1978d9686.ssl.cf2.rackcdn.com/files/81342/width668/image-20150512-19524-1rgvrrx.png" alt=""></a>Asset test changes for pensioners <a class="source" href="https://scottmorrison.dss.gov.au/media-releases/fairer-access-to-a-more-sustainable-pension">Data from DSS</a>, Author provided
<div class="enlarge_hint">Click to enlarge</div>
<h2>Who will be affected by the new means test?</h2>
You will be affected if your (non-home) assets are within the green or red asset ranges, which differ depending on relationship status and housing tenure. One consolation: the Treasurer has <a href="https://www.budget.gov.au/2015-16/content/speech/html/speech.htm">promised</a> that “anyone who currently has a Pensioner Concession Card will continue to receive a concession card that provides the same benefits.”
The vast majority of older people will see no change. Those gaining and losing are part-pensioners. The Government <a href="https://www.abc.net.au/am/content/2015/s4231137.htm">estimates</a> that 170,000 with modest savings are expected to gain some age pension and about 330,000 part-pensioners with more assets will lose at least some of their entitlement.
For example, older couples who own their home and have other assets between about A$800,000 and A$1.2 million are expected to lose their part-pension altogether.
Of the $2.4 billion savings to the budget created by these changes, almost the entirety is borne by changes affecting better-off home owners.
So the measure takes a step toward redressing the inequality of excluding the family home from the asset test, where someone who used their savings to buy a house is favoured over someone who uses theirs to pay rent.
The ideal policy would include the family home beyond a certain level and make better use of the <a href="https://www.humanservices.gov.au/customer/services/centrelink/pension-loans-scheme">Pension Loans Scheme</a>, under which pensioners can get the age pension and eventually pay it back from the equity of their home.
While not saving as much as the previous indexation policy, the effect of a tougher asset test will build over time as Australians accumulate more superannuation savings. In future, more Australians will have assets that will reduce their age pension.
Either way, Australia would be expected to continue to spend very little on public pensions <a href="https://www.oecd.org/els/public-pensions/pensionsataglance.htm">compared</a> to most OECD countries.
<h2>Fragility of retirement incomes</h2>
The proposed policy is a fairer alternative to the indexation changes proposed in last year’s budget. That such indexation changes had any currency at all points to the fragility of the retirement income system when policy-makers focus only on sustainability. Issues remain, but at last both sustainability and adequacy are being considered.
<h3 class="fn"><a href="https://theconversation.com/budget-brief-will-i-lose-my-age-pension-41447?utm_medium=email&amp;utm_campaign=Latest+from+The+Conversation+for+12+May+2015+-+2805&amp;utm_content=Latest+from+The+Conversation+for+12+May+2015+-+2805+CID_67c2eed5a2983e7197bcdbadd5314e11&amp;utm_source=campaign_monitor&amp;utm_term=Budget%20brief%20will%20I%20lose%20my%20age%20pension" target="_blank">Rafal Chomik</a> </h3>
<h3 class="fn">Senior Research Fellow, ARC Centre of Excellence in Population Ageing Research, UNSW at UNSW Australia Business School.</h3>
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'Fair game' pensioner asset test in 2015 budget: Rafal Chomik 

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The Chinese developers Longton Group and Chiwayland have joined forces to develop a $200 million apartment project in Sydney's Roseville.
Their 220-apartment project The Uptown will be built on 1.37-hectares at 1-31 Victoria Street, opposite Roseville College.
It is a two minute walk from Roseville Railway Station.
Longton is known for two futuristic developments at Mascot, Futra and Avantra, which have pioneered such technological breakthroughs as MyiButler and iCommunity. 
But Chiwayland is new to Australia, with both companies having a good relationship in China.
The Uptown will have six buildings in individual garden settings designed by architect Brent Marvin of MD+A.
“We’ve provided deep landscaped setbacks from the street and retained the concept of private gardens for each apartment,” said Mr Marvin. “As well as the large apartment balconies we’ve set aside resident-only areas for socialising.”
Apartment interiors by Archer + Wright will have stonework, broadloom carpet and wide-plank timber floorboards.
Each apartment comes with an iPad that can control the lighting, blinds, television and surround sound system. The iPad is also loaded with Longton’s patentedMyiButler app, a concierge system for ordering goods and services. 
Another feature of The Uptown will be Longton’s social media platform, iCommunity, which allows neighbourhood information and residents’ messages to be displayed on interactive, electronic noticeboards in the lobbies of each building.
The multi-stage development is releasing 61 apartments in May, comprising:
<ul>
<li>one-bedroom units (50sqm) from $698,000</li>
<li>one-bedroom units plus study (61-70sqm) from $785,000</li>
<li>two-bedrooms (70-85sqm) from $990,000 and</li>
<li>three-bedrooms (97-104sqm) from $1,290,000</li>
</ul>
All apartments have one or two security car spaces and lock-up storage rooms.
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iPads come with latest Roseville residential development

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Writer Craig McGregor and his family have decided to sell their five-acre farm at Tyagarah.
The Byron hinterland holding has an <a href="https://www.byronbayfn.com.au/2081939/" target="_blank">extended 100-year-old farmhouse </a>with five bedrooms, wide timber floors and verandahs.
The grounds have pool, stable, round yard, orchard, flower beds, treehouse, fish pool.
It is set 10 minutes from Byron Bay, Bangalow and Mullumbimby. 
After five years and two books, and another one on Bob Dylan on the way, the family have reluctantly decided times they are a'changing - as they move back to Byron Bay.
The original farmhouse was built in 1904 with views overlooking Koonyum Range, Night Cap Ranges, Mt Jerusalem through to Mt Warning and Mt Chincogan.
There are established fruit trees, lemon grass, veggie gardens, and a huge Moreton Bay Fig Tree 
The First National agents James Young and Tara Torkkola have $1.1 million plus hopes.
It was 2010 when the social commentator and his wife, Jane, sold their Wategos Beach property which had Ian McKay's first Byron Bay architectural commission. 
 
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Writer Craig McGregor lists Byron hinterland farmhouse

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Adman John Singleton has yet to sell his little-used Killcare beach house on the NSW Central Coast.
It sits next to the Killcare Surf Life Saving Club, almost on the beach.
It was designed by the local architect Karen Burke with skillion roof-lines and extensive glazing.
The interiors were designed by Chrissie Jeffrey with the master suite comprising a study, dressing room, bathroom and private deck, overlooking a small waterfall and bushland.
Given Singleton's desire to typically stay at his Central Coast Mt White stud farm, the beach property has been instead managed as a luxury holiday house by The Bells Boutique Hotel Group. 
Singleton bought <a href="https://www.domain.com.au/property/for-sale/house/nsw/killcare/?adid=2011889645" target="_blank">the 80 Beach Drive property</a> for a suburb record of $4.25 million in late 2007, pre-global financial crisis. The highest sale since then has been $2.7 million over the past eight years.
It has been listed with Gittoes agents Cathy Baker and Stephen Gittoes who withdrew the property ahead of its scheduled weekend auction with negotiations well advanced.
The initial pre-auction reports of $3.5 million plus hopes were followed by later reports the agents expect $4 million or so, which would equate to a sizeable loss.
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Singo's Killcare beach house remains for sale

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The combined capital city weighted clearance rate for the past week sat at 78.2% close to its 78.6% rate last week, Corelogic RP Data figures show for the week to May 10.
 
<img src="/images/2015/05/08/CoreLogic1.png" alt="" width="607" height="264">
Thirteen of the 15 weeks of auctions this year have cleared above 74%.
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The number of homes taken to auction last week fell slightly to 2,385, compared with 2,540 over the previous week. 
The overall strength across the combined capital city market is showing no sign of slowing down, with 13 of the 15 weeks in which auction results have been reported on so far this year seeing the clearance rate at, or above, 74%. 
Over the corresponding week last year, the clearance rate was 65% and 1,535 auctions were held. 
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<img src="/images/2015/05/08/corelogicmelb.png" alt="" width="566" height="306">
 
In Melbourne, 77.5% of the 938 reported auctions sold in the week to May 10.
There were 1,064 auctions held across the city, down from 1,139 last week when the final auction clearance rate was 81.7% and higher than the 710 auctions held one year ago, with a notably lower clearance rate (61.9%). The inner region of Melbourne had the highest number of auctions this week (231), with a clearance rate of 71.1%. Meanwhile, the strongest clearance rate was recorded across the South East and Outer East region, where preliminary results show 9 in every 10 homes taken to auction sold.
<img src="/images/2015/05/08/sydney.png" alt="" width="550" height="275">
Across Sydney, 924 homes were taken to auction last week with a preliminary clearance rate of 88.7% across 726 reported results. The latest results show that Sydney’s record strong conditions are continuing. In the prior week, the final clearance rate for the city was 87.3%, which prior to being overtaken this week, had been the cities second strongest result on record across 914 auctions.
One year ago, 618 Sydney homes were taken to auction with a clearance rate of 73.3%. Last week, the performance across Sydney’s individual sub regions was varied. Across the Central Coast, where 21 results have been reported so far, the clearance rate was 51.1%, while across Blacktown (96.0%), Ryde (93.6%) and North Sydney and Hornsby (92.9%) the success rate of auctions was much higher.
<img src="/images/2015/05/08/brisbane.png" alt="" width="508" height="260">
There were 176 Brisbane auctions last week with a preliminary clearance rate of 55.5%, having increased from 47.3% in the prior week across 192 auctions and higher than one year ago when there were 89 auctions with a success rate of 46.7%. The Gold Coast’s preliminary clearance rate was 41.8% across 55 results this week.
<img src="/images/2015/05/08/adelaide.png" alt="" width="509" height="257">
A total of 92 Adelaide homes were auctioned last week and the preliminary auction clearance rate of 63.9% is just higher than the 62.8% from the previous week across 167 auctions. One year ago, although Adelaide’s clearance rate was comparable at 62.3%, there were far fewer auctions (57). 
In Perth, 42 auctions took place last week, with 19 results reported so far. Perth’s preliminary clearance rate of 26.3% across these 19 results is similar to both last week’s result (29.4%) and the clearance rate from one year ago (25.0%). 
Canberra’s preliminary auction clearance rate of 63.0% last week is lower than last week, when the final auction clearance rate was 83.0 per cent and higher than the 57.1% recorded last year. So far this year, Canberra’s auction clearance rate has been substantially stronger when compared to previous years. 
Tasmania saw 11 auctions take place last week, 7 results have been reported so far, with 3 sales.  
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Auction clearance rate 13% higher than May 2014 nationally: CoreLogic RP Data

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House Rules contestants, Ryan and Marlee's mortgage is $229,000 - paying off what the Adelaide couple dub the ugliest house in South Australia.
Ryan Rebbeck purchased <a href="https://au.tv.yahoo.com/house-rules/houses/ryan-and-marlee/#page1" target="_blank">the house</a> four years ago alone, and works two jobs, garbage collector and paver.
 Marlee Murphy, who works as a travel agent, entered the duo on the show now in its third series.
They have big shoes to fill as the first House Rules winners South Australian team Carly and Leighton took out the top prize of the high rating renovation show, with their $450,000 mortgage wiped clean.
Michelle and Steve from New South Wales were announced runners up in that series. They had wanted their $629,000 mortgage – the biggest mortgage on the show - wiped, but they don’t walk away empty handed with their newly renovated home to be potentially worth $180,000 to $225,000 more.
A $500,000 purchase in Melbourne's Reservoir was behind the 2015 House Rules series contestant couple, Bronik and Corrine's property <a href="/news/bronik-and-corrines-448-000-house-rules-mortgage-1st-generation-home-owners">in Melbourne's northern suburbs.</a> Bronik and Corrine have<a href="/news/bronik-and-corrines-448-000-house-rules-mortgage-1st-generation-home-owners"> a $448,000</a> mortgage which would be wiped if the couple win the 2015 Johanna Grigg's hosted renovation competition.
<img src="/images/2015/05/08/700_adelaide.jpg" alt="" width="570" height="346">
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Ryan and Marlee's $229,000 House Rules Adelaide mortgage

Just a week after filing plans for the final stage of its major Keira Place masterplan, <a href="https://www.apartments.com.au/developers/urban-property-group">Urban Property Group</a> has unveiled another significant housing proposal in Wollongong, this time targeting a prominent site opposite North Wollongong Station.

The developer has lodged a State Significant Development Application for a 38-storey mixed-use tower at <a href="https://www.apartments.com.au/new-apartments/4-4a-flinders-street-north-wollongong-nsw-2500">4-4A Flinders Street</a>, around one kilometre north of the <a href="https://www.apartments.com.au/new-apartments/keira-place-wollongong-120-122-smith-street-wollongong-nsw-2500">Keira Place precinct</a> currently taking shape on the edge of the CBD.

<img alt="First look: Urban Property Group plans 38-storey North Wollongong tower as Keira Place expansion gathers pace" data-entity-type="file" data-entity-uuid="2b6428f1-6405-4038-8476-897de440e90d" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/flinders%20podium.png?VersionId=QLqEvK0OuCEwRC47oHNftrw2B1YqaHF8" />

Designed by Studio.SC, the proposal comprises a 38-storey mixed-use development containing 303 apartments, including 45 affordable housing units, alongside 174 co-living residences. The scheme also includes ground-floor retail space, extensive landscaping and public domain improvements.

Studio.SC noted in the proposal it "outlines a vision for a landmark transit-oriented mixed-use development centred around North Wollongong Station, designed to support the city’s future growth while responding to the NSW Government’s housing and planning reforms."

The architecture firm said the proposal responds to the opportunities and constraints shaping future growth within the 400-metre catchment of the station and represents "a coordinated and future-focused approach to urban intensification, contributing to the long-term evolution of North Wollongong as a connected, walkable and high-density station precinct."

The site occupies a strategic corner bounded by Flinders Street, Station Street, Stafford Street and the Princes Highway, directly opposite North Wollongong Station.

<img alt="First look: Urban Property Group plans 38-storey North Wollongong tower as Keira Place expansion gathers pace" data-entity-type="file" data-entity-uuid="7863adad-1f71-4022-b850-f44b252738fd" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/flinders%20podium%20a.png?VersionId=WsU7av0g8_8R2tGHWxgHeFSlhu7yeY1V" />

The proposal follows Urban Property Group's recent submission for the second and final stage of Keira Place, which would deliver a further three buildings comprising 657 homes opposite Beaton Park. It builds on the first stage, which features 150 apartments across two towers and recently commenced construction.

Urban Property Group CEO Patrick Elias said breaking ground on the first stage marked a significant milestone for Wollongong and reflected the developer's long-term commitment to regional cities.

"Today's groundbreaking is about turning approvals into homes and moving quickly to deliver much-needed housing in Wollongong's city centre," Elias said.

"Keira Place will provide a diverse mix of homes close to jobs, transport and services, while setting a high benchmark for quality, durability and consumer protection."

Read more:&nbsp;<a href="https://www.apartments.com.au/news/nsw/urban-property-group-unveils-trio-of-towers-for-next-stage-of-new-wollongong-precinct-keira-place">Urban Property Group unveils trio of towers for next stage of new Wollongong precinct, Keira Place</a>

Joel Robinson

First look: Urban Property Group plans next major Wollongong tower

<a href="https://www.apartments.com.au/developers/arada">Arada</a> has wasted little time expanding its ambitions in Campsie, lodging plans for a second major project in the rapidly transforming town centre just months after unveiling its three-tower One Campsie proposal on Beamish Street.

The UAE-backed developer has now taken aim at one of the suburb’s most strategically positioned sites, filing a State Significant Development Application for a <a href="https://www.apartments.com.au/new-apartments/10-north-parade-campsie-nsw-2194">33-storey mixed-use tower</a> at 10 London Street and 43 North Parade, directly opposite the future Campsie Metro Station. The proposal is currently on public exhibition and represents another significant vote of confidence in Campsie's emergence as one of Sydney’s key transit-oriented growth centres.

Designed by <a href="https://www.apartments.com.au/architects/woods-bagot">Woods Bagot</a>, the development would deliver 156 apartments above a podium containing retail and commercial space, creating a new residential and commercial gateway to the town centre. The scheme also includes a four-level above-ground parking podium and a dedicated residential amenity floor featuring wellness and recreation facilities. At least 10 per cent of the apartments would be allocated as affordable housing for a period of 10 years.

The proposal occupies a 1,631 sqm site bounded by London Street, North Parade and Dispensary Lane, immediately adjoining the future Metro station precinct and just metres from Beamish Street’s retail and dining strip. According to the Urban Design Report, the project seeks to deliver "a great place that prioritises human-scaled experience and provides spatial improvements to the area."

<img alt="First look: Arada doubles down in Campsie with 33-storey Metro-front tower plans" data-entity-type="file" data-entity-uuid="175a8324-015b-4856-abe3-ce6f23199fa7" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/podium%20campsie.png?VersionId=742UGwXFhFBX4GEl6wX4PYIWREAgn6il" />

Woods Bagot describes the tower as a key marker within Campsie's next phase of growth.

"Located directly opposite the new Campsie Metro Station on North Parade, 10 London Street is a thoughtfully composed 33-storey mixed-use tower that contributes to the ongoing transformation of the town centre," the Architectural Design Report states. The report says the project is intended to provide "high-quality homes within a vibrant, connected urban environment, while helping define Campsie's future skyline."

A strong emphasis has been placed on the public realm. The ground floor incorporates over 500 sqm of retail space and active frontages along both London Street and North Parade, while the podium is wrapped by extensive landscaped planting intended to soften the building's scale and strengthen the pedestrian experience. The development would also widen surrounding footpaths and improve connections between the Metro station and the broader town centre.

Above the podium, residents would have access to more than 1,400 sqm of communal amenities, including a pool, gym and landscaped recreation spaces. A distinctive green-wall treatment extending across four podium levels forms a major architectural feature, helping differentiate the project within the emerging high-density precinct.

The tower's design is closely tied to the broader Campsie Town Centre Master Plan and the arrival of Sydney Metro. The Urban Design Report notes the proposal "directly supports the Campsie Town Centre Master Plan by delivering new homes in a location explicitly identified for growth, improved accessibility, and high-quality urban renewal." It adds that the project contributes to the master plan's vision for a strengthened town centre supported by thousands of new homes around the future Metro station.

<img alt="First look: Arada doubles down in Campsie with 33-storey Metro-front tower plans" data-entity-type="file" data-entity-uuid="bfd17654-253e-489a-bade-6278d63db412" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/base%20campsie.png?VersionId=3roJPMQGs36dazpkhvpvbDDP73Ld.Ica" />

The application follows Arada's recently lodged One Campsie project at 124–142 Beamish Street and 16–18 Ninth Avenue, where the developer is seeking approval for 346 apartments across three towers rising 24, 32 and 39 storeys. Together, the two proposals would cement Arada as one of the most influential developers shaping Campsie's future urban form.

Read more:&nbsp;<a href="https://www.apartments.com.au/news/nsw/first-look-arada-files-for-trio-of-apartment-towers-in-campsie-town-centre">First Look: Arada files for trio of apartment towers in Campsie town centre</a>

Arada entered the Australian market in 2024 and has rapidly assembled a significant development pipeline across Sydney. Alongside its Campsie holdings, the developer is soon to launch <a href="https://www.apartments.com.au/new-apartments/wattle-green-2-fishburn-crescent-castle-hill-nsw-2154">Wattle Green</a> in Castle Hill, and has expanded its local operations following its acquisition of construction firm Roberts &amp; Co.

Located around 14 kilometres south-west of the Sydney CBD, the site sits at the centre of one of Sydney's fastest-changing middle-ring precincts. The Metro conversion of Campsie Station, combined with Canterbury-Bankstown Council's master planning framework, is driving significant residential intensification around Beamish Street and North Parade, with thousands of new homes expected over coming decades.

First look: Arada doubles down in Campsie with 33-storey Metro-front tower plans

For the first time in a long time, Australia's inflation story is starting to look more like a landing than a fight.

The latest Consumer Price Index figures from the Australian Bureau of Statistics showed annual inflation eased to four per cent in May, down from 4.2 per cent in April. On the surface, that might not seem like a major move. Inflation remains above the Reserve Bank's target range and some categories continue to record stubborn price growth.

But the significance of this result lies less in where inflation sits today and more in what it means for where interest rates are likely heading next.

The biggest takeaway is that inflation continues to move in the right direction.

Markets had been bracing for another sticky result after a period where progress appeared to stall. Instead, headline inflation came in softer than expected, helped by falling fuel prices and easing transport costs. Annual transport inflation halved from 6.6 per cent in April to 3.3 per cent in May, while automotive fuel prices fell 11.9 per cent during the month following lower oil prices and the impact of reduced fuel excise measures.

While petrol prices don't solve Australia's affordability challenges, they are one of the most visible and immediate costs for consumers. Falling fuel costs feed through the economy quickly, helping ease pressure on household budgets and business operating expenses.

The ABS data also showed headline inflation is now sitting at its lowest annual level in several months, reinforcing the broader trend that price growth is gradually moderating.

That trend is important because it aligns with what many economists and lenders have been saying for the last month.

Prior to this week's inflation data, ANZ, NAB and Commonwealth Bank had all shifted their forecasts, now believing the Reserve Bank had likely reached the peak of the interest rate cycle. Following the May inflation release, ANZ reaffirmed that view.

In its latest economic update, ANZ said it expects quarterly trimmed mean inflation to come in at 3.7 per cent for the June quarter, slightly below the Reserve Bank's forecast of 3.8 per cent. Importantly, the bank said that outcome, when combined with slowing economic activity, "supports our view that the cash rate has peaked".

The Reserve Bank has spent the better part of three years attempting to bring inflation under control through higher interest rates. If Australia's major banks are correct and rates have now peaked, the conversation shifts from how much higher rates could go to when they might begin coming down.

Westpac's caution comes from underlying inflation. The trimmed mean, the measure most closely watched by the Reserve Bank, increased from 3.4 per cent to 3.6 per cent annually. Housing inflation remains elevated at 6.5 per cent, reflecting ongoing increases in rents, electricity costs and new dwelling construction.

Electricity prices remain particularly problematic, rising 21.1 per cent over the past year following the removal of government rebates.

Housing construction costs are also showing signs of renewed pressure. ANZ noted new dwelling costs rose 0.9 per cent in May and are now running at an annualised pace of 8.6 per cent over the past three months. Builders continue to face higher labour, fuel and material costs, a reminder that inflationary pressures have not completely disappeared.

Housing affordability has deteriorated largely because of higher interest rates rather than higher property prices alone. Even modest reductions in mortgage rates would improve borrowing capacity, increase buyer confidence and reduce repayment pressure on existing homeowners.

While August is far from a certainty, the latest inflation result has strengthened the view that the next move in rates is more likely to be down than up. For borrowers, buyers and the development sector, that alone represents a significant shift from the conversation that dominated much of the past two years.

The inflation result the property market was waiting for

Commercial property group FiveX is doubling down on its move into the residential space.

The group, founded by Joshua and Marko Berger more than five decades ago, has followed up its plans for a 39-storey tower on North Sydney's Alfred Street with a proposed 61-storey tower in Chatswood.

The new tower at <a href="https://www.apartments.com.au/new-apartments/815-pacific-highway-chatswood-nsw-2067">815 Pacific Highway</a>, which would be one of the tallest proposed in Chatswood in recent years, will comprise 490 apartments, 76 of which will be dedicated affordable housing and managed by Evolve Housing for a minimum of 15 years.

The project will replace the long-standing Panorama Building, originally known as the BMA Tower, a 14-storey office building completed in 1972 and designed by Hungarian-born architect Hugo Stossel. At the time of its completion, the building was the tallest structure in Chatswood and became a local landmark due to its distinctive curved form and external glass lift.

<img alt="FiveX" data-entity-type="file" data-entity-uuid="956bd299-3864-47a0-8ea6-162b5524c5d8" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-06-24%20at%201.02.03%E2%80%AFPM.png?VersionId=EWx7teUr7RcYrI9mgRytwppwt5AdUDtb" />

fjcstudio is behind the designs. Its Architectural Design Report argues the ageing commercial building no longer reflects Chatswood's role as one of Sydney's key strategic centres and that the site is ideally positioned to support significantly higher residential density.

"The site is located at the heart of Chatswood, within the TOD accelerated rezoning area that supports higher density development around the new Metro station," the report states.

"The site's role within a walkable 400-metre radius catchment is where housing, employment, retail and community uses are encouraged to cluster in support of transit-oriented living."

<img alt="fjc" data-entity-type="file" data-entity-uuid="8d198f5e-cc71-4175-9357-be6ec7207473" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-06-24%20at%201.18.27%E2%80%AFPM.png?VersionId=5WUFc3IYBPvhQMBUYLCsjJhzdcVeYodE" />

The proposal has undergone two rounds of review by the NSW State Design Review Panel, with the design evolving through an extensive assessment process focused on design excellence, public realm outcomes, residential amenity and the integration of affordable housing.

fjcstudio says the residential component provides a diverse mix of apartment typologies, supporting a broad demographic and contributing to housing supply in a highly accessible location close to major transport, employment and retail infrastructure.

The application follows FiveX's plans for a 39-storey tower at <a href="https://www.apartments.com.au/new-apartments/275-alfred-street-north-north-sydney-nsw-2060">275 Alfred Street</a>, which it <a href="https://www.apartments.com.au/new-apartments/275-alfred-street-north-north-sydney-nsw-2060">submitted through the same NSW Government pathway</a> in December. That's for 184 apartments.

Recent activity in Chatswood includes Hyecorp launching its Archer Street project, Celine, and Develotek securing approval for a 34-storey tower.

First look: FiveX targets Chatswood skyline with 61-storey tower after North Sydney plans

Bridgewell Capital and SLD Development seem to be bullish on the Killara apartment market, filing plans for a second new development next to the Killara Golf Club.

The new plans are for 79 apartments across an amalgamated 4,989 sqm site on Buckingham Road.&nbsp;The project has been designed by BKA Architecture and is being assessed under the NSW Government's Low and Mid-Rise Housing and Infill Affordable Housing reforms. It is just 300 metres from&nbsp;Killara train station.

The majority of the apartments are three-bedrooms (46), with 23 two-bedroom apartments, seven one-beds, and three four-bedroom apartments. 17 of the apartments&nbsp;are proposed as affordable housing, representing 15 per cent of the project's gross floor area, allowing the development to access additional floor space and height incentives available under the NSW Housing SEPP.

There will be 131 resident and visitor car spaces, and more than&nbsp;1,450 sqm of communal open space. Landscaped areas would account for approximately 45 per cent of the site.

<img alt="Killara" data-entity-type="file" data-entity-uuid="75ef5ef7-a53b-4932-a8f1-38f63169eec9" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-06-24%20at%2011.04.00%E2%80%AFAM.png?VersionId=d_lG1A1StDaMQilljy25Fr8SF1BnAmKE" />

The site currently contains three detached dwellings and occupies a prominent position on the eastern side of Buckingham Road, with frontage to an area that has already begun transitioning towards higher-density housing. Existing apartment buildings of up to six storeys surround the site, while the Killara Golf Club forms its southern boundary.

The application has been lodged as a State Significant Development due to the affordable housing component and the scale of the project.

According to the design report, the proposal has been shaped by the area's evolving planning framework, which is encouraging greater housing density around transport infrastructure.

"The site sits along a growth area anticipated to undergo transformation in line with broader trends across New South Wales, driven by the implementation of the Low and Mid-Rise and Transport-Oriented Development State Housing Policies," the report states.

"Being within 800 metres walking distance to Killara Train Station, the project seeks to provide high-quality apartments designed for various family sizes, located in a vibrant landscaped setting."

The Upper North Shore suburb has become one of the most closely watched testing grounds for the NSW Government's housing reforms. A number of developers have moved quickly to consolidate sites around railway stations across suburbs including Killara, Lindfield, Gordon and Roseville, where the new planning settings are creating opportunities for apartment developments that would previously have been difficult to achieve.

The likes of Aqualand, Hyecorp, Holdmark and Vermont Property Group have projects in the region.

Bridgewell has several developments in the pipeline. Last September they submitted plans for <a href="https://www.apartments.com.au/news/nsw/bridgewell-capital-seeks-55-apartment-project-in-killara">55 new apartments</a> at&nbsp;23-25 Lorne Avenue in Killara, just the other side of Regimental Park from their new project. In May they filed for <a href="https://www.apartments.com.au/news/nsw/first-look-bridgewell-plots-120-apartments-and-childcare-centre-in-maroubra-town-centre">120 apartments in Maroubra</a>.

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Jonathan Chancellor

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