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There's heightened desire that Tuesday's State Budget does something on the stamp duty front. Some seek relief others reform.
Stamp duty has been unchanged in NSW for 32 years despite the median house price rising by 1000 percent or so.
When the current NSW transfer duty rates were budgeted in 1986, the median dwelling price, according to CoreLogic, was $80,000 compared to the current median house price of just above $1 million.
The median stamp duty paid was $1500 after Premier Barry Unsworth's 1986 budget.
The typical buyer now pays $42,000 duty for their acquisition.
The government unwillingness to move on the stamp duty rate was outrageous, Leanne Pilkington, the Real Estate Institute of New South Wales president, recently suggested.
She went even further suggesting the government’s inaction was "nothing less than unconscionable.”
But I suspect next week's budget is not the time for the NSW government to correct the punishing effects of stamp duty bracket creep. 
NSW Treasurer Dominic Perrottet is facing softening house prices and reduced sales activity at a time he's got heightened infrastructure spending demands.
Last financial year NSW residential and commercial property buyers paid $9.8 billion in stamp duty after a record 228,000 sales, with stamp duty accounting for 28 percent of total state tax revenues. 
State Treasury has already downgraded its revenue forecast in the mid-year budget review in December, and the escalating property downturn is now tipped to see revenue down by $865 million this financial year. 
There can be little doubt that stamp duty affects affordability by making buying homes dearer, especially for first home buyers who get most of the current offsetting handouts.
But it affects mobility too.
Stamp duty impedes workers taking advantage of new employment opportunities elsewhere.
It leads to the inefficient use of housing by constraining the capacity of the empty nesters and elderly to downsize into a more appropriately sized home.
Premiers Kristina Keneally and Barry O'Farrell had a shot at an initiative aimed at encouraging seniors to downsize to regional NSW with the twin goal of encouraging new home construction.
Described as an Australian first, it flopped.
State treasurers tend to copy each other's initiatives, so it will be interesting to see whether Perrottet looks over the border to the recent ACT budget.
It will abolish stamp duty for first home buyers with an annual household income of $160,000 or less.
The scheme sees the abolition of the $7000 first home owners grant.
The ACT is also several years into its 20 year plan to abolish stamp duty in favour of higher council rates and land taxation.
Reformers hope NSW takes the initial steps away from stamp duty, replacing it with a universal land tax paid annually on all properties, not just investors. 
It will ensure reliability of revenue and free up property transfers.
This article was first published in the Saturday Daily Telegraph.
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Heightened desire for NSW State Budget to offer relief or reform on stamp duty

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The option held by Paul Nairdone's publicly listed Perth based estate agency to acquire the east coast Top Level estate agency has been extended yet again.
The managing director of The Agency says it remains "totally committed" to acquiring Top Level, though its plans to secure the burgeoning Bondi Beach based outfit appear hopeful with shares dropping to a record low in today's trade.
The elusive option was taken in January last year, as it envisaged having an combined estate agent of 600 sales representatives nationally.
But it told shareholders this week the agreement to buy the east coast business had been extended by another four months.
Top Level Real Estate, which trades as The Agency under a licence agreement, is run by high commission, ex-McGrath rebels led by Matt Lahood.
The sharemarket was told Agency Group Australia had "entered into an extension to the amended and restated binding option agreement."
It noted a "deed of variation has been entered into by Ausnet Real Estate Services and Top Level’s majority shareholders under which all parties have agreed the option agreement be extended for the period of four months from 11th June 2018 until on or before 5pm AEST on 11th October 2018."
Under the terms of the deed, the completion of a raising of no less than $10 million (a condition precedent under the option agreement) has been extended until 5pm AEST on 11th August 2018 or at a later date agreed to by all parties.
Its recent hopeful plans for a $10 million equity raising at 2¢ a share failed to get anywhere after The Agency parted ways with its Perth underwriter, CPS Capital Group, in April.
No replacement underwriter has since been announced.
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<div class="cq-article-content-media section">"We're totally committed to getting this deal done," The Agency managing director Paul Niardone told The Australian Financial Review.</div>
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<div class="related-quotes section">"There's quite a bit we need to do. It's not just about the raising but about merging two organisations and how that will take place. We don't want to be pushed to a timeframe."</div>
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Shares in The Agency have fallen to 1¢ in morning trade.
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Its WA-based business generated total revenue of $13.5 million in the year to May with the east coast Top Level network bringing in $16.1 million. Its latest sharemarket advisory claims The Agency Group is "achieving its stated goal of being the fastest growing real estate brand nationally."
Their recent WA acquisition Sell Lease Property (SLP), acquired in March 2018, saw 115 properties settled and 324 listings for the two months to May 2018.
In May 2018, The Agency and Sell Lease Property combined ranked fifth in Western Australia for $ value and fourth in number of sale.
It has advised the company is closing in on claiming number one ranking in WA for number and value of sales when compared with the top groups in the state.
The Agency Group Australia, formerly Ausnet Financial ServicesLimited, has also announced it has acquired Inglewood Estate Agency, further expanding its reach in the Western Australian market.
The transaction adds 80 property managements to The Agency.
Inglewood Estate Agency principal Mark Jewell will join The Agency Group team, with over 30 years’ experience selling properties.
Established in 1960, Inglewood Real Estate is a longstanding family business. The purchase price of $436,180 will be paid in three payments over two year, the first instalment representing 80% of the total purchase consideration which was paid at settlement.
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(Agency East Coast from April 1, 2017)
But it has recently borrowed $1.1 million in short-term funding (at annualised interest rate of 18 per cent) as working capital.
Niardone said the commercial loan, to be repaid in three months, would tide it over until the Top Level deal was sealed. 
The $1.1 million is being lent by a private lender, with Niardone declining to reveal the lender’s identity to The Australian.
The Agency real estate sales posted gross commission income of $7.55 million while SLP posted $1.5 million (March – May), totaling $9 million of commission income for YTD May 2018.
The Agency Property Management reported monthly income of $116,000 for May and added 96 new property managements.
Mortgage and Financial Solutions Australia posted a record month of $20 million in loan lodgments while the loan book grew 9.5% against a drop of 18% in the overall Western Australian lending market.
Commenting on the results, The Agency Managing Director Paul Niardone said these were "exceptional results" for its Western Australian operations, especially when considering the market is still down 1.8% in dwelling values to May 2018 and sales turnover, for the same period as last year, was down 5%.
"The numbers also demonstrate that the referral of clients into other business units is working.
"The results illustrate we have a proven model that is disrupting the traditional franchise model by giving power back to the real estate agent and providing a significant value proposition to agents.
"The traditional model has had its time and The Agency has proven this by showing that, combined with Sell Lease Property, we are knocking on the door of claiming number one ranking in WA for number and value of sales."
The group reported recently it had $1.1 million in cash at the end of the March quarter.
It forecast outflows of $4.9 million in the June quarter. Its March quarterly revenue was $4.2 million
The sharemarket values the company at $8 million.
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The Company is backed by Finsure Group, one of Australia's fastest growing retail finance brokerages writing over $1 billion in new mortgages every month across 850 brokers.
Ausnet Financial Services Limited, as The Agency Group was then known, advised the sharemarket in early 2017 that its east coast expansion involved as=n option agreement with Aura Principal Investments Pty Ltd (ACN 145 010 653), Top Level Holdings Pty Ltd (ACN 617 021 167) and Daring Investments Pty Ltd (ACN 059 818 807) to acquire 100% of the fully paid ordinary shares in the capital of Top Level Real Estate Pty Ltd.
Ausnet director John Kolenda holds an interest in Top Level via his 50% shareholding in (and directorship of) one of the vendors, Daring Investments Pty Ltd.
 
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The Agency again delays Top Level acquisition deal

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There were a total of 11,000 Sydney auctions over the three autumn months, with volumes down around 7% on last year's offerings during March, April and May.
Before we move too far into the winter listings slowdown that emerges from the Queens Birthday weekend onwards, it is timely to review just where Sydney stands after the autumn auction selling season.
The city wide clearance rate fell from 75% last Autumn to 61% of homes selling at auction this autumn. And it seems winter has kicked off even weaker.
No region escaped the downturn, but Blacktown emerged the hardest hit when the CoreLogic results are broken down. There was a 36% success rate around the Blacktown region, with CoreLogic pinpointing the actual suburb's 70 offerings ranked as the 20th busiest suburb.
The outer West, Parramatta and South West all saw clearance rates in the low or mid-40s.
With 1500 offerings, Sydney's eastern suburbs emerged the strongest region with 72% selling, but this was down from 80% on Autumn 2017. The busiest region was North Sydney and Hornsby where 69% of the 1700 offerings were sold.
Randwick was the busiest suburb with 81% of its 170 auctions finding buyers, with Mosman second busiest with 83% of the 146 offerings finding buyers.
Northbridge at 90% was the best selling auction hotspot during autumn, though with just 34 auctions.
Bronte, Dover Heights, Mosman and Fairlight made up the best performing five suburbs.
The CoreLogic data indicates the truism that Sydney is not one market, but rather hundreds across the suburbs. 
There is no doubt boom fatigue impacted most markets as Sydney did go through an amazing five year run which saw the median price up 75%.
Buyer enthusiasm certainly sapped towards the end of last year, and this escalated in Autumn. 
The average number of bidders at auction fell from five or more to three or less.
Vendors likewise have begun to drop off too. CoreLogic put fresh offerings as now down 11% on last June.
I still think there is buyer enthusiasm there, but lenders are not prepared to lend to prior levels.
Noting there were buyers waiting in the wings, Tim Lawless, the head of research at CoreLogic, agreed this week that credit restrictions was the key driver of the softness.
Commentator Martin North from Digital Finance Analytics has noted credit is harder to get. His surveys show that up to 40% of applications for mortgages are being turned down, compared with 5% a year ago, as lenders apply more forensic analysis of applications received. 
Just two years ago an online calculator advised borrowers could secure $825,000 on a $100,000 salary.
The same calculator advised $625,000 was the limit.
So buyers need to stay in touch with their lenders and to keep auction bidding at a level that matches their budget and knowledge of the recent local pricing.
This article first appeared in The Daily Telegraph. 
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Sydney auction market weakened in autumn, but some suburbs are bucking the trend

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One of Marrickville’s finest free-standing brick federation residences was snapped up before its scheduled long weekend auction.  No sale price was provided for the home at <a href="https://www.realestate.com.au/property-house-nsw-marrickville-128346670" target="_blank">292 Livingstone Road</a> that was held by the same family for over 50 years. The three bedroom brick residence has high ornate ceilings and stained glass windows.
The home sits on a 504 sqm with established rose gardens.
It was offered through Peter Hall at State Realty.
Livingstone Road's highest sale was $2.19 million in 2017 at 181 for Mungret, the 1881 Victorian home.
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Marrickville home snapped up pre-auction after 50 years ownership

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A Sydney architect spent $1,255,000 on an empty Enmore auction offering.
It was a derelict property glamorously dubbed an overgrown "Angkor Wat." 
The dump, once a boarding house, had become so overgrown that the listing agent suggested it resembled the famed Cambodian temple where tree roots dominate the environment. 
It was obviously such a challenge to rebuild, the property actually sold at below the $1.3 million price guidance set by its McGrath Newtown listing agent Damien West.
The graffiti-ridden, roofless house at <a id="LPlnk101756" class="x_OWAAutoLink" href="https://www.realestate.com.au/property-house-nsw-enmore-128383846" target="_blank" rel="noopener noreferrer">52 Juliett St </a>had its windows boarded up with corrugated iron.
A roots of a giant fig tree snaked through its interior.
The architect wants to build a designer home on the 228 sqm block and then on-sell it, the Sunday Telegraph reported.
The property last traded at $7200 in March 1966.
It was one of the limited auction offerings listed across Sydney. 
CoreLogic put the Sydney clearance rate at 57.6 per cent.
Melbourne likewise had reduced listings as auction volumes fell significantly due to the Queen’s Birthday long weekend.
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There were 900 homes auctioned across the combined capital cities, down from 2,281 last week. 
The preliminary clearance rate was recorded at 55 per cent, up slightly from last week when the final clearance rate came in 54.1 per cent, the lowest level recorded across the combined capitals since 2012. 
"Once the remaining results are collected over the next few days, it is possible that the final clearance rate for this week rate will revise even lower," Kevin Brogan, the CoreLogic auction analyst suggested.
Sydney overtook Melbourne as the busiest city for auctions this weekend, with 414 homes going under the hammer, returning a preliminary clearance rate of 57.6 per cent, compared to last week when just 47.1 per cent of the 837 auctions were successful. 
Over the same week last year, there were 619 auctions held in Sydney, returning a clearance rate of 67 per cent.
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There were just 276 auctions held in Melbourne this week returning a preliminary auction clearance rate of 56.1 per cent, the lowest success rate since 2012. By comparison, last week there were 1,079 auctions with a final clearance rate of 59.8 per cent, while this time last year, 75.9 per cent of the 389 auctions held were successful.
Adelaide was the best performing capital with a 65.5 per cent success rate across 29 auction results, followed closely by Canberra, where 65.4 per cent of the 26 reported auctions were successful.
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<td>
<h2>Auction highlights this week</h2>
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<td>Saturday, 9 June 2018 </td>
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<th>City </th>
<th colspan="2">Location </th>
<th>Value Sold </th>
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Most expensive
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<td id="x_rpMostExpensive_tdMostExpensiveCity_0" align="left">Sydney</td>
<td id="x_rpMostExpensive_tdMostExpensiveLocation_0" colspan="2">3 Cooper St, Double Bay NSW 2028, 3 br House, R&amp;H Double Bay</td>
<td id="x_rpMostExpensive_tdMostExpensiveSold_0">$4,462,000</td>
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<td id="x_rpMostExpensive_tdMostExpensiveCity_1" align="left">Melbourne</td>
<td id="x_rpMostExpensive_tdMostExpensiveLocation_1" colspan="2">4 Stanley St, Williamstown VIC 3016, 3 br House, Williams RE</td>
<td id="x_rpMostExpensive_tdMostExpensiveSold_1">$2,062,000</td>
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<td id="x_rpMostExpensive_tdMostExpensiveCity_2" align="left">Adelaide</td>
<td id="x_rpMostExpensive_tdMostExpensiveLocation_2" colspan="2">1 Arthur St, Semaphore South SA 5019, 3 br House, HAR Packham</td>
<td id="x_rpMostExpensive_tdMostExpensiveSold_2">$802,500</td>
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<td id="x_rpMostExpensive_tdMostExpensiveCity_3" align="left">Brisbane</td>
<td id="x_rpMostExpensive_tdMostExpensiveLocation_3" colspan="2">22 Abbott St, New Farm QLD 4005, 5 br House, Hutton and Hutton</td>
<td id="x_rpMostExpensive_tdMostExpensiveSold_3">$3,360,000</td>
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<td id="x_rpMostExpensive_tdMostExpensiveCity_4" align="left">Canberra</td>
<td id="x_rpMostExpensive_tdMostExpensiveLocation_4" colspan="2">16 Drevermann St, Farrer ACT 2607, 4 br House, Peter Blackshaw</td>
<td id="x_rpMostExpensive_tdMostExpensiveSold_4">$1,350,000</td>
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Most affordable
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<td id="x_rpMostAffordable_tdMostAffordableCity_0" align="left">Sydney</td>
<td id="x_rpMostAffordable_tdMostAffordableLocation_0" colspan="2">12/11 Gilbert St, Cabramatta NSW 2166, 2 br Unit, Ozway Realty</td>
<td id="x_rpMostAffordable_tdMostAffordableSold_0">$360,000</td>
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<td id="x_rpMostAffordable_tdMostAffordableCity_1" align="left">Melbourne</td>
<td id="x_rpMostAffordable_tdMostAffordableLocation_1" colspan="2">4/1 Mahoneys Rd, Reservoir VIC 3073, 1 br Unit, Ray White Reservoir</td>
<td id="x_rpMostAffordable_tdMostAffordableSold_1">$291,000</td>
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<td id="x_rpMostAffordable_tdMostAffordableCity_2" align="left">Adelaide</td>
<td id="x_rpMostAffordable_tdMostAffordableLocation_2" colspan="2">242A Gilbert St, Adelaide SA 5000, 2 br House, City Realty - Adelaide</td>
<td id="x_rpMostAffordable_tdMostAffordableSold_2">$359,000</td>
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<td id="x_rpMostAffordable_tdMostAffordableCity_3" align="left">Brisbane</td>
<td id="x_rpMostAffordable_tdMostAffordableLocation_3" colspan="2">20 School St, Marburg QLD 4346, 3 br House, RW Ipswich</td>
<td id="x_rpMostAffordable_tdMostAffordableSold_3">$252,000</td>
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<td id="x_rpMostAffordable_tdMostAffordableCity_4" align="left">Canberra</td>
<td id="x_rpMostAffordable_tdMostAffordableLocation_4" colspan="2">4/15 Conner Cl, Palmerston ACT 2913, 3 br Townhouse, Wright Dunn Real Estate</td>
<td id="x_rpMostAffordable_tdMostAffordableSold_4">$533,000</td>
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</tbody>
</table>
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Overgrown Enmore former boarding house sold for less than expected 

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Walker House, the luxury Bayview home of Chinese property developer Richard Gu, has new owners. It sold just hours before its scheduled recent mid-week auction.
Gu had paid $7.95 million for the home less than 12 months ago.
Walker House, completed under the ownership of the Walker family in 2007, had an $8.5 million guide through LJ Hooker Avalon agent Claudio Macolongo who was under instructions not to reveal the price or buyer.
The home with a 20 metre wet edge pool and championship size tennis court was based largely on the groundbreaking 1946 Kaufmann House in Palm Springs, California.
It has five bedrooms, five separate living zones, a gym, steam room and spa. Walker House was influenced by the designs of Richard Neutra and Frank Lloyd Wright.
This article was first published in the Saturday Daily Telegraph.
  
 
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Richard Neutra-inspired Walker House, Bayview sold

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White Gables, a four bedroom house in Clayfield, an inner northern suburb in the City of Brisbane, sold at weekend auction.
The $4 million buyers were local medical professionals with two young boys, who Domain reported had been hunting for their perfect home for three to four years. 
It was offered by Matt Lancashire and Christine Rudolph from Ray White who had three registered bidders.
Bidding opened at $3 million going up in $250,000 increments. It was announced on the market at $4 million. 
The <a href="https://www.realestate.com.au/property-house-qld-clayfield-128335058" target="_blank">9 Craven Street</a> home combines traditional elegance with architectural style.
White Gables, a much-admired Brisbane residence, has been held by only three separate families since its creation in the early 1900s. 
The house was commissioned by wealthy timber merchant George Brown who chose to construct the statement wedding gift for his daughter out of red brick with an extensive use of the finest timbers throughout the interior. 
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<div>The current vendors Kate and John Naughton purchased its 15 years ago from a prominent local resident who had lived on the property until he was 102. </div>
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It comes with six spacious bedrooms, gourmet stone kitchen, living and entertaining on in one level, and six car garage.
Other features include  alfresco, pool, and tennis court area, wine storage and study room.
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Nestled on a 1240 sqm block, it is only 100 metres walking distance to St Rita's College and 10 minutes travel time to Brisbane CBD and Brisbane Airport.
The listing was the sixth most viewed property in Queensland during May with more than 150 people turning up to watch the weekend's 3pm on-site auction.
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Clayfield's White Gables sold to local medical professionals

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Digital Finance Analysts' Martin North has noted credit is harder to get. 
The surveys conduction by DFA show that up to 40 percent of applications for mortgages are now being turned down, compared with just five percent a year ago, as lenders apply more forensic analysis of applications received.
This was triggering weaker conditions in Sydney and Melbourne.
He noted CBA is now looking at applications with a loan to income of 4.5 times and above.
"I am getting more reports of households who are finding their available borrowing power is as much as 35 percent down on a year ago."
So North suggests unlike the small correction which occurred to the CoreLogic Index in 2015, as credit was harder to get briefly, and which reverted a few months later, it would be "different this time."
He referred to the enhanced focus on mortgage lending serviceability means that a consideration of the loan to income ratio or LTI is ever more important.
In the UK, where LTI calculations are the norm, the Bank of England first introduced limits on high LTI mortgages in 2014.
These measures meant that no more than 15 per cent of mortgages issued should exceed a loan-to-income ratio of 4.5. 
The UK’s 4.5 LTI cap on 85 per cent of new lending is still in place. In June last year, Bank of England governor Mark Carney announced that the 4.5 ratio “insurance measures” will become “structural features of the UK housing market.
"It should be of no surprise to note that the Commonwealth Bank of Australia has announced that it has brought in its new debt-to-income measurement for borrowers," North blogged.
CBA, who is the largest owner occupied mortgage lender in Australia has disclosed that it will now “monitor” loan applications with a debt-to-income ratio higher than 4.5 and will also bring in a new e-learning requirement for brokers that have not settled a CBA loan for more than a year.
Applications with a DTI higher than 7 will be subject to a manual credit approval check.
North estimates across the country around 7.9% of all loans have a current loan to income ratio of 6 times or more.
"But the prize goes to New South Wales with a massive 15.8% of households currently holding loans with a loan to income ratio of 6 or more. This is of course explained by the high prices, big mortgages, and lose lending standards," he says.
 It is 7.1% of households in Victoria holding a loan to income ratio of 6 times or higher.
A recent borrowing sample was done by commentator Lindsay David at LF Economics on the Aussie Home Loan lending calculator site that showed how much the money on offer had dropped over recent years.
David's first image (below), is the figures of lending at an interest rate of 4.94 percent with a salary of $100,000 two years ago.
Aussie's online calculator advised it would be willing to lend up to nearly $825,000 two years ago.
Click here <a href="https://www.propertyobserver.com.au/images/2018/5/10/aussie2016.jpg" target="_blank">to enlarge.</a>
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Fast forward two years and the mortgage lending giant are willing to offer over $200,000 less to the same borrower type.
Click here <a href="https://www.propertyobserver.com.au/images/2018/5/10/AUSSIE-2018.jpg" target="_blank">to enlarge.</a>
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North looked at the RBA released their credit aggregates to April 2018. 
He noted total mortgage lending rose $7.2 billion to $1.76 trillion, another record.
 Within that, owner occupied loans rose $6.4 billion up 0.55%, and investment loans rose just 0.14% up $800 million. 
 Personal credit fell 0.3%, down $500 million and business lending rose $6.3 billion, up 0.69%. 
The annualised stats show owner occupied lending is still running at 8%, while business lending is around 4% annualised, investment lending down to 2.3% and personal credit down 0.3%.  On this basis, household debt is still rising. 
But the Bank lending data from APRA showed that tighter lending standards are biting.  
"In fact, Westpac apart, all the majors reduced their investor property lending in April," North noted.
 Owner occupied loans grew by 0.29% or $3.1 billion to $1.07 trillion while investment loans fell slightly, down 0.01% or $42 million.  
As a result, the relative share of investment loans fell to 34.14%.
 
 
 
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40 percent of loan applications are being turned down as credit squeeze hits would be-borrowers

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The dangers of parents going guarantor for children was made obvious at in recent royal commission hearings.
Parents pledging their homes as security for bank loans to their offspring with entrepreneurial aspirations was centre stage.
The commission heard an elderly pensioner, who was legally blind, did not have a clear memory of signing the loan guarantee, and or receiving independent legal advice before a $160,000 Westpac mortgage was taken over her Penrith district home.
It certainly didn't look good, but Westpac did not breach the bank's lending guidelines in accepting the mother's guarantee when her daughter borrowed the money to buy a Poolwerx franchise.
For decades banks have taken the precaution of property as security in case the business fails.
Currently Westpac lends up to $50,000 on an unsecured basis.
For higher amounts, the bank demands security which typically sees the borrower's own family home pledged.
But if they don't have property of their own, parents guarantee the loan using their homes as security.
Around one-third of all small business lending is secured by residential property. 
It is calculated that one in three small businesses fail in their first year of operation, two out of four in the second year, and three out of four by the fifth year.
Little wonder Westpac's credit manual recommends that business bankers use "extreme caution" when it comes to parents guaranteeing the business borrowings of their enterprising children.
In recent times first home buyers have escalated their borrowings from the so-called “Bank of Mum and Dad”, which accounts for more than $20 billion in property loans.
This appears mostly being parents utilising their own cash reserves, plus using longheld equity in their house to help finance their child’s first home.
The trend includes going bank guarantor too.
The Bank of Mum and Dad now ranks as the 10th largest lender in the country, Digital Finance Analytics suggested with the cash injection averaging around $90,000.
Parental guarantees are clearly risky for business lending, but to date we've been fortunate when it comes to first time home purchasing lending.
Sydney's rising property prices and equity, low interest rates and strong employment has meant property foreclosure disasters have been kept at bay.
But they might loom. 
I'd suggest it is ultimately up to children, nor parents, bankers and the royal commission, to determine whether guarantees are unconscionable because they could leave elderly parents homeless. 
It was interesting the Royal Commissioner Kenneth Hayne noted there was likely a time where parental feelings of duty and support and affection and sentiment and the commercial assessment of the transaction could be been seen as matters wholly for the guarantor.
Several years ago Westpac agreed to let the naive aforementioned borrower's mum remain in her home until she dies or decides to sell.
Assumedly Westpac's guarantee was water-tight, but extended given sufficient equity.
This article first appeared in The Daily Telegraph. 
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Royal Commission reveals dangers of parents going guarantor for children

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Kamimura, a luxury new build at Leura in the Blue Mountains, has hit the market.
It's been listed by online art dealer Serafin Martinez and his partner, lawyer and UNSW Sydney legal counsel Thai Loi.
The new weekender has two connected pavilions with a suspended bridge on its 1.5 hectare Winston Street parcel.
Every room offers bush views, including its three bedrooms and two bathrooms.
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2018/6/15/c8420733e64442c982881df2afcf52b1.jpg" alt="">
McGrath Wentworth Falls agents Matthew Gale and Andy Jones have a $1.48 million to $1.6 million guide.
Serafin Martinez runs Martinez Art Dealer, an online art gallery.
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2018/6/15/67c8ee7850bf40529c2809420d0a74de.jpg" alt="">
His Instagram advises the designer furniture and valuable artworks in Kamimura can be purchased with the house.
It's not the first Blue Mountains the couple have developed having sold an updated three bedroom Katoomba home at $680,000 last year.
They had paid $445,000 three years earlier.
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2018/6/15/bcdffee31a7741bc900bc75974895d06.jpg" alt="">
This article first appeared in The Sunday Telegraph. 
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New luxury Blue Mountains build Kamimura at Leura listed

One of North Sydney's best-known commercial buildings could become hundreds of new homes, with insurance giant Zurich Australia lodging a State Significant Development Application (SSDA) to transform 5 Blue Street into a mixed-use residential development above North Sydney Station.

Rather than demolishing the existing building and starting again, Zurich is proposing an adaptive reuse project that would convert the landmark office building into a 15-level residential development delivering 62 apartments, 86 affordable co-living dwellings, activated retail and significant upgrades to the Blue Street Plaza.

The proposal reflects a growing trend of commercial property owners repositioning ageing office assets into residential housing as Sydney grapples with housing supply shortages and changing workplace demand.

<img alt="Zurich" data-entity-type="file" data-entity-uuid="0bba7d12-06dc-4375-aad7-238c94b21ac5" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-07-22%20at%2010.42.05%E2%80%AFAM.png?VersionId=NJl5oLAEBDGuPmY3RnyliKODjMc8lvRh" />

Located directly above North Sydney Metro and train station, the 3,051 sqm site occupies one of the most strategically positioned parcels of land on Sydney's Lower North Shore.

Designed by fjcstudio, the proposal seeks to retain and adapt much of the existing structure while creating a contemporary residential address that better connects with the public domain surrounding North Sydney Station.

The application proposes two basement levels, ground floor retail, affordable co-living accommodation across the podium levels, and apartments above, while preserving and enhancing the publicly accessible Blue Street Plaza.

Rather than pursuing maximum apartment numbers, Zurich has opted for a housing mix heavily weighted towards larger owner-occupier residences.

The proposal includes 62 build-to-sell apartments comprising 12 one-bedroom, 19 two-bedroom, 29 three-bedroom apartments and two premium penthouses. It also incorporates 86 affordable co-living dwellings, which would be managed in perpetuity by a Community Housing Provider.

That balance between traditional apartments and affordable housing reflects the NSW Government's push to increase housing diversity around major transport infrastructure.

The proposal has been lodged concurrently with a rezoning application, with Zurich arguing the site is ideally positioned to support additional housing given its immediate proximity to public transport, employment and services.

"The proposal aims to respond to the housing challenges facing Sydney through the delivery of diverse housing types in a highly accessible location," the design report by fjcstudio states. It also seeks to improve pedestrian amenity through upgrades to Blue Street Plaza while creating a high-performing residential building that responds to the surrounding context.

<img alt="Zurich" data-entity-type="file" data-entity-uuid="36082e15-c636-4481-bb68-5a5f6443fe39" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-07-22%20at%2010.41.36%E2%80%AFAM.png?VersionId=5P6VD.fvmqjQfIG3TWWMRXxQWiQBjeFB" />

Rather than replacing the commercial building, fjcstudio has developed a design that works with the existing structural framework above the rail corridor, an approach that significantly reduces demolition while allowing the site to be repositioned as a mixed-use residential precinct.

The existing structural constraints have informed much of the building's design, including its relationship with Blue Street and surrounding public spaces.

The building has been designed as a slender tower rising above a clearly defined podium, with vertically expressed façades intended to reduce the perceived bulk while reinforcing North Sydney's emerging skyline.

According to fjcstudio, the architectural language responds directly to the surrounding commercial towers while maintaining a finer grain expression more closely aligned with the neighbouring Lavender Bay streetscape.

The tower incorporates articulated façade elements, landscaped podium edges and recessed upper levels to soften its appearance and improve pedestrian amenity below.

A significant component of the proposal is the revitalisation of Blue Street Plaza.

The existing public space has long served as one of the primary pedestrian connections between North Sydney Station, Greenwood Plaza and Blue Street, yet its role is expected to become even more important following the opening of Sydney Metro.

Zurich's proposal seeks to strengthen that role by improving landscaping, introducing new retail frontages, enhancing pedestrian permeability and creating more active edges throughout the day and evening.

Ground floor retail would wrap the plaza, while separate residential and co-living entries have been designed to improve wayfinding without reducing street activation.

Landscape design has been integrated throughout the podium and public realm, softening what is currently one of the most heavily urbanised parts of North Sydney.

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fjcstudio has carefully oriented apartments towards Sydney Harbour and the CBD while using privacy blades and articulated façades to minimise overlooking between neighbouring buildings.

Large framed openings along the western elevation maximise harbour outlooks, while the eastern apartments have been angled towards the south-east to improve privacy from neighbouring development.

The project forms part of the continuing transformation of North Sydney from a predominantly commercial CBD into a genuine mixed-use city centre.

Since the completion of Victoria Cross Metro Station, developers have increasingly shifted their attention towards residential projects capable of leveraging the area's unparalleled transport connectivity.

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FiveX recently lodged plans for a 61-storey, 490-apartment tower that would become one of the tallest residential buildings in North Sydney if approved.

Aqualand continues to expand its Lower North Shore presence following the completion of AURA on Walker Street and its recent St Leonards and Roseville proposals.

Developers are also progressing projects throughout Walker Street, Miller Street and the Victoria Cross precinct as demand for well-located owner-occupier apartments continues to strengthen.

Joel Robinson

First look: Zurich targets North Sydney office conversion with 148-unit proposal above Metro station

Busy developer Aqualand Prestige has formally taken the next step in its expansion across Sydney's Lower North Shore, lodging a State Significant Development Application (SSDA) for its long-held Archer Street site in Chatswood.

The application covers <a href="https://www.apartments.com.au/new-apartments/51-55-archer-street-chatswood-nsw-2067">51-55 Archer Street</a>, a 1,767 sqm amalgamated site on the eastern edge of the Chatswood CBD, where the developer is seeking approval for a 45-level mixed-use tower delivering 114 apartments, including a significant affordable housing component, alongside retail, commercial space and six basement levels of parking.

The SSDA marks the latest milestone for a project Aqualand has been quietly progressing over the past two years. The developer first secured the site for its Aqualand Prestige platform before undertaking an alternative design excellence process with PTW Architects, ultimately avoiding a formal design competition through the Housing Delivery Authority pathway.

The proposal has evolved considerably from Aqualand's original concept. The revised scheme has been designed around larger owner-occupier product, with an unusually high proportion of three and four-bedroom apartments, targeting the more affluent buyer profile, and downsizer, emerging across the North Shore.

<img alt="Archer St" data-entity-type="file" data-entity-uuid="0171204c-5811-41b5-9b09-2335d1b7c3d0" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-07-22%20at%208.52.48%E2%80%AFAM.png?VersionId=6YTuxfq.puZo7k2wbfgemcO5K3QfXYGQ" />

The 114-apartment mix comprises six studios, 27 one-bedroom apartments, 18 two-bedroom apartments, 50 three-bedroom residences and 13 four-bedroom homes. A quarter of the building will be dedicated to affordable housing, well above the mandated 15 per cent&nbsp;

PTW has structured the building vertically, with affordable housing across levels one to six, premium apartments through levels seven to 31, duplex skyhomes on klevels 32 to 43, a penthouse on level 44, and a rooftop plant level above. Six basement levels will provide resident parking and servicing.

The tower is proposed to reach approximately 154 metres, placing it among a growing collection of residential high-rises transforming Chatswood's skyline.

Rather than competing purely on height, PTW says the design has been driven by creating a slimmer tower capable of delivering significantly larger apartments.

"The primary objective of this project was to create a distinctive building that stands out from the recently approved or built structures in the Chatswood area," the design report states, noting the structural efficiency allows greater investment into apartment quality and resident amenity.

Residents would have access to more than 450 sqm of communal open space including landscaped gardens, swimming pool, rooftop entertaining areas, fitness spaces, community gardens, children's play areas and barbecue facilities.

A major focus of the design has been the public domain.

The ground plane has been opened up through landscaped terraces inspired by Willoughby's sandstone ridges, with native planting, public seating, artwork, retail activation and a series of gathering spaces intended to soften what has traditionally been a hard commercial streetscape.

The landscape strategy references Blue Gum forests once common throughout the area, while incorporating Indigenous storytelling, public art and lighting installations to strengthen the connection to Country.

Chatswood has been one of Sydney's busiest apartment markets over the past 12 months, with a steady pipeline of both new project launches and fresh development applications.

Hyecorp recently launched Celine, a 122-apartment development just along Archer Street, while Changfa and Huirong Group are progressing The Anderson, an 84-apartment project on Anderson Street.

Develotek recently secured approval for a 101-apartment tower on Pacific Highway, while Tian An LFD received the green light for Hammond Greens, its apartment development on the edge of the Chatswood Bowling Club.

Commercial property developer FiveX is also making its move into the residential market. Last month it lodged plans for a 61-storey tower with 490 apartments, which, if approved, would become one of the tallest residential buildings in Chatswood.

Read more:&nbsp;<a href="https://www.apartments.com.au/news/nsw/first-look-fivex-targets-chatswood-skyline-with-61-storey-tower-after-north-sydney-plans">First look: FiveX targets Chatswood skyline with 61-storey tower after North Sydney plans</a>

Aqualand is also expanding its development pipeline following the launch of its luxury residential brand, Aqualand Prestige. The developer has delivered a string of high-end apartment projects across Sydney's affluent suburbs over the past decade, most recently AURA by Aqualand on Walker Street in North Sydney.

[smartcode_project:default project_id=30959 project_image_fid=292863]

It has since quietly assembled its next wave of projects.

Earlier this year Aqualand launched Boronia in Roseville, a boutique 111-apartment development on Larkin Street. The project is one of the first significant apartment developments to launch in the suburb ahead of what is expected to become one of Sydney's most active new housing precincts under the NSW Government's Low and Mid-Rise Housing reforms, which allow greater density around train stations.

[smartcode_project:default project_id=152095 project_image_fid=373685]

The developer has also lodged plans for a two-tower, 413-apartment development on Herbert Street in nearby St Leonards, further strengthening its presence across the Lower North Shore.

Beyond that, Aqualand remains behind the final stage of Barangaroo, where plans will deliver a five-hectare mixed-use precinct comprising new homes, retail, hospitality and community facilities, alongside a new Metro entrance and more than two hectares of public open space, completing the Barangaroo precinct.

Read more:&nbsp;<a href="https://www.apartments.com.au/news/nsw/central-barangaroo-development-takes-big-step-with-concept-proposal-approval">Central Barangaroo development takes big step with concept proposal approval</a>

Read more:&nbsp;<a href="https://www.apartments.com.au/news/nsw/first-look-aqualand-joins-st-leonards-apartment-party">First look: Aqualand joins St Leonards apartment party</a> 
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First look: Aqualand pushes ahead with Chatswood apartment tower as SSDA lodged for Archer Street

Mass timber is becoming an increasingly popular construction material in apartment developments, but Adelaide developer <a href="https://www.apartments.com.au/developers/otello">Otello</a> is taking the approach a step further.

At its new <a href="https://www.apartments.com.au/new-apartments/flowe-bowden-18-gibson-street-bowden-sa-5007">Flowe Bowden</a> development, the exposed cross-laminated timber (CLT) structure isn't just about reducing the building's environmental footprint. It also forms the foundation of a broader wellness strategy, influencing everything from indoor air quality and natural materials to the way residents move through and experience the building.

The 115-apartment mixed-use development, designed by Melbourne-based architecture practice Fieldwork, will occupy a prominent island site opposite Bowden Village Reserve, combining one, two and three-bedroom apartments with retail and a dedicated wellness destination.

[smartcode_project:default project_id=152022 project_image_fid=375528]

Wellness isn't confined to a gym or shared resident facility at Flowe. Instead, Fieldwork embedded the concept into the building itself.

The development has been split into two residential wings connected by a naturally ventilated central breezeway, replacing traditional enclosed corridors with open-air walkways that improve natural light, encourage cross ventilation and create more opportunities for neighbourly interaction.

"Rather than treating wellness as something that only happens on the ground floor, our response integrates it throughout the building, which led us to ask what it really means to design a healthy building," Fieldwork Director Quino Holland said.

[smartcode_project:default project_id=152022 project_image_fid=375531]

The building's architecture also reflects Bowden's industrial heritage. The lower podium references the area's historic brick and sandstone buildings, while the upper levels transition to exposed CLT, allowing the timber structure to become a defining feature throughout the apartments and shared spaces.

The use of mass timber sits alongside a range of sustainability initiatives, including a fully electric, gas-free design, rooftop solar and a targeted 5 Star Green Star rating.

[smartcode_project:default project_id=152022 project_image_fid=375524]

Inside the residences, the focus remains on natural, durable materials. Blackbutt engineered timber flooring, exposed CLT ceilings, porcelain surfaces and warm timber joinery create a calming interior palette, while low-VOC finishes and responsibly sourced materials have been selected to improve indoor air quality.

Kitchens have been designed as the centrepiece of each apartment, featuring porcelain island benchtops, timber-look cabinetry and brushed steel tapware, with layouts that maximise natural light and ventilation.

[smartcode_project:default project_id=152022 project_image_fid=375530]

The more traditional interpretation of wellness comes in the form of Level Eleven, a two-storey wellness club spanning the ground floor, mezzanine and first floor.

The facility will include a gym, yoga and reformer Pilates studios, Finnish and infrared saunas, magnesium hot and cold plunge pools, and dedicated recovery spaces. Unlike many residential wellness facilities, Level Eleven will also operate commercially, allowing the broader Bowden community to access the venue while giving residents exclusive membership benefits.

The ground floor has also been designed around everyday living. A café overlooking Bowden Village Reserve will activate the street frontage, while a bike workshop with tool storage, co-working space and dog wash has been incorporated to support daily routines and encourage interaction between residents.

"Flowe brings together my two biggest passions, creating places and creating healthier lives," Otello founder Daniel Harris said.

"We wanted to create something Adelaide hasn't seen before, a genuinely healthy building, where the way you live is lifted without even trying."

Flowe is positioned directly opposite Bowden Village Reserve and within walking distance of Bowden Railway Station and the Adelaide Entertainment Centre, placing future residents just minutes from the Adelaide CBD while remaining connected to one of the city's most established urban renewal precincts.

[smartcode_project_cta:default project_id=152022]

Otello launches wellness-focused Flowe Bowden with Adelaide-first mass timber apartment design

Not all apartment amenities are immediately visible.

Swimming pools, gyms, rooftop terraces and residents' lounges have long featured on buyers' wishlists, but as the way Australians live has changed, so too have the features that make apartment living more convenient.

Increasingly, buyers are placing value on the practical aspects of day-to-day life. Fast internet, EV charging, secure bike storage, flexible workspaces and parcel management are becoming just as relevant as lifestyle amenities, reflecting changing habits and expectations.

Online shopping has been one of the biggest drivers of that shift.

Australians spent a record $82.6 billion shopping online in 2025, with almost one in every four retail dollars now spent digitally, making parcel deliveries a routine part of everyday life rather than an occasional convenience.

For apartment residents, however, receiving those deliveries isn't always straightforward.

Without someone home to accept a parcel, deliveries can be redirected to a nearby Post Office, left in building foyers or common areas, or require building management to temporarily store packages. As apartment living continues to grow across Australia's cities, parcel management has become an increasingly important consideration for both residents and developers.

Australia Post's Parcel Locker network is one response to that shift.

<iframe allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" allowfullscreen="" frameborder="0" height="315" referrerpolicy="strict-origin-when-cross-origin" src="https://www.youtube.com/embed/KPZ9j5FRdsQ?si=Qztc1dNP3ZvEIUhb" title="YouTube video player" width="560"></iframe>

Rather than relying on home delivery, eligible parcels can be directed to a nominated Parcel Locker, where they're securely stored until collected. Once a parcel arrives, residents receive a notification through the AusPost app or SMS and can retrieve it using a one-time code or QR code at a time that suits them.

The network has expanded to more than 1,500 locations nationwide, with Parcel Lockers positioned at Post Offices, shopping centres, supermarkets, transport hubs and, increasingly, within or alongside residential developments.

That growing presence reflects a broader change in how apartment buildings are being planned.

Developers are increasingly considering the operational side of apartment living alongside traditional lifestyle amenities. Just as secure mailrooms, bicycle storage and EV charging have become more common inclusions, parcel management is emerging as another feature that supports everyday convenience.

It also helps preserve the arrival experience within a building. Carefully designed lobbies and communal spaces can quickly become cluttered when deliveries accumulate, while secure parcel solutions reduce the likelihood of missed deliveries or parcels being left unattended.

For buyers comparing apartments, these everyday details are becoming part of the decision-making process.

Location, floorplans and finishes remain fundamental, but the features that simplify daily life are carrying greater weight than they once did. As online shopping continues to shape consumer behaviour, secure parcel delivery is increasingly becoming another amenity worth looking for.

Parcel delivery is joining the apartment amenity checklist

Inca Property Group has lodged a State Significant Development Application (SSDA) for Dawn, a 53-apartment oceanfront development overlooking Mona Vale Beach.

The proposal, at 35-39 Darley Street East, would replace an existing 18-apartment strata building with a new owner-occupier-focused development comprising 53 two and three-bedroom apartments, including nine affordable built-to-rent residences delivered under the State's infill affordable housing scheme.

Positioned on a 2,679 sqm elevated site around 280 metres from Mona Vale Beach, the development has been designed to maximise panoramic ocean views while responding to the site's sloping topography.

<a href="https://www.apartments.com.au/developers/inca-property-group">Inca Property Group</a> Managing Director Josh Thompson said the State Significant pathway provided greater certainty for projects of this scale.

"This State Significant pathway gives the team real certainty to progress <a href="https://www.apartments.com.au/new-apartments/dawn-35-39-darley-street-east-mona-vale-nsw-2103">Dawn</a> through to completion," Thompson said.

"It allows us to acquire a one-off site, design it carefully and deliver the right offering for the suburb, assessed by the NSW Government's planning department."

The project is one of the first developments in the area to be assessed under the NSW Government's Low and Mid-Rise Housing policy, with the site sitting on the edge of the policy's designated inner area.

The proposal includes three basement levels providing 124 car spaces, alongside a range of resident amenities including a swimming pool, gym, sauna, wellness facilities and private plunge pools for selected ground-floor and penthouse apartments.

<img alt="Dawn" data-entity-type="file" data-entity-uuid="fc1a1daf-0ce4-4f12-9076-b1fa553c7a91" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-07-21%20at%208.42.11%E2%80%AFAM.png?VersionId=4GZ9h.gpNkTljbxyAET8Jfhv51XUamDm" />

Thompson said Dawn had been designed specifically for owner-occupiers and downsizers, a buyer profile that has driven demand across Inca's recent Upper North Shore developments.

"The majority of buyers in our recent North Shore projects have been downsizers, and we are learning exactly what this market is looking for. Beyond the location itself, we have included resort-style amenities to deliver a genuine lifestyle offering," Thompson said.

Located within walking distance of Mona Vale Beach, the town centre, Mona Vale Golf Club and the Royal Motor Yacht Club, Dawn represents Inca's first Northern Beaches project following the sell-out of Tara on Park in Waitara and Ellis Residences, currently under construction in St Ives.

Construction will be undertaken by Inca's in-house construction arm, GOP Constructions.

Dawn is the latest major apartment proposal for Mona Vale, with the suburb emerging as one of the key beneficiaries of the NSW Government's new Low and Mid-Rise Housing policy.

New developer One Living, led by industry veteran Joseph Scuderi, recently secured a site on Mona Vale Road, on the border of Mona Vale and Pymble, where it is planning around 140 apartments.

IPM is also planning its third project in Mona Vale, significantly increasing the scale of its previous developments with an 82-apartment proposal at <a href="https://www.apartments.com.au/new-apartments/159-167-darley-street-west-mona-vale-nsw-2103">159-167 Darley Street West</a>, opposite Bayview Golf Course and less than 800 metres from Mona Vale town centre.

Read more:&nbsp;<a href="https://www.apartments.com.au/news/nsw/one-living-enters-sydneys-new-apartment-market-with-northern-beaches-site-acquisition">One Living enters Sydney's new apartment market with Northern Beaches site acquisition</a>

Read more:&nbsp;<a href="https://www.apartments.com.au/news/nsw/first-look-ipm-plans-third-mona-vale-project">First look: IPM plans third Mona Vale project</a>

Jonathan Chancellor

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