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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

<html><body>
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

<a href="https://www.apartments.com.au/developers/consolidated-properties">Consolidated Properties Group</a> (CPG) is approaching the launch of its latest Brisbane riverfront development, Castile, on the dress circle Skyring Terrace in Newstead.

VIP buyers are now being engaged, with a full public sales launch coming later this year.

Positioned as the final opportunity to secure a new absolute riverfront residence on the East bank of Newstead, Teneriffe or New Farm, Castile at 47 Skyring Terrace has been designed by <a href="https://www.apartments.com.au/architects/woods-bagot">Woods Bagot</a> as a timeless addition to the Brisbane skyline.&nbsp;

[smartcode_project:default project_id=150489 project_image_fid=371113]

The name Castile draws on themes of permanence, sophistication and legacy, reflecting a broader vision centred on enduring architecture and timelessness in the rarest of riverfront positions.&nbsp;

CPG Chairman and CEO Don O’Rorke said the project had been envisioned as a future Brisbane icon.&nbsp;

“With 47 metres of direct river frontage and never to be built out views, 47 Skyring Terrace is the definitive address on the Brisbane River,” O’Rorke said.&nbsp;

[smartcode_project:default project_id=150489 project_image_fid=371114]

“Rather than following trend-based apartment design, Castile draws inspiration from Brisbane’s great heritage buildings, reinterpreting classical architecture into a contemporary riverfront landmark designed to stand proudly for the next 100 years,” he said.&nbsp;

The approved development will comprise 227 apartments across a 25-storey tower alongside a boutique six-storey riverfront building of just 12 residences.&nbsp;

Construction is scheduled to commence in September 2026.

[smartcode_project_cta:default project_id=150489]

Joel Robinson

CPG unveils Castile Newstead ahead of upcoming sales launch

Australia’s online shopping habits have shifted dramatically over the last decade. As eCommerce volumes surged, so too did the frustrations that came with traditional parcel delivery: missed deliveries, long Post Office queues, parcel theft and the challenge of being home during business hours.

Australia Post’s Parcel Lockers emerged as one of the more practical responses to that changing consumer behaviour.

What started as a relatively niche delivery option has evolved into a nationwide network of more than 1,400 self-service Parcel Lockers positioned at train stations, shopping centres, supermarkets and Post Offices across the country. The system allows Australians to send, collect and return parcels 24 hours a day, fundamentally changing how many people interact with deliveries.

The appeal is relatively straightforward: flexibility.

Instead of waiting at home for a delivery driver or rushing to a Post Office before closing time, users can direct eligible parcels to a Parcel Locker location of their choice. Once the parcel arrives, Australia Post sends a notification with a collection code or QR access through the AusPost app, allowing customers to retrieve their package at any time within the collection window.

For apartment residents in particular, the system has become increasingly valuable.

Higher-density living has created logistical challenges around deliveries, especially in buildings without concierge services or secure parcel rooms. Missed deliveries are common, while parcel theft has become an increasing concern as online shopping volumes continue to rise.

Australia Post itself has repeatedly highlighted the growing issue of “porch pirates” during peak shopping periods, encouraging customers to use Parcel Lockers as a safer alternative to unattended home deliveries.

That security aspect is one of the key reasons the Australia Post Parcel Locker network has grown so rapidly.

Parcel Lockers are positioned as secure, monitored collection points that reduce the risk of theft while also improving delivery efficiency for Australia Post. Instead of multiple redelivery attempts, parcels can be consolidated into a single secure destination.

The Parcel Lockers themselves are free to use through a MyPost account and support a range of parcel sizes up to 16 kilograms and dimensions of approximately 35 x 44 x 61 centimetres.

Beyond receiving parcels, the system has increasingly become integrated into the broader eCommerce ecosystem.

Customers can now use Parcel Lockers to return online purchases, while retailers have embraced the model as a way to improve delivery success rates and reduce friction in the shopping process. Australia Post has actively expanded partnerships with major retailers and promoted Parcel Lockers as part of a broader out-of-home strategy.

The timing of that expansion aligns with broader changes in Australian shopping behaviour.

The acceleration of online retail during and after the pandemic placed enormous pressure on delivery infrastructure. Parcel volumes reached record highs, particularly during Black Friday and Christmas periods, with Australia Post delivering more than 100 million parcels during peak festive seasons.

That growth forced logistics providers to rethink the “last mile” of delivery, widely regarded as the most expensive and operationally difficult stage of the process.

Parcel Locker systems have increasingly been viewed as part of the long-term solution.

The concept itself is not unique to Australia. Parcel Locker networks have become common globally, particularly across Europe and Asia, where dense urban environments and apartment living create similar logistical challenges. But Australia’s geography and suburban sprawl made adoption slower initially.

Now, however, the convenience factor is driving mainstream usage.

For commuters, Parcel Lockers near train stations allow parcels to be collected on the way home from work. For apartment dwellers, they remove the uncertainty around access and missed deliveries.

The rise of the AusPost app has also streamlined the experience, centralising notifications, tracking and Parcel Locker access into a single platform. Australia Post has increasingly pushed customers toward app-based delivery management, partly as a way to combat phishing scams and fake delivery notifications, which have become more sophisticated in recent years.

The Parcel Locker model is also beginning to influence property development itself.

Parcel management has become a growing consideration in apartment building design, particularly as online shopping becomes embedded in everyday life. Many new residential developments are now incorporating dedicated parcel rooms or Parcel Locker systems into foyers and communal spaces.

For developers, parcel management is increasingly viewed as part of the broader resident amenity offering, alongside gyms, wellness spaces and communal work areas.

That reflects a wider evolution in how residential buildings are designed.

Apartment buyers are placing greater emphasis on convenience, security and operational functionality, particularly in higher-density urban environments. Parcel delivery, once considered a minor operational detail, has become an increasingly important part of that equation.

Australia Post’s Parcel Locker network sits at the centre of that behavioural shift.

What began as a simple alternative delivery option has evolved into a key piece of infrastructure supporting Australia’s growing eCommerce economy and changing urban lifestyles.

And as online shopping continues to expand, the role of Parcel Lockers is likely to become even more embedded in how Australians live, shop and receive goods.

How Australia Post Parcel Lockers changed parcel delivery convenience in Australia

Perth’s new apartment market recorded its strongest quarter of sales since Q4 2021, with 412 apartments sold in Q1 2026 and a record quarterly sold value of $537 million, according to Urbis’ latest Apartment Essentials results.

Urbis said the March quarter result reflects strong, highly product‑specific demand across both ends of the market, from more attainable projects delivering at scale, through to premium stock being absorbed by equity‑rich downsizers.&nbsp;

David Cresp, Partner at Urbis, said the key story in Perth is not demand, it is the market’s ability to convert demand into delivered housing.&nbsp;

“This is the strongest sales quarter since Q4 2021, and it reinforces that demand in Perth is real and it’s local,” David Cresp said. “But the task now is delivery, turning that demand into projects that can actually be built and completed.”&nbsp;

[smartcode_project:default project_id=110291 project_image_fid=302785]

<h2>Affordable product leads, premium demand remains resilient</h2>

Sales in Q1 were led by more affordable projects, with The Boulevard (SKS Group) recording 115 sales in the quarter, the presentation noting this is only the second time a single project has surpassed 100 quarterly sales. The project was able to offer more affordable housing product right next to a train station.&nbsp;

Palmyra West (Finbar) also delivered strong results with 28 sales in Q1, following 84 sales in Q4, with an average price of under $800,000, underscoring depth of demand for well‑located, attainable new stock.&nbsp;

At the premium end, Urbis said downsizer demand is continuing, with the results highlighting Romeo (Applecross, Finbar) recording 75 sales and reaching almost 50% sold in one quarter.

Jual (Shenton Park, Celsius Property) also posted a strong quarter with 28 sales, reaching 39% sold in one quarter.

Urbis noted that Perth apartment demand is not speculative, not investor‑led, and not uniform, describing it as localised, often equity‑driven and highly product‑specific, a pattern reflected in the polarisation between strong “attainable” performers and premium downsizer product.&nbsp;

[smartcode_project:default project_id=148957 project_image_fid=364102]

<h2>Prices underpinned by costs, and the delivery risk is growing</h2>

Urbis said pricing pressure is cost not demand‑driven: construction costs and delivery risk are now a central constraint, with the results noting build costs remain elevated and volatile, and that energy, fuel and labour uncertainty weigh on feasibility.

David Cresp said a growing challenge for private Build‑to‑Sell developers is simply securing a builder in the current environment.

“Developers are really feeling the pressure from a building market that was operating at capacity and securing a builder is challenging,” David Cresp said, adding that even where a builder can be secured, “trying to get to the price that makes the development financially viable is incredibly challenging in the current market.”&nbsp;

Urbis’ broader WA commentary also notes that industry remains at or above capacity with lot and housing creation, and that many builders are limiting new sales to manage stretched workforces and fixed‑price contract pressures, conditions that flow directly into apartment feasibility and delivery timing.

[smartcode_project:default project_id=108869 project_image_fid=317905]

<h2>Supply: improving later, but still constrained, and Perth lags eastern benchmarks</h2>

While near‑term supply remains constrained, Urbis’ forecast shows completions lifting “Supply is forecast to be back above 1,500 apartments per annum for the first time since 2019”, with 1,775 completions forecast for 2026, and volumes remaining above that level over the following years.&nbsp;

Looking further ahead, completions are forecast to reach 2,500 in 2028, with the report noting 32% of that total is social/affordable, reflecting the role of government‑supported delivery in rebuilding the pipeline.&nbsp;

However, Urbis said Perth remains behind comparable markets on pipeline scale. In a national comparison of projects under construction, the report shows under construction Perth Build‑to‑Sell (BTS) at 3,446 apartments versus the Gold Coast at 7,922. Mr Cresp said “The challenge for Perth is how to we grow the delivery pipeline”.

Urbis’ conclusion is that Perth’s market is increasingly defined by product discipline and delivery certainty, with the research identifying “delivery certainty is key” and calling out builder risk and procurement models as core success factors, alongside “timing and staging”.&nbsp;

Perth apartment sales hit strongest pace since late 2021 as builder capacity tightens

<a href="https://www.apartments.com.au/developers/sammut-developments">Sammut Group</a> has secured development approval for its latest Brisbane apartment project, marking the Sydney developer’s next step in expanding its Queensland pipeline following the success of its debut Gold Coast development, Coast.

The approved project at <a href="https://www.apartments.com.au/new-apartments/44-glen-road-toowong-qld-4066">44 Glen Road, </a><a href="https://www.apartments.com.au/developments/toowong-qld-4066">Toowong</a> will deliver a 15-storey riverfront apartment building with 42 residences, significantly increasing the scale of the site’s previous approval for a smaller luxury scheme. Designed by Bureau^proberts, the development will comprise a mix of predominantly four-bedroom and two-bedroom apartments positioned to maximise Brisbane River and city views.

Sammut Director Julian Sammut said the group had been actively searching Brisbane for several years before identifying Toowong as the right fit.

“Brisbane was the right step for Sammut,” Sammut said.

“With the success of Coast we thought we should definitely look to do more in Queensland alone. We then pushed up to look at Brisbane. We've been looking for I'd say two to three years actually and it was hard to find the right location.”

<img alt="Sammut makes Brisbane apartment play" data-entity-type="" data-entity-uuid="" src="https://res.cloudinary.com/dz9xllyip/image/fetch/f_auto,c_limit,w_1440,q_75/https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/field/image/Screenshot%202025-12-23%20at%203.27.14%E2%80%AFPM.png?VersionId=dYAVIL7qdcGA8ojvkslSrLjczXFejSSx" />

Sammut said suburbs including New Farm and Teneriffe were considered before the group ultimately focused on Toowong due to its strong downsizer demographic and limited supply of developable riverfront land.

The site was acquired off-market after what Sammut described as a lengthy negotiation and planning process, with the developer pursuing an uplift to the original approval.

“We are DA approved now which is very exciting,” Sammut said.

“We've had our change approval come through and we've obviously doubled the height, 15 storeys plus rooftop. We've got 42 amazing apartments that are going to be coming to market soon.”

<img alt="Sammut makes Brisbane apartment play" data-entity-type="" data-entity-uuid="" src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,dpr_2.0,q_auto:good/https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202025-12-23%20at%203.27.26%E2%80%AFPM.png?VersionId=ohkRkY0dIZlqdfME2EZePsCQavRiBadE" />

Bureau^proberts said the design responds to Toowong’s evolving urban character, balancing contemporary apartment living with the area’s established residential identity.

“A place where traditional Queensland living has taken place for centuries; Toowong is seeing a shift of contemporary influence, commercial and retail hubs mixed with well-considered residential offerings – all the while maintaining its character and charm,” the architect noted in planning documents submitted to Brisbane City Council.

The architecture practice said the project’s form was shaped by its riverfront setting, flood considerations, neighbouring building scales, and view corridors.

“They said the mix of four and two-bedroom apartments capture the ‘fundamental qualities of Queenslander living,’ translated into the context of a contemporary subtropical building.”

The development sits just off Coronation Drive within walking distance of Toowong’s retail precinct and the upgraded Regatta ferry terminal, while also benefiting from proximity to the incoming green bridge connection to West End. Sammut said the accessibility and amenity offering were central to the site’s appeal.

The approval adds to growing residential activity along the Toowong riverfront, joining nearby projects including Consolidated Properties’ Monarch Residences and Spyre Group’s ARC Residences.

Sammut secures approval for debut Brisbane apartment development in Toowong

Developer Lanevick is heading back into Sydney’s apartment market after focusing more heavily on the luxury townhouse and terrace sector in recent years.

Lanevick, founded and directed by Steve Maroun, is expecting to receive approval in the coming months for a new apartment development in Gladesville, with the aim to launch it to the market later this year.

The 51-apartment project, designed by Studio Johnston, will comprise a mix of one-, two-, and three-bedroom apartments positioned toward the Hunters Hill downsizer market.

“Traditionally it’s been difficult for people in that market to downsize because there just hasn’t been the right product available,” Maroun said.

“We’re targeting buyers who might have 30 to 40 per cent of their house value sitting in the bank after downsizing.

“They still want good spacious entertaining areas, they still want quality design, but they also want flexibility and the ability to enjoy life a bit more after working hard for a long time.”

The project sits near Boronia Park and within close proximity to the Parramatta River foreshore, an area Maroun says offers more of a Hunters Hill lifestyle than a traditional apartment precinct.

“From a lifestyle perspective, it’s really more Hunters Hill than Gladesville,” Maroun said. “You’re close to the foreshore, close to parklands, and still connected back into the village precinct.”

From level four and above, apartments will capture water views&nbsp;toward Sydney Harbour. Communal amenity will include rooftop entertaining areas, wellness spaces, and a gym tailored toward owner-occupier buyers.

“We’ve really designed these apartments around that buyer coming from the Hunters Hill LGA and what they’re actually looking for in their next chapter.”

The proposed development has also been designed to respond to the changing character of the broader Gladesville town centre, where a growing number of mixed-use and residential proposals are expected to emerge over the coming years.

“Gladesville presented a rare opportunity to deliver a genuinely design-led residential project within an evolving lifestyle precinct, just moments from the growing Gladesville town centre, and we’ve approached the project with a strong focus on architecture, liveability and long-term community value,” Maroun said.

Maroun said Lanevick saw a first-mover advantage within the precinct as planning controls continue to evolve to accommodate greater housing density.

“We think there’s a real opportunity there that hasn’t really been serviced properly yet,” he said.

“There’s going to be a broader evolution of the whole Gladesville village precinct over time, particularly with more activation and mixed-use outcomes.”

The Venus Street proposal will include a commercial and retail component at ground level designed to contribute to that evolving streetscape activation.

“A big part of the thinking was how do you activate that area properly and create more vibrancy and amenity, which is what Hunters Hill has been looking for,” Maroun said.

Lanevick’s focus since 2020 has largely been on smaller-scale luxury townhouse and terrace developments. The developer recently completed Royale Randwick, also designed by Studio Johnston, where prices reached $3.65 million. The project was featured in the UDIA NSW 2026 Professional Development Prospectus and was also named a finalist for Development of the Year.

&nbsp;

Jonathan Chancellor

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