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A meeting of Provident Capital debenture holders has been called for December 13 with the aim of voting on a new arrangement, which receivers Phil Carter, Tony Sims and Marcus Ayres from PPB Advisory believe will result in a more efficient and fairer distribution of money following the non-bank lender and mortgage fund manager being declared insolvent.
Provident Capital, a lender of last resort, collapsed in July leaving around 3,500 small investors who placed their savings in Provident’s fixed interest debenture fund out of pocket with an average investment size of $30,000.
The fund was frozen when Provident collapsed and investors have not received any payments in the past five months.
Since their appointment PPB Advisory have recovered funds from just two of the 49 loans in the fixed interest debenture fund totalling $4.8 million with only one loan discharged in full,leaving 48 loans undischarged with a closing book value of $109.9m as of September 30.
The receivers have also returned $5.6 million (six loans) of the $74.2 million owed to Adelaide and Bendigo Bank, which must be repaid first before debenture holders can receive payments.
Receivers are marketing another three properties for sale, but have identified six properties "which are not suitable for sale at this time, predominantly due to planning issues".
Most of the mortgages were provided to property developers on very high interest rates that could not secure bank funding.
“The Receivers understand the frustration of debenture holders that we are unable to commence distributions at this time,” says PPB advisory in a note on its website.
At the December 13 meeting, debenture holders will be asked to vote on a proposal to amend the debenture trust seed to facilitate the new payment structure and will also receive an update from PPB Advisory on its efforts to discharge loans.
Currently the trust deed provides that interest will be payable before principal.
The proposed amendment of the trust deed is designed to facilitate the payment of interim distributions in the following order:
<ul>
<li>first, the return of interest accrued but unpaid as at 3 July 2012 on all debentures (whether interest was paid periodically or on maturity);</li>
<li>second, capital (as in the face value of your debenture); and</li>
<li>finally, in the unlikely event that there is any surplus, interest at the rate of 10% per annum for the time which the face value of debentures remained unpaid.</li>
</ul>
The outcome of the vote and the wishes of debenture holders will be taken into account at a court meeting on December 17, where the receivers will propose the amendment.
An informal information session will follow with debenture holders invited to submit questions prior to the meeting.
A meeting will be held in Sydney and broadcast in Melbourne, Brisbane, Adelaide and Perth.
Debenture holders can either vote in person or by proxy.
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Frustrated Provident Capital debenture holders to vote on fairer distribution policy at December 13 meeting

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Hobart is the capital city where investors are most likely to pick up a property cheaply, according to new analysis by RP Data.
Close to three-quarters (70.9%) of all house and unit sales in Hobart over the year to August were sold below $400,000, with Adelaide ranking second (58.7%) followed by Brisbane (43%) and Melbourne (36.4%).
Only a third (30.3%) of all Sydney sales were below $400,000 with Canberra ranking last with around a quarter (22.5%) below this benchmark.
The results for Hobart are not surprising, given the city had a median house price of $340,000 based on sales over the September quarter, according to the Real Estate Institute of Tasmania (REIT).
According to the REIT, the cheapest Hobart suburb is the fringe suburb of <a target="_blank" href="/news">Risdon Vale</a>, on the eastern shore of the River Derwent, where the median house price was $181,000, based on eight sales over the quarter.
The Tasmanian capital city also accounted for highest proportion of house and unit sales below $200,000, with 12.9% of sales priced below this point.
<table cellpadding="0" cellspacing="0" border="1" style="width: 470px;"><tbody>
<tr>
<td width="161" valign="top">
Capital City
</td>
<td width="160" valign="top">
&lt;$200,000
</td>
<td width="157" valign="top">
$200,000 to $400,000
</td>
<td width="138" valign="top">
Total &lt;$400,000
</td>
</tr>
<tr>
<td width="161" valign="top">
Hobart
</td>
<td width="160" valign="top">
12.9%
</td>
<td width="157" valign="top">
58%
</td>
<td width="138" valign="top">
70.9%
</td>
</tr>
<tr>
<td width="161" valign="top">
Adelaide
</td>
<td width="160" valign="top">
6.3%
</td>
<td width="157" valign="top">
52.1%
</td>
<td width="138" valign="top">
58.7%
</td>
</tr>
<tr>
<td width="161" valign="top">
Brisbane
</td>
<td width="160" valign="top">
2.5%
</td>
<td width="157" valign="top">
43%
</td>
<td width="138" valign="top">
45.5%
</td>
</tr>
<tr>
<td width="161" valign="top">
Melbourne
</td>
<td width="160" valign="top">
1.9%
</td>
<td width="157" valign="top">
34.5%
</td>
<td width="138" valign="top">
36.4%
</td>
</tr>
<tr>
<td width="161" valign="top">
Darwin
</td>
<td width="160" valign="top">
5.1%
</td>
<td width="157" valign="top">
28.6%
</td>
<td width="138" valign="top">
33.7%
</td>
</tr>
<tr>
<td width="161" valign="top">
Sydney
</td>
<td width="160" valign="top">
2.4%
</td>
<td width="157" valign="top">
27.9%
</td>
<td width="138" valign="top">
30.3%
</td>
</tr>
<tr>
<td width="161" valign="top">
Canberra
</td>
<td width="160" valign="top">
1%
</td>
<td width="157" valign="top">
21.5%
</td>
<td width="138" valign="top">
22.5%
</td>
</tr>
<tr>
<td width="161" valign="top">
Combined caps
</td>
<td width="160" valign="top">
2.7%
</td>
<td width="157" valign="top">
34.5%
</td>
<td width="138" valign="top">
37.2%
</td>
</tr>
</tbody></table>
Source: <a target="_blank" href="https://www.myrp.com.au/">RP Data</a>
Recent sales in Hobart below $400,000 include this attractive 1880s-built two-bedroom cottage (pictured below), which sold last month. A price has not been disclosed, but it was advertised “in the high $200,000s” and last sold for $73,500 in 1991. It sold through Ant Manton of Ray White Central Hobart. The property is bordered by walls on two sides called an “Arthur Wall” arrangement, an architectural feature used by the first settlers to extend their food growing season into winter by creating a 'warm micro-climate' between the surrounding walls.
<img width="470" src="/images/stories/2012/11/brisbst.jpg">
 
<hr class="system-pagebreak">
 
Another period home snapped up for under $400,000 recently was this five-bedroom house on Bathurst Street (pictured below), which sold for $325,000 through Martin Waldhoff of Fall Real Estate North Hobart.
The cottage dates back to 1890 with the listing suggesting it required some renovations (“ready for an internal make over”) while photos show a barren backyard.
<img width="470" src="/images/stories/2012/11/bathurstst.jpg">
However, it also demonstrates the stagnancy of the Hobart market. The cottage last sold for $320,000 in May 2007, having traded for $110,000 in 1992.
At the other end of the spectrum, Sydney had the highest proportion of sales above $1 million (11.1%), followed by Melbourne (7.8%) and Perth (6.5%).
Nationally, properties that sold for between $200,000 to $400,000 accounted for the plurality, or the bulk of sales; this price bracket accounted for 41.2% of sales over the year.
Property sales between $400,000 and $600,000 accounted for 30.4% of all sales over the year, while the price bracket between $600,000 to $800,000 represented the third largest segment at 11.2%.
RP Data research analyst Cameron Kusher points out there were more sales below $200,000 (7.1%) compared with sales over $1 million.
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Hobart and  Adelaide the capital cities with most property under $400,000: RP Data

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By the smallest majority, economists polled by Bloomberg are still tipping the RBA to leave the cash rate on hold when it meets for the last time this year on December 4.
Of the 25 economists polled this week, 13 expect the cash rate to remain at 3.25% with 12 expecting it to fall to 3%.
ANZ chief economist Warren Hogan (the only of the major bank economists to correctly tip a rate hold on Melbourne Cup Day) and Westpac’s Bill Evans expect the RBA to cut the cash rate on December 4 while the Commonwealth Bank’s Michael Blythe and NAB’s Alan Oster favour the RBA pausing until at least February next year.
Economists will get a better sense of the RBA's thinking on the December rate decision when the minutes of the November 6 monetary policy meetingare released on Tuesday (December 20) while on the same day RBA governor Glenn Stevens will deliver a speech to CEDA (The Committee for Economic Development of Australia) with the topic not yet known.
“The board minutes are always worth a look, but comments are likely to be similar to those in the latest statement on monetary policy,” says CommSec chief economist Craig James.
“The speech by the Reserve Bank governor should provide more interest. At this time there is no topic set for the speech, but if the governor wants to send a message – perhaps on the Aussie dollar, wage growth or views on the global economy – this will be the opportunity,” he says.
James, who was not part of the economists surveyed by Bloomberg. He is expecting the RBA to hold rates in December, but still maintain an easing bias and to cut early in 2013.
Looking beyond December – should the RBA hold the cash rate - consensus among economists is for one more rate cut in 2013 with the second quarter of the year (April to June) the most likely period the cash rate could fall. However there is wide divergence in individual economists’ rate expectations.
For the first quarter of 2013, there are six economists tipping the cash rate to fall to  2.75% including Brian Redican from Macquarie Bank, Stephen Koukoulas from Market Economics alongside economist from 4 Cast Ltd, BNP Paribas, Deutsche Bank, J.P. Morgan and Merrill Lynch.
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Economists remain divided on December 4 RBA cash rate cut: Bloomberg

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The Melbourne residential vacancy rate edged up from 2.7% to 2.8% over October while nationally the vacancy rate was virtually unchanged at 1.8%, with a small dip in houses and units available to rent, according to SQM Research.
In total SQM Research counted 49,104 properties available to rent in October, down from 49,664 in September, but well up on the fewer than 46,000 available to rent a year ago.
Of these 49,104 rental properties, nearly a quarter are in Melbourne (12,037).
Click to enlarge
<a title="Click to enlarge" rel="shadowbox" href="/images/stories/2012/11/sqmnov16.gif"><img src="/images/stories/2012/11/sqmnov16thumb.gif"></a>
The Sydney vacancy rate declined from 1.7% to 1.6% over October, with 8,851 vacancies recorded.
Perth recorded the tightest vacancy rate of the capital cities, unchanged at 0.6%, with a total of 1,025 vacancies.
Darwin recorded the most substantial monthly increase, rising 0.2% to 0.7% during the month of October 2012 and coming to a total of 171 vacancies while Hobart recorded the largest monthly decrease in vacancies, falling by 0.3% since September 2012.
SQM Research managing director Louis Christopher tells Property Observer that based on seasonality factors, he expects the Melbourne vacancy rate to go over 3% over Christmas, but then dip below 3% in January as landlords pull their listings, before rising again above 3% in March, April and May and remaining at elevated levels until the construction cycle peaks in late 2013.
“It’s been hovering around that level for that now and it would not take much for it to go over 3%,” he says.
A 3% vacancy rate is the point at which a market is set to be evenly balance between landlords and renters. Above 3% and renters have greater power to negotiate cheaper rents and the market looks less enticing to property investors. 
Christopher says the main issue for Melbourne is one of supply.
“There is a lot of new supply coming on in Melbourne, demand will lift, but there is still ample supply of existing stock with new stock coming on board as well.
“Overall our national vacancy rates series continues to record a tight market, particularly with regard to Perth and Darwin, which are not showing any signs of been hurt by current concerns about the resources cycle,” says Christopher.
SQM’s calculations of vacancies are based on online rental listings that have been advertised for three weeks or more compared with the total number of established rental properties.
 
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Melbourne residential vacancy rate edges close to 3%: SQM Research

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The resurgence of mortgage brokers after the GFC has been confirmed in the latest Mortgage Professional Australia (MPA) Top 100, which ranks the brokers that have written the highest value of loans over the past financial year.
In 2012 the combined sales of loans arranged by Australia’s Top 100 brokers was a cumulative $6.7 billion, compared with three years of sub-$6 billion sales following the GFC in 2008.
While Aussie brokers did not place in the top 10, a remarkable one out of every four brokers (26) on this year’s Top 100 list operate under the John Symond-founded brand, compared with just 15 in 2009, the year following the GFC.
This was also the second year in a row that Aussie placed more brokers in the Top 100 than other broking firm, ranking ahead of AFG, a non-branded aggregator where brokers operate under their own brand names, which had 19 brokers in the Top 100.
The Ray White-owned Loan Market Group was well represented, with six brokers in the top 100, with <a target="_blank" href="https://daniel-esposito.loanmarket.com.au/">Daniel Esposito of Loan Market Manningham</a> in <a target="_blank" href="/news">Bulleen</a>, Melbourne, ranking 14th overall ($86 million in loans).
Two brokers from Mark Bouris’s Yellow Brick Road ranked in the top 10 (<a target="_blank" href="https://www.ybr.com.au/branches/VIC/Frankston.cfm">Ross Laurenson, Yellow Brick Road, Frankston</a> ranked 28th with $72 million in loans) while <a target="_blank" href="https://www.esmartmove.com.au/">Smartmove Professional Mortgage Advisers</a> had three brokers in the 100.
James Symond, nephew of John Symond and an executive director at Aussie, says the 2012 results "underpin Aussie’s commitment to the thorough training, development and ongoing company support to every broker who works with the Aussie brand.”
Aussie became the first branded mortgage broker to require all its brokers to obtain a diploma in financial services, with the aim of raising the professional bar.
In addition to the diploma requirement, Aussie brokers must also obtain membership of the Mortgage and Finance Association of Australia  and are supported with additional training, coaching and marketing support.
The success of Aussie’s broking model is also testament to the foresight of John Symond, who shifted the business from a non-bank lender in 2002, when it offered its own home loans, to a mortgage broking model offering a range of home loans.
The top-ranking Aussie broker was <a target="_blank" href="https://www.aussie.com.au/find-broker/aussie-mortgage-broker.htm?BrokerID=402012">Glenn English based in Carnegie, Melbourne</a>, who managed to write 220 loans with a value of $82.6 million, ranking him 18th overall.
 
<hr class="system-pagebreak">
The post-GFC resurgence recorded in the Top 10o results was confirmed in the most recent JP Morgan Australian Mortgage Industry report (volume 16), which noted that about 45% of all loans are arranged through brokers, approaching pre-GFC levels. NAB in particular engages more with the broker channel to grow its mortgage book.
However, the same JP Morgan report notes that profitability has not risen in tune with brokers' growing share of the distribution pie – currently sitting at about two-thirds of pre-GFC levels  – while "participants continuing to exit the market as a consequence”.
According the most recent MISC (Market Intelligence Strategy Centre) report on the broker market, the number of broking firms and aggregators has shrunk to 119, the lowest recorded number of active broker firms since MISC began measuring this figure in 2001.
National regulation of the mortgage broking industry in 2010 raised the compliance costs and professional standards of the industry, with many part-time brokers quitting the industry alongside other full-time brokers struggling to earn a living as a result of the GFC slowdown. 
This compliance burden was highlighted in the responses of brokers that ranked in the top 10, <a href="https://www.mortgagesolutionsaustralia.com.au/">with Colin Lamb of Mortgage Solutions Australia</a> (10th with $102 million worth of loans) saying “tighter legislation” was the biggest challenge facing the industry, which “we embrace and are proactive about, including in our systems and approach”.
Other challenges noted by top 10 brokers include competition generated by the banks through their different channels.
“On one hand [banks] understand that 50% of their business comes from brokers, and on the other hand, they create models like UBank that undercut and undermine everything they’ve tried to create in the broker channel,” says <a target="_blank" href="https://www.brokernews.com.au/mpa/article/rael-bricker-businessman-and-broker-126229.aspx">Rael Bricker from House+Homeloans in Perth</a>, who ranked fourth with $141 million in loans.
Other concerns were the ageing workforce, education of brokers and finding new staff.
Within in these industry dynamics, the Top 100 reveals those brokers that have risen to (or remain at) the top. Brokers who appeared in the 2009 list and in the 2012 list include ACT broker <a target="_blank" href="https://www.tiffenandco.com/gerard_t">Gerald Tiffen from Tiffen &amp; Co and the Mortgage Detective</a> (ninth this year and ninth in 2009) and <a href="https://www.intelligentfinance.com.au/" target="_blank">Justin Doobov from Bondi Junction-based Intelligent Finance </a>(fifth in 2012 and eighth in 2009)
Top spot for the second year running went to another Melbourne mortgage broker, Mark Davis from the <a target="_blank" href="https://www.alic.com.au/">Australian Lending &amp; Investment Centre</a> (ALIC), who settled $169.6 million in 2012 writing an astonishing 474 loans in 12 months – more than a loan day.
ALIC has picked up a host of industry awards over the last few years, with Davis putting his success down to “continuing to change what I do daily and challenge my own processes as well as banking processes.”
“If you keep evolving with the customer and what their needs are, you stay ahead of the race.”
Mortgage broking remains a male-dominated profession at the upper echelons of the profession, with only 13 brokers in the Top 100 – almost the same number since 2009.
However, women have ranked highly in the past, with <a href="https://www.mortgagechoice.com.au/wendy.higgins">Mortgage Choice’ Wendy Higgins</a> from <a href="/news">Glenelg East</a> in Adelaide ranking number one in the MPA Top 100 in 2009 and 2010.
This year’s top-ranking woman broker is a stalwart of the industry, <a href="https://www.mortgagesuccess.com.au/">Katrina Rowlands of Mortgage Success in Wollongong</a> who ranked eighth, writing 343 loans worth $106.5 million. Rowlands has ranked in the Top 100 every year since its inception in 2005 and says she has sustained her business by “continuing to focus on the client’s best outcome”.
“I continue to believe I can make a difference. That’s the secret; knowing you can make a difference and taking control of the process to make that difference. I can’t tell you the number of times I’ve had a bank say that their turnaround times have changed to four or five days, and I’ve had to say, 'That may be OK, but not for my clients'."
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John Symond’s Aussie mortgage brokers rise to the top as industry resurgence gathers pace among Top 100

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Renovated retail premises of a former take-away business in Swan Street in Richmond, Melbourne, have been acquired by an owner occupier who will use them as boutique flooring products showroom.
The 68-square-metre corner store on the north east corner of Mary Street at 255 Swan Street in <a target="_blank" href="/news">Richmond </a>sold through Rory White of Gray Johnson for $607,500 plus GST or $8,930 per square metre of building area.
It was listed at $655,000 plus GST.
The building was also listed for lease at $36,500 net per annum – equating to around $540 per square metre per annum.
The purchaser has a number of large showrooms of flooring products throughout the Melbourne metropolitan area.
Recent retail premises on Swan Street include the 204-square-metre premises of Angus antique furniture just a few shops down from the vacant corner café, which sold for $1 million in March last year on a yield of around 3.7% through Tom Maule and Larry Takis of Teska Carson Richmond.
Swan Street runs perpendicular to Punt Road from the Royal Botanical Gardens to Park Grove.
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Richmond shop on Swan Street snapped up by owner-occupier for $607,500

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The South Australian government has introduced a draft bill with the aim of addressing the issue of “bait pricing”, otherwise known as underquoting.

If passed, it will make it illegal for properties to be passed in at a higher price than advertised or for vendor bids to be received at a price higher than advertised.
The bill was introduced by SA Deputy Premier and Mnister for Business Services and Consumers John Rau yesterday afternoon.
Rau said the government continued to receive complaints from potential home buyers regarding situations where properties were either passed in at a higher price than advertised or vendor bids were received at a price higher than advertised.

"The government believes that the most effective way of eliminating the practice of bait pricing is to create a nexus between the price sought by, or acceptable to, the vendor and marketing a property based on that price.

"The expectations of the purchaser will be realistically met when the auction of a property is based on advertising that reflects the genuine selling price of the vendor," he said. 

Real Estate Industry of South Australia (REISA) president Greg Troughton told AdelaideNow that underquoting was a “blight on the real estate profession” and those agents that underquoting risked being kicked out of the industry.

“It punishes the vendor and removes competition from the marketplace so that everyone knows what the reserve is,” he said.

<a href="https://www.propertyobserver.com.au/news/underquoting-still-rife-in-melbourne/2012100456988" target="_blank">Analysis by Property Observer </a>of 74 Melbourne sales catalogued by National Property Buyers over the last four weeks of October found that almost 75% of them sold for more than the upper bracket of the quoted price range.

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South Australian government to make underquoting illegal

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James MacKenzie has been re-elected as chairman of Mirvac at today’s AGM in Sydney, but not before copping a bashing from some small shareholders in attendance.
MacKenzie had the unanimous backing of Mirvac board members for his re-appointment as well as from major and institutional shareholders following his decision to sack former managing director and CEO Nick Collishaw and replace him with London-based Susan Lloyd-Hurwitz.
The final vote was 87.8% in his favour with all other board re-appointments also confirmed by shareholders by a similar majority.
Shareholders that attended the meeting accounted for just 0.11% of Mirvac stock with major and institutional shareholders voting by proxy.
Prior to the vote, MacKenzie’s seven year tenure came under fire from a number of small shareholders disgruntled with the performance of the company over this period.
Winston Sammut, founder and managing director of Maxim Asset Management and an agitator for MacKenzie to stand down following the decision to get rid of Collishaw, pointed out that the Mirvac share price was $4.59 when MacKenzie was first appointed as a non-executive director (in January 2005) and were trading at $3.56 when he was appointed chairman in November 2005 and is now currently trading at $1.45.
“After seven years as chairman, Mirvac shares are down 59% - shareholders suffered a fall, while you (MacKenzie) benefited to tune of 105% rise in your salary," he said.
Sammut also pointed out that Collishaw had elected to reduce his salary while the Mirvac board had not.
“I consider it is time for you to move on – how you can you justify these sorts of numbers?” said Sammut, who ended up in a tense exchange with acting chairman Peter Hawkins, while MacKenzie’s re-election was being considered.
Hawkins accused Sammut of interrupting him when he spoke and asked Sammut to sit down.
Sammut said he preferred to stand and then presented a chart comparing Mirvac’s performance against its peers highlighting that Mirvac was the “bottom line” of the graph.
Hawkins claimed Sammut had got the numbers wrong and that MacKenzie’s salary had only risen 3% annually since he became chairman rising from $406,000 in the first year rising to $464,000 in the last financial year.
Another long-standing shareholder said he could note vote in favour of MacKenzie given the deterioration of the share prices.
But he said small investors were powerless against the institutional investors and it was a case of “to hell with the shareholders”.
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Mirvac chairman James MacKenzie re-elected with 87.8% AGM support

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Mirvac chairman James MacKenzie says the outlook for the residential property market is “stable” for the near term with a stronger outlook for NSW but concerns for the outer suburbs of Melbourne and south-east Queensland.
Speaking at Mirvac’s AGM in Sydney on the occasion of its 40th anniversary and at the first meeting attended by new CEO and managing director Susan Lloyd-Hurwitz, MacKenzie said it was fair to say that the residential property market “has performed better than many international markets in recent years, and we expect it to remain stable overall in the near term”.
“Specifically we see pockets of strength in NSW combined with continued weakness in south-east Queensland and the outer suburbs of Melbourne,” MacKenzie said.
He said “improved housing affordability” was a factor that was expected to underpin housing demand in the future.
“This is a factor that Mirvac watches closely – and it is significant that from the final quarter of 2010 to the September quarter of 2012 house price affordability improved by around 25%," said MacKenzie.
He also announced that Mirvac has pre-sold 80% of the first stage of its Harold Park flagship residential development in Glebe in inner Sydney.
MacKenzie said strong sales at major development projects such as Harold Park were a testament to its “highly targeted approach” and gave it the confidence to launch the second stage of its residential development last weekend.
The majority of second-stage dwellings <a href="https://www.propertyobserver.com.au/new-south-wales/no-false-start-as-mirvac-secures-eden-harold-park-terrace-sellout/2012111257768" target="_blank">in Eden sold over the weekend</a>, with terraces home selling out just hours after launching.
MacKenzie said the other key new release apartment projects include Rhodes Pinnacle in Sydney and Yarra Point in Melbourne's Docklands, with a “strong contribution” also expected from master-planned communities at Elizabeth Hills and Middleton Grange in NSW.
He said Mirvac’s residential development division “achieved considerable success during the financial year, with just over $900 million in pre-sales on hand at year’s end and the settlement of 1,807 residential lots during 2012 ahead of target".
“The business is focusing on its competitive advantage in delivering quality residential projects with new releases that target price points and locations that have been identified using detailed demographic research,” he said.
 
<hr class="system-pagebreak">
 
MacKenzie also used the opportunity of the AGM to thank <a href="https://www.propertyobserver.com.au/australian-capital-territory/ex-mirvac-boss-nick-collishaw-still-waiting-for-answers-on-sudden-departure/2012110757685" target="_blank">recently departed managing director and CEO Nick Collishaw</a>, who he said had done a good job “reviving Mirvac following the challenges of the global financial crisis.
“This included strengthening the group’s balance sheet and simplifying the business.  Mirvac now has the necessary foundations to move into the next phase of its growth strategy,” he said.
However, he said the decision to get rid of Collishaw and appoint Lloyd-Hurwitz as CEO and managing director in his place was unanimous and based on her leadership skills, experience and global reputation.
“Her knowledge of the domestic and global property sector, combined with her demonstrated ability to forge strong stakeholder relationships, are the key attributes needed to take Mirvac into the next phase of our growth.
“Her strong communication skills and leadership style will augment the culture of the business which we believe is critical to delivering the Mirvac strategy.”
In her first address as CEO Lloyd-Hurwitz said Mirvac’s remain on track to achieve its 2013 target of 1,800 lot settlements.
“Across both our apartments and master-planned communities product lines, we have seen some solid results."
She also highlighted the strong sales success at Harold Park as well as 98% pre-sales success at Chatswood Era project, providing “further evidence of the relative strength of the NSW  housing market which is our highest market weighting”.
“Our focused approach in Victoria has seen good results in high-density housing projects.
“At Yarra Point, we will commence settlements in the second half of this financial year.
“Yarra Point is 100% pre-sold for 2013 financial year forecast earnings, with 85% pre-sold overall.
“We continue to see signs of recovery in the WA market, with our projects at Mandurah and Jane Brook performing well against sales targets," she said.
“Queensland continues to be our weakest market with expectations of a sustained recovery still some time away.”
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Stable outlook for residential market with improving housing affordability to underpin demand: Mirvac AGM

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The Brisbane CBD is developing into something of a hotel development hotspot with Malaysian-born mining billionaire Sam Chong reportedly acquiring a parcel of land from property group Devine with plans to build another hotel in the Queensland capital.
The site forms part of scrapped plans by Devine to develop a  $1 billion “French quarter” that was to comprise an apartment and retail complex bounded by Alice, Albert and Margaret streets.
Sunland acquired half of the site in December 2009 with plans to develop an apartment tower.
According to a report in The Australian, Chong acquired his parcel of land for around $18 million. He also own an adjoining property known as the Carrington site.
Chong is currently developing a 32-storey hotel tower on Mary Street that will be leased to Starwood Hotels &amp; Resorts and operate under its luxury Sheraton brand.
The 246 room hotel is due for completion by January 2014 and will be known as the Four Points by Sheraton Brisbane.
It follows the opening of the Four Points by Sheraton Perth in June 2012 with the expansion of the Sheraton brand into Brisbane seen as part of a growing demand for accommodation for cities benefiting from the mining boom.
In September, Singapore-based hotel group SilverNeedle Hospitality acquired the four-star Chifley at Lennons Hotel (also known as the Lennons Plaza hotel) at 66 Queen Street Mall Brisbane CBD for around $57 million.
SilverNeedle will refurbish the hotel and convert the existing commercial office space into hotel accommodation, doubling the room count to 300.
The revamped hotel is set to open in 2014 in time for the G20 summit and will be rebranded as NEXT hotel, a new brand to be launched by SilverNeedle in Australia.
According to the <a target="_blank" href="https://www.propertyobserver.com.au/leisure/perth-surpasses-sydney-as-best-performing-hotel-market-dransfield/2012092556695">most recent Dransfield report</a>, the Brisbane hotel sector performed strongly over the March quarter with revenue per available room (revPAR) up 17% over the quarter. However the Brisbane hotel occupancy rate fell from 82.5% in the December quarter to 77.6%.
 
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Mining billionaire Sam Chong to develop second Brisbane hotel

<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;

Larry Schlesinger

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