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The private equity-backed Riversdale Group has bought the landmark Marlborough Hotel in Newtown, Sydney, for $12,175,000 at auction today.
The hotel bears a distinctive Art Deco facade but has a trading history dating back 150 years.
Investors in the pubs acquired by the Riversdale Group include advertising mogul John Singleton, former Qantas boss Geoff Dixon and banker Mark Carnegie.
The group now owns and operates seven pubs in Sydney,with Riversdale Group co-founder and chief executive Patrick Coughlan saying the group is looking to grow its portfolio to $150 million.
Floating of the distressed pub portfolio has also been mooted.
Coughlan says the purchase of the hotel continued with its strategy of “securing the best pub, in the best position, in some of Sydney’s best suburbs”.
He told Fairfax Media the Marlborough would undergo a renovation with the group looking at a few other potential acquisitions.
The pub was part of a $20 million auction of commercial properties conducted by Damien Cooley, director of Cooley Auctions, in Sydney today.
It was marketed by Knight Frank's Mike Wheatley, who told Property Observer he was "delighted" with the sale price.
"We marketed it in the $11 million to $12 million range."
Known by locals as “The Marly” the hotel stands at 145 King Street (on the corner of King Street and Missenden Road) - the popular entertainment and retail strip in Newtown in Sydney’s inner west.
The hotel was offered for auction for the first time in 27 years.
“The sale of such a landmark hotel is extremely encouraging for the market and a sign of good things to come this spring,” said Cooley.
A week ago, another Newtown drinking hole, the Bank Hotel, was sold to Bruce Solomon’s Solotel Group for a reported $11.8 million.
The Australian reported that Geoff Dixon has taken a direct stake in the hotel and already has stakes in Bellevue Hotel in Paddington.
The other pubs in the portfolio are The Toxteth in Glebe, The Peakhurst Inn in Peakhurst, The Unity Hall Hotel in Balmain, The Standard in Surry Hills, Kinselas and Lo-Fi in Darlinghurst and the soon-to-be launched The Workers bar, also in Balmain.
Former prime minister Bob Hawke will launch the upstairs bar at the Unity Hall Hotel in a few week's time, reported The Australian Financial Review.
The Marly incorporates Marly Bar, Bar Prego, Level One Bar, The Cellar, The Deck and the Marly Bottle Shop.
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John Singleton-backed Riversdale Group adds Marlborough Hotel in Newtown to $85 million pub portfolio

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The unemployment rate eased from 5.2% to 5.1% in August as the participation rate eased from 65.2% to 65%,  the latest ABS figures show.

In terms of actual job numbers, the number of people employed fell by 8,800 in August well below expectations of a 5,000 gain and following a revised gain of 11,700 jobs in July (down from 14,000+).
CommSec chief economist Craig James says the Reserve Bank must stand poised to cut rates as necessary, but he says the latest jobs data "is no smoking gun" for a cash rate cut.
"The job market has softened, but not dramatically. In fact for those in NSW, the jobs data is quite encouraging. Employment [in NSW] rose by 13,300, while the [state's] jobless rate fell to 4.8%.
The unemployment figures in the other states are: Victoria 5.6% (5.4% in July); Queensland 5.9% (5.8%); South Australia 5.7% (5.4%); Western Australia 3.9% (3.7%); Tasmania 6.8% (6.5%); Northern Territory 4.2% (4.2%); ACT 3.6% (3.6%).
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August jobs data no 'smoking gun' for RBA cash rate cut:  CommSec's Craig James

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ASIC has flexed its muscles as credit watchdog imposing its first civil penalty on the former director of an unlicensed mortgage broking firm since assuming the role as national regulator for consumer credit in July 2010.
The $7,500 penalty was imposed on Nathan Elali, of South Hurstville by the Federal Court in Sydney on 31 August.
The court found that Elali, was the sole director of a company formerly known as EasyChoice Home Loans Pty Ltd (EasyChoice), when it advertised on its website for more than a year that it provided home and investment property loans when it did not hold an Australian credit licence.
“As the sole director of the company during the period, Mr Elali was found to have been knowingly concerned in the company’s contravention of the National Credit Act,” said ASIC. Despite repeated warnings by ASIC to remove the advertising, the company did not respond.
The material was removed only after ASIC had commenced court action. “Where ASIC identifies a possible breach of the consumer credit laws, our first step will often be to require the company to take action to ensure the contravention ceases,” said ASIC Commissioner Peter Kell said: ‘If the company fails to comply, we are prepared to commence civil penalty proceedings as part of our approach to enforcement.’ Under the National Credit Act, individuals or businesses who engage in credit activities are required to hold an Australian credit licence, or be an authorised representative of a credit licence holder.</body></html>

Former director of mortgage broking firm hit with $7,500 civil penalty for operating without a credit licence

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Australia’s biggest shopping landlords are being forced to offer discounted rental rates to new tenants as speciality store sales growth stalls and retailing remains subdued.
The leasing spread on new leases signed by GPT Group, which operates 17 shopping centres, has gone backwards by 10%, while Australia’s biggest shopping centre owner, Westfield, has given up 6% on new leases.
The leasing spread for the restructured Centro group, which has $6.6 billion worth of shopping centres under management, slipped by 2.2%, with Charter Hall Retail the only listed retail trust (REIT) to achieve growth on new leases. Charter Hall's spread rose 3.7%, the Australian Financial Review reported.
Leasing spread is a key metric in retailing representing the percentage increase over rental rates on existing leases versus rental rates on new and renewal leases.
It gives an indication of the strength of the retailing sector and the overall economy.
According to investment site Wealthmanagement.com, during periods of economic weakness, leasing spreads narrow and "some even go into negative territory".
“As the economy strengthens, and retailers are able to pay more rent, leasing spreads increase.”
Presenting Westfield's interim results update last month, co-chief executive Steven Lowy said lease incentives had increased in the subdued retailing environment, but added that Westfield was cautious about how it used rental incentives.
The drop in new lease spreads comes as retail sales figures recorded their biggest fall in almost two years, declining by 0.8% in July according to ABS data.
Research compiled by Merrill Lynch show that speciality retailers managed average comparable sales growth of just 0.6% over the past financial year to the end of June.
Despite the drop in leasing spreads,  the investment outlook for shopping centres anchored by supermarkets and food operators remains healthy, according to Colliers International,
“The stability of supermarket based retail and the food category in general has led to stronger interest in supermarket-anchored centres,” said Colliers International in its 2011-2012 National Retail Investment Review.
“The appeal of neighbourhood centres from an investment perspective lies in their ability to provide steady rental income through long term leases, underpinned by the large supermarket tenants, predominately Coles and Woolworths," says Colliers.
“The lower average occupancy cost for specialty tenants in food-based centres has also been an attraction for investors. This sector continues to dominate sales activity in volume terms, accounting for 42% of all deals.
“The price point remains the key driver of investment returns, with the average value of trades steady at around $20 million. There is generally strong interest in centres sub-$30 million.
“Investors in neighbourhood centres appear prepared to purchase lower value assets on sharper yields, as these are typically easier to debt fund, and less management intensive.”
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Shopping centre landlords forced to discount leases to attract new tenants

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A striking new glass rooftop with an outdoor terrace and an enlarged inner atrium to bring in more light are the main elements Macquarie Group will add to 48-50 Martin Place, in Sydney CBD.
Macquarie plans to turn the historic banking chamber into its state-of-the-art headquarters.
<img src="/images/stories/2012/09/macquarie3.jpg">
The diversified financial services giant has lodged an $82.8 million development application with the City of Sydney, with the rooftop plans part of a revised design of an already approved development proposal launched by previous owner the Commonwealth Bank.
The enlarged atrium would be topped by a “high-performance glazed elongated dome roof structure” to be used as a bespoke reception, meeting and event and function space with direct access to the terrace.
<img src="/images/stories/2012/09/macquarie1.jpg">
The rooftop has hosted a number of different structures over the 84 years it has stood in the Sydney CBD, with historical photos included in the application showing a range of large habitable structures dating back to when the original building was first opened in 1928. The photos include the current cream-coloured structure  (pictured above) added by the Commonwealth Bank in the 1980s.
The new headquarters will have about 26,000 square metres of space, with the ground floor banking chamber leased to the Commonwealth Bank and 10 office floors to house 2,000 Macquarie staff.
<img src="/images/stories/2012/09/macquarie2.jpg">
The proposal is seeking a six-star green star environmental rating for the building.
It will also seek to reduce its carbon footprint, with the number of car spaces halved to just 15 but the number of bike racks increased to 93.
JBA Urban Planning Consultants, which prepared the modified application on behalf of Macquarie Group, has likened the atrium to the glass dome atop the Reichstag in Berlin, designed by renowned UK architect Sir Norman Foster.
<img src="/images/stories/2012/09/macquarie4.jpg">
“This glazed structure will significantly increase the daylight (and in some instances sunlight) penetration into the enlarged atrium and the office floors below," says JBA.
“By curving and glazing the rooftop addition, dramatic light-filled meeting spaces and a modern and sustainable workplace are created."
Under the design proposal, the main atrium will be widened from 6 meters to 10.5 meters with the report noting “low daylight levels and the limited outlook” are major shortcomings of the office floors as it currently stands.
“The key to overcoming these difficulties is to increase daylight from above by opening up the ‘throat’ of the atrium at the rooftop levels and widening the main atrium.
“The enlargement of the void also dramatically exposes the original structural grid and atrium layout, which can be readily interpreted  notwithstanding the modifications made to widen the space,” says the JBA report.
The design by architects Johnson Pilton Walker and Clive Wilkinson Architects does not propose any changes to the exterior of the heritage-listed building - apart from the roof.
It was constructed between 1925 and 1928 for the Commonwealth Bank and is regarded as one of the finest 20th Century bank buildings in Australia and one of the most important examples of the inter-war Beaux-Arts architectural style.
Macquarie acquired the building from the Commonwealth Bank earlier this year for $130 million.
Between 1984 and 1990, the Commonwealth Bank undertook an extensive program of conservation works to the interior and exterior of the building. 
Macquarie currently has its much larger headquarters at 1 Martin Place.
The application is currently on exhibition until September 18.
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Macquarie Group to let the light shine into Martin Place headquarters with $83 million makeover

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The Gold Coast property market presents a myriad opportunities for those seeking an investment under $300,000, according to Herron Todd White’s September month in review report.

According to HTW’s Gold Coast valuation team, about 20% of properties currently being sold on the Gold Coast are priced under $300,000, but there is not much for that price on the more expensive Sunshine Coast.

“Provided buyers are not greedy in their house wants or are able to live comfortably in a unit, there is a myriad of options available for purchasers wishing to spend under $300,000,” says HTW’s Gold Coast office.

Looking at the unit market, HTW says there are plenty of sub-$300,000 options in Surfers Paradise, including older-style units starting in the low $100,000s and one-bedroom, one-bathroom units in modern high rises from $250,000 to $320,000.

A recent sale in this price range was a 7th floor one-bedroom apartment plus study with two bathrooms in Wings Residential on the Gold Coast Highway,  built around 2004, which sold on June 28, 2012, for $250,000.

Another one-bedroom unit at Wings (pictured below) on the fourth floor that measures 90 square metres is currently listed for sale by Raine &amp; Horne Surfers Paradise John Monteith, “very keenly priced” at $309,000.

<img src="/images/stories/2012/09/wings.jpg">

Other recent sales around the $300,000 mark include Unit 43 in Diamond Beach South in Mermaid Beach, a two-bedroom semi-modern unit in a three-storey walk-up, and a 1994 two-bedroom low-rise unit measuring 105 square metres.

The report suggests that sections of the Gold Coast apartment market are still very much a basket case, with HTW valuers highlighting Southport CBD medium-/high-rise developments, which have recorded severe drops in value over the past couple of years due to distressed sales and rising body corporate rates.

“While values are still slowly softening, the rental market has remained relatively stable."

According to HTW, a notable sale at the $300,000 price point was 715/2 Aqua Street, Southport – a 2009, two-bedroom medium-rise unit with single car basement car space measuring 84 square metres within the Meriton development Brighton on Broadwater (pictured below).

<img src="/images/stories/2012/09/brightonbroadwater.jpg">

Originally sold by the developer for $350,000 in 2009, the apartment sold in July 2011 for $300,000 and most recently sold for $286,250 in April this year.

 

<hr class="system-pagebreak">
 

HTW notes that the best buys generally remain stressed sales, “which are still dominating the lower end of the valuation echelon".

“The market has continued to soften into 2012, with recent indications that the market is starting to stabilise.

“Properties in this price bracket represent the highest sales rates currently on the Gold Coast but many are in fringe rather than central locations. Generally speaking the properties selling circa $300,000 are untidy and usually in need of at least some cosmetic improvement (around $10,000 to $20,000 cost) to lift their overall presentation and marketability.”

In the case of the Sunshine Coast, HTW valuers say $300,000 does give buyers some good options, but options and “bang for your buck” increase if buyers are willing to increase your spending to the low $300,000s.

“Along the coast options are largely restricted to units.

“In the main tourist areas of Mooloolaba/Caloundra and in some cases Noosa, you can purchase two- bedroom units for between $250,000 and $300,000.

In January, Graham Smith from Richardson &amp; Wrench Noosa Heads sold a two-bedroom unit in South Pacific Resort, 179 Weyba Road (pictured below), for under $285,000 in a distressed sale.

<img src="/images/stories/2012/09/noosaville.jpg">

According to <a href="https://www.myrp.com.au/" target="_blank">RP Data</a>, the median unit price in Noosaville is $437,500.

For those looking to buy a house around this price range, HTW says spending in the low $300,000 would buy into areas like Battery Hill, Mount Coolum and possibly Tewantin.

Currently listed for sale is a three-bedroom house being sold by Caloundra City Realty with an asking price of $319,000.

<img src="/images/stories/2012/09/batteryhill.jpg">

“As you move into the hinterland there is defiantly more options. The main service centre of Nambour provides a range of services and employment, with both older and reasonably modern homes selling sub-$300,000,” says HTW.

 “As we move to the railway townships the options continue.

“The key with any purchase is to keep your eye on the market. There are some great buys out there with pressured vendors being forced to sell, often at well below replacement costs. Calling agents, going to auctions and seeking good independent advice are all relevant tips to ensure that you don’t miss an opportunity,” says HTW.

Buying opportunities for under $300,000 was the theme of the residential aspect of this month’s report following <a href="https://www.propertyobserver.com.au/residential/high-yielding-investment-opportunities-for-under-%24500000-in-nsw-include-western-sydney-and-regional-areas-htw/2012060454984" target="_blank">Herron Todd White August report on how to spend a “lazy $500,000”.</a>

The switch to look at a more entry-level price barometer follows a “tastefully worded email” from a reader suggesting to HTW valuers that $500,000 was a bit too much to squander and they should “try and see things from a more reasonable perspective”.

<h2>Recently listed properties:</h2>

[smartcode_project:default project_id=93128]

[smartcode_project:default project_id=6769]

[smartcode_project:default project_id=24427]
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Plenty to buy on the Gold Coast for under $300,000 but not much on the Sunshine Coast: Herron Todd White

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<img src="/images/stories/2012/09/8mplus.gif">
The price expected for a 5,457-square-metre corner development site next to the Westfield Doncaster shopping centre, which is being marketed by Colliers International’s Peter Bremner and Shane Dargue. Bremner says 1 Grosvenor Street in Doncaster is a cleared site with unbroken views of the Dandenong Ranges, along with multiple street and parkland frontages. The site has permit-approved, architect-designed redevelopment plans in place for an apartment project. The site is two kilometres from the Eastern Freeway and a 20-minute drive to the Melbourne CBD.  The property is for sale by tender, closing Wednesday October 10 at 4pm.
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<img src="/images/stories/2012/09/450k.gif">
The estimated price paid for a 77-square-metre strata office suite at Stockland’s Tooronga Commercial, at 762 Toorak Road, Glen Iris, in the past few months. Colliers International Executives Ted Dwyer and Hamish Burgess negotiated the sale in conjunction with Knight Frank’s Tim Grant. Suite G.09 was sold as a vacant possession. The precinct contained office areas ranging from 77 square metres to 240 square metres in size, with secure basement parking for staff, bicycle storage and free three-hour visitor parking.  There are 300 dwellings above the commercial office space and 22 specialty stores on site, including a Coles Supermarket, First Choice Liquor, Amcal Chemist, Subway and Nandos.
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<img src="/images/stories/2012/09/1point2m.gif">
The unimproved capital value of the premises of Snap Fitness at 183 West Street in Toowoomba, which has been listed for sale by private treaty. The 567-square-metre site has a commencing rental of $180,100 per year leased to Crusaders Managers Pty Ltd, which trades as Snap Fitness on a seven-year lease commencing in July this year with renewal options. The property is being sold by Sam Hatcher, manager of Queensland retail investments at Jones Lang LaSalle.
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<img src="/images/stories/2012/09/1point225m.gif">
How much game and meat specialty business Game Keepers Meats has paid for an office and warehouse facility at Moorabbin in Melbourne’s popular bayside industrial precinct.  The 7 Edgecombe Court property comprises a 1,250-square-metre office and warehouse on a roughly 1,500 square metre site with on-site parking. According to selling agent Savills associate director of investments Ben Hegerty, who brokered the deal in conjunction with Gorman Kelly, Game Keepers will set up its Victorian headquarters at the site following its move from Cranbourne. The vendor was owner-occupier Slattery &amp; Acquroff Stairs, which has moved to larger premises.
<hr>
<img src="/images/stories/2012/09/1mplus.gif">
The prices paid for two strata office space at Stockland’s Tooronga Commercial, at 762 Toorak Road, Glen Iris, in the past few months. Colliers International Executives Ted Dwyer and Hamish Burgess, in conjunction with Knight Frank’s Tim Grant, negotiated the sale of Suite 1.01 (235 square metres) for $1.246 million to an owner-occupier, and Suite 2.05 (198 square metres) was sold as an investment for about $1.04 million returning $81,172 per annum plus GST with an approximate yield of 7.7%. The precinct contained office areas ranging from 77 square metres to 240 square metres in size, with secure basement parking for staff, bicycle storage and free three-hour visitor parking.  There are 300 dwellings above the commercial office space and 22 specialty stores on site, including a Coles Supermarket, First Choice Liquor, Amcal Chemist, Subway and Nandos.
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Commercial hammer prices: Glen Iris strata offices sell for $1 million plus

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The regional Victorian town of Dimboola, near the South Australian border, leads the regional Victorian list compiled by RP Data of suburbs where it is cheaper to buy a house than to rent one.
The median house asking rent in Dimboola is $160 a week.
RP Data estimates it is $83 cheaper per month to buy a house with a principal and interest variable mortgage than rent one in Dimboola.
Tenanted houses listed for sale in Dimboola include this three-bedroom house on Anderson Street (pictured below), being sold by Wes Davidson Real Estate with a listing price of $90,000.
<img src="/images/stories/2012/09/henderson1.jpg">
The property is currently rented at $150 per week or $684 per month.
With 10% deposit, borrowing $81,000 on a 25-year mortgage at an interest rate of 6.25% would mean monthly mortgage repayments of  around $635 per month.
Another savings opportunity is on offer for buyers of this three-bedroom bungalow on Ellerman Street (pictured below), which is up for sale at $79,900 by North West Real Estate. 
<img src="/images/stories/2012/09/ellerman.jpg">
The property is currently rented at $135 per week or $608 per month.
 
With a 10% deposit, borrowing $72,000 on a 25-year mortgage at an interest rate of 6.25% would mean monthly mortgage repayments of  around $575 per month.
RP Data compared the cost of a mortgage vs the cost of renting in four different ways: 1, Principal and interest loan on a variable mortgage rate; 2. Interest-only loan on a variable mortgage rate; 3. Principal and interest loan on a three-year fixed mortgage rate; and 4. Interest-only loan on a three year fixed mortgage rate.
The data contains both units and houses, but in most suburbs on the list it is cheaper to rent a unit than buy one.
Click to enlarge
<a rel="shadowbox" href="/images/stories/2012/08/rpsept33.gif" title="Click to enlarge"><img src="/images/stories/2012/08/rpsept33thumb.gif"></a>
<a target="_blank" href="https://www.myrp.com.au/buyorrent">For the full list of all suburbs,  </a><a target="_blank" href="https://www.myrp.com.au/buyorrent">visit RP Data's website.</a>
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Dimboola leads the regional Victorian suburbs where it is cheaper to buy than rent: RP Data

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Mortgage Choice has attributed a marked increase in the popularity of fixed-rate home loans in August to more attractive reduced rate offerings and a penchant for borrowers to be conservative in their choice of home loans.
Fixed-rate home loans accounted for nearly one in five home loans arranged by Mortgage Choice mortgage brokers in August, a five percentage point increase from July.
<img src="/images/stories/2012/09/mcsept5.gif">
At the same time as fixed-rate demand increased ongoing discount rate loan demand fell for the first time in five months, from 44% to 38%.
Ongoing discount rate loan loans are those where the rate is discounted over the entire loan term.
Company spokesperson Belinda Williamson called this a surprising result and the first time in five months that demand for this loan type has diminished.
The other noticeable tend in the August data was that the popularity of no-frills, basic variable-rate loans reached a 14-month high of 21% of all new loans.
Williamson says lenders have been tweaking their fixed-rate loans, making the price of such loans more competitive in some cases when compared with variable rates.
“Looking at Mortgage Choice’s lender panel, the average three-year fixed rate, the most popular fixed rate term, currently sits at just over 6%. This is about 0.30 percentage points lower than the average basic variable rate home loan.”
According to research by Property Observer, the <a href="/news">current lowest rate available on a three-year fixed-rate mortgage is 5.44% offered by lender My Mortgage Freedom</a>.
The lowest variable rate offering is a 5.62% refinance loan from UBank, part of NAB.
“The upward trend in fixed-rate loan demand was evident in all states except Western Australia, where fixed-rate demand fell by one percentage point," says Williamson.
She says the data reflects the prevailing conservative attitude of Australians.
“Many more mortgage holders are locking in the interest rate on part or all of their loan so they can structure their repayments and take better control over their finances,” she says.
 “It is obvious that concerns about our domestic economy, rising utility bills and other living cost hikes along with predictions of fewer rate cuts taking place this year are having an effect on the purchasing decisions of Australians. Home loan choices are no exception.”
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Lower rates and conservative mindset drive fixed-rate demand to one in five home loans in August: Mortgage Choice

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As we enter the traditionally busy spring selling season, the likelihood and extent of a property market recovery remains extremely hard to call, with white-collar job anxiety one of the factors in a complex jigsaw puzzle that includes interest rate expectations, house price concerns, the impact of changes to government handout schemes, and investor appetite.
While the national unemployment rate remains low by international standards – sitting just above 5% – the perception remains that the mining sector is supporting the high rate of employment, with even RBA governor Glenn Stevens noting in his post-cash rate decision statement yesterday that jobs are being shed in some industries.
At the same time there were perhaps some raised eyebrows – though not from those enjoying their morning tea and scones – when March 2012 mortgage <a href="/news">delinquency figures from Fitch Ratings</a> showed the prestige suburbs on Sydney’s north shore and their counterparts in the eastern suburbs of Melbourne remained among the best-performing locations in Australia.
Surprise, surprise, the rich continue to manage to pay their mortgages, and talk of a white-collar recession appears as unlikely as Lleyton Hewitt winning another grand slam.
A new international report compiled by Swiss-based UNI Global Union Finance, which counts around 20 million affiliated members, provides some insights into the white-collar job picture and suggests that the Australian banking sector has cut relatively few jobs compared to the industrial-size job cuts at other international banks since the GFC.
The figures are based on information submitted to UNI Global Union Finance from representative finance sector unions in 21 countries and show that since the beginning of the financial crisis, more than 300,360 jobs have been lost in the finance sector in 18 countries (UK, Spain, Italy, France, Germany, Austria, Finland, Norway, Sweden, Denmark, Belgium, Romania, Moldavia, Greece, Ireland, Australia, India and the US).
Australia has accounted for less than 3% of these job cuts, with the Finance Sector Union (FSU) reporting that Australian banks have shed around 10,000 jobs since 2007, with nearly two-thirds (6,200) shipped offshore.
The biggest job cutters have been Westpac and ANZ, which have cut a combined nearly 2,000 jobs, with Westpac sending nearly half of its 1,021 positions cut offshore.
Furthermore, according to the FSU figures supplied to the report, there are no more large-scale job cut programs on the cards in Australia.
A figure of 10,000 jobs lost is certainly not a small one, but it is when compared with what has happened in countries with comparable first-world banking systems like the US, UK and Switzerland.
UK-based banks has cut nearly 65,000 jobs – six and a half times more than Australian banks –with HSBC cutting 30,000 positions and Lloyds 24,000.
The US figures in the report, which apply only to 2011- 2012, show 30,000 positions cut by Bank of America alone.
In Italy, where the economic picture has turned dire, the report notes that there were 10,000 job cuts from 2005 to 2012 while 20,000 people left through early retirement packages subsidised by the state.
As many as 15,000 or so more jobs are expected to go over the next three years, with all the major Italian banks having big redundancy programs in place to 2015.
So it appears that Australian banks have taken a relatively conservative approach to job cutting – a message that is unlikely to bring much cheer to those who have lost their jobs, especially given the enormous profits reported recently by all the major banks.
Interestingly, the UNI report notes that some of the biggest job cuts have been made by banks that continued to make big profits.
“In 14 banks which account for almost 3 million workers, more than 121,000 people have lost their jobs or are about to lose their jobs. At the same time, the same banks made profits last year, in the range of US$4 billion to $40 billion in 2011 alone. For example, HSBC made almost $22 billion of profit in 2011, but decided to cut 30,000 jobs. Deutsche Bank made $7 billion of profit but lost 22,000 jobs,” the report says.
This might also explain to some degree why those sipping tea in Mosman and Neutral Bay and Kew and Hawthorn have not struggled to pay their mortgages – clearly there are still big bonuses being paid from the billion-dollar profits.
However, the UNI report is unlikely to ease any of the anxiety among those working in the lower-echelons of the banking industry (many of whom would be either first-home buyers, upgraders or investors) – especially given the constant references from major bank CEOs in the recent reporting season to the current tough operating environment.
Indeed it would be naïve to suggest – as some have –that all that’s needed is a bit more sun and blue skies this spring and summer for the property market to rebound.
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White-collar job anxiety may be more imagined than real, new global report suggests, as we head into busy spring selling season

Design-led developer-builder Lowe Living has unveiled its latest residential development, Jardin House, marking its first foray into Melbourne's blue-chip City of Boroondara.

Located a short walk from Camberwell Junction, <a href="https://www.apartments.com.au/new-apartments/jardin-house-by-lowe-living-camberwell-335-camberwell-road-camberwell-vic-3124">Jardin House</a> has been designed to appeal to affluent local downsizers and established families seeking a low-maintenance alternative to the large homes that have long defined Camberwell and surrounding suburbs.

The project will comprise a collection of two and three-bedroom apartments ranging from 92 sqm to 280 sqm, alongside a limited number of penthouse residences featuring rooftop terraces spanning more than 100 sqm, with optional private pools.

&nbsp;

[smartcode_project:default project_id=146717 project_image_fid=372212]

Lowe Living Co-Founder and Managing Director Tim Lowe said Camberwell represented a natural next step for the developer as it expands into some of Melbourne's most tightly held residential markets.

"Jardin House is an important project for our team as it marks the next evolution of our portfolio into different well-established blue-chip pockets of Melbourne," Lowe said.

"Camberwell, with its incredible walkability, family-led neighbourhood feel and superb access to education and transport, makes it a natural choice for us."

[smartcode_project:default project_id=146717 project_image_fid=372227]

Designed by Tristan Wong Architects, with interiors by Hecker Guthrie and landscaping by Acre, the development takes inspiration from the Art Deco architecture that remains a defining feature of many of Camberwell's established streets.

A curved facade, arched openings, textured brickwork and sculpted forms reference the suburb's architectural heritage, while extensive landscaping softens the building's presence and creates a strong connection to the surrounding tree-lined streetscape.

The project will be set behind a secure gated entrance, with residents arriving through landscaped gardens designed to create a transition between the public realm and private residences.

Inside, the residences feature natural stone and timber finishes, full-height glazing, Miele appliances and generous open-plan living areas designed for long-term owner occupation.

[smartcode_project:default project_id=146717 project_image_fid=372225]

While the apartments themselves have been designed to attract discerning owner-occupiers, it is the amenity offering that sets Jardin House apart from many other boutique projects currently launching across Melbourne.

The centrepiece is a 350 sqm private bathhouse curated in partnership with Aurora Spa &amp; Bathhouse founder Lyndall Mitchell.

The wellness precinct includes mineral pools, hydrotherapy experiences, a Himalayan salt room, sauna, steam room, cold plunge pools and dedicated relaxation spaces, creating what Lowe Living describes as a private wellness retreat exclusively for residents.

[smartcode_project:default project_id=146717 project_image_fid=372222]

The collaboration follows Lowe Living's recent partnership with Aurora at Maison Savoy in Brighton, although Jardin House is the first project to incorporate both indoor and outdoor wellness experiences.

Emma Lowe, Co-Founder and Managing Director of Lowe Living, said wellness was becoming an increasingly important consideration for apartment buyers.

"Collaborating with Lyndall Mitchell from Aurora Spa &amp; Bathhouse for a second time is an intentional nod to creating residences that are more than just homes, but a way to enrich the lives of our residents through wellness and longevity," Lowe said.

The amenity offering is complemented by a Technogym fitness studio, residents' lounge, private dining spaces and concierge services.

The launch comes as developers increasingly target Melbourne's established eastern suburbs, where rising land values, ageing housing stock and growing downsizer demand are creating opportunities for boutique apartment projects.

Lowe said the company expects significant generational wealth transfer across suburbs such as Camberwell in coming years, creating further demand for luxury apartment living.

"Camberwell is a blue-chip suburb where homes regularly transact for multiple millions of dollars," he said.

"The generational change of wealth in these locations expected in the coming years is significant, so we see an opportunity to create exclusive residences that appeal to older families and downsizers in order to meet this demand."

Apartments at Jardin house start from $1,195,000. The project forms part of Lowe Living's near-$1 billion portfolio of new developments across Melbourne.

[smartcode_project_cta:default project_id=146717]

Joel Robinson

Lowe Living launches Jardin House in Camberwell

As <a href="https://www.apartments.com.au/developments/north-sydney-nsw-2060">North Sydney</a> continues its transition from a commercial centre into a more layered residential and lifestyle precinct, a new generation of apartment developments is reshaping expectations around scale, amenity, and long-term liveability.

Improved transport connections through the Victoria Cross Metro, continued investment in dining and public spaces, and a constrained supply of new luxury apartments have sharpened demand for homes that combine proximity to the CBD with the privacy and outlook traditionally associated with harbourside houses.

At 177 Walker Street, <a href="https://www.apartments.com.au/developers/aland">ALAND</a>’s new apartment development <a href="https://www.apartments.com.au/new-apartments/the-walden-north-sydney-177-walker-street-north-sydney-nsw-2060">The Walden</a> enters the market with a distinctly residential approach to high-rise living. The 30-level tower will deliver 161 residences, ranging from one-bedroom apartments through to sub-penthouses and a full-floor penthouse, all oriented to capture uninterrupted views across Sydney Harbour, the Opera House, and out toward the Pacific Ocean.

[smartcode_project:default project_id=134323 project_image_fid=6395]

Designed by <a href="https://www.apartments.com.au/architects/rothelowman">Rothelowman</a>, the project takes advantage of the site’s natural topography and elevated position above the harbour. Rather than relying on density alone, the architecture focuses on outlook, orientation, and spatial flow, with every apartment occupying a corner position to maximise natural light and cross ventilation.

Rothelowman says the site itself shaped much of the architectural response.

“The site has a long history in terms of its inevitable transformation and when we came in, we took inspiration from the idea of reestablishing a sense of the site’s natural terrain and fall. Our scheme aims to integrate with the terrain and the landscape, using the undulating site to slowly reveal glimpses and views of the harbour. The rotation of the tower off grid means every apartment has a view and is naturally cross ventilated. The building's colour palette is quintessentially Sydney, with bronze and sandstone and a luminescent green colour in the glass, making it very earthy and grounded in its location.”

[smartcode_project:default project_id=134323 project_image_fid=6399]

Inside the residences, the emphasis moves toward larger-format living typically associated with standalone homes. Kitchens sit at the centre of the apartments, connecting directly to open-plan dining and living areas before extending outward into expansive winter gardens and balconies. Calacatta marble, bespoke joinery, integrated appliances, and custom metal detailing are used throughout, while three distinct interior palettes, Terrace, Opera, and Harbour, allow buyers to personalise the spaces without compromising the architectural consistency of the project.

The larger residences place particular attention on separation between entertaining and private zones. In many apartments, master suites occupy the outer corners of the floorplates, allowing bedrooms to benefit from floor-to-ceiling glazing and harbour outlooks independent of the living spaces. Dressing rooms and ensuites continue the material palette through fluted detailing, freestanding baths, and layered stone finishes.

Rothelowman says the design intent centred on creating homes that feel enduring rather than transient.

“Our philosophy is all about the way people live in these spaces, and we wanted to create homes that reflect the quality of life in this unique Sydney location. The apartments showcase expansive living spaces that are generous, sophisticated, and bold, with the ability to connect with views throughout each apartment.”

[smartcode_project:default project_id=134323 project_image_fid=353235]

A separate four-storey amenity building known as The Pavilion expands the residential offering beyond the apartments themselves. Positioned alongside the tower, the building consolidates wellness, recreation, and social spaces into a dedicated resident retreat. Facilities include a 20-metre rooftop pool and sundeck, sauna, spa, ice bath, wellness studio, gymnasium, concierge service, wine cellar, residents’ lounge, private dining spaces, and dedicated co-working areas with meeting rooms and boardroom facilities.

The amenity mix reflects the buyer profile emerging in North Sydney, where owner-occupiers and downsizers are increasingly prioritising convenience, apartment scale, and long-term usability over purely investment-driven decisions.

The Walden also represents a significant milestone for ALAND, marking the company’s first major move into Sydney’s inner-city luxury apartment market after more than two decades delivering large-scale residential communities across Greater Sydney. Founder Andrew Hrsto says the Walker Street site stood apart because of both its positioning and its rarity.

[smartcode_project:default project_id=134323 project_image_fid=6390]

“As a company, we had been searching for a site in one of Sydney’s blue-chip locations, spanning the Eastern Suburbs, the Sydney CBD and the North Shore, and when we had the opportunity to purchase this site, we immediately recognised that it could be something iconic.”

At launch, The Walden recorded more than $103 million in sales, with buyers drawn to the project’s harbour positioning, apartment scale, and proximity to the Metro, which now connects North Sydney to Barangaroo in three minutes and Martin Place in five.

ALAND has commenced construction, and is expecting a completion date in 2028.

[smartcode_project_cta:default project_id=134323]

The Walden pairs house-scale living with North Sydney connectivity

The ACT will become the first jurisdiction in Australia to abolish stamp duty for all first home buyers, with no income caps and no property price thresholds from 1 July.

The move, announced as part of the ACT Budget, completes a key election commitment from the Barr Government and removes what Chief Minister Andrew Barr described as one of the biggest barriers to entering the housing market. The reform forms part of the ACT's long-running transition away from transaction taxes and towards a broader-based property tax system.

"This budget marks a major milestone in our long-term tax reform program," Barr said, adding that the government had maintained a sustained focus on removing barriers to home ownership. He said stamp duty had long been one of the largest upfront hurdles facing buyers and that from July, "that barrier is gone" for first home buyers in the Territory.

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The changes come alongside a range of measures designed to encourage new housing supply, including support for the delivery of so-called "missing middle" housing such as terraces, townhouses and low-rise multi-unit developments.

The announcement has renewed debate around whether the ACT's approach could provide a blueprint for improving housing affordability nationally.

New research from OurTop10.com.au, conducted by Primara Research, suggests the Territory's decade-long reform agenda has produced outcomes unmatched elsewhere in Australia.

While stamp duty costs have increased by an average 67 per cent nationally over the past decade, the ACT has recorded growth of just 15 per cent, the lowest increase of any jurisdiction.

The Territory has also emerged as one of the strongest performers on housing delivery. Based on population-weighted housing targets, the ACT is sitting less than one per cent behind its target. Victoria is the next closest at seven per cent behind, while the national average sits 25 per cent below target. New South Wales is tracking 39 per cent behind.

The latest reform removes one of the final barriers facing first home buyers in Canberra.

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The average Australian home buyer currently pays $61,714 in stamp duty. In the ACT, that figure is $38,399 despite the Territory having the third-highest median house price in the country.

Until now, the ACT's first home buyer concession scheme only applied to purchases up to $1.02 million, around $51,000 below Canberra's median house price of $1.071 million. In practical terms, many first home buyers were unable to access the median-priced home without losing the concession.

From July, those restrictions disappear.

Every first home buyer in the ACT will pay no stamp duty, regardless of income or purchase price.

Canberra remains one of Australia's most expensive housing markets, with dwelling values increasing 82 per cent over the past decade. However, that growth ranks only 11th among Australia's 15 major housing markets, suggesting affordability pressures have been less severe than in many other parts of the country.

Simon Ma, CEO of OurTop10.com.au, said the latest reforms recognise that many first home buyers have simply outgrown thresholds set years ago.

"Many first home buyers aren't just looking for a way onto the ladder, they want a home their family can actually live in," Ma said.

"In a market where the median house price is over a million dollars, a concession scheme that cuts out at $1.02 million was never going to get them there.

"Removing the ceiling entirely means ACT first home buyers can now pursue the home they actually want, rather than limiting themselves to a price point designed for a very different market."

Whether other states follow remains to be seen. But at a time when most jurisdictions are struggling to improve affordability while also increasing housing supply, the ACT has quietly become the national test case for both.

15% stamp duty growth. Just 1% off the national housing target. Zero stamp duty for FHBs. Is the ACT the blueprint for the great Australian dream?

ACT abolishes stamp duty for first home buyers

A rooftop pool and spa overlooking the Brisbane CBD, private dining spaces, expansive landscaped gardens and a residents' lounge are set to crown <a href="https://www.apartments.com.au/new-apartments/callista-on-park-west-end-49-mollison-street-west-end-qld-4101">Callista on Park</a>, the final residential building within Brisbane's West Village precinct.

The rooftop amenity collection has been designed as an extension of the lifestyle already established throughout West Village, providing residents with a series of indoor and outdoor spaces that capitalise on the building's elevated position above West End.

A swimming pool and heated spa form the centrepiece of the rooftop offering, surrounded by landscaped gardens developed through a collaboration between developer Sekisui House and ASPECT Studios. The design incorporates expansive lawn areas surrounded by English garden-inspired planting.

[smartcode_project:default project_id=134800 project_image_fid=370648]

Residents will also have access to two barbecue and outdoor dining areas positioned to take advantage of views across Brisbane's skyline, neighbouring Mollison Park, and the surrounding inner-city landscape.

For larger gatherings, the rooftop includes a private dining room centred around a substantial stone island bench, complete with a full kitchen and a 10-seat dining table set beneath four-metre-high ceilings. The space has been designed to overlook both the rooftop gardens and the Brisbane CBD skyline.

A separate residents' lounge provides an additional indoor retreat connected to the broader rooftop amenity offering, creating another space for residents to work, relax or entertain guests.

[smartcode_project:default project_id=134800 project_image_fid=370647]

The attention to detail extends beyond the rooftop.

Upon arrival, residents will enter through a lobby featuring a bespoke ceiling light installation developed in collaboration between Sekisui House and Alcorn Middleton Architecture. The arrival experience is complemented by private resident mailboxes and carefully considered interior finishes designed to reflect the premium positioning of the building.

[smartcode_project:default project_id=134800 project_image_fid=372541]

The amenity offering forms part of Callista on Park, the final residential release within the decade-long transformation of the former Peters Ice Cream Factory site into West Village, one of Brisbane's most established mixed-use communities.

Designed by <a href="https://www.apartments.com.au/architects/rothelowman">Rothelowman</a> and being delivered by <a href="https://www.apartments.com.au/builders/hutchinson-builders">Hutchinson Builders</a>, Callista represents the most premium residential offering within the masterplanned precinct.

Construction is now entering its final stages, with scaffolding beginning to come down and completion expected in the first quarter of 2027.

Prices for the three-bedroom plus MPR apartments start from just over $2.6 million.

[smartcode_project:default project_id=134800 project_image_fid=351535]

Callista will mark the final opportunity to purchase within West Village, where residents have direct access to more than 35 retail, dining, wellness and medical operators including Harris Farm Markets, Woolworths, Function Well and Goodlife Health Clubs, Metro Arts, and a growing collection of restaurants and cafés.

Located just 800 metres from the Brisbane CBD, the precinct also places residents within walking distance of South Bank, West End's dining scene, riverfront parklands and major public transport connections.

For Sekisui House, which has delivered more than two million homes globally, Callista serves as the concluding piece of the West Village masterplan, bringing together the precinct's heritage character, parkland setting and emphasis on walkability in a final collection of larger-format residences.

[smartcode_project_cta:default project_id=134800]

Rooftop pool, private dining and skyline gardens to crown West Village's final apartment release, Callista on Park

<a href="https://www.apartments.com.au/developments/wahroonga-nsw-2076">Wahroonga</a>’s enduring appeal has long been tied to its balance of bushland, established amenity, and access to some of Sydney’s most respected education and healthcare institutions.

Along Fox Valley Road, that combination is becoming increasingly sought after by buyers looking to remain connected to the Upper North Shore lifestyle while prioritising walkability, wellbeing, and convenience.

Developer Capital Corporation's initial vision of a 62-hectare site on Fox Valley Road was that they could create their own walkable community, bordered by&nbsp;more than 25 hectares of bushland and adjoining Coups Creek.

<img alt="Wahroonga" data-entity-type="file" data-entity-uuid="b84917a1-0d75-49b9-888c-ddf7ebfd6692" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/NEW2026_Wahroonga_Walkway.gif?VersionId=Gk3_xi5ssYfalmwuQQ5umQakddceC31j" />

<a href="https://www.apartments.com.au/new-apartments/the-residences-at-wahroonga-estate-169-fox-valley-road-wahroonga-nsw-2076">The Residences at Wahroonga Estate</a> draws directly on the area’s natural landscape, with walking trails and green corridors linking into sections of Lane Cove National Park. The surrounding network of bushwalks, cycling tracks, and reserves reinforces the suburb’s long-standing reputation as one of Sydney’s most nature-oriented residential pockets, while still maintaining close ties to village retail and transport infrastructure.

The address places residents within minutes of Wahroonga and Turramurra villages, where cafés, local grocers, boutiques, and everyday services support a highly localised lifestyle. Popular nearby venues including The Fox Café and Breeze Valley Café provide easy options for morning coffee or casual dining, while longstanding retailers such as IGA Wahroonga Fresh and Novella Fine Books continue to anchor the area’s village character.

&nbsp;

<img alt="Wahroonga" data-entity-type="file" data-entity-uuid="c4a950f7-4f05-4370-b360-b106359788e5" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/2026_Wahroonga_Entry_Gates.gif?VersionId=7n5kh9ymu.azYEYDemJkPgiIAfSw44oj" />

Healthcare access remains one of the defining locational advantages of the estate. Sydney Adventist Hospital, known locally as The San, sits directly adjacent and is one of the largest and most respected private hospitals in New South Wales. The hospital precinct incorporates specialist medical services, radiology, physiotherapy, and outpatient care, contributing to growing buyer demand from downsizers and owner-occupiers seeking long-term convenience and peace of mind.

Research commissioned by Capital Corporation found that health and wellbeing considerations are increasingly influencing downsizing decisions, particularly among buyers wanting to remain within familiar neighbourhoods while accessing medical infrastructure more easily.

Education has also historically underpinned demand across Wahroonga and the broader Upper North Shore. The estate sits close to several of Sydney’s leading private and independent schools, including Knox Grammar, Abbotsleigh, Barker College, Pymble Ladies’ College, Ravenswood School for Girls, and Loreto Normanhurst. Co-educational options including Wahroonga Adventist School and Sydney Adventist School further strengthen the area’s appeal to established families looking for long-term schooling pathways within a tightly held catchment.

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Transport connectivity supports the suburb’s liveability without compromising its quieter residential character. Wahroonga and Turramurra train stations provide direct rail access into the Sydney CBD, while the nearby Pacific Highway and M1 motorway strengthen links across the North Shore and broader metropolitan area. At the same time, the heavily treed streetscape and low-density character continue to distinguish the precinct from more urbanised parts of Sydney.

The Residences at Wahroonga Estate forms the first stage of <a href="https://www.apartments.com.au/developers/capital-corporation">Capital Corporation</a>’s broader masterplanned vision for the precinct, delivered alongside the Seventh-day Adventist Church.

[smartcode_project:default project_id=135247 project_image_fid=364995]

Designed by <a href="https://www.apartments.com.au/architects/group-gsa">GroupGSA</a> with interiors by <a href="https://www.apartments.com.au/interior-designers/coco-republic-interior-design">Coco Republic</a>, the development integrates landscaped communal spaces including a pet-friendly Green Spine, resident lounge, BBQ pavilion, and direct bushland access, reinforcing the project’s focus on outdoor connection and community-based living.

Now under construction by Gold Star iCIRT-rated builder <a href="https://www.apartments.com.au/builders/dasco-australia">DASCO</a>, The Residences at Wahroonga Estate will deliver a collection of one, two, and three-bedroom apartments priced from $990,000, with completion anticipated in 2027.

[smartcode_project_cta:default project_id=135247]

Larry Schlesinger

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