<html><body>
RBA governor Glenn Stevens says Australian households are continuing to manage their debt obligations while noting that house prices may have stopped their “gentle decline” following cash rate cuts that began in November last year.
This supported his August monetary policy decision statement that "dwelling prices have firmed a little over the past couple of months". 
He also suggested interest rates were likely to remain on hold while the RBA waited for the effects of rate cuts to work their full effect on the economy and house prices.
Speaking before the House of Representatives Standing Committee on Economics Stevens acknowledged that concerns have been worries expressed about house prices –but mainly from overseas.
He said “bad things can happen” but said Australia had the structures in place and was fairly well-equipped to respond.
He noted that house-prices-to-household-income ratio was up around four to one, but said this was where it had been for the last decade.
He also said that APRA had stress-tested the banking sector and while it would be affected by a global crisis it would remain “well and truly solvent".
In his opening statement, Stevens said the board has judged the current interest rate sets to be the "appropriate stance".
“It is too early to tell how much difference the sequence of decisions to lower interest rates late last year and in the middle of this year has made to the economy, though we can observe that dwelling prices may have stopped their earlier gentle decline, and business credit has been growing at its fastest pace for three years,” he said.
But he said if there were a deviation in the domestic outlook, the RBA would be well placed to respond.
Stevens said it was reasonable to assess that the domestic economic activity has been growing "close to trend" for the past 12 months.
He said May and June cash rate cuts were made based on the board's assessment of economic conditions and the outlook, and with regard to the balance of risks.
“In May and June, the Board eased monetary policy, lowering the cash rate by a total of 75 basis points, following the two adjustments made last year. These decisions were made based on the Board's assessment of economic conditions and the outlook, and with regard to the balance of risks. They have resulted in borrowing rates being a little below their medium-term averages,” said Stevens.
Responding to the opening statement, ANZ said it "contained little new information over and above recent communications from the RBA"
"On the economic outlook in <place><country-region>Australia</country-region></place>, the governor noted that the central forecast of growth close to trend will have a different composition than over the past year or two. Resources investment is expected to peak over the next year or two but thereafter exports are expected to pick up.
"Dwelling and non-residential construction is also forecast to pick up following the current period of weakness," said ANZ.
 
<ul></ul>
</body></html>

lschlesinger-FZcF9M3vE6

House prices may have stopped 'gentle decline' and households in 'good shape': Glenn Stevens

<html><body>
Perth and Adelaide have led a sixth straight quarter of improving housing affordability in the June quarter, taking the HIA-Commonwealth Bank Housing Affordability Index to its highest level since September 2009.
The index improved by 1.1% (0.7 points) in the June 2012 quarter to be 10.6% (6.0 points) higher over the year with an index value of 62.5.
Two years ago the index stood at 52.5.
The affordability multiple – number of average full-time adult wages required to affordably service a mortgage on a median-priced dwelling – improved slightly from 1.62 to 1.6. Two years ago it stood at 1.91.
Affordability peaked in March 2009 quarter, at a time when the cash rate was falling to its lowest level as the RBA cut rates steeply to counter the effects of the GFC. Between December 2008 and April 2009 the cash rate fell from 5.25% to 3% with 100-basis-point rate cuts in December 2008 and February 2009. These rate cuts followed state governments introducing the boosted first-home owners' grant, which provided up to $14,000 in additional handouts.
The chart below illustrates this improving affordability picture but also shows that  affordability in capital cities (the grey line) has flattened out, while there has been a sharper improvement in affordability in housing markets outside of capital cities (the black line).
Click to enlarge
<a title="Click to enlarge" rel="shadowbox" href="/images/stories/2012/08/hiaaug24.gif"><img src="/images/stories/2012/08/hiaaug24thumb.gif"></a>
"Excluding the GFC period when interest rates dropped sharply, housing affordability is at its healthiest level since 2003," says HIA chief economist Dr Harley Dale.
"That is heartening news for Australian households."
"Now is a great time to buy for those who are financially set to take that decision," Dale says.
Perth’s affordability index improved from 59.7 to 62.5, and Adelaide’s affordability index improved from 65.9 to 70.
Affordability in Perth was driven by average monthly loan repayments falling from $3,331 to $3,184.
There was a small improvement in Sydney – 50.1 to 51.9 – but it remains the least affordable capital city in Australia.
Affordability worsened slightly in Melbourne (60.3 to 59.3) and in Brisbane (65.5 to 64.7).
Outside of the capital cities, affordability improved everywhere except South Australia and Western Australia.
"The recent improvement in affordability is welcome news for those trying to get a foothold into or advance within the housing market," says Dale. "It is also an encouraging bright spot for an industry that, in terms of current activity, remains a clear area of weakness within the Australian economy."
"The improvement in housing affordability is largely cyclical and there remains considerable work to be done to address the high and inefficient taxation embedded in housing, especially for new homes."
"Policy reform remains very slow, to the detriment of households, businesses, and overall economic performance," adds Dale.
</body></html>

Housing affordability at highest level since September 2009, led by improvements in Perth and Adelaide: HIA/CBA index

<html><body>
Boutique lodge operator Baillie Lodges has submitted a development application for its proposed new ultra-expensive hotel, including a new "ribbed building" joining two Victorian-era warehouses dating back to the 1840s.
Photos included in the submissions show a Sydney seeped in Victorian-era architecture with brick terraces and horse-drawn carts.
The application by Baillie Lodges has an estimated construction cost of $6.3 million.
<img src="/images/stories/2012/08/baillie.jpg">
The new hotel has been designed by architects Tonkin Zulaikha Greer architects, led by director Tim Greer, which has past experience in projects incorporating a heritage element.
It features a new two-storey building to be built on the site of the Westpac museum with a ribbed façade and a roof terrace, linked to 47 George Street.
<img src="/images/stories/2012/08/baillie2.jpg">
Among the firm’s most well-known projects is the 'Portico' Scots Church redevelopment in Wynward, a short walk from the Rocks, which topped the disused, heritage-listed neo-gothic 1920s church with apartments while keeping the gothic façade at the base.
Baillie Lodges – run by husband-and-wife operators James and Hayley Baillie – is targeting a mid-2014 opening for what would be its first inner-city Sydney venture.
They are seeking to make alterations and additions to two existing heritage listed buildings, demolish the 1980s-built former Westpac Museum and erect a new building to create the new boutique hotel.
The heritage buildings stand on the corner of George Street and Atherton streets in the Rocks and form part of a predominantly Victorian and Edwardian streetscape at the northern end of George Street.
<img src="/images/stories/2012/08/baillie3.jpg">
The two heritage buildings are Union Bond Store at 47 George Street, Merchants House at 43-45 George Street as well as the adjoining Avery Terrace site, which houses the former Westpac Museum.
 
<hr class="system-pagebreak">
 
Click to enlarge
<a href="/images/stories/2012/08/bailliemap.jpg" rel="shadowbox" title="Click to enlarge"><img src="/images/stories/2012/08/bailliemapthumb.jpg"></a>
The project is being managed by Matthew Giltrap, who says a final decision on the application may not be made until November. The application requires approval of the Heritage Council.
Should this go smoothly, construction could begin in March.
The Baillies have acquired 35-year leases on the two adjacent historic buildings on George Street 
Documents show that the construction of Union Bond Store dates back to 1841, Merchants House dates back to 1848 and Avery Terrace to 1881.
The Union Bond Store and Merchant’s House form a Victorian Regency period "bookend" to the adjacent two-storey terrace houses.
Historical documents included in the application show the rich heritage of the site.
There are grainy photographs showing the two matching warehouses at 47 George Street dating back to 1858 adjoining the Union Bond Store.
<img src="/images/stories/2012/08/baillie4.jpg">
An 1880s directory excerpt lists the tenants at 47 George Street as “E Bow and Co. Wholesale Druggists”
<img src="/images/stories/2012/08/baillie5.jpg">
Also taken in 1880 is this photo showing the two buildings fronting George Street with horse-drawn carts out the front and a winch used to lift supplies from the carts to higher levels of the warehouse.
<img src="/images/stories/2012/08/baillie6.jpg">
At the turn of the century, Union Bond Store and Merchant’s House are shown as part of the Estate of the John Martyn.
More historical pictures show the warehouse within the context of a distinctly Victorian-looking Sydney with boats and ships moored in a Circular Quay that looks nothing like today’s modern high-rise version
<img src="/images/stories/2012/08/baillie7.jpg">
Plans for the Baillies' Sydney were revealed by James Baillie in April this year.
He told Property Observer he chose The Rocks because it is a “quintessentially Sydney location” and “perfectly located close to all of Sydney key iconic attractions”.
Suite tariffs (double) will range from $1,200 to $3,000 per night inclusive of gourmet breakfast, open bar and in-suite bar, evening cocktails and canapés, airport transfers and town car service.
The Great Ocean Road is next on the couple’s agenda, and they also have ambitions of opening a second larger luxury hotel in Sydney.
Baillie Lodges was founded in 2003 and currently operates three luxury lodges in wilderness locations, these being <a target="_blank" href="https://www.lordhowe.com/">Capella Lodge</a> on Lord Howe Island, the Baillies’ first venture, <a target="_blank" href="https://www.southernoceanlodge.com.au/">Southern Ocean Lodge </a>on Kangaroo Island (pictured above) and <a target="_blank" href="https://www.baillielodges.com.au/remarkable-lodge.asp">Remarkable Lodge in Tasmania</a>.
</body></html>

Baillie Lodges reveal ribbed modernist addition to proposed boutique hotel in Victorian-era The Rocks in Sydney

<html><body>
Property investors with net wealth of over $5 million will face increased tax compliance scrutiny from the Australian Tax Office (ATO) following the launch of a new online guide aimed at “wealthy individuals and their economic groups with net wealth over $5 million” as well as small and medium-sized enterprises earning between $2 million and $250 million.
"With more than $74 billion of revenue collected last financial year coming from SMEs and wealthy individuals, over a quarter of all revenue collected by the ATO, it is important that we have a good working relationship with clear expectations of each other," said commissioner of taxation Michael D'Ascenzo this week as he launched the new publication Tax compliance for small-to-medium enterprises and wealthy individuals.
This is the first time that the ATO has published detailed information on its approach to managing tax compliance risks for SMEs. 
"Those risks that attract our attention include things like where tax performance varies substantially from business performance, there are inconsistencies in activity statements or spikes in refund claims, or there are large one-off or unusual transactions," D'Ascenzo says.
"By publishing information on how we assess risk and what attracts our attention, we intend to provide more practical certainty for taxpayers.
The publication also details what SMEs and wealthy individuals can expect as part of an audit and review process, how to avoid or reduce the risk of administrative penalties, it also outlines the range of options available in resolving disputes with the ATO.
The ATO says that several characteristics may attract its attention, including:
<ul style="font-family: Verdana, Arial, Helvetica, sans-serif; font-size: 10.909090995788574px;">
<li>tax performance varying substantially from business performance</li>
<li>inconsistencies in activity statements or spikes in refund claims</li>
<li>large, one-off or unusual transactions</li>
<li>tax and economic performance varying significantly from similar businesses in the same industry</li>
<li>unexplained losses</li>
<li>a history of aggressive tax planning by individuals or their advisers</li>
<li>weaknesses in compliance structures, processes and approaches</li>
<li>tax outcomes inconsistent with the intent of tax law</li>
<li>lifestyle not supported by after-tax income</li>
<li>treating private assets as business assets</li>
<li>accessing business assets for tax-free private use</li>
<li>not disclosing offshore dealings with overseas entities, especially low-tax jurisdictions and tax havens that allow banking secrecy</li>
<li>using complex structures and intra-group transactions to minimise tax</li>
<li>transactions where the tax and economic outcomes are inconsistent</li>
<li>poor governance and risk-management systems</li>
<li>distortions and inconsistencies in market valuations and apportionments</li>
<li>business performance falling outside small business benchmarks (for businesses with turnover of up to $15 million).</li>
</ul>
About 250 wealthy individuals face a review this year.
The ATO is watching 2,600 wealthy individuals but says there are a potential 3,000 who could also fit into the category.
In its overview of the SME market, the ATO says that “wealthy individuals are behind some of Australia's largest and most successful businesses.
“They employ many Australians and significantly contribute to our economy and tax revenue. They can operate their own self-managed super funds. Many take on a great deal of personal risk to build their businesses.
“Given their positions of influence it is important they do not take unacceptable risks when it comes to tax compliance,” says the ATO.
<a target="_blank" href="https://www.ato.gov.au/businesses/content.aspx?doc=/content/00129961.htm&amp;alias=smecompliance">The guide can be viewed online on the ATO website.</a>
 
 
</body></html>

Wealthy property investors facing tax scrutiny as ATO launches new tax compliance guide

<html><body>
Property developer Devine has reported sales of 425 apartments in the first two towers of its $500 million Hamilton Harbour mixed-use development and an overall better outlook for the inner-Brisbane housing market.
Devine reported the sales success at Hamilton Harbour as one of the highlights of its financial year as it reported an underlying profit after tax of $11.1 million but a statutory after tax loss of $12.9 million.
The result was within the prior guidance issued by the company in June.
In its previous annual results Devine reported a net profit after tax of $20.2 million - a 147% increase from the previous year.
Devine managing director and CEO David Keir said the company was “particularly pleased with the progress at Hamilton Harbour".
Taking a wider view, Keir said property and housing markets continued to be “impacted by low consumer confidence, with demand hampered by global and domestic economic uncertainty”.
“Sales levels over the past 12 months were also impacted by the lending practices of banks and the conservative approach taken by valuers and the winding back of government stimulus in our key markets.”
Devine says 90% of total apartments in the two Hamilton Harbour towers have now been settled.
Construction of both towers is now complete with a third tower now under construction.
There are 13 apartments available for purchase in tower one and 31 available in tower two.
Devine says the inner-Brisbane market, the focus of more than 40 apartment projects by a variety of developers, is now stable after a “prolonged period of weakness” with successive quarters of good volume sales.
The Hamilton Harbour precinct located between Racecourse Road and the Brisbane River in Hamilton is a joint venture between Devine and Leighton Properties with one-bedroom apartments starting at $425,000.
Devine says price is continuing to drive the majority of sales with 70% of unconditional sales under $550,000.
The Midwood report recorded 30 sales at Hamilton Harbour in the May quarter with a median price paid per square metre was $6,831 – making it the <a href="https://www.propertyobserver.com.au/residential/brisbane-high-rise-apartment-sales-down-31-in-may-quarter-midwood/2012062755299">second strongest selling inner Brisbane projects over the quarter behind Madison Heights</a>.
Devine expects Tower three settlements to commence prior to December 2012 and contribute to current year earnings with almost 70% of this tower contracted.
Devine says one of the other highlights for the year was development approval being granted for its $1.4 billion master-planned residential community in Gladstone.
Marketing of the community commenced in February 2012 with the first two stages sold out within two months.
Devine expect core markets in Queensland, Victoria and South Australia to start showing improvement throughout the 2013 calendar year as the combined impact of lower interest rates, improved housing affordability and historically low unemployment help to improve sentiment towards residential property.
Devine has a development pipeline of 14,500 lots.
For insights into the inner Brisbane property market, download Property Observer’s free ebook: <a href="http://propertyobserver.com.au/ebooks/free-ebook-the-brisbane-inner-city-market">Brisbane's inner-city urban renewal</a>
</body></html>

Inner Brisbane apartment market picks up as Devine reports 90% of Hamilton Harbour towers sold out

<html><body>
The flat mortgage and housing market conditions are expected to persist into 2013, according to mortgage broker Mortgage Choice, which managed to grow both its market share and franchise numbers in the 2012 financial year but reported a drop in cash profits.
Mortgage Choice reported net profit after tax of $15 million for the year ending June 30, a fall of 5.7% on the 2011 financial year, in line with earlier guidance.
Last year Mortgage Choice revealed 2011 full-year cash profits of $15.9 million, an increase of 7.4% on the $14.8 million achieved in the 2010 financial year.
At a press briefing today, Mortgage Choice CEO Michael Russell described the mortgage and housing market picture as “benign but in the black”, with ABS housing finance figures showing a 2.9% rise in new mortgage commitments for financial year.
"I can't see any reason for this to change materially from last year.
"We have seen a correction in median house price in past couple of years. My view is for a stable outlook going forward over the next year or two.
Russell says Australia is fortunate that it has an "incredible undersupply of housing issue", which "is real".
As a result he can’t see "any fall of the cliff but a fairly flat house price environment".
Russell expects at the most one more rate cut, possibly in November, but says a 25-basis-point cut would not have much impact on the market.
He says tailwinds in the market are being negated by headwinds.
Tailwinds affecting mortgage lending are "steady population growth, a stable interest rates outlook, fierce competition among lenders, low unemployment and an undersupplied housing market".
Headwinds are "out-of-cycle interest rate movements, increased lender funding costs, global economic uneasiness, falling house prices and consumers deleveraging and saving more".
The total value of loans written by Mortgage Choice brokers and aggregator LoanKit grew by 6.4% to $45.1 billion over the 2012 financial year, with its market share increasing from 4.2% to 4.6% of all new home loans written – peaking at 4.9% (almost one in 20 new loans) in March and April.
Mortgage Choice reported a 13% rise in approvals to $9.9 billion as well as a 11% rise in settlements to $8.7 billion.
Mortgage Choice brokers were paid an average upfront commission of 0.6%, with CFO Susan Mitchell pointing out that all of its brokers are paid the same rate so are not financially motivated to send one home loan to one lender over another.
Mortgage Choice reported that its franchise business had shown growth after growth stalling in the previous three years.
Franchise numbers increased by 12 to 380, the highest number since January 2009, while franchise owners increased from to 330 to 338, the highest since July 2008.
Russell says the key messages was that this was a “solid result, reflects our commitment to diversifying our business running in conjunction to our core business”.
“This is a very pleasing result for the second half of the financial year.”
Mortgage Choice declared a fully franked dividend of 7¢ per share for the second half of the year.
</body></html>

Benign but in the black: Mortgage Choice CEO Michael Russell's call on mortgage and housing market

<html><body>
A new tranche of 10 refurbished Sydney 7-Eleven service stations and attached convenience stores have been listed for auction on September 25.
The combined retail and service stations have held strong appeal for commercial property investors with two tranches – one in Brisbane and one in Sydney – selling at auction earlier this year, with yields ranging betwen 5.6% and nearly 7.7%.
Last year more than $90 million worth of refurbished 7-Eleven service stations sold at auction in a similar yield range, with many snapped up by self-funded retirees.
As with previous batches, the 10 Sydney stores comes with new 15-year leases plus renewal options and guaranteed 4% annual fixed rent increases.
The highest-earning service station in the new batch is a 1,688-square-metre site at 336 Georges River Road in Croydon Park in Sydney’s west, which has an annual rental of $280,000.
The Roselands and West Ryde stations earn the lowest annual rent, at $150,000 per year each. 
Other 7-Eleven service stations are located at Berowra (the biggest site measuring 3,174 square metres), Bexley, Campbelltown, Glendale, Kirrawee, Rockdale, Roselands, Rozelle and West Ryde.
The marketing campaign is being handled by Jones Lang LaSalle agents John Macree , Jeff Moxham, Anthony Bray, Leslie Cheng and Michael Ajaka.
Interested buyers can register their details at a <a href="https://www.joneslanglasalle24seven.com.au/">dedicated Jones Lang LaSalle site.</a>
The most recent auction of 7-Elevens was a tranche of six in Queensland in April this year.
Five of the six sold at auction, with prices ranging from $1.5 million for a 2,365-square-metre 7-Eleven service station in the north Brisbane coastal suburb of Sandgate to $2.35 million paid for a 3,700-square-metre service station in Springwood, south of Brisbane.
Yields ranged from 5.67% to 7.73%, similar to the 5.75% to 7.7% yields achieved following the recent successful auction of <a target="_blank" href="https://www.propertyobserver.com.au/retail/self-funded-retirees-continue-to-snap-up-nsw-7-elevens-service-stations-drawn-by-high-yields/2012032754031">10 NSW 7-Elevens</a>, where prices ranged from $2.2 million to $3.9 million.
<a href="https://www.propertyobserver.com.au/retail/self-funded-retirees-continue-to-snap-up-nsw-7-elevens-service-stations-drawn-by-high-yields/2012032754031">In March 10  NSW 7-Eleven service stations sold at auction</a>, with the assets again proving popular with retirees with self-managed super funds due to their high rental yields.
The 10 petrol stations sold in a price range from $2.2 million to $3.9 million, with yields ranging between 5.75% and 7.7% and an average yield of 6.81%.
The service stations are being sold as part of a sale program kicked off by 7-Eleven following its acquisition of 295 service stations from Mobil Retail in May 2010.
Since acquiring the Mobil business, 7-Eleven has been converting the Mobil stores into 7-Eleven service stations with attached convenience stores.
</body></html>

Refurbished 7-Elevens service stations to tempt Sydney property investors with $150,000-plus rents

<html><body>
The high Australian dollar, a wealth of available information and an enduring love affair with France mean more Australians are buying property in France than ever before. So is it a realistic option for you?
While there is no hard evidence as to the number of Australians who own property in France, the anecdotal evidence is plenty.
For a number of reasons – of which a remarkably strong Australian dollar is one – Australians are looking to France for property investments, especially as affordability in the Australian market becomes an issue and French mortgage rates hover somewhere between 2.95 and 4.4 per cent.
For many, these factors – along with the growing ease with which people can research online – have resulted in an unprecedented opportunity: the ability to own a house in France without having to take on crippling financial risk.
For a growing number of Australians, owning a piece of a country that has long beguiled them is becoming a reality.
Moving on in
One man who has witnessed the rise and rise of French property sales to Australians is Melbourne-based notary and lawyer Michael Bula.
In his 30th year of practice at Michael Bula Solicitors International Lawyers &amp; Notaries, Bula has been at the forefront of French property conveyancing and is witnessing a flourishing market.
"It is booming," says Bula. "I haven't ever had as many conveyancing files as I have now. This year, they would have at least doubled or tripled."
While the strong Australian dollar is certainly playing a significant role in this trend, another factor, says Bula, is the wealth of information now available for those looking to investigate the market.
"There are a lot of books out there, and there is an information explosion via the internet, as well as Twitter and Facebook," he says.
"Social networking has really done a lot for the market. The information is there, and there is more anecdotal evidence that people are buying in France. It all makes it more doable and on the radar."
As awareness grows about the possibilities in France, the natural question posed is whether it is even possible for Australians to buy property in France, "just like that".
Bula sees this as an obvious question, given historical realities in other European countries such as Italy and Poland, which have imposed restrictions on non-European investment in the past.
But the reality is that Australians can buy in France, and more and more are choosing to do so.
"Australians are getting well known locally in France, because we are buying more and more properties," says Bula.
"I am dealing with a French agent at the moment who said, 'I have had all these Australians in my office! What is going on?'"
Chasing the sun
According to Bula, while many property sales have traditionally been in the major cities such as Paris, Australians are turning towards purchases in more rural areas of France.
This is primarily due to two things, according to Bula: affordability and sunshine.
As such, Australians are gravitating towards the south of France, to regions such as Languedoc-Roussillon and Provence.
"I am definitely seeing a trend more to the provinces and rural areas," says Bula. "They are not necessarily far from regional centres, but most of my files from this year have been in the southern sections of France. I think the climate is renowned for being more temperate than the north of France ... and it is also the pricing, which is just fantastic in the south."
The good news is that those Australians who are buying in regional areas are generally receiving warm welcomes from the local communities.
"Australians are certainly on the radar in France, and I think with a very good image," says Bula.
"It is very reassuring, because it means that when they have bought, when they go to the local restaurant ormairie, they get a great reception ... That is a great selling point, because you know you'll feel welcomed and that you won't get the cold shoulder. It's quite the opposite."
 
<hr class="system-pagebreak">
 
Tread carefully
While buying in France is a dream for many Australians, Bula still urges his clients to be cautious about the decisions they make, especially when it comes to expectations about rental income and resale.
"I always say to clients that they shouldn't think they'll make a fortune on rental. They can kiss that goodbye, and they might even have trouble selling it," says Bula.
"But very rarely have I encountered a person who genuinely believes they're going to make a fortune by investing in France. You can make a fortune investing in any country if you know what you're doing, but the property market in Europe isn't brilliant. You can snap up a good deal when you're buying, but people need to remember that they might have to sell. People generally say, 'We'll cross that bridge when we come to it'."
And according to Bula, the reason behind such an attitude is easily explained, and it comes down to the fact that Australians really do love France, and the opportunity to live the dream outweighs any real notions of financial gain.
"I think Australians have a yearning. The Portuguese have a beautiful word, which is difficult to translate – saudade – which is a yearning ... I think it is to do with old Europe, the sense of imagery in Europe ... It is so colourful, historical ... It is something that validates you and identifies you. It may even relate to your ancestry. France is a melting pot of all that European symbolism," says Bula.
"Australians yearn for that."
What you need to know:
Can Australians buy property in France? Yes!
Where are we buying? In the south of France, primarily in rural areas not far from regional centres
What are we buying? Village houses and apartments
Why should we consider buying? The strong Aussie dollar, depressed European economy, low house prices and low mortgage rates
What do we need to watch out for? Be realistic about rental income and resale expectations
<a href="https://frenchlivingmag.com.au/" title="This article first appeared in French Living Magazine" target="_blank">This article originally appeared in French Living magazine</a> and was republished by <a target="_blank" href="https://www.womensagenda.com.au/">Women's Agenda.</a>
Photography by Patrick-Alain Prouteau courtesy of <a target="_blank" href="https://www.flickr.com/">Flickr</a>.
</body></html>

The je ne sais quoi of why Australians are investing in French property

<html><body>
<img src="/images/stories/2012/08/15point7m.gif">
 
How much a local private investor has paid for the Coolum Park Shopping Centre on Queensland’s Sunshine Coast . The sale was negotiated by Peter Tyson and Jon Tyson of Savills Retail Sales at an initial yield of approximately 8.4%. The property was sold by a syndicate managed by Adelaide-based PPI Funds Management (PPI) Constructed in 2004, the Coolum Park Shopping Centre is set on a prominent 1.88-hectare site at South Coolum Road. It features a total floor area of 3,992 square metres, anchored by a 2,800-square-metre Woolworths plus 12 specialty shops   
<hr>
 
<img src="/images/stories/2012/08/595k.gif">
How much a Brisbane-based investor has paid at auction for a 291-square-metre modern warehouse/office facility with an established tenant at Maroochydore on Queensland’s Sunshine Coast. The high-bay commercial unit at 2/82 Sugar Road, Maroochydore, was sold by Ray White Commercial Caloundra’s Alan Gray and Len Greedy. There is currently an eight-year lease in place to Signwave Sunshine Coast, with a five year renewal option available.
 
<hr>
 
<img src="/images/stories/2012/08/6point8m.gif">
The price paid by Melbourne-based developer Three Pillars Property Group for a large residential development site at Notting Hill in Melbourne’s south-eastern suburbs via a public tender conducted by Savills Australia. Savills selling agent Nick Peden says the purchaser has plans to redevelop the site for about 70 townhouses. Situated on Normanby Road in the City of Monash, the former Monash Primary School site comprises a vacant 16,610-square-metre land parcel situated within the prized Notting Hill residential precinct. The vendor was the Victorian state government.
<hr>
 
<img src="/images/stories/2012/08/1point23m.gif">
How much a purpose-built warehouse/office facility at Mount St John in Townsville has sold for. The site of the former Nestle cold store at 25 Crocodile Crescent, Mount St John, was sold by Ray White Commercial Townsville co-principals Graeme Russell and Adrian Pascoe on behalf of owners PK Holdings Pty Ltd. The property was sold to Tweed Wholesale Bait Supplies Pty Ltd, a family-owned company. The facility comprised a 107-square-metre office and a 184-square-metre warehouse.
 
<hr>
 
<img src="/images/stories/2012/08/7m.gif">
The price paid for an industrial property in Brisbane’s sought-after industrial Golden Triangle picked up by a private syndicator from Sydney. The property located at 71 Stradbroke Street in Heathwood was sold by Troy Whalan and Simon Beirne of Colliers International on behalf of 360 Capital. The 18,240-square-metre property is occupied by two separate modern freestanding office/warehouses of concrete tilt slab construction with a total net lettable area of 5,540 square metres and is fully leased at yield of more than 10%.
</body></html>

Commercial hammer prices: Sunshine Coast shopping centre sold for $15.7 million

<html><body>
Queensland’s Isaac region, which includes much of the coal-rich Bowen Basin, delivered the strongest capital gains to investors over the past year.
RP Data 12-month figures for the year to May show that Isaac house prices increased by 30.7% over the past year to a median of $572,500.
Over the past five years, Isaac house prices are up a cumulative 71%.
Gladstone was the next best mining region, with annual house price growth of 13.4% to a median of $465,000, followed by Port Hedland in the Pilbara region of WA (up 12.8% to) a median of $850,000.
Port Hedland has the highest median price of all mining towns and also recorded the highest cumulative house price growth as well (119%) over the past five years.
Click to enlarge
<img src="/images/stories/2012/08/rpaug231thumb.gif">
However, not all mining towns showed stellar capital growth over the past 12 months with the Whitsunday region, which is home to the township of Bowen, and Port Pirie in South Australia recording declines in their median selling price of 12% and 8% respectively.
Modest house price growth was recorded for Mount Isa (1.2%), Mackay (2.4%), Kalgoorlie/Boulder (3%) and Whyalla (4.8%).
RP Data’s Cameron Kusher points out that over the past 10 years all regions excluding Musswellbrook (9.7% per annum) and Kalgoorlie/Boulder (9.6% per annum) recorded average annual growth in median selling price exceeding 10% per annum.
“Once again, Isaac is the standout, with median prices increasing at an average annual rate of 32.3%.”
 Click to enlarge
<img src="/images/stories/2012/08/rpaug232thumb.gif">
</body></html>

Property investors still striking gold in Queensland’s Bowen Basin, but many markets stagnate: RP Data

<a href="https://www.apartments.com.au/developments/broadbeach-qld-4218">Broadbeach</a> offers plenty of reasons to live vertically, but moving from a substantial family home into an apartment can expose the compromises of high-density living. Privacy, room for guests and usable living space tend to matter more when an apartment is intended as a permanent home rather than an occasional coastal base.

A typical residential floor at <a href="https://www.apartments.com.au/new-apartments/the-eveleigh-broadbeach-7-9-surf-parade-broadbeach-qld-4218">The Eveleigh</a>, on Surf Parade,&nbsp;contains just four apartments. The 94-residence development by <a href="https://www.apartments.com.au/developers/hirsch-faigen">Hirsch &amp; Faigen</a> is predominantly made up of expansive three-bedroom homes, with a limited collection of half-floor penthouses above.

Across the apartment floors, <a href="https://www.apartments.com.au/architects/rothelowman">Rothelowman</a> has used the relatively limited number of residences to give each home greater access to natural light and outlook. Living spaces extend towards full-height glazing, while a series of bay windows frame selected views across the Pacific Ocean, city and hinterland rather than treating the building edge as a continuous wall of glass.

&nbsp;

[smartcode_project:default project_id=149670 project_image_fid=360965]

“The apartment floors deliver a collection of homes that embrace controlled outlook via a series of bay windows deliberately framing moments of view,” Rothelowman Director Kim Lowman said.

From outside, those projecting forms contribute to the tower’s faceted profile. Strong horizontal and vertical elements establish its proportions, while the changing position of the sun alters the light, shadow and reflection across the façade throughout the day.

The same attention moves inside the apartments, where the material palette combines warm timber, natural stone, metallic detailing and softer curved forms. Kitchens sit within the main living zone, with stone island benches, integrated joinery and European appliances, before the living areas extend towards the glazing and the outlook.

&nbsp;

[smartcode_project:default project_id=149670 project_image_fid=360981]

Three genuine bedrooms provide room to accommodate family and guests, while two secure car spaces and storage address some of the practical considerations that can become more noticeable when moving from a larger home. Feedback from the display suite has centred on the warmth and restraint of the interiors, with buyers commenting that the residences feel like homes rather than conventional coastal apartments.

A limited collection of half-floor penthouses occupies the upper levels, increasing the scale of the living spaces and adding private balconies and elevated finishes. From this position, the outlook extends between the ocean and hinterland.

Outside the private residences, The Eveleigh separates its shared spaces between the podium and rooftop. The podium is centred on wellness, with subtropical landscaping surrounding a swimming pool and pool terrace, yoga garden, private gymnasium, sauna and hot and cold plunge facilities. Landscaped retreats and pavilions provide additional places to sit away from the main recreation areas.

&nbsp;

[smartcode_project:default project_id=149670 project_image_fid=360966]

Higher in the building, a rooftop pavilion and private dining suite sit alongside resident lounge, barbecue and outdoor dining areas, opening towards panoramic views across the ocean, city and hinterland.

“Buyers are no longer just looking for an apartment, but a lifestyle where they can relax, reset, and enjoy a balanced way of living,” Hirsch &amp; Faigen Director of Sales Matt George said.

Interest to date has come from established owner-occupiers and interstate lifestyle purchasers, including buyers planning a future move to the Gold Coast. Many are coming from larger homes and want to reduce ongoing maintenance without giving up space for family and guests, privacy, two car spaces or the ability to entertain at home.

&nbsp;

[smartcode_project:default project_id=149670 project_image_fid=360969]

Much of that daily life can also take place beyond the building without requiring a drive. Kurrawa Beach and Pratten Park are an easy walk from Surf Parade, while Pacific Fair, Oracle Boulevard, The Oasis, restaurants, cafés, entertainment and public transport are also within walking distance.

The Eveleigh is Hirsch &amp; Faigen's fourth Gold Coast development since entering the market in 2021, following The Hemingway at Palm Beach, The Emerson at Kirra and Yves at Mermaid Beach. Each of the preceding projects sold out before completion.

“Broadbeach had been on our radar throughout our time operating on the Gold Coast,” the developer said. “Following our projects in Palm Beach, Kirra and Mermaid Beach, Broadbeach represented the natural next step for the business.”

The Surf Parade site brought together proximity to the beach, protected coastal outlooks and walkability to dining, shopping and recreation. Hirsch &amp; Faigen also identified the street as an emerging premium residential address, with enough separation from Broadbeach's busier destinations to retain a quieter environment at home.

The Eveleigh is now under construction by Maxcon, with completion forecast for mid-2028. Three-bedroom residences are currently available from $2.87 million.

[smartcode_project_cta:default project_id=149670]

Joel Robinson

The Eveleigh brings house-like apartments to Broadbeach

A long-stalled Campbelltown development site is back in play, with new plans for 139 apartments set to supersede a mixed-use scheme approved almost a decade ago but never built.

The new proposal for 28 Cordeaux Street would deliver 116 market and 23 affordable apartments in a part 14-storey building, bringing a substantial new project into a Campbelltown market where new apartment supply remains limited.

Plans have been filed over the 3,092 sqm corner site at Moore-Oxley Street, around 600 metres from Campbelltown Railway Station and the city-centre retail core.

The site already carries a mixed-use residential approval dating to 2016. Doroch Architects has now been engaged on a larger replacement scheme, which is progressing as a State Significant Development Application following a Housing Delivery Authority determination in August 2025.

The apartment mix comprises 39 one-bedroom, 72 two-bedroom and 28 three-bedroom residences. Two-bedroom apartments make up just over half of the project, while three-bedroom homes account for 20 per cent.

<img alt="First look: New 139-apartment plans revive long-stalled Campbelltown city centre site" data-entity-type="file" data-entity-uuid="136dd5b9-3791-4da6-9e31-76f533f5b4de" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Campbelltown%20da2.png?VersionId=LgOSy9nwf5u.MGswBBwaGGxuX8QpHSl_" />

Of the 139 apartments, 23 will be delivered as affordable housing under the in-fill affordable housing provisions of the Housing SEPP. The affordable component represents 15 per cent of the residential gross floor area and will be managed by a registered Community Housing Provider.

Doroch has sought to break the scale of the building into two distinct elements, with a masonry podium of around four storeys establishing the street edge before the residential tower steps back above.

The corner position has shaped that approach. Cordeaux Street faces toward the commercial and civic centre, while Moore-Oxley Street leads into the lower-scale residential neighbourhood to the south, and the design verification report describes the site as "bridging the commercial core to the north and established residential areas to the south."

The podium will be expressed predominantly in face brick, while the upper levels shift to brushed and grooved concrete cladding with darker metal detailing. Recessed sections, deep balcony edges and landscaping break down the upper form, with an approximately 11.8-metre setback to the northern boundary addressing the adjoining St Peters Anglican School.

<img alt="First look: New 139-apartment plans revive long-stalled Campbelltown city centre site" data-entity-type="file" data-entity-uuid="c8b3d2d3-c561-4bfc-a5d9-a68c0c10dac1" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Campbelltown%20da1.png?VersionId=AeAEyJU02Gk2k5noUj2StziCvdQ7fW4B" />

Campbelltown has been starved of new residential developments in the last decade.

The only other notable development set to come to market this year is ALAND's Queen Square, a mixed-use precinct on over two hectares that will comprise apartments above a vibrant ground-level retail and hospitality dining precinct.

First look: New 139-apartment plans revive long-stalled Campbelltown city centre site

First Look: Sherlock Construction pitches apartments for low-rise Deception Bay

Queensland builder-developer MAYD has revealed the first look at its major North Kirra beachfront development, lodging amended plans that reduce the number of apartments and increase the proportion of larger residences.

The project is planned across a substantial 4,742 sqm amalgamated site spanning seven lots at <a href="https://www.apartments.com.au/new-apartments/2-6-pacific-parade-bilinga-qld-4225">2-6 Pacific Parade</a> and 27-33 Golden Four Drive in Bilin​ga, directly opposite Nor​th Kirra Beach.

<a href="https://www.apartments.com.au/developers/mayd-group">MAYD</a> secured the site for $32.5 million in 2025, in what was one of the Gold Coast's largest property transactions of the year.

The development will be delivered across two stages, with the first stage carrying an estimated gross realisation value of around $360 million.

The latest amendments seek to reduce the overall apartment count and shift the project further toward the owner-occupier market, with larger residences designed for buyers wanting considerably more space than traditionally offered in a beachfront apartment.

The residential mix will include townhomes, oversized two-bedroom apartments, substantial three-bedroom residences and four-bedroom homes.

MAYD has appointed Cera Stribley to lead the architecture and interiors, with the Melbourne-based design practice drawing on the beachfront setting through a series of ocean-facing terraces and heavily landscaped balconies.

Strong horizontal forms and curved balconies will define the exterior, with subtropical landscaping integrated throughout the building to soften the built form and increase the connection between the residences and the beachfront.

The project will also include an extensive collection of resident wellness and lifestyle facilities, continuing the broader shift across the Gold Coast's luxury apartment market toward larger homes supported by resort-style amenity.

<img alt="MAYD" data-entity-type="file" data-entity-uuid="d1bcbb05-e659-4b47-8bd4-1e595315e2ad" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-27%20at%202.05.03%E2%80%AFPM.png?VersionId=jj0XEud1X1DuLt7_KyElhjMdZGOXmLHP" />

MAYD Founder Todd Mould said North Kirra was increasingly appealing to buyers attracted to the more established, lower-density character of the southern Gold Coast.

"North Kirra presents one of the most compelling luxury residential opportunities currently emerging in Australia, combining absolute beachfront with the character and authenticity that buyers are increasingly seeking, and the same sense of tight-knit community that defined Burleigh and Currumbin perhaps 10 or 15 years ago," Mould said.

"With Gold Coast Airport on its doorstep, it also offers a level of accessibility that broadens its appeal across almost every market demographic."

The project comes as the southern Gold Coast continues to attract an increasing share of high-end apartment development and buyer activity.

Kirra in particular has emerged as one of the region's more tightly held beachfront markets, with its relatively low-density character, established surf and hospitality scene and proximity to Gold Coast Airport differentiating it from the higher-density markets further north.

Mould said those characteristics had informed the approach MAYD and Cera Stribley had taken to the project.

"We've worked closely with Cera Stribley to create a vision that is deeply connected to its surroundings," he said.

"Inspired by the coastline itself, the architecture has been shaped around space, privacy and resort-style living, creating a collection of homes that reflects the next generation of luxury on the southern Gold Coast."

MOTIV Managing Director Carly Cottam, who has been appointed to market the project, said buyer attention had continued to move south along the Gold Coast.

"Purchasers who may once have defaulted to Broadbeach, Main Beach or Surfers Paradise are increasingly recognising the value of a genuine beachfront location that offers lower density, strong amenity and a more established sense of community," Cottam said.

"Kirra has a powerful combination of growing demand and genuine scarcity. Beachfront supply is inherently constrained, the area remains relatively low density, and buyers are increasingly placing a premium on locations that feel established, uncrowded and authentic rather than heavily developed."

Cottam said the proximity to Gold Coast Airport was also proving increasingly important for interstate and second-home buyers.

"Being minutes from Gold Coast Airport makes it particularly compelling for interstate buyers, frequent travellers and second-home purchasers who can access an authentic coastal lifestyle almost immediately after stepping off a flight."

The acquisition takes MAYD's active development portfolio to more than $500 million, with the North Kirra project representing one of its largest undertakings to date.

MAYD is targeting an early 2027 launch.

First look at MAYD's North Kirra mixed-use precinct

<main data-perf-region="main">
Castle Hill, the longtime hub of the Hills District, has been one of the major beneficiaries of Sydney's Metro expansion, with improved connectivity helping drive continued population growth, development and buyer demand across the Hills District.

But despite that growth, the suburb has seen relatively few major new apartment projects brought to market over the past 18 months.

Hills District developer Reve Group is looking to fill that gap with <a href="https://www.apartments.com.au/new-apartments/nova-r-ve-castle-hill-2-garthowen-crescent-castle-hill-nsw-2154">Nova Rêve</a>, a major new mixed-use precinct on the corner of Garthowen Crescent and Old Castle Hill Road, a short walk from Castle Hill Metro Station and Castle Towers.

[smartcode_project:default project_id=152737 project_image_fid=377679]

The project will comprise three residential towers alongside a hotel, restaurants, cafes and a skybar, more than 1,600 sqm of ground-floor retail and almost an acre of landscaped gardens.

It represents the largest project undertaken by Reve Group, the development arm of the Kassis family, which has been building across the Hills District for more than 30 years through Kassis Homes.

[smartcode_project:default project_id=152737 project_image_fid=377675]

Nova Rêve also represents a significant step up from the family's first apartment development, Grand Rêve, which was delivered nearby on Garthowen Crescent.

Grand Rêve introduced larger, house-like apartment layouts and premium inclusions including Wolf and Sub-Zero appliances to the Castle Hill market.

Nova Rêve takes that approach to a precinct scale, combining the residential component with hospitality, retail and substantial public and resident landscaping.

[smartcode_project:default project_id=152737 project_image_fid=377685]

Reve Group Managing Director Sam Kassis said the project reflected the family's three decades of building in the Hills, which has evolved from trophy homes on quarter-acre blocks to larger-scale apartment development.

"Grand Rêve was our first apartment project here and it showed us what this pocket of Castle Hill could be. Nova Rêve is the refinement of that idea: not just apartments, but a place the whole suburb can use," Kassis said.

A key part of that approach is the hotel, which has been designed to operate as an amenity for the wider Castle Hill community rather than solely hotel guests.

It will include restaurants, cafes, skybars and all-day dining, alongside conference and event facilities catering to business functions, community groups and private events.

At ground level, more than 1,600 sqm of shops and cafes will open onto the surrounding streets and landscaped areas.

Almost an acre of gardens designed by Land and Form Studios will run through the precinct, incorporating pathways, seating, barbecue areas and children's play spaces.

[smartcode_project:default project_id=152737 project_image_fid=377680]

Reve Group's Romio Georges said creating an active ground plane had been central to the planning of Nova Rêve.

"There are gardens with pathways, barbecues, seating and play areas, shops and cafes opening onto the street, and a hotel with restaurants and a skybar that anyone in Castle Hill can walk into," Georges said.

The project's elevated position on one of Sydney's highest ridgelines will also provide apartments with outlooks toward the Sydney skyline, surrounding parkland and the Blue Mountains.

More than 80 per cent of the apartments will occupy corner positions, with Turner responsible for both the architecture and interiors.

&nbsp;

[smartcode_project_cta:default project_id=152737]

<h3 data-end="3697" data-section-id="q3n5ak" data-start="3672">&nbsp;</h3>
</main>

Larry Schlesinger

Editor's Picks

Have something to contribute?

Developments

New apartments

New townhouses

News