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David St Pierre, the former Westpac home finance manager and mortgage broker accused by Today Tonight of selling low-doc loans to elderly pensioners whose funds have seemingly ended up in an alleged investment scam, has been suspending by his broking firm 1300 Home Loans, which is investigating his activities.
John Kolenda, CEO of 1300 Home Loans, says St Pierre was suspending on Friday, August 10, ahead of the expose, which aired on Channel 7’s current affairs program on Monday 13 August.
St Pierre’s 1300 Home Loans page comes up with error messages, but a cached version is still visible.
<img src="/images/stories/2012/08/davidstpierre2.jpg">
“David St Pierre has been suspended pending a full investigation by ourselves,” Kolenda told Property Observer.
Kolenda says St Pierre held accreditations with all the major lenders in the country – mortgage brokers must be accredited with a lender to offer their home loans – and had left Westpac of his own accord.
St Pierre is also listed as a member of the Mortgage and Finance Association of Australia (MFAA) – the peak industry body representing mortgage brokers.
MFAA chief executive Phil Naylor says it is his understanding that St Pierre was not a mortgage broker at the time the alleged loans took place but joined the MFAA subsequently.
“However, in light of the allegations, our disciplinary process is investigating his situation,” he says.
Today Tonight claimed David St Pierre, a former loan manager who worked for 20 years at Westpac, facilitated pensioners and nursing home residents to take out 30-year loans for as much as $440,000 with their funds seemingly ending up in a property investment scheme that promised returns of 15% that allegedly then never got off the ground.
In a statement to Property Observer, Westpac said that a “number of people, including a small number of Westpac customers, appear to be the victims of a sophisticated scam and are suffering financial hardship as a result of borrowing to invest in the scam”. “Westpac is committed to providing appropriate compensation to those customers who have borrowed money from us and who have been the victims of the apparent scam. “We believe that the apparent scam was committed by individuals who were never connected with Westpac's business.   “The matter is presently before the police. “We are strongly encouraging all Westpac customers who believe they are victims of this apparent scam to lodge a formal complaint with the Police so that a full and proper investigation can be undertaken.
"The home finance manager who facilitated entry into the loans is no longer employed by Westpac."
Property Observer contacted David St Pierre for a comment but had not received a reply by the time of publishing.
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Mortgage broker David St Pierre suspended by 1300 Home Loans and facing dual investigations

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Three fringe Melbourne municipalities – the focus of new residential community projects – recorded the highest internal population growth in Australia in the 12 months to June 2011, according to the latest ABS migration figures.
According to the ABS, the three statistical local areas (SLAs) to record the highest net internal migration gains in 2010-11 were Whittlesea - North (4,600 persons), Wyndham - South (4,000 persons), and Casey - Cranbourne (2,800 persons) in the south-east.
All three localities were included in plans announced by <a target="_blank" href="https://www.propertyobserver.com.au/residential/melbourne-urban-sprawl-to-extend-into-six-new-suburbs-over-next-20-years/2012061455115">Victorian Planning Minister Matthew Guy in June</a> to extend Melbourne’s urban growth boundary with the addition of six new fringe suburbs.
The new suburbs announced by Guy will expand Melbourne’s urban boundary to the north (Mitchell and Whittlesea), to the west (Hume, Melton and Wyndham) and south-east (Cardinia and Casey) by 6,000 hectares.
In terms of Melbourne residential zones, the combined Melton-Wyndham residential zone had the biggest net gain of new migrants, with 9,600 new residents settling in this zone, according to the ABS figures.
According to research by Oliver Hume, four of the 10 residential community projects launched in the March quarter of 2012 were located in Wyndham, three in Melton, two in Whittlesea and one in Hume.
Projects in these suburbs include Villawood’s Pasadena community in Clyde – a 338-lot residential community near Casey Fields, which launched in July last year. The project offers blocks from 388 square metres up to 668 square metres, priced from around $220,000 to $245,000.
The Villawood project is close to Simonds Homes Cascades on Clyde Estate and Stockland's Selandra Rise in Clyde North.
In Wyndham the Dennis Family Corporation’s Manor Lakes master-planned development is already home to 1,500 families with the population to eventually reach 25,000 people. Lots of around 320 square metres are priced around the $175,000 mark, with three bedroom house-and-land packages priced from around $360,000.
The multi-cultural outer south-western Sydney suburb of Canterbury recorded the highest net internal migration loss of the period with 2,600 persons people departing.
Canterbury was followed by Greater Dandenong (–2,000 persons) in the south east of Melbourne and Brimbank-Keilor (-1,700 persons) in Melbourne’s west.
In total just over 2 million people moved between statistical local areas during 2010–11.
This was 1.6% lower than the number of moves estimated in 2009-10 (2.04 million).
On a state-by-state basis, net interstate migration was a source of population loss for NSW, South Australia, the Northern Territory and Tasmania over the 12 months to the end of June, with net losses of 13,200 persons, 2,600 persons, 2,500 persons and 50 persons respectively.
Those states and territories where net interstate migration contributed positively to population growth were Queensland (7,200 persons), Western Australia  (6,200 persons), Victoria (3,800 persons), and the Australian Capital Territory (1,400 persons)
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Outer-Melbourne's Whittlesea, Wyndham and Cranbourne suburban fringe capture surge in new migrants: ABS figures

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Consumer sentiment fell in August despite interest rates remaining on hold and other “favourable” economic factors, according to the August reading of the Westpac–Melbourne Institute Index of Consumer Sentiment.
The overall index fell by 2.5% in August from 99.1 in July to 96.6, partially reversed a rise in the index of 3.7% in July and a smaller rise of 0.3% in June.
Westpac chief economist Bill Evans called the August reading a “disappointing result”, with the index in the "cautiously pessimistic range".
“This is the sixth consecutive month that the index has registered below 100, averaging 96.2.
“This is unusual. The only comparable periods since the recession of the early 1990s are in 2000–01 when the index printed an average of 96.5 over an eight-month period and in 2008–09, when it averaged 88 over a 16-month period.
“That most recent period coincided with the authorities responding with a very aggressive fiscal expansion. In the current period both federal and state governments are entering into substantial fiscal consolidations,” says Evans.
Commsec chief economist Craig James, said there were now "mixed messages on confidence and consumer sentiment"  following yesterday's data showed the weekly Roy Morgan consumer confidence rating at a 13-week high and up 2.1% in August.
"The Roy Morgan rating is up 5.1% on a year ago while the Westpac/Melbourne Institute was up 7.8% on a year ago. Bottom line is that consumer confidence is just OK at present," James says.
"The Reserve Bank will probably be a bit disappointed at the latest consumer confidence results. There are plenty of good reasons for Aussies to be encouraged by the state of their economy, but we are still seeing the glass as half-empty rather than half-full. "CommSec expects the Reserve Bank to maintain its easing bias but it may not follow through with another rate cut until later in the year. Europe, the level of the Aussie dollar and the Chinese economic recovery are the key issues affecting interest rate decisions," says James.
In line with the overall drop in consumer sentiment recorded by Westpac, confidence among Westpac respondents who hold a mortgage fell by 3.9% from 98.8 to 94.9.
In the home-ownership category, tenants are the most optimistic with an index score of 100.4, but this reading fell from 110.4 reading in July.
Those who wholly own their own home scored 97.6, up from 95.1 in July.
The largest decrease of 6.3% was recorded by the component index reflecting family finances compared with a year ago.
This was followed by falls of 3.6% and 3.1%, respectively, in the component indices reflecting good or bad time to buy major household items and about economic conditions over the next 12 months.
Sentiment shifted the most among younger respondents, with decreases greater than 10% recorded by those aged between 18 and 24.
“There has been enough positive news around since the last survey, and generally over the last few months, to have sustained an upswing in consumer sentiment,” says Evans.
“News that retail spending was boosted in the first half of the year; unemployment remains low; the government has released $1.9 billion in fiscal compensation over the May–June period; the Reserve Bank had cut the overnight cash rate by 0.75% in May/June; and the President of the European Central Bank has been promising to "do whatever it takes" to save the euro has been unsuccessful in sustaining an upswing in sentiment.
“Indicative of a more positive global outlook the share market has risen by 2.9% and the Australian dollar has risen from around USD 1.02 to USD 1.05 since the survey in July, the latter also reflecting Australia’s attractive interest rate differential.”
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Consumers, tenants and mortgage holders lose confidence in August despite favourable economic factors: Westpac

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Australia’s biggest mortgage lender, the Commonwealth Bank, has reported record after-tax profits of $7.09 billion to June 30 – up 11% on the previous year – but slightly below analysts’ expectations in an environment of subdued credit growth and tighter interest margins.
The Commonwealth Bank retail banking division, which includes its mortgage lending business, managed cash profit growth of 3% to $2.9 billion over the year.
The bank’s share of mortgage lending in Australia fell slightly from 25.9% as of December 2011 to 25.7% as of June as it grew its home loan book by 4% ($15 billion) to $351 billion.
The bank noted that this outcome was the result of subdued system (industry-wide) growth and intense price competition.
Profits at subsidiary WA-based lender Bankwest increased by 13%.
The Commonwealth Bank reported that profit margins on lending and other products continue to be squeezed, with net interest margins (NIM) falling three basis points year-on-year. 
Delivering his first full-year results briefing since taking over as chief executive from Ralph Norris, Ian Narev called the 12-month performance a “good result given the uncertain environment in which we are operating”.
“As expected, revenue growth was subdued reflecting ongoing caution from both our retail and corporate customers.
“This translated into lower credit growth and greater pressure on market sensitive businesses."
Narev says the funding costs are being impacted by the higher interest rates the bank is paying on retail deposits in an intensely competitive environment as well as high wholesale costs when borrowing money on international markets in the wake of the debt crisis in the eurozone.
“Higher funding costs have put pressure on margins as competition for domestic deposits intensifies and wholesale funding continues to be expensive,” Narev says.
Despite these concerns, the bank remains positive about the medium- to long-term outlook for Australia.
“However, the global economy remains uncertain. It is difficult to see the catalyst for alleviating the uncertainty which will continue to affect consumer and corporate confidence. So, in the near term, we expect current revenue trends to continue, and we will retain conservative business settings,” says Narev.
The bank reported a 15% decline in loan impairment expense, with credit quality continuing to improve with troublesome and impaired assets down by 15%.
Loans 30 days in arrears decreased from 1.94% to 1.69% of the total portfolio, while those more than three months delinquent declined from 1.03% to 0.88%.
“While many of our customers are facing challenges, this is not translating into a deterioration of credit quality," says Narev.
 “However, given the uncertain outlook for both the global and domestic economies, we remain cautious with a strong balance sheet with high levels of capital, provisioning and liquidity,” he says.
The board declared a final dividend of $1.97 per share - an increase of 5% on the previous year’s final dividend. The total dividend for the year was $3.34 per share – up 4% on the previous year.
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Commonwealth Bank reports record $7 billion full-year profits as its mortgage lending grows 4%

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The magic of the movies continues at Westfield shopping centres, with cinemas the strongest-performing tenants, according to half-year results to end of June.
Cinema sales over the first six month of the year were 8.6% higher than over the same period last year and 5.5% up year-on-year.
One year ago cinemas were Westfield’s poorest performing tenants <a href="https://www.propertyobserver.com.au/news/westfield-cinemas-struggling-perhaps-due-to-pricey-popcorn/2011081751194">with sales down 8.7% over the six months June 2011.</a>
Mini-majors, which include stores like JB Hi-Fi and Dick Smith, also performed strongly, with sales up 2.6% over the six months and 2.8% over the past 12 months.
However department stores such as David Jones and Myer continued to struggle, with retail sales from these tenants down 0.3% for the first six months of the year and down 1.5% over the last 12 months to June.
Perhaps fuelled by Coles and Woolies' price-discounting wars, supermarket sales fell 0.2% over the six-month period (they are up 0.4% year-0n-year) while discount department stores (Big W, Target, K-Mart) sales were also lacklustre – down 0.4% over the six months and down 2.3% year-on-year.
Speciality tenant sales were lacklustre, with growth of just 0.8% over the six-month reporting period compared with 8.7% in US malls and 1.1% growth in UK malls.
However, there were large differences in the performance of different Australian speciality tenants, with food-related businesses doing better than those selling clothes, shoes and jewellery
Food retail sales were up 2.6% over the past six months, while and food catering sales rose 1.1%.
Fashion (-0.3), footwear (-2.3%) and jewellery stores (-2.4%) performed poorly.
<a target="_blank" href="https://www.propertyobserver.com.au/land/stockland-profits-slide-35-with-slower-than-normal-response-from-cautious-residential-buyers-to-rate-cuts/2012080755911">Last week as part of Stockland's annual results presentation</a>, managing director Matthew Quinn said Stockland would be altering the mix of its shopping centres, offering fewer clothing stores due to the in-roads being made in the premium and high-end fashion space from online retailers.
The Westfield half-year results reveal that Australian speciality tenants face higher occupancy costs compared with other regions.
Occupancy costs include rent plus turnover rent, marketing costs and other payments to landlords.
They account for 18.9% of costs for Australian and New Zealand Westfield tenants, compared to 15.2% in the US and 10.2% in Brazil.
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Cinemas, mini-majors and food retailers the strongest performers in Westfield stores

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Australia’s largest shopping centre landlord, Westfield, has reported a 31% rise in net profits of $800 million for the six months to the end of June.
However, revenue fell 10.7% over the six-month period to $1.213 billion from $1.358 billion revenue in the six months to June 2011 as retailing remained in a subdued state in Australian despite strong overall macro-economic conditions.
Australian speciality stores recorded growth of just 0.8% over the six-month reporting period, with Westfield Sydney the strongest -performing store in the Australian portfolio in terms of speciality sales – no individual shopping centre figures were provided.
Operating incomes were boosted by a pick-up in retail sales in the US, with speciality sales up 8.7%.
In the UK, retailing and the Westfield brand was boosted by the Westfield Stratford City's London Olympics location, which recording around 5.5 million visits over the two weeks of the Games, “giving the group an unprecedented exposure to a global audience”.
Co-chief executives Peter Lowy and Steven Lowy reconfirmed Westfield's forecast of a distribution of 49.5¢ per security, but warned of a challenging market place for retailers.
Peter Lowy highlighted a “volatile economic environment” while Steven Lowy said the retailing environment remained “subdued”.
“We are clearly in an environment of soft retailing, we need a spark to kick things off,” said Peter Lowy.
“On macro-scale the country is strong, but there does need to be a spark at the consumer level.
He told analysts that retailing had been subdued in Australia for three years, dating back to just after the government stimulus measures in 2009, when the government gave all taxpayers $900 to spend in an initiative aimed at keeping at recession at bay during the GFC.
However, both co-CEOs said Westfield remained in a strong financial position.
The half-year results show that net property income rose 7% to just over $1 billion, with comparable net property income growth the strongest in Australia, up 3.3% from its 42 shopping centres, the strongest-performing region for Westfield.
The US portfolio of 47 stores achieved comparable net property income of 2.5%, and the UK portfolio managed growth of just 0.9%.
The Australian portfolio remains more than 99.5% leased, with average speciality store rent rising 3.2% to $1,524 per square metre – the global portfolio is 97.5% leased.
Westfield completed 1,529 leasing deals over the six-month period, covering 194,000 square metres of retail space.
During the half year, the development of Westfield Sydney was completed, with Westfield reporting that it now has the highest specialty sales productivity in the portfolio.
Currently $1.5 billion worth of projects are under construction, with the group’s share being $1.2 billion. To date, the Group has invested $500m in these projects.
Last week, at Carindale in Brisbane, the $310 million expansion of that centre was completed.  
At Fountain Gate in Melbourne, Stage 1 of the $340 million project opened in May, with the remainder of the project on track for completion in September. 
During the half year, Westfield commenced work on $775 million of new projects including the development of the World Trade Center, the redevelopment at South Shore in New York and $80 million of smaller projects. 
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Westfield half-year profits up 31% but revenue down amid subdued retail climate

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Melburnians and Adelaidians can claim bragging rights over Sydneysiders for another year at least with the influential Economist Intelligence Unit naming Melbourne the world’s most liveable city.
Melbourne took over top ranking from Vancouver in Canada with a score of 97.5%, while Sydney ranked seventh overall – one place lower than its sixth-place ranking last year.
Noteably Adelaide moved up the three places to joint fifth in the ranking thanks to an improvement in the South Australian capital's infrastructure score.
Melbourne's score of 97.5% is just shy of a perfect score, with the city only losing points for climate, culture and petty crime.
“Australian cities continue to thrive in terms of liveability: Not only do they benefit from the natural advantages of low population density, but they have continued to improve with some high profile infrastructure investments," Economist Intelligence Unit survey editor Jon Copestake said from London.
"In Adelaide projects completed in recent years under the Strategic Infrastructure Plan for South Australia have been enough to move the city above Sydney, whose score is unchanged."
“Melbourne may claim national bragging rights, but four of the five Australian cities surveyed are in the top ten of the global index and are separated by just 1.6 percentage points," he added.
London, which hosted this year's Olympic Games, dropped in the index as a result of riots that took place in the UK last year.  As a result, the city fell two places to 55th in the ranking.
Dhaka in Bangladesh has the unenviable title of being the least liveable location surveyed.
The liveability report surveys 140 locations around the world to assess the best or the worst living conditions.
It originated as a means of testing whether Human Resource Departments needed to assign a hardship allowance as part of expatriate relocation packages. It has since evolved as a broad benchmarking tool used by city councils, organisations or corporate entities looking to test locations against one another.
Cities are scored on political and social stability, crime rates and access to quality health care. It also measures the diversity and standard of cultural events and the natural environment; education (school and university); and the standard of infrastructure, including public transport.
For more on Sydney's present and t, download our free eBook  <a target="_blank" href="http://propertyobserver.com.au/ebooks/free-ebook-sydney-embracing-the-world-of-tomorrow">Sydney: Embracing the World of Tomorrow</a>
For more on Brisbane, download our free eBook  <a target="_blank" href="http://propertyobserver.com.au/ebooks/free-ebook-the-brisbane-inner-city-market">Brisbane's Inner-City Urban Renewal</a>
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Melbourne surpasses Vancouver as world’s most liveable city as Sydney drops to seventh

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NAB has changed its outlook on interest rates and is now the second lender forecasting interest rates to rise by mid-2013.
The revised forecast is based on the assumption that there is no further deteriorating in economic conditions and that there is a general pick-up in the economy, according to NAB head of Australian economics and commodities Rob Brooker.
The only other lender expecting a higher cash rate by mid-next year is Lloyds TSB, which expects the cash rate to remain unchanged at 3.5% until the first quarter of 2013 and then rise to 3.75%.
In the most recent Bloomberg poll of economists on August 3 – ahead of the August 7 rate decision – NAB forecast the cash rate to fall to 3.25% in September and to remain at that level until the third quarter of 2013, when the bank expected it to rise to 3.5% and finish the year at 3.75%.
Based on the sentiments of 27 economists, Bloomberg has median cash rate of 3.25% – 25 basis points lower than the current setting – as of mid-2013.
NAB’s monthly business survey shows that business confidence surged higher in July, after deteriorating steadily over the previous two months, but business conditions weakened.
The survey shows a sharp increase in both labour and purchase costs.
Taking note of the NAB survey, ANZ said it showed that business conditions remained below their long-term average, but “they do not significantly increase the likelihood of a near-term rate cut by the RBA”.
“Indeed, recent communications from the RBA suggest the bank is comfortable with current policy settings for the time being.
“Nonetheless, ongoing global economic uncertainty, soft domestic activity outside of the mining sector and a benign inflationary environment, will most likely provide scope for further modest policy easing by the RBA,” said ANZ
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NAB joins Lloyds TSB in forecasting higher RBA cash rate next year if economy remains strong

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Owners of prime office space in the Sydney CBD should be in a better bargaining position from 2013, according to the latest global real estate report from Jones Lang LaSalle (JLL).
The prime Sydney CBD office market is forecast to transform from one favouring tenants in 2012 to a balanced market in 2013 and 2014, with both capital values and rents expected to rise by as much as 5% over the course of 2012.
This places Sydney in the middle range of performance forecasts for major CBD office markets – alongside London, Paris, Los Angeles, Mumbai and Frankfurt.
In the Asia-Pacific region, Beijing is set to be the strongest-performing prime office market over 2012, with a forecast 20%-plus rise in rental values and ma rise of between 10% and 20% capital growth.
Hong Kong and Singapore rental values are forecast to fall by as much as 20% over 2012.
In its Global Market Perspective Third Quarter 2012, JLL places Sydney in an upward cycle with both rents and capital values rising.
Click to enlarge
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The report makes passing reference to Perth, noting that the “commodities sectors continue to support robust rental growth in markets" such as San Francisco and the WA state capital.
Perth is also a market “showing healthy levels of corporate activity”, according to Jones Lang LaSalle.
The report says that economic uncertainty continues to affect investor sentiment across the globe, with deals taking longer to close.
It says the market remaining polarised with investors steering clear of risky assets, focusing instead on prime product in core markets like London, Paris and New York.
According to JLL, Sydney has performed modestly in relation to other prime capital city office markets, recording capital growth of 1.5% over the second quarter of 2012, matching the growth of regional competitors Tokyo and Shanghai, but well behind the top-performing CBD markets of Jakarta and Beijing, where capital values grew by between 9% and 11% over the quarter.
However, Sydney strongly outperformed CBD markets in Europe, which managed capital value growth of just 0.4% over the quarter, following the decline of 0.3% in the first quarter of the year.
Sydney is offering a prime yield of 6.9% and has a relatively high vacancy rate of 8.7%.
Comparative regional markets such as Singapore has a prime yield of 3.6% and a vacancy rate of 10.2%; Tokyo has a prime yield of 3.6% and a vacancy rate of 3.5% while Hong Kong has a prime yield of 3.1% and a vacancy rate of 3.4%.
The report notes that in contrast to many offshore markets, prime yields in Australia have not followed bond yields downwards.
“As a result the yield spread to bond rates is at record levels in most markets, providing a high measure of valuation support should bond yields revert to long term levels,” says Simon Storry, head of office investments Australia for JLL.
“With a global hunt for yield, Australian real estate assets are sharply differentiated on a valuation basis.  In addition, spreads between prime and secondary yields are generally wide, providing an incentive to owners and investors to refurbish and reposition assets,” he says.
Storry says that during the second quarter of 2012 a renewed cycle of financial market volatility saw leasing activity slow in Australia.
“Rents in many office, retail and industrial markets flatlined.
“In the Sydney CBD market, contraction by some financial market tenants was offset by migration into the CBD.
“Across office markets, as in the retail and industrial sectors, a slowdown in demand for space is largely offset by a limited construction pipeline. As a result, vacancy rates remain low and downside risk to rents is limited. In the longer term, continued growth will stimulate another construction cycle.”
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Sydney CBD office landlords to hold more power from 2013: Jones Lang LaSalle

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New draft national licensing rules for estate agents have removed the requirement for them to undertake continuing professional development (CPD) or obtain a diploma-level qualification.
The consultation Regulation Impact Statement (RIS) on a proposal for national licensing  for property occupations  has also removed the requirement that commercial property agents be licensed under the national framework.
These draft rules reject suggestions by <a target="_blank" href="https://www.propertyobserver.com.au/industry-news/real-estate-institute-fears-2013-national-licensing-scheme-could-reduce-agents-qualifications/2012041754323">the Real Estate Institute of Australia in April</a> in its recommendations to the Council of Australian Governments (COAG) in April.
The removal of the diploma requirement would mean that estate agents in Western Australia, Northern Territory, Tasmania and South Australia will face lower educational qualifications than are currently in place.
These states and territories require either a diploma or a certificate IV qualification.
The national licensing framework is due to begin on July 1 next year, replacing the mutual recognition of real estate licences that currently exist between state and territory jurisdictions.
The RIS presents three options:
<ul>
<li>retain the status quo; </li>
<li>automatic mutual recognition, where similar to ‘driver’s licences, each license would be declared equivalent, being recognised by every other state and territory without the licensee having to reapply for a licence or pay any additional fee; or </li>
<li>national licensing, which is COAG’s preferred option.</li>
</ul>
“A national licensing system would provide a single policy approach to licence categories, regulated work and the eligibility requirements to obtain a property occupational licence,” COAG says.
“This would allow a person to work anywhere in Australia where the relevant work is licensed without having to reapply for a licence or pay any additional fee. A national licensing register would be established.”
Real Estate Institute of Australia (REIA) president Pamela Bennett is in favour of national licensing but has warned against settling for a lowest common denominator outcome.
“REIA supports national licensing and recognises the benefits this will bring to both the industry and to consumers through improved mobility between jurisdictions, an end to overlapping laws and a uniform approach across Australia. However, it is imperative that standards are not lowered for the sake of expediency”, she says.
Other items COAG is seeking to change include:
<ul>
<li>Under national licensing, a set of nationally uniform licence categories for the property occupations has been developed. The proposed licence categories that would apply to specified regulated work are real estate agent, business agent, strata managing agent, auctioneer and agent’s representative</li>
<li>One- or three-year licence periods are being proposed and would be available for all licence types, including property agent’s representative registration</li>
<li>Licence fees will be set in jurisdictional legislation, and it is likely that they will continue to differ across jurisdictions. It is proposed that licensees will pay their licence fee and renewals according to their primary place of residence</li>
<li>The removal of the requirement for continuing professional development: licensees would no longer need to spend time on and pay the fees associated with annual mandatory training courses</li>
</ul>
The industry and consumers now have the opportunity to make their views known by September 21 as part of a six-week consultation period.
<a href="https://nola.gov.au/files/2012/08/Property-Occupations-Regulation-Impact-Statement1.pdf">A copy of the draft framework can be downloaded here.</a>
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Draft national licensing rules ignore REIA suggestions on education standards for agents

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.

[smartcode_project:default project_id=139989 project_image_fid=359152]

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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