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Small businesses that dispose of property, foreign owners of Australian property, individual tax payer with property investments and property developers will all face increased scrutiny from the Australian Tax Office (ATO) in the forthcoming financial year.
Details of a crackdown on how property transactions are reported for tax purposes have been revealed in the ATO’s Compliance program for 2012-13, which highlights “particular issues” that will attract the attention of the taxman with a warning that it will “deal firmly with those who intentionally seek to obtain advantage over their competitors through the inappropriate use of the tax and superannuation systems”.
“The annual compliance program outlines the actions we are taking to deter, detect and deal with those who do not meet their tax and superannuation responsibilities,” says Bruce Quigley second commissioner of compliance at the ATO.
Individual taxpayers
Along with the standard focus on incorrect or fraudulent refunds, those with property holdings should take note that ATO’s forthcoming compliance program will focus on those who omit “income, including dividends and interest, capital gains and foreign source income”.
In addition, the ATO will continue to match third-party information with tax returns to identify the omission or understatement of capital gains on real property and share transactions.
“We will conduct reviews where we suspect taxpayers may have incorrectly reported capital gains or losses.”
Small business owners (SMEs):
The ATO warns that it will “continue to monitor and investigate taxpayers who dispose of real property and fail to report the transaction on their activity statement or misclassify the transaction for GST purposes”
“We will match information from third party sources (such as sales data from state and territory revenue offices) with information reported on activity statements,” says the ATO.
As part of its compliance program the ATO plans to conduct around 700 reviews and audits to “address GST risks associated with the sale, transfer and acquisition of real property, particularly in relation to the reporting of property sales and the incorrect application of the margin scheme provisions to reduce the GST payable on property sales”.
Foreign investors
The ATO will also look closely at transactions involving taxable Australian property by foreign residents, who must report and are subject to capital gains tax on any such transactions.
It says it will focus on “valuation outcomes designed to fail the principal asset test in relation to the disposal of indirect interests in Australian real property, as well as arrangements that seek to circumvent the non-portfolio interest test – including the use of non-share equity as part consideration for foreign resident acquisitions”.
The ATO says it increasingly receives information from overseas, “such as details of employment-related foreign source income”.
“We also see a continuing compliance risk arising from the sale of taxable Australian property by foreign residents and the claiming of exemptions,” says the ATO.
Property developers
In relation to GST and property transactions, the ATO says it will increase its focus on property developers with a history of non-compliance.
“By engaging with taxpayers at registration and throughout the property lifecycle, we will encourage them to correctly assess and report their liabilities and, where necessary, require them to provide security bonds against projected future tax liabilities,” says the ATO.
The ATO highlights that it has a strong relationship with the states and territories in developing and supporting its complementary compliance programs.
As an example it says it received a referral from the Northern Territory Revenue Office that initiated a series of audits on property developers “disengaging from the tax system and thus evading payment of income tax and GST on property sales”.
This information resulted in revenue of around $5 million being collected with potential compliance impacts for these developers in relation to state stamp duty and land tax.
Other ATO property compliance activities
<ul>
<li>expanding and improving the use of third party information to identify unreported sales, particularly in the case of one-off property transactions </li>
<li>working with taxpayers and their tax agents to alert them to discrepancies before audit action </li>
<li>identifying incorrect application of the margin scheme provisions to reduce the GST payable on property sales</li>
<li>undertaking approximately 1,000 reviews and audits </li>
<li>providing greater certainty for taxpayers on the treatment of transactions associated with commercial residential premises through the publication of the final commercial residential ruling in August 2012.</li>
</ul>
A copy of the <a target="_blank" href="https://www.ato.gov.au/content/00326650.htm?headline=compprogram&amp;segment=home">full compliance program </a>can be downloaded on the ATO website.
<ul></ul>
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lschlesinger-FZcF9M3vE6

Property transactions to face increased ATO scrutiny in 2012-13

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Provident Capital’s handling of investor funds was called into question by the NSW's federal court judge who ordered that the mortgage fund manager and non-bank lender be placed in the hands of receivers, newly released court document show.
Justice Steven Rares said there was "considerable doubt over Provident Capital's integrity to obtain, manage or hold money from the public" as part of his June 29 judgement,where he appointed PPB Advisory as receivers.
He also said he was “not impressed by [Provident boss Michael] O’Sullivan’s evidence generally where it conflicted with other evidence”.
Rares said it was  “not accidental” that O’Sullivan did not disclose in his affidavit evidence Provident’s withdrawal of its application to ASIC for the new PDS (public disclosure statement) in respect of the monthly income fund and an Australian Financial Services licence application made on May 2.
The details of the licence application under the name of Provident Funds Management Australia Ltd – to be controlled by O’Sullivan – was only made known to Australian Executor Trustees Ltd, representing Provident debenture holders, on June 28 in court statements.
Rares said O’Sullivan  engaged in "a pre-emptive strategy to avoid the consequences of any receivership" by seeking an authority for an Australian Financial Services Licence for a related company on May 2 that was to take over as the responsible entity for Provident's main funds.
“I do not consider that he had been candid with the court in relation to the withdrawal of the PDS for the monthly income fund or with respect to his failure to reveal the application for the licence.
“The failure of Provident to disclose to the court the withdrawal of the PDS and the application by its related company for the licence casts considerable doubt over Provident’s integrity to obtain, manage or hold money from the public.
“Those matters were obviously relevant to the present application," Rares said.
The documents also reveal that on May 9 ASIC had issued notices to Provident expressing concern about the accuracy of  Provident ’s assertions of its “proud track record of consistently meeting our investment objective, providing a monthly income in the top 25% of all Australian retail mortgage funds based on returns for one year and continually meeting this objective since August 2010".
More than 3,000 investors in debentures are owed $125 million. All mortgage funds operated by Provident have been frozen.
<a target="_blank" href="https://www.propertyobserver.com.au/industry-news/provident-debenture-holders-meeting-set-for-second-week-in-august/2012071655586"> A meeting of debenture holders is due to be hold in the second week of August.</a> 
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'Considerable doubt' raised over Provident Capital’s handling of investor funds: Court documents

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There is a wide range of opportunities for property investors with a “lazy” $500,000 to invest and a creative mindset, according to the July edition of the Herron Todd White Property Market report.
Herron Todd White says the results of this year’s “lazy half million issue” show that “market performance has varied as much as the landscape”.
Investment options range from buying an older house in western Sydney on a large block and adding a granny flat, investing in four-bedroom homes near Newcastle University and converting them into student accommodation or considering a worker’s cottage in East Brisbane.
Here are 15 eclectic investment opportunities for savvy investors with $500,000 to invest:
Build a granny flat in western Sydney (rental returns of between 6.5% and 7%)
Investors should consider purchasing a circa  1960s to 1970s dwelling on 650- to 700-square-metre allotments and erect granny flats on the rear of the allotment, thus creating two separate tenancies. According to HTW, this type of investment has grown from a trickle to a flood and is mainly taking place in the Penrith Council area, although it has started to creep into neighbouring Blacktown Council area as well. Typically the investor is paying somewhere between $280,000 to $330,000 for the existing dwelling and between $60,000 to $80,000 for the granny flat plus spending an extra $25,000 on sprucing up the original dwelling. According to HTW the dual tenancies can generate monthly rent of $600 ($350 for the main house and $250 for the granny flat) with vacancy rates at practically 0%. HTW considers granny flats the “best investment from a rental return basis in the western suburbs”.
Convert a four-bedroom house close to Newcastle University into student digs
Investors should look at the Newcastle suburbs of Birmingham Gardens and Jesmond close to Newcastle University in Callaghan. HTW says investors are buying four-bedroom homes and turning them into six- and eight-bedroom residences and then renting the rooms separately to students. “Although rental returns are higher (as, however are the management costs), it is important to ensure that the right approvals  are in place otherwise you might find a nasty surprise  when the bank comes to value the property and you find its still valued as a four- bedroom home,” warns HTW.
Buy a pre-1980s houses in Port Macquarie and Forster
Investors should look for houses close to either the town centre or beach priced from $270,000 to $340,000 in Port Macquarie and Forster on the NSW mid north coast. HTW says the remaining $160,000 to $230,000 could be used to acquire a pre-1980s two-bedroom unit within the same location parameters. According to HTW, houses in the low to medium price range offer the greater likelihood of lower vacancy rates, higher yields and better potential for capital growth. Investors should avoid modern high-rise units in Forster in the $400,000 plus price range, as the market remains oversupplied.
Buy workers' cottages in East Brisbane
HTW says entry level workers cottages with two-bedroom, one-bathroom configurations can be bought below the $500,000 mark. “The suburb is frighteningly close to the CBD and facilities abound. Renters are readily available so the upside is once again a good thing,” says HTW.  For something a little bit more flash in the same suburb HTW suggests a circa-2000 unit with a two-bedroom, two-bathroom layout for around the $425,000 to $450,000 mark would rent for around $440 per week.
Buy a detached post-war home in Camp Hill or Coorparoo
Investors can pick up a detached post-war three bedder in Camp Hill or Coorparoo on a 600-square-metre block.  The suburbs are about 1o kilometres south east of the Brisbane CBD, with “facilities are around the corner” and “renters keen to be there”. According to HTW, these assets also look good for a long-term future sale.
Buy an older house close to the beach at Wollongong
Investors should consider buying an older house close to the beach at Towradgi, Fairy Meadow and East Corrimal just north of the Wollongong CBD. From an investment perspective good capital gains coupled with high rental returns can be found in Fairy Meadow, with the suburb benefiting from the expansion of the University of Wollongong, Innovation Campus and an improvement of public transport to and from the suburb. It is also close to the F6 freeway to Sydney.
Source: HTW
<hr class="system-pagebreak">
 
Buy one- and two-bedroom unit in Brunswick, Melbourne
Brunswick, Brunswick East and Brunswick West “tick a lot of the boxes” for investors looking to get maximum capital growth and good rental returns. More specifically investors should look to purchase a one-bedroom, one-bathroom apartment built within the last five years, or perhaps an older-style (10 to 25 years old) two-bedroom apartment. Brunswick and the surrounding suburbs are among one of the best served by public transport, with a train line and tram service running into to the CBD, further enhancing and strengthening the suburb’s desirability.
Buy a one- or two-bedroom unit close to Sydney CBD
Investors should consider one and two-bedroom units close to Sydney CBD, in the inner west as well as around the inner-city suburbs of Redfern, Waterloo and Zetland.  HTW valuers say it is a good time to buy in these areas because they offer strong rental returns with low vacancy rates. “What’s more, the market has softened resulting in the ability to achieve good purchase prices.”
Buy a semi-modern project home in East Bowral
Four-bedroom detached houses in East Bowral in the NSW Southern Highlands are selling for between $420,000 to $450,000 and generally secure rental rates of between $400 to $500 per week, equating to a gross yield between 5.2% and 5.7%
Renovate an older building in Goulburn
For investors seeking capital growth older-style dwellings in Goulburn in the NSW Southern Tablelands sell for between $250,000 and $320,000, suggesting that significant value uplift may be possible through renovation. Currently houses priced between $330,000 and $450,000 attracts rentals of $350 to $450 per week, representing a gross yield of around 5%.
Buy two or three units in Goulburn
Another option in Goulburn for investors would be to purchase multiple residential units or townhouse/villa properties for between $150,000 and $200,000 each and rent them out for between $150 and $200 per week. According to HTW, this market has shown good capital and rental growth earlier this year and is now considered to be steady.
Look at properties priced above $350,000 in Ballarat
HTW suggests investors look at properties over $350,000 as they appear to represent the best opportunity with fewer buyers in this market segment, more homes to choose from and more time to negotiate. The overall Ballarat market looks strong with yields of up to 8% on offer on units in the outer suburbs.
Consider south Perth suburbs close to airport
HTW suggest investors consider the Belmont, Cloverdale and Kewdale areas south of the city. In these suburbs there is strong demand for rental properties from the state’s "fly-in fly-out" mining workforce and they are located close to Perth airport. Furthermore, generous density allowances and a cooperative council mean that many properties within this area offer good short to medium term redevelopment prospects.
Buy two modern townhouses in Mildura
Investors should consider buying either two modern townhouses, each on around 350-square-metre lots, or two older three-bedroom homes, on larger lots of around 700 square metres. HTW says a tight rental market has pushed up rents up in the past 18 to 24 months, with gross rental return of 6% on offer.
Buy a newer home near Wyong on the NSW central coast
HTW suggests newer areas like Woongarrah, Hamlyn Terrace, and Wadalba near Wyong on the NSW Central Coast are “loaded with good value homes in and around the $500,000 mark”. These are areas popular with young family areas and populated with four- bedrooms, double garage on good sized blocks. “These are the areas which stand to benefit from future infrastructure projects courtesy of a progressive council. The government’s new first home buyer scheme that commences in October is also likely to play a big role in these areas. Early risers and the astute will certainly benefit here,” says HTW.
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From western Sydney granny flats to East Brisbane workers’ cottages:  15 eclectic investment opportunities under $500,000: HTW

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Rents are expected to rise the most in the resources state of Western Australia over the next year, according to NAB's June Residential Property Survey.
With a 5% increase tipped by the 300 industry participants in the survey, WA is tipped to secure double the rest of the country.  The other major resources state Queensland is its nearest rival for rent increases. 
Expectations for Victorian landlords to secure any rental growth ought remain in the negative for the next year, according to the respondents.
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Rents expected rise to 5% in WA over next 12 months: NAB June Residential Property Survey

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The developers of the delayed 11-storey Alex Perry Residential apartment block in Brisbane’s Fortitude Valley have removed all three-bedroom apartments from the design and are awaiting council approval on a modified development application.
A spokesperson for developer Chrome Property told Property Observer there were few enquiries for the three-bedroom apartments since the project launched in May last year, complete with paparazzi and supermodels.
<img src="/images/stories/2012/07/alexperrydevel.jpg">
All apartments have been designed by Alex Perry in conjunction with Cottee Parker Architects.
A soft launch of the re-jigged project was held in June.
Three-bedroom apartments were priced at just under $1 million.
The three-bedders have been replaced with one-bedroom apartments as part of a “redefined product”, and 77 of the 143 apartments will be sold to investors as serviced apartments with a hotel operator lined up to manage them.
<img src="/images/stories/2012/07/alexperry2.jpg">
Investors are being offered 6% guaranteed rental returns for up five years net of management fees, with settlement anticipated for early 2014.
Construction is expected to start at the end of the year, with completion in early 2014.
One-bedroom apartments will start from $381,000 and two-bedroom units from $550,000.
Chrome has been reluctant to reveal sales numbers since the project was launched.
The May quarter sales update in the latest Midwood Report does not include Alex Perry Residential among its mix of apartment projects.
The latest Colliers report shows no sales in Alex Perry Residential since launch with the note that no sales figures were disclosed for the first quarter of 2012.
RP Data records show that Chrome acquired the site at 959 Ann Street for $6.27 million in March 2010.
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Alex Perry Residential redesigns Fortitude Valley, Brisbane, development as three-bedroom units seem to go out of fashion

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Estate agents are becoming more reliant on their rent rolls, with property management income rising from 36% to 42% of total income in the past year, according to the 2012 Macquarie Residential Real Estate Benchmarking Report.
The results are based on a survey of 416 real estate firms across the five mainland states conducted in February this year.
When Macquarie carried out the same survey in 2007, estate agents reported that property management accounted for just 29% of income.
The survey respondents expect property management to rise to 43% of estate agents income in the future.
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Macquarie said the tough sales environment contributed to the the increase in property management income, but was not the sole reason.
“We believe there has also been a deliberate shift as agencies across an increasingly broad scope adopt and resource growth strategies (either organically or via acquisition) within their property management business,” says the investment bank.
“The outlook from agencies completing the survey suggests this trend will continue in the future."
“The recurring, contracted nature of property management income has proved itself somewhat resilient to tight economic periods and subsequently makes it an increasingly attractive source of revenue in the tough sales environment."
“With only 30% of agencies anticipating growth of any nature in the residential housing market within the next 12 months, it would follow that agencies target rent roll growth as a means to increase revenue.”
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Property management income rises to 42% of estate agent income: Macquarie

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Melbourne is heading for an oversupply of apartments as families head to the outer suburbs for more affordable housing to suit their needs, according to a new report by Monash University.
The report also slams the city’s current urban expansion strategy.
Titled The End of Affordable Housing in Melbourne and written by Monash University population expert Dr Bob Birrell and his team of researchers, it shows that new apartments are too small and too expensive to appeal to those family-friendly housing.
The report notes that few apartments of 110 square metres or more are being built in Melbourne.
Instead, much smaller apartments measuring less than 70 square metres are being built in the CBD and its surrounds, which are being purchased off-the-plan by investors.
“For projects in planning or under construction, the trend is towards even smaller apartments,” says the Monash report, which warns that an oversupply of these small apartments is looming.
The report also notes that cost of infill (undeveloped urban land) in Melbourne has risen to levels that most new households cannot afford because the cost of the land on which to build has escalated.
It warns that those planning Melbourne’s future have not come to grips with the causes of Melbourne’s affordability crisis, primarily to do with the costs of producing apartments, infill and fringe housing.
“Proposals to facilitate even more high-rise apartment blocks or to extend the urban growth boundary (UGB) ever further outwards —the current Victorian government’s strategy — will not provide a solution,” says the report.
However, the report does not expect a housing crash in Melbourne.
Instead, it says it is likely there will be a slowdown in dwelling construction in Melbourne because new households cannot afford the product being offered.
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Melbourne apartments too small, too expensive, but no housing crash coming: Monash's Bob Birrell

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Meriton boss Harry Triguboff, who turns 80 next March, has signed up to Twitter.
Triguboff will tweet using the handle <a target="_blank" href="https://twitter.com/@Harry_Triguboff">@Harry_Triguboff</a>.
He’s only tweeted twice since his July 1 initial post and had just the 12 followers at the time of writing.
So he has some way to go to catch up to Australia’s (and most likely the world’s) most famous tweeting octogenarian, News Limited boss Rupert Murdoch.
Murdoch has 287,000 followers.
Among those Triguboff is following on Twitter are Property Observer (<a target="_blank" href="https://twitter.com/propertyobs">@propertyobs</a>), Donald Trump, the City of Sydney and West Tigers footy club, of which Meriton is the main sponsor.
Triguboff has made quiet start on the social media site, confining himself to company matters. His first tweet was a retweet of a Meriton post about stamp duty. The Meriton company Twitter account has 71 followers.
<img src="/images/stories/2012/07/meritontweet.jpg">
His most recent (and only original) tweet was July 13 about his appearance on SBS News talking about Asian investors – the core market for his new apartment projects.
 
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Meriton boss Harry Triguboff eases into the Twitter revolution at age 79

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A private investor has paid $3,686 per square metre for a 434-square-metre whole office floor in the Melbourne CBD as a new report from Urbis shows strong demand from smaller investors for strata office space.
The investor paid $1.6 million for level five in 171 La Trobe Street, a Fender Katsalidis-designed 14-level office building in a deal negotiated by Savills directors Nick Peden and Clinton Baxter.
The sale set a new record for the building.
The previous record was $3,248 per square metre achieved in 2007 when a single floor sold for $1.41 million – the last time a floor has changed hands.
The Fender Katsalidis building stands on the corner of Russell and La Trobe streets, and according to Nick Peden, is widely regarded as the best strata office building in Melbourne.
Expectations were in excess of $1.5 million.
The floor space is leased to the existing owner-occupier until January 2013.
The building comprises 10 office floors – each individually owned – as well as two two-storey penthouses with projecting balconies, a ground-floor showroom on La Trobe Street and a 12-space lower ground floor car park.
It was constructed by builder LU Simon in 1991 and picked up a merit award from the Royal Australian Institute of Architects upon completion.
In 1995 it was subdivided into 13 units and in the early 2000s the 10 office floors were sold off individually.
The site was bought in two parcels for $3.4 million between March and September 1988. The lots were divided between the owners through entitlements in equity in September 1995.
In June Savills manager of office leasing Mark Bolis leased level eight in the building at $490 per square metre gross.
Peden and Baxter say the space attracted a great deal of interest from both investors and owner-occupiers keen to enter a market with such historically strong fundamentals.
“Clearly there remains some anxiety about world economies and at such times investors primarily, but also owner-occupiers with an eye to the future, seek out assets that will show both rental growth and capital appreciation over time and the Melbourne market has demonstrated its ability to do that time and again,” says Peden.
The 171 La Trobe Street office floor sale follows soon after a 410 square metre office floor in a new mixed-use development in Hawthorn (6 kilometres east of the Melbourne CBD) is believed to have changed hands after auction for around $2.375 million.
The strata space, level 6 at 523 Burwood Road, included a 38 square metre terrace and 12 secure car parks, was marketed by Hamish Burgess and Ben Baines, of Colliers International.
It had pre-auction expectations of around $2.45 million with a five year lease to Drive Projects from June this year.
According to a recent report by Urbis, Docklands could soon rival Melbourne’s historical office hot spot, Collins Street, with the Docklands precinct particularly sought after by small businesses in search of modern strata space in new buildings.
Roger Scrivener, Urbis director and author of the Melbourne Strata Office Market report, says the Melbourne strata market is now a well-established component within the overall investment office market.
The Urbis report found the Melbourne CBD strata office market is now well established and mature, with some 130 strata sales being recorded each year on average over the last decade.
“There are some 1,800 strata units within the Melbourne CBD, with an average sales turnover approaching 130 units per annum – this represents 7% of total stock,” Scrivener says
The Urbis report found three of the five new strata CBD office developments constructed since 2007 were within Docklands, though notably none had a Collins Street address.
These included:
<ul>
<li>Aquavista at 401 Docklands Drive, Docklands (205 units, built 2007)</li>
<li> Site One at 757 Bourke Street, Docklands (53 office units, built 2007)</li>
<li>Q2 at 2 Queen Street, Melbourne (120 units, built 2008)</li>
<li>Life Lab at 198 Harbour Esplanade, Docklands (94 units, built 2008)</li>
<li>373 King Street, Melbourne (30 units, built 2009).</li>
</ul>
Daniel Wolman, Colliers International executive of CBD sales, says commercial strata investments are generating strong interest from what would traditionally be residential investors, motivated by almost double the net yield returns.
“Commercial strata price points are within reach of most real estate investors,” he says
Wolman says he has noticed a distinct increase in demand for strata space in Docklands.
“We are seeing a continued growth in demand for good quality, purpose-built strata office facilities in sound locations and with strong sustainability features.
“Docklands ticks all the boxes in this respect, and a growing number of tenants, investors and developers are jumping on the bandwagon.”
According to Wolman, the Docklands precinct has the potential to become a hotspot for businesses in the market for flexible, modern strata office space.
“The continued strong growth in white-collar employment that we are seeing in Victoria creates employment opportunities not only for medium and large organisations but also for small, fledgling businesses,” he says
He says existing office facilities for those businesses seeking smaller office space is poor, with a clear market demand for modern facilities that meet the demands of current office working practices.
Only one strata office project is under construction or actively proposed in Docklands – Lifestyle Working Collins Street at 838 Collins Street.
Wolman says there has been an overwhelmingly positive response for this development.
“Strata occupants look for several key features in new premises,” he says.
“Proximity to other office buildings is of significance, particularly as the majority of occupiers of strata office suites depend on the occupants of larger office buildings as their primary client base.
“Accessibility is also a crucial factor. Despite the continuing trend towards public transport, occupiers of strata office suites still require good private vehicle accessibility and parking facilities.
“And, as with the broader office market, the amenity of nearby retail, restaurant, bar and entertainment facilities is important to the strata office market,” Wolman says.
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Investor pays $3,686 per square metre for whole floor in Fender Katsalidis Melbourne office block  

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ASIC has cancelled the credit licences of two Sydney mortgage broking firms and has permanently banned the director of one of them from engaging in credit activities.
Mortgage brokers require an ASIC credit licence or be licensed as a credit representative under an ASIC licence-holder to assist with arranging mortgages and other credit products.
ASIC permanently banned Almaza Souzie Boutros, of Merrylands in western Sydney, from engaging in credit activities after being convicted of a serious fraud offence. ASIC also cancelled the Australian credit licence issued to Option 1 Mortgage Pty Ltd (Option 1 Mortgage), of which Boutros is a director, on the grounds that Option 1 is in liquidation. Boutros' conduct as a director of Option 1 Mortgage resulted in a conviction for fraud in April 2012.
Fairfield Local Court ordered her to pay compensation and placed her on a good behaviour bond for a period of 18 months. Boutros and Option 1 Mortgage have the right to appeal to the Administrative Appeals Tribunal for a review of ASIC’s decisions.
ASIC also cancelled the Australian credit licence of Dean Mooney Pty Ltd, a Sydney-based finance broking firm, after it was found it failed to hold membership of an approved external dispute resolution scheme (EDR).
Under the National Consumer Credit Protection Act 2009, credit licensees are required to be members of an ASIC-approved EDR scheme.
ASIC can suspend or cancel an Australian Credit Licence if the licensee is not a member of an approved EDR scheme.  Dean Mooney Pty Ltd was granted a licence to engage in credit activities, including the provision of mortgages, on January 17 last year. On October 12, 2011, Dean Mooney Pty Ltd's EDR membership was cancelled by the Financial Ombudsman Service Limited (FOS), one of the two EDR schemes approved by ASIC.
The membership was cancelled by FOS due to non-payment of membership fees.
Dean Mooney Pty Ltd did not hold membership with the Credit Ombudsman Service Limited, the only other ASIC-approved EDR scheme. Commenting on the decision, ASIC commissioner Peter Kell said, “EDR schemes provide consumers with alternatives to legal proceedings in respect of resolving complaints with their credit service providers, therefore, when a credit licensee fails to maintain membership in such a scheme, ASIC will act to protect consumers by cancelling the entity’s credit licence”. Dean Mooney Pty Ltd has the right to appeal to the Administrative Appeals Tribunal for a review of ASIC’s decision. The Australian credit licence was cancelled with the effective date of July 2, 2012.
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ASIC cancels credit licences of Sydney mortgage brokers Option 1 Mortgage and Dean Mooney Pty Ltd

The Gold Coast economy has grown by 25 per cent since 2020/21 to surpass $55 billion, but perhaps the more significant story is what sits behind the headline number.

For decades, the Gold Coast has been viewed through the lens of tourism, lifestyle and population growth. The latest State of the City Report suggests that perception is increasingly out of step with reality.

Released by Invest Gold Coast, the report ranks the Gold Coast as Australia's largest non-capital city economy and, perhaps more notably, second nationally behind Sydney for Economic Complexity, a measure that assesses the diversity and sophistication of an economy.

It's a result that places the Gold Coast ahead of Melbourne, Brisbane, Perth and Adelaide, highlighting the extent to which the city's economic base has broadened beyond its traditional industries.

Today, the Gold Coast supports more than 350,000 jobs, is home to over 83,000 businesses and generates $19 billion in annual exports. Manufacturing now accounts for 62 per cent of international export growth, while sectors including health, education, advanced manufacturing, technology and professional services are becoming increasingly important contributors to the local economy.

[smartcode_project:default project_id=150017 project_image_fid=372547]

Gold Coast Mayor Tom Tate said the report confirmed the city's evolution into one of Australia's most significant economies.

"The Gold Coast economy continues to grow at an incredible pace. This is no surprise to those of us who have watched the evolution up close," Mayor Tate said.

"As one of the most entrepreneurial, investment driven and opportunity focused economies in the country our ambition has been realised and possibilities are endless.

"The Gold Coast has built a reputation as the city that says yes. We say yes to investment, yes to opportunity and yes to people who want to build something.

"It's this mindset helping us drive major growth across health, advanced manufacturing, screen production, marine, technology and the knowledge economy."

[smartcode_project:default project_id=149670 project_image_fid=360975]

While population growth has been one of the defining stories of the past decade, the report points to a broader economic transformation taking place.

The city's knowledge economy now contributes $7.9 billion annually and supports around 31,000 jobs, while the health and wellbeing sector contributes $5.2 billion and employs more than 42,000 people. Together, the six priority sectors identified in the report account for almost $24 billion in economic output and more than 145,000 jobs.

One of the strongest examples is the Gold Coast Health and Knowledge Precinct at Southport. The 200-hectare precinct now contains more than $5 billion worth of health, education, research and innovation infrastructure and supports over 16,000 jobs.

The report also highlights the growing role of advanced manufacturing, particularly in aerospace, defence and modular construction.

Gold Coast-based Gilmour Space Technologies recently became the first Australian commercial company to attempt an orbital launch, while companies including Modscape and ModnPods are helping establish the Yatala-Stapylton corridor as one of Australia's fastest-growing advanced manufacturing hubs.

The city's entrepreneurial culture is also translating into business growth.

Since 2019/20, the number of businesses operating on the Gold Coast has increased by 22 per cent, while firms employing more than 200 people have grown by 80 per cent. The report suggests the next challenge is converting more local start-ups and medium-sized businesses into nationally significant companies.

Development activity remains another key indicator of confidence.

There are currently more than $23 billion worth of major projects underway across the Gold Coast, supported by a record 75 active cranes, a figure that now exceeds Brisbane and represents a 150 per cent increase since 2016.

[smartcode_project:default project_id=112024 project_image_fid=343235]

Importantly, the report notes the next phase of investment will need to extend beyond residential development.

While 93 per cent of crane activity is currently tied to housing, Invest Gold Coast argues future investment will increasingly need to focus on cultural, civic, infrastructure and industry-enabling projects that strengthen the city's long-term economic resilience.

Invest Gold Coast Chair Will Hodgman said the city was now benefiting from years of economic diversification.

"What is happening on the Gold Coast is the result of the city's economic base broadening, fuelled by industries with long-term, high-growth potential," Mr Hodgman said.

"This is no longer a secondary Australian economy, the Gold Coast is becoming a globally connected city with deeper capability across health, knowledge and creative industries, advanced manufacturing, technology and exports."

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Looking ahead, the Gold Coast's population is projected to exceed one million residents by 2046.

For a city that was once largely defined by tourism and lifestyle, the latest figures suggest the Gold Coast is becoming something more significant, one of Australia's most diverse and economically sophisticated urban economies, and increasingly one that national and international investors can no longer afford to overlook.

Joel Robinson

75 cranes, $23 billion pipeline and a $55 billion economy: Inside the Gold Coast economic boom

Ron Bakir's Homecorp has sold more than 75 per cent of the apartments in its wellness-driven Florence Residences in Surfers Paradise following its first weekend release.

The <a href="https://www.apartments.com.au/new-apartments/florence-residences-24-monte-carlo-avenue-surfers-paradise-qld-4217">26-storey project on Monte Carlo Avenue</a>, which commenced construction earlier this year, has seen a flurry of buyers secure their slice of the Gold Coast's latest wellbeing-focused offering in one of the nation's most competitive property markets.

Since the pandemic, the Gold Coast's population has grown by more than 11 per cent, a rate approximately four times faster than Sydney's, driven largely by lifestyle changes and interstate migration. While buyer activity has moderated in some markets nationally, demand for newly built dwellings on the Gold Coast continues to gain momentum as purchasers increasingly prioritise lifestyle, amenity, wellbeing, liveability and long-term investment potential.

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Homecorp CEO Ron Bakir says buyers today are looking for more than just a home.

"What we are seeing is a shift in how people define value in property," Bakir says.

"What attracts residents to new developments is a desire for more than just a residence. They are looking for a place that complements their lifestyle, supports their wellbeing and reflects the way they want to live into the future.

"Lifestyle, longevity, proactive health, wellbeing, connection and a sense of community are increasingly shaping purchasing decisions, particularly on the Gold Coast, where these factors continue to be a major drawcard."

[smartcode_project:default project_id=150414 project_image_fid=372744]

Bakir says Homecorp is responding to this shift through an approach that places greater emphasis on design, amenity and experience working together to create places that feel considered, connected and enduring in value.

Inspired by Eastern European design, Florence Residences will comprise 120 apartments alongside a private residents-only wellness club featuring a resort-style rooftop pool, hot and cold plunge pools, a spa retreat, contemporary gymnasium, and a spacious yoga and Pilates studio.

The development will also feature a residents-only lounge with private dining facilities and a rooftop bar, premium outdoor entertaining areas, a hotel-style lobby lounge, generous bike parking, and pet-friendly amenities including a heated dog wash.

[smartcode_project:default project_id=150414 project_image_fid=372742]

A limited number of apartments remain available, with an exclusive collection of four-bedroom sub-penthouses set to be released in the coming months.

Florence is one of the latest additions to Homecorp's expanding multi-billion-dollar property portfolio, which also includes plans for a <a href="https://www.apartments.com.au/news/qld/homecorp-lodges-plans-for-260-million-moroccan-bathhouse-inspired-tower-in-budds-beach">$260 million development in Budds Beach</a> tailored to the growing wellness market.

A development application has been lodged for a 27-storey, 156-residence tower at 8–10 Acacia Avenue and 25–27 Oak Avenue, featuring a residents-only Moroccan spa-inspired sanctuary.

Apartments at Florence Residences are priced from $1,249,000, with construction expected to be completed by late 2027.

[smartcode_project_cta:default project_id=150414]

Buyers rush to Homecorp's Florence Residences as Gold Coast wellness trend gains momentum

The NSW Government has expanded its $1 billion Pre-sale Finance Guarantee program, broadening access for affordable housing providers and smaller residential developments as it seeks to accelerate housing delivery across the state.

The Minns Government says the program has already helped bring forward more than 600 homes across Sydney and regional NSW since launching in September 2025, with similar models now adopted in South Australia and Western Australia.

The latest changes, announced by Treasurer Daniel Mookhey and Minister for Planning and Public Spaces Paul Scully, are designed to improve access to finance for projects that have planning approval but are struggling to secure funding.

Among the key changes is an expansion of support for community housing providers. The program will now support up to 100 per cent affordable housing projects valued at up to $30 million when delivered by not-for-profit providers, while support for larger affordable housing developments will increase for projects worth up to $80 million.

The government says the changes will help accelerate the delivery of housing for low-income workers, older people, people living with disability, and those at risk of homelessness, while reducing reliance on direct grants or subsidised loans to bridge funding gaps.

The eligibility criteria for smaller residential developments have also been broadened. The previous $5 million minimum project value threshold has been removed and replaced with a requirement that projects deliver at least four homes.

Support has also increased for projects delivering fewer than 20 homes, with the guarantee now able to cover up to 75 per cent of dwellings in a development, capped at $30 million per project.

The changes are expected to particularly benefit smaller-scale and regional developments, which often face greater challenges meeting pre-sale requirements imposed by lenders.

Treasurer Daniel Mookhey said the scheme demonstrates how government can use its balance sheet to stimulate housing supply without relying solely on taxpayer-funded grants.

"The Pre-sale Finance Guarantee shows how this Government is using its balance sheet to reduce risk and unlock private investment, enabling new homes to move from design to construction faster," Mookhey said.

"This landmark reform allows us to deliver homes for working families at a lower cost to taxpayers, while also maintaining strong financial discipline."

Planning Minister Paul Scully said the program had already proven effective in bringing stalled projects to market.

"The Pre-sale Finance Guarantee has already proven it can unlock stalled projects and accelerate housing delivery by giving lenders the confidence they need to back good developments," Scully said.

"These changes will allow more affordable housing and smaller developments to access support so more homes can be built faster where communities need them most."

Housing Minister Rose Jackson said the expansion would help community housing providers overcome financing barriers that often delay projects.

"We know community housing providers are ready to build more homes, too often they're held back by barriers to finance," Jackson said.

"Expanding the Pre-sale Finance Guarantee helps remove those barriers so more affordable homes can get off the ground sooner."

The announcement was welcomed by the Property Council of Australia, which has long advocated for measures aimed at improving project feasibility and access to finance.

Property Council NSW Executive Director Katie Stevenson described the expansion as a practical intervention that addresses one of the most immediate constraints on housing delivery.

"This is exactly the kind of practical intervention we need right now, focused on getting projects out of the ground, not just approved," Stevenson said.

"It builds on a model the Property Council has worked closely with government to develop following calls for such a scheme ahead of last year's NSW Budget, so it's great to see it being expanded."

Stevenson said the reforms would help unlock projects that are ready to proceed but have been delayed by financing challenges. However, she noted that broader feasibility issues remain a significant barrier to increasing housing supply.

"The biggest challenge in NSW housing today is delivery. Too many projects have planning approval but are simply not financially viable to proceed under current settings," she said.

Speaking at the Property Council's NSW Housing Summit, Housing Minister Rose Jackson acknowledged that feasibility and financing pressures continue to constrain housing delivery, while reaffirming the government's commitment to work with industry on solutions.

Stevenson said the government's recognition of those challenges was encouraging ahead of next week's state budget.

"It's positive to see the government clearly recognising that feasibility pressures are now a binding constraint on supply," she said.

"With the Budget just days away, the focus must be on backing delivery, making sure projects stack up, finance can flow, and more homes can move from approval to construction."

The expanded Pre-sale Finance Guarantee forms part of the NSW Government's broader housing agenda, which also includes planning reforms, the NSW Housing Pattern Book, and a series of rezonings intended to increase housing capacity across the state.

NSW expands Pre-sale Finance Guarantee to unlock more affordable and regional housing

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.

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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.

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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.

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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.

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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.”

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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]

Larry Schlesinger

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