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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.
 
<img src="/images/stories/2012/07/trigubofftweet.jpg">
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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

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

The Eveleigh brings house-like apartments to Broadbeach

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

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

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

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

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

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

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