<html><body>
CBA is the latest lender to announce an increase in its variable mortgage rates independently of the RBA, pushing up its residential variable home loan by 0.1 percentage points per year to 7.41% per annum from February 20 following Bendigo Bank lifting rates by 0.15% earlier in the day to 7.4%% effective February 21.
The decision follows ANZ and Westpac pushing up their interest rates by 0.06% and 0.1% and Bank of Queensland committing to keep its rates unchanged until at least the outcome of the next RBA meeting.
Here’s a rundown of the standard variable rates on offer from Australian banks, starting with the cheapest:
6.94%
The standard variable bank rate that Heritage Bank is currently charging its customers.
7.20%
The standard variable bank rate that BankWest is currently charging its customers.
7.22%
The standard variable bank rate that ING Direct is currently charging its customers
7.24%
The standard variable bank rate that HSBC is currently charging its customers.
7.30%
The standard variable bank rate that Bank of Melbourne/St.George is currently charging its customers.
7.31%
The standard variable rate that NAB will charge its customers from February 20 after lifting rates by 0.09%. 
7.33%
The standard variable bank rate that Suncorp is currently charging its customers.
7.36%
The new standard variable bank rate ANZ will charge its customers from February 17 after lifting rates by 0.06%.
7.36%
The standard variable bank rate Bank of Queensland will charge its customers until at least the next RBA meeting on March 6, the bank has pledged.
7.41%
The new standard variable bank rate the Commonwealth Bank will charge its customers from February 20 after lifting rates by 0.1%.
7.45%
The new standard variable bank rate Bendigo and Adelaide Bank will charge its customers from February 21 after lifting rates by 0.15%.
7.46%
The new standard variable bank rate Westpac will charge its customers from February 20 after lifting rates by 0.1%.
 
*All rates as announced on February 13.
</body></html>

lschlesinger-FZcF9M3vE6

Standard variable mortgage guide as CommBank, NAB and Bendigo lift rates

<html><body>
The sheriff’s office had a confirmed kerb-side valuation of $630,000 for Zhiping Zhou’s Braybrook house, which was sold for $1,000 in December 2010. 
Kell Griffin, the real estate officer of the Victorian Sheriff who conducted the auction, testified that he knew Zhou held equity of $165,000 in the six-bedroom Braybrook property and that Zhou owed his “judgement creditor” $125,000 when Griffin accepted a bid for $1,000 from Ronald Kousal. 
Griffin also confirmed that the $1,000 paid by Kousal did not cover the $1,152 costs incurred by the sheriff’s office in having the property valued and advertising it in the Herald Sun and the Government Gazette. 
The $630,000 valuation by Brendan Smith of WBP valuers was up from the $585,000 assessment made by the Maribynong Council in 2008. 
Griffin testified during day three of the trial that on the day of the auction, December 16 2010, there were two bidders in attendance. 
Kousal made the first bid at $100 and was followed by a counter-bid for $200 by the second bidder (not named), before <a href="https://www.propertyobserver.com.au/auctions/melbourne-vendor-goes-to-court-over-%241000-no-reserve-sheriff-s-auction-of-his-braybrook-home/2012020953319">Griffin accepted Kousal’s third bid of $1,000</a>. 
Griffin said that he had followed out his duties “to the letter of the law”. 
He said he was “looking for more bidders” but had accepted Kousal’s bid because it was the highest bid and there were no further bids. 
The judge ruled that Griffin was not qualified to answer the question <a href="https://www.propertyobserver.com.au/auctions/sheriff-selling-%24630000-braybrook-house-for-%241000-had-duty-to-obtain-fair-price-court-told/2012021053330">of whether or not he believed he had obtained an equitable price for the property.</a> 
Under Victorian law, the sheriff’s office cost’s are paid first, then creditors and any remaining money would then be distributed to the defendant.
 
 
</body></html>

Victorian sheriff knew Braybrook house had $630,000 valuation when it sold for $1,000

<html><body>
Century 21 Australia chairman and owner Charles Tarbey is set to buy Century 21 New Zealand.
Tarbey has reached a heads of agreement to acquire the business from owners Bill Sinclair and Murray Cleland for an undisclosed sum.
The New Zealand business comprises 50 offices and 120 staff.
Two months ago Tarbey acquired the rent rolls of ASX-listed property management group Wentworth Holdings for $18.7 million, making Century 21 the biggest privately owned real estate group in the property management space. 
Tarbey is believed to be eying up further acquisitions.
Century 21 New Zealand will share the technology, education programs and events rolled out by the Australian business.
“This purchase, and closer partnership with Century 21 Australia, will deliver a number of efficiencies and value ­additions to both businesses,” says Tarbey.
Tarbey set up the Australian-owned arm of the worldwide network in July 1994.
It currently has more than 300 franchised offices in Australia.
Century 21 operates one of the largest real estate networks in the Asia-Pacific region, with more than 3,000 offices.
</body></html>

Century 21 Australia boss Charles Tarbey to buy Century 21 New Zealand

<html><body>
The fashionable Melbourne suburbs of St Kilda (4.4%) and (Toorak 3.3%) were among 18 in the city where rents did not rise more than rental inflation for the year to January 2012, according to property manager Run Property.
The list only includes those suburbs where RUN has sufficient data to give an indication of rental movement.
The rental component within the CPI recorded a 4.8% increase during the 2011 calendar year, according to the Australian Bureau of Statistics.
Victoria
<table style="width: 470px;" border="1" cellspacing="0" cellpadding="0"><tbody>
<tr>
<td width="108" valign="top">
Suburb
</td>
<td width="108" valign="top">
Jan 2011 weekly rent average 
</td>
<td width="108" valign="top">
Jan 2012
weekly
rent average
</td>
<td width="108" valign="top">
Average weekly rent difference in dollars
 
</td>
<td width="108" valign="top">
Percentage average weekly rent difference
 
</td>
</tr>
<tr>
<td width="108" valign="top">
CARLTON
</td>
<td width="108" valign="top">
$371.09
</td>
<td width="108" valign="top">
$388.62
</td>
<td width="108" valign="top">
$17.53
</td>
<td width="108" valign="top">
4.7%
</td>
</tr>
<tr>
<td width="108" valign="top">
PARKVILLE
</td>
<td width="108" valign="top">
$488.64
</td>
<td width="108" valign="top">
$510.19
</td>
<td width="108" valign="top">
$21.54
</td>
<td width="108" valign="top">
4.4%
</td>
</tr>
<tr>
<td width="108" valign="top">
ST KILDA
</td>
<td width="108" valign="top">
$368.29
</td>
<td width="108" valign="top">
$384.42
</td>
<td width="108" valign="top">
$16.13
</td>
<td width="108" valign="top">
4.4%
</td>
</tr>
<tr>
<td width="108" valign="top">
CHADSTONE
</td>
<td width="108" valign="top">
$387.50
</td>
<td width="108" valign="top">
$404.03
</td>
<td width="108" valign="top">
$16.52
</td>
<td width="108" valign="top">
4.3%
</td>
</tr>
<tr>
<td width="108" valign="top">
SOUTHBANK
</td>
<td width="108" valign="top">
$485.48
</td>
<td width="108" valign="top">
$505.75
</td>
<td width="108" valign="top">
$20.27
</td>
<td width="108" valign="top">
4.2%
</td>
</tr>
<tr>
<td width="108" valign="top">
PORT MELBOURNE
</td>
<td width="108" valign="top">
$526.78
</td>
<td width="108" valign="top">
$548.74
</td>
<td width="108" valign="top">
$21.96
</td>
<td width="108" valign="top">
4.2%
</td>
</tr>
<tr>
<td width="108" valign="top">
CLAYTON
</td>
<td width="108" valign="top">
$312.81
</td>
<td width="108" valign="top">
$325.43
</td>
<td width="108" valign="top">
$12.62
</td>
<td width="108" valign="top">
4.0%
</td>
</tr>
<tr>
<td width="108" valign="top">
NORTH MELBOURNE
</td>
<td width="108" valign="top">
$398.80
</td>
<td width="108" valign="top">
$414.83
</td>
<td width="108" valign="top">
$16.03
</td>
<td width="108" valign="top">
4.0%
</td>
</tr>
<tr>
<td width="108" valign="top">
FLEMINGTON
</td>
<td width="108" valign="top">
$304.69
</td>
<td width="108" valign="top">
$316.68
</td>
<td width="108" valign="top">
$12.00
</td>
<td width="108" valign="top">
3.9%
</td>
</tr>
<tr>
<td width="108" valign="top">
TOORAK
</td>
<td width="108" valign="top">
$346.65
</td>
<td width="108" valign="top">
$357.94
</td>
<td width="108" valign="top">
$11.29
</td>
<td width="108" valign="top">
3.3%
</td>
</tr>
<tr>
<td width="108" valign="top">
PRESTON
</td>
<td width="108" valign="top">
$344.56
</td>
<td width="108" valign="top">
$354.56
</td>
<td width="108" valign="top">
$10.00
</td>
<td width="108" valign="top">
2.9%
</td>
</tr>
<tr>
<td width="108" valign="top">
HAWTHORN EAST
</td>
<td width="108" valign="top">
$392.65
</td>
<td width="108" valign="top">
$402.37
</td>
<td width="108" valign="top">
$9.72
</td>
<td width="108" valign="top">
2.5%
</td>
</tr>
<tr>
<td width="108" valign="top">
MELBOURNE
</td>
<td width="108" valign="top">
$483.43
</td>
<td width="108" valign="top">
$493.73
</td>
<td width="108" valign="top">
$9.72
</td>
<td width="108" valign="top">
2.0%
</td>
</tr>
<tr>
<td width="108" valign="top">
KURUNJANG
</td>
<td width="108" valign="top">
$267.43
</td>
<td width="108" valign="top">
$272.00
</td>
<td width="108" valign="top">
$4.56
</td>
<td width="108" valign="top">
1.7%
</td>
</tr>
<tr>
<td width="108" valign="top">
MOUNT WAVERLEY
</td>
<td width="108" valign="top">
$377.42
</td>
<td width="108" valign="top">
$382.92
</td>
<td width="108" valign="top">
$5.50
</td>
<td width="108" valign="top">
1.5%
</td>
</tr>
<tr>
<td width="108" valign="top">
KEW
</td>
<td width="108" valign="top">
$526.14
</td>
<td width="108" valign="top">
$529.22
</td>
<td width="108" valign="top">
$3.08
</td>
<td width="108" valign="top">
0.6%
</td>
</tr>
<tr>
<td width="108" valign="top">
PAKENHAM
</td>
<td width="108" valign="top">
$321.89
</td>
<td width="108" valign="top">
$322.79
</td>
<td width="108" valign="top">
$0.90
</td>
<td width="108" valign="top">
0.3%
</td>
</tr>
<tr>
<td width="108" valign="top">
TARNEIT
</td>
<td width="108" valign="top">
$301.35
</td>
<td width="108" valign="top">
$301.67
</td>
<td width="108" valign="top">
$0.33
</td>
<td width="108" valign="top">
0.1%
</td>
</tr>
</tbody></table>
 
New South Wales
<table style="width: 470px;" border="1" cellspacing="0" cellpadding="0"><tbody>
<tr>
<td width="149" valign="top">
Suburb
</td>
<td width="84" valign="top">
Jan 2011 weekly rent average 
</td>
<td width="86" valign="top">
Jan 2012  weekly rent average
</td>
<td width="85" valign="top">
Average weekly rent difference in dollars
 
</td>
<td width="85" valign="top">
Percentage average weekly rent difference
 
</td>
</tr>
<tr>
<td width="149" valign="top">
BONDI JUNCTION
</td>
<td width="84" valign="top">
$579.03
</td>
<td width="86" valign="top">
$606.83
</td>
<td width="85" valign="top">
$27.80
</td>
<td width="85" valign="top">
4.8%
</td>
</tr>
<tr>
<td width="149" valign="top">
LEICHHARDT
</td>
<td width="84" valign="top">
$610.33
</td>
<td width="86" valign="top">
$634.99
</td>
<td width="85" valign="top">
$24.66
</td>
<td width="85" valign="top">
4.0%
</td>
</tr>
<tr>
<td width="149" valign="top">
WATERLOO
</td>
<td width="84" valign="top">
$470.95
</td>
<td width="86" valign="top">
$486.43
</td>
<td width="85" valign="top">
$15.48
</td>
<td width="85" valign="top">
3.3%
</td>
</tr>
<tr>
<td width="149" valign="top">
MOSMAN
</td>
<td width="84" valign="top">
$612.91
</td>
<td width="86" valign="top">
$631.47
</td>
<td width="85" valign="top">
$18.57
</td>
<td width="85" valign="top">
3.0%
</td>
</tr>
</tbody></table>
 
Queensland
<table style="width: 470px;" border="1" cellspacing="0" cellpadding="0"><tbody>
<tr>
<td width="121" valign="top">
Suburb
</td>
<td width="97" valign="top">
Jan 2011 weekly rent average 
</td>
<td width="109" valign="top">
Jan 2012  weekly rent average
</td>
<td width="109" valign="top">
Average weekly rent difference in dollars
 
</td>
<td width="109" valign="top">
Percentage average weekly rent difference
 
</td>
</tr>
<tr>
<td width="121" valign="top">
ST LUCIA
</td>
<td width="97" valign="top">
$374.39
</td>
<td width="109" valign="top">
$391.07
</td>
<td width="109" valign="top">
$16.68
</td>
<td width="109" valign="top">
4.5%
</td>
</tr>
<tr>
<td width="121" valign="top">
TOOWONG
</td>
<td width="97" valign="top">
$364.20
</td>
<td width="109" valign="top">
$377.55
</td>
<td width="109" valign="top">
$13.35
</td>
<td width="109" valign="top">
3.7%
</td>
</tr>
<tr>
<td width="121" valign="top">
TARINGA
</td>
<td width="97" valign="top">
$356.15
</td>
<td width="109" valign="top">
$368.29
</td>
<td width="109" valign="top">
$12.14
</td>
<td width="109" valign="top">
3.4%
</td>
</tr>
<tr>
<td width="121" valign="top">
LOGAN CENTRAL
</td>
<td width="97" valign="top">
$235.29
</td>
<td width="109" valign="top">
$242.65
</td>
<td width="109" valign="top">
$7.35
</td>
<td width="109" valign="top">
3.1%
</td>
</tr>
<tr>
<td width="121" valign="top">
INDOOROOPILLY
</td>
<td width="97" valign="top">
$384.65
</td>
<td width="109" valign="top">
$396.62
</td>
<td width="109" valign="top">
$11.97
</td>
<td width="109" valign="top">
3.1%
</td>
</tr>
<tr>
<td width="121" valign="top">
BEENLEIGH
</td>
<td width="97" valign="top">
$249.25
</td>
<td width="109" valign="top">
$254.50
</td>
<td width="109" valign="top">
$5.25
</td>
<td width="109" valign="top">
2.1%
</td>
</tr>
<tr>
<td width="121" valign="top">
ENOGGERA
</td>
<td width="97" valign="top">
$274.44
</td>
<td width="109" valign="top">
$280.00
</td>
<td width="109" valign="top">
$5.56
</td>
<td width="109" valign="top">
2.0%
</td>
</tr>
<tr>
<td width="121" valign="top">
EAGLEBY
</td>
<td width="97" valign="top">
$257.69
</td>
<td width="109" valign="top">
$261.54
</td>
<td width="109" valign="top">
$3.85
</td>
<td width="109" valign="top">
1.5%
</td>
</tr>
<tr>
<td width="121" valign="top">
EDENS LANDING
</td>
<td width="97" valign="top">
$287.89
</td>
<td width="109" valign="top">
$288.42
</td>
<td width="109" valign="top">
$0.53
</td>
<td width="109" valign="top">
0.2%
</td>
</tr>
</tbody></table>
Source: RUN Property
 
</body></html>

Investor alert: Where rental properties aren't keeping pace with inflation

<html><body>
Westpac announced a 0.10% increase to its standard variable home loan rate to 7.46% this evening. The ANZ lifted its variable interest rates for retail mortgages and small business lending by 0.06% to 7.36% following its independent February rate review mid-afternoon. 
ANZ and Westpac now have the highest variable mortgage rates of the big four. CBA's standard variable rate is 7.31%, and NAB's is 7.22%, as at 7pm Friday February 10.
The ANZ bank blamed the rates it has to pay on deposits and higher wholesale funding costs for increasing the variable rate following the RBA leaving rates unchanged earlier this week. 
ANZ CEO Australia Philip Chronican says the decision - effective February 17 - may leave some people "frustrated and even angry but believe Australia needs safe, well-run commercial banks that aren’t a burden on taxpayers and that can continue to lend".
The ANZ bank has reduced its three-year fixed-rate package mortgage by 0.15%.
The Westpac executive Jason Yetton said increasing interest rates was never an easy decision.
"<a href=""></a>However, our move today reflects the increase in costs of banks raising money.
"<a href=""></a>While we believe that reducing rates in November and December last year was the right thing to do for our customers and the economy, higher deposit costs and higher wholesale funding costs since then make today’s move necessary.
"Over the past four months intense competition for term deposits has increased their cost to us by around 0.30%, while wholesale funding costs have also risen significantly. For example, unsecured five year funding transactions raised overseas by banks to support lending in Australia are currently priced at around 2.30 percentage points over the benchmark bank bill rate. In June last year equivalent raisings were priced at or around 1.50 percentage points over the benchmark."
He added “it’s the money we raise from customer deposits and from wholesale funding that enables us to keep providing lending support to the economy. As the cost of the money we raise increases, at some point, we have to increase the price of the money we lend.
“We have 5 million depositors and they are benefiting as the interest rates we are offering for both online savings accounts and term deposits are among the most competitive we’ve ever offered and reflect our strong commitment to our Australian customers while lessening our reliance on overseas wholesale funding markets.”
Customers with an average mortgage of $250,000 will see their repayments increase by approximately $16 per month (principal and interest loan).The change in Westpac’s standardvariable home loan rate will become effective on 20 February 2012. It follows a 0.50% ($66 per month for a $250,000 mortgage) reduction in the variable home loan rate through cuts in Novemberand December last year.
In its February Monetary Policy Statement released earlier today, the RBA acknowledged the higher funding cost environment while noting “a general improvement in sentiment over the past month or so” in Europe.
“Over the past month, conditions have improved, with [debt] issuance picking up markedly, but spreads on bank debt are significantly higher than they were in the middle of last year.
“Indeed, some large corporates are now able to raise funds in the capital markets more cheaply than banks with a higher credit rating. These global developments have had an effect in Australia, where there has been a step-up in the banks’ overall cost of funding relative to the cash rate,” said the RBA.
Bill Evans, chief economist at Westpac, says the objective of the RBA statement is to emphasise that "without a significant deterioration in global financial conditions policy should remain unchanged".
"When you assess the various pieces of the Bank's description of the domestic economy – weak employment; rising unemployment rate; subdued retail spending; soft housing market; below trend growth outside mining; scaling back of public investment; building construction subdued; inflation to remain around the mid-point of the target range; policy at neutral, not stimulatory – we see a fairly clear case for policy to move into the stimulatory zone immediately.
"Of course our forecasts as contrasted with the Bank's forecasts clearly suggest that the qualitative descriptions provided in this statement are understating the need for a policy response," Evans says.
The CBA's Michael Workman came to a similar conclusion saying the EU’s debt problems "are still the major downside risk for growth and the major trigger for another RBA rate cut".
</body></html>

Westpac joins ANZ in raising interest rates

<html><body>
Bank of Queensland (BOQ) has kept the pressure on the major banks to think carefully before pushing up interest rates with a promise to keep its rates on hold.
Yesterday afternoon, in a clever strategic move a day before <a target="_blank" href="/news">ANZ and Westpac made its announcements to raise its rates</a>, BOQ managing director and CEO Stuart Grimshaw said: “We would like to reassure customers that we are holding our standard variable interest rate steady, regardless of competitors’ movements, until the next RBA meeting.”
“We understand many home owners and small business owners are concerned about out of cycle interest rates and want to take this opportunity to reassure our customers that we won’t be increasing our standard variable interest rates at this stage,” he said.
Despite their comparatively tiny size, the major banks will have taken note that some of their second-tier rivals having been picking up more business of late. BOQ grew its mortgage book by 23.5% over 2011 and Bendigo &amp; Adelaide Bank by 14.5% according to APRA figures, while ANZ managed just 6.5% albeit with mortgage book eight times larger. 
Speaking on the ABC’s Inside Business program, Grimshaw told Alan Kohler the big four were under quite a bit of funding pressure.
“As you've been reading yourself and talking about, Europe is the one that we don't know what's going to happen. And if the Europeans don't - I think if they don't come transparently clean and put together a program, a resolution, then I think we will have some hiccoughs in the debt markets which will have ramification down here, particularly for the majors,” Grimshaw said.
The major banks have been dialling up the rhetoric about increased costs of funds over the past few weeks backed by the Australian Bankers’ Association, which put out a statement explaining “how bank funding works and why banks are under funding cost pressures”.
It was widely assumed that if the RBA had cut rates earlier this week, the major banks would not have passed on the full amount.
RateCity CEO Damian Smith says it will be a risky move by lenders to increase their interest rates on home loans, especially at a time when mortgage growth is so low and with more customers able to switch lenders without penalty. 
Smith said if 1% of big four customers – about 20,000 home loans – were to switch to a second-tier lender that would cancel out the extra $228 million per year the banks would make by raising variable interest rates by as little as 10 basis points.
 
 
 
</body></html>

Bank of Queensland challenges big four banks with promise to hold rates

<html><body>
The Victorian sheriff had a duty to “obtain a fair and reasonable price,” the Supreme Court was told in the trial surrounding the $1,000 sale of a Braybrook house.
Lawyers for the retailer Zhiping Zhou told the court that Zhou was “vulnerable to the sheriff properly exercising his duty under law.”
“He was exceptionally vulnerable to the price accepted by the sheriff,” barrister Paul Hayes said during the second day of the hearing. The court case continues into the third day on Monday February 13.
The Melbourne man <a target="_blank" href="https://www.propertyobserver.com.au/auctions/melbourne-vendor-goes-to-court-over-%241000-no-reserve-sheriff-s-auction-of-his-braybrook-home/2012020953319">is fighting to reverse the sheriff’s extraordinary $1,000 sale last year of his six-bedroom Braybrook home.</a>
Lawyers for the buyer said their client had no case to answer with regard to acting unconscionably.
<img src="/images/stories/sheriff.png">
Lawyers for Zhou highlighted submissions in the buyer Ronald Kousal’s affidavit that he would search the Government Gazette every Thursday looking for properties coming up for auction. A week before the auction he would contact the sheriff’s office to find out if the auction was going ahead and following a review of the assets, land and any encumbrances set a budget for purchase.
Zhiping Zhou's house was repossessed by the sheriff. It still remains in Zhou’s registered name, according to a title search, although there are warrants of claim registered on title.
There was $465,000 owing on the property.
The Victoria Supreme Court heard the imposing two-storey brick house had an estimated value of $630,000 but was sold at the Swanston Street, Carlton sheriff's room at 2.30 pm December 16, 2010 in a without reserve auction.
Kousal bought the Wirraway Avenue home for $1,000, apparently beating off a $200 bidder. Its been suggested the costs without actually gaining occupancy and title had already surpassed $119,000 in legal fees, stamp duty and costs. Anthony Strahan, for the sheriff, had argued the Sheriff's Act made the office ''immune'' from being held responsible for the outcome of such an auction, and the buyer must be protected. 
</body></html>

Sheriff selling $630,000 Braybrook house for $1,000 had duty to obtain fair price, court told

<html><body>
Hobart’s Mercury Building, with its distinctive white Art Deco façade and the home of Tasmania’s state newspaper, has been listed for sale with offers expected in excess of $6 million.
<img src="/images/stories/mercury.jpg">
Built in the 1930s the building, along with heritage-listed Ingle Hall, sits on 3,800 square metres, a third of CBD block at 89-93 Macquarie Street.
It has been listed for sale, with the campaign handled by Scott Newton and Ian Reed from Knight Frank Tasmania. They expect interest to come from local, interstate and international developers.
The Mercury Building was constructed in the 1930s and is easily recognised due to its use of striking Art Deco architecture.
The building is located on the intersection of Macquarie and Argyle streets and has five office floors.
The Mercury has occupied the site since the 1880s. Ingle Hall was constructed in 1814 as a residence and has Colonial Georgian-era architecture. It now houses a newspaper museum and rented offices. The buildings provide an approximate net lettable area of 7,700 square metres over five levels.
The Mercury, now part of News Limited, was established on Macquarie Street in 1854 by founder John Davies. It has 45,000 weekday subscribers, a drop of 4.2% compared with a year ago.
Davies Brothers Pty Ltd chief executive Rex Gardner told The Mercury developers were keen to turn the building into residential, commercial or car parking space.
However, the Art Deco facade will remain untouched.
"We know who is already interested but we expect more interested parties to come forward," Gardiner says.
The Mercury is moving in August 2012 to new headquarters at Salamanca Square, which is being developed into something similar to Melbourne's Federation Square.
</body></html>

Hobart’s Art Deco Mercury building listed for sale

<html><body>
Developer Stockland will continue to sell its commercial and industrial assets and use the proceeds to reinvest in higher-yielding and less volatile retail assets, says Stockland CEO Matthew Quinn.
Retail assets have generated returns of 10% for Stockland, while industrial assets have generated 8.3% and office assets 7% returns.
According to Stockland, retail assets consume less non-recoverable maintenance capital, require less incentives to lease and have lower volatility.
<img src="/images/stories/stocklandfeb10.gif">
Quinn says office and industrial sale proceeds are being reinvested in the redevelopment of existing retail centres.



However, there is time lag of two to three years from asset sale to centre opening, meaning the greater return won’t be reflected in earnings until 2014.

 
</body></html>

Stockland continues to focus on higher-yielding retail commercial property

<html><body>
Stockland is charging a higher price for smaller property lots in its residential developments, according to 2012 interim results.
During the second half of 2011, the developer charged about $469 per square metre for a lot measuring 451 square metres compared with $447 per square metre for a lot measuring 481 square metres.
Over this period the average price of its lots has remained virtually unchanged at $212,000 ($215,000 for the 2011 financial year) despite a 6% reduction in land size.
Click to enlarge
<a rel="shadowbox" href="/images/stories/smaller.gif" title="Click to enlarge"><img src="/images/stories/smallerthumb.gif"></a>
This trend of rises and smaller lot sizes dates back to 2010 financial year, when Stockland reduced its average lot size from 569 square metres to 510 square metres but pushed up the price from $362 per square metre to $403 per square metre.
Stockland has also managed to maintain profit margins on land sales despite reducing its average lot size:
<img src="/images/stories/margins.gif">
 
 
</body></html>

The latest property trend - higher prices for smaller blocks

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."

[smartcode_project:default project_id=108274 project_image_fid=365786]

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.

&nbsp;

[smartcode_project:default project_id=150414 project_image_fid=372743]

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.

&nbsp;

[smartcode_project:default project_id=146717 project_image_fid=372212]

Lowe Living Co-Founder and Managing Director Tim Lowe said Camberwell represented a natural next step for the developer as it expands into some of Melbourne's most tightly held residential markets.

"Jardin House is an important project for our team as it marks the next evolution of our portfolio into different well-established blue-chip pockets of Melbourne," Lowe said.

"Camberwell, with its incredible walkability, family-led neighbourhood feel and superb access to education and transport, makes it a natural choice for us."

[smartcode_project:default project_id=146717 project_image_fid=372227]

Designed by Tristan Wong Architects, with interiors by Hecker Guthrie and landscaping by Acre, the development takes inspiration from the Art Deco architecture that remains a defining feature of many of Camberwell's established streets.

A curved facade, arched openings, textured brickwork and sculpted forms reference the suburb's architectural heritage, while extensive landscaping softens the building's presence and creates a strong connection to the surrounding tree-lined streetscape.

The project will be set behind a secure gated entrance, with residents arriving through landscaped gardens designed to create a transition between the public realm and private residences.

Inside, the residences feature natural stone and timber finishes, full-height glazing, Miele appliances and generous open-plan living areas designed for long-term owner occupation.

[smartcode_project:default project_id=146717 project_image_fid=372225]

While the apartments themselves have been designed to attract discerning owner-occupiers, it is the amenity offering that sets Jardin House apart from many other boutique projects currently launching across Melbourne.

The centrepiece is a 350 sqm private bathhouse curated in partnership with Aurora Spa &amp; Bathhouse founder Lyndall Mitchell.

The wellness precinct includes mineral pools, hydrotherapy experiences, a Himalayan salt room, sauna, steam room, cold plunge pools and dedicated relaxation spaces, creating what Lowe Living describes as a private wellness retreat exclusively for residents.

[smartcode_project:default project_id=146717 project_image_fid=372222]

The collaboration follows Lowe Living's recent partnership with Aurora at Maison Savoy in Brighton, although Jardin House is the first project to incorporate both indoor and outdoor wellness experiences.

Emma Lowe, Co-Founder and Managing Director of Lowe Living, said wellness was becoming an increasingly important consideration for apartment buyers.

"Collaborating with Lyndall Mitchell from Aurora Spa &amp; Bathhouse for a second time is an intentional nod to creating residences that are more than just homes, but a way to enrich the lives of our residents through wellness and longevity," Lowe said.

The amenity offering is complemented by a Technogym fitness studio, residents' lounge, private dining spaces and concierge services.

The launch comes as developers increasingly target Melbourne's established eastern suburbs, where rising land values, ageing housing stock and growing downsizer demand are creating opportunities for boutique apartment projects.

Lowe said the company expects significant generational wealth transfer across suburbs such as Camberwell in coming years, creating further demand for luxury apartment living.

"Camberwell is a blue-chip suburb where homes regularly transact for multiple millions of dollars," he said.

"The generational change of wealth in these locations expected in the coming years is significant, so we see an opportunity to create exclusive residences that appeal to older families and downsizers in order to meet this demand."

Apartments at Jardin house start from $1,195,000. The project forms part of Lowe Living's near-$1 billion portfolio of new developments across Melbourne.

[smartcode_project_cta:default project_id=146717]

Lowe Living launches Jardin House in Camberwell

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

Larry Schlesinger

Editor's Picks

Have something to contribute?

Developments

New apartments

New townhouses

News