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The legal dispute between Queensland-based advisory group The Investors Club and WA couple Marilee Coombs and Hugh Wilson will be heard in a Perth court next year after two attempts at a mediated resolution failed.
A closed hearing took place in the Federal Court of Western Australia on November 4 following a first court mediation taking place on September 12.
A spokesperson for Slater and Gordon, the law firm representing the Denmark, WA couple, told Property Observer that papers have been filed and the case is heading for trial.
“We are waiting for a date but are hopeful the case will be heard early next year,” the spokesperson says, adding that the case would be closely followed by other people who purchased property through the club and are “concerned about the value of their homes”.
In August this year Coombs and Wilson launched a claim against the property investment company and two staff members alleging they had been advised to purchase a three-bedroom bushland house in Highland Park on the Gold Coast that they later discovered was grossly overpriced. 
Coombs and Wilson allege the company engaged in misleading and deceptive conduct when it advised them to purchase the property. 
The property reputedly cost $630,000 when the couple bought it in 2007, though official records show a public sale price of $905,000. 
The Investors Club also negotiated a $60,000 discount for the couple on the sale price.
However, after the couple purchased the property they say an independent valuation revealed the unit was worth as little as $450,000 at the time of the deal.
Coombs says she relied on the advice and assurances of The Investors Club and that this was a sound investment.
In October the couple <a href="https://www.propertyobserver.com.au/residential/investors-club-legal-mediation-resumes-as-gold-coast-house-sells-at-huge-loss/2011110452215" target="_blank">crystallised their loss when the property was sold for $391,000.</a> 
The couple are represented by Slater and Gordon lawyer Carita Kazakoff, who says Wilson and Coombs were told by The Investors Club that the Kirribilli Heights house in Highland Park was worth up to $1 million, and they would make an instant profit of $300,000 on settlement. 
“My clients, who are in their late 50s and 60s, wanted a secure investment for their future. They trusted the professional advice given to them by The Investors Club. 
“However, after purchasing the Gold Coast property they are now hundreds of thousands of dollars out of pocket, and at risk of losing their family home,” Kazakoff said in August. 
“The Investors Club and its two staff members ought to have known that the purchase price of the property was well above market value, and that promises of an instant profit, and appreciation in value of $60,000 in the first year were unreasonable,” she says. 
A spokesperson for The Investors Club confirmed the dispute was heading for trial. The club denies the allegations. 
In September the club issued the following statement to Property Observer: 
“It is concerned to hear that an investor is taking action against a Branch Manager and Support Member in Western Australia over information provided for a property purchase in Kirribilli Heights Complex, Queensland, before the Global Financial Crisis in 2007.
“Six staff members at The Investors Club, including the branch manager who is presently being sued, also purchased property in the complex. The valuations for The Investors Club staff were completed by two different respected national valuers and came back at a similar valuation to the contract price. The investor who is taking action used a different lender to The Investors Club staff, who would have also insisted on a valuation and appointed an independent valuation company to complete, as is standard practice.”
“The investor, who is now suing The Investors Club, struggled with the mortgage repayments and the line of credit they had taken on the loan when the global financial crisis hit. They had the property retrospectively valued (in the last 12 months), returning a much lower valuation.
“The retrospective valuation returned a much lower price as number of owners in the complex had units sold as mortgagee in possession when the financial crisis hit, bringing down prices for all the properties in the complex.  The retrospective valuation places this valuation at a significant discount to the construction cost for the property as compared to the construction chartered quantity surveyor as used by the construction lender.
“The subject property is not a normal townhouse development, it is an internationally awarded development with 270-degree views of the Gold Coast coastline and is the last remaining approved development along the hinterland escapement and as such is a very unique property.”
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After mediation fails, Investors Club dispute headed for court

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CBRE has labeled 2011 the “year of the foreigner” because offshore buyers accounted for 37% of all commercial property transactions, the highest proportion of offshore investment in almost 20 years. 
Taking into account sales over $20 million, the total value of 2011 transactions reached $9.8 billion as of December 16, 13% higher than the previous year, with foreign investors accounting for $3.7 billion of these transactions. 
Asian buyers accounted for more than half (51%) of all offshore investment and nearly one in five (19%) of total transactions for the year. 
Outside of Asia, foreign capital has been flowing in from a wide variety of sources, including the US and South Africa. There have also been some first-time investments from Canada, Austria and China. 
German investors, once the driving force among foreign investors, accounted for just 10% of offshore activity, according to CBRE’s data, as concerns closer to home limited global acquisitions. 
The share of foreign investment in Australia has increased every quarter in 2011 after getting off to a slow start in the first quarter with just 4% of transactions being offshore buys. 
However, this share rose to 34% as the market bounced back in the second quarter, increased again to 41% in third quarter, before hitting 44% of total sales for the fourth quarter (as at December 16). 
“It’s been a strong and definite trend of foreign interest and activity in Australia’s property market in 2011,” says Kevin Stanley, CBRE’s executive director for global research and consulting. 
“There are many motivators, all working together at present. Australian yields remain high by global standards, kept that way ultimately by the high local cost of debt and the limit this places on bidding from domestic investors. Add to that the search for an economy with a half-decent outlook and an ease in doing property business and Australia is an obvious choice for global investors.” 
Rick Butler, CBRE senior managing director for international investments, says the “push into Australia is being driven predominantly by fund managers and sovereign wealth funds working out of Singapore, along with some big-hitting private investors from the same city”. 
“The Australian market continues to attract foreigners due to its growth story, compared to Europe and the US, together with its transparency.” 
The fast growth in savings in Asia has fuelled activity as investors adopt global investment strategies to diversify risk. 
While foreign investors have been the dominant buyer group in 2011, Stanley says there was increased competition from domestic groups toward the end of the year as superannuation funds, wholesale funds and unlisted property trusts started to increase acquisitions as more substantial assets reached the market, particularly from the troubled A-REIT sector. 
These domestic groups together accounted for 21% of acquisitions in 2011, making them the second largest group behind foreign investors. 
Across all property sectors, NSW recorded the largest share of sales in 2011 (32%), with Victoria accounting for 25%.  Queensland and Western Australian trading was in line with the size of their share of the property markets nationally, at 20% and 10% of sales activity respectively. 
Significant offshore deals in 2011 include:
<ul>
<li>Singaporean-based private investor Memo Corp buying 259 George Street $395 million 
</li>
<li>Hong Kong-based RREEF buying 20 Bridge Street, Sydney for $185 million </li>
</ul>
<ul>
<li>Credit Suisse’s all equity purchase of 55 Elizabeth Street, Brisbane for $165.5 million </li>
</ul>
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<li>US pend fund Pramerica/NPS buying 595 Collins Street, Melbourne for $130 million</li>
</ul>
<ul>
<li>A German pension fund (through RREEF) buying 140 Sussex Street, Sydney for $84 million</li>
</ul>
Major purchases made by domestic groups this year include:
<ul>
<li>The $310 million 50% purchase of the QV1 office building in Perth by superannuation fund Australian Reward Alliance. 
</li>
<li>The purchase of the office property at 452 Flinders Street, Melbourne for $201.5 million by the DEXUS Property Wholesale Fund.</li>
</ul>
 
 
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Offshore investment in Australian commercial property at 20-year high

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As new home sales decline to levels last seen in December 2000 (according to the Housing Industry Association) and residential construction remains in the doldrums, Australia’s biggest property developers are pointing the finger of blame at councils for halting the approval of new developments.
In the last few months developers’ displeasure in dealing with councils appears to be growing faster than weeds in an abandoned development site.
It’s not surprising the issue is such a hot topic (ranking alongside concerns about housing affordability and interest rates) since council planning committees are a major barrier to developers transforming their master-planned communities and apartments from architect plans into bricks-and-mortar reality.
At its November investor road show in Queensland at the end of November, Stockland residential CEO Mark Hunter highlighted overcoming “high [development] approval hurdles” as one of the key challenges facing the company.
According to Hunter, the hurdles are increasing, as are the “horror stories” about local council nimbyism (not in my backyard)” campaigns.
“In Sydney, councils are dictating the type of product they want. They are saying they want three-bedroom units. The fact market cannot afford them does not seem matter,” Hunter says.
Hunter’s complaints are echoed by Stockland CEO Matthew Quinn, who recently described the process of dealing with small councils in Sydney as something akin to a “nightmare”.
Two weeks later at a property lunch in Sydney, Meriton boss Harry Triguboff was beating a similar drum when talking about getting his new projects off the ground.
Asked what had changed most about the market in his many years in the business, Triguboff quipped: “The fact that it takes so long to get approval from council.”
According to these same developers, the solution to the problem lies in amalgamating councils into regional “super councils” as occurred with the formation of the Sunshine Coast Regional Council in 2008 and the much older Brisbane City Council, which dates back to 1925 and is Australia’s largest metro council.
In October, following a legal challenge, Stockland won approval from the Sunshine Coast Regional Council for its enormous Caloundra South community project, which will be home to 50,000 residents over the next 20 years. 
Quinn noted that Stockland had “improved relations with super councils such as on the Sunshine Coast”.
Speaking alongside Triguboff at the same Sydney lunch, Dexus boss Victor Hoog Antink remarked that he had been “fortunate to grow up in Brisbane, which has the largest metro council in the country”.
“It’s a very efficient way to go,” Antlink said, backing “super councils” as the best opportunity to administer for economies of scale and to deliver “better professionalism”.
Calls for super councils have the support of lobbying groups such as the Urban Development Taskforce, which has lamented the inability of Australia to build enough new houses to meet the needs of the population.
In September, then CEO of the Urban Development Taskforce Aaron Gadiel blamed local councils and the state government for Sydney’s failure to build enough houses to meet the needs of the community.
“Sydney is simply not producing enough new homes to accommodate even this low level of population growth. “In fact, no capital city produces less new homes per capita than Sydney,” he said at the time. 
“The NSW government and local councils need to tackle the systematic problems in our planning system which is preventing our housing supply from meeting the community’s clear need.”
Gadiel’s replacement Chris Johnson says “larger planning units servicing various councils could ensure sufficient skill levels”.
Of course councils, planning authorities and residents may not quite see the value in having decisions about the look and feel of their communities made by a larger body, which may not have same degree of empathy or understanding of local issues or concerns. 
And of course many may agree with this assessment made by the Planning Institute of Australia NSW in its submission to the state’s planning system review, where it called the system both “complex and dysfunctional”, but also one that rewards proponents "with the deepest pockets as opposed to those that propose change of the greatest merit".
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Held up by red tape, developers want to deal with 'super councils'

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The Melbourne rental vacancy rate climbed from 3% to 3.4% in November with the number of properties available to rent climbing from 10,956 to 12,367, according to figures compiled by SQM Research. 
The city now accounts for a quarter of the 48,244 properties available to rent nationally, with Melbourne vacancies increasing every month while the national vacancy rate remains steady. 
According to SQM, Melbourne’s high levels of sale stock confirm the city is “currently undergoing an oversupply issue”. 
“Coming off the building boom that occurred in 2009 and 2010, the city has many ‘newly completely’ and ‘currently being constructed’ dwellings, but unfortunately not enough demand to meet the high levels of stock available,” says SQM. 
A year ago, Melbourne had a vacancy rate of 2.8%, with 10,270 properties available to rent. 
Nationally the rental market remains tight though the vacancy rate eased slightly from 1.7% to 1.8%, with more than 2,300 more properties available to rent in November than there were in October. 
Vacancy rates eased slightly in all the other major capital cities with the Sydney vacancy rate still remaining tight at 1.5%. 
Perth remains the tightest major capital city market, with a vacancy rate of just 0.8% and just over 1,200 properties available to rent, a slight improvement from the 0.7% vacancy rate recorded in October. 
Canberra was the only capital city where the vacancy rate tightened over November. Fewer than 300 properties remain available to rent in Australia’s capital city.
<img src="/images/stories/sqmdec21.gif">
SQM Research managing director Louis Christopher says 2011 has been a “landlord’s market, with rents nationwide recording rises of 4.6% plus, according to the Australian Bureau of Statistics”. 
“Sydney has recorded the fastest rents while Melbourne has been at the other end of the spectrum with zero rental growth, and in some areas rental declines. 
“I expect 2012 to be somewhat the same with possibly another five plus per cent increase. But this again assumes that our economy stays out of recession and we don’t all get sucked up into the back hole that is Europe. 
“We expect softness at the prestige end of the market because during a slowdown, discretionary spending is cut.” 
Hobart recorded the largest yearly growth in rental vacancies of all capital cities, with vacancies increasing by 0.9% over the past 12 months to a total of 448 vacancies (1.9%). 
Darwin has recorded the most substantial yearly falls, decreasing by 0.9% since the corresponding period of the previous year (November 2010) and coming to a total of 298 vacancies (1.3%). 
 
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Melbourne rental market oversupplied: SQM Research

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A Chinese developer has acquired a South Yarra residential development site for $18 million.
The 2,393-square-metre site at 3-9 Claremont Street, which has an approval for 236 apartments plus office and retail accommodation, was bought by a “well-known developer linked closely to a city near Shanghai in China”.
It is situated close to South Yarra Train Station, the Chapel Street retail ship and the Woolworth's Shopping Centre.
The sale price translates to a rate of $7,521 per square metre of land and $76,271 per unit site based on the approved permit.
The deal was negotiated by Mark Wizel and Justin Clarkson from CBRE.
“This represents the strongest price paid for a development site in South Yarra or Prahran of this scale over the past two years,” says Wizel.
“We received several expressions of interest and short listed three parties all of whom were associated with interests from mainland China. This is further evidence of the underlying confidence that Chinese groups have in the Melbourne residential development sector as well as the underlying interest they have in divesting funds to Australia.” 
Wizel says the 10% decline in the value of the Australian dollar since August 2011 has helped drive Chinese developer interest in the Australian market. 
“In the case of Claremont Street, the added attractions were the approved planning permit and the strong end market for apartments in South Yarra,” he says. 
The property is the latest in a series of major inner-Melbourne residential sites to be acquired by Chinese developers over the past two years.
A year ago, the Deague family's Asian Pacific Building Corporation sold its 3,037-square-metre site at 10 Daly Street, South Yarra to the Lyz Property Group based in China's Jiangxi province for $28.5 million, equating to about $9,300 per square metre. The site, which included the neighbouring historic Arlie Mansion, the former home of prime minister Stanley Bruce, has approval for up to 426 apartments.
In September 2010, the China Ever Bright Group bought the 1.5-hectare Stonington Mansion development site in Malvern for just under $30 million – a $17 million discount to the previous price paid by property fund manager Ashington in June 2008. The site has approval for 31 apartments, 14 luxury houses, 22 townhouses and 12 "townhomes". 
“We estimate that mainland Chinese groups have spent in excess of $170 million on acquiring major inner city sites over the past two years with an additional $130 million in sites being sold to development companies with direct interests in Singapore and Malaysia,” he says.
Wizel says in CBRE’s experience developers from mainland China are generally more comfortable acquiring suburban - rather than CBD - sites in locations such as South Yarra, Prahran, Brighton, Balwyn and Doncaster while Malaysian and Singaporean developers tended to focus on more ‘core’ locations such as the Melbourne CBD and St Kilda Road.
The sale of the Daly Street site and Stonington Mansion site was part of an 18-month injection of Asian development capital into the Melbourne market following the Foreign Investment Review Board lifting its restriction in 2009 to allow 100% of a project to be sold to offshore buyers provided the development has more than 100 apartments.
 
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Chinese developer snaps up South Yarra site for $18 million

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As we look to what's ahead for 2012, Property Observer is republishing some of our most noteworthy stories of 2011.
 
Along with their booming profits and market dominance, Australia’s four biggest banks have collectively invested about $2 billion dollars in new office developments in Melbourne and Sydney.
ANZ and NAB are already comfortably settled into state-of-the-art and gargantuan headquarters in Melbourne’s Docklands precinct while CBA recently took occupation of new $500 million premises in Darling Quarter on the western fringes of the Sydney CBD.
Currently under construction is NAB’s second Docklands office block at a cost of $400 million featuring 64,000 square metres of floor area, and the Commonwealth Bank will take up to a third of a new tower being built in the Melbourne CBD on Collins Street.
Not be left out Westpac has committed to taking up residence in a new $105 million office building mooted for the Paris end of Collins Street due to be developed by Grocon and APN Property Management.
Here’s a look at the office projects the major banks have invested in, starting with projects already completed and occupied by banking staff:
Commonwealth Bank
<img src="/images/stories/combankdarling1.jpg">
Name: Commonwealth Bank Place (redeveloped former Sega World site) Location: Darling Quarter, western CBD fringe, Sydney Cost: $500 million Space: 56,000 square metres over two eight-storey buildings Number of staff: 6,200 Environmental rating: Six green star rating for its design and a five-star NABERS energy rating. CBA is also aiming for a six green star “as built” rating.
<img src="/images/stories/combankdarling2.jpg">
Standout feature: The building is designed to promote activity-based working. Teams are assigned a primary working space called a “home zone”. In the home zone, personal lockers are provided for storage. Home zones are dotted with stylish open breakout rooms, collaboration spaces or designated meeting areas.
 
<hr>
NAB
<img src="/images/stories/nabbourke2.jpg">
National @ Docklands
Number of staff: 3,900 Environmental rating: NABERS Energy Rating of 4.5 star (five stars with Green Power) Developer: Lend Lease Architect: Bligh Voller Nield
<img src="/images/stories/nabbourke3.jpg">
Standout feature: It has no individual offices. Each building has large open floor plans and a central atrium. NAB employees were consulted on the design of workstations design and selection of chairs.  800 Bourke Street is one of Australia's inaugural green buildings and was designed and built before the introduction of the green star ratings tool. In 2005 it won 2005 Banksia - Leadership in Sustainable Buildings Award.
 
<hr>
ANZ
<img src="/images/stories/anzhq.jpg"> 
Name: ANZ Centre Location: 833 Collins Street Docklands, Melbourne Cost: $512 million Space: 86,000 square metres Environmental rating: Six green stars for office design Developer: Lend Lease Architect: HASSELL and Lend Lease design Awards: named Victorian Development of the Year at the Property Council's 2011 Innovation and Excellence Awards.
 <img src="/images/stories/anzhq2.jpg">
Standout feature: The building produces 70% less greenhouse gas emissions, generates much of its own electricity using the on-site gas-fired tri-generation plant, solar cells and wind turbines and uses about 50% less potable water than a standard Australian commercial building.
 
 
<hr class="system-pagebreak">
 
Under construction
NAB

<img src="/images/stories/nabbourke1.jpg">
Name: Docklands 2 Location: 700 Bourke Street, Docklands, Melbourne Cost: $350 million Space: 63,000 square metres across 14 floors Number of staff: 5,900 Environmental rating: Six star green star, five-star NABERS energy rating Developer: Cbus Property Architect: Woods Bagot Due for completion: Mid-2013
Standout feature: Besides its unique design built on a triangular site, the building will include a childcare centre, concourse level retail, a public auditorium and accessible public throughways.
 
Commonwealth Bank
<img src="/images/stories/combankcollins1.jpg"> 
Location: 357 Collins Street Space: 30,000 square metres of office space over two towers, one third to be occupied by CBA Developer: Australand Environmental rating: Five-star NABERS rating and four green star rating targets Due for completion: October 2012
<img src="/images/stories/combankcollins2.jpg">
 
 
<hr>
 
In the development pipeline
Westpac
<img src="/images/stories/westpaccollins.jpg">
Location: 150 Collins Street
Cost: $105 million Space: 20,000 square metres of office space over 10 levels Environmental rating: Six green stars for office design and five-star NABERS rating
Developer: APN Property and Grocon 
The <a href="https://www.propertyobserver.com.au/office/westpac-takes-paris-end-of-collins-leaves-docklands-to-other-banks/2011092251651">proposed site for the tower</a> is currently occupied by an Art Deco multi-level car park behind the historic Scots Church on the corner of Russell and Collins streets.
 
 
 
 
 
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Big banks have big investments in CBD office space in Melbourne and Sydney

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The addition of new retail space in the Perth CBD has created a sought-after market for “secondary” retail properties, according to the December market report by Herron Todd White. 
Herron Todd White commercial valuers anticipate about 15,500 square metres in new commercial stock will be constructed in in the Perth CBD in 2012 following on from about 24,000 square metres added during 2008 and 2009. 
Demand for new stock remains strong, with the Perth CBD retail market benefiting from tight vacancies in both offices and inner-city residential. Retail vacancy rates hover below 5.5%, with the overall escalating stock levels matched by growing demand. 
“To some extent the significant addition of new space has resulted in this market becoming a two-tier market, with the older developments increasingly being perceived as a ‘secondary’ property market,” the report says. 
“Property sales in this segment of the market, which are predominantly made up of strata-titled unit properties, generally have no shortage of willing buyers looking to purchase either leased or vacant properties. 
“Transactions in this sub-market have been quite limited, although this is due to the lack of supply as these properties are generally very tightly held.” 
Despite the demand for these assets, buyers remain price-sensitive and according to Herron Todd White “are not keen on setting new price benchmarks”. 
Outside of the Perth CBD, investors in bulky good stores in Perth should expect higher rental returns in 2012, while regional supermarkets will remain sought after by institutional investors, according to the report. 
The report notes that over recent years, with shopping centres have increased in size while the introduction of bulky goods developments “agglomerating a number of larger retailers”, which has intensified competition significantly. 
“The tenants of bulky goods properties tend to comprise large national retail companies. Despite most bulky good retailers having endured difficult market conditions over the course of the year, rental rates have generally remained steady,” says HTW. 
“This appears to be due to a limited supply and limited construction, and so it is likely that rental rates will rise over 2012.” 
“Assets in this category are also tightly held, as they provide relatively high returns with little risk of default.” 
Notable bulky good properties sales this year include a 2,200-square-metre Cannington store at 1429-1433 Albany Highway, which sold for $6.65 million at a passing yield of 7.4%. Tenants include EB Games, Avanti Plus and The Outdoor Furniture Specialists, with a weighted average lease expiry of 3.85 years. 
Regional supermarkets remain the competitive retail sector, “with owners continually under pressure to refurbish, extend and maintain to ensure a desired tenancy mix”. 
“This asset group is limited to institutional investors who have the expertise in managing these assets. There have been no significant sales this calendar year, aside from capital raisings via the establishment of retail trusts,” HTW says.
Sales included the Thornlie Square Shopping Centre, which sold for $21 million, at a passing yield of 11%. The shopping centre, which has a gross lettable area of 14,583 square metres, was refurbished in 2010 at a cost of $2.5 million. The property was purchased by a private investor following a lengthy 12-month marketing campaign.
The report suggests investors steer clear of older-style strip shops and showroom developments, which are becoming increasingly obsolete.
“As expected this lower end of the market has had a challenging year. We have noted over the year that these properties require lengthy selling periods and competitive pricing. Buyers in this market tend to possess limited capital and a limited potential in acquiring the necessary finance.”
 Photograph by eGuide Travel
 
 
 
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Perth retail property market strong: Herron Todd White

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ANZ and the Commonwealth Bank expect the Reserve Bank to cut the cash rate to 4% on  February 7 following analysis of the minutes of December Monetary Policy Committee meeting released today.
ANZ economists Ivan Colhoun and Craig Michaels say the minutes indicate that the RBA board cut the cash rate in December on the basis of heightened global risks emanating from Europe after again considering “whether further evidence of Australia's unfolding mining investment boom was cause to leave rates on hold”.
“On balance, given the heightened global risks, coupled with inflation expected to be consistent with the target over the next two years, the board felt that it had scope to reduce the cash rate modestly,” Colhoun and Michaels say.
“The board minutes suggest that the RBA is continuing to ease policy with some caution given Australia's solid mining investment medium-term pipeline, which is in stark contrast to market pricing of aggressive rate cuts. While the board notes the large downside risks stemming from Europe, it will be the evolution of these risks that will be the key for the February decision.
“Importantly, the availability of credit is (so far) much greater than during the GFC, and unless we witness a seizing in credit markets, aggressive policy action by the RBA is very unlikely.”
To gauge future RBA policy, Colhoun and Michaels will be closely watching developments in Europe, the direction of Chinese growth, Asian trade figures and 2011 fourth-quarter inflation data out on January 25.
CBA economist Michael Workman says both the November and December rate cuts were spurred on by the worsening situation in Europe outweighing generally favourable local conditions, most notably “a major investment boom … tied to the reasonably strong Asian growth outlook”.
“In contrast to the strong domestic investment outlook, the uncertainty over the way events may pan out in the EU present a problem for the RBA board when deciding interest rate levels,” Workman says.
“We expect another RBA rate cut in February. We see the same reasons arising that justified the last two cuts. Conditions in the EU are likely to worsen in terms of the growth outlook.
“The ongoing bad news may further weaken already fragile (non?resources) business and consumer confidence measures here, which will play into lower spending, investment and jobs outcomes. The local financial markets remain very bearish on the local economy. They see a cash rate of 3% in mid-2012.”
“Every board meeting in 2012 is, in our view, ‘live’ if the financial markets continue to dismiss the ability of the EU to satisfactorily resolve its debt problems,” Workman says.
 
 
 
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ANZ and Commonwealth Bank tip February rate cut

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The deteriorating situation in Europe and concerns about the state of both the local housing market and China’s housing market spurred the Reserve Bank Monetary Committee to cut interest rates by 25 basis points to 4.25% on December 6, according to minutes from the meeting released today.
“After a positive reaction to the EU summit in late October, financial market sentiment deteriorated through most of November, reflecting the difficulty European policymakers were having in dealing with the debt crisis, as well as political instability in several euro-area countries,” the minutes read.
The board also notes that strains in “European interbank markets also intensified” in November while “wholesale debt markets globally appeared to be closed to many financial institutions”.
The last comment acknowledges <a href="https://www.propertyobserver.com.au/economy/unhappily-perhaps-banks-pass-on-full-rate-cuts/2011121152772" target="_blank">the higher funding cost concerns expressed by Australian banks in recent AGMs</a> and <a href="https://www.propertyobserver.com.au/economy/no-banana-smoothies-but-anz-to-explain-its-new-rates-policy/2011121652869" target="_blank">the decision by ANZ to decouple its interest rate decisions from future RBA announcements.</a>
The RBA remains concerned about the state of residential housing, noting that “residential approvals had continued to decline, with the large fall estimated to have occurred in October in contrast to the recent upward trend in grants to first-home buyers”. “Approvals in Victoria had fallen significantly in recent months after the sharp run-up through 2010, while housing indicators for New South Wales were showing some signs of a pick-up.
“In recent liaison, some contacts, including in the property industry, had reported signs of a tightening of credit conditions, and overall growth in business credit outstanding remained weak,” the minutes read.
Further on the RBA notes that conditions in the housing market remain “subdued”.
“Housing prices were estimated to have fallen in October and were down by around 4% over the year. Members noted that prices had fallen by more in higher-priced suburbs. Housing credit was increasing at an annualised rate of 5% to 6%, as it had for much of the past year.”
On the global housing front, the RBA board notes that “conditions in the Chinese housing market were noticeably weaker than over the past couple of years, reflecting the effect of controls on buyers and tight credit supply for developers”.
“Members noted that this slowing was in line with the authorities’ intentions. The slowing in private housing construction was being offset by growth in construction of social housing, but production of crude steel had fallen somewhat in recent months.”
In coming to its decision to cut the cash rate in December, the RBA weighed up “further evidence that a major investment boom was in progress and the overall economy was expanding at a pace broadly in line with trend” against “developments in Europe [that] continued to pose downside risks to the global economy and, consequently, also to Australia”.
“These risks had, if anything, increased though the timing and magnitude of any effects that might flow from them remained very difficult to predict,” the RBA decided. 
“In these circumstances, and given the expectation that inflation would be consistent with the target over the next couple of years (abstracting from the effect of the carbon pricing scheme), members felt that there was scope for a modest reduction in the cash rate at this meeting.”
 
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Europe fears and housing worries among reasons for December rate cut: RBA minutes

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Toronto mayor Rob Ford says he will act on his campaign promise to abolish land transfer tax, a move that has the support of Toronto real estate agents and two-thirds of residents.
Ford has pledged to first lower the tax by as much as 25% in 2012 and then abolish it entirely in stages.
Imposed in 2008, the tax adds about C$5,351 (A$5,204) to the purchase of an average Toronto house costing C$481,305 ($468,077).
A 25% reduction would save a home buyer about C$1,338 (A$1,301).
Plans to abolish the tax in Toronto, a city of about 2.7 million, follow similar calls to abolish stamp duty in Australia at the October Canberra tax forum and replace it with a broad-based land tax to improve housing affordability –  as suggested by the 2010 Henry Review.
The move is likely to be heavily opposed by state governments, with recent forecasts from NSW and Victoria showing land taxes will account for <a href="https://www.propertyobserver.com.au/tax/nsw-stamp-duty-forecasts-suggests-strong-housing-market-recovery-by-2014-15/2011121552867" target="_blank">about a third of state taxation revenue over the next four years.</a>
Stamp duty is expected to bring in revenues of about C$300 million (A$291 million) for the city of Toronto in 2011.
According to reports in the Toronto Star, Ford will face opposition from some city councillors who are opposed to his plans.
“I campaigned we’d get rid of it by the end of my term and if we do it in pieces, we’ll do it in pieces, but I’m going to keep my promise,” Ford said in a recent television interview. “We’re going to be tackling that [next year].”
The Toronto Real Estate Board has applauded Ford’s pledge, with president Richard Silver saying the Land Transfer Tax “is not good for Torontonians or the city”.
“We look forward to working with the mayor and council to get rid of this unfair tax,” he says.
A recent poll found that 65% of Torontonians continue to support Ford’s commitment to repeal the Toronto Land Transfer Tax.  “Torontonians understand that the land transfer tax is not part of the solution to the city’s financial challenges; it is part of the problem,” says Silver.
“It unfairly forces home buyers and business owners to pay more than their fair share, costing the average Toronto home buyer more than $6,000 every time they move; it is an unpredictable revenue stream that goes up and down with the real estate market; and it makes the city less competitive than other GTA [greater Toronto area] municipalities,” he says.
 
 
 
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Toronto mayor pledges to abolish stamp duty

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.

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[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.

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[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.”

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Inside the residences, the emphasis moves toward larger-format living typically associated with standalone homes. Kitchens sit at the centre of the apartments, connecting directly to open-plan dining and living areas before extending outward into expansive winter gardens and balconies. Calacatta marble, bespoke joinery, integrated appliances, and custom metal detailing are used throughout, while three distinct interior palettes, Terrace, Opera, and Harbour, allow buyers to personalise the spaces without compromising the architectural consistency of the project.

The larger residences place particular attention on separation between entertaining and private zones. In many apartments, master suites occupy the outer corners of the floorplates, allowing bedrooms to benefit from floor-to-ceiling glazing and harbour outlooks independent of the living spaces. Dressing rooms and ensuites continue the material palette through fluted detailing, freestanding baths, and layered stone finishes.

Rothelowman says the design intent centred on creating homes that feel enduring rather than transient.

“Our philosophy is all about the way people live in these spaces, and we wanted to create homes that reflect the quality of life in this unique Sydney location. The apartments showcase expansive living spaces that are generous, sophisticated, and bold, with the ability to connect with views throughout each apartment.”

[smartcode_project:default project_id=134323 project_image_fid=353235]

A separate four-storey amenity building known as The Pavilion expands the residential offering beyond the apartments themselves. Positioned alongside the tower, the building consolidates wellness, recreation, and social spaces into a dedicated resident retreat. Facilities include a 20-metre rooftop pool and sundeck, sauna, spa, ice bath, wellness studio, gymnasium, concierge service, wine cellar, residents’ lounge, private dining spaces, and dedicated co-working areas with meeting rooms and boardroom facilities.

The amenity mix reflects the buyer profile emerging in North Sydney, where owner-occupiers and downsizers are increasingly prioritising convenience, apartment scale, and long-term usability over purely investment-driven decisions.

The Walden also represents a significant milestone for ALAND, marking the company’s first major move into Sydney’s inner-city luxury apartment market after more than two decades delivering large-scale residential communities across Greater Sydney. Founder Andrew Hrsto says the Walker Street site stood apart because of both its positioning and its rarity.

[smartcode_project:default project_id=134323 project_image_fid=6390]

“As a company, we had been searching for a site in one of Sydney’s blue-chip locations, spanning the Eastern Suburbs, the Sydney CBD and the North Shore, and when we had the opportunity to purchase this site, we immediately recognised that it could be something iconic.”

At launch, The Walden recorded more than $103 million in sales, with buyers drawn to the project’s harbour positioning, apartment scale, and proximity to the Metro, which now connects North Sydney to Barangaroo in three minutes and Martin Place in five.

ALAND has commenced construction, and is expecting a completion date in 2028.

[smartcode_project_cta:default project_id=134323]

Larry Schlesinger

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