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Four Melbourne businesses running seminars on investing in real estate through self-managed super funds are being investigated by ASIC over the potentially misleading nature of flyers, advertisements and online ads promoting these seminars.
The four businesses operating in the 'sand belt' region of the city - a law firm, a mortgage broker, a real estate agency and a firm of chartered accountants – are named in a leaked letter sent by ASIC commissioner Peter Kell to Liberal MP Peter Fletcher.
The letter was obtained by the Australian Financial Review.
Their last known seminar was held in late 2011.
It follows a review of property sales by the special SMSF taskforce established last year by ASIC chairman Greg Tanzer to examine “high-risk SMSF issues” with its first major project, being “looking at the quality of advice provided to investors”.
ASIC has yet to form an opinion as to whether the material being promoted by these four companies was unlawful.
It comes as part of an ASIC drive to improve the quality of advice provided to SMSF trustees as the sector continues to expand as does the appeal of property as an income-generating asset to hold in these funds.
A spokesperson for ASIC would not comment on the companies named in the letter, but told Property Observer it was “cracking down on the sector, including advertising”. He said ASIC had released guidance for how investing in property through SMSFs should be advertised and expected promoters to adhere to these guidelines.
“We don’t want SMSF investors to become the targets of unscrupulous spruikers," he said.
The guidance on advertising is contained in <a href="https://www.asic.gov.au/asic/pdflib.nsf/LookupByFileName/rg234-published-15-November-2012.pdf/%24file/rg234-published-15-November-2012.pdf" target="_blank">Regulatory Guide 234</a> - Advertising financial products and services (including credit): Good practice guidance.
“Advertisements for financial products and credit products should give a balanced message about the returns, features, benefits and risks associated with the product. Benefits should not be given undue prominence compared with risks,” reads the guide.
ASIC established its special SMSF taskforce in September last year.
In a speech made earlier this month ASIC commissioner Peter Kell said it had been established due to several concerning developments including “an increase in geared investment strategies and increasingly aggressive advertising for SMSFs”.
ASIC does not regulate direct property investment, except where the investment is made through an SMSF.
“In the last year we have seen a rise in SMSF advertising. Unfortunately, we’ve seen more blatant examples of misleading or deceptive advertisements. Particular problem areas we have seen include misleading or deceptive statements about SMSF fees, returns and risks,” said Kell in his speech.
Following this speech, Kell later warned that ASIC “did not want to see SMSFs become the vehicle of choice for property spruikers.
“Where we see examples of unlicensed SMSF advice, or misleading marketing, we will be taking regulatory action," he said.
In its report on the sector released earlier this month, ASIC said it had seen “blatant examples of misleading or deceptive advertising and have taken regulatory action to stop these advertisements”.
“Particular problem areas we have seen include misleading or deceptive statements about SMSF fees; SMSF returns; and SMSF risks.
Misleading advertising of property investment through self-managed super funds can result in ASIC seeking civil penalties of up to $340,000 for an individual or $1.7 million for a body corporate, investors being compensated and orders seeking correct disclosure.
ASIC’s particular areas of focus over the next 12 months are:
<ul>
<li>enforcement—looking at unlicensed financial advice, misleading or deceptive advertising in relation to SMSFs, and continuing to actively pursue enforcement matters in the SMSF sector; </li>
<li>policy implementation—working with accountants following the Government’s announcement to remove the accountants’ exemption, consulting on SMSF issues (e.g. SMSF disclosure requirements and the costs of establishing an SMSF) and registering SMSF auditors; and </li>
<li>education and disclosure—continuing our financial literacy work, updating our MoneySmart website to provide Australian consumers with useful and reliable information about all types of superannuation, including SMSFs, and examining investor attitudes to SMSFs. </li>
</ul>
In March, the Australian Taxation Office revealed it expects more than 1,000 applications a week to be lodged for SMSFs in May and June this year.
<ul></ul>
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Melbourne sandbelt SMSF property spruikers face ASIC probe over seminar advertising

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The possibility of a taking an un-interrupted walk at lunch time in the Melbourne CBD is rare these days.
If you manage to avoid the charity muggers with their cheesy grins and clipboards, you’re more than likely to run into someone trying to hand you a flyer for a free seminar promising to make you rich through SMSF property investment.
The latest gang spruiking their free property investment seminar is Ray White SouthBank.
A short walk down Flinders Lane  and back along Collins Street and I passed at least half a dozen people dressed in Ray White branded outfits handing out fliers suggesting that I learn about property investment while enjoying a free lunch at the Rendezvous Grand Hotel on May 2.
The flyer promises a “beginner’s guide to profitable property investing” include a free “crash course” in “how to pay off a mortgage in a fraction of the time, or structure your investment by using your super fund”.
In previous months it was the Park Trent Property Group spruiking their property investment seminars with similar flyers handed out on just about every street corner.
Another round of free Park Trent webinars is taking place this week across the country promising a 90 minute conference including among other things “how to “borrow within your self managed super fund for property investment”.
This type of promotion comes as growing numbers of people look to set up a self-managed super fund to be able to invest in property – the ATO expects up to 1,000 applications a week this month and next - but with many not knowing how to do so or the risks involved.
This week, the Australian Financial Review’s superannuation writer Sally Patten highlighted some of the findings of the Centre for Retirement Research (CRR) at Boston College’s report on the $5 trillion retirement savings industry, including the issue of low levels of financial literacy when it comes to super.
“Workers will need some level of financial literacy to understand and manage their retirement accounts and the level currently appears to be quite low,” says the report which can be downloaded for free on the <a href="https://crr.bc.edu/" target="_blank">CRR website.</a>
No doubt such seminars will look to cash in on this lack of knowledge, but equally, a strong desire to get onto the property market and make the returns so often highlighted in property investment magazines – though not always alongside the tragic stories of investments gone wrong.
The Ray White Southbank flyer certainly plays on this fear on missing out.
It’s first four sentences read:
“Have you ever…
THOUGHT about property investing…but where to start?
WONDERED how others have managed to get so far ahead?
WISHED you could begin accumulating property for your own financial future?
It comes as ASIC looks to clamp down on the misleading advertisement of property investment, particurlarly promotions via flyers and online ads that do not include information about the risks involved in investing or the fees or costs associated with setting up an SMSF.
Yesterday Property Observer wrote of an <a target="_blank" href="/news">ASIC special taskforce investigation </a>into the advertising of seminars in Melbourne’s sand belt suburbs prepared by a real estate agency in partnership with an accounting firm, mortgage broker and law firm.
ASIC’s chief concern is that advertising of property investment through self-managed super funds should provide a "balanced message about the returns, features, benefits and risks associated with the product" and that it protects the vulnerable from unscrupulous spruikers.
Neither the Ray White Southbank flyer, nor the Park Trent seminar I attended last year spoke of the risk of property investment.
The Ray White Southbank seminar is due to take place at the Rendezvous Grand Hotel on Flinders Street on May 2.
Coincidentally, this is the same hotel where I attended the free Park Trent seminar last year with around 50 other people, with complimentary lunch provided.
The Park Trent seminar focused on the low-risk nature of investing in property, beginning with a slide with the heading “safe as houses” and the familiar story that if you’re not investing in property now you may not have enough income to sustain you in retirement.
No mention was made of the risk of investing in property or fees involved.
Attendees were asked to tick a box on a form if they wished to receive further information and possible one on one meetings with Park Trent advisors.
The closest Park Trent came to disclosing the risks of property investment was this comment made at the end of the presentation.
“You won’t see me on A Current Affair," said the seminar presenter.
"We don’t appeal to the greedy and gullible.”
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SMSF property spruikers competing with charity muggers on Melbourne street corners

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Self-managed super funds (SMSFs) experienced the largest growth in the number of tax returns lodged over 2010-11 by entity type rising to 391,163, according to the latest release of ATO figures.

This was an increase of 4.8% from 373,195 SMSF tax returns lodged 2009-10.
The figures show that the highest allocation remains to shares (32%) and cash and term deposits (28.7%) with 3.5% invested in residential property, 11.4% in non-residential property, 4.2% invested in listed property trusts and 8.8% invested in unlisted property trusts.
In total 14.9 million tax returns were lodged, an increase of 2.1% from 2009-10.
Individual returns represented 84.7% of all tax returns lodged.
 
Self–managed super funds, 2010–11 and 2011–12 financial years
 
<table width="349" cellpadding="7" cellspacing="0" border="1" dir="ltr"><tbody>
<tr>
<td width="33%" valign="top" height="7">
Self–managed super funds
</td>
<td width="33%" valign="top" height="7">
2010–111
</td>
<td width="33%" valign="top" height="7">
2011–12
</td>
</tr>
<tr>
<td width="33%" valign="top" height="7">
Funds (no.)
</td>
<td width="33%" valign="top" height="7">
442,987
</td>
<td width="33%" valign="top" height="7">
478,263
</td>
</tr>
<tr>
<td width="33%" valign="top" height="7">
Members2 (no.)
</td>
<td width="33%" valign="top" height="7">
846,227
</td>
<td width="33%" valign="top" height="7">
913,550
</td>
</tr>
<tr>
<td width="33%" valign="top" height="7">
Assets2 ($m)
</td>
<td width="33%" valign="top" height="7">
423,232
</td>
<td width="33%" valign="top" height="7">
438,995
</td>
</tr>
</tbody></table>
 

Asset allocation across self–managed super funds, 2009–10 and 2010–11 income years
 
<table width="349" cellpadding="7" cellspacing="0" border="1" dir="ltr"><tbody>
<tr>
<td width="33%" rowspan="2" valign="top" height="17">
Asset type
</td>
<td colspan="2" width="33%" valign="top" height="17">
2009–102
</td>
<td width="33%" valign="top" height="17">
2010–11
</td>
</tr>
<tr>
<td width="17%" valign="top" height="7">
%
</td>
<td colspan="2" width="50%" valign="top" height="7">
%
</td>
</tr>
<tr>
<td width="33%" valign="top" height="7">
Listed Shares
</td>
<td colspan="2" width="33%" valign="top" height="7">
31.4
</td>
<td width="33%" valign="top" height="7">
32.0
</td>
</tr>
<tr>
<td width="33%" valign="top" height="7">
Cash and term deposits
</td>
<td colspan="2" width="33%" valign="top" height="7">
27.1
</td>
<td width="33%" valign="top" height="7">
28.7
</td>
</tr>
<tr>
<td width="33%" valign="top" height="7">
Non-residential real property
</td>
<td colspan="2" width="33%" valign="top" height="7">
11.5
</td>
<td width="33%" valign="top" height="7">
11.4
</td>
</tr>
<tr>
<td width="33%" valign="top" height="7">
Unlisted trusts
</td>
<td colspan="2" width="33%" valign="top" height="7">
9.6
</td>
<td width="33%" valign="top" height="7">
8.8
</td>
</tr>
<tr>
<td width="33%" valign="top" height="7">
Other Managed Investments
</td>
<td colspan="2" width="33%" valign="top" height="7">
5.0
</td>
<td width="33%" valign="top" height="7">
4.7
</td>
</tr>
<tr>
<td width="33%" valign="top" height="7">
Listed trusts
</td>
<td colspan="2" width="33%" valign="top" height="7">
4.9
</td>
<td width="33%" valign="top" height="7">
4.2
</td>
</tr>
<tr>
<td width="33%" valign="top" height="7">
Residential real property
</td>
<td colspan="2" width="33%" valign="top" height="7">
3.7
</td>
<td width="33%" valign="top" height="7">
3.5
</td>
</tr>
<tr>
<td width="33%" valign="top" height="7">
Unlisted Shares
</td>
<td colspan="2" width="33%" valign="top" height="7">
1.2
</td>
<td width="33%" valign="top" height="7">
1.1
</td>
</tr>
<tr>
<td width="33%" valign="top" height="7">
Overseas assets3
</td>
<td colspan="2" width="33%" valign="top" height="7">
0.9
</td>
<td width="33%" valign="top" height="7">
0.9
</td>
</tr>
<tr>
<td width="33%" valign="top" height="7">
Other assets4
</td>
<td colspan="2" width="33%" valign="top" height="7">
4.8
</td>
<td width="33%" valign="top" height="7">
4.8
</td>
</tr>
<tr>
<td width="33%" valign="top" height="7">
Total5
</td>
<td colspan="2" width="33%" valign="top" height="7">
100.0
</td>
<td width="33%" valign="top" height="7">
100.0
</td>
</tr>
</tbody></table>
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SMSF tax return numbers rise 4.8% in 2010-11 to 391,000: ATO figures

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The withdrawal of the $7,000 first-home owner grant (FHOG) in Victoria from July 1 could force first-home buyers in Ballarat and other regional towns to consider buying a new house on the outskirts to access greater government assistance.
But it is also likely to change the dynamics of the market, including a rush among some FHBS to finalise purchases before July 1 and then a drop off as others delay existing house purchases for up to a year to save deposit money to make up the shortfall, according to Trevor Booth, chairperson of the Real Estate Institute of Victoria’s (REIV) Ballarat Division.
Booth also expects investors may look to buy some of the established properties that vendors would have been targeting at first-home buyers, enticed also by Ballarat's low vacancy rate of under 1%.
Ballarat (postcode 3350) was the <a target="_blank" href="/news">seventh top location for Victorian FHBs</a> applying for the $7,000 FHOG with 298 applications received between July 2012 and March 2013.
More than half of these – 165 applications - were for existing home purchases with the rest for new homes.
The introduction of the  new $10,000 FHOG for new homes  from July 1 will come alongside the raising of stamp duty concession for FHBs from 30% to 40%.
As highlighted by the <a target="_blank" href="https://www.propertyobserver.com.au/trends/it-s-time-to-stop-tinkering-with-first-home-buyer-assistance-robert-larocca/2013042960826?utm_source=po&amp;utm_medium=aida&amp;utm_campaign=first-homebuyers">REIV’s Robert Larocca on Property Observer earlier this week</a>, the removal of the $7,000 FHOG and the introduction of the higher stamp duty concession will mean that FHBs of more expensive existing properties will be less affected by the removal of the $7,000 grant than those buying cheaper homes.
A FHB of a $300,000 existing home from July 1 will lose out on almost $6,000 in government incentives while a FHB purchasing a $550,000 will lose just over $4,000.
Click to enlarge
<a rel="shadowbox" href="/images/stories/2013/04/robertlaroccaapril29two.gif" title="Click to enlarge"><img src="/images/stories/2013/04/robertlaroccaapril29twothumb.gif"></a>
Source: SRO, REIV
This will particularly hurt FHBs in Ballarat where the median house price is $280,000, but will also impact on many FHBs in other key regional housing market like <a target="_blank" href="/news">Bendigo, where the median house price is $315,000</a>.
Currently, buying an existing or new home around the median price means benefits of around $10,100 ($7,000 FHOG plus the 30% stamp duty rebate).
“The changes to the grant will disadvantage FHBs wishing to purchase established home after July 1. It will discriminate against them,” says Booth.
“It may force FHBs to consider buying a new home to take advantage of fair bit of extra money which will increase demand for new housing and help the local construction sector, but it will put FHBs in the situation where they sacrifice the benefits of being close to amenities, to secure an extra $6,000.
Booth says the new housing suburbs are on the north and western outskirts of the city.
Booth says these new housing developments – being built by local companies – are around 10 kilometres from the Ballarat CBD.
With the traffic in Ballarat getting worse, first-home buyers who sacrifice convenience for government assistance, could end up paying more in petrol.
The uncertainty created by the changes to the grant and the lag time until they come into play comes at a time when, according to Booth, the Ballarat market is starting to show signs of improvement.
Booth says the worrying aspect of the grant changes are they impact they may have on the established home market.
Overall though, he says the Ballarat economy is “sound” with population growth of 2% to 2.5% per annum driven by strong IT, healthcare and university sectors.
Image courtesy of Travel Victoria.
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FHOG changes could force Ballarat FHBs into outer suburbs: Trevor Booth

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Prominent Melbourne law firm Slater and Gordon has cut its conveyancing fees for Victorian first-home buyers rushing to buy an existing home before the $7,000 grant for existing homes ends on June 30.
The firm’s standard conveyancing fee is $695, meaning eligible first-home buyers will receive a $347.50 discount if they buy a home before July 1.
From July 1, the government will provide a $10,000 incentive but only for those first-home buyers purchasing a new home.
All first-home buyers can also access a 40% stamp duty discount.
Adam Zuchowski, a Melbourne-based lawyer with Slater &amp; Gordon Conveyancing, predicted increased activity at the entry level of the property market.
“We have experienced a significant increase in conveyancing files since the [May 7] announcement was made,” he said.
Zuchowski said most first-home buyers were buying existing dwellings.
“Clearly there is a benefit for those first-home buyers who are able to negotiate a purchase prior to July 1 and I anticipate there will be a significant number of Victorians who will be wanting to take advantage of that,” he said.
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Slater and Gordon cut conveyancing fees to Victorian FHBs facing grant deadline

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Spruikers that promote investing in property through self-managed superfunds (SMSFs) remain a major concern for ASIC.
“We don't want this to become the new playground for dodgy spruikers,” warned ASIC commissioner Peter Kell on the ABC’s The Business this week as part of a special report into the “stampede into property by self-managed super funds”.
Kell said spruikers were encouraging people to set up SMSFs to invest in property in ways “that may be completely inappropriate for the investor and they're not explaining the risks and the issues involved in investing in some of these areas”.
The Business special report named a number of businesses ASIC is “concerned about” including recently banned Melbourne-based property and finance firm Money Choice and its director Matthew George, Queensland-based Active Super, an unnamed Gold Coast company making 22,000 cold calls a week and prominent property investment firm ParkTrent, which promotes its introductory free investment seminars lunches via flyers handed out on street corners.
Ronald Cross, CEO of Park Trent told the ABC it rejected the tag of “spruiker” saying it was an “icon” and that to call it anything other than a “business enterprise” was a “cheap shot”.
Kell’s comments follow a speech in April, in which he highlighted some cases investors where investors were given advice which was not tailored to their specific situation, or recommendations for insurance were "absent or inadequate".
"Notably, we also found that investors were not warned about the very real risk of not having access to a statutory compensation scheme in the event of theft of fraud," he said at the CPA Australia SMSF Conference.
"Going forward, this will be an area of focus for us. We expect to see advice providers warning investors about this risk."
Also in April ASIC released a new guide ‘SMSFS - Improving the quality of advice given to investor’ and highlighting that SMSFs “represent the fastest growing superannuation sector in Australia, with $439 billion assets held by funds”.
“ASIC has ramped up its attention on a sector that is of growing importance to more Australian investors. We want to help ensure that we have a healthy SMSF sector,” Kell said.
In particular, he said ASIC was “concerned about the rise in aggressive advertisements pushing property purchases through SMSFs”.
“Where we see examples of unlicensed SMSF advice, or misleading marketing, we will be taking regulatory action,” he added.
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SMSF property investment at risk of becoming “playground for dodgy spruikers”: Peter Kell

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Since John Howard lifted the ban on superannuation funds borrowing money to invest in 2007, self-managed super funds (SMSF) have invested around $80 billion in property.
A March quarter survey by SMSF administrator Multiport found that 18.6% of super fund assets were property holdings up from 17.4% a year ago.
At the same time ASIC has been raising alarm bells about spruikers targeting this sector of the market with a new taskforce established to look into the behaviour of unscrupulous operators and may also consider expanding its regulatory powers to<a target="_blank" href="/news"> include property investment.</a>
Just this week a property investment adviser who allegedly recommended to various NSW investors that they set up SMSFs to invest in the development of a number of house and land packages in Queensland was charged with eight counts of fraudulent misappropriation.
In May, ASIC cancelled the credit licence of Money Choice Pty Ltd (Money Choice) and banned its director, Matthew George, after an investigation found failures to comply with credit laws, responsible lending shortfalls and instances of unlicensed self-managed superannuation fund (SMSF) advice.
In April, it was revealed that <a target="_blank" href="/news">four Melbourne businesses running seminars on investing in real estate through SMSF</a>s are being investigated by ASIC over the potentially misleading nature of flyers, advertisements and online ads promoting these seminars.
This week, ABC’s The Business program provided a special report on “less scrupulous schemes encourage people to set up funds and then borrow heavily to buy property” calling it a “ticking time bomb”.
These are five tips we have gleaned from this broadcast:
1. Don’t let appearances fool you
Consumer advocate Neil Jenman told the ABC that SMSF property investment spruikers will come across as across as “smart, clever, sophisticated, intelligent, trustworthy people. They don't come across like crooks”. He advices that no matter who you are dealing with you should "do your homework and read the fine print".
2. Be wary of cold calls that promise you can save tax and pay off your home quicker
Noel Whittaker from QUT Business School told the ABC he was aware of one Gold Coast company “making 22,000 cold calls a week” which begins with: "How would you like to save tax and pay your home off quicker? Well to see if you qualify, one of our consultants will come to your house." The next thing that happens, according to Whittaker, is a “six-hour brainwashing interview which ends up with you buying a property from them”.
3. Do your own research on property values, don’t trust rental guarantees and promises of discount prices.
Spruikers are likely to use a high pressure sales approach and seek to sell you properties at inflated values, but tell you they can sell them for you at a discount. They will also often offer guaranteed rent on a property they are selling. The higher prices are used to pay the rental guarantees and the high commissions to those promoting these property investments.
4. Always get independent advice before you sign
A spruiker will most likely connect you with their own network of property valuers, mortgage brokers, financial planners and conveyancers who may be in on the game. The four Melbourne sandbelt Melbourne businesses under investigation by ASIC were a law firm, mortgage broker, a real estate agency and a firm of chartered accountants all allegedly acting together in promoting a property investment SMSF scheme. You should always seek out the opinion of an independent valuer you trust and choose your own mortgage broker, lawyer and financial planner.
5. Don’t trust everything you read on Google. Seek personal experiences
Apart from being excellent at presenting themselves as trustworthy, spruikers are also aware that people will do their own research online. To combat this, spruikers have become very good search engine optimisation (SEO) and “flooding the web with positive material to keep the truth from coming out”. Claire Mackay from financial planning firm Quantum Financial Services, which assisted a “financially literate company executive” sucked in by plausible sounding SMSF spruikers, said she had trawl through around 15 or 16 pages of Google searches to “find out more than just guru property experts revealing the secrets”. Speaking to people who attended a seminar about their experiences is a much better way to gauge the real intent of marketeers.
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Five SMSF property spruiker tricks you should not fall for

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Western Australia has followed the example of the other states by incentivising first-home buyers if they choose to buy a new home over an established home.
In the state budget released yesterday, treasurer Troy Buswell announced that from September 15 FHBs that purchase new homes will be eligible for a $10,000 first-home owner grant while those who purchase an existing home will only get $3,000.
This means that first-home buyers wanting to purchase an existing home have just over a month to access the existing $7,000 grant.
At the same time, those FHBs considering buying a new home may delay their purchase until after September 15 to take advantage of the bigger incentive.
NSW, Queensland and South Australia offer a $15,000 grant for FHBs building or buying a new home and Victoria offers $10,000 for those who buy or build a new home.
From September 1 first-home buyers in the ACT will receive $12,500 if they buy or build a new home or buy one that has been substantially renovated.
From July 1 2014 Tasmania will offer the $7,000 first-home owners grant for new home purchases only.
The Northern Territory offers a first-home owner grant for both new and established homes providing $12 000 if the home is an established home in the urban area or $25,000 everywhere else. 
Also as part of WA’s Housing Supply Package - designed to increase the supply of housing in a state, which has the fastest growing population - the state government intends to expand the number of affordable rental properties by committing an additional $47.8million for an extra 1,000 homes under the National Rental Affordability Scheme (NRAS).
It will also aim to streamline residential planning and building approvals processes to ensure the supply of new housing is not held up in red tape.
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WA bumps up first-home owner grant to $10,000 for new homes

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<img src="/images/stories/11000.jpg">
The total number of square metres of showroom space property manager Centuria Property Funds has leased to bulky goods tenants including Harvey Norman, Fantastic Furniture, Pillow Talk and Carpet Call in both metropolitan and regional centres in Griffith in regional NSW and in the western Sydney suburb of Warwick Farm.
 
<hr>
 
<img src="/images/stories/58.jpg">
The number of staff from fund management company Tyndall Investments who will transfer across to the top floor of 420 George Street, the 28-floor tower on George Street in the Sydney CBD in August 2011. Tyndall will take the 1,220-square-metre floor to showcase its operations in Australia.   The six-year lease was negotiated by Chris Gilbert from Jones Lang LaSalle, representing the owners. The building is co-owned by Fortius Fund Management and Lend Lease’s APPFC retail fund.
 
<hr>
<img src="/images/stories/221.jpg"> 
The net price per square metre Corporate Water Solutions will pay to lease a 234-square-metre new, fully self-contained industrial/commercial units unit at 41/110 Bourke Road, in the Sydney suburb of Alexandria. The two-year lease plus a two-year option was negotiated by Peta Antoniou from Billicorp.
 
<hr>
 
<img src="/images/stories/236.jpg">
The number of square metres that solar panel producer Canadian Solar (Australia) will rent at a net price of $303 per square metre at Unit 3B, North RydeLink Business Park, 277-283 Lane Cove Road in Macquarie Park, in Sydney’s north west. The one-year lease agreement was negotiated by agent Monty Govender from Balmoral Partners.
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Commercial leasing: Watch this space

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<img src="/images/stories/4052sqm.jpg"><div>The net lettable area that polymer-based innovations and systems company Rehau has at its disposal in the freestanding building at 396 Victoria Street, Wetherill Parkin Sydney. Rehau has committed to a four-year lease at $105 per square metres (net) negotiatedby CB Richard Ellis’ Greg Pike on behalf of FFCC Pty Ltd.</div>
<div>
<hr>
<img src="/images/stories/533sqm.jpg">
</div>
<div>The warehouse space leased by Ford Land Company to nutritional supplementdistributor Reliv Australia at B2/22 Powers Road, in Seven Hills, Sydney at a netprice of $125 per square metre. The deal was negotiated by Andrew Miller from Jones LangLaSalle.</div>
<div></div>
<div>
<hr>
</div>
<div><img src="/images/stories/3years.jpg"></div>
<div>The length of the lease signed by IT input device manufacturer Dexin Group (Australia) for a 300-square-metre warehouse at Unit 31, 192A Kingsgrove Road, Kingsgrove, Sydney. Colliers International agents Alex Jaafar and Jon Orsborn negotiated theagreement. Dexin will pay $150 per square metre gross for the space.</div>
<div>
<hr>
<img src="/images/stories/260.jpg">
</div>
<div>The gross price per square metre Keith Lawson Plasterboard will pay to lease a 40-square-metre m unit at 57A Rhodes Street, Matraville, close to Port Botany in Sydney. A lease term of one year was negotiated by Marino Rodriguez, from Taylor Nicholas.</div>
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Property developer One Living, backed by former Macquarie banker turned investment manager Chris Green’s investment firm, has unveiled plans to bring more institutional capital into housing to help address the national supply crisis.

The New York-based investor has focused his firm, GreenPoint Partners, on addressing the supply shortage hitting middle market housing in Australia.

It is backing the new One Living business to develop more than 1000 units along the eastern seaboard. The new firm is starting with a development on Mona Vale Road, on the border of Mona Vale and Pymble, in Sydney’s Northern Beaches, with around 140 apartments planned. They are eyeing off more sites across the city.

With cost pressures rising in the industry, One Living’s model is to be a vertically integrated developer-builder, so it can respond directly to the housing gap by removing the cost inefficiencies embedded in traditional residential delivery.

“We are building a platform designed to operate at scale and starting in a market where there’s a clear need for quality, attainable housing,” One Living joint managing director Joseph Scuderi said.

“It’s that missing middle – it’s that attainable end of housing… that’s what most Australians invest into and what Australians can actually afford.”

<img alt="Mona Vale" data-entity-type="file" data-entity-uuid="798dfa93-4941-4db6-a696-31e9dc18e81c" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-05-28%20at%202.31.50%E2%80%AFPM.png?VersionId=mKBqi5C_DmeiXS.AtJkcR8LQIxqCqmFi" />

GreenPoint Partners brings years of experience assembling and scaling real estate operating businesses across major markets. And Green sees a big opportunity in Australia.

“For its size, sophistication and importance to the community, Australia’s living sector has remained largely under-institutionalised, which represents significant opportunity,” Green said. “GreenPoint identified that gap, assembled the right team, and is backing One Living to build a platform that is aligned to market needs.”

Green said being a builder-developer would give the company the capacity and flexibility it required to deliver reasonably-priced homes.

“We want it to be at that attainable level; not super high end luxury but at that attainable level,” he said.

<img alt="Mona Vale" data-entity-type="file" data-entity-uuid="74a5344a-4b26-4d4a-ada3-056b1220be77" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-05-28%20at%202.32.15%E2%80%AFPM.png?VersionId=vY8hXHO4reBMdO8ZXMWCNtGZJofUPQ3j" />

&nbsp;

One Living will undertake a component of affordable housing in its schemes, which it will own and operate, and it could also run build-to-rent on some sites.

Green praised local policy settings.

“The NSW government is being very supportive, strategic and pragmatic in terms of how do we generate more supply of housing,” he said. “We think it’s actually positive for development and the bit that’s been lacking at that attainable level is that it’s lots of relatively small private developers, whereas we want to create an institutional platform.”

One Living is also&nbsp;looking at high-density projects and could take on more institutional funding in the future.

“The way we will be able to achieve economies of scale is through size,” Green added.

Joel Robinson

One Living enters Sydney's new apartment market with Northern Beaches site acquisition

It's been several years since there's been an opportunity to buy a brand new townhome in Melbourne's coastal suburb of Mordialloc. Even apartment developments in recent times have been few and far between in the area.

Local developer LDS Property identified the gap in new housing, securing a site on White Street, directly opposite&nbsp;Woodlands Golf Club Mordialloc. They've recently launched&nbsp;<a href="https://www.apartments.com.au/new-townhouses/wm-residences-mordialloc-102-white-street-mordialloc-vic-3195">WM Residences</a>, just 13 townhouses which they have already started building.

Projects by Buxton Director Heath Thompson, who is selling WM Residences, says the townhouses x that perfect middle ground be

"Mordialloc residents have had limited options to downsize within the suburb, often forcing them to look elsewhere despite long-standing ties to the area," Thompson says.

"With very little comparable new supply coming to market, projects like WM Residences are well placed, particularly as buyers look to capitalise on current conditions amid constrained supply."

[smartcode_project:default project_id=134646 project_image_fid=6109]

The development, designed by regarded architecture firm&nbsp;<a href="https://www.apartments.com.au/architects/ewert-leaf">Ewert Leaf</a>,&nbsp;adopts a deliberately restrained architectural approach, focusing on simplicity, durability and liveability rather than overt design gestures.

The boutique scale is central to the offering. With only 13 three-bedroom residences, each home is configured to prioritise functional layouts and everyday use, supported by private terraces and secure two-car garages.

Ewert Leaf’s design response leans into a calm, neutral material palette. Interiors are defined by oak flooring, white walls and soft finishes, creating a consistent and understated backdrop. The approach avoids trend-driven detailing in favour of longevity, with an emphasis on natural light and spatial clarity.

[smartcode_project:default project_id=134646 project_image_fid=6110]

Beyond aesthetics, the homes are designed to meet contemporary performance expectations. Each residence targets a minimum 6-star energy rating, incorporating double glazing, comprehensive insulation and all-electric Bosch appliances.

The project’s location supports a walkable coastal lifestyle, sitting within close proximity to Mordialloc’s foreshore, Main Street retail strip and the train station. Local cafés and dining venues, including Suburbia Deli and Hendriks Café, are within a short walk, reinforcing the area’s established neighbourhood character.

[smartcode_project:default project_id=134646 project_image_fid=6116]

While <a href="https://www.apartments.com.au/developments/mordialloc-vic-3195">Mordialloc</a> is often defined by its beach and pier, the project taps into other areas of day to day living, offering easy access to local food, casual dining and transport, rather than positioning itself purely as a lifestyle retreat.

WM Residences reflects a continued trend across Melbourne’s coastal suburbs towards smaller-scale, design-led townhouse developments, particularly on infill sites where proximity to amenity is already established.

With construction commenced prior to its market entry, the project aligns with a growing preference among buyers for developments with visible progress and defined delivery timeframes.

[smartcode_project_cta:default project_id=134646]

WM Residences fills gap in Mordialloc townhouse market

&nbsp;

Developer GURNER™ Group has revealed $1.65 billion in residential sales nationally across the 12 months to December 2025, driven largely by the continued momentum of its Docklands wellness-focused precinct, Elysium Fields.

The sales result was generated across seven projects in Victoria and New South Wales, headlined by Elysium Fields, GURNER™’s $2.75 billion mixed-use precinct planned for Harbour Esplanade in Docklands.

The project has recorded more than $500 million in sales across the first three towers, equating to around 580 apartments sold.

The first tower, Helios, has now sold out of its 240 private residences, with GURNER™ preparing to release a premium penthouse collection comprising 15 three-bedroom penthouses in coming weeks.

[smartcode_project:default project_id=144441 project_image_fid=370975]

Elysium Fields is being developed on the long-held 20,000 sqm Docklands site at 208-226 Harbour Esplanade, which had remained undeveloped for more than two decades prior to GURNER™ taking over the project around four years ago.

Construction has now commenced across four towers ranging between 18 and 30 storeys, with Hamilton Marino and Maxcon appointed as builders.

Once complete, the precinct is expected to comprise around 1,100 residences, alongside retail, hospitality and public realm uses integrated throughout the site.

[smartcode_project:default project_id=144441 project_image_fid=370981]

Designed by Fraser &amp; Partners in collaboration with GURNER™ Design House, the project has been positioned around the developer’s broader focus on wellness-led residential living.

“We don’t sell apartments. We create a true luxury lifestyle that simply doesn’t exist elsewhere in the market today,” Founder and Executive Chairman Tim Gurner said.

“To deliver that requires an extraordinary level of detail, coordination and discipline across multiple verticals, from design and hospitality through to wellness and service.”

“We’ve always believed that living extends far beyond the physical residence. It’s about how you feel the moment you arrive, how you live day-to-day, and the ecosystem that supports that.” 
[smartcode_project:default project_id=144441 project_image_fid=370977]

The project’s design places a heavy focus on landscaping, wellness amenities and biophilic design principles.

Plans include around 3,700 sqm of landscaped gardens and open space throughout the precinct, alongside a retail and dining offering spanning approximately 5,000 sqm.

The broader public realm strategy centres around what GURNER™ describes as the “Path of Life”, an urban forest and landscaped pedestrian environment intended to connect the various buildings and wellness spaces across the precinct.

The apartments themselves will incorporate a range of wellness-focused inclusions, including purified air and water systems, circadian lighting, antimicrobial surfaces, and optional in-home wellness upgrades.

[smartcode_project:default project_id=144441 project_image_fid=370980]

Gurner said the company’s experience through its Saint Haven wellness clubs had directly informed the residential offering now being incorporated into Elysium Fields.

“We’re seeing a clear global shift toward longevity, performance and proactive health,” Gurner said.

“Our role is to deliver that in a way that feels seamless, highly private and beautifully resolved within the environments we create.”

A large component of the wellness offering is planned through the resident amenity and health facilities proposed within the precinct.

That includes plans for bathing and recovery facilities spread throughout the towers, incorporating mineral pools, saunas, steam rooms, flotation therapy, red light therapy and wellness lounges.

The developer is also seeking approvals for what it describes as a “reverse ageing medical clinic” within the precinct.

[smartcode_project:default project_id=144441 project_image_fid=370978]

According to project information released by the group, the proposed facility would include cryotherapy, IV infusion therapy, infrared and dry saunas, PEMF beds, MRIs, DEXA scans, brain scans and blood analysis services.

Within the first tower, Helios, residents will also have access to a dedicated amenity offering known as the Sky Private Club.

The upper 15 levels of the building will include private lounges, dining spaces, rooftop amenities and optional private wellness studios integrated within residences.

The Helios tower itself comprises 260 apartments ranging between 60 sqm and 300 sqm, including a collection of penthouses.

That includes a planned two-storey penthouse spanning around 600 sqm with uninterrupted bay views.

The Elysium Fields precinct is being delivered in partnership with Digital Harbour Holdings, a consortium that includes the Liberman family, which controls the development rights across the Docklands site.

[smartcode_project:default project_id=144441 project_image_fid=370979]

The sales result comes as GURNER™ continues expanding its national development pipeline beyond Victoria.

“We have a strong pipeline across Australia and are now focused on scaling into key markets including New South Wales and Queensland, while continuing to build on our Melbourne base,” Gurner said.

“We currently have more than $3 billion in the market, growing to over $5 billion by October, and expect to materially outperform last year in the 2026 calendar year.”

The result also reflects the continued strength of the upper-end apartment market in Melbourne, particularly for owner-occupier-focused product with large-scale amenity and lifestyle offerings.

[smartcode_project_cta:default project_id=144441]

Record result anchored by the Group’s “utopian” Elysium Fields precinct – defying market headwinds in Docklands.

Elysium Fields drive Gurner to $1.65 billion in apartment sales over 2025

National Australia Bank (NAB) will fund <a href="https://www.apartments.com.au/new-apartments/palmera-residences-gold-coast-18-garfield-terrace-surfers-paradise-qld-4217">Palmera</a>, a $1 billion, 52-level luxury residential tower being developed by Central Equity in one of the Gold Coast’s most tightly held coastal locations at Northcliffe.

The project, launched recently by <a href="https://www.apartments.com.au/developers/central-equity">Central Equity</a>, one of Victoria’s largest private residential developers, comes at a time when construction funding for large residential developments has become increasingly competitive as lenders tighten exposure to the sector.

Multiplex has been appointed the builder, and construction is now underway.

[smartcode_project:default project_id=108274 project_image_fid=365784]

Since its first project, Central Equity has delivered more than 85 residential developments with a combined end value exceeding $8 billion.

Palmera reflects Central Equity’s growing focus on the Gold Coast luxury apartment market and continues a relationship between Central Equity and NAB that dates back to the late 1980s, when the bank funded one of Melbourne’s earliest inner-city residential towers at a time when high-rise apartment living in the CBD was largely unproven.

“NAB’s funding of Central Equity’s $36 million CBD development in the late 1980’s to the financing of the billion-dollar tower today highlights the long-term relationship between the two organisations in delivering major residential projects” said Central Equity Founder and Chairman Eddie Kutner.

He said NAB’s early support was instrumental in helping establish the company’s development model.

“When we commenced our first residential tower in the late 1980s the concept of funding off-the-plan apartments was still largely untested in Australia,” Kutner said.

“NAB recognised the opportunity early and supported the project when others were uncertain. That relationship has now continued for more than 37 years across many developments.”

[smartcode_project:default project_id=108274 project_image_fid=365771]

Central Equity was established in 1987 when Melbourne’s CBD and Southbank precinct were still dominated by warehouses and commercial buildings. Fewer than 100 residents lived in Southbank at the time, and large-scale residential development in the inner city was not widely considered.

Recognising changing demographics and lifestyle preferences, the company began developing high-rise residential projects designed to bring permanent residents into the city centre.

Central Equity has provided accommodation for approximately 40,000 residents across Melbourne’s CBD and Southbank, while also incorporating supporting infrastructure including essential lifestyle facilities like retail spaces, childcare facilities and neighbourhood activity centres.

Central Equity has spent many years assembling the Palmera development site on the corner of Garfield Terrace and Frederick Street in Northcliffe, creating a supersite of around 3,300 sqm.

The developer said the Palmera apartment tower reflects its long-term view of the Gold Coast as a growing and increasingly diversified economy.

[smartcode_project:default project_id=108274 project_image_fid=365768]

Supported by infrastructure including the light rail network, major road upgrades expanded education, hospital and medical facilities and continued expansion at the Gold Coast Airport with more international and domestic flights.

Positioned in the tightly held Northcliffe precinct, the 52-level tower will deliver 347 apartments, targeting buyers seeking a high-end coastal lifestyle, from downsizers to interstate investors.

Designed by Marchese Partners with interiors by DBI, Palmera has been conceived as a next-generation residential offering, featuring a collection of oversized apartments, with premium three-bedroom residences offering sweeping northern views stretching from Surfers Paradise through to Burleigh Heads.

[smartcode_project_cta:default project_id=108274]

NAB funds $1 billion Surfers Paradise apartment development, Palmera

Two years after completing one of the newest developments in North Sydney, developer <a href="https://www.apartments.com.au/developers/aqualand-australia">Aqualand</a> is turning its attention to the rapidly evolving St Leonards apartment market.

The developer, which completed AURA by Aqualand on North Sydney's Walker Street, has lodged plans for a 5,918 sqm site at <a href="https://www.apartments.com.au/new-apartments/33-37-herbert-street-st-leonards-nsw-2065">33-37 Herbert Street, St Leonards,</a> seeking approval for a pair of residential towers rising above a shared podium opposite Royal North Shore Hospital.

The proposal forms part of the broader transformation underway across the St Leonards-Crows Nest precinct, where former industrial and commercial sites are increasingly being redeveloped into high-density mixed-use projects tied to major transport infrastructure.

<img alt="Aqualand" data-entity-type="file" data-entity-uuid="2cc428cf-fe70-4cac-9cd5-264ad53af62c" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-05-28%20at%209.51.56%E2%80%AFAM.png?VersionId=otKSnHtbjAvAddOnovyXQMgcAwE6DMe1" />

According to the planning documents, the site sits “within the St Leonards–Crows Nest Strategic Centre, identified by the NSW Government as a key area for accommodating future jobs and housing across Sydney.”

The proposal has been designed by fjcstudio, formerly FJMT Studio, and is being progressed through the State Significant Development pathway due to its scale and affordable housing provision.

The scheme would comprise 413 apartments, including 46 affordable housing units, alongside retail and commercial uses fronting Herbert Street. The project would also include communal open space, landscaping, a swimming pool, gymnasium, children’s play areas and podium-level resident amenities.

Planning documents show the development would consist of a part-13, part-39 storey tower form positioned above a four-storey podium.

“The development comprises a unified podium that activates the street interface, and two setback towers to accommodate new housing supply while maintaining an appropriate human scale at ground level,” fjcstudio noted in its Design Report.

The northern and southern towers have been shaped to respond to the surrounding skyline while also limiting overshadowing impacts to nearby public open space, particularly Talus Reserve.

The design report said the differing tower heights were intended to “contribute to a varied skyline while responding to the surrounding built form context and solar access considerations.”

<img alt="Aqualand" data-entity-type="file" data-entity-uuid="36da62dc-ff9e-41f2-a7e3-7be38373751c" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-05-28%20at%209.51.45%E2%80%AFAM_0.png?VersionId=Mo6Rp2r.XRLTzIfg_PEEpw8NepDH8UBs" />

The site sits directly opposite Royal North Shore Hospital and within walking distance of both St Leonards Station and the new Crows Nest Metro station.

While the site itself sits just outside the formal Crows Nest Transport Oriented Development boundary, the planning documents repeatedly reference its alignment with the broader TOD objectives reshaping the Lower North Shore.

“The site is located adjacent to St Leonards Station and in close proximity to Crows Nest Metro which is within the Crows Nest Transit Orientated Development Accelerated Precinct which has been identified by the NSW Government to support housing delivery,” the Design Verification Statement noted.

According to fjcstudio, the project has been designed to respond to the broader transition occurring across St Leonards, where increasing residential density is being concentrated around transport infrastructure and employment hubs.

“The broader precinct is undergoing significant change, with a mix of existing mid-rise buildings and newer high-density developments,” the report stated.

“Recent and approved projects indicate a consistent shift toward taller built form, typically organised as tower-and-podium typologies with more active ground levels.”

The proposal includes close to 6,000 sqm of retail and commercial space across the ground floor and podium levels, designed to create a more activated street edge along Herbert Street.

Aqualand’s plans would also introduce a landscaped podium shared between the two towers, with communal open space in the form of a podium rooftop designed to support resident interaction and improve urban greening outcomes. The scheme would also introduce pocket parks at the northern and southern ends of the site, including a landscaped area at the corner of Herbert and Ella streets designed to improve pedestrian amenity and soften the streetscape.

&nbsp;

The proposal is being progressed through the NSW Government’s Housing Delivery Authority pathway, which was introduced to accelerate housing supply across the state. The application was declared State Significant Development in April 2025 following an expression of interest process.

<img alt="Aqualand" data-entity-type="file" data-entity-uuid="faf6d97d-2671-454f-b85a-fe1c6a7be608" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-05-28%20at%209.51.49%E2%80%AFAM.png?VersionId=diVd28OBVr5.YV.7prrOz.uAanwwwm7a" />

St Leonards has been particularly active with new developments in recent weeks. Developer SP Setia’s <a href="https://www.apartments.com.au/news/nsw/first-look-sp-setia-targets-st-leonards-skyline-with-40-storey-tod-tower">plans for a new 42-storey tower</a> recently went on exhibition through the same pathway, while <a href="https://www.apartments.com.au/news/nsw/first-look-stockland-plans-52-storey-538-apartment-st-leonards-tower">Stockland’s 52-storey tower proposal</a> was also recently unveiled.

Aside from the St Leonards project, which is expected to take around nine months to move through the approvals process ahead of a potential 2027 launch, Aqualand is also preparing to launch Boronia, a new apartment project in Roseville comprising around 111 apartments on Larkin Street.

The developer also has approvals in place for the next stage of the Barangaroo precinct, which will feature new residential, retail, hospitality and community uses, alongside a new metro entry across the five-hectare site.

More than 50 new retail destinations are planned for Central Barangaroo, alongside a 270-metre-long boulevard connecting Hickson Park to Nawi Cove. Together with Harbour Park, more than 50 per cent of the precinct will comprise public open space and parkland.

Larry Schlesinger

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