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Off-the-plan apartment sales at the Aalto apartment project in Canberra have been suspended following the sudden collapse of Peter Drake's Gold Coast-based LM Investment Management (LMIM) in March.
The project is the second major development casualty following the demise of the <a href="https://www.propertyobserver.com.au/residential/jamie-durie-s-garden-designs-wilt-as-gold-coast-mortgage-fund-manager-lm-investment-management-placed-in-voluntary-administration/2013032459976" target="_blank">$1 billion Maddison Estate project</a>, which is languishing in Pimpama on the Gold Coast.
Aalto's first mortgage was with the closed LM First Mortgage Income Fund, now in the hands of administrators FTI Consulting following the collapse of LMIM on March 19.
The 12-storey complex, designed by architect Bruce Townsend and due to be built at 7 Irving Street in Phillip, is the largest apartment project in Canberra.
It is being marketed by Keenan Veraar and James Herbert of LJ Hooker project marketing.
It features one bedroom apartments priced from $385,000 and <a href="https://www.realestate.com.au/property-apartment-act-phillip-110002417" target="_blank">two-bedroom apartments from $499,000.</a>
David Colman, regional manager of southern NSW and the ACT at LJ Hooker, tells Property Observer that there were would be no sales contracts signed until clarification on the project’s status.
LJ Hooker has a marketing agreement with a subsidiary of LMIM.
No apartments have yet been sold.
“We have proactively been sending requests for instructions about what to do next,” says Colman.
“We are still taking enquiries but we don’t want to enter into any deals if the project does not end up going forward.”
He added that LJ Hooker was not getting “bowled over” with enquiries.
<a href="https://silversunpictures.com.au/work/alto-apartments/" target="_blank">A high-tech video prepared</a> using architectural drawings of the project shows the views residents would have of the Federal parliament building.
Annual results filed by LMIM to June 30 2012 reveal a loan made by the LM Managed Performance Fund to Aalto Apartments Pty Ltd totalling $24.6 million alongside a $16.9 million loan to Peter Drake.
The LM First Mortgage Income Fund comprises a portfolio of 26 registered first mortgages and one second mortgage with a historical book value of $326 million.
Administrators John Park and Ginette Muller of FTI Consulting are undertaking an “orderly sale of assets” and will pay investors in the fund $4.27 million at the end of May with a “program of regular quarterly capital distributions proposed”.
LMIM remains the responsible entity for the fund under allowance made by ASIC following the suspension of LMIM's financial services licence on April 9.
A vote is scheduled to be hold on May 24th where investors can decide whether another fund manager Trilogy should be replace LM as a temporary responsible entity of the fund.
According to FTI Consulting, if this succeeds, Trilogy via class action lawyers Piper Alderman will then be able to bring claims against the responsible entity of the Fund, LM Investment Management Limited, its directors and other third parties.
FTI Consulting has promised there would no receivership-driven sales of assets.
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Sales suspended on Canberra Aalto apartment project following LMIM collapse

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Ahead of today's decision by the RBA to cut the cash rate to 2.75%, the big banks were being urged to cut their variable mortgage rates.
Certainly home loan borrowers and the government will expect the major banks to pass on any cash rate cut in full to borrowers if that eventuates today after both <a target="_blank" href="/news">Westpac and ANZ reported 10% rises</a> in half-year cash profits of more than $3 billion each last week.
However, both Westpac chief executive Gail Kelly and <a target="_blank" href="/news">ANZ boss Mike Smith</a> have indicated that they would not consider cutting their home loan rates out of cycle of the RBA.
The major banks and their subsidiary brands dominate the home lending market, writing four out of every five new home loans according to April AFG figures.
Westpac is the biggest multi-brand player among the big four with Bank of Melbourne, St. George, BankSA and RAMS alongside its premier Westpac brand offering mortgages to borrowers.
NAB sells loans through it ‘red star’ brand, via mortgage brokers through its HomeSide offering and through its online offering UBank. It also owns mortgage aggregators PLAN, Choice and FAST, which sell loans through mortgage brokers.
The Commonwealth Bank owns Bankwest as well mortgage broker Aussie Home Loans, funding Aussie Home Loan-branded products.
These are the lowest advertised variable and fixed mortgage rates based on listings on mortgage comparison website <a target="_blank" href="https://www.homeloanfinder.com.au/">homeloanfinder.com.au</a> as of May 6:
Lowest variable rate offerings:
<table width="470" cellpadding="0" cellspacing="0" border="1"><tbody>
<tr>
<td width="127" valign="top">
Provider
</td>
<td width="129" valign="top">
Loan name
</td>
<td width="98" valign="top">
Rate
</td>
<td width="116" valign="top">
Comparison rate*
</td>
</tr>
<tr>
<td width="127" valign="top">
UBank
</td>
<td width="129" valign="top">
UHomeLoan - Refinance Variable Loan with a special Upfront Discount of 0.25%
</td>
<td width="98" valign="top">
5.12%
</td>
<td width="116" valign="top">
5.12%
</td>
</tr>
<tr>
<td width="127" valign="top">
Bankwest
</td>
<td width="129" valign="top">
Online Home Loan
</td>
<td width="98" valign="top">
5.38%
</td>
<td width="116" valign="top">
5.39%
</td>
</tr>
<tr>
<td width="127" valign="top">
Aussie
</td>
<td width="129" valign="top">
Select Basic Variable loan (LVR (70.01% – 80%)
</td>
<td width="98" valign="top">
5.49%
</td>
<td width="116" valign="top">
5.50%
</td>
</tr>
</tbody></table>
Lowest one-year fixed-rate offerings
<table width="470" cellpadding="0" cellspacing="0" border="1"><tbody>
<tr>
<td width="137" valign="top">
Provider
</td>
<td width="123" valign="top">
Loan name
</td>
<td width="95" valign="top">
Rate
</td>
<td width="114" valign="top">
Comparison rate*
</td>
</tr>
<tr>
<td width="137" valign="top">
UBank
</td>
<td width="123" valign="top">
UHomeLoan - 1 Year Fixed Rate - Refinance Only
</td>
<td width="95" valign="top">
4.83%
</td>
<td width="114" valign="top">
5.34%
</td>
</tr>
<tr>
<td width="137" valign="top">
Aussie
</td>
<td width="123" valign="top">
Aussie Optimizer Fixed Rate Home Loan - 1 Year Fixed Rate
</td>
<td width="95" valign="top">
4.95%
</td>
<td width="114" valign="top">
5.62%
</td>
</tr>
<tr>
<td width="137" valign="top">
RAMS
</td>
<td width="123" valign="top">
RAMS Fixed Rate Home Loan - 1 Year Fixed Rate
</td>
<td width="95" valign="top">
4.99%
</td>
<td width="114" valign="top">
6.29%
</td>
</tr>
</tbody></table>
Lowest two-year fixed-rate offerings
<table width="470" cellpadding="0" cellspacing="0" border="1"><tbody>
<tr>
<td width="133" valign="top">
Provider
</td>
<td width="133" valign="top">
Loan name
</td>
<td width="97" valign="top">
Rate
</td>
<td width="108" valign="top">
Comparison rate*
</td>
</tr>
<tr>
<td width="133" valign="top">
NAB
</td>
<td width="133" valign="top">
Choice Package - Two Year Fixed Rate
</td>
<td width="97" valign="top">
4.99%
</td>
<td width="108" valign="top">
6.00%
</td>
</tr>
<tr>
<td width="133" valign="top">
Commonwealth Bank
</td>
<td width="133" valign="top">
Two Years Fixed Wealth Package Home Loan
</td>
<td width="97" valign="top">
4.99%
</td>
<td width="108" valign="top">
6.09%
</td>
</tr>
<tr>
<td width="133" valign="top">
Bankwest
</td>
<td width="133" valign="top">
Fixed Rate Home Loan - Two Year Fixed Rate
</td>
<td width="97" valign="top">
4.99%
</td>
<td width="108" valign="top">
6.27%
</td>
</tr>
</tbody></table>
Lowest three-year fixed-rate offerings
<table width="470" cellpadding="0" cellspacing="0" border="1"><tbody>
<tr>
<td width="133" valign="top">
Provider
</td>
<td width="133" valign="top">
Loan name
</td>
<td width="97" valign="top">
Rate
</td>
<td width="108" valign="top">
Comparison rate*
</td>
</tr>
<tr>
<td width="133" valign="top">
UBank
</td>
<td width="133" valign="top">
UHomeLoan - Three Year Fixed Rate - Refinance Only
</td>
<td width="97" valign="top">
5.13%
</td>
<td width="108" valign="top">
5.26%
</td>
</tr>
<tr>
<td width="133" valign="top">
Bankwest
</td>
<td width="133" valign="top">
Bankwest Fixed Rate Home Loan - Three Year Fixed Rate
</td>
<td width="97" valign="top">
5.19%
</td>
<td width="108" valign="top">
6.21%
</td>
</tr>
<tr>
<td width="133" valign="top">
NAB
</td>
<td width="133" valign="top">
Choice Package - Three Year Fixed Rate
</td>
<td width="97" valign="top">
5.29%
</td>
<td width="108" valign="top">
6.02%
</td>
</tr>
</tbody></table>
Lowest five-year fixed-rate offerings
<table width="470" cellpadding="0" cellspacing="0" border="1"><tbody>
<tr>
<td width="133" valign="top">
Provider
</td>
<td width="133" valign="top">
Loan name
</td>
<td width="97" valign="top">
Rate
</td>
<td width="108" valign="top">
Comparison rate*
</td>
</tr>
<tr>
<td width="133" valign="top">
Bankwest
</td>
<td width="133" valign="top">
Fixed Rate Home Loan - 5 Year Fixed Rate
</td>
<td width="97" valign="top">
5.49%
</td>
<td width="108" valign="top">
6.15%
</td>
</tr>
<tr>
<td width="133" valign="top">
NAB
</td>
<td width="133" valign="top">
Choice Package - 5 Year Fixed Rate
</td>
<td width="97" valign="top">
5.55%
</td>
<td width="108" valign="top">
6.05%
</td>
</tr>
<tr>
<td width="133" valign="top">
NAB
</td>
<td width="133" valign="top">
Tailored Fixed Rate Home Loan - 5 Year Fixed Rate
</td>
<td width="97" valign="top">
5.65%
</td>
<td width="108" valign="top">
6.15%
</td>
</tr>
</tbody></table>
*A comparison rate includes both the interest rate and the fees and charges relating to a loan, combined into a single percentage figure.
 
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Hold your fire, but here's the best fixed and variable big bank offerings from the Big Four banks and their subsidiaries

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The latest ABS retail sales figures for March will disappoint retail property landlords, particularly those with a high proportion of fashion-related tenants.
Following a rise of 1.3% rise in February,  retail turnover fell by a seasonally-adjusted 0.4% in March 2013.
This was well below expectations of a modest 0.1% gain in March.
The largest contributor to the fall in March 2013 was clothing, footwear and personal accessory retailing (-4.2%) followed by household goods retailing (-1.5%), other retailing (-1.0%) and department stores (-0.1%).
These falls were partially offset by rises in food retailing (0.8%) and cafes, restaurants and takeaway food services (0.2%).
Over the longer term, the largest contributor to growth was food retailing (up 0.5% in trend terms). 
Through the year, Australian retail turnover rose 3.2% in March 2013, seasonally adjusted, compared to March 2012. 
The drop in retail sales come as inflation rose 0.3% in April after a 0.2% rise in March, according to the TD Securities–Melbourne Institute Monthly Inflation Gauge, leaving inflation 2.1% up for the year, well within the RBA's target inflation band of 2% to 3.%.
ANZ comments that the fall in March retail sales was likely impacted by the timing of Easter this year (and the associated seasonal adjustment difficulties), but that March retail sales were 2.2% higher than at the end of last year.
"Together with the improvements in house prices, these data suggest that some interest-rate sensitive parts of the economy are beginning to improve. However, despite better consumer confidence and spending, there has been no notable improvement in business conditions and the non-mining investment outlook remains soft," says ANZ.
The trend estimate for Australian retail turnover rose 0.4% in March 2013. This follows a rise of 0.4 per cent in February 2013. Through the year, the trend estimate rose 3.3% in March 2013 compared to March 2012.
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Food better than fashion as retail sales fall by an unexpected 0.4% in March: ABS

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Leighton Properties has agreed to sell three office towers planned within the Kings Square mixed-use development in Perth to Dexus for $434.8 million.
This is the largest commercial property development sale in Western Australia.
It comes as Leighton Group reported first quarter 2013 net profit of $123 million and reaffirmed its guidance for full-year profit of $600 million.
The three buildings, KS1, KS2 and KS3, will be purchased by Dexus and its Wholesale Property Fund, subject to a number of approvals.
The towers will offer a total of 52,781 square metres of office and retail space.
KS1, on the corner of King and Wellington Streets, will have 23,156 square metres of tenancy space across 19 levels.
The 11-level KS2 tower has a further 20,440 square metres of space; and KS3 will have 9,185 square metres of commercial and retail space over nine levels and includes childcare facilities, shops, bicycle amenities and a gym. 
Construction will commence in mid-2013 with completion of all three buildings expected in mid 2015.
Kings Square forms part of the $4 billion Perth City Link project initiated by the State Government, the City of Perth and the Federal Government
Leighton Properties also announced that Shell Australia has signed on as anchor tenant at KS2 while Leighton Group subsidiary John Holland will relocate its Western Australian headquarters to Kings Square with a 5,360 square metre tenancy.
“Shell is investing more than $30 billion in Australia over the next five years, which includes our first Floating LNG project, Prelude,” says Shell Australia country chair Ann Pickard.
In addition to the three commercial and retail towers, the Kings Square precinct will include a further two commercial towers and two residential blocks.
Construction will be undertaken by Leighton Group contractors - John Holland and Leighton Contractors’ subsidiary Broad.
These transactions were facilitated by Simon Storry and Paul Noonan from Jones Lang LaSalle and Richard Butler from CBRE.
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Leighton sells three towers within Kings Square Perth development to Dexus for $434.8 million

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Fears of being gazumped are on the rise in Sydney as buyers face increased competition for properties in the improving market.
Gazumping occurs when a buyer has a verbal agreement with an agent or seller to buy a property at an agreed price but the property is sold to someone else for a higher price.
The incidence occurs in private treaty sales or when offers are made prior to auction. Auctions are binding sales and therefore absent of gazumping.
Raine &amp; Horne CEO Angus Raine says rebounding values could result in greater incidences of gazumping.
“Already I have received my first telephone calls from consumers beaten to the punch for a property, and this is historically a sign the market is hotting up,” Raine advised last month.
“In NSW, a home is still for sale until a prospective buyer and a vendor have exchanged contracts, and a deposit, which is usually 10% of the purchase price, has been paid.”
To avoid missing out, Raine advises aspirant buyers to familiarise themselves with the steps involved in buying a property.
“I’d also urge committed buyers to be quick to exchange contracts and pay a deposit, once they hit upon a suitable, well-located home, for the right price,” he says.
REINSW CEO Tim McKibbin says gazumping occurs more in “hot markets” where there is a shortage of property and there is greater competition among buyers.
He told News Limited weekend papers that buyers could protect themselves from gazumping by should ensuring contracts were signed as quickly as possible by both parties or to buy at auction.
NSW Fair Trading stresses that a property sale is “generally only binding on the vendor and buyer when contracts are exchanged between the two parties”
“Exchange occurs when the vendor signs their copy of the sale contract; the purchaser signs their copy, and the two parties ‘exchange’ their signed contracts. It is usual at this time for the purchaser to pay a deposit, usually 10% of the purchase price,”
“If you are gazumped, neither the agent nor the vendor is obliged to compensate you for any money you may have spent on legal advice, inspection reports, finance application costs or inquiries. However, your ‘expression of interest’ payment (if you have paid one) must be refunded to you in full” says Fair Trading in a special page on the topic on its website.
Real estate consumer advocate Neil Jenman warns buyers not to get their hopes up until a contract has been signed
“Buyers can count on nothing being certain until the sellers sign a legally binding contract. Between the time the sellers verbally agree to sell and the time they sign the contract, lots of things can happen. The sellers may get a better offer, they may decide not to sell or they may decide to increase the price,” he writes.
Tips from Neil Jenman to prevent being gazumped:
<ol>
<li>Consider making their highest offer rather than lowest offer and be prepared to walk away if they lose out. “It is tragic to lose the home you love because you bluffed too hard,” he says.</li>
<li>Try to meet the sellers. “It is hard for sellers to gazump you if they know you and like you and if they believe you have been fair with them”.</li>
<li>Insist that the agent informs you if another buyer offers more. </li>
</ol>
Raine &amp; Horne tips to avoid being gazumped
<ol>
<li>Have your finances pre-approved before making an offer</li>
<li>Obtain a copy of the Contract of Sale promptly, and pass it to your solicitor or conveyancer</li>
<li>Research your market so that you can be confident of putting forward a winning offer – then be prepared to move quickly to exchange contracts</li>
<li>Put an offer in writing – the law requires real estate agents to present all offers to the vendor</li>
<li>Signing a cooling-off period gives buyers time to organise a building and pest inspection without being gazumped. However if you don’t proceed, you will forfeit 0.25% of the purchase price to the vendor.</li>
</ol>
NSW Fair Trading tips for buyers to avoid being gazumped
<ol>
<li>Always have your loan finance pre-arranged, and ensure you can pay the 10% deposit, by Bank Cheque or a deposit bond so there is no delay before attempting to exchange contracts on a property.</li>
<li>Obtain a copy of the sale contract as soon as possible and have it examined by either your licensed conveyancer or solicitor.</li>
<li>Seek to exchange contracts with the vendor as soon as possible. Anyone puchasing residential property has a five-day cooling off period commencing from the time of exchange of the contracts. Only the purchaser can waive the cooling off period and it can be extended by agreement. During this time, you can do a building and pest inspection and have the contract examined. However, if you rescind the contract during this period, you forfeit .25% of the purchase price to the vendor, as the property has been taken off the market for a period of time. The amount forfeited is recovered from the deposit you paid under the contract. If the amount of the deposit is insufficient, you will have to provide the necessary additional funds. You should find information relating to the cooling off period in your contract.</li>
<li>Negotiate firmly with the vendor or real estate agent. Insist on the agent passing your bona-fide offers to the vendor and obtain written proof of this occurring. The law requires agents to do this. Be ready to exchange with a signed copy of the contract and follow through on the exchange process yourself or with another trusted person to ensure exchange. If you are advised that other offers have been made, demand to see written evidence. If you are certain that you want the particular property, be ready to possibly increase your purchase offer to the vendor.</li>
<li>Be aware that the vendor is not generally compelled to sell to any specific person and can change their mind at any time prior to the exchange of contracts. Vendors may not necessarily sell to the highest offerer, but may accept a lower offer from a prospective purchaser.</li>
</ol>
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‘Gazumping’ fears arise in Sydney: 13 tips to protect unlucky buyers

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The 21 out of 29 economists, polled by Bloomberg last week, who expect the RBA to leave the cash rate on hold tomorrow, could be wrong.
According to News Limited business commentator Terry McCrann, despite the weight of <a href="/news">the Bloomberg poll</a>, the decision whether to cut the cash rate to a pre-GFC low of 2.75% or keep it unchanged at 3% for the fourth successive monetary policy meeting is “balanced on a knife edge”.
Similarly, the Australian Financial Review’s Chris Joye says the RBA meeting on Tuesday is “live” with a rate cut a distinct possibility while economist and Business Spectator commentator Stephen Koukoulas says the case for a rate cut is “overwhelming”.
Were the RBA to cut the cash to 2.75%, it would be its lowest setting in 53 years with proxy historical RBA data going back to 1959 showing the previous low being <a href="/news">2.89% in January 1960</a>.
McCrann bases his assertion on a “mix of conflicting and confusing signals” he says the RBA is receiving on both the domestic and global economy.
Globally, he mentions the record highs achieved on Wall Street and on the German stock market contrasted by the weaker end to the week for the ASX.
However, adding to the confusion McCrann says, the European Commission now expects a deeper recession for that the eurozone economy, forecast to fall 0.4% in 2013 compared with previous expectations of a 0.3% fall.
“Europe is sick, sick, sick, but its sharemarket are booming,” he writes.
Adding to the anomaly, Australia’s economy is the “envy of the world” but its sharemarket is struggling.
While McCrann has higher hopes for the US economy on the back of cheaper oil discoveries, he expects things to end badly in Europe.
He also highlights the anomaly in the performance of Australia's major banks, now among the biggest in the world and with profits to match – as seen in the results posted by ANZ and Westpac last week, while lending remains subdued.
But, while bank share prices are surging, the big banks are finding it hard to grow their lending because of cautious consumers and property investors and business sector ‘that lacks confidence” relying instead on cutting costs and reducing bad debts.
The Australian Financial Review’s Chris Joye says the RBA meeting on Tuesday is "live" with financial markets pricing in a 56% chance of an easing in the cash rate.
He says there could be “tactical merits” for a "dovish" RBA board to cut the cash rate ahead of the Federal Budget announcement on May 14 thus “avoiding a messy election debate about whether the bank has passed judgment on Labor’s prudence”.
Apart from a political motivation, Joye says benign underlying inflation readings “give it more room to buttress growth without fuelling price pressures”.
Like McCrann, Joye also points out the confusing signals the RBA board must wade through noting that it has already revealed in previous statements that it is having “great difficulty working out what is happening to the economy now and, remarkably, in the recent past.
He says the RBA’s "army" of 260 analysts can’t reliably predict inflation, growth or jobs.
Joye also highlights that futures traders are better predictors of rate cuts than economists mentioning that research by Barclays economist Kieran Davies shows that “predictions of the cash rate one year out from Sydney Futures Exchange contracts beat consensus economist estimates 60% of the time.
Stephen Koukoulas began <a href="/news">tweeting last week about the need to cut the cash rate</a> after the disappointing building approval figures and argues in his latest Business Spectator column that the case for a rate cut is now “overwhelming”.
He accepts that he and the RBA got it wrong previously that “earlier interest rate cuts were percolating through the economy” with the central bank now close to missing its inflation target at the lower end of its 2% to 3% range, the Australian dollar remaining high, house prices edging lower in April, a gentle rise in the unemployment rate and a dip in business operating conditions among the factors in favour of a cash rate cut.
“These risks can be reduced with a prudent rate cut tomorrow,” he says.
Others are more certain about rates remaining on hold, but acknowledge a close decision.
“We think that the RBA will leave rates unchanged in a close decision, with June still our preferred timing for the next rate cut given a plethora of economic updates, including for business investment intentions, will then be available,” ANZ in its morning note today.
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May RBA cash rate decision “on a knife edge” and “live”: economic writers

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Westpac’s $321 billion loan book would take only a minor impairment hit if house prices were to crash by an unlikely 23% over the next three years, its own scenario modelling has revealed.
Its interim results include a three year portfolio stress test scenario based on “significant reductions in consumer spending and business investment lead to six consecutive quarters of negative GDP growth, resulting in a material increase in unemployment and nationwide falls in property and other asset prices”.
If by year three of this scenario, the unemployment rate was 8.9% with house prices down 23.4%, it would only result in cumulative losses of around $2.1 billion - average losses of $692 million per year or 0.22% if its loan portfolio.
Westpac reported a 0.03% loss on its portfolio in its latest interim results.
<img alt="westpac_scenario_modelling" src="/images/stories/2013/westpac_scenario_modelling.jpg" width="450" height="396">
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No major pain for Westpac if house prices were to lose a quarter of their value

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A damning parliamentary report has called for the abolition of the NSW Office of the Valuer General in favour of a Valuation Commission along with 29 recommendations for fixing the current non-transparent system of land valuations.
The Office of the Valuer General, currently led by Philip Western, provides  around 2.6 million land valuations in NSW each year, which are used to levy land taxes, rates and duties.
The joint standing committee report of the Office of the Valuer General, chaired by Matt Kean is highly critical of the current way the office operates.
Based on submissions made since January into its 'Inquiry into the land valuation system in NSW', the committee identified a long-list of concerns around the volatility of land values, transparency and “procedural fairness currently afforded to landholders and the governance framework of the valuation system”.
It reports on a “systemic failure to afford landholders a fair hearing, to provide transparency surrounding the valuation methodologies and to treat landholders with the respect, dignity and fairness, to which they are entitled, has significantly and detrimentally impacted landholders”.
Its assessment of the current framework of valuations, finds that the independence of the valuation function from executive government has been “undermined” through the Land and Property Information (LPI) government agency “performing functions that should be performed by the valuer general”.
Submissions received also show “material inconsistency between property valuations” with some property valuations doubling over the space of 12 months and large variations in the value of similar properties located on the same street.
At a hearing in Sydney in March, the committee heard an instance where a valuation of a mine near Broken Hill was reduced from $20.9 million to $4.9 million.
The recommendations include “a new governance framework that replaces the Valuer General with a Valuation Commission”.
The Commission model would involve the appointment of two valuation commissioners and a chief valuation commissioner, all independent statutory appointments.
The chief valuation commissioner would issue public guidelines for the valuation of land in NSW that would clearly state the methodologies; and the circumstances in which they are applied.
Under this framework there would also be Ombudsman oversight, including a “macro review every two years to provide accountability”.
The Committee also recommends a “three year averaging of council rate valuations to dampen the material and significant volatility in the valuation system”.
Other recommendations include improved procedures for landowners to review valuations; the establishment of a dispute resolution system; the annual publication of a separate and detailed annual performance report as well as the creation of a central database of key information of “non-mass” land valuations.
The full report and recommendations can be <a target="_blank" href="https://www.parliament.nsw.gov.au/Prod/parlment/committee.nsf/0/34f120abe2f97076ca257b5f00203b4e/%24FILE/Executive%20Summary%20&amp;%20Recommendations%20-%20Land%20valuation%20system.pdf">downloaded here.</a>
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“Inconsistent” and “undermined” NSW Office of Valuer-General must go says damning parliamentary report

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Australian listed property trust sector returns to investors in April were the best monthly returns in over three-and-a-half years  and the sixth strongest monthly result since 1992, according to analysis by Goldman Sachs.
<img alt="areit_returns2" height="312" width="470" src="/images/stories/april23tivoli/areit_returns2.jpg">
The Woolworths proprety spin-off Shopping Centres Australasia (SCP) was the only REIT to post a negative return, "although with the highest yield of any REIT and the longest unexpired lease term by a large margin providing high earnings certainty" said Goldman Sachs analysts Simon Wheatley and Andrew MacFarlane.
The analysts said based on this, SCP represented an opportunity for investors.
The best performers were Federation Centres, Dexus, GPT and Charter Hal, which all recorded double digit price gains.
<img alt="areit_returns" height="316" width="470" src="/images/stories/april23tivoli/areit_returns.jpg">
"Interestingly there is no core theme amongst these four REITs.
"One is diversified, one shopping centre focused, one office focused and one funds management focused.
"Despite there being a yield demand theme during the month, these four REITs also were not the best yielders – they currently have prospective average yields of 5.0%, marginally below the sector average," says the report.
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A-REIT returns in April rise to sixth best in 21 years: Goldman Sachs

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Borrowers hoping for some relief from the RBA next week are likely to be disappointed with the most likely outcome being the cash rate remaining on hold at 3%, though the call could go either way if money markets are to believed.
They have the chance of a rate cut priced in at 54%.
However, the latest Bloomberg survey of economists has just eight of 29 tipping a rate cut on Tuesday with none of the major banks expecting the Reserve Bank to resume its easing cycle that would take the cash rate to a 2.75%.
However, with ANZ and Westpac both reporting 10% rises in interim cash profits to the end of March (a combined $6.72 billion), despite subdued mortgage lending and “challenging” conditions, media commentators are again speculating about the major banks cutting variable mortgage rates outside of official RBA decisions.
There was no hint in the mix of media releases, presentation packs and financial reports from either ANZ or Westpac that they would consider cutting mortgage rates outside of the RBA, though both have been more than willing to raise them outside of an RBA move in past years while also not passing on recent rate cuts in full.
Both Westpac’s Gail Kelly and ANZ’s Mike Smith have hinted they are not currently contemplating an out-of-cycle rate cut.
Kelly defended Westpac’s track record on rates saying overall costs have been rising as the bank looks to grow its customer deposits while Mike Smith has said ANZ’s current interest rate setting are “appropriate”.
Fairfax economic commentator Malcom Maiden argues that the banks have the big profits to pay increased dividends to their shareholders and now need to give something back to their customers too.
“The banks can no longer argue that they need to retain some part of any future rate cut, and the case for them not only passing on cuts in full but moving unilaterally to cut their own rates is growing. They can certainly afford it, as the March half profit results show,” Maiden writes.
He expects that “sometime this year” one of the major banks will either announce a cut in its variable home loan rate unilaterally, or pass on all of an RBA cash rate cut, plus an additional cut of its own.
Once one does, he says, the others will be forced to follow.
We'll just have to wait and see, but I for one would not be holding my breath given future profit expectations.
Looking ahead to Tuesday’s cash rate decision, Westpac’s Bill Evans expects the RBA board will keep rates on hold while maintaining its clear easing bias though he says the decision will be a “closely run event” with the case for another cut “now been made”. 
“However, with rates at historical lows, we think the Board will be cautious and decide to wait another month before moving. 
“Accordingly we are retaining our forecast that the next move in rates will be a reduction of 25 basis points in June to a new historical low of 2.75%. 
“We have held that forecast for a low of 2.75% since May last year. Our current view is that rates will then be on hold through 2013 and 2014 but we recognise that the risks are clearly to the downside – recent developments have increased those risks,” Evans says. 
AMP Capital chief economist Shane Oliver also believes the case has been made for a rate cut on Tuesday but says the RBA may “prefer to get a look at the Budget the week after and March quarter business investment data to be released later in May”. 
“So while I expect a cut in the cash rate to a record low of 2.75%, I am agnostic as to whether it’s on Tuesday or next month. 
“The money market also appears to be agnostic with just a 54% chance of a cut priced in for Tuesday,” he adds.
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Big banks under pressure to cut rates without RBA prompting as no cash rate cut tipped for next week

<a href="https://www.apartments.com.au/developments/broadbeach-qld-4218">Broadbeach</a> offers plenty of reasons to live vertically, but moving from a substantial family home into an apartment can expose the compromises of high-density living. Privacy, room for guests and usable living space tend to matter more when an apartment is intended as a permanent home rather than an occasional coastal base.

A typical residential floor at <a href="https://www.apartments.com.au/new-apartments/the-eveleigh-broadbeach-7-9-surf-parade-broadbeach-qld-4218">The Eveleigh</a>, on Surf Parade,&nbsp;contains just four apartments. The 94-residence development by <a href="https://www.apartments.com.au/developers/hirsch-faigen">Hirsch &amp; Faigen</a> is predominantly made up of expansive three-bedroom homes, with a limited collection of half-floor penthouses above.

Across the apartment floors, <a href="https://www.apartments.com.au/architects/rothelowman">Rothelowman</a> has used the relatively limited number of residences to give each home greater access to natural light and outlook. Living spaces extend towards full-height glazing, while a series of bay windows frame selected views across the Pacific Ocean, city and hinterland rather than treating the building edge as a continuous wall of glass.

&nbsp;

[smartcode_project:default project_id=149670 project_image_fid=360965]

“The apartment floors deliver a collection of homes that embrace controlled outlook via a series of bay windows deliberately framing moments of view,” Rothelowman Director Kim Lowman said.

From outside, those projecting forms contribute to the tower’s faceted profile. Strong horizontal and vertical elements establish its proportions, while the changing position of the sun alters the light, shadow and reflection across the façade throughout the day.

The same attention moves inside the apartments, where the material palette combines warm timber, natural stone, metallic detailing and softer curved forms. Kitchens sit within the main living zone, with stone island benches, integrated joinery and European appliances, before the living areas extend towards the glazing and the outlook.

&nbsp;

[smartcode_project:default project_id=149670 project_image_fid=360981]

Three genuine bedrooms provide room to accommodate family and guests, while two secure car spaces and storage address some of the practical considerations that can become more noticeable when moving from a larger home. Feedback from the display suite has centred on the warmth and restraint of the interiors, with buyers commenting that the residences feel like homes rather than conventional coastal apartments.

A limited collection of half-floor penthouses occupies the upper levels, increasing the scale of the living spaces and adding private balconies and elevated finishes. From this position, the outlook extends between the ocean and hinterland.

Outside the private residences, The Eveleigh separates its shared spaces between the podium and rooftop. The podium is centred on wellness, with subtropical landscaping surrounding a swimming pool and pool terrace, yoga garden, private gymnasium, sauna and hot and cold plunge facilities. Landscaped retreats and pavilions provide additional places to sit away from the main recreation areas.

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[smartcode_project:default project_id=149670 project_image_fid=360966]

Higher in the building, a rooftop pavilion and private dining suite sit alongside resident lounge, barbecue and outdoor dining areas, opening towards panoramic views across the ocean, city and hinterland.

“Buyers are no longer just looking for an apartment, but a lifestyle where they can relax, reset, and enjoy a balanced way of living,” Hirsch &amp; Faigen Director of Sales Matt George said.

Interest to date has come from established owner-occupiers and interstate lifestyle purchasers, including buyers planning a future move to the Gold Coast. Many are coming from larger homes and want to reduce ongoing maintenance without giving up space for family and guests, privacy, two car spaces or the ability to entertain at home.

&nbsp;

[smartcode_project:default project_id=149670 project_image_fid=360969]

Much of that daily life can also take place beyond the building without requiring a drive. Kurrawa Beach and Pratten Park are an easy walk from Surf Parade, while Pacific Fair, Oracle Boulevard, The Oasis, restaurants, cafés, entertainment and public transport are also within walking distance.

The Eveleigh is Hirsch &amp; Faigen's fourth Gold Coast development since entering the market in 2021, following The Hemingway at Palm Beach, The Emerson at Kirra and Yves at Mermaid Beach. Each of the preceding projects sold out before completion.

“Broadbeach had been on our radar throughout our time operating on the Gold Coast,” the developer said. “Following our projects in Palm Beach, Kirra and Mermaid Beach, Broadbeach represented the natural next step for the business.”

The Surf Parade site brought together proximity to the beach, protected coastal outlooks and walkability to dining, shopping and recreation. Hirsch &amp; Faigen also identified the street as an emerging premium residential address, with enough separation from Broadbeach's busier destinations to retain a quieter environment at home.

The Eveleigh is now under construction by Maxcon, with completion forecast for mid-2028. Three-bedroom residences are currently available from $2.87 million.

[smartcode_project_cta:default project_id=149670]

Joel Robinson

The Eveleigh brings house-like apartments to Broadbeach

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

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

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

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

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

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Castle Hill, the longtime hub of the Hills District, has been one of the major beneficiaries of Sydney's Metro expansion, with improved connectivity helping drive continued population growth, development and buyer demand across the Hills District.

But despite that growth, the suburb has seen relatively few major new apartment projects brought to market over the past 18 months.

Hills District developer Reve Group is looking to fill that gap with <a href="https://www.apartments.com.au/new-apartments/nova-r-ve-castle-hill-2-garthowen-crescent-castle-hill-nsw-2154">Nova Rêve</a>, a major new mixed-use precinct on the corner of Garthowen Crescent and Old Castle Hill Road, a short walk from Castle Hill Metro Station and Castle Towers.

[smartcode_project:default project_id=152737 project_image_fid=377679]

The project will comprise three residential towers alongside a hotel, restaurants, cafes and a skybar, more than 1,600 sqm of ground-floor retail and almost an acre of landscaped gardens.

It represents the largest project undertaken by Reve Group, the development arm of the Kassis family, which has been building across the Hills District for more than 30 years through Kassis Homes.

[smartcode_project:default project_id=152737 project_image_fid=377675]

Nova Rêve also represents a significant step up from the family's first apartment development, Grand Rêve, which was delivered nearby on Garthowen Crescent.

Grand Rêve introduced larger, house-like apartment layouts and premium inclusions including Wolf and Sub-Zero appliances to the Castle Hill market.

Nova Rêve takes that approach to a precinct scale, combining the residential component with hospitality, retail and substantial public and resident landscaping.

[smartcode_project:default project_id=152737 project_image_fid=377685]

Reve Group Managing Director Sam Kassis said the project reflected the family's three decades of building in the Hills, which has evolved from trophy homes on quarter-acre blocks to larger-scale apartment development.

"Grand Rêve was our first apartment project here and it showed us what this pocket of Castle Hill could be. Nova Rêve is the refinement of that idea: not just apartments, but a place the whole suburb can use," Kassis said.

A key part of that approach is the hotel, which has been designed to operate as an amenity for the wider Castle Hill community rather than solely hotel guests.

It will include restaurants, cafes, skybars and all-day dining, alongside conference and event facilities catering to business functions, community groups and private events.

At ground level, more than 1,600 sqm of shops and cafes will open onto the surrounding streets and landscaped areas.

Almost an acre of gardens designed by Land and Form Studios will run through the precinct, incorporating pathways, seating, barbecue areas and children's play spaces.

[smartcode_project:default project_id=152737 project_image_fid=377680]

Reve Group's Romio Georges said creating an active ground plane had been central to the planning of Nova Rêve.

"There are gardens with pathways, barbecues, seating and play areas, shops and cafes opening onto the street, and a hotel with restaurants and a skybar that anyone in Castle Hill can walk into," Georges said.

The project's elevated position on one of Sydney's highest ridgelines will also provide apartments with outlooks toward the Sydney skyline, surrounding parkland and the Blue Mountains.

More than 80 per cent of the apartments will occupy corner positions, with Turner responsible for both the architecture and interiors.

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[smartcode_project_cta:default project_id=152737]

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Larry Schlesinger

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