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1976
Under the government’s Foreign Investment Policy (at the time the primary mechanism under which real estate investment was screened), some acquisitions of Australian real estate by foreign interests were examinable. However, acquisitions of residential dwellings for the intended use by expatriate Australians and accepted migrants and transfers of real estate between immediate family members were not examinable.
The Foreign Investment Review Board was established to advise the government on foreign investment proposals.
1978
All acquisitions of real estate by a single foreign interest or associated foreign interests up to a cumulative value of less than $250,000 (since 8 June 1978) did not require approval. Proposals from foreign developers to construct and sell real estate developments (including exclusively to Australians) were subject to a minimum 50% Australian equity participation.
1981
All acquisitions of real estate by a single foreign interest or associated foreign interests up to a cumulative value of less than $350,000 (since 8 June 1978) did not require approval.
1985
All acquisitions of real estate by a single foreign interest or associated foreign interests up to an aggregate value of less than $600,000 (since 8 June 1978) did not require approval. Requirement of 50% Australian equity participation removed for developments that are minor (less than $10 million) or short-term in nature (less than five years to complete).
1987
$600,000 threshold was abolished, with all proposed acquisitions of urban (including residential) real estate by foreign interests requiring approval regardless of size or value.
Advanced-off-the-plan category was introduced with a minimum requirement of four or more dwellings in a development provided that no more 50% of the units in any one project were bought by non-residents and subject to an undertaking by the developer to report all sales six monthly so that compliance with the 50% restriction could be monitored.
1989
Foreign Takeovers Act 1975 renamed Foreign Acquisitions and Takeovers Act 1975. Statutory backing given to the government’s Foreign Investment Policy, with existing restrictions requiring foreign persons to seek approval for the purchase of Australian urban real estate replicated in the Act.
1999
Advanced-off-the-plan certificates: only developers seeking advanced approval to sell up to 50% of a development with ten or more (previously four or more) dwellings to foreign investors could apply for advanced approval.
2008
The requirement for temporary residents to obtain foreign investment approval for real estate purchases was removed.
The 50% rule for the advanced-off-the-plan category was removed and replaced with a new requirement that the developer must market the development domestically and the minimum number of dwellings required in a development was increased to 100.
2010
The requirement that temporary residents need approval for real estate purchases was reinstated.
Source: Foreign investment in residential real estate: Treasury submission to the Inquiry into Foreign Investment in Residential Real Estate
Photo courtesy of Flickr/<a href="https://creativecommons.org/licenses/by-sa/2.0/" target="_blank">Creative Commons</a>.
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How foreign investment policy for Australian residential real estate has changed since the 1970s

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Agent: Lisa Dunne<img src="/images/2014/05/21/RWSPG_Agents%202%20of%2020.jpg" width="150" style="float: right;">
Position: M1 North team leader and sales and leasing consultant​
Company: Ray White Industrial
Office location: Yatala, Queensland
How long have you been in the industry?
Seven years​
What’s happening in the area you specialise in?
​Yatala Enterprise Area​ on the northern Gold Coast
Describe the most interesting property you have sold or leased
​I think it would have to be 24 Octal Street, Yatala. I took to market with Super Butcher as the tenant, then the receivers came in and I got to market again. The staff there knew me so well by the time it settled.  ​
What are the ingredients to being successful in your job?
​Communication, integrity and fun​.
What aspects of your role do you enjoy the most?
​Talking to clients (customer service), but nothing beats getting a result that both the vendor/landlord and buyer/tenant is happy with.​
Where would invest a spare $750,000?
With the ​great interest rates at the moment, it is hard to pass up commercial investment stock with great returns.
Which football team do you support?
​My house is normally full of basketball paraphernalia and not football - We follow the NBA (Chicago Bulls).
What’s your favourite app or techno gadget?
​My IPad and iPhone - can't leave the house without them.​ 
How do you use social media?
​Facebook is what I use the most and I like to keep everyone up to date with all activity in the area.  Whether it is property related or not. ​
Connect with Lisa on <a href="https://www.propertyobserver.com.au/https://au.linkedin.com/pub/lisa-dunne/58/b20/710" target="_blank">LinkedIn</a>.
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In profile: Ray White Industrial's M1 North team leader and sales and leasing consultant​, Lisa Dunne

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Whether you're a monarchist or a republican, the Queen's Birthday long weekend is a prime opportunity to get some extra value for your dollar.
Here are six things any investor can do over the next three days to progress their investments - and they're all free.
1) CHECK THE STATISTICS
If you have some suburbs in mind, then head onto our free data tool to check the latest statistics about that area, which uses RP Data to great effect. You can also do a quick search to find out if we've been writing about the area. If you'd like us to cover it in a suburb spotlight (see <a href="?option=com_googlesearch_cse&amp;q=suburb%20spotlight" target="_blank">where we've covered before in our vault here</a>), then email: <a href="mailto:news@propertyobserver.com.au" target="_blank">news@propertyobserver.com.au </a>and we will see what we can do.
You might also want to go online and hunt down other statistics for the area. <a href="https://www.abs.gov.au/websitedbs/censushome.nsf/home/quickstats?opendocument&amp;navpos=220" target="_blank">Quickstats from the Australian Bureau of Statistics</a> uses Census Data to provide you the latest demographic and area snapshot. <a href="https://www.sqmresearch.com.au/free-statistics.php" target="_blank">SQM Research</a> is also an invaluable source of information about stock on market, asking prices and vacancy rates as well as their new 'implied gross rental yield' statistic.
2) GET SOME QUICK READING DONE
We provide a range of eBooks written by Property Observer journalists. From guides to refinancing, tax strategies, SMSFs and tips for buying off-the-plan, there's a wealth of information you can get your hands on. They come in PDF format.
3) FIGURE OUT WHAT YOUR PROPERTY/IES ARE WORTH
If you have a portfolio of property, then it's worth keeping an eye on how much they may potentially be worth - and therefore how much of a buffer you have. Extra equity can always be re-invested, while those seeing their value decrease should consider how they might act.
Online valuations can be indicative, however we've previously warned that <a href="https://www.propertyobserver.com.au/residential/diy-website-property-valuations-mostly-askew/2012042754446" target="_blank">they are often askew</a>, and you'll want to hop onto listings websites (such as realestate.com.au and realestateVIEW) to undertake some of your own comparison research. Be sure to check to find out what properties have sold for in your area and ensure they are comparable before leaping to conclusions.
If you have some extra time, you could always line up an appraisal with a real estate agent for some further insight.
4) CHECK IN WITH YOUR TENANTS
Speak to your property manager and just double check how your tenants are going. Ensure you know when the lease comes to an end, and whether there have been an queries or complaints from the tenants. Ask your property manager, if you are not in contact with your tenants, to ask them if there's anything they need fixing or that would make them more comfortable. Some tenants, for instance, are happy to pay more weekly if you provide them with air conditioning or something similar that would make their lives more enjoyable.
Ensure that all repairs have been undertaken and that your property manager has undertaken regular inspections as required.
5) PUT INTO PLACE A SAVINGS PLAN
If you haven't already got a budget and a savings plan, then you'll want to take action quickly. <a href="https://www.propertyobserver.com.au/finance/savings-tips-for-2014-get-your-new-home-faster/2014010967128?utm_source=po&amp;utm_medium=aida&amp;utm_campaign=news" target="_blank">We've put together a guide to savin</a><a href="https://www.propertyobserver.com.au/finance/savings-tips-for-2014-get-your-new-home-faster/2014010967128?utm_source=po&amp;utm_medium=aida&amp;utm_campaign=news" target="_blank">g</a> that you can glean some useful tips from. 
6) ATTEND SOME OPEN HOMES IN YOUR TARGET AREA 
Start having a look at what type of stock is on the market and get an understanding of buyer interest at the different properties. You'll want to keep detailed records so you can start tracking how quickly different types of property sell. We recommend reading these <a href="https://www.propertyobserver.com.au/residential/nine-areas-to-check-at-open-for-inspections-karin-derkley/2012031553709" target="_blank">nine areas to check when you're at an open house</a>, and the breakdown of each room. You'll quickly get an understanding for the different properties around and which streets are more popular.
Remember to keep your ears open for what other attendees say about the property.
Here are some other tips on how to spend your long weekend: 
<a href="/expert-insights/building/10-tips-to-beautify-your-garden-this-weekend">10 tips to beautify your garden this weekend</a>
<a href="/expert-insights/buying/six-weekend-things-to-consider-about-investment-advice">Six weekend things to consider about investment advice</a>
This is a republished article.
 
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Six investor activities for the long weekend

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The Simon family sold their vast Point Piper harbourfront trophy home mid-week for just shy of $30 million, some eight years after the initial listing.
<a href="/expert-insights/buying/simon-family-point-piper-sale-swings-pendulum-back-to-the-harbourfront">It once had $60 million price hopes</a>, reduced to $42 million by 2011, and then $38 million by mid-2013 (the home is pictured below).
<img src="/images/2014/06/03/point%20piper_0001_2.jpg.jpg" alt="Simon family Point Piper sale swings pendulum back to the harbourfront">
There are still plenty of other prestige Point Piper offerings that languish unwanted by buyers at current pricing, and many others not officially listed publicly on websites. 
It is possible the sale of 130 Wolseley Road will now encourage a sensible price revision among the remaining ambitious vendors. 
Our property contrarians Jonathan Chancellor and Margie Blok commented late last year that the bullish sale of Altona in April 2013 actually prompted another<a href="/news/the-altona-aftermath-buyers-baulking-at-the-ambitious-asking-prices-sydneys-top-20-house-sales-in-2013-he-said-she-said"> </a>sales impasse becoming embedded given all <a href="/news/the-altona-aftermath-buyers-baulking-at-the-ambitious-asking-prices-sydneys-top-20-house-sales-in-2013-he-said-she-said">vendors decided their own home was worth more in the aftermath of the $52 million trophy home</a>.
They now look at the stalest listings and select their own preference.
1) In mid 2012 the Point Piper home of Ron Medich and his wife, Odetta, was listed officially for sale, but it was actually being shown to prospective buyers since 2011. 
The harbourfront property had previously been quietly listed for sale, never publicly marketed in print or internet. 
<img src="/images/stories/november29medich/medich_0005_krm_r_4_05.jpg.jpg">
It was listed through Bill Malouf at LJ Hooker Double Bay, in conjunction with Ken Jacobs at Christies Great Estates with revised $40 million price expectations down from February 2011's reported $55 million hopes. 
The Australian architectural studio <a href="https://www.propertyobserver.com.au/residential/tasmanian-tigers-keep-watch-over-the-point-piper-harbourfront-mansion-of-the-much-accused-ron-medich/2011112852588" target="_blank" style="line-height: 1.3em;">Katon Redgen Mathieson completed the Point Piper project in 2009</a> for Medich, who made a fortune with his brother developing industrial sites in Sydney’s west, and Ron's  estranged wife, Odetta. The David Katon-designed house replaced the house bought from the restaurateur Wolfie Pizem in 2003 for $15.1 million.
2) <a href="https://www.propertyobserver.com.au/new-south-wales/point-pipers-most-prized-leslie-wilkinson-home-listed-for-about-%2430-million/2012030153649" target="_blank" style="line-height: 1.3em;">One of Professor Leslie Wilkinson's most prized Point Piper houses </a>remains listed for sale by the retired shirt maker-cum-property developer Charles Scarf and his wife, Maria (pictured below). 
<img src="/images/stories/leswilkinson.jpg">
The 1959 Wentworth Street property was the second-last of Wilkinson’s house designs. It was listed in March 2012. It last traded when bought from the then low-profile expatriate businessman Richard Wiesener for $8.25 million – which was 1992's highest sale. 
<img src="/images/stories/leswilkinson4.jpg">
The neighbouring property had been bought for $6.5 million for its tennis court in 1989, and it took the estate to 2,717 square metres. The original house reportedly cost $350,000 in the 1970s.
3) In late 2012 the Edwardian-era harbourfront house of John Piven-Large was listed. It had last traded when it was a duplex. The now restored <a href="/news/john-piven-large-seeks-to-push-through-point-piper-prestige-property-sales-paralysis-title-tattle">four-bedroom house</a> (pictured below) and one-bedroom self-contained apartment with a 30 metre private tidal beach has been through a <a href="https://www.realestate.com.au/property-house-nsw-point+piper-115954615" target="_blank">change in marketing agents</a> to Jason Boon at Richardson &amp; Wrench Elizabeth Bay and Ben Collier at McGrath by the low-key liquor industry entrepreneur who owns the Centennial Vineyard at Bowral.
 <img src="/images/2014/06/06/point%20piper%20june%206%20one.jpg" alt="">
4) The house on the slither of land from the subdivided Paradis sur Mer estate is back for sale. 
The 260-square-metre parcel of land - the second smallest vacant block among Sydney Harbour's 2,400 waterfront sites - is about eight metres wide and about 34 metres deep.
It was last sold by the speculative property developers Gerald and Monica Symonds for $1.44 million in 1994 and bought by the neighbours who owned the hi-tech Bang &amp; Olufsen house, anxious that no further building take place on the site.
They built the narrow house that is <a href="https://www.realestate.com.au/property-house-nsw-point+piper-116163487" target="_blank" style="line-height: 1.3em;">currently up for sale through Sotheby's International agent James McCowan</a> (pictured below). It's listed with $15 million hopes. It was initially listed in 2010 with $13 million plus hopes by the Taechaubol family.
<img src="/images/2014/06/06/point-piper-june-6-two.jpg" alt="">
5) Not officially marketed at the moment, but on and off over the years, there's possibly a chance to snare the home of the headhunter Julia Ross, <a href="https://www.propertyobserver.com.au/residential/artists-patricia-piccinini-and-peter-hennessey-get-sweet-deal-selling-in-fitzroy-title-tattle/2011112552545" target="_blank">Villa del Mare</a> (pictured below).
<img src="/images/stories/villadelmare.jpg">
 
The Wolseley Road offering was firstly discreetly put on the market in 2011. The trophy residence had $40 million-plus hopes through Ken Jacobs of Christie's Great Estates and LJ Hooker Double Bay's Bill Malouf. 
<img src="/images/stories/villadelmare2.jpg">
The limestone palazzo sits on a 1,508-square-metre block. The house was built in the late 1990s by the developer Nati Stoliar. It’s almost certain to sell to Chinese buyers on any relisting, so as sun doesn't need the marketing to the locals.
<img src="/images/2014/03/28/jc-silhouette-7.jpg" alt="" style="float: right;">
HE SAID: 
Forget Wolseley Road, Wolseley Crescent and Wunulla Road. I adore the hillside Professor Leslie Wilkinson-designed Mediterranean home with its tennis court on Wewtworth Street. Yes it is inland, but so very private. 
Indeed actor Adrian Brody celebrated the 2014 New Year's Eve celebrations in absolute privacy at the house when he was in Sydney filming Backtrack, a psychological thriller. 
The house and garden are charming and calming. No banana chairs here!
<img src="/images/2014/03/28/mb-silhouette-6.jpg" style="float: left;">SHE SAID:
For me, the Wunulla Road home of low-key liquor industry entrepreneur John Piven-Large is a ‘lay down misère’ given its magnificent waterfront position at the cul-de-sac end of this prestigious street.
While Jonathan fancies swanning around at the non-waterfront Scarf residence (I can see him hosting tennis parties and serving Pimms on the lawn), I’d prefer to be down the hill and propped up on a banana chair by the harbour.  
Built in 1913, the Piven-Large house is in good company, being two doors north of Altona, the suburb’s best-known trophy residence which sold for $52 million last year. 
Also two doors away is Routala, the waterfront home of hedge fund director Gordon Fell and his wife, Pip, which sold in 2007 for $28.7 million setting a record price at that time. The Fell's are still there despite cheeky reports suggesting it was for sale last June.
Other near neighbours include Herewai, a landmark Spanish Mission stucco building, one of the Rydge family’s vast compound of properties on this exclusive tip of Point Piper. 
In 1960, when Herewai was a duplex, Sir Norman Rydge, bought one apartment from a grazier, Anthony Hordern the younger, for £30,250. Eight years later, he purchased the other apartment for $105,000. Since, his youngest son, Alan, has added an assortment of other properties to the family’s Wunulla Road holding. 
The Edwardian-era harbourfront house of John Piven-Large was also duplex when it last traded. 
Piven-Large engaged the celebrated architect Espie Dods to restore the building to a four-bedroom house with a self-contained one-bedroom apartment. 
Standing on 961 square metre block with a 28.7 metre width to the water and a tidal sandy beach, it is one of only four Wunulla Road homes with unobstructed views of the Harbour Bridge and Opera House. 
 
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Point Piper prestige: He Said/She Said looks at what's still on offer

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GUEST OBSERVATION
Reports of the Westfield Group’s attempts to push through a <a href="https://www.theage.com.au/business/unisuper-attacks-lowy-on-westfield-split-plans-20140601-39cm8" target="_blank">$15 billion restructure</a> - complete with a <a href="/expert-insights/investing/deferred-not-defeated-the-lowys-retreat-on-westfield-restructure-proposal">boisterous showdown last Thursday</a> - have mostly concentrated around the effect of the deal on its investors, led mainly by major shareholder, Uni Super.
But the controversial demerger also puts on show the ability of large property landlords like Westfield to legally employ aggressive tax planning to significantly minimise tax, at a time when the federal government has announced that a budget “crisis” requires significant expenditure cuts and the raising of taxes.
As we wrote prior to last week’s vote, our report, commissioned by union United Voice suggests the Westfield Group effectively paid just 8% tax in the seven years to 2013, and its property arm, Westfield Retail Trust (WRT), no tax at all.
This is due to extensive use by the both the Westfield Group and Westfield Retail Trust of trust structures known as <a href="https://www.investors.asn.au/education/property/real-estate-investment-trusts-reits/" target="_blank">Real Estate Investment Trusts</a> (REITs), which it has combined with <a href="https://www.moneysmart.gov.au/investing/complex-investments/stapled-securities" target="_blank">stapled securities</a>.
REITs allow investors, known as unit holders, to hold unit interests in global property portfolios, with attractive yields and tax considerations (as I’ll discuss further down). In Australia, Westfield Group and Westfield Retail Trust are the largest in what is called A-REITS. Other large A-REITs in the publicly listed real estate sector include <a href="https://www.epra.com/media/EPRA_Global_REIT_Survey_2013_-_Australia_1378975784682.pdf" target="_blank">Stockland, Goodman and GPT Group</a>.
According to the European Public Real Estate Association’s Global REIT survey 2013:
"One of the key tax benefits arising for the investor from a trust structure is that distributions from the trust retain their tax attributes (‘flow through’ entity), making an investment via a fixed trust generally comparable in most respects to a direct interest in the real estate. Unit trusts stapled to company structures are common in Australia."
In comparison to all other firms in the real estate management and development sub-industry, known as A-REITs, the Westfield Group consistently rates in the mid-range of tax aggressiveness.
However, the effective tax rates of its sub-industry as a whole are well below the statutory tax rate, as well as the estimated average effective tax rate of 22% for all ASX200 companies over the past decade. This, together with the widespread use of trust structures, suggests that this industry is fairly tax aggressive.
While the Westfield Group is not more tax aggressive than other companies in the real estate development and management industry, its comparative size creates a much larger impact than most of the other entities.
The magnitude of the estimated tax avoidance by Westfield Group amounts to over A$380 million dollars and the Westfield Retail Trust to $171 million dollars in the years from 2006 to 2013, based on their calculated effective tax rates and their reported earnings.
Peter Strong, Executive director of the Council of Small Business of Australia (COSBOA), when discussing the upcoming federal budget and areas where tax collections could improve, said that:
"The area they’ve got to really focus on is the very large businesses that use offshore tax havens, like Westfield. They don’t pay the tax they should pay … if you want to send the right message to the business community in Australia it needs to be that we are going to make sure everyone pays tax, in particular the big businesses."
Despite this there have been no recent reviews by the federal government of the low effective tax rates of companies in the real estate management and development industry, or any other industry for that matter.
An additional issue relates to the disclosure of tax payment information. Finding evidence of tax aggressiveness by corporations is difficult due to the confidentiality of tax documents and assessments, and the minimal disclosure of tax related information in the financial statements.
It is almost impossible to obtain tax payment information of trusts and foundations. This is of most concern with respect to REITs, many of which are large publicly listed entities (such as WRT) that pay no tax at the corporate level.
The use of trusts in the corporate structure of Westfield allows the tax burden to be passed through to the beneficiaries, or unit holders, of the trusts. This advantages unit holders who are able to reduce their tax at an individual level.
Unfortunately, the individual unit holders do not have to disclose the tax paid on the REITs distributions, and therefore, it cannot be established how much tax is actually paid on the profits of Australian REITs.
Furthermore, in Australia companies do not have to report where profits are generated or where tax is paid by tax or geographical jurisdiction. Unlike US firms, Australian firms are not required to split their taxes between local, federal and foreign tax expense.
Further analysis is needed at the firm level into the use of tax planning schemes to determine whether some firms are avoiding taxes. This research supports the drive to include the reporting of income and taxes, including taxes paid, in geographic and jurisdictional segments.
This issue is high on the agenda for the upcoming G20 meetings in Brisbane in November this year. If companies are mandated to disclose detailed information on where profits are made and taxes paid by jurisdiction, the tax avoidance will become more obvious and may thus damage corporate reputations.
The hope is that the greater potential risk to corporate reputations will somewhat deter companies from highly aggressive tax avoidance.
Roman Lanis is senior lecturer, accounting at University of Technology, Sydney.
Ross McClure is a PhD candidate and casual academic at University of Technology, Sydney.
 
This research was commissioned by United Voice.
This article was originally published on <a href="https://theconversation.com" target="_blank">The Conversation</a>.
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Westfield’s stoush should shine light on tax paid by property trusts

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Agent: Terry Hassan<img src="/images/2014/05/19/hassan-profile.jpg" alt="" style="float: right;">
Position: Associate director, sales and leasing
Company: Knight Frank
Office location: South West Sydney
How long have you been in the industry? 
I have been in the real estate industry for over 10 years.  I firstly began my career in Western Sydney where I was a residential agent for a number of years before moving to BB Retail Capital (BBRC) and specialised in retail leasing. For the past six years, I have worked in commercial, retail and industrial
What’s happening in the area you specialise in?
The south-west is arguably Sydney’s fastest growing region with a growing number of new developments in the pipeline, coupled with land rezoning and the recent announcement of the Badgerys Creek Airport, the region is thriving with residential and industrial development.
Describe the most interesting property you have sold
I believe every property is interesting and has its own merit, although one that stands out would most likely be a deal that was negotiated over a term of 12 months. This included a number of issues in rezoning, council objections and even a court battle so all in all, I learnt a great deal and this was a very interesting transaction.
What are the ingredients to being successful in your job?
I believe success is not about how much money you make but what impression you leave on your client. Without a doubt, attitude would have to be the most important ingredient to being successful in your job as an agent. Even if the world is falling apart around you, remember to stay positive.
What aspects of your role do you enjoy the most?
I thrive on being in an auction environment; there is nothing better than being amongst a fast paced, exciting auction.
Where would you invest a spare $750,000?
At the moment I would say industrial as demand will only continue to increase and its capital growth is higher than residential.
Which football team do you support?
"The family club" - Canterbury Bulldogs.
What’s your favourite app or techno gadget?
Most people might find this fairly boring, although I would need to say my mortgage calculator. It calculates stamp duty and loan repayments within seconds and is super easy to use.
How do you use social media?
I’m a huge fan of <a href="https://www.propertyobserver.com.au/https://au.linkedin.com/pub/terry-hassan-sales-and-leasing/44/4a/436" target="_blank">LinkedIn</a>. By actively using it over the years, it has helped lift my personal profile in the property sector and also meet and network with property professionals Australia wide.
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In profile: Knight Frank's associate director, sales and leasing, Terry Hassan

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RBA governor Glenn Stevens' June statement:
At its meeting today, the Board decided to leave the cash rate unchanged at 2.5 per cent.
Growth in the global economy is continuing at a moderate pace, helped by firmer conditions in the advanced countries. China's growth appears to have slowed a little in early 2014 but remains generally in line with policymakers' objectives. Commodity prices in historical terms remain high, but some of those important to Australia have continued to decline of late.
Financial conditions overall remain very accommodative. Long-term interest rates have fallen further and risk spreads remain low. Emerging market economies are once again receiving capital inflows. Volatility in many financial prices is currently unusually low. Markets appear to be attaching a very low probability to any rise in global interest rates over the period ahead.
In Australia, the economy grew at a below-trend pace in 2013 overall, but growth looks to have been somewhat firmer around the turn of the year. This has resulted partly from very strong increases in resource exports as new capacity has come on stream, but smaller increases in such exports are likely in coming quarters. Moderate growth has been occurring in consumer demand and a strong expansion in housing construction is now under way. At the same time, resources sector investment spending is set to decline significantly. Signs of improvement in investment intentions in some other sectors are emerging, but these plans remain tentative, as firms wait for more evidence of improved conditions before committing to significant expansion. Public spending is scheduled to be subdued.
There has been some improvement in indicators for the labour market in recent months, but it will probably be some time yet before unemployment declines consistently. Recent data confirm that growth in wages has declined noticeably. If these and other domestic costs remain contained, inflation should remain consistent with the target over the next one to two years, even with lower levels of the exchange rate.
Monetary policy remains accommodative. Interest rates are very low and for some borrowers have edged lower over recent months. Savers continue to look for higher returns in response to low rates on safe instruments. Credit growth has picked up a little. Dwelling prices have increased significantly over the past year, though there have been some signs of a moderation in the pace of increase recently. The earlier decline in the exchange rate is assisting in achieving balanced growth in the economy, but less so than previously as a result of the higher levels over the past few months. The exchange rate remains high by historical standards, particularly given the further decline in commodity prices.
Looking ahead, continued accommodative monetary policy should provide support to demand, and help growth to strengthen over time. Inflation is expected to be consistent with the 2–3 per cent target over the next two years.
In the Board's judgement, monetary policy is appropriately configured to foster sustainable growth in demand and inflation outcomes consistent with the target. On present indications, the most prudent course is likely to be a period of stability in interest rates.
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Moderation in pace of house prices lately, despite significant yearly growth: Glenn Stevens' June statement

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Rental yields are understandably an important focus for many investors who need to consider their hip pocket. 
However, for units and houses around Australia – which capital cities offer the best returns?
Here are the capital cities from greatest to smallest for gross rental yields, from RP Data’s May 2014 collected statistics.
HOUSES
<ul>
<li>
5.8% - Darwin </li>
<li>
5.2% - Hobart</li>
<li>
4.6% - Brisbane </li>
<li>
4.3% - Canberra </li>
<li>
4.3% - Adelaide </li>
<li>
4.2% - Perth </li>
<li>
3.8% - Sydney </li>
<li>
3.4% - Melbourne </li>
<li>
3.9% - Combined capitals </li>
</ul>
Source: RP Data, May 2014 
Turn the page for the gross rental yields achievable for units.
<hr class="system-pagebreak">
UNITS
<ul>
<li>
5.8% - Darwin </li>
<li>
5.4% - Brisbane </li>
<li>
5.2% - Hobart </li>
<li>
5.0% - Canberra </li>
<li>
4.9% - Adelaide </li>
<li>
4.8% - Perth </li>
<li>
4.7% - Sydney </li>
<li>
4.4% - Melbourne </li>
<li>
4.7% - Combined capitals </li>
</ul>
(Source: RP Data, May 2014)
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Which capital cities offer the best rental yields?

<html><body>
Agent name: Sam Brewer<img src="/images/2014/05/19/brewer-profile.jpg" alt="" style="float: right;">
Position: National director - head of metropolitan sales and investments 
Company: JLL
Office location: NSW
How long have you been in the industry?
I have been in the property industry since 2002. I began my career at Chesterton International as an industrial sales and leasing agent, and moved on to CBRE running their South Sydney Industrial team for two years.
I then spent several years in development before joining JLL in early 2010, initially running the Mascot business as head of office, South Sydney. As of 2014, I now run the NSW metropolitan sales and investments business.
What’s happening in the area you specialise in?
It’s no secret that residential development sites are absolutely booming in Sydney at the moment.
Both local and offshore (largely Asian) developers in particular are seeking large-scale development sites between 100 and 1,000 apartments. This has resulted in price growth of over 20% since late 2013 for such sites. We’re also seeing demand levels similar to those not seen since 2007 for suburban investment stock such as service stations and freestanding office buildings.
Describe the most interesting property you have sold.
There is a lot of growth in South Sydney, with prices moving quickly. In November last year I advised a client on a residential development site in Zetland that their site should sell for around $30 million in an open market environment. During the campaign we received over 100 enquiries and 10 offers, with an eventual sale price of $47.5 million – showing that when marketed properly in a rising market, anything is possible.
What are the ingredients to being successful in your job? 
Having strong integrity is key to being successful in this role – you’ve only got one reputation. Your best clients are often your colleagues, so maintaining internal relationships is also really important.
What aspects of your role do you enjoy the most?
I love the varied characters we deal with in metropolitan sales. Many of the private investors and developers we deal with started their careers with very little and have built extreme wealth. There’s a lot to learn from them. 
Where would you invest a spare $750,000?  
If I was taking a conservative view of the market, I would probably invest in an art deco apartment in the eastern suburbs of Sydney. If I was taking an aggressive view of the market, I’d use it to put towards a residential development site within 20 kilometres of the Sydney CBD.
Which football team do you support?
I support the Brumbies.
What’s your favourite app or techno gadget?
My Android smartphone.
You can connect with Sam on <a href="https://www.propertyobserver.com.au/https://www.linkedin.com/pub/sam-brewer/37/246/594" target="_blank">LinkedIn</a>.
</body></html>

In profile: JLL's national director - head of metropolitan sales and investments, Sam Brewer

<html><body>
Here are the grants currently accessible by first time buyers, as per information available from the respective Office of State Revenues and Treasuries.
Please note that eligibility factors may influence the amounts available in each state. You can check out the <a href="/expert-insights/buying/the-national-guide-to-first-home-buyer-grants">national guide to first home buyer grants</a> to see a more detailed rundown of what's available across Australia for first home buyers.
$10,000
<ul>
<li>Victoria</li>
</ul>
For new properties a grant of $10,000 is available.
There is no grant for buying established properties.
<ul>
<li>Western Australia</li>
</ul>
A grant is available for first time buyers of $10,000 for those purchasing or building a new home. 
Those looking to buy established may be able to net a $3,000 grant.
 
$12,500
<ul>
<li>Australian Capital Territory</li>
</ul>
First home buyers in the ACT purchasing a "new" or "substantially renovated" property can net themselves $12,500. 
There is no grant for buying established properties.
 
$15,000
<ul>
<li>South Australia</li>
</ul>
For those buying a new home, since 1 January 2014 $15,000 is achievable.
For those purchasing established homes, currently $5,000 is attainable - dropping to $0 from 1 July.
<ul>
<li>New South Wales</li>
</ul>
First home buyers in New South Wales can currently net a $15,000 grant - however this will be reduced to $10,000 as of 1 January 2016.
This grant is only available to those who buy a new home or build their home.
<ul>
<li>Queensland</li>
</ul>
W hen purchasing new, Queensland first time buyers can receive $15,000. 
There is no grant for buying established properties.
 
$26,000
<ul>
<li>Northern Territory</li>
</ul>
From 13 May 2014 to 31 December 2014, a new home is applicable for a $26,000 grant.
An established property in an urban area will be provided $12,000 and elsewhere $25,000. 
 
$30,000
<ul>
<li>Tasmania</li>
</ul>
Currently, established and new properties can receive a $7,000 benefit for first time buyers.
For new properties, the First Home Builder Boost has increased since 7 November 2013 from $8,000 to $23,000, and applies until 31 December 2014. Those eligible for this would also be eligible for the $7,000 FHOG, bringing their total payment to $30,000.
</body></html>

Which state has the highest first home owner grant?

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.

Joel Robinson

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

<main data-perf-region="main">
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.

&nbsp;

[smartcode_project_cta:default project_id=152737]

<h3 data-end="3697" data-section-id="q3n5ak" data-start="3672">&nbsp;</h3>
</main>

Nova Rêve arrives as Reve Group bets on Castle Hill's next growth phase

A collection of just 25 large-format apartments and penthouses overlooking Goodwin Park is entering the Coolangatta market, with <a href="https://www.apartments.com.au/new-apartments/marea-residences-coolangatta-27-27a-dixon-street-coolangatta-qld-4225">Maréa Residences</a> combining a low-density, residential-only approach with uninterrupted park and Pacific Ocean outlooks.

Located at 27 Dixon Street, Maréa comprises three and four-bedroom residences alongside a limited number of dual-level penthouses, with the project positioned between Goodwin Park and <a href="https://www.apartments.com.au/developments/coolangatta-qld-4225">Coolangatta</a>’s coastal precinct.

Construction has commenced, with completion currently estimated for late 2027. Three-bedroom residences are priced from $1.8 million.

[smartcode_project:default project_id=150999 project_image_fid=374005]

The project has been designed around its northern outlook across the park, with the building’s architecture, landscaping and material palette intended to establish a connection with the neighbouring green space. The residences have been configured to maximise natural light and views across Goodwin Park towards the ocean.

Inside, the material palette incorporates timber, stone and brushed brass, complemented by curved detailing and ambient lighting. Kitchens and bathrooms carry the same natural material approach, while residences also include basement parking, storage and lift access.

Maréa’s penthouses are arranged over two levels and include private pools, adding another layer to the project’s focus on larger-format apartment living. Across the development, residences are configured with three or four bedrooms rather than the broader mix of smaller apartment types commonly found in larger projects.

[smartcode_project:default project_id=150999 project_image_fid=374010]

Resident amenity is concentrated at rooftop level, where landscaped entertaining terraces and pools take advantage of elevated views across Coolangatta and the Pacific Ocean.

The project has so far been particularly well received by local owner-occupiers and downsizers, according to Urban Activation Property Sales and Marketing Director Matt George, with the residential-only format, construction quality and northern park outlook among the features resonating with purchasers.

“The uninterrupted northern aspect overlooking Goodwin Park has been a key point of difference, with buyers attracted to the sense of serenity and open space the park provides, while still enjoying easy access to the ocean and being within walking distance of the lifestyle and amenities Coolangatta has to offer,” George said.

[smartcode_project:default project_id=150999 project_image_fid=374002]

“The combination of high-quality construction, a residential-only building, park outlook and proximity to the beach has resonated strongly with the local downsizer market.”

The Dixon Street address is within walking distance of Coolangatta Beach and the broader southern Gold Coast coastline, including the surf breaks at Snapper Rocks and Kirra. Coolangatta’s cafés, restaurants and retail are nearby, while Gold Coast Airport is also within close proximity.

[smartcode_project_cta:default project_id=150999]

Maréa Residences brings parkside apartments to Coolangatta

Melbourne developer PDG has secured Victorian Government approval for its $1.5 billion Southbank development <a href="https://www.apartments.com.au/new-apartments/the-one-1-queens-bridge-street-southbank-vic-3006">The One</a>, clearing the way for the long-dormant riverfront site opposite Crown to finally be developed.

The Minister for Planning has approved the project at 1-29 Queens Bridge Street, with the Department of Transport and Planning issuing the planning permit following its assessment.

The approval will allow PDG to develop the prominent 5,059 sqm site with a major mixed-use tower comprising premium apartments, including branded residences, a luxury hotel and boutique office space.

PDG acquired the site in late 2024, with its position directly opposite Crown's main entrance and near Melbourne's Arts Precinct making it one of Southbank's most significant remaining development opportunities.

<img alt="PDG" data-entity-type="file" data-entity-uuid="3933013e-6332-4386-b9be-089df05caf17" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-27%20at%209.29.22%E2%80%AFAM.png?VersionId=sITIgBqDL0N3VNSMwWEmF5UA.uvcsRyu" />

Designed by COX in collaboration with ODO and PDG, the tower's architecture draws on the movement of the Yarra River, with six vertical pleats running the height of the sculpted facade.

The project will also see the heritage-listed Queens Bridge Hotel restored and incorporated into the development&nbsp;with new hospitality and public uses, including a rooftop venue.

A significant component of The One will be its residential amenity.

More than 5,000 sqm of resident facilities will be delivered across a single level, making it one of the largest consolidated residential amenity offerings proposed in an Australian apartment development.

The planning approval also incorporates a major upgrade of Queensbridge Square, which PDG will deliver in partnership with the City of Melbourne.

<img alt="PDG" data-entity-type="file" data-entity-uuid="73167fcd-1031-4b6f-a408-a064cfe45ed1" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-27%20at%209.29.17%E2%80%AFAM.png?VersionId=Pf1AEWxw6SNmBqR0zQW5lyEze.MtxgFp" />

The existing square will be revitalised as a new civic and pedestrian space along the Yarra River, strengthening the connection between the project, Southbank and the riverfront.

PDG Founder and Managing Director Vince Giuliano said the approval represented a major milestone for a site which has remained largely underutilised for more than 15 years.

“This is the most significant Planning Permit approval Melbourne has seen in recent years,” Giuliano said.

“For more than 15 years, this site has remained underutilised. This approval enables us to deliver a project that will contribute meaningfully to the revitalisation of Southbank, restore and reactivate an important heritage building, and create a new civic and hospitality destination for Melbourne.”

The latest approval follows an earlier planning permit issued by the City of Melbourne covering demolition works across part of the site at 9-29 Queens Bridge Street. Those demolition and early works are already underway.

PDG has also started generating early interest in the residential component from owner-occupiers ahead of a planned public launch in early 2027.

PDG secures approval for $1.5bn Southbank apartment development, The One

Local developer Harridan is seeking to turn its Woolloongabba apartment project into the first stage of a broader transformation of Burke Street, using a new 16-storey mixed-use building to establish a greener pedestrian connection toward the rapidly evolving Boggo Road transport and knowledge precinct.

The South East Queensland developer has filed plans for 154 apartments on the <a href="https://www.apartments.com.au/new-apartments/4-burke-street-woolloongabba-qld-4102">southern side of Burke Street</a>, where its proposal has been designed alongside a wider vision by LatStudios for the street.

That vision positions the southern side of Burke Street for buildings of 15 storeys and above, while envisaging lower-rise development of up to five storeys on the northern side to transition into Woolloongabba's existing character housing. It also proposes wider pedestrian verges, deep planting, new street trees and upgrades to the pedestrian approach to Boggo Road Station.

The Harridan development itself has been designed by Brisbane-based Arqus Design and will comprise 154 apartments across 16 storeys. The mix is weighted heavily toward two-bedroom apartments, with 121 proposed alongside 10 one-bedroom and 23 three-bedroom residences. There will typically be around 14 units per floor.

A lower-ground car park and three podium levels will accommodate 156 resident parking spaces, along with visitor and commercial parking. There will also be 154 resident bicycle spaces and 40 visitor bicycle parks.

&nbsp;

Harridan is a family-owned developer and part of the Holmwood Highgate Group, with more than three decades of development activity across South East Queensland. Its portfolio spans residential, commercial and industrial property, with current residential projects including Riverbank on Byron in Bulimba, Esperance Residences in Carina and The Precinct at Kinross Road in Thornlands.

Wooloongabba has been popular for apartment developers, particularly since the announcement of the 2032 Summer Olympics games in Brisbane.

While there have been a lot of development applications, it has failed to materialize into real supply.&nbsp;

Sarazin has been the major player in the area. They are under construction at Murcia Residences, on the fringe of East Brisbane and Woolloongabba. They have just launched <a href="https://www.apartments.com.au/new-apartments/the-stanley-residences-woolloongabba-8-trafalgar-street-woolloongabba-qld-4102">The Stanley Residences</a>, in Woolloongabba on Trafalagar Street. They also have Nuage coming soon on the nearby <a href="https://www.apartments.com.au/new-apartments/nuage-woolloongabba-14-wellington-road-woolloongabba-qld-4102">Wellington Road</a>.

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