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Over the three months to December 2015, 7.6 percent of Canberra homes re-sold at a loss compared to 11.2 percent over the previous quarter and 10.9 percent a year earlier, according to the latest Pain &amp; Gain report from Core Logic RP Data.
It was Canberra's lowest proportion of loss-making resales since February 2014.
<a href="/images/2016/03/30/Screen%20Shot%202016-03-30%20at%203.38.54%20PM.png" target="_blank">Click to enlarge</a>
<img src="/images/2016/03/30/Screen%20Shot%202016-03-30%20at%203.38.54%20PM.png" alt="" width="813" height="236">
Across Canberra 69 auctions were held this week with a 64 percent sales success including the $1,515,000 sale of the former bolthole of the former Federal Treasurer Joe Hockey.
The fringe property market of Canberra has undergone significant development within the past 24 months, say valuation firm Herron Todd White in their April 2016 property clock.
The median price for a house in Forrest is $2,150,000, according to CoreLogic RP Data.
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Losing resale levels falling across Canberra: CoreLogic RP Data's Pain & Gain

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As promotion for the launch of its new product ANZ Sell Ready™, ANZ recently conducted a competition where owners of a residential property for sale in the Sydney area could win a prize of billboard advertising.
The winners had to be creative with their pitch for selling their home and write a caption which was then promoted. 
There were 12 winners, with the winners getting advertising on a major billboard or on the back of scooters, driving around your local neighbourhood to help sell their home.  
The competition ran between February 29 and April 8.
<a href="https://www.anz.com/personal/home-loans/forms/sell-ready-competition/?applyPath=https%3A%2F%2Fapply1.anz.com%2Frof" target="_blank">The winners</a> included:
Jacquie and Geoff, Bella Vista NSW (who have their five bedroom- listed with a price guide of $1,285,000 - $1,350,000); 
Amr, Greenacre NSW (who has sold, with price not disclosed); 
David and Amy, Thornleigh NSW (who townhouse is listed for $830,000)
and Natalia and Alex at West Pennant Hills NSW (whose five-bedroom house, has price expectations not disclosed).
The campaign by ANZ suggested selling a property can be stressful, besides the fact that one has to have access to the knowledge and tools to sell wisely.
ANZ Sell Ready™ has been promoted as an all-in-one product, from helping prepare your house for sale to ensuring your sale proceeds work as hard as possible for you.
Its features include an exclusive bonus interest rate offer on sale proceeds; selling tips; and ANZ Property Profile Report and the possibility of bridging finance. 
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Billboard space to help sell your home: ANZ prize

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The only good thing about mistakes is that we can all learn from them. 
Otium’s team of financial advisers, accountants and administration specialists guide clients through big property investment decisions on a day-to-day basis. They have also experienced the ups and downs of investing in property personally. We decided to round up the team and asked them to share the most common property investing mistakes and things to consider, so you can avoid making the same mistakes:
<h2>1.Fixing rates</h2>
“I remember pre-GFC when rates were high, I got caught up in the hype of needing to own a property.  The problem was debt was easy to obtain and I got a house way before I could afford it.  Not only was it outside of my affordability, I locked rates at a ridiculous 7.5%.  It was just not the time to be fixing and I was caught with high rates until I sold the house a few years later.  When in doubt, use the variable rate until there are extraordinary low interest times.  Even then, consider hedging your bets.  Use a good mortgage broker who is willing to advise you and always check with your accountant.”
CEO Drew Grosskreutz
<h2>2. Inspecting the property</h2>
“When making the biggest investment decision of your life, it sounds simple but care should be taken to fully inspect the property. Consider location, target rental market, condition of property and whether it fits in with your criteria, eg.new, near new, run down for renovation, etc.  Hire a professional building and pest inspector. No matter how new a property is, there could be an issue with the build that would not be uncovered in any other way.”
Managing Director of Accounting David Mason
<h2>3. Signing a contract without having discussed the correct finance clause</h2>
“When negotiating a finance clause ensure you obtain enough time for your mortgage broker to gain a formal approval, this might include a valuation and obtaining access via tenants which takes time. If the finance period expires without a formal approval, the agent may have been approached with a higher bid and you could lose the property.”
Finance, Gavin Frith
4.The Importance of Rent “Long term capital growth is the aim of many property investors, however, this strategy can be undermined if the property has poor rental yield (or worst case, struggles to rent at all).  Where debt has been used to secure the property, the rental income is used to manage the interest expense or depending on your specific strategy, can also pay down the principle.  Poor rental yield can force the investor to sell which could occur during a market dip, thereby destroying the original aim.
When looking to purchase an investment property it is imperative to research the rental yields on comparable properties in the local region.  This includes vacancy rates.”
Managing Director of Financial Planning Adam Storey
<h2>5.Getting the Correct Entity name for your Purchase</h2>
“It is vital to ensure the correct ‘purchasing entity’ is listed on a super fund property contract from the start.  This entity will depend on if you are buying with borrowing or buying outright through super.
This should be discussed with your adviser or contact as there are often various fees and charges to prepare a deed of rescission if this purchasing entity is not correct.  These fees can be between $200-$1000 depending on the deed required.”
For more information, <a href="https://www.otiumgroup.com.au" target="_blank">click here</a>.
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Property 101: Five property mistakes to avoid

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A trophy home estate has been listed in Narre Warren.
The equestrian estate is at <a href="https://www.realestate.com.au/property-house-vic-narre+warren+north-121990850" target="_blank">291-297 Harkaway Road</a>.
It is rural living priced at over $9 million, a property created by a master builder.
The home is spread across 100 squares of living space and is seven-star rated, so it offers luxury combined with a low carbon footprint.
There are five bedrooms, four bathrooms, fully serviced art studio, dressing room and formal and informal living with French oak flooring, Horus Art Italian tiling and valley views from every window.
The self-contained indoor pool and entertaining area has won many awards.
The interior French provincial styling has a twist of the Parisian décor, and flows into the 8ha grounds, planted with thousands of fruiting and ornamental trees.
For the horse and animal lovers the property, neighbouring Balmoral Estate, is fully catered for with stables and crushed sawdust yards. A concrete ramp from the stables leads to a full ménage and fencing is property wide.
The whole 20 acres is watered from the dam and tanks and there is over 600,000 litres of water storage.
Thousands of trees have been planted over the past years, including Crepe Myrtles, Crab Apples, Oak trees &amp; Ornamental Pears to mention a few.
Kristen Turner of Peake Real Estate has the offering.
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Narre Warren equestrian estate listed

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Melbourne Central is hosting Australia's largest exhibition of video art outside an institution as part of its Lower Ground development.
Titled the Melbourne Central Art Loop, the installation has fifteen state-of-the-art LCD screens and five large steel overhead projector portals.
The exhibition is curated by Andy Dinan of MARS Gallery, who said Art Loop’s first show is a colourful and interactive video art featuring more than 30 internationally renowned and emerging Australian artists.
<img src="/images/2016/04/8/c1.jpg" alt="">
“We’ve curated a wide and diverse range of cutting-edge video works that are designed to intrigue and inspire," he said.
Artists featured in the first Art Loop exhibition include Kieran Boland, Erin Coates, Simon Finn and Diego Ramirez. One participating Art Loop artist will beselected to win a trip to LOOP Barcelona 2017 – the biggest international festival for video art.
Leigh Dunn, general manager of Melbourne Central, said the addition of Art Loop, combined with the additional design and architectural features will create an unconventional and exciting retail experience for both shoppers as well as retailers.
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Unexpected video art comes to life at Melbourne Central

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GUEST OBSERVER
The ATO have released important information detailing interest rates, loan-to-value ratios (‘LVRs’) and other terms that constitute safe harbours for SMSF limited recourse borrowing arrangements (‘LRBAs’) so that arrangements will be taken to be consistent with an arm’s length dealing. The ATO is officially calling their release a ‘Practical Compliance Guideline’.
Broadly speaking, LRBAs consistent with arm’s length terms should not give rise to non-arm’s length income (‘NALI’). On the other hand, LRBAs that are not consistent with arm’s length terms will attract NALI.
It is important to note here that many refer to non-arm’s length LRBAs as ‘related party’ LRBAs. However, some SMSFs have obtained loans from unrelated parties such as friends that are not related parties that still fall under the ATO’s target of LRBAs that are not on arm’s length terms. Accordingly, in this article we refer to ‘non-bank’ LRBAs.
Accordingly, this ATO Practical Compliance Guideline is critical for:
·         SMSF trustees that have already entered into LRBAs as action might be required; and
·         SMSF trustees that are considering entering into LRBAs,
that are not financed by a bank.
SMSF trustees that have already entered into non-bank LRBAs might need to revise the terms of the loan or take other timely corrective action by 30 June 2016. In view of the ATO safe harbours, we strongly recommend that a review be undertaken of every LRBA that is not financed by a bank as soon as practicable and in any event prior to 30 June 2016.
DBA Lawyers provides advice and documentation in respect of all SMSF matters and  we also offer a fixed fee service to alter the terms of an existing LRBA with appropriate documentation. Indeed, there are LRBAs that have insufficient documentation in place that are not consistent with arm’s length terms.
Background
At the risk of oversimplifying, to the extent that an SMSF has NALI, that income is taxed at a very high rate (47% in the 2016 financial year) even if the fund is in pension mode. 
When the predecessor of the current LRBA laws (ie, the old instalment-warrant exception in the now repealed s 67(4A)) was first introduced in 2007, a question mark was over non-bank loans that have terms that favour the SMSF. In this regard, see ATO Taxpayer Alert TA 2008/5.
In 2010 the ATO released ATO ID 2010/162, which considered whether an SMSF trustee contravenes the arm’s length provisions of the Superannuation Industry (Supervision) Act 1993 (Cth) ‘if it borrows money from a related party of the SMSF under a limited recourse borrowing arrangement on terms favourable to the SMSF?’ The ATO answered this in the negative saying that it was not a contravention.
Later on, in the December 2012 NTLG minutes, the issue of interest free or low interest loans to SMSF trustees was considered. These minutes record that ‘ATO ID 2010/162 failed to identify whether any other provisions of the superannuation or tax law would be contravened by the trustee entering into a no interest or low interest limited recourse loan arrangement.’
These minutes went on to state:
The ATO position on low rate loan arrangements and LRBA is that that they do not generally invoke a contravention of the SISA, do not give rise to non-arm's length income under section 295-550 of the Income Tax Assessment Act 1997 (ITAA), do not invoke Part IVA of the ITAA 1936 and are not considered to give rise to contributions to the SMSF just from that one fact alone. [Emphasis added]
Accordingly, this piqued the interest of some in non-bank LRBAs that favour the SMSF.
However, DBA Lawyers has always felt non-bank LRBAs pose risks and NTLG minutes are not binding. Accordingly, we have always cautioned our clients to keep all LRBA terms on an arm’s length basis.
In December 2014 the ATO released ATO ID 2014/39 and ATO ID 2014/40 (since replaced — but not practically altered — by ATO ID 2015/27 and ATO ID 2015/28 respectively). These both considered non-bank LRBAs with nil interest being charged and both stated that the ATO’s view is that the arrangements did give rise to NALI.
Accordingly, the position that DBA Lawyers had long been in favour of then became broadly well accepted by all in the industry, namely, that non-bank LRBAs should be on the same terms that would be agreed with an arm’s length lender.
In December 2014 the ATO released a page on their website (since taken off the ATO’s website, <a href="https://web.archive.org/web/20150322033333/https://www.ato.gov.au/Super/Self-managed-super-funds/In-detail/News/Non-commercial-limited-recourse-borrowing-arrangements/" target="_blank">available here</a> stating:
To be able to demonstrate that NALI does not arise, a fund trustee entering into an LRBA with a related-party borrower should obtain and keep documentation that enables them to establish that the terms of the loan, taken together, and the ongoing operation of the loan are consistent with what an arm’s length lender dealing at arm’s length would accept in relation to the particular borrowing by the fund trustee. 
Accordingly, the importance of benchmarking terms of non-bank LRBAs to what, for example, a bank might offer, was reinforced to the entire industry.
However, in a practical sense, benchmarking can be difficult. Accordingly, the ATO safe harbours are a very positive step and the ATO should be commended for developing and releasing them.
Terms of the safe harbour
The Practical Compliance Guideline states that the ATO:
will accept that an LRBA structured in accordance with this Guideline is consistent with an arm’s length dealing and that the NALI provisions do not apply purely because of the terms of the borrowing arrangement.
At the risk of oversimplifying, essentially the terms are as follows:
<a href="/images/2016/04/8/Screen%20Shot%202016-04-08%20at%209.36.17%20AM.png" target="_blank">Click to enlarge</a>
<img src="/images/2016/04/8/Screen%20Shot%202016-04-08%20at%209.36.17%20AM.png" alt="">
The Practical Compliance Guideline also provides further detailed guidance regarding the specifics of setting interest rates, particularly for fixed versus variable loans.
What to do if an existing non-bank LRBA does not meet the safe harbour
Advisers should contact all clients with non-bank LRBAs and tell them to read the Practical Compliance Guideline in full. Naturally, this article is just a summary and does not do the Practical Compliance Guideline justice.
If the existing LRBA does not meet the safe harbours set out above, the Practical Compliance Guideline provides the follow options by 30 June 2016:
·         Option 1 — Change the terms so that they are consistent with an arm’s length dealing by 30 June 2016. 
·         Option 2 — Bring the LRBA to an end by 30 June 2016.
·         Option 3 — Refinance to a commercial lender by 30 June 2016.
The ATO also require all non-bank LRBAs to be put on arm’s length terms on or before 30 June 2016. This includes, for example, SMSFs being required to pay a full year’s repayments under loans prior to 30 June 2016. This may place many SMSFs under financial stress given that they only have limited time available to come up with substantial cash funding. 
Moreover, from 1 July 2016 LRBAs covered by the ATO’s safe harbour will need to make regular monthly repayments of principal and interest. As you would be aware, some non-bank LRBAs may have allowed more flexible repayments such as only requiring annual payments and some only required full repayment on finalisation of the loan term.
The closeness of 30 June 2016 cannot be overemphasised. All advisers (and then SMSF trustees) should act immediately as time is needed to obtaining advice, prepare documents and arrange the cash flow to be obtained and transferred before the 30 June deadline If the 30 June deadline is not practical and is likely to be overshot, then expert advice should be obtained as soon as practical as a special approach to the ATO may be required.
Interesting points to note
Assets not covered by the safe harbours
What should one now make of non-bank LRBAs that are not covered by the safe harbour?
First, the safe harbours in the Practical Compliance Guideline only expressly apply to:
·         real property;
·         a collection of shares in a stock exchange listed company; and
·         a collection of units in a stock exchange listed unit trust.
 
For example, if an SMSF trustee has borrowed from a non-bank to acquire units in a specific class of units in certain Vanguard managed funds what action should the SMSF trustee take? Many think of such an investment as being tantamount to a listed security, but technically it’s not.
Perhaps somewhat more controversially, what to do if an SMSF trustee has borrowed to acquire units in a related trust such as a reg 13.22C/div 13.3A unit trust?
Given there is no safe harbour available, the ATO’s comments from December 2014 are more important than ever, namely: 
To be able to demonstrate that NALI does not arise, a fund trustee entering into an LRBA with a related party borrower should obtain and keep documentation that enables them to establish that the terms of the loan, taken together, and the ongoing operation of the loan are consistent with what an arm’s length lender dealing at arm’s length would accept in relation to the particular borrowing by the fund trustee.’
Therefore the onus is on the SMSF trustee to obtain sufficient and appropriate evidence to support the arm’s length nature of the terms of their LRBA. This may be difficult where there is no readily available market information and quotes and proposals from third parties and other sources may need to be researched and documented.
Indeed, some may not wish to continue with a non-bank lender and may prefer to refinance with a bank.
Actually calculating the loan-to-value ratio
How is the LVR calculated? More specifically, is the ‘value’ of the real property its value excluding GST, stamp duty and other similar costs? In the absence of ATO clarification, the conservative approach is to assume that the answer is yes.
The ATO require the market value to be established at the time of the relevant loan. Thus, the market value of the asset will generally be at the time of refinancing or if there is no refinancing at the date of the original loan.
Multiple assets for one loan
The Practical Compliance Guideline reinforces that it is possible to have multiple loans to acquire one asset. More specifically, it states:
If more than one loan is taken out in respect of the acquisition of the asset, the total amount of all those loans must not exceed [for real property] 70% of the asset’s market value [or 50% for listed securities].
What does ‘real property’ mean?
The Practical Compliance Guideline refers to real property. On first blush it seems to cover all real property, referring to ‘real property, whether that property is residential or commercial premises (including property used for primary production activities)’.
However, there are a lot of ambiguous assets which might be seen as real property or might not be so seen, such as:
·         A tenants in common interest in real estate — technically this is real property but the ATO do not expressly mention a non-bank lending to an SMSF to acquire a, for example, 50% tenants in common interest in a house using a 70% LVR and a 5.75% interest rate.
·         Life interests in real estate or listed shares/units — technically this is real property, but similar to tenants in common we doubt whether the ATO would be comfortable with an SMSF using these safe harbours to acquire such an asset.
·         Shares in a real estate company — there exists ‘company title’ whereby a property does not have a plan of subdivision per se but rather comprises a number of apartments and a company owns all the property and by buying, for example, all of the C class shares the owner of the shares has exclusive possession to apartment number 3. Technically, such shares are not real property. However, there are certain areas of the laws that essentially allows them to be treated as real property (such as the CGT main residence exemption). The conservative position would be to treat such shares in a real estate company as not constituting real estate for the safe harbour relief and apply to the ATO for SMSF specific advice.
Don’t interpret the safe harbours for something they are not
The safe harbours do not state that just because the terms in the Practical Compliance Guideline are satisfied NALI can never occur. Rather, they have the following more restrained comment ‘an LRBA structured in accordance with this Guideline is consistent with an arm’s length dealing and that the NALI provisions do not apply purely because of the terms of the borrowing arrangement’ (emphasis added). For example, if an SMSF acquires an asset for a non-market value from a related party, NALI could apply (refer Darrelen Pty Ltd v Commissioner of Taxation [2010] FCAFC 35).
Conclusions
The safe harbours are critically important. They are a very practical solution and the ATO should be commended accordingly for its positive manner in managing these non-bank LRBAs.
All non-bank LRBAs should be reviewed and appropriate taken by 30 June 2016.
 
Bryce Figot and Daniel Butler are directors, DBA Lawyers and can be contacted <a href="https://www.dbalawyers.com.au" target="_blank">here</a>.
This article is for general information only and should not be relied upon without first seeking advice from an appropriately qualified professional.
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ATO releases critical safe harbours for non-bank SMSF LRBAs

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Paul Craig has taken over as chief executive officer of Savills Australia and New Zealand following the appointment announced in November 2015.
He was previously Savills managing director in Western Australia and head of Cross Border Investments.
Savills Chief Executive Officer Asia Pacific, Robert McKellar, said clients and staff have welcomed the promotion of Mr Craig as the obvious successor to lead Savills Australia &amp; New Zealand. 
“Paul has an outstanding track record in capital transactions and cross border deals, bringing a global perspective to the role, and a determination to further grow our footprint in both Australia and New Zealand over the next five to 10 years,” he said.
“The foundations we have built up over the past decade are strong and we acknowledge the great work undertaken during that time by the outgoing chief executive, Paul McLean. The time is right for us to move to the next stage under Paul Craig’s leadership.”
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Paul Craig commences as CEO at Savills Australia & New Zealand

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Your patch needs to be special, and buying in a great location offers plenty of pluses, says ME Head of Home Loans, Patrick Nolan.
“No matter whether you prefer the inner city vibe or out-of-town tranquility, your choice of location matters,” he said.
“Where we live can shape our lifestyle and a quality neighbourhood can give you five valuable benefits:
1.    You’re likely to enjoy higher capital growth
"Good neighbourhoods tend to top the capital growth league tables. Sure, you may pay more to buy into a desirable neighbourhood but it’s likely to be a brilliant investment as local value growth should outpace less appealing areas over time.
2.    The community is safer, more secure
“We all want to live in a safe neighborhood where there’s little or no crime. A good neighborhood is a place where you are free to walk around, explore, chat with locals and know your neighbours are there for you in a pinch.
3.    A choice of quality schools
“A neighbourhood with highly regarded schools offers valuable pluses even if you don’t have school-age kids. Families always look at the calibre of local schools as part of their buying decision, and the better the school district, the more sought after your home will be if you choose to sell up further down the track.
4.    Easy access to shops, cafes, restaurants
“Like to grab a latte on your way to work? How about Sunday brunch at your favourite eatery? Having a good selection of nearby shops, cafes, restaurants and maybe a gym or cinema won’t just boost your lifestyle, it may also give your home the edge in terms of future capital growth.
5. Access to transport links
“A good location offers easy access to public transport and/or decent road links. Being near a train or bus is handy, but when a commute by car is inevitable having nearby freeway access can help your home hold its value.
“The key thing is to never lose sight of what is important to you in a neighbourhood. If you’re a footy fan, you may love owning an apartment that overlooks the major sporting grounds. If you’re a nature lover, having access to bush reserves may top your wish list. It’s all about what works for you while still being mindful of what’s attractive to other buyers because at some point you’re likely to upgrade to your next home. That’s when the value of a great neighbourhood translates into money in your pocket.”
 
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Property 101: Five benefits of buying into a good neighbourhood

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Retail vacancy in Melbourne's CBD Core and Swanston Walk retail precinct was 2.6 percent in March 2016, lower than the 3.8 percent recorded a year ago according to Savills. 
The latest Melbourne retail market update from Savills found vacant space is tight in the arcades and laneways with only three of the 181 shops currently available for lease. It said street front shops had the highest vacancy rate with seven of the 247 shops vacant, followed by Shopping Centres with 19 of the 704 shops available for lease.
"Vacancy in the Street Front and Shopping Centres was largely driven by shops in secondary locations," the report noted.
"Prime retail locations are taken-up as soon as they become available. For example, Sketchers will be launching their flagship store at 106 Elizabeth Street, a backfill space vacated by Cotton On."
<a href="/images/2016/04/5/Screen%20Shot%202016-04-05%20at%204.18.29%20PM.png" target="_blank">Click to enlarge</a>
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March retail vacancy in Melbourne's CBD, Swanston Walk at 2.6 percent

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Swedish fashion giant H&amp;M will open its next Australian store at Broadway Sydney in spring in the revamped Level 2 precinct.
Broadway owners, Mirvac Group and Perron Group today said the redevelopment includes a 3,400 square metre expansion to increase the food and fashion retail offering to approximately 31 retailers.
Mirvac senior retail development manager Christina Nelson, said by bringing more prestigious retail options to the inner west, we’re giving locals the opportunity to shop for everything they need without having to venture into the city
“H&amp;M is the perfect addition to our current offering, which includes everything from Apple Store, JB-Hi Fi, Nike, Kmart and Target to Coles, ALDI, Hoyts and Rebel.”
H&amp;M is known for its collaborations with celebrated designers such as Karl Lagerfield, Stella McCartney, Jimmy Choo and Madonna.  
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Swedish fashion giant H&M set for Broadway Sydney

Abadeen has released the whole-floor penthouse crowning its recently completed <a href="https://www.apartments.com.au/buildings/park-residences-cremorne-2-sutherland-street-cremorne-nsw-2090">Park Residences</a> development in Cremorne, bringing the near-300 sqm residence to market for the first time.

Occupying the entire top floor of the boutique Lower North Shore development, the penthouse includes 221 sqm of internal living and a 74 sqm wraparound terrace, with a prized north-facing aspect taking in views across Middle Harbour.

The residence has been completed and fully furnished following a collaboration between Abadeen Executive Chairman Justin Brown and internationally recognised interior designer Jack Freeman, Founder and Managing Director of FREEMAN &amp; CO.

<a href="https://www.apartments.com.au/developers/abadeen">Abadeen</a> and Freeman approached the penthouse as a finished home, sourcing furniture, artwork, lighting and objects from Australia and overseas.

[smartcode_project:default project_id=114246 project_image_fid=378718]

Pieces from Parisian design house Pierre Augustin Rose sit alongside contemporary artworks and bespoke lighting, with Freeman drawing on recent visits to PAD Paris and Salone del Mobile Milano for the final collection.

Brown said the aim was to create a penthouse that felt more like a large-scale private home than a traditional apartment.

"The experience begins the moment the lift doors open. You're welcomed into an elegant dining room before the home opens into an extraordinary living space framed by sun-drenched harbour views.

"Every time someone walks through the front door they pause. It's not just the view, it's the incredible sense of space, the warmth created by the northern sunlight that fills the interiors, and the way every room connects so effortlessly.

"It has all the proportions of a luxury home, while delivering the effortless lifestyle and personalised experience of living in a world-class six-star hotel, combined with the simplicity and convenience of apartment living."

[smartcode_project:default project_id=114246 project_image_fid=378713]

A secure lift provides exclusive access to the penthouse level, opening to a dedicated arrival foyer and dining area before the residence expands into its main living and entertaining spaces.

Floor-to-ceiling glazing runs across the northern side of the home, connecting the interiors with the terrace and Middle Harbour outlook.

The penthouse also features a fireplace and substantial chef's kitchen, while the wraparound terrace has been designed to accommodate both everyday outdoor living and larger-scale entertaining.

[smartcode_project:default project_id=114246 project_image_fid=378720]

Freeman said the interiors had been deliberately kept restrained to complement the scale, natural light and outlook already established by the architecture.

"The penthouse is a serene study in quiet luxury," Freeman said.

"The interior pairs soft, sculptural forms with warm timber, pale stone and a restrained neutral palette. Curated artwork and metallic accents add depth, while abundant natural light creates a calm, effortlessly refined atmosphere. In my world, less is always more."

Freeman said the approach was centred around collecting individual pieces rather than simply decorating the apartment.

"Every material, every object and every piece of furniture has been curated with intention. I am a true believer in collecting versus decorating.

"The architecture already provided extraordinary natural light, remarkable volume and an uninterrupted connection to Middle Harbour. Our role was to complement those qualities with unique one-of-a-kind pieces of fine art and collectible design sourced from recent travels around the world."

[smartcode_project:default project_id=114246 project_image_fid=378694]

Among the collection are solid bronze sculptures by Lorenzo Quinn, alongside a curated crystalware collection and pieces sourced from international design fairs.

Park Residences sits opposite Cammeray Golf Club, Cammeray Croquet Club and Grand Slam Tennis Cammeray, around 300 metres from Neutral Bay Village and its established collection of restaurants, cafés and retail.

Brown said the combination of a whole-floor floorplan, northern aspect and proximity to Neutral Bay was becoming increasingly difficult to find on the Lower North Shore.

"Completed whole-floor penthouses with a sun-drenched north-facing aspect and sweeping Middle Harbour views are exceptionally rare," Brown said.

"Add a quiet position opposite golf, croquet and tennis facilities, a level walk to Neutral Bay Village and only minutes to the CBD, and you have a lifestyle that's incredibly difficult to replicate.

"This is a home that offers the privacy and generosity of a luxury residence together with the convenience of one of Sydney's best-connected harbourside locations."

The penthouse will be exclusively marketed by SRM Residential.

[smartcode_project_cta:default project_id=114246]

Joel Robinson

Abadeen unveils penthouse at Park Residences in Cremorne

New Brisbane developer Dalcott has unveiled Marrone, the first of three residential projects it is planning in and around Browning Street in South Brisbane.

<a href="https://www.apartments.com.au/new-apartments/marrone-south-brisbane-39-browning-street-south-brisbane-qld-4101">Marrone</a> will comprise 97 predominantly two- and three-bedroom apartments, with larger residences aimed squarely at the owner-occupier market.

The project will sit in a quiet pocket of South Brisbane between South Bank and West End, close to the restaurants, cultural attractions and riverfront amenity that have driven the suburb's continued transformation.

Dalcott is targeting buyers looking for more space and amenity than has traditionally been offered in the inner-city apartment market, particularly downsizers and professionals wanting to remain close to the city.

[smartcode_project:default project_id=149951 project_image_fid=377072]

Resident facilities will be concentrated around an extensive rooftop amenity offering, including a swimming pool, spa, infrared sauna, warm and cold magnesium plunge pools, private lounge, dining room and outdoor entertaining areas.

Dalcott Managing Director Lachlan Cottee said South Brisbane's combination of lifestyle, connectivity and established character had been central to the approach to Marrone.

“South Brisbane offers a combination of lifestyle, connectivity and character that’s difficult to replicate elsewhere in Brisbane,” Cottee said.

“Our focus has been on creating homes that feel connected to that environment while providing the level of design, functionality and quality that today's owner-occupiers expect.”

The residences will feature an expressive material palette. Italian Calacatta Viola marble, known for its deep burgundy veining, will be paired with aged brass tapware, Chestnut engineered timber flooring and Tuscan Oak joinery.

<img alt="Marrone" data-entity-type="file" data-entity-uuid="b8d833da-3b30-496a-ae30-07bdff371b50" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-25%20at%2010.52.35%E2%80%AFAM.png?VersionId=P6DAgOfaQzIXljKKK5j3e5NhWtrHIu9G" />

Bathrooms will feature Nara Japanese ceramics and glass bricks, while clay, walnut and brass lighting will be used throughout the apartments.

Dalcott has appointed Realm Projects, led by Managing Director Shane Foley, to handle sales and marketing following previous sold-out collaborations between the groups.

Foley said the Brisbane apartment buyer had become increasingly focused on the quality of the home itself rather than simply securing an inner-city address.

“We expect to see strong demand from buyers who still want all the advantages of inner-city living but aren’t prepared to compromise on the quality of their home,” Foley said.

“Many will be downsizers looking to leave behind the maintenance of a traditional family home without giving up the space they enjoy, while others are likely to be professionals wanting a residence that reflects the way they live today.”

“Marrone responds directly to that demand, with generous floorplans, exceptional resident amenity and a location that places some of Brisbane’s best dining, entertainment and cultural attractions within walking distance.”

<img alt="Marrone" data-entity-type="file" data-entity-uuid="61f7b22f-899e-4c0f-940a-7d3ab1bfb93a" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-25%20at%2010.52.44%E2%80%AFAM.png?VersionId=PvN1JYxBgUpyCB7efKo52WGdSDs9nmim" />

Marrone will be the first project delivered as part of Dalcott's broader investment in the precinct.

It will be followed by La Terra, a boutique project comprising penthouse-style, single-level apartments on a northeast corner site with extensive resident amenity and city views.

Cottee said Marrone represented the first stage of the group's longer-term plans for the area.

Dalcott was established in 2025 by Lachlan Cottee and Ben Dalgliesh, combining development and construction capability under an integrated model and focusing on architecturally considered residential projects.

Marrone will initially be offered through a pre-release registration campaign ahead of its broader public launch.

Dalcott targets owner-occupiers with South Brisbane debut Marrone

Parnell Developments is the latest to seek significant uplift through the NSW Government's Housing Delivery Authority on a Strathfield site previously approved for a much smaller apartment development.

Parnell has sought approval for a 32-storey mixed use tower across&nbsp;<a href="https://www.apartments.com.au/new-apartments/7-lyons-street-strathfield-nsw-2135">3-7 Lyons Street and 18 Parnell Street</a>, a&nbsp;1,857 sqm site around 400 metres from Strathfield Station. The building would yield 160 apartments, 15 per cent of which will be dedicated affordable as per the government mandate for buildings seeking additional uplift.

Approved previously was a nine-storey building back in 2022 with just over 30 apartments. That approval came prior to the project being&nbsp;progressively reconsidered as planning policy shifted toward greater density around transport hubs.

<img alt="Strathfield" data-entity-type="file" data-entity-uuid="c5af5281-a643-4eb2-b8c4-0081b59c04c7" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-25%20at%209.16.48%E2%80%AFAM.png?VersionId=37bd3mI7rHNpThOV_75VO8xsGFwWOi1u" />

Turner has designed the latest building that would replace&nbsp;existing detached homes across the four lots.

The apartment mix comprises 22 one-bedroom apartments, 107 two-bedroom and two-bedroom-plus configurations, and 31 apartments with three or more bedrooms. The scheme also includes 203 car spaces across six basement levels and 58 bicycle spaces.

The proposal has been designed around a three-storey podium addressing Lyons Street, with the tower rising above and stepping toward its upper levels.

Turner said the podium was deliberately scaled to respond to the existing street, while the taller element has been designed as part of the emerging skyline anticipated around Strathfield Town Centre and the wider Homebush transport-oriented development precinct.

The Lyons Street frontage would have a more active, pedestrian-focused character, incorporating the commercial tenancy, landscaping and a brick-framed podium with an awning.

<img alt="Strathfield" data-entity-type="file" data-entity-uuid="14b20874-b8c3-4ac7-bc03-92be9a69fb78" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-25%20at%209.17.48%E2%80%AFAM.png?VersionId=av.9TxtqIRTC6v3PkSuu1rL9rreWoe2h" />

Parnell Street, which faces the railway corridor, has been given a different architectural treatment, with double-height breeze blocks, landscaping and communal areas used to soften the interface with the rail infrastructure.

The tower itself uses curved and recessed facade elements, with wave-like indentations across the northern elevation breaking the building into three vertical forms.

A palette of grey concrete, brick and breeze blocks is complemented by clay and terracotta accents, while the upper tower adopts a lighter expression through articulated slab edges, vertical fins and recessed glazing.

Residents would have access to 467 sqm of communal open space spread across three levels. The ground floor would accommodate the more active resident areas, including barbecue and group gathering spaces and an internal communal room capable of being used for working from home.

A more passive viewing deck is proposed at level three, overlooking the ground-level landscaping and neighbouring tennis courts, while a rooftop "sunset deck" at level 30 would provide another social and relaxation space.

<img alt="Parnell" data-entity-type="file" data-entity-uuid="c3dce401-a80f-4682-8471-4caa01180880" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-25%20at%209.17.34%E2%80%AFAM.png?VersionId=Xyo8JVqbOhSJXNy6Ih.1cHL.O6i0bGR." />

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Strathfield has been earmarked for substantial change through the Strathfield Town Centre planning work and the nearby Homebush TOD precinct.

Turner's report says the project has been designed to act as a transition between the existing low and mid-rise development surrounding the site and the taller built form expected to emerge across the town centre.

The proposal is being assessed as State Significant Development under the HDA pathway, alongside the concurrent request to amend the Burwood Local Environmental Plan.

First look: New apartment tower pitched for Strathfield Town Centre precinct

An $18 million penthouse has hit the market in Main Beach as construction tops out on La Mer, the $155 million apartment development rising just metres from the beach.

Spanning around 600 sqm across the top two levels of the 29-storey tower on Main Beach Parade, the four-bedroom penthouse is one of the latest eight-figure residences to test the upper end of the Gold Coast apartment market.

Its launch comes amid continued activity at the very top of the market, following the $30 million off-the-plan sale of a Burleigh Heads penthouse earlier this year, which surpassed the Gold Coast's previous $24 million apartment record set in 2023.

The <a href="https://www.apartments.com.au/new-apartments/la-mer-main-beach-3580-main-beach-parade-main-beach-qld-4217">La Mer penthouse</a> has been designed as a private residence in the sky, with 360-degree views spanning the ocean, Broadwater, hinterland and Gold Coast skyline.

[smartcode_project:default project_id=95606 project_image_fid=378731]

All four bedrooms have ensuites, while the ocean-facing master retreat occupies around half of the upper level and includes its own lounge, private balcony, two walk-in wardrobes and an oversized ensuite with a freestanding stone bath positioned to take in the views.

The residence also features a kitchen designed to accommodate a private chef, a 3.6-metre island bench, expansive butler's pantry, wine cellar and integrated bar.

[smartcode_project:default project_id=95606 project_image_fid=378732]

A rooftop pool and substantial outdoor entertaining area with its own kitchen sit above the residence, while a grand staircase connects the two internal levels. The penthouse also has its own express lift.

OTP Group Director James Elliott, who is marketing La Mer, said the penthouse was expected to appeal to high-net-worth buyers seeking either a permanent Main Beach residence or Gold Coast holiday home.

“The La Mer penthouse represents exceptional value, considering its quality design, size, privacy and location, not to mention the 360-degree views capturing the beach and Gold Coast Broadwater,” Elliott said.

“We’re anticipating interest from high-net-worth individuals and couples seeking a residence or holiday home in the sought-after village enclave of Main Beach, taking advantage of the unprecedented growth underway in the area and neighbouring The Spit.”

[smartcode_project:default project_id=95606 project_image_fid=378736]

La Mer is being developed by developer-builder ODUS and Nazero, in partnership with funder Metrics Credit Partners.

ODUS Director Byron Sakha said topping out the tower had provided the opportunity to release the project's most significant residence.

“We’ve worked with internationally-recognised studio Sici Design on the penthouse interiors, with a focus on ensuring it isn’t luxury for luxury’s sake. Every element has been thoughtfully designed to enhance quality of life for those who call it home,” Sakha said.

“The views are the hero of virtually every space, but we’ve given equal attention to the fittings and finishes, so every detail exudes elegance and refinement.”

Sici Design Founder and Director Maria Papadopoulos said the extensive views became an integral part of the interior design rather than simply something the residence was designed around.

“The views weren't something we designed around, they became part of the design itself, with the true luxury of La Mer in its feeling of peace, calm and wellbeing,” Papadopoulos said.

“Luxury isn't defined by how something looks, but how it makes you feel, and we believe a luxurious home should be beautiful to live in, not stressful to maintain.”

The interiors combine Austral Dream Dolomite natural stone and travertine with timber flooring and a restrained coastal palette.

[smartcode_project:default project_id=95606 project_image_fid=378734]

Designed by Plus Studio, La Mer is one of the more boutique additions to the rapidly changing Main Beach apartment market.

The tower comprises just 24 full-floor, three-bedroom plus multipurpose room apartments below the two-level penthouse, giving the project a considerably lower density than many of the larger towers being developed across the Gold Coast.

Residents will have access to a pool and spa, gym, sauna, barbecue facilities, private sun lounges, yoga lawn and outdoor beach shower.

The penthouse has been released as part of the final collection of residences at La Mer, with remaining apartments priced from $4.3 million.

Construction is expected to complete later this year, with a fully furnished display apartment now open on level four.

[smartcode_project_cta:default project_id=95606]

ODUS releases $18 million penthouse crowning La Mer Main Beach

<a href="https://www.apartments.com.au/developers/far-east-consortium">Far East Consortium</a> is preparing to commence construction on <a href="https://www.apartments.com.au/new-apartments/640-bourke-street-melbourne-640-bourke-street-melbourne-vic-3000">640 Bourke Street</a> this October, marking the next milestone for the Melbourne CBD development and its higher-end Eliza Collection.

Spanning levels 44 to 68 of the 68-storey <a href="https://www.apartments.com.au/architects/rothelowman">Rothelowman</a>-designed tower, the Eliza Collection has been conceived as a lower-density offering within the broader development, with only five apartments on each floor, dedicated lift access and a collection of resident spaces reserved exclusively for Eliza Collection residents.

The Eliza Collection forms part of Far East Consortium's broader move toward larger-format residences at 640 Bourke Street, where the number of apartments was reduced from earlier plans as apartment sizes increased.

[smartcode_project:default project_id=509 project_image_fid=365685]

"What it's meant for 640 Bourke is we've actually reduced the number of apartments. We've increased the overall size of the apartments. We don't have any studios in here, and what that does for a project is it elevates it," Far East Consortium Director of Sales and Marketing Lauren Sheldon said.

Rothelowman Associate Jun Chang said the design process provided an opportunity to create more generous floorplans.

"We were given the opportunity to be more generous. The apartments became bigger and squarer than any other apartments which had been designed in the CBD before that."

[smartcode_project:default project_id=509 project_image_fid=368869]

That thinking carries through to the Eliza Collection, where the residences have been designed around the space and functionality associated with a larger home, but positioned high above the centre of Melbourne.

Kitchens are equipped with Gaggenau appliances, a butler's pantry, temperature-controlled wine cabinet and sculptural pendant lighting, while engineered timber flooring, stone and porcelain finishes and custom cabinetry feature throughout the broader interiors.

Privacy and security are another point of distinction. Eliza Collection residents have dedicated lift access, while 640 Bourke Street will provide concierge services and secure resident parking. Short-stay accommodation, including Airbnb, will not be permitted within the development.

[smartcode_project:default project_id=509 project_image_fid=365689]

Eliza Collection residents will also have exclusive access to selected amenity spaces across levels one and three of the restored Eliza Tinsley building. These include the Salon with grand piano, an art therapy room, private dining rooms and treatment rooms.

They sit within more than 3,000 sqm of amenity planned across 640 Bourke Street, alongside facilities including a pool, gym, whisky lounge and further social and wellness spaces.

The Eliza Tinsley building itself is central to the wider project's identity. Rather than treating the existing Eliza Tinsley façade as a separate element, Rothelowman used it as a starting point for the architecture of the new tower, with the historic building to accommodate the project's gallery and lobby.

"It's a significant asset and wants to be celebrated and experienced by all residents every single time they go in and out of the building," Rothelowman Principal Stuart Marsland said.

[smartcode_project:default project_id=509 project_image_fid=368872]

The tower will rise behind the retained heritage building at 640 Bourke Street, placing residents within walking distance of Southern Cross Station, Flagstaff Gardens, Queen Victoria Market and the Docklands waterfront.

With construction scheduled to begin in October, Far East Consortium has established an onsite display gallery at 640 Bourke Street, including fully built apartments that allow the project's layouts, materials and finishes to be inspected at full scale.

A fully built Eliza Collection apartment is also available to view at the display suite by appointment ahead of the planned October construction commencement.

Eligible purchasers who buy before construction commences can secure the full available off-the-plan stamp duty savings, subject to eligibility and applicable conditions.

[smartcode_project_cta:default project_id=509]

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