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EXPERT OBSERVER
We at the SMSF Association are urging the Financial Adviser Standards and Ethics Authority (FASEA) to provide more guidance and certainty about how recognised prior learning for existing financial advisers will be implemented as they transition to the new education standard.
Introducing higher education standards for financial advisers has always been a key policy goal for out organisation, but it is essential that advisers have greater clarity and certainty as to how their existing qualifications will count under the new education standards being proposed by FASEA.
In its submission to FASEA on proposed guidance on education pathways for existing advisers, we at the Association say advisers who have made every effort to be educated and have completed high quality education and accreditations should have their efforts to be professionally recognised under the FASEA framework.
Currently, the proposed FASEA education standards for existing advisors do not provide enough recognition for prior learning.
A more meaningful recognition of advisers’ prior education should help them in the transition to the new regime with less cost and effort while maintaining the high standards that must be achieved to ensure consumer trust. 
We at the Association also strongly recommended that financial advisers who service SMSF trustees should be required to have completed specialised SMSF education.
This has been a long-term position of the Association that was recently echoed by ASIC who recommended that specific SMSF education requirements for advisers be introduced to raise standards of advice in response to the advice failings documented in ASIC’s Report 575 ‘SMSFs: Improving the quality of advice and member experiences’.
We also recommended greater flexibility for new entrants to undertake university study and still be able to enter the financial advice profession.
The proposed FASEA pathway for new entrants is too rigid and may starve the industry of future advisers.
We have also raised concerns about accountants giving SMSF advice under a limited license not being adequately considered under the existing pathways framework.
We are advocating a specific pathway designed for the services they provide rather than having them spend considerable time and money studying subjects that are not relevant to the advice they provide.
Jordan George is the SMSF Association's Head of Policy and holds an Honours degree in Economics and Law from Adelaide University
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j.ballantyne1990-6AQqhLzZaK

More clarity needed about financial advisor's prior learning: Jordan George

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The quickest path for first home buyers to purchasing a house in Greater Hobart is Brighton, according to a report released this week by Domain.
<img src="https://gallery.mailchimp.com/b16c0b957ea98f662ab985606/images/b7d9b0c3-df73-4669-a275-9750aee501f7.png">
For those looking to buy a home, Greater Hobart is one of the most accessible capital cities in Australia with the lowest entry price for houses.
"However, when LGAs are considered, accessibility is driven by the affordable outskirts," the report said.
The LGA of Hobart takes approximately 6.3 years to save for an entry price home deposit, which is almost on par with the average time to save for a deposit in Greater Sydney (6.7 years).
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2018/6/29/Hobart%20Home.jpg" alt="">
Indicative of Brighton's price potential, 23 Andrew Street, Brighton (pictured above) the two bedroom, one bathroom house sold for $230,000 last month.
However even though Greater Hobart requires the shortest time to save of all the capital cities, this has increased by three months for houses and four months for units compared to last year, a result of a strong, growing market outpacing wage growth.
<img src="https://gallery.mailchimp.com/b16c0b957ea98f662ab985606/images/965aee85-8e99-4381-9cbb-e52d9cb42f11.png">
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Brighton ranked the quickest FHB path to house ownership in Greater Hobart: Domain

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GUEST OBSERVATION
The Financial Services Royal Commission spent the last couple of weeks uncovering misconduct in the superannuation industry. But as we clean up superannuation we should also fix another deficiency – the need to provide life-long incomes for retirees.
A recent survey found a third of Australians over 80 had run out of money. The rest want reliable life-long incomes. Funnily enough, there are many projects that need funds and can produce cash flows for decades – infrastructure particularly.
Superannuation funds are increasingly making infrastructure investments themselves. What is needed is a way to link the long-term cash flows derived from physical assets straight through to pensioners.
Investment markets are currently too conflicted to do so.
The status quo
Companies, and even governments entering long term projects mainly use short-to-medium-term bank loans to fund their activities. These loans must be refinanced regularly.
For reasons that the Financial Systems Inquiry could not explain, companies often borrow overseas and so are subject not just to the risk of changing interest rates, but also to fluctuating foreign exchange rates.
To reduce these risks they may enter into sophisticated hedging programs, but this only serves to move risk elsewhere in the financial sector.
Banks, which provide short term finance for long term projects, suffer regular liquidity crises when depositors want to withdraw their money. An IMF report records 129 crises in the 40 years before 2010.
<img src="https://images.theconversation.com/files/232240/original/file-20180816-2903-1ufngwx.PNG?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=754&amp;fit=clip" alt="">
Banking crises.
At the same time, about 70% of superannuation benefits are taken as “account-based pensions” – regular income streams that the pensioners draw down to pay their expenses.
This money has been invested in thousands of investment options, all of which provide liquidity so that pensioners can sell assets at any time.
But if the money is taken as regular monthly income, all of this liquidity is unnecessary – the funds could have been invested in something that produces monthly cash flows.
The alternative
Consider, for instance, a large infrastructure project that will generate revenue over 50 years, increasing over time more or less in line with inflation.
One could design a financial instrument that paid investors a fixed proportion of that revenue. If the investors were superannuation funds, they could issue annuity contracts that paid out these cash flows to pensioners for life.
The borrowers would face lower risks, as their repayments move together with their revenue. Both borrowers and investors would be unaffected by changes to interest rates or the market value of investments.
Why hasn’t this already been done? It is not that the cash flows from long-term investments are insufficient. They currently exceed all private and public pensions.
These kinds of financial instruments are already used on a very small scale in Australia.
The major obstacle to their wider use seems to be that the financial sector feeds off the excess liquidity in the market. Banks make money by rolling over short-term loans. Investment managers, stockbrokers and exchanges make money by trading superannuation assets.
The whole sector operates under a paradigm where liquidity is paramount. So they fail to address the risks this presents to banks, economies and to retirees.
It is not that people do not like these “life annuities” when they are explained appropriately, but that their advisers and other experts active in the financial sector at best ignore them and at worst actively discourage them (by emphasising the “need” for liquidity).
The ongoing problems of the financial sector must surely make us ask whether it is fit for purpose? Or, at least, how well is it fulfilling its functions of allocating capital and managing risks?
We need appropriate pipes to ensure the cash generated by long-term assets flows through to fund pensioners. What we have instead is a flood of liquidity, which regularly buffets not only the financial sector but the entire economy.
The impetus to fund both long-term projects and life-long pensions must ultimately come from superannuation fund trustees. They appoint those who select assets and must set up the systems to ensure the cash flows are paid to pensioners.
To do this, they must first free themselves from the paradigm that liquidity is paramount. They then need to employ people and consultants whose loyalty is to the members and not the investment markets.
They will have to set up structures to be able to evaluate the soundness of new projects, and secondary markets to allow for trading as necessary. Government and regulators will have to permit funds to collaborate in this process.

Trustees will also need to take the lead and give members access to annuity products, and disinterested and expert advice as to when these are suitable.
Anthony Asher, Associate Professor, UNSW
This article was originally published on <a href="http://theconversation.com" target="_blank">The Conversation</a>. Read the <a href="https://theconversation.com/superannuation-trustees-should-find-long-term-assets-for-their-pensioners-101370" target="_blank">original article</a>.
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Superannuation trustees should find long-term assets for their pensioners: Anthony Asher

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Prahran had the top Melbourne auction result on the weekend with a mooted development site selling at $3.6 million.
<a href="https://www.realestate.com.au/sold/property-house-vic-prahran-128438542" target="_blank">The 76 Williams Road offering</a> (pictured above) was listed through RT Edgar inconjunction Gross Waddell.
It was a block of five, two bedroom apartments, on separate titles returning $98,016 p.a.
The total land area of 975m2 featured two street frontages, with access via Russell Street.
It was within a short walk to the High Street shops and restaurants, nearby parklands and transport.
Each apartment comprises two bedrooms, open plan kitchen/living room, one bathroom and one car space.
It came with four monthly tenancies and one lease terminating February next year.
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Block of five Prahran apartments sells for $3.6 million.

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Queensland's Gladstone has the cheapest property rentals of the country.
CoreLogic calculated Barney Point has the cheapest house median rental and South Gladstone has the cheapest when it comes to units.
There is a three bedroom Barney Point cottage at 8 Callide Crescent <a href="https://www.realestate.com.au/property-house-qld-barney+point-415504567" target="_blank">available at $170 a week</a> (above).
Blackall, Clinton, Calliope and West Gladstone are also on the national top 10 list for 2017.
 
Houses                    Median Value Median Rent
Qld Barney Point Gladstone $186,162 $150             
Qld Blackall Blackall Tambo $175,361 $150             
Tas Zeehan West Coast $96,377 $150                     
Tas Rosebery West Coast $91,907 $160                  
Tas Queenstown West Coast $93,707 $160               
Vic Ouyen Mildura $124,315 $160                            
WA Kambalda East Coolgardie $90,978 $160             
SA Peterborough Peterborough $109,475 $165          
SA Coober Pedy Unincorporated SA $130,463 $170     
Qld Dysart Isaac $98,187 $170                                  
 
Units 
Qld South Gladstone Gladstone $120,964 $120
Qld Clinton Gladstone $241,178 $120
SA Whyalla Stuart Whyalla $146,462 $135
SA Millicent Wattle Range $172,655 $143
SA Whyalla Norrie Whyalla $158,967 $150
Qld Tannum Sands Gladstone $184,350 $150
Qld Calliope Gladstone $174,677 $150
Qld West Gladstone Gladstone $170,353 $150
Qld Barney Point Gladstone $135,473 $150
SA Whyalla Whyalla $166,005 $153
 
 
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Queensland's Gladstone has Austraia's lowest median rentals

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ASIC has commenced proceedings in the Federal Court of Australia and obtained interim injunctions against Perth-based Superfunded Pty Ltd and its sole director, Mr Max David Goldenberg, of Currambine and its sole shareholder Mark Travis Goldenberg of Claremont.
The proceedings concern their promotion of a business that encourages people to set up self-managed super funds to invest in the Superfunded Loan Investment Trust, which lends money to home buyers for their house deposits.
Neither Superfunded nor the Goldenbergs holds an Australian Financial Services licence and ASIC alleges that Superfunded and the Goldenbergs are therefore unlawfully carrying on a financial services business.
On 9 November 2017, the Federal Court of Australia made the following interim orders:　
<ul>
<li>restraining Superfunded and the Goldenbergs from providing financial services;　</li>
<li>restraining Superfunded and the Goldenbergs from having access to client or investor assets;　</li>
<li>prohibiting advertising, promoting or marketing financial services or products in relation to the investors and potential investors of the Superfunded Loan Investment Trust;</li>
<li>for the preservation of assets; and</li>
<li>for financial disclosure.　</li>
</ul>
The interim orders will remain in force until further order. The matter has otherwise been adjourned to a date to be fixed with liberty to any party to apply to the Court on 24 hours' notice.
Mark Goldenberg is the Trustee of the Superfunded Loan Investment Trust.
Mark Goldenberg was permanently banned from providing financial services in May 2009.　
Mark Goldenberg was sentenced to three years' imprisonment in 2011 following an ASIC prosecution for misusing $1.5 million of investor funds for his own benefit.
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ASIC acts against the Goldenbergs SMSF scheme

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Darling Point had a great year. Its 12 sales triggered a $5.6 million best median price place on CoreLogic top list of 2017.
Dawes Point topped the apartments list.
Point Piper was excluded from calculations as it did not see the sale of 10 or more houses, but it did rank third with apartments.
Darling Point house sales included a four bedroom at <a href="https://www.realestate.com.au/sold/property-house-nsw-darling+point-124922942" target="_blank">14 Thornton Street</a> that fetched $7.06 million.
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Houses                        Sales Volume Medium Value                                         
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</div>
</div>
</div>
NSW Darling Point Woollahra 12 $5,682,520        
NSW Vaucluse Woollahra 86 $5,471,853               
NSW Bellevue Hill Woollahra 68 $5,316,587             
Vic Toorak Stonnington 124 $4,761,631                   
NSW Longueville Lane Cove 37 $4,259,644             
NSW Tamarama Waverley 14 $4,254,666                 
NSW Dover Heights Waverley 36 $4,133,440           
NSW Mosman Mosman 259 $4,041,599                    
NSW Double Bay Woollahra 12 $3,994,114               
NSW Mcmahons Point North Sydney 20 $3,980,169  
Units 
NSW Dawes Point Sydney 13 $3,176,621
NSW Barangaroo Sydney 12 $3,119,329
NSW Point Piper Woollahra 25 $2,989,216
NSW Darling Point Woollahra 85 $2,292,686
NSW The Rocks Sydney 30 $2,025,499
NSW Millers Point Sydney 41 $1,810,199
NSW Cabarita Canada Bay 15 $1,766,719
NSW Seaforth Manly 18 $1,672,213
NSW Palm Beach Pittwater 11 $1,626,911
NSW Milsons Point North Sydney 42 $1,620,837
 
 
 
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Darling Point had highest median value in CoreLogic's best list in 2017

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Outback and mining towns dominated Australia's cheapest median home prices.
The list was prepared by CoreLogic.
Queensland's Dysart was among the busiest locations with 44 house sales.
There was a $98,000 median house price in the mining town.
Sales included a highest home at <a href="https://www.realestate.com.au/sold/property-house-qld-dysart-126340350" target="_blank">107 Beardmont Crescent</a> at $67,000.
Dysart is a service centre for the nearby Norwich Park coal mine, which closed in 2012, the Saraji coal mine, and the Lake Vermont Coal Mine, as well as grazing properties in the district. Most residents are employed by the coal mines.
Houses                Volume              Median                                                         
WA Mount Magnet Mount Magnet 12 $68,605     
WA Norseman Dundas 19 $80,314.                      
WA Kambalda East Coolgardie 15 $90,978            
Tas Rosebery West Coast 40 $91,907                   
Tas Queenstown West Coast 73 $93,707               
Tas Zeehan West Coast 18 $96,377                      
Qld Dysart Isaac 44 $98,187                               
Vic Rupanyup Yarriambiack 11 $99,299                
SA Pinnaroo Southern Mallee 12 $103,928           
Vic Sea Lake Buloke 11 $105,235                       
 
Units
SA Elizabeth Vale Playford 12 $128,118
Qld Beachmere Moreton Bay 11 $135,981
WA South Hedland Port Hedland 44 $136,227
Qld Woree Cairns 54 $142,780
Vic Moe Latrobe 33 $143,014
SA Whyalla Stuart Whyalla 37 $146,462
Qld Kooralbyn Scenic Rim 14 $146,839
Qld Edmonton Cairns 10 $152,917
Qld Manunda Cairns 63 $153,919
NSW North Albury Albury 13 $154,580
 
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Dysart, the Queensland mining town dominates the cheapest median housing locations in 2017

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ASIC has imposed additional conditions on the Australian financial services (AFS) licence of SMSF Advisers Network Pty Ltd (SAN).
According to ASIC: "This follows a surveillance which ASIC commenced because of a significant increase in adviser numbers at SAN in a relatively short period of time.
"As part of the surveillance, ASIC reviewed a number of SAN’s client files.
"This review identified concerns including that some of SAN’s advisers had failed to demonstrate compliance with the best interest duty and related obligations.
"ASIC found that the statement of advice (SOA) documents relied heavily on templated wording and many of the client files lacked evidence to support the advisers’ recommendations that clients establish a SMSF."
As a result, ASIC was concerned that SAN had inadequate supervision processes in place. 
The additional licence conditions require:
SAN must engage an independent expert to review and test the compliance of advice provided by SAN’s advisers and to assess whether SAN has appropriate supervision mechanisms in place to ensure that its advisers are meeting the best interest duty and related obligations.
Where shortfalls in supervision arrangements are identified, the independent expert will make recommendations to address the deficiencies.
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ASIC imposes additional licence conditions on SMSF Advisers Network

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GUEST OBSERVATION
It won’t help enough, but it will get some people their keys. 
The new <a href="https://www.liberal.org.au/latest-news/2019/05/12/helping-australians-buy-their-first-home" target="_blank">First Home Loan Deposit Scheme</a> announced the Coalition, and <a href="https://theconversation.com/view-from-the-hill-quick-on-the-draw-labor-matches-morrisons-first-home-owners-scheme-116969" target="_blank">instantly backed by Labor</a>, is likely to be popular among those on the cusp of buying their first home.
It’ll be open to singles earning up to A$125,000 and couples earning up to A$200,000 who have saved at least 5% of the value of the home. The government-owned National Housing Finance and Investment Corporation will partner with private lenders to put up as much as another 15% of the value of the home to take the deposit to 20%.
However, the scheme is capped at <a href="https://www.smh.com.au/federal-election-2019/no-free-money-morrison-dismisses-concerns-over-first-home-buyer-scheme-20190513-p51moj" target="_blank">10,000 home buyers per year</a>, roughly one tenth of the number of Australians who bought first homes in 2018.
It’ll help them - the latest survey shows that <a href="https://www.propertyobserver.com.au/http://www.abs.gov.au/ausstats/abs@.nsf/mf/6553.0" target="_blank">more than half of first homebuyers</a> needed financial assistance outside of their own savings to get their deposit. The <a href="https://www.propertyobserver.com.au/https://www.tandfonline.com/doi/abs/10.1080/14036090120617" target="_blank">benefits of home ownership</a> have been widely documented. But will it do enough?
Source of deposits
<img src="https://images.theconversation.com/files/274299/original/file-20190514-60557-572nt0.JPG?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=754&amp;fit=clip" alt="">
<a class="source" href="https://www.propertyobserver.com.au/http://www.abs.gov.au/ausstats/abs@.nsf/mf/6553.0" target="_blank">Authors' own calculations from ABS Survey of Income and Housing 2013-14</a>
An often-expressed concern is that such a scheme will <a href="https://www.theguardian.com/australia-news/2019/may/13/first-homebuyers-scheme-who-gets-it-and-will-it-work-explainer" target="_blank">bid up house prices</a>. However, it is means-tested, making it much less vunerable to this criticism than the non-means-tested <a href="https://www.aph.gov.au/Parliamentary_Business/Committees/Senate/Former_Committees/hsaf/report/c09" target="_blank">First Home Owners’ Grant</a>.
And is also capped at 10,000 loans per year, giving it little scope to price pressure.
However, it may not be means-tested enough.
Consider the population subgroup that broadly comprises aspiring homebuyers who qualify for the scheme: renters aged 25-34 years who meet the scheme’s income criteria and whose financial wealth is between 5% and 20% of the lowest-priced quarter of houses for sale in the borad area in which they live.
In the most-recent <a href="https://www.propertyobserver.com.au/http://www.abs.gov.au/ausstats/abs@.nsf/mf/6503.0" target="_blank">2015 ABS Survey of Income and Housing</a> there were 127,000 such potential eligible first home buyers, more than 12 times the 10,000 cap.
The cap is a practical necessity of course, needed to limit impacts on prices and prevent a cost blowout. But the weakness of the scheme is that the cap will be filled on a “<a href="https://www.smh.com.au/federal-election-2019/no-free-money-morrison-dismisses-concerns-over-first-home-buyer-scheme-20190513-p51moj" target="_blank">first come, first serve</a>” basis, without distinguishing between those who actually need help and those who are likely to meet the deposit requirement anyway.
The graph shows that some 40% of potential first home buyers have managed to save a deposit amounting to not much more than 5% of the home value. Only 7% have a 20% deposit or something near it.
Potential users of the scheme, by amount of deposit saved
<img src="https://images.theconversation.com/files/274312/original/file-20190514-60567-1rjotju.png?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=754&amp;fit=clip" alt="">
Deposit saved by renters aged 25-34 who meet the scheme’s eligibility criteria, per cent of lower quartile property prices in area of residence, 2015-16. <a class="source" href="https://www.propertyobserver.com.au/http://www.abs.gov.au/ausstats/abs@.nsf/mf/6503.0" target="_blank">Authors' own calculations from the ABS Survey of Income and Housing 2015-16</a>
The Coalition could get more bang for its buck within the cap by targeting those in greater need of assistance; for example by prioritising those who cannot access the so-called <a href="https://theconversation.com/not-everyone-wins-from-the-bank-of-mum-and-dad-73842" target="_blank">Bank of Mum and Dad</a>. Not everyone has access to wealthy parents.
The Great Australian Dream of owning a home has been fading fast, and not just for young people. Naturally, the scheme’s details of the scheme require scrutiny. But overall, it provides a welcome acknowledgement (by both major parties) that the affordability crisis facing young people has not waned despite recent house price declines.
The scheme will restore the opportunity – at least to some – to accumulate wealth in property and enjoy the <a href="https://www.propertyobserver.com.au/https://www.tandfonline.com/doi/abs/10.1080/14036090120617">security and other benefits</a> that home ownership brings.
But seriously addressing housing affordability will ultimately require a bigger intervention.<img src="https://counter.theconversation.com/content/117073/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1" style="border: none !important; box-shadow: none !important; margin: 0 !important; max-height: 1px !important; max-width: 1px !important; min-height: 1px !important; min-width: 1px !important; opacity: 0 !important; outline: none !important; padding: 0 !important; text-shadow: none !important;">
<a href="https://theconversation.com/profiles/rachel-ong-viforj-113482" target="_blank">Rachel Ong ViforJ</a>, Professor of Economics, School of Economics, Finance and Property, <a href="http://theconversation.com/institutions/curtin-university-873" target="_blank">Curtin University</a>
This article is republished from <a href="http://theconversation.com" target="_blank">The Conversation</a> under a Creative Commons license. Read the <a href="https://theconversation.com/small-but-well-formed-the-new-home-deposit-scheme-will-help-and-its-unlikely-to-push-up-prices-117073" target="_blank">original article</a>.
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The new home deposit scheme will help, and it’s unlikely to push up prices

Repeat buyers are one of the strongest measures of confidence in any apartment development.

At <a href="https://www.apartments.com.au/new-apartments/era-newcastle-west-124-126-bull-street-newcastle-west-nsw-2302">ERA</a> in Newcastle West, some purchasers are returning to <a href="https://www.apartments.com.au/developers/gwh">GWH</a> after living at the developer's One Apartments. Their decision to purchase again was driven by the quality of life they found after moving into their first GWH home.

Keith Wilton had spent years living in a house in East Maitland before deciding it was time for a change. Apartment living had always been on his radar, but he was selective about what he wanted.

<iframe allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" allowfullscreen="" frameborder="0" height="315" referrerpolicy="strict-origin-when-cross-origin" src="https://www.youtube.com/embed/FH_1EzB-1vs?si=XScVlP1ERsTDJoME" title="YouTube video player" width="560"></iframe>

"I had some boxes I wanted to tick," he says.

Keith points to the open-plan design, generous outdoor areas and considered inclusions as key reasons One Apartments worked for him.

“One of those things was a nice indoor open plan area, but also I wanted a nice outdoor open area that I could entertain on in summer or Christmases or birthdays,” he says.

He also found value in the smaller details, from integrated appliances to shared resident spaces including the pool, cinema and rooftop areas.

[smartcode_project:default project_id=135096 project_image_fid=356818]

After comparing several developments, he chose One Apartments because of GWH's longstanding local reputation and his own experience working with the developer on a commercial project more than a decade earlier.

"I knew that they were local, that the quality of the build was going to be up there. I'd looked at other apartment complexes around and close by, and I just knew that here was a better decision location wise."

Today, Keith says the move has completely changed how he experiences Newcastle.

"I enjoy living in this location because it's more of a lifestyle change. That Newcastle city living where you can walk to restaurants and bars and even beaches and parks and even shopping across the road."

[smartcode_project:default project_id=135096 project_image_fid=356828]

Beyond the location, he says it's the sense of community that has surprised him most.

"Everyone loves living here because they chose to live here, but everyone looks out for each other. It's a real great community feel here."

For Aimee and Lyle Goodman, the journey started almost by chance.

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The couple happened to be having coffee in Newcastle when they noticed the site where One Apartments was about to begin construction.

"We were aware GWH was planning a development," Aimee says. "We made one phone call and things moved pretty quickly after that."

As busy business owners, they initially thought apartment living would simply reduce the maintenance that came with larger homes. Instead, it fundamentally changed how they spent time together.

"We actually catch up more as a family now," Aimee says.

"We've had homes with big yards and lots of space, but everyone ended up in different rooms. Here we'll have dinner together, the kids can play, and we spend far more quality time together."

[smartcode_project:default project_id=135096 project_image_fid=356829]

Lyle says their confidence came from GWH's reputation within Newcastle's building industry.

"I know people who've worked across different apartment projects, and whenever GWH came up the feedback was always the same. They're rock solid. They're quality."

That confidence only grew throughout the buying process.

"One of the things that really impressed us with GWH was the whole process, was the communication," Lyle says. "It was consistent, it was regular, there was no problem if we had some weird questions, there was no problems in getting answers."

[smartcode_project:default project_id=135096 project_image_fid=351104]

Aimee says one moment stood out.

"The project actually finished on time. We realised we needed to hurry up and sell our house because everything was happening exactly when they said it would."

The positive experience at One Apartments ultimately gave all three buyers the confidence to purchase again with GWH, this time at ERA.

Their confidence reflects what many buyers are seeking in today's apartment market. Location remains important, but so too does certainty around delivery, quality and long-term liveability.

[smartcode_project:default project_id=135096 project_image_fid=356822]

ERA builds on those foundations with 280 one, two and three-bedroom apartments across two landmark towers in <a href="https://www.apartments.com.au/developments/newcastle-west-nsw-2302">Newcastle West</a>.&nbsp;

Designed by <a href="https://www.apartments.com.au/architects/fk-australia">Fender Katsalidis</a>, the project will include more than 2,000 square metres of resident amenities, including a resort-style pool, gym, sauna, private cinema and rooftop entertaining spaces overlooking the harbour and coastline.&nbsp;

The development is also within walking distance of the Newcastle Interchange, Honeysuckle, Darby Street, the harbour foreshore, restaurants, retail and the city’s beaches, continuing the walkable lifestyle that existing GWH buyers say has transformed how they live.

[smartcode_project:default project_id=135096 project_image_fid=356826]

For Keith, the appeal remains straightforward.

"You feel at home even before you've moved into your home."

For Aimee, the change is measured in time.

“I just felt like I had more time,” she says.

[smartcode_project:default project_id=135096 project_image_fid=351102]

Construction at ERA is now underway, with more than half of the residences already sold and limited two and three-bedroom apartments remaining in the East Tower release. Priced from $980,000 for two-bedroom residences and $1.46 million for three-bedroom residences, buyers can secure an apartment with a 10 per cent deposit, with premium homes offering ocean views from Level 8 and harbour views from Level 10.

ERA is also backed by Resilience Insurance's 10-year Latent Defects Insurance policy, providing protection against structural or waterproofing defects for 10 years after completion. The project is anticipated to be completed in early 2028.

[smartcode_project_cta:default project_id=135096]

Joel Robinson

From ONE to ERA: Why buyers are choosing GWH again in Newcastle West

Virgate Property Group is preparing to commence construction of Verdé, its new apartment development in Melbourne's Arts Precinct at Southbank, following a strong run of sales that has seen more than half of the project's 173 apartments secured.

Verdé has attracted a broad mix of first home buyers, owner-occupiers upgrading from nearby inner-city suburbs and investors, with younger owner-occupier couples aged between 28 and 45 accounting for the strongest enquiry. Many are already living in Southbank, South Melbourne, Albert Park, Port Melbourne, South Yarra and the CBD.

"Verdé is located in one of the most desirable pockets of southern Melbourne," Blair Property Group Director Darren Blair, who is managing sales at Verdé, said.

"It's within walking distance of the Arts Centre, Royal Botanic Gardens, Albert Park Lake, and Southbank's restaurants and retail. It's a great lifestyle location with strong amenity and liveability, which made it a very attractive choice for the project."

[smartcode_project:default project_id=4661 project_image_fid=372549]

Virgate was already familiar with the precinct, having previously delivered the successful Domain House development in neighbouring South Melbourne. That experience gave the developer confidence to acquire the Coventry Street site and continue expanding its presence in Melbourne's inner south.

"We had been keeping an eye on the site and the broader precinct for a few months before deciding to move forward with the acquisition," Virgate said.

The project was ultimately secured in 2020 following feasibility studies, planning assessments and due diligence, with the brief centred on delivering "a high-quality, considered design that feels both refined and fit for purpose."

[smartcode_project:default project_id=4661 project_image_fid=314259]

Designed by <a href="https://www.apartments.com.au/architects/bruce-henderson-architects">Bruce Henderson Architects</a>, Verdé comprises 173 one, two and three-bedroom apartments priced from $599,000. The architecture is distinguished by a faceted glass façade that responds to both the site's outlook and Melbourne's changing light conditions.

According to Bruce Henderson Architects, the coloured glazing gives the building a distinctive identity while also providing privacy and solar shading, with residences oriented to capture views across the bay, city skyline and surrounding parklands.

Inside, <a href="https://www.apartments.com.au/interior-designers/designoffice">DesignOffice</a> has created interiors focused on natural light, efficient planning and enduring materials. Apartments feature engineered oak flooring, natural stone benchtops, floor-to-ceiling glazing and SMEG appliances, while a restrained material palette aims to complement the expansive outlooks rather than compete with them.

[smartcode_project:default project_id=4661 project_image_fid=372550]

Resident amenity has also been designed around everyday functionality rather than occasional use. Facilities include a concierge-serviced lobby, residents' lounge with fireplace, library and co-working space, gym, terrace garden with barbecue facilities, ground-floor café, and package delivery management.

The project's location continues to be one of its strongest drawcards. Positioned on Coventry Street, Verdé sits within walking distance of the National Gallery of Victoria, Arts Centre Melbourne, Royal Botanic Gardens and Albert Park Lake, while Southbank's dining precinct, Sturt Street trams and the new ANZAC Station are all nearby. The surrounding education catchment also includes Melbourne Grammar, Melbourne Girls Grammar, Mac.Robertson Girls' High School and several major university campuses.

The sales team says buyers have responded particularly well to the combination of location, design quality and long-term liveability.

"They're responding really positively to the quality of the design, premium resident amenities and the uninterrupted views. Many also appreciate the location and how connected it is to everything they need."

The ability to secure stamp duty savings before completion has also been a key factor for purchasers, alongside the opportunity to personalise finishes ahead of settlement.

With construction set to commence soon and more than half the apartments already sold, Verdé enters its next phase as one of the Arts Precinct's more established apartment developments, offering remaining buyers an opportunity to secure a residence before construction advances further. Expected completion is scheduled for late 2027.

[smartcode_project_cta:default project_id=4661]

Virgate's Verdé Southbank moves toward construction as sales fly past halfway stage

Downsizer-focused apartment development Kooyongkoot in Hawthorn has been recognised at the 2026 Better Future Melbourne Design Awards, taking home Gold and Silver awards in two categories.

<a href="https://www.apartments.com.au/new-apartments/kooyongkoot-hawthorn-1-kooyongkoot-road-hawthorn-vic-3122">Kooyongkoot</a>, currently being delivered by developer PQD and designed by Cera Stribley, received Gold in the Interior Design – Proposed category and Silver in the Architecture – Proposed category.

The dual recognition reflects the design approach behind the boutique development on prestigious Kooyongkoot Road, where the focus has been on creating homes for downsizers seeking the space, quality and functionality of a detached house within a low-rise apartment building.

Rather than maximising apartment numbers, <a href="https://www.apartments.com.au/developers/pqd">PQD</a> and <a href="https://www.apartments.com.au/architects/cera-stribley-architects">Cera Stribley</a> limited the development to just 18 residences, allowing for larger floorplans, greater privacy, generous landscaping and expansive communal spaces.&nbsp;The majority of the apartments also benefit from corner aspects, allowing for dual sources of natural light.

Now around 70 per cent complete and on track for completion in November 2026, Kooyongkoot will comprise a mix of garden residences, ter​race apartments, sub-penthouses, and is crowned by two half-floor penthouses with direct lift access and private rooftop terraces.

[smartcode_project:default project_id=102717 project_image_fid=355297]

The Silver Award for Architecture recognised the way the building responds to its prominent corner position at the ent​rance to Hawthorn's Scotch Hill precinct, one of Melbourne's most established residential neighbourhoods.

Rather than competing with the grand homes that line Kooyongkoot Road, the architectural approach focused on restraint and longevity, using curved brickwork, generous landscaping and carefully considered proportions to integrate with the existing streetscape.

"The form feels fluid and timeless, as though shaped by the landscape itself – architecture that belongs, rather than competes," said Chris Stribley, Co-Founder and Managing Principal of Cera Stribley.

The judging submission also highlighted practical innovations throughout the building, including lift cores servicing only nine homes each, a central landscaped lightcourt designed to bring daylight and ventilation into the building, and fully enclosed private storage rooms with lighting, power and shelving to better accommodate residents transitioning from larger family homes.

[smartcode_project:default project_id=102717 project_image_fid=355293]

The Gold Award for Interior Design recognised the project's focus on long-term liveability rather than display-home aesthetics.

According to the awards submission, the interiors were designed from the inside out, prioritising how homes would function over decades of daily use through generous proportions, practical storage, durable natural materials and flexible layouts.

The specification includes natural stone throughout, upgraded acoustic glazing, V-ZUG appliances and fully enclosed storage rooms, alongside an amenity offering focused on wellness, entertainment and everyday convenience.&nbsp;

Residents will have access to a gym and yoga studio, a wellness centre featuring traditional and infrared saunas, a cold therapy shower and treatment room, as well as a residents' lounge and golf simulator/cinema room for entertainment.&nbsp;Kooyongkoot has also considered the everyday convenience of its residents by offering a private carwash and pet wash facilities on site as well as dedicated parcel lockers and oversized fully enclosed storage rooms.&nbsp;

[smartcode_project:default project_id=102717 project_image_fid=355303]

The project's attention to detail has already resonated with buyers. Earlier this year, Kooyongkoot recorded one of Boroondara's highest apartment sales when an $8 million penthouse was purchased by a Melbourne CEO downsizing from a nearby family home.

"Every detail feels deliberate, from the overall design down to the smallest touches," the purchaser said.

"The level of quality and refinement is exceptional, but what really sold it was how liveable it felt... It felt like a place where everything had been considered, not just a luxury building."

[smartcode_project:default project_id=102717 project_image_fid=355304]

Sustainability also formed a key part of both award submissions. Kooyongkoot is targeting a minimum 7.5-star NatHERS rating across all residences, supported by passive design principles, high-performance glazing, EV charging infrastructure, water reuse systems and a wellness model focused on lower-energy dry facilities rather than pools and large wet areas.

Located within walking distance of Scotch College, Methodist Ladies' College, Koo​yong Lawn Tennis Club, Aubur​n Village and Camberwell Junction, Kooyongkoot continues to target owner-occupiers looking to remain in Melbourne's inner east without compromising on space or quality. A limited selection of two, three and four-bedroom residences remains available, with prices starting from $1.9 million.

[smartcode_project_cta:default project_id=102717]

Kooyongkoot wins Gold and Silver at Better Future Melbourne Design Awards

New apartment supply has become increasingly constrained across <a href="https://www.apartments.com.au/developments/parramatta-nsw-2150">Parramatta</a> in recent years, with fewer projects progressing through to completion as development conditions have become more challenging.

It makes <a href="https://www.apartments.com.au/developers/novm">NOVM</a>'s 2021-completed <a href="https://www.apartments.com.au/buildings/the-lennox-parramatta-12-phillip-street-parramatta-nsw-2150">The Lennox</a> one of the most recently completed residential towers on the Parramatta River, and among the newest apartment developments in Sydney's second CBD.

With the project largely completed before the sharp escalation in construction costs and inflation following the pandemic, The Lennox is now offering pricing that would be difficult to replicate in a comparable new development in Parramatta today, or across much of Western Sydney.

The majority of the 413 apartments at The Lennox sold before and shortly after completion. A limited release of the remaining apartments has recently been brought to market by capital partner <a href="https://www.apartments.com.au/project-marketer/equitifund-group">Equitifund</a>, with entry-level pricing from $700,000 and two-bedroom apartments available from under $1 million.

Rising above the Parramatta River at 12 Phillip Street, The Lennox comprises one, two, three and four-bedroom apartments, appealing to first home buyers, young professionals, families, downsizers and interstate investors seeking a completed apartment in one of Australia's fastest-growing economic centres.

[smartcode_project:default project_id=5743 project_image_fid=372394]

Rather than positioning Parramatta as an alternative to Sydney's CBD, Equitifund believes the city has reached a point where it stands on its own merits.

"Parramatta is no longer simply an alternative to Sydney CBD, it's becoming a destination in its own right," Equitifund Executive Chairman Greg Huxley said.

"The Lennox captures that evolution with a level of quality and amenity that's difficult to match at its price point."

[smartcode_project:default project_id=5743 project_image_fid=953]

Designed by <a href="https://www.apartments.com.au/architects/marchese-partners">Marchese Partners</a>, the tower responds directly to its riverfront setting through expansive glazing and open-plan layouts that maximise views across the Parramatta River and city skyline. Interiors feature engineered timber flooring, stone benchtops, stainless steel appliances and floor-to-ceiling glazing, while generous balconies extend the living spaces outdoors.

Marchese Partners says the project was conceived to balance high-quality apartment living with practical, long-term functionality, pairing larger, efficient floorplans with amenities more commonly associated with five-star hotels.

That emphasis continues through the resident facilities, which include a 20-metre rooftop swimming pool, fully equipped gym and wellness spaces, full-time concierge, a residents' lounge, function room, private lifts, secure basement parking and rooftop communal areas overlooking the Parramatta River. Ground-floor boardwalk retail and dining further activate the riverfront and integrate the building into the surrounding public realm.

[smartcode_project:default project_id=5743 project_image_fid=925]

Australian housing and finance group Equitifund has secured the remaining apartments, believing there are few completed apartment opportunities in Parramatta that offer the same combination of location, amenity and pricing.

Equitifund National Sales Director Ben Hamblett says buyers are increasingly recognising that premium apartment living no longer needs to come with Sydney CBD pricing.

"The Lennox is where aspirational living becomes attainable," Hamblett said.

"Wake to river and mountain views, step into Sydney's Second CBD, and arrive home to resort-calibre amenities, all without the harbour price tag."

Hamblett says owner-occupiers are also attracted by the convenience of having Westfield Parramatta, Church Street's dining precinct, Parramatta Park, Riverside Theatres, Western Sydney University and major transport connections all within walking distance.

"At The Lennox, lifestyle is not an afterthought, it is the foundation."

[smartcode_project:default project_id=5743 project_image_fid=5374]

The Lennox places residents within walking distance of Parramatta Square, Westfield Parramatta, Church Street Eat Street, Parramatta Station, the ferry wharf, Light Rail, the future Sydney Metro West, Parramatta Park and CommBank Stadium, reinforcing Parramatta's position as one of Australia's most connected metropolitan centres outside Sydney's CBD.

Equitifund says buyers visiting the display suite consistently comment on the quality of the finishes, generous floorplans, river and skyline views, and the walkability of the location. The project has attracted a broad mix of local professionals, upsizers, downsizers, buyers relocating from Sydney's inner suburbs and interstate investors seeking long-term growth opportunities.

That demand aligns with Parramatta's continued evolution as an economic powerhouse. Equitifund Research and Market Insights specialist John Bekiaris says sustained population growth, infrastructure investment and expanding employment opportunities continue to support long-term housing demand across the city.

"Parramatta has evolved from a satellite city into one of Australia's most important economic centres. Population growth, infrastructure investment and employment are all supporting sustained long-term housing demand."

[smartcode_project_cta:default project_id=5743]

The apartment price gap drawing Sydney buyers west

A luxury beachfront apartment at Rainbow Bay has more than doubled in value since it sold off the plan six years ago, setting a new local apartment record in the process.

The three-bedroom apartment in the Flow development on Petrie Street, the first of four new projects locally by Paul Gedoun's S&amp;S Projects, has sold for $7.4 million, after originally selling for $3.27 million when the project launched in 2020.

The seventh-floor apartment, comprising 187 sqm of internal living space and a 54 sqm balcony overlooking Froggies Beach and Snapper Rocks, was purchased by a local family.

The transaction was negotiated by Pezet Matheson director Kerry Pezet and equates to more than $30,000 per sqm.

Pezet said the sale reflected the limited opportunities to buy into the boutique beachfront development.

"The sale highlights the rarity of opportunities within the boutique beachfront development, where residences seldom become available," Pezet said.

"Flow is one of the Gold Coast's most tightly held buildings. Buyers from our database move quickly when residences become available, and achieving an off-market sale at $7.4 million demonstrates the depth of demand for property of this calibre."

<img alt="Flow" data-entity-type="file" data-entity-uuid="c585b206-2130-4eee-a50c-3f27c51a7c70" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-07-06%20at%208.33.25%E2%80%AFPM.png?VersionId=m3pHRDV62Y3fvN.XQuQHq.52ilTWpRLf" />

Flow was the first of four luxury apartment developments delivered by Paul Gedoun's S&amp;S Projects at Rainbow Bay and was completed in 2023.

Positioned on the beachfront overlooking Snapper Rocks, the residence includes three bedrooms, three bathrooms, a powder room and views stretching north along the coastline towards Surfers Paradise.

Pezet Matheson Residential principal Mitchell Lambert said buyers continued to prioritise quality beachfront apartments in tightly held locations.

"Flow Residences offers a rare combination of elevated beachfront positioning, architectural excellence, comprehensive resident amenity and premium finishes, which is exactly what discerning purchasers are seeking," Lambert said.

"The transaction further reinforces Rainbow Bay's reputation as one of Australia's premier coastal lifestyle destinations, where limited supply and growing demand continue to support strong market performance."

Pezet Matheson originally marketed and sold out Flow off the plan, making the latest transaction a return to one of the project's original buyers.

Paul Gedoun is selling his third project, <a href="https://www.apartments.com.au/new-apartments/radia-rainbow-bay-271-boundary-street-coolangatta-qld-4225">Radia Rainbow Bay</a>, after recently completing, and selling out, <a href="https://www.apartments.com.au/buildings/esprit-217-227-boundary-street-coolangatta-qld-4225">Esprit</a>. He has plans for a <a href="https://www.apartments.com.au/news/qld/first-look-s-s-projects-proposes-88-apartment-wellness-tower-at-coolangattas-boundary-street">fourth building</a>, 88 apartments on <a href="https://www.apartments.com.au/new-apartments/209-213-boundary-street-coolangatta-qld-4225">Boundary Street</a>.

Staff reporter

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