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The Commonwealth Bank of Australia has posted a full-year cash profit of $9.233 billion, down some 4.8 percent.
The last time the bank posted a weaker profit was in 2009.
The result includes $400 million in regulatory costs. The decline was mostly driven by a $700 million penalty paid to AUSTRAC after it breached anti-money laundering laws.
CEO Matt Comyn said the results concluded what had been "a difficult 12 months" for the bank.
"I wanted to start by thanking all of our people right throughout the business who have worked incredibly hard in challenging circumstances to deliver a result of $9.2 billion, which at a headline level is down 4.8 percent, although there has been a number of one-off items that have impacted the result, including a couple of large penalties that we have resolved," said Comyn.
"If you strip some of those out, actually the result looks more from an underlying perspective up 3.7 percent."
Comyn said he recognised the impact the bank's mistakes were having on customers.
<div data-module="video" data-class="video-js video-js--network" data-param-page-name="finance:finance:home:default" data-video="5778774177001" data-category-name="MSNVideo_Cat" data-category-value="ausydney" data-sticky-enabled="false" data-sticky-target-selector=".layout__utility" data-show-description="data-show-description">
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<div id="player_vl6eu" lang="en-au" data-param-page-name="finance:finance:home:default" data-param-video-name-prefix="finance|" data-param-ad-unit="finance/web" data-video-id="5778774177001" data-player="H190EXsjW" data-account="664969388001" data-embed="default">"We just have to recognise we have not done a good enough job for our customers. We got some things wrong. We have made mistakes," said Comyn.</div>
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"We absolutely need to make sure we do not make them again. And a big part of my job of course is making sure we are a simpler and better bank for our customers, working closely with any customers who have not had a good experience, but most importantly making sure that those sorts of issues do not recur.
"Ultimately it is going to be something that our customers need to decide, and I am very comfortable, and feel very accountable, for ensuring that we deliver great experience and outcomes for our customers over the long term."
The Commonwealth Bank board declared a full year, fully franked dividend of $4.31.
It noted switching from interest-only mortgages was stressing some borrowers.
The number of home loan borrowers late on repayments spiked, but Comyn said customers have been able to get payments back on track by paring back their spending elsewhere.
CBA advised a 10 basis point increase in the number of customers more than 90 days late on their home loan repayments - from 0.60 per cent to 0.70 per cent of borrowers. 
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Comyn said he did not expect the arrears levels would deteriorate further and that "over time, the customers adjust to the new payments".
Analysts asked Mr Comyn about the rising arrears during the results briefing, with Macquarie's Victor German observing the number is a "historical leading indicator for deteriorating credit quality". 
CBA is the largest mortgage lender in Australia, with 1.5 million home loan accounts with a total balance of $374 billion.
Of these, 64 per cent of borrowers are owner occupiers. 
Some 30 per cent of CBA mortgage customers are on interest-only loans, down from 39 per cent a year ago. 
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<div>Around 27 per cent of CBA's interest only borrowers are expected to switch to principal and interest loans in FY2019 with the bank writing to interest only borrowers 12 months before their loans reset to warn them of the changes.</div>
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<div>The AFR noted the briefing was advised 79 per cent of customers coming to the end of an interst only period have an opportunity to extend the interest-only terms for a further year. </div>
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CBA said the uptick in mortgage arrears reflects "pockets of stress" in the economy, mostly in Western Australia, where the bank saw "continued softness in outer metro and regional" areas rather than mining towns, and in the Northern Territory, where its small book was hit by rising unemployment as resource projects were completed.
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j.ballantyne1990-6AQqhLzZaK

CBA profit dips for first time in decade as mortgage arrears spike

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Manenti Quinlan &amp; Associates has sold the Westside Motor Inn sold at auction.
It sold on a yield of 6% after a campaign that generated 86 enquiries.
The 35 room motel had undergone a full refurbishment in the last two years.
It occupies a prime position on Liverpool Road, close to the Sydney CBD, Wests Leagues Club, Ashfield Railway Station and Shopping Precinct.
The interest in this property was from both local and overseas investor / operators.
The new owners will continue to operate the business.
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Westside Motor Inn, Ashfield sold for $8.3 million

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Sydney developer Level 33 has received approval for a new mixed-use project at 9-15 Railway Parade in Wollongong.
It will span 18 levels.
Skye Tower will feature 105 apartments, ground floor retail and around 585 square metres of commercial space.
Eddy Haddad of Level 33 said he had been receiving a steady stream of enquiries from local buyers and investors, 
Level 33 has already completed successful projects in Wollongong, selling out the nine-story ViVid apartments in Auburn Street, a site that had been vacant for 15 years.
The group also has another major project at Denison St Wollongong, plans for which have been submitted to council.
Will Wehbe of St Trinity Property Group is project marketing the new mixed-use tower.
“Wollongong is currently experiencing a surge in popularity from Sydneysiders looking for more affordable property prices, with the region’s seaside location proving a big drawcard for many buyers, particularly those buying their first homes,” Wehbe said.
“To date we’ve had over 50 interested parties who have confidence in the property.”
Haddad said that Skye Wollongong will be officially launched mid-year.
Prices for a one-bedroom apartment at Skye are expected to start at around $460,000, while two-bedrooms including a secure car space will start at $555,000 and three-bedrooms from $750,000.
Construction is expected to commence late in 2018 and be completed by the end of 2020.
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18-storey Wollongong tower receives DA approval

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At its meeting today, the Board decided to leave the cash rate unchanged at 1.50 per cent.
The global economic expansion is continuing. A number of advanced economies are growing at an above-trend rate and unemployment rates are low. Growth in China has slowed a little, with the authorities easing policy while continuing to pay close attention to the risks in the financial sector. Globally, inflation remains low, although it has increased in some economies and further increases are expected given the tight labour markets. One uncertainty regarding the global outlook stems from the direction of international trade policy in the United States.
Financial conditions remain expansionary, although they are gradually becoming less so in some countries. There has been a broad-based appreciation of the US dollar over recent months. In Australia, money-market interest rates are higher than they were at the start of the year, although they have declined somewhat since the end of June. These higher money-market rates have not fed through into higher interest rates on retail deposits. Some lenders have increased mortgage rates by small amounts, although the average mortgage rate paid is lower than a year ago.
The Bank's central forecast for the Australian economy remains unchanged. GDP growth is expected to average a bit above 3 per cent in 2018 and 2019. This should see some further reduction in spare capacity. Business conditions are positive and non-mining business investment is continuing to increase. Higher levels of public infrastructure investment are also supporting the economy, as is growth in resource exports. One continuing source of uncertainty is the outlook for household consumption. Household income has been growing slowly and debt levels are high. The drought has led to difficult conditions in parts of the farm sector.
Australia's terms of trade have increased over the past couple of years due to rises in some commodity prices. While the terms of trade are expected to decline over time, they are likely to stay at a relatively high level. The Australian dollar remains within the range that it has been in over the past two years.
The outlook for the labour market remains positive. The vacancy rate is high and other forward-looking indicators continue to point to solid growth in employment. Employment growth continues to be faster than growth in the working-age population. A further gradual decline in the unemployment rate is expected over the next couple of years to around 5 per cent. Wages growth remains low. This is likely to continue for a while yet, although the improvement in the economy should see some lift in wages growth over time. Consistent with this, the rate of wages growth appears to have troughed and there are increased reports of skills shortages in some areas.
The latest inflation data were in line with the Bank's expectations. Over the past year, the CPI increased by 2.1 per cent, and in underlying terms, inflation was close to 2 per cent. The central forecast is for inflation to be higher in 2019 and 2020 than it is currently. In the interim, once-off declines in some administered prices in the September quarter are expected to result in headline inflation in 2018 being a little lower than earlier expected, at 1¾ per cent.
Conditions in the Sydney and Melbourne housing markets have continued to ease and nationwide measures of rent inflation remain low. Housing credit growth has declined to an annual rate of 5½ per cent. This is largely due to reduced demand by investors as the dynamics of the housing market have changed. Lending standards are also tighter than they were a few years ago, partly reflecting APRA's earlier supervisory measures to help contain the build-up of risk in household balance sheets. There is competition for borrowers of high credit quality.
The low level of interest rates is continuing to support the Australian economy. Further progress in reducing unemployment and having inflation return to target is expected, although this progress is likely to be gradual. Taking account of the available information, the Board judged that holding the stance of monetary policy unchanged at this meeting would be consistent with sustainable growth in the economy and achieving the inflation target over time.
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Banks seeking borrowers with high credit quality: RBA Governor's August 2018 meeting statement

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The decision to keep the official interest rate on hold today marked the two year anniversary of the last change to the cash rate by the RBA.
It is the longest period of interest rate stability on record. 
CoreLogic head of research Tim Lawless provides his advance commented that the steady rate setting had a lot to do with stubbornly low inflation, record high household debt, a slack labour market and, more recently, falling dwelling values. 
Tim Lawless suggested financial markets continue to expect that the cash rate will remain unchanged until at least 2020.  
He noted while the cash rate has remained stable, mortgage rates have been tweaked, the extent to which depends on the borrower type and loan product.
"Over the same period of cash rate stability, the average standard variable mortgage rate has actually reduced by 5 basis points for owner occupiers and increased by 30 basis points for investors."
Three years fixed rates for investors have increased by ten basis points and discounted variable rates are up 40 basis points for investment loans.  
Meanwhile two of the big four banks, Commonwealth Bank and ANZ, along with 19 other lenders, have slashed interest rates on fixed home loans as competition among lenders heats up.
RateCity.com.au shows lenders have dropped fixed interest rates by up to 72 basis points on more than 120 products. Commonwealth Bank cut its fixed rates by 10 basis points, while ANZ cut some of its fixed rates up to 24 basis points.
1300HomeLoan Managing Director John Kolenda said it looks unlikely the RBA will make any change over the next 12 months.
“The circumstances which have prompted the RBA to stay on the interest rate sidelines for a record breaking two years see no signs of change,” Mr Kolenda said.
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Two years since last RBA rate change after August 2018 board meeting decision

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The Australian Securities and Investments Commission (ASIC) has announced changes to reporting dates for a number of required notifications in the transition to the new financial adviser professional standards reforms. 
The revised schedule is intended to simplify licensees’ disclosure obligations. ASIC is also clarifying the process for recognising advisers as ‘existing providers’. 
Existing Providers
Financial advisers who are listed on the Financial Advisers Register (FAR) between 1 January 2016 and 1 January 2019 will be recognised as an ‘existing provider’ under the new professional standards. 
Therefore, financial advisers who are currently authorised to provide personal advice to retail clients on more complex financial products should make sure they are on FAR. 
Without recognition as an ‘existing provider’ an adviser must pass an exam and complete an approved qualification by 1 January 2019 to work as a financial adviser. They must also undertake a year of work and training. 
If a person is an ‘existing provider’, they have until 1 January 2021 to pass the exam, and 1 January 2024 to complete an approved qualification. In the meantime, they can continue to work as a financial adviser. 
Financial advisers can demonstrate that they are an ‘existing provider’ if they are:
<ul>
<li>‘current’ on the Financial Advisers Register (FAR) at any time between 1 January 2016 and 1 January 2019; and</li>
<li>not banned, suspended or disqualified as at 1 January 2019.</li>
</ul>
Changes to FAR notifications
ASIC will also make changes to the timing of the earliest notification requirements under the professional standards reforms.  These changes will simplify licensees’ notification obligations and enable ASIC to implement the required systems changes more effectively.
These changes do not affect advisers’ and licensees’ substantive obligations under the professional standards reforms. Advisers and licensees must still comply with the new substantive professionalism and education requirements and licensees must keep appropriate records for compliance purposes.
A key change is that ASIC will push back the timing for licensees to notify of new advisers who are joining the industry for the first time after 1 January 2019. As a result, new ‘provisional relevant providers’ can only be added to FAR from 15 November 2019.
Further information about the changes to notification dates can be found on ASIC’s Professional standards for financial advisers – reformswebsite.
<h2>Background</h2>
The Corporations Amendment (Professional Standards of Financial Advisers) Act 2017 commenced on 15 March 2017. It introduces a number of new requirements for advisers who provide personal advice to retail clients on more complex financial products.
For further information, please visit ASIC’s website: <a href="https://asic.gov.au/regulatory-resources/financial-services/professional-standards-for-financial-advisers-reforms/" target="_blank">Professional standards for financial advisers – reforms</a>. ASIC will update content on this website from time to time to provide further information about the reforms.
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ASIC announces new financial adviser professional standards reforms

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A Port Hedland one bedroom unit with views of the ocean has been sold for $150,000 by mortgagees.
It was sold by Rick Hockey from Hedland First National last month. 
Built in 2014,<a href="https://www.realestate.com.au/sold/property-apartment-wa-port+hedland-126990010" target="_blank"> 5/2 McKay Street</a> comes with one bedroom, open plan kitchen, dining and lounge room, and balcony overlooking the ocean and inlet harbour.
Additional features include split system air conditioning, personal storage room next to apartment and undercover car parking plus visitor car parking.
It is close to the Dome Café and the Port Hedland town centre.
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Port Hedland apartment with ocean views sold by mortgagee

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The largest regulatory credit crunch in 30 years will cause a further slide in property values, Endeavour Equity Strategy said in a detailed 30-page report.
Sydney and Melbourne house prices could fall by 15 to 20% in a repeat of the late 1980s and '90s, the equity research firm suggested citing evidence that about 40% of all mortgages were "non-prime."
It was based on the level of borrower's income relative to debts.
Endeavour suggested the crackdown on the use of measures that understated borrower expenses, and overstated their borrowing capacity, would reduce loan values by up to 30%.
"Our base case suggests expense ratios will increase sharply, serviceability ratios will decrease proportionately, and loan sizes and property prices will suffer in the order of 15 to 20% in real terms," the report said.
It written by Endeavour's Douglas Orr, and circulated to fund manager clients with a report appearing in The Australian Financial Review.
A fall in house prices would lead to a decline in building activity resulting in a "modest increase" in arrears as incomes tied to the sector fall.
"Lower house prices would reduce the ability for stressed borrowers to trade out or finance," the report said.
Endeavour called on the prudential regulator to force the banks to disclose metrics such as "debt serviceability to income ratios" and said the "commercially conflicted" Household Expenditure Measure, or HEM, used to assess borrower expenses boosted serviceability by 15% to 20%.
"Mandatory disclosure of serviceability metrics would achieve this and offset real concerns that the current regime allows banks to 'commission their own risk goal posts' – by relying on HEM," the report said.
Endeavour Equity Strategy was founded 15 years ago by Douglas Orr, a former ABN AMRO research analyst. 
"We see credit growth over the coming 12 to 18 months as likely flat to negative, margins under pressure, heightened legal risks and bad debts set to increase as equity turns negative for a significant portion of leveraged home owners and investors."
The report said a sample of 420 Westpac mortgages, made public as part of the Hayne royal commission, supported its prior view that 40% of all outstanding mortgage debt was "non-prime".
This was based on the "internationally accepted" measure of "non-prime" being a mortgage in which more than 40% of income was being used to service interest payments on debt.
"Non-prime mortgages areas have default rates three to five times higher in a downturn," Orr told AFR.
The Endeavour report described the banks' lending buffers as "illusory" because the HEM understated expenses for most households, and therefore overstated how much income borrowers had available to service debt even after a buffer was factored in.
The Westpac loan sample also showed the extensive use of the HEM to assess borrower expenses. In that loan sample, 97 out of the 100 loans originated by mortgage broker RAMS relied on the HEM, while 86% of Westpac's loans relied on the measure.
A more "realistic" assumption around living expenses would substantially reduce the funds available to service a loan to a household on $150,000 of annual income from $76,000 to $56,000.
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Largest regulatory credit crunch in 30 years could trigger 20% price fall

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Stockland has sold the Wallsend Shopping Centre in Newcastle to Sydney-based Haben Property Group for $81 million – reflecting a yield of 6.6%.
The 12,000 square metre shopping centre, anchored by Coles and Aldi supermarkets, is set on a 42,114 square metre site, some 11 kilometres west of the CBD.
The sale was in line with Stockland's book value.
The 1988 centre includes 37 specialty stores, including three kiosks, one office, five ATMs and a McDonald’s.  
CBRE, who sold the property, noted a lower supply pipeline of new shopping centres was being offered to the market across NSW. 
According to CBRE Research, just over 12,000 square metres of new space is forecast for delivery in 2018 – well below the long-term average of 47,500 square metres.
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Stockland sells Wallsend Shopping Centre for $81 million

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Although not abundantly obvious at first thought, there has been a massive amount of investment in retail development and refurbishment across the Gold Coast over the past few years, according to the latest report from Herron Todd White (HTW).
The financial valuation firm noted that there has been development activity across all sectors of the retail market.
Pacific Fair and Robina Town Centre are the two largest shopping centres on the Gold Coast and have collectively spent almost $800 million dollars in refurbishment works over the past five years.
The report suggested that "class leading design and unparalleled tenancy mixes will cement these centres as the Gold Coast’s premier shopping destinations for years to come, with their biggest competition or threat realistically being each other (and online shopping of course)".
In response to these redevelopments, other major centres such as The Strand and Tweed City on the southern Gold Coast and Tweed Coast, together with Oasis and Australia Fair in the central Gold Coast have undertaken major extension or renovation works in an attempt to maintain local patronage.
In order to achieve this, according to the report owners have been forced to undertake full scale renovations to totally change the face of these centres rather than just adding a lick of paint and re-tiling the common areas as was the case in the preceding fifteen year period.
The real growth however has been in the neighbourhood centre category, in particular within the growth corridor north of Helensvale and south of Beenleigh, this report suggests.
The valuers stated, "in a classic case of chicken before the egg, Coles and Woolworths have been aggressively securing sites within the region to ensure they can capture a piece of the market share over the coming decades as population growth booms in the region".
Of particular mention is made of Coles Pacific Pines which was developed as a standalone supermarket (no speciality stores) and was presented to the market for sale with a brand new 15 year triple net lease in place.
The property achieved one of the lowest initial yields seen on the Gold Coast for an asset of this size at 4.63%.
A mention must also go out to Westfield, who after decades of planning hurdles have finally commenced work on their highly anticipated Coomera Town Centre.
The $470 million centre is slated to open late 2018 with 140 new stores, including Coles, Woolworths, Kmart, Target and Event Cinemas. 
The report notes there is still a large sector of the market that will avoid major shopping centres, particularly when it comes to food and dining options and many investors who own standalone retail buildings have been capitalising on this in recent years.
"Of particular note is Palm Beach which has witnessed a massive boom in the number of restaurants, cafes and bars over the past few years - in 2018 alone, there have been 12 new town planning applications for cafes within the suburb," said the valuers.
Numerous venues in Burleigh Heads (Justin Lane), Nobby’s Beach (Hellenika), Broadbeach (The Oasis), Surfers Paradise (The Island) and Southport (Mr P.P.’s Deli) have been "re-inventing" themselves, extending floor areas and adding value to their respective properties in response to growth in the retail sector.
From a valuation perspective the biggest risk HTW can foresee moving forward is rent sustainability.
With such an influx of retail accommodation across the Gold Coast and only so many consumer dollars on offer, there will unfortunately be some retailers that will not see it through.
The HTW valuers forecast that the supply and demand metric at any given time will ultimately dictate the strength or otherwise of the retail leasing market, however their projection is that rental growth in most areas will be stagnant at best.
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Billions of dollars in retail development on the Gold Coast: HTW Retail

Buyers considering a residence at boutique Gordon townhouse development <a href="https://www.apartments.com.au/new-townhouses/lume-gordon-43-47-dumaresq-street-gordon-nsw-2072">Lume</a>&nbsp;now have another reason to bring forward their decision.

For a limited time, purchasers of a residence at Lume will receive a BMW iX3 50 electric SUV, valued at more than $120,000, as part of their purchase. The offer is designed to add value for buyers while complementing the lifestyle envisioned for the architecturally designed Upper North Shore development.

Scott Timmins, Development Manager at <a href="https://www.apartments.com.au/developers/winim">WINIM</a>, said the partnership was created to provide buyers with a compelling reason to act.

"In today's market, buyers need a compelling reason to act now, and the BMW partnership was designed to create that catalyst. We wanted to add genuine value for our future purchasers. Choosing the all-electric BMW iX3 50 also reflects the values behind LUME, forward-thinking design, innovation and a more sustainable way of living. It's a premium incentive that complements the lifestyle our buyers aspire to and rewards those who commit early."

[smartcode_project:default project_id=7354 project_image_fid=374893]

Delivered by WINIM in partnership with Burtonwood Investment Partners, Lume comprises 14 architecturally designed two, three and four-bedroom townhomes created for families seeking the space of a freestanding house with the ease of modern, low-maintenance living.

The three-storey residences, designed by award-winning architecture practice <a href="https://www.apartments.com.au/architects/rothelowman">Rothelowman</a>, have been tailored for families and multi-generational living, featuring private internal lifts, flexible lower-level spaces, generous open-plan living and entertaining areas, media rooms, and landscaped outdoor spaces with custom outdoor kitchens.&nbsp;

Inside, engineered oak flooring, bespoke dining joinery with integrated wine fridges and backlit bars, sculptural porcelain bathrooms, Parisi freestanding baths and Astra Walker tapware create interiors that balance functionality with refined finishes.

Each townhome has been designed to combine generous internal spaces with sustainability initiatives such as EV charging infrastructure, while <a href="https://www.apartments.com.au/landscape-architect/arcadia-landscape-architecture">Arcadia</a>'s landscaped communal areas, centred around a restored creek line and native planting, encourage residents to connect with nature and spend more time outdoors.

[smartcode_project:default project_id=7354 project_image_fid=269527]

Rothelowman's Gary Tsui said the architecture was conceived to respond carefully to its Upper North Shore setting.

"Our vision was to create elegant, uplifting homes that draw on and positively contribute to the local character through meticulously considered design and an interaction with the surroundings."

The communal landscape has been designed as more than an open space between homes. Arcadia's Ben Newell and Kate Phillips said the adjoining reserve provided an opportunity to create a distinctive natural retreat for residents.

"Just as waterways carve their way through Ku-ring-gai's landscape, a raised boardwalk weaves through the reserve, connecting the homes to this tranquil oasis."

[smartcode_project:default project_id=7354 project_image_fid=374892]

Located just 300 metres from <a href="https://www.apartments.com.au/developments/gordon-nsw-2072">Gordon</a> Village and Gordon railway station, Lume offers convenient access to Sydney's CBD while placing residents close to some of the North Shore's leading schools, including Ravenswood, Pymble Ladies' College and Knox Grammar. Lane Cove National Park, Gordon Golf Club and a range of cafés and restaurants further reinforce the family-focused lifestyle on offer, with the BMW iX3 50 complementing everything from local trips around Gordon to weekend drives and city commutes.

Construction is underway with completion expected in mid-2027.

[smartcode_project_cta:default project_id=7354]

Joel Robinson

Boutique Gordon townhomes now come with a BMW iX3 50

Two apartments have sold for more than $10 million at EADE Byron Bay, setting some of the highest apartment prices ever achieved in the coastal town and underlining the growing appetite for luxury beachfront apartments in Australia's most popular coastal locations.

The $210 million project by Vitale Property Group has now secured more than $70 million in sales, led by residences that changed hands for $12.75 million and $11.75 million.

The record-breaking transactions reinforce the shift occurring in Byron Bay's premium property market, where affluent downsizers and lifestyle buyers are increasingly opting for high-end apartments over large beachfront homes.

<a href="https://www.apartments.com.au/new-apartments/eade-byron-bay-29-shirley-street-byron-bay-nsw-2481">EADE Byron Bay</a> occupies a rare 6,000 sqm absolute beachfront site on the corner of Shirley and Milton Streets overlooking Main Beach and The Wreck surf break, just 350 metres from Byron Bay's town centre.

The 25-residence development is the first beachfront apartment project approved in Byron Bay in more than a decade and is currently under construction, with completion expected in May 2027.

[smartcode_project:default project_id=145590 project_image_fid=359521]

The project has attracted a mix of local Byron Shire residents downsizing from larger homes, alongside interstate buyers from Sydney, Melbourne and Brisbane seeking a permanent coastal lifestyle without compromising on space.

Designed by <a href="https://www.apartments.com.au/architects/hayball">Hayball</a> and with interiors by <a href="https://www.apartments.com.au/interior-designers/alexander-co">Alexander &amp; Co</a>, EADE comprises&nbsp;10 garden apartments ranging from 284 sqm to 622 sqm, nine with private pools, five full-floor apartments and 10 rooftop residences with private plunge pools, expansive outdoor entertaining areas and uninterrupted ocean views.

[smartcode_project:default project_id=145590 project_image_fid=359527]

<a href="https://www.apartments.com.au/developers/vitale-property-group">Vitale Property Group</a> Managing Partner Chris Vitale said the project's combination of scale, location and limited future supply was driving buyer demand.

"There isn't another beachfront holding in Byron Bay of this size and position that could be developed again," Vitale said.

"Buyers are responding to the scarcity and the irreplaceability of a site of this calibre and to floorplans they can't find elsewhere in the market.

"We are seeing buyers place significant value on quality, space, design, resort-style amenities and the rarity of the location. The sales achieved to date demonstrate that discerning purchasers recognise the long-term significance of what is being created at EADE Byron Bay.

"Many are coming from larger homes in the Byron region, or from Sydney, Melbourne and Brisbane, and are after the space, security and convenience, without the upkeep of a house."

&nbsp;

[smartcode_project:default project_id=145590 project_image_fid=359523]

The Byron Bay project follows Vitale Property Group's delivery of the Mondrian Hotel and Private Residences at Burleigh Heads, with EADE continuing the developer's focus on luxury coastal developments.

Residents will have access to a resort-style swimming pool, gymnasium, sauna, cold plunge pool, concierge services and dedicated workspaces, while the project is targeting an 8-Star Green Star rating.

EADE Byron Bay is being exclusively marketed by Projx Australia in conjunction with WHITEFOX Projects.

WHITEFOX National Projects Director Phillip Rand said demand had been driven predominantly by owner-occupiers.

"We are seeing buyers at EADE place significant value on quality, space, design, resort-style amenities and the rarity of this location," Rand says.

"The sales achieved to date demonstrate that purchasers at this level recognise the long-term significance of what is being created at EADE Byron Bay."

Residences at EADE Byron Bay are currently priced between $4.75 million and $15.95 million.

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[smartcode_project_cta:default project_id=145590]

Vitale breaks Byron Bay records with EADE sales flurry 

When buying an apartment, most people compare the big-ticket items first. Floorplans. Kitchens. Balcony size. Natural light. The view.

But there's one everyday consideration that often doesn't come up until after moving in: how parcels are delivered.

As online shopping has become part of everyday life, parcel deliveries have shifted from an occasional event to a regular occurrence. Australians spent a record $82.6 billion shopping online in 2025, with almost one in every four retail dollars now spent digitally.

For apartment residents, that can present a challenge.

If nobody is home to accept a delivery, parcels may be redirected to a nearby Post Office, left in a building lobby or common area, or require building management to step in. In higher-density buildings, where dozens or even hundreds of residents may receive deliveries each day, parcel management has become an increasingly important part of everyday living.

That can create a range of frustrations. A missed delivery often means making time to collect a parcel elsewhere, while packages left unattended in foyers or mail areas can create clutter and increase the risk of theft. What seems like a minor inconvenience can quickly become a recurring issue for residents who shop online regularly.

It's one of those details that rarely features in a display suite but can have a noticeable impact once residents move in.

As a result, buyers are beginning to look beyond traditional apartment features and consider how a building supports day-to-day convenience, including whether there are secure options for receiving deliveries.

Australia Post's Parcel Lockers provide one solution.

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Rather than having a parcel delivered directly to an apartment, eligible deliveries can be sent to a nominated Parcel Locker. Once the parcel arrives, residents receive a notification through the AusPost app or SMS and can collect it using a QR code or one-time PIN at a time that suits them.

The Parcel Locker network now includes more than 1,500 locations nationwide, with installations at Post Offices, shopping centres, transport hubs and an increasing number of residential developments. By providing a secure collection point, Parcel Lockers help reduce missed deliveries and avoid parcels being left unattended in common areas.

For developers, parcel infrastructure is becoming another way to improve the resident experience. Rather than relying on concierge staff or leaving parcels in communal spaces, secure collection points help streamline deliveries while preserving the presentation and functionality of shared areas.

For buyers, it's a reminder that the best apartment features aren't always the most obvious.

A generous floorplan or quality finishes might help narrow the shortlist, but the conveniences that simplify everyday life, whether that's EV charging, secure bike storage or reliable parcel delivery, often become the features residents appreciate most once they're living there.

The apartment feature many buyers don't think about, until their first missed delivery

<a href="https://www.apartments.com.au/developers/hg-developments">HG Developments</a> is doubling down on Maud Street in Newstead, filing plans for a new apartment tower just a few doors down from its under-construction Aire Newstead development.

Recently submitted to Brisbane City Council, the proposal is for an 18-storey building designed by bureau^proberts, which has drawn heavily on Brisbane's subtropical design principles while referencing the suburb's industrial heritage.

A total of 64 apartments are planned for the amalgamated 1,518 sqm site at <a href="https://www.apartments.com.au/new-apartments/17-21-maud-street-newstead-qld-4006">17–21 Maud Street</a>, a short walk from the Brisbane River and Newstead Riverwalk.

<img alt="First look: HG Developments plans 18-storey subtropical apartment tower for Newstead" data-entity-type="file" data-entity-uuid="a400c7fd-bd15-48f8-a63b-10ede92efe00" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Maud%20st%20bldg.png?VersionId=.0vPmjpbC7CNP7kqGWa6L7rGIwsNExaw" />

"The building is defined by a series of vaulted motifs that reinterpret the arches, colonnades and layered facades evident throughout Newstead's historic built fabric," the Urban Design Report states.

"Combined with recessed glazing and generous balconies, these elements create a layered building envelope that provides shade, weather protection and opportunities for natural ventilation whilst establishing a distinctive architectural identity."

The proposal comprises 64 two, three and four-bedroom apartments across 18 residential levels, positioning it alongside a growing number of taller residential projects transforming Newstead's northern precinct. The tower incorporates extensive subtropical landscaping, with cascading planter boxes, deep planting at street level and a landscaped rooftop recreation area.

<img alt="First look: HG Developments plans 18-storey subtropical apartment tower for Newstead" data-entity-type="file" data-entity-uuid="1d8140f4-8b98-45cd-b1b8-1efe8c8e266b" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Maud%20st%20podium.png?VersionId=VAZtbCoD44YCJ57N99fQCAKeSJx7ldZs" />

Bureau Proberts has prioritised passive environmental design throughout the project, with generous balconies, recessed glazing and operable façades helping reduce solar heat gain while maximising natural ventilation. River views become available from the upper levels, while the building has been orientated to capture prevailing breezes from both the Brisbane River and the west.

The architects say landscape is intended to be integral to the building rather than an applied element.

"Vertical greenery, cascading planter boxes and elevated gardens are woven throughout the architecture, softening the built form and strengthening the connection between residents and the subtropical environment."

"Through the integration of landscape, high-quality materials and passive design principles, the development delivers a refined residential address that celebrates Newstead's heritage character while contributing positively to Brisbane's evolving subtropical identity."

Newstead has remained one of Brisbane's most active apartment markets in recent years, with a number of developers continuing to back the inner-city suburb.

HG Developments is currently delivering the 40-apartment Aire Newstead at 25 Maud Street. Fortis recently launched the 65-apartment <a href="https://www.apartments.com.au/new-apartments/crest-walker-newstead-12-kyabra-street-newstead-qld-4006">Crest &amp; Walker</a> on Kyabra Street, while builder-developer BPG and Don O'Rorke's Consolidated Properties are both expected to launch their respective Newstead projects before the end of the year.

HG Developments doubles down in Newstead with second Maud Street apartment development

Walk past a new apartment development promoting its sustainability credentials and it's easy to picture rooftop gardens, mature trees, landscaped courtyards and residents surrounded by nature.

But in many cases, that's not actually what those sustainability ratings guarantee.

Australia's leading environmental rating tools have played a significant role in improving the energy efficiency and environmental performance of buildings. Yet despite their focus on reducing emissions, many don't require developers to include trees, biodiversity or meaningful green space.

In other words, a building can achieve one of the country's highest sustainability ratings while containing little more than concrete, glass and hard landscaping.

That disconnect has led to the emergence of a new movement across Australia's property industry: nature-based cities.

The concept goes beyond designing buildings that consume less energy. Instead, it encourages developers to treat nature as essential infrastructure, integrating biodiversity, tree canopy, living landscapes and green spaces into projects from the earliest stages of planning.

Research has consistently linked access to nature with better physical and mental health, cooler neighbourhoods, improved biodiversity, stronger climate resilience and more connected communities. As Australia's cities continue to become denser, advocates say those outcomes should be considered just as important as energy efficiency.

Nature Based Cities (NBC) was established in 2022 to help accelerate that shift.

Founded by Hamton Executive Chairman Paul Hameister OAM, the not-for-profit was created after research highlighted a significant gap in Australia's sustainability framework. While existing environmental rating tools rewarded energy performance and emissions reductions, they placed little emphasis on the inclusion of living landscapes.

"We've always wanted to do more, and we know other developers who want to do more, but the ESD rating tools just aren't there," Hameister says.

"In Australia, you can have a five-green-star rated building that's concrete and glass with not a blade of grass.

"The focus is on reducing emissions, which is laudable, but there hasn't been enough attention paid to protecting and re-establishing nature. We need both for the health of the environment and for communities."

Since its launch, NBC has developed independent design guidelines and accreditation frameworks that encourage developers to prioritise ecology, biodiversity, tree canopy, walkability and living landscapes alongside traditional sustainability measures. The organisation first focused on medium and high-density residential developments before recently expanding into precinct-scale communities and masterplanned neighbourhoods.

Jan Talacko, founder of sustainability consultancy Ark Resources and a member of the Nature Based Cities Advisory Council, says the initiative addresses an area that has largely been overlooked by the property industry.

"Throughout my 25 years of working collaboratively with all stakeholders in the property sector, I've always favoured a pragmatic approach to sustainable design which encourages initiatives that not only meet environmental expectations but also improve amenity," Talacko says.

"Whilst we are making steady progress in relation to energy and carbon emissions from buildings, there has been much less emphasis on encouraging biodiversity and tackling the urban heat island effect.

"The Nature Based Cities initiative responds to a gap in the suite of tools currently used by the property development sector, which don't provide sufficient incentive, or recognition, for the integration of landscaping and greenery."

For apartment buyers, the shift is also changing the questions worth asking.

Rather than assuming a sustainable building will naturally include abundant green space, buyers are increasingly being encouraged to look beyond environmental ratings and ask what nature is actually being delivered. How much tree canopy will the development create? Has biodiversity been considered? Are landscaped spaces designed for people as well as appearance?

As Australia's cities continue to grow upwards and outwards, the next generation of sustainability may not simply be measured by lower emissions, but by how successfully developments bring nature back into everyday urban life.

Staff reporter

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