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McGrath Estate Agents has terminated the employment of David Imrie, a high profile sales agent operating from its Newtown office.
It came after he pleaded guilty to offences incurred in his previous employment, as Keep Australia Beautiful NSW chief executive.
The Daily Telegraph reported Imrie processed dodgy payments for himself from February 2015 to December 2016 at KAB.
Imrie used the charity’s money to pay off personal debts, book a seaside resort in Thailand, buy $47,700 of shares in racehorses and spend $1056 on a meal at Tetsuya’s, a top Sydney restaurant.
Imrie was arrested last August and recently pleaded guilty to 17 fraud charges in the NSW Local Court.
Magistrate Suzanne Seagrave found Imrie had betrayed the trust placed in him by the charity and sentenced him to 18 months in jail, with a minimum non-parole period of 10 months. He was ordered to compensate the charity by $89,829.
David Hastings Imrie, 49, launched an appeal against the severity of the sentence in the NSW District Court last Thursday.
An agreed statement of facts obtained by the News Corp newspaper, <a href="https://www.dailytelegraph.com.au/newslocal/inner-west" target="_blank">The Inner West Courier</a> detailed how Imrie used cheques, transfers and credit card payments to swindle the organisation.
His last property sale was July 1 at $970,000 in Eskineville.
His sales record suggests he sold nine inner west properties <a href="/news/david-imrie-rejoins-mcgrath-estate-agency">since he rejoined the McGrath agency last May</a>.
Following the decision by the court, his employment was immediately terminated, with Imrie no longer associated with the estate agency. 
“McGrath is committed to its high professional standards and code of conduct and as such, have acted appropriately and swiftly in this matter," Kon Stathopoulos, head of sales for McGrath’s company owned offices said.
"McGrath has provided access to the company’s employee assistance program and counselling support throughout," he noted.
Magistrate Seagrave noted the guilty pleas entered by Imrie and he had no past criminal convictions.
Imrie’s appeal returns to the court in September.
Police submitted that Imrie “made no effort to reimburse” Keep Australia Beautiful NSW, which relies on donations and grants for its conservation efforts.
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j.ballantyne1990-6AQqhLzZaK

David Imrie departs McGrath Estate Agency after pleading guilty to stealing from Keep Australia Beautiful 

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Westpac will stop new loan offers to self-managed superannuation funds for investing in property.
The nation's second largest mortgage lender, and its subsidiaries Bank of Melbourne, St George Bank and BankSA, will withdraw from lending to small super funds at the end of July.
It follows a review of funds' prospects and its exposure to the sector.
The move has shocked mortgage brokers and financial advisers, the Australian Financial Review reported.
All lenders have been tightening their lending to self-managed funds, in response to tightening regulatory interventions, tougher investment and property markets and the shift from investment to principal and investment loan products.
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<div id="article-inline-ad">"We continually review our products and services to ensure they meet the requirements of our customers," a Westpac spokesman said.</div>
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"In order to simplify and streamline our self-managed super fund products, we will be withdrawing from sale our SMSF home loan product and business lending to SMSFs, effective Tuesday 31 July 2018."
The bank advised continue to service customers with existing loans through switching loans and extending loan maturity. 
</div>
<div>
More than 600,000 investors have more than $700 billion invested in SMSFs, with many self-employeds also investing in their work places via their business factories, warehouses or consulting rooms.
A recent ASIC review found 90 per cent of funds failed to comply with the "best interests" test and other legal obligations.
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<div>
"The strategy of gearing through an SMSF to invest in property, which is being actively promoted by 'property one-stop shops', is high risk," the ASIC report noted.
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Westpac set to stop property loans for SMSFs

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EXPERT OBSERVER
The keenly awaited <a href="https://www.accc.gov.au/publications/restoring-electricity-affordability-australias-competitive-advantage" target="_blank">report on retail electricity prices</a>, released last week by the Australian Competition and Consumer Commission (ACCC), has made some controversial recommendations – not least the call to wind up the scheme that offers incentives for household solar nearly ten years early.
The report recommends that the small-scale renewable energy scheme (SRES) should be abolished by 2021. It also calls on state governments to fund solar feed-in tariffs through their budgets, rather than through consumers’ energy bills.
The ACCC has concluded that offering subsidies for household solar was a well-intentioned but ultimately misguided policy. Solar schemes were too generous, unfairly disadvantaged lower-income households, and failed to adjust to the changing economics of household solar.
The lesson for policy-makers is that good policy must keep costs down as Australia navigates the transition to a low-emissions economy in the future. Failure to do this risks losing the support of consumers and voters.
Runaway rebates
Rooftop solar schemes were much <a href="https://grattan.edu.au/wp-content/uploads/2015/05/822-sundown-sunrise5.pdf" target="_blank">more popular than anticipated</a>. This might sound like the sign of a good policy. But in reality it was more like designing a car with an accelerator but no brakes.
Generous feed-in tariffs and falling small-scale solar installation costs encouraged more households to install solar than were initially expected. Premium feed-in tariffs were well above what generators were paid for their electricity production. Historically solar feed-in tariffs paid households were between 16c and 60c per kilowatt-hour, while wholesale prices were <a href="https://grattan.edu.au/report/mostly-working/" target="_blank">less than 5c per kWh</a>.
At the same time, <a href="https://www.accc.gov.au/publications/restoring-electricity-affordability-australias-competitive-advantage" target="_blank">installation costs for solar panels fell</a> from around A$18,000 for a 1.5kW system in 2007, to around A$5,000 for a 3kW system today. The SRES subsidy for solar installations was not linked to the actual installation cost or the cost above the break-even price. So the SRES became relatively more generous as installation costs fell.
As solar penetration increased, and network costs rose to cover this, it became <a href="http://energyconsumersaustralia.com.au/news/consumers-investing-in-solar-and-batteries-to-control-bills/" target="_blank">increasingly attractive</a> for households to install solar panels. In Queensland, the initial cost forecast for the solar bonus scheme was A$15 million. Actual payments were more than 20 times that in 2014-15, at A$319 million. And the environmental benefits weren’t big enough to <a href="https://grattan.edu.au/wp-content/uploads/2015/05/822-sundown-sunrise5.pdf" target="_blank">justify that cost</a>, as other policies have reduced emissions at a lower cost. The large-scale renewable energy target reduced emissions for A$32 per tonne, while household solar panels reduced emissions at a cost of more than A$175 per tonne.
In most states, premium feed-in tariffs and rooftop solar subsidies are funded through higher bills for all consumers. Everyone pays the costs, yet only those with panels receive the benefits. That means the costs fall disproportionately on lower-income households and those who rent rather than own their home.
The ACCC report recommends the SRES be wound up nearly 10 years ahead of schedule, because the subsidies are no longer financially justifiable. This would maintain the support for current solar installations but remove subsidies for new solar installations from 2021.
The report also recommends removing the direct costs of feed-in tariffs from electricity bills. Instead, state governments should directly cover the costs of premium feed-in tariffs. The Queensland government has already <a href="https://www.dnrme.qld.gov.au/energy/initiatives/powering-queensland" target="_blank">made this move</a>.
Of course, governments still have to find the money from elsewhere in their revenues, which means taxpayers are still footing the bill. But the new arrangement would at least remove the current unfair burden on households without solar.
Fixing the mistakes
How can governments avoid making similar policy mistakes in the future? The ACCC’s recommendations, together with the proposed <a href="https://theconversation.com/infographic-the-national-energy-guarantee-at-a-glance-85832" target="_blank">National Energy Guarantee (NEG)</a>, provide a solid foundation for Australia’s future energy policy.
First, the future is hard to predict, so good policy adapts to change. The NEG provides a flexible framework to direct energy policy towards a low-emission, high-reliability, low-cost future. Reviewing and adjusting the emissions target along the way will enable Australia’s energy policy to respond to new technologies and shifting cost structures, while maintaining consistency with economy-wide targets.
Second, it is hard to pick winners, so good policy creates clear market signals. The NEG provides the energy industry with clear expectations, but is technology-agnostic and minimises government intervention. This encourages the market to find the most cost-effective way to reduce emissions and ensure reliability.
The ACCC report also recommends simplifying retail electricity offers, which would make it easier for consumers to find a good deal, and in turn making the market more competitive.
<img src="https://counter.theconversation.com/content/99937/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1">Politicians have an opportunity to draw a line in the sand on narrow, technology-specific policies such the SRES. An integrated energy and climate policy should focus on good design, and then step back and let the market pick the winners.
This article was originally published on The Conversation and was written by Lucy Percival, Associate at the Grattan Institute.
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Why the ACCC says household solar subsidies should be abolished

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Two McGrath offices in the Hunter region – Charlestown and Hunter Valley – have joined Belle Property.
Anthony Di Nardo saw a gap in the local market for a brand that he thinks will offer a more personalised and tailored approach but with the backing of a full suite of real estate services. 
“We wanted to create a better experience for our clients,” said Di Nardo.
“The Belle Property brand is progressive, accessible and flexible and we truly believe that the systems, processes and beautiful marketing that Belle Property has is the right fit for us and our clients.”
The Charlestown and Hunter Valley are well-established businesses, with Matthew McBrearty, Peter Kunov and Larissa Bridge leading the teams. 
Peter Hanscomb, CEO of Belle Property said the Newcastle and Hunter Valley region were going through a huge transformation.
."The growth in the market and the amount of investment that is coming into the area is staggering,” he said, adding the region has become increasingly popular for Sydneysiders looking for a more affordable lifestyle, yet still within reach of Sydney, beaches and vineyards.
Belle Property Charlestown is located at 325 Charlestown Road, Charlestown, and Belle Property Hunter Valley is located at 43 Elgin Street, Maitland.
Meanwhile The Agency is further expanding into regional NSW with Charlie Lund and her team, the number one agent in Aberglasslyn in both 2017 and 2015.
“Charlie Lund and her team have been running an extremely successful and highly regarded real estate business in the Hunter Valley region for over a decade,” Matt Lahood, CEO of The Agency, said.
“Charlie is a passionate local resident who holds a great deal of trust and respect in the community, this has led to an extraordinary level of referral and repeat business."
"A multi-talented agent, both auctioneer and licenced stock and station agent, we are truly privileged Charlie has decided The Agency is the best fit for her business moving forward.”
Charlie Lund has made 135 sales in the last 16 months.
She has been achieving above average sale prices in the region.
The median sale price in the following Hunter Valley suburbs were Aberglasslyn $465,000; Ashtonfield $565,000; Bolwarra $628,000; Lorn $588,000; Morpeth $499,500; Paterson $710,000; and Rutherford $392,250.
* 22 Arrowgrass Street, Aberglasslyn (pictured below) $711,000.
<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/Lund%201.jpg" alt="">
* 69 Ballydoyle Drive, Ashtonfield $780,000.
* 55 Kensington Road, Bolwarra $1,150,000.
* 6 Stuart Street, Lorn (pictured below) $795,000.
<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/Lund%202.jpg" alt="">
* 76 High Street, Morpeth $800,000.
* 13 Duke Street, Paterson - sold at Auction for $931,000.
* 7 John Verge Drive, Rutherford (pictured below) $710,680.
<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/Lund%203.jpg" alt="">
Having been part of a McGrath franchise office to date, she said that her decision, “was based on being able to join Australia’s fastest growing brand that is attracting the top performers in the industry,”
“I am excited to be in control of the business I am building, the quality of service that I can provide to my clients and the choices that affect my clients, my future and that of my team".
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McGrath Charlestown and McGrath Hunter Valley rebrands to Belle Property

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Yverdon a 15-acre estate located in Kangaloon is being auctioned in August.
It is expected to sell for over $3.75 million.
The Southern Highlands offering has been listed for sale through <a href="https://www.realestate.com.au/property/1641-kangaloon-rd-kangaloon-nsw-2576" target="_blank">Knight Frank’s</a> Deborah Cullen and Richard Sholl. 
The home comprising four bedrooms, two bathrooms, a home office and media room, along with a mud room and a triple car, automatic garage.
According to Deborah Cullen, Yverdon is was the "perfect country getaway".
The holding includes an Olympic size dressage arena, four bay stabling with tack and feed rooms, three covered day yards and six grass paddocks.
The 1641 Kangaloon Road offering will go to August 9 auction.
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Kangaloon trophy estate set to go under the hammer

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A four bedroom house in Banksia Grove, a northern suburb of Perth, has been listed for $349,000 by mortgagees.
It was offered by Anne Lawson from Property West.
It last traded as a vacant block at $200,000 in 2012.
Built in 2013,<a href="https://www.realestate.com.au/property-house-wa-banksia+grove-128664626" target="_blank"> the 56 Leschenault Loop</a> (pictured above) house comprises of four bedrooms, open plan family living, bright spacious kitchen, home theatre room and gouble garage.
Set on a 416sqm block, it is within walking distance to Joseph Banks School, easy distance to primary schools, shopping village and public transport.
The suburb's median house price sits at<a href="/developments/banksia-grove-wa-6031"> $380,000</a>, according to CoreLogic.
 
 
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Banksia Grove four bedroom house listed by mortgagee

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Sydney’s auction clearance rate has officially fallen below 50 per cent, with fewer than half of the houses selling under the hammer, according to CoreLogic.
Just 49 percent of the 170 notified results were sale successes, with 70 offerings yet to have their auction outcome reported.
Sydney apartments did perform a little better than houses coming in with a 56 percent success rate, according to CoreLogic.
<img src="https://www.urban.com.au/images/2018/7/16/CL%20weekly%20update%201.JPG" alt="">Sydney's inner south west was the weakest region with a clearance rate of just 38 percent.
The Domain Group also reported a weakening clearance rate of 47.8 per cent from 347 scheduled auctions and its 198 reported Saturday results.
There were 1,172 homes taken to auction across the nation's capital cities, returning a preliminary national auction clearance rate of 55.8 per cent.
The volumes were down from the prior week's 1,411 auctions.
The revised clearance rate was 52.6 per cent.
Over the same week last year, auction volumes were higher with 1,627 homes returning a success rate of 69.4 per cent.
CoreLogic auction analyst Kevin Brogan noted the national average had remained within the low to mid 50 per cent range for nine consecutive weeks.
And in Sydney he said there had been three Saturday results revised to sub-50 percent within the period.
In Melbourne, Australia’s continued largest auction market, a preliminary auction clearance rate of 60 percent was recorded across 560 auctions, bouncing up from 56.1 per cent across a higher 631 auctions in the prior week.
One year ago, the clearance rate was a stronger 74.9 per cent across 756 auctions.
Melbourne's top reported weekend sale was at Lower Plenty where two developers completed.
<img src="https://www.urban.com.au/images/2018/7/16/CL%20weekly%20update%202.JPG" alt="">
Glenauburn, a six bedroom home with polished timber floors, leadlight windows and doors, dark timber panelled walls, plate and picture rails, open fire places, decorative cornice and ornate, exquisitely detailed ceilings sits on a huge 2611 sqm block.
There are "no heritage encumbrances in place," Rocco Montanaro, from Morrison Kleeman, the selling agent advised.
The mooted <a href="https://www.realestateview.com.au/real-estate/26-28-glenauburn-road-lower-plenty-vic/property-details-sold-residential-11930364/" target="_blank">26-28 Glenauburn Road</a> price range was offered as between $2.2 million and $2.42 million.
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<div class="column">
There were 403 Sydney auctions this week returning a preliminary auction clearance rate of 52.4 per cent, compared to 50.1 per cent across 552 last week, and 69.2 per cent across 609 auctions one year ago.
Results across the smaller auction markets were varied, with 67.5 per cent of homes successful at auction in Canberra, while Brisbane returned a preliminary clearance rate of 36 per cent.
Canberra's priciest result was $1,167,000 for a four bedroom home at <a href="https://www.realestate.com.au/sold/property-house-act-o%27connor-128601662" target="_blank">6 Hemmant Street, O'Connor</a> (pictured above).
It last sold at $843,000 in 2012.
It sits on a 887 sqm block which has an official land value of $656,000.
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Sydney slips to sub-50 percent auction success rate

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<div class="cq-article-content-paras section">
The Australian head of a Chinese property developer mentioned by a NSW government MP caught up in a corruption inquiry says Country Garden has "zero tolerance" for illegal behaviour.
Country Garden Australia chief executive G.T. Hu declined to comment to Fairfax Media on the explosive recording of MP Daryl Maguire's conversation with former Canterbury City councillor Michael Hawatt, after it was played in Friday's hearing of an Independent Commission Against Corruption inquiry.
The Operation Dasha ICAC hearing was played a recorded telephone conversation from May 9, 2016, in which Mr Maguire claims to be the ­middle man between Country Garden and investors.
Maguire was recorded saying Country Garden could pay him “a couple of grand a day” to facilitate meetings.
Maguire resigned from the parliamentary Liberal Party with pressure on him quit the State Parliament where he represents Wagga Wagga. 
Maguire has held the safe seat since 1999 when he took over from Joe Schipp.
Gladys Berejiklian, the NSW premier is urging disgraced state MP Daryl Maguire to reconsider his position in politics after secret phone recordings of him discussing potential developer “dividends” were played at a Sydney corruption inquiry.
In a phone tap, Maguire said the developer was a "client" of his.
He discussed making a commission from the sale of a Campsie development site to the company.
"I need to talk to my consultants and my lawyer first," Mr Hu told The Australian Financial Review on Sunday. "What I can tell you is that Country Garden is a responsible company and we have zero tolerance for any illegal things [by] any employees."
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<div class="cq-article-content-media section">Hu declined to say anything when asked why Maguire was heard to be asking Hawatt about shovel-ready sites that Country Garden could acquire in the May 2016 conversation</div>
<div class="cq-article-content-media section"> </div>
<div class="cq-article-content-media section">"I think you'd better ask him," Mr Hu said. "Because he mentioned our company. You'd better be asking him."</div>
<div class="cq-article-content-media section"> </div>
<div class="cq-article-content-media section">The Hong Kong-listed Country Garden, the largest Chinese developer by sales last year, entered Australia in 2013.</div>
<div class="cq-article-content-media section"> </div>
<div class="cq-article-content-media section">It hit the headlines in 2014 when Country Garden was in discussions to take over Sydney-based Meriton from Harry Triguboff.</div>
<div class="cq-article-content-media section"> </div>
<div class="cq-article-content-media section">The developer owns 429ha in Wollondilly, along with sites in Canterbury-Bankstown, Campsie and Ryde.</div>
<div class="cq-article-content-media section">
It was also revealed last month paying $69.88 million to secure Cawdor Road, Cawdor land it knew would benefit from the M9 orbital, months before the route of the orbital was known to locals.
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<div class="cq-article-content-paras section">
It expanded into the house-and-land market last year, with a record-breaking $400 million purchase of a 363-hectare site in Melbourne's west.
In 2017, Fortune magazine released its list of Global 500 companies for 2017 with Country Garden included in the authoritative list for the first time.
Country Garden is a property development company based in Guangdong Province, China, owned by Yang Guoqiang's family. It focuses on building high-end residential property.
Founded in 1992 and listed on the Hong Kong stock exchange since 2007, it is controlled by China’s richest heiress, Yang Huiyan.
As a strong advocate and supporter of China's new urbanization process and a creator of green, Country Garden has reshaped over 500 Chinese towns from tier 1 to tier 5.
The Chinese property developer has over 900 projects ongoing outside of its home market.
Country Garden was not the only developer with links to Maguire.
In 2015 he visited the headquarters of Aoyuan International, the developer of Sydney's 38-level ONE30 Hyde Park development. 
</div>
<div class="cq-article-content-paras section">
An Aoyuan press release says Mr Maguire met the company's chairman Guo Zi Wen at its headquarters in Guangzhou in southern China in 2015.
Maguire told Hawatt, a key figure in the current ICAC inquiry into suspected corruption at Canterbury Council, that his client was "mega big", had "mega money" and was hungry for development sites with permits in place.
"I need a few things to feed my friends," Maguire tells Hawatt in the 2016 recording.
"They want 30 projects, rolling, and ideally they want something that's DA approved, a couple that are DA approved and ready to go. How much per unit site are they asking?"
</div>
<div class="cq-article-content-media section">Maguire told Hawatt that the commission of 1.5 per cent that the owner of the Canterbury Road development site was willing to pay Hawatt was not enough. </div>
<div class="cq-article-content-paras section">
"One point five per cent isn't enough divided by two, if you know what I'm talking about," Maguire said. "Three per cent's a lot better."
The Sunday Telegraph reported Maguire set up a meeting with Country Garden executives and the NSW Planning Minister Anthony Roberts last August.
The Sunday Telegraph can reveal Wagga Wagga State MP Daryl Maguire organised an “introductory” meeting for Mr Roberts to meet with two CEOs from Country Garden on August 9 last year.
Staff advised a 15-minute meeting could occur only on the condition Country Garden observe the minister’s office protocol of not discussing any site-specific projects or proposals, and that a disclosure form be completed by the company prior to the meeting.
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Country Garden say it has "zero tolerance" for illegal behaviour after NSW ICAC Maguire allegations

<html><body>New REIV data reveals that price growth continued in regional Victoria, but not in Melbourne during the three months ended 30 June 2018. While median house prices in the state’s regions rose four per cent to $419,500, they dipped by 0.6 per cent to $840,000 in the Melbourne metro area. The result in Melbourne was due to a fall of 0.8 per cent in median prices achieved at auction, according to the REIV, defying the median lift of 2.3 per cent in private sales of houses. The correction was apparent in Inner Melbourne, where the overall median house price dropped 4.9 per cent to $1,459,000 and in Middle Melbourne, which fell 5.4 per cent to $974,500. The Outer Melbourne house median edged up by 0.5 per cent to $681,000. Unit and apartment median price in regional Victoria increased by 3.7 per cent to $304,500, while the metro median was up by 0.5 per cent to $604,000, indicating a continued interest in smaller properties. REIV President Richard Simpson said that despite lower auction clearance rates and fewer overall sales, there were some sectors of the market that were still performing well. “2017 was a bumper year and while the trendline has flattened, despite the fall in median house prices in the June quarter, median prices are still up this calendar year for both houses and units, in Melbourne and in the regions,” Mr Simpson said. “There was continued growth last quarter outside Melbourne, and not just in, or near, our major regional centres of Geelong, Ballarat and Bendigo. “The best performing regional suburbs over the past three months were Wonthaggi, on the Bass Coast, where the median house price jumped 14.9 per cent to $309,000; Kyneton, in the Macedon Ranges, with a 10.7 per cent rise to $570,000; and Wallan, in Mitchell Shire, where the median increased by 10.5 per cent in the quarter to $484,000. “The first-home buyers’ concession has been a boon for regional areas. A new entrant to the property market buying a house at the regional median will pay no stamp duty, while a first home buyer of an apartment in Melbourne at the median price would pay stamp duty of nearly $25,000. “Whether for reasons of housing price or a change in lifestyle, more prospective buyers are willing to look to regional Victoria to purchase. The possibilities of better transport connections with Melbourne make that option even more palatable. “Melbourne's outer perimeter continues to grow. Small increases in the June quarter mean that the median prices for both houses and units have risen over 10.5 per cent from a year ago. “Auctions continue to be popular all over Melbourne, but clearance rates have fallen from the lofty highs of early 2017,” Mr Simpson said. </body></html>

House price growth continued in regional Victoria, but not in Melbourne: REIV

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GUEST OBSERVATION
The sharp rise and subsequent fall in Bitcoin’s value places it among the greatest market bubbles in history. It has outpaced the 17th-century tulip mania, the South Sea bubble of 1720, and the more recent Japanese asset price and dot-com bubbles.
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The rapid price rise garnered attention from an increasing number of academics and investment advisers. Some have suggested that Bitcoin improves portfolio performance and can even be used as a potential “safe haven” asset in place of gold.
Our work finds that much of this research is flawed and overlooks some important attributes that any investor should consider before allocating funds to such a speculative investment.
This is particularly relevant if investing in Bitcoin is rationalised as a prospective safe haven in times of market turmoil.
Hard to value
The first attribute investors consider is how to value Bitcoin. Typically, assets are valued based on the cash flows they produce. Bitcoin lacks this property.
This leads to ongoing debate as to the true value of Bitcoin and other cryptocurrencies. Some, such as the Winklevoss twins and other Bitcoin entrepreneurs, believe the price will soar far higher. Others, including Nobel prize winner Eugene Fama and esteemed investor Warren Buffett, believe the real value is closer to zero. Another Nobel winner, Robert Shiller, suggests the correct answer is “ambiguous”.
There is even wide variation in price across the various Bitcoin exchanges. This is common in fragmented markets and makes it difficult for an investor to find the best market price at any point in time – a process called price discovery.
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High price volatility
Bitcoin prices also have a high level of variation (volatility) when compared to other possible investments including bonds, stocks and gold. Even tech stocks such as Twitter, which are considered relatively volatile, are found to have less price variation. This adds to the difficulty investors face when trying to value Bitcoin and any portfolios that contain it.
This is of particular concern given the large daily losses that Bitcoin has experienced in its relatively short life. The largest one-day decline experienced by the popular S&amp;P500 index since 2011 is 4.2%. Bitcoin has had nearly 200 days that were worse (and over 60 days worse than the biggest decline in the gold price of 10.2%).
Put another way, Bitcoin has had 200 days worse than the worst day on the stock market. This hardly seems like an enticing investment for most.
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Low liquidity
Investors should also consider the ease with which they are able to buy and sell any assets in which they invest. One method used to measure this liquidity attribute is the bid-ask spread – the difference in the price at which one is able to buy and sell the asset.
More liquid assets have a narrow bid-ask spread. Bitcoin’s bid-ask spread varies from one exchange to another, but in general it is much larger than for other assets.
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While bid-ask spreads provide one measure of implicit trading costs, investors also consider the explicit transaction fees they are charged when trading. Transaction fees for trading traditional investments are typically well known and have trended down over time.
While Bitcoin fees have recently declined, they have proven to be highly variable, ranging from over $30 to under $1. The time taken to process a transaction can also be greater than 78 minutes. This is much longer than for stocks or bonds and creates another layer of uncertainty for investors.
Only for the most risk-loving
Bitcoin is harder to value, more volatile, less liquid, and costlier to transact than other assets in normal market conditions. Potential investors should be wary and carefully consider whether such highly speculative assets are appropriate additions to any portfolio.
<img src="https://counter.theconversation.com/content/99134/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1">Given safe havens are typically in demand during financial crisis, when markets are more volatile and less liquid, it is highly unlikely that Bitcoin is even worth considering as a safe-haven asset.
Lee Smales, Associate Professor, Finance, University of Western Australia
This article was originally published on <a href="http://theconversation.com" target="_blank">The Conversation</a>. Read the <a href="https://theconversation.com/think-carefully-before-buying-bitcoin-and-dont-buy-the-safe-haven-claims-99134" target="_blank">original article</a>.
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Think carefully before buying Bitcoin – and don't buy the 'safe haven' claims: Lee Smales

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."

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[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.

<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/CkF2oKmlACg?si=C50sDaoUUn2nuLmq" title="YouTube video player" width="560"></iframe>

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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