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Only 45.1 percent of Brisbane homes sold at weekend auction including the nation's cheapest weekend result.
It was a $150,000 home at <a href="https://www.realestate.com.au/property-house-qld-russell+island-128985554" target="_blank">14 Akebia Street, Russell Island</a> which was sold under mortgagee instruction.
Russell Island is the biggest of the Southern Moreton Bay Islands, situated between the mainland and North Stradbroke Island.
The three bedroom home had been for sale earlier this year, marketed at $229,000 with $235 a week tenancy on offer.
The home last sold for $72,000 in 2002.
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j.ballantyne1990-6AQqhLzZaK

Russell Island mortgagee sale priced as nation's cheapest

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A brand new four bedroom Camberwell townhouse has been recently sold by mortgagees for $1.907 million. 
It was offered by Jodie McCarthy and Mark Pezzin from Jellis Craig Richmond. 
The Victorian family townhouse situated at <a href="https://www.realestate.com.au/sold/property-townhouse-vic-camberwell-129105054" target="_blank">29 Glyndon Rd</a>, Camberwell features four bedrooms and three bathrooms.
Other highlights include sundrenched garden, undercover timber deck, central heating, refrigerated cooling and double lock up garage.
It is within close proximity to Middle Camberwell shops and cafes, Riversdale Road trams, trains, and parklands as well as fine schools including Camberwell High, Canterbury Girls' Secondary College and Canterbury Primary School zone.
The suburb's median house price sits at<a href="https://www.realestate.com.au/sold/property-townhouse-vic-camberwell-129105054" target="_blank"> $2.1 million</a>, according to CoreLogic. 
 
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Four bedroom Camberwell townhouse sold by mortgagees for $1.9 million

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A four bedder in Meadow Springs home sold for $350,000. It was sold on 26 July, 2018 by Raymond Bowden at LJ Hooker Mandurah.
Situated at <a href="https://reiwa.com.au/13-moonbrook-way-meadow-springs-4093443/" target="_blank">13 Moonbrook Way</a>, is a four bedroom three bathroom house.
Set on 551 sqm, the house was built in 2007.
The home last sold for 360,000 in 2012.
Nearby there is the Meadow Springs golf course plus Shopping centre, and public transport is only a short distance away as is easy access to the Perth / Bunbury Freeway.  The suburbs median house price is <a href="https://reiwa.com.au/13-moonbrook-way-meadow-springs-4093443/" target="_blank">$360,000</a>, according to CoreLogic.
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Meadow Springs home sold by mortgagee

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A three bedroom Beechboro home sold for $256,000 by mortgagees.
It was sold on 28 July, 2018 by Richard Lowenhoff at LJ Hooker.
Situated at <a href="https://reiwa.com.au/9-king-road-beechboro-4095562/" target="_blank">9 King Road</a>, Beechboro, the three bedroom one bathroom house is situated on a 700sqm block and is of opposite Beechboro Primary School, approx. 6.8km from Morley Galleria Shopping Centre and approx. 13.2km from Perth CBD.
It is in need of a major renovation, or alternatively can be demolished ready for a new home.
The home last sold for $123,000 in 2000.
The suburbs median house price is <a href="https://reiwa.com.au/9-king-road-beechboro-4095562/" target="_blank">$370,000</a>, according to CoreLogic.
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Beechboro home sold by mortgagees

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Heritage Bank delivered a record after-tax net profit of $45.04 million in 2017/18, while continuing to invest in evolving the business to meet the demands of an increasingly digital world, according to CEO Peter Lock.
This represents an increase of 13.7% on the $39.62 million in net profit recorded last year.
Mr Lock said the solid overall results were achieved at the same time as Heritage had invested significantly in an ongoing digital transformation program.
He also added, "at the same time, we remain absolutely committed to maintaining our branch network, though we continually review the location of branches to ensure we maximize benefits to our customers. That's why next month we are opening a brand new branch at Coomera, while we recently closed a branch at Toombul."
According to Mr Lock, Canstar research found that Heritage customers were more than $68 million better off in 2017/18 by banking with them rather than the major banks.
Heritage Bank loan volumes were down 27.4% to $1.736 billion in 2017/18, but this reflected a "conscious decision to moderate lending".
Mr Lock concluded by noting, "we scored the highest customer satisfaction rating of any bank in the country in the 2017 JD Power Australian Retail Banking Satisfaction Study – the second year in a row we were ranked the best in Australia."
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Record profit for Heritage Bank

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GUEST OBSERVATION
Prime Minister Scott Morrison announced a Royal Commission into Aged Care Quality and Safety on Sunday, responding to concerns about the sector one day before an ABC Four Corners program which was to air them.
Aged care is where the challenges of population ageing are most apparent and where policy choices have direct impact on the lives of Australians.
So, it’s not surprising that the system is under increasing scrutiny. Various reviews have looked at different aspects of aged care since 2011 when major reforms were first ushered in, including into quality, public financing, workforce, and the overall progress of reforms.
The outcomes all point to similar conclusions. Responding to the needs of older, often vulnerable, Australians is an extremely complex business. But it is also one in which making money is tough. The danger is that a combination of cost pressures, profit incentives, and inadequate oversight encourage or force providers to cut corners.
How providers make money
Most funding for aged care comes from government. Direct government expenditure on the overall system was about A$17 billion in 2016-17, with A$12 billion going to residential care.
The users of residential care topped this up with A$4.5 billion of their own money, via regulated fees that are capped for users who pass a generous means test.
But costs of care are high. Providers spend more than A$11 billion on staff, yet those staff aren’t highly paid. This is in part because they are mainly females, who face an unremitting gender pay gap.
The pause that hurt
The Aged Care Financing Authority reports that profits are climbing over the long term but are precarious year-to-year.
The residential industry saw profits fall by 4% to 5% in 2016-17, partly because of a pause and then a scaling back of the indexation of government funding.
Although one quarter of residential care providers made losses in 2016-17, two thirds continued to record profits.
Bigger centres
The tighter funding was justified as a measure to drive efficiency, but it provided further impetus to the longer term trend of big providers to merging with or taking over the small ones. While the number of care places has climbed 8% in four years, the number of providers has shrunk 13%.
One reason why unprofitable providers remain in the market is because they are, by definition, not-for-profit. So the system relies heavily on good will. While still dominant, they have lost share to private, for-profit providers, some of which have the advantage of economies of scale or capital ownership structures that allow them to pay less tax.
While some of those listed on the Australian Securities Exchange saw drops in their share prices in recent years, the sharp declines when the Royal Commission was announced may reflect investor concern about the risk of greater scrutiny of the relationship between their profits and quality of care.
Uncertain quality
It will be open to the Royal Commission to examine how these trends are affecting the quality of care.
The government influences the quality of care in other ways that might attract the interest of the Royal Commission. It sets standards and helps design the incentives that discipline the market.
The standards cover indicators including management, the health and personal care of residents, resident lifestyle, and resident safety. They have been enforced by initial accreditation, subsequent re-accreditation, self-reporting, the examination of complaints and (until recently) pre-announced visits.
In 2017 the government announced a move to unannounced visits after evidence suggesting that some were “staged” in order to present the centre “in the best possible light”.
In July 2018 the government began charging for unannounced visits, raising what it expects to be A$10 million a year.
It’s hard to switch
Consumers can themselves apply market pressure on poor performers, and it is increasingly possible through a move to so-called consumer directed care, where care recipients or their carers are given a budget and the ability to decide how to spend it. If one provider turns out to deliver poor services, they can switch and spend their money elsewhere.
But the transaction cost of switching can be high. The process isn’t easy for users experiencing cognitive decline and there’s not always another centre or service to switch to.
Next steps
The Royal Commission will expose much. For providers, it will be an opportunity to examine their operations to ensure that efficiencies and profits don’t come at the cost of quality. For government, it will be a chance to examine how its funding mechanism, regulations, enforcement and market design are working out in practice.<img src="https://counter.theconversation.com/content/103339/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1" style="border: none !important; box-shadow: none !important; margin: 0 !important; max-height: 1px !important; max-width: 1px !important; min-height: 1px !important; min-width: 1px !important; opacity: 0 !important; outline: none !important; padding: 0 !important; text-shadow: none !important;">
Rafal Chomik, Senior Research Fellow, ARC Centre of Excellence in Population Ageing Research (CEPAR), UNSW
This article is republished from <a href="http://theconversation.com" target="_blank">The Conversation</a> under a Creative Commons license. Read the <a href="https://theconversation.com/its-hard-to-make-money-in-aged-care-and-thats-part-of-the-problem-103339" target="_blank">original article</a>.
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It’s hard to make money in aged care, and that’s part of the problem: Rafal Chomik

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GUEST OBSERVATION
ABC’s <a href="https://tv.press.abc.net.au/who-cares-four-corners" target="_blank">Four Corners</a> aired the first of a two-part investigation into the often shocking treatment of the elderly in aged care homes around Australia.
The timing coincides with Prime Minister Scott Morrison’s weekend <a href="https://www.propertyobserver.com.au/http://www.abc.net.au/news/2018-09-16/scott-morrison-announces-royal-commission-into-aged-care-sector/10252850" target="_blank">announcement of a royal commission</a> into Australia’s aged care system. The prime minister said poor standards had led authorities to close one aged centre per month since the Oakden aged mental health home scandal.
South Australia’s Oakden facility <a href="https://www.propertyobserver.com.au/http://www.abc.net.au/news/2017-09-22/oakden-closed-as-last-two-residents-moved-out/8974156" target="_blank">closed nearly a year ago</a>, following revelations of abuse and neglect dating back a decade.
While the terms of reference are yet to be determined, the royal commission will likely look into issues already raised by previous inquiries into the sector. These include the changing demands of Australia’s ageing population, staffing ratios, funding levels and the mental health, well-being and safety needs of nursing home residents.
Below are five articles in which our experts have previously explored the complex aspects of Australia’s aged care system, drawing on research which has exposed where the problems are, and have been for some time.
Lack of medical care
Our ageing population, and the focus on helping the elderly stay at home for as long as possible, means by the time people enter aged care they are older and sicker than before. Around <a href="https://www.gen-agedcaredata.gov.au/Resources/Factsheets-and-infographics/Care-needs-factsheet.pdf?ext=">half of people</a> living in aged care today have dementia, depression, or another mental health or behavioural condition.
In fact, the proportion of older people requiring high care for complex needs, which includes assistance with all activities of daily living such as eating and bathing, has quadrupled from 13% in 2009 to 61% in 2016.
Yet there is no legal requirement for all aged care facilities to provide 24-hour registered nursing care. In the article below, Jane Phillips, David Currow, Deborah Parker and Nola Ries explore how today’s nursing home residents have minimal access to quality medical care.
1. <a href="https://theconversation.com/australias-aged-care-residents-are-very-sick-yet-the-government-doesnt-prioritise-medical-care-88690" target="_blank">Australia’s aged care residents are very sick, yet the government doesn’t prioritise medical care</a>
In a separate piece on health care in nursing homes, Sarah Russell has also written: "nursing home providers looking to cut costs are bypassing registered nurses and employing less-skilled personal care attendants (PCAs) who aren’t adequately trained for the job."
2. <a href="https://theconversation.com/heres-why-we-need-nurse-resident-ratios-in-aged-care-homes-59682" target="_blank">Here’s why we need nurse-resident ratios in aged care homes</a>
<hr>
Funding for older Australians to stay at home
Research <a href="http://www.naca.asn.au/Age_Well/Blueprint.pdf" target="_blank">consistently shows</a> more people want to stay in their own homes as they age. In the <a href="https://www.budget.gov.au/2018-19/content/speech/download/budget_speech.pdf" target="_blank">2018-19 budget</a>, the government announced an extra A$1.6 billion over the next four years for an additional 14,000 <a href="https://www.myagedcare.gov.au/help-home/home-care-packages" target="_blank">Home Care Packages</a>. These deliver an agreed set of services to meet the specific needs of aged Australians who want to remain at home.
The government also subsidises a number (currently <a href="https://theconversation.com/australias-aged-care-residents-are-very-sick-yet-the-government-doesnt-prioritise-medical-care-88690" target="_blank">around 283,000</a>) of residential care places for older people unable to continue living independently.
Aged care subsidies are allocated <a href="https://agedcare.health.gov.au/sites/g/files/net1426/f/documents/08_2016/2016_report_on_the_funding_and_financing_of_the_aged_care_industry_0.pdf" target="_blank">through a ratio</a>, which aims to provide 113 subsidised care places for every 1,000 people aged 70 and over. This ratio will increase to 125 places for every 1,000 by 2021-22. Within the overall number of places, the government also sets sub-targets for the numbers of Home Care Packages and residential care places.
The government is aiming to amend the ratio in favour of more home care packages. By 2021-22, the target for home care packages will increase from 27 to 45 per 1,000, while the residential target is to reduce from 88 to 78 per 1,000.
But as Professor of Health Economics at University of Technology Sydney, Michael Woods has written, this still won’t be enough to meet demand.
3. <a href="https://theconversation.com/there-is-extra-funding-for-aged-care-in-the-budget-but-not-enough-to-meet-demand-96403" target="_blank">There is extra funding for aged care in the budget, but not enough to meet demand</a>
<hr>
Poor mental health
Older Australians living in nursing homes represent one of society’s most vulnerable populations. More than 50% of <a href="https://www.aihw.gov.au/reports/aged-care/depression-in-residential-aged-care-2008-2012/contents/table-of-contents" target="_blank">residents in nursing homes</a> suffer from depression compared to 10-15% of adults of the same age living in the community.
Recent <a href="https://onlinelibrary.wiley.com/doi/full/10.1002/gps.4862" target="_blank">research</a> conducted by Briony Murphy and Professor Joseph Ibrahim from Monash University’s Health Law and Ageing Research Unit, found around 140 Australian nursing-home residents took their own lives between 2000 and 2013.
The authors found nearly 70% of those who took their own life were male, 66% had a diagnosis of depression and nearly 80% were experiencing one or more major life stresses, such as health deterioration. Around 43% were experiencing isolation and loneliness, and nearly 30% had trouble adjusting to life in a nursing home.
They wrote:
"The small proportion of adults over 65 living with depression in the community shows that depression is not a normal part of the ageing process… the much larger figure of those suffering depression in nursing homes raises some serious questions."
4. <a href="https://theconversation.com/too-many-australians-living-in-nursing-homes-take-their-own-lives-92112" target="_blank">Too many Australians living in nursing homes take their own lives</a>
<hr>
Poor oral health
Stories of abuse and neglect in nursing homes have also highlighted the issue of poor nutrition and oral health. In November 2017, the dire state of this was shown in a report of a <a href="https://www.smh.com.au/national/nsw/push-for-inquiry-after-woman-found-with-maggots-in-her-mouth-at-nsw-nursing-home-20170509-gw0p1j" target="_blank">nursing home resident in NSW</a> who was found with maggots in her mouth the day before she died.
Researchers have long highlighted people living in aged care have substantially poorer oral health and three times the risk of untreated tooth decay than people living in the community.
Bronwyn Hemsley, Andrew Georgious, Joanne Steel and Susan Balandin collated a list of ways family members can help ensure their loved ones’ oral health is adequately looked after. This includes visiting your family member around mealtimes "…or helping the person to eat… Ask the resident permission to look into her mouth to check if she is swallowing or removing leftover food promptly".
5. <a href="https://theconversation.com/the-shocking-state-of-oral-health-in-our-nursing-homes-and-how-family-members-can-help-77473" target="_blank">The shocking state of oral health in our nursing homes, and how family members can help</a>
<hr>
If you or someone you know is experiencing depression or another mental health problem, contact <a href="http://www.lifeline.org.au/" target="_blank">Lifeline</a> 13 11 14, <a href="http://beyondblue.org.au/" target="_blank">beyondblue</a> 1300 22 4636 or <a href="http://www.sane.org/" target="_blank">SANE Australia</a> 1800 18 7263.<img src="https://counter.theconversation.com/content/103325/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1" style="border: none !important; box-shadow: none !important; margin: 0 !important; max-height: 1px !important; max-width: 1px !important; min-height: 1px !important; min-width: 1px !important; opacity: 0 !important; outline: none !important; padding: 0 !important; text-shadow: none !important;">
Sasha Petrova, Deputy Editor, Health + Medicine, <a href="http://www.theconversation.com/" target="_blank">The Conversation</a>
This article is republished from <a href="http://theconversation.com" target="_blank">The Conversation</a> under a Creative Commons license. Read the <a href="https://theconversation.com/essential-reading-to-get-your-head-around-australias-aged-care-crisis-103325" target="_blank">original article</a>.
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Essential reading to get your head around Australia’s aged care crisis

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Over the June 2018 quarter, resales of Melbourne properties generated $4.299 billion worth of profits and $37.1 million in losses, according to the latest CoreLogic Pain and Gain report.
The figures in the report indicated that Melbourne generated 27.4% of total resale profits nationally over the quarter as well as producing 7.9% of total resales losses.
<img src="https://www.urban.com.au/images/2018/9/18/CL%20PG%20MELB%201.JPG" alt="">
Over the quarter, there were no resales at a loss in a number of council regions; Frankston, Mitchell and Murrindindi.
The council regions with the highest proportion of resales at a loss were Melbourne, Stonnington and Moonee Valley.
With dwelling values continuing to fall throughout the city, the share of houses and units resold for a loss rose over the quarter.
<a href="https://www.propertyobserver.com.au/images/2018/9/18/CL%20PG%20MELB%202.JPG" target="_blank">Click here to enlarge</a>
<img src="https://www.urban.com.au/images/2018/9/18/CL%20PG%20MELB%202.JPG" alt="">
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Melbourne, Stonnington and Moonee Valley regions see the highest resales at a loss: CoreLogic

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My open letter and offer to DFA’s Martin North – Skin in the game on house prices I have sent this to Martin North, founding Principal, Digital Financial Analytics.
----------------------------------------------------------
Dear Martin Congratulations on your cameo on the TV program 60 Minutes. It was gripping viewing and a quite fantastic story. I note with a huge amount of interest your <a href="/news/45-percent-housing-price-collapse-was-least-likely-scenario-martin-norths-60-minutes-postscript">forecast for property prices to fall by “40 to 45 per cent”.</a>
It is a big call and certainly grabbed the attention of many in the public.
I note also that on your blog, you suggest the quote which included that forecast was not given the context you attached to it, namely, you rated it “only a 20 per cent chance” and that the 40 to 45 per cent price fall would be “over 3 years or so”.
That context is important.
Over the many years I have been making forecasts for the economy and markets and seeing others do the same, I find that forecasts without any skin in the game are often compromised. It is easy to construct a headline grabbing forecast for a significant move in markets, including house prices for example, but when they fade into oblivion, there are no implications for the forecaster. Forecasts really only has validity if the forecaster has an interest in the forecast being correct.
In other words, would the forecaster really make that forecast if they put their money where their mouth is?
To that end, I would like to offer you the following wager:
I will offer 6 to 1 ($15,000 to $2,500) that Sydney or Melbourne or national wide house prices will not fall by more than 35 per cent from their peak at any stage before and up to the December quarter 2021. The measure will be based on the Australian Bureau of Statistics Residential Property Price Indexes, Eight Capital Cities, Catalogue No. 6416.0.
This means that if, at any stage the price index for any of Sydney, Melbourne or the aggregate eight capital cities prices is down 35.0 per cent or more, I will give you $15,000 cash. Conversely, if by the time the December quarter 2021 data are published and the peak to trough decline is 34.9 per cent or less in Sydney, Melbourne or the eight capital cities, you have to give me $2,500.
How is that for generous and a wonderful chance to leverage your forecast into some cold hard cash?
Not only am I offering very generous odds (6 to 1 which is above your 5 to 1 probability), but I am tapering your forecast by a massive 5 to 10 per cent from the 40 to 45 per cent fall you were forecasting on the 60 Minutes program (prices only need to fall 35 per cent) and I am offering three possible markets for that to occur (either Sydney, Melbourne or the eight capital cities measure) and for the peak to trough being around 4 years, not the 3 years you suggest.
As an additional bet over and above that offering, I will offer 2 to 1 ($20,000 to $10,000) that at no stage from the peak in prices and the December quarter 2021, Sydney or Melbourne or national wide prices drop more than 22.5 per cent. That is a very generous 2 to 1 for a fall of just half of your forecast decline. If at any stage dwelling prices fall by 22.5 per cent or more, you collect $20,000, if they don’t you pay me $10,000.
How is that for amazingly generous odds and for you to have a great return even if you are half right?
The June quarter 2018 residential price series is released this week (18 September 2018) which will not change my offer but will add a little bit more information on the extent of the current price down turn.
This offer is open until 5.00pm, Canberra time, Friday 28 September 2018.
I look forward to hearing from you.
I will make the details of this offer and your response to it public as an additional part of establishing our credibility in the all important forecasting space.
Kind regards
Stephen Koukoulas
</div>
Click here to read the <a href="https://thekouk.com/item/631-my-open-letter-and-offer-to-dfa-s-martin-north-skin-in-the-game-on-house-prices" target="_blank">Koukoulas blog post.</a>
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Stephen Koukoulas challenges DFA's Martin North over 45 percent property price collapse forecast

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GUEST OBSERVATION
Should private citizens be allowed to force the sale of a neighbour’s property against his or her will?
Let’s ask the question another way: is it fair that just one neighbour, or maybe a small group of neighbours, should be able to block the sale or redevelopment of someone else’s property?
When it comes to collective strata sales, the answer isn’t obvious.
Strata title is the most common form of apartment ownership in Australia. It gives each owner ‘title’ over their own unit and shared ownership of the shared space. Three million people live in them. In most states (except for NT and NSW), 100% of the owners have to agree in order to terminate a strata scheme and sell the block of units.
The need for achieving a unanimous decision makes it difficult for ageing buildings to be sold and redeveloped in order to increase urban density. Until 2016, only 1.1% of all the strata schemes in NSW had been terminated since 1961.
Economists, at least since 1838, have understood that attempts to assemble complementary resources can be plagued by the holdout problem.
A new law, which commenced in NSW in 2016, intends to remedy it. Only 75% of the owners in a strata will have to agree in order to sell or redevelop a site. Early in 2018 the Land &amp; Environment Court issued preliminary decisions in two cases in Sydney. It’s easy to see more will follow due to inherent problems with the solution.
What’s wrong with 75%?
First, the urban redevelopment benefits might not materialise. There’s no requirement for the properties developed to be replaced by properties with increased density.
Second, the legislation gives private citizens a power previously only available to the government: the power to compulsorily acquire someone else’s property. Given the cultural and legal importance of property rights in Western societies, violating those rights is a big step.
Third, the law says the terms of the settlement must be “just and equitable in all the circumstances”. This can be taken to mean the market value of the lot and other costs, such those of moving.
But market value is problematic. The market value of the entire block sold as one will often be much more than the sum of the market value of each unit sold individually. And the market value of an individual unit might be insufficient to purchase a replacement in the neighbourhood after the redevelopment takes place.
The property might be an investment which, if sold, would be subject to capital gains tax. After payment of the tax, the owner might have insufficient funds to purchase a suitable replacement.
And existing owners are likely to value their property higher than the market, otherwise, the property would already have been sold.
A premium is justified, but how much?
The legislation doesn’t define the highly subjective concept, “just and equitable compensation”.
It provides no guidance as to how to separate the true subjective value to the owners from what they might be asking for just because they’re holding out to inflate their financial gains.
Our solution: reducing holdouts while protecting property rights
We believe it is. Most people didn’t want to see a single owner holding out on a development purely for personal financial gain. On the other hand, most don’t want to see a vulnerable resident removed from their home against their wishes.
The method we propose in a working paper coauthored with economists from Florida State University and University of California Santa Barbara assigns to each owner a right to a defined fractional share of any collective sales proceeds, equal to his or her proportion of the overall market value of the whole building, as assessed by the independent valuer (the shares add up to 100%). Then, each strata owner specifies the lowest price at which he or she is willing to sell.
How it would work
Consider an owner called Jo whose share is 10% and who nominates $1.2 million as the compensation she wants (this may well be more than the valuer’s estimate of the market price of Jo’s apartment). For Jo to receive $1.2 million, the whole building would have to sell for $12 million.
Thus Jo, by nominating her required compensation as $1.2 million has, in effect, set a reserve price of $12 million for the whole building. Every owner does the same, each setting the building’s reserve price. The highest of these building reserve prices becomes the actual reserve price and it is what matters: when it is met, every owner will get at least what they asked for.
Wouldn’t the owners all nominate unreasonable and untruthfully high prices? It turns out our scheme gives the owners a financial incentive to set a truthful price, that is to nominate the lowest prices at which they would voluntarily sell their individual properties. If they set a price too high they run the risk of the sale falling through and getting nothing.
How it could be used
It’s an idea that could be applied in other contexts. The sale of group water rights in the Murray Darling Basin is one.
For decisions to sell strata-titled units, the scheme would require the appointment of a neutral agent to receive the individual demands for compensation and to set the (secret) reserve necessary to ensure no collective sale is made unless all demands for compensation are met.
It would eliminate the incentive for holding out. Any collective sale that took place would be unanimous, satisfying the NSW law and also the laws of the states that require 100% agreement.
There’s nothing to stop it being adopted voluntarily, on a case by case basis, now, as an option that will get the best result for development and owners within the laws that we have got.<img src="https://counter.theconversation.com/content/103091/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1" style="border: none !important; box-shadow: none !important; margin: 0 !important; max-height: 1px !important; max-width: 1px !important; min-height: 1px !important; min-width: 1px !important; opacity: 0 !important; outline: none !important; padding: 0 !important; text-shadow: none !important;">
Duygu Yengin, Associate Professor of Economics, University of Adelaide
Jonathan Pincus, Visiting Professor, School of Economics, University of Adelaide
This article is republished from <a href="http://theconversation.com" target="_blank">The Conversation</a> under a Creative Commons license. Read the <a href="https://theconversation.com/evictions-versus-holdouts-how-to-painlessly-dissolve-a-strata-title-103091" target="_blank">original article</a>.
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Evictions v holdouts: How to painlessly dissolve a strata apartment title 

An entity directed by HSN's Rafi Assouline and Rebel Property's Allen Linz has filed plans for an impressive new precinct in Woolloomooloo.

The major mixed-use development would transform a prominent William Street site into a new residential village anchored by affordable housing and a large public park.

The proposal, submitted as a State Significant Development Application, covers 164-172 and 174-194 William Street, a 6,398 sqm site between Forbes Street and Dowling Street on the southern edge of Woolloomooloo.

Designed by fjcstudio in collaboration with Bangawarra, Studio Bright and Tribe Studio Architects, the scheme would deliver 227 apartments across four residential buildings ranging in height up to 18 storeys, alongside retail space, public domain improvements and a new publicly accessible park.

<img alt="Rebel" data-entity-type="file" data-entity-uuid="0eb59b7c-914a-4a5c-b849-3a56749f5e93" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-06-12%20at%2011.18.51%E2%80%AFAM.png?VersionId=mxM6EEqeoLjrCiTlCzTKTvzpKuh6kSkH" />

It's another design scheme for Rebel, who took <a href="https://www.apartments.com.au/news/nsw/first-look-rebel-property-group-takes-woolloomooloo-precinct-to-nsw-government">concept plans to the NSW Gov late last year</a>.

The latest plans will be a mix of 167 build-to-sell apartments and 60 affordable apartments, with the affordable housing component representing 15 per cent of the project's gross floor area. The apartment mix includes 12 one-bedroom, 53 two-bedroom, 89 three-bedroom apartments and 13 penthouses, while the affordable housing component would comprise 42 one-bedroom and 18 two-bedroom apartments.

<img alt="Rebel" data-entity-type="file" data-entity-uuid="3b3d4553-8a8c-4af5-aa8c-519ffb1e28c6" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-06-12%20at%2011.20.12%E2%80%AFAM.png?VersionId=_Yb6ibN7eDnOtQjCNDK2eviORa4qzgv." />

Rebel Property is seeking to take advantage of the NSW Government's infill affordable housing bonus provisions under the Housing SEPP, which provide additional floor space and height in exchange for the delivery of affordable housing for a minimum of 15 years. The planning pathway allows a 30 per cent increase in floor space ratio and building height where 15 per cent of the development is dedicated to affordable housing.

&nbsp;

At the centre of the development is a 1,356 sqm sunlit public park designed to become a new community gathering space at the gateway to Woolloomooloo. The park would be complemented by a network of pedestrian laneways connecting William Street with the surrounding streets, improving permeability through what is currently a largely impermeable block.

<img alt="Rebel" data-entity-type="file" data-entity-uuid="257af931-a393-4007-8c6d-7219796df58d" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-06-12%20at%2011.20.51%E2%80%AFAM.png?VersionId=KAHy94GrhaReFsWTGDKfy39EDJ8gEEv4" />

The design team says the public domain has been heavily influenced by the site's topography and Aboriginal cultural heritage, drawing on the escarpments, gullies and landscape characteristics that historically defined the area before urbanisation. The landscape design has been developed in partnership with First Nations consultancy Bangawarra.

The project would be delivered across four separate buildings. The William Street East and William Street West buildings, designed by fjcstudio, would contain the majority of the apartments. Melbourne-based Studio Bright has designed the Forbes Street building, while Tribe Studio Architects is responsible for the Dowling Street building.

Rebel had secured approval for the concept plans late last year.

Joel Robinson

First look: HSN, Rebel, advances Woolloomooloo precinct plans

A locally heritage-listed furniture showroom on Water Street is set to become the centrepiece of a new mixed-use residential development as local developer&nbsp;<a href="https://www.apartments.com.au/developers/keylin-group">Keylin</a> seeks approval for <a href="https://www.apartments.com.au/new-apartments/lotus-on-water-street-290-water-street-fortitude-valley-qld-4006">Lotus on Water Street</a>, a 15-storey project on the Fortitude Valley side of Spring Hill.

The proposal spans 290 Water Street and 137-141 Warry Street, combining several properties into a 2,869 sqm site that sits between Fortitude Valley, Spring Hill and the rapidly evolving Victoria Park precinct. Keylin's plans would deliver 132 apartments alongside new retail, hospitality and commercial space, while retaining and repurposing the historic Brunswick Home Furnishers Showroom that fronts Water Street.

Designed by <a href="https://www.apartments.com.au/architects/jackson-teece">Jackson Teece</a>, Lotus on Water Street comprises a 12-storey residential tower rising above a three-storey podium and communal rooftop terrace. The development includes 76 apartments classified as multiple dwellings and a further 56 units proposed as short-term accommodation, designed to be flexibly used as either accommodation or permanent residences. The apartment mix comprises six one-bedroom, 54 two-bedroom and 16 three-bedroom homes.

<img alt="First look: Keylin unveils heritage-led Lotus on Water Street tower in Fortitude Valley" data-entity-type="file" data-entity-uuid="9822bb79-6c49-49c9-95ba-319e8c8d81c3" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/fortitude%20valley%20front.png?VersionId=ioW8zbN4UVebbLetTFuv92t.HkdgfR5e" />

Residents would have access to an extensive rooftop recreation level spanning more than 1,200 sqm of communal open space. Plans include a pool, gym, sauna, infrared sauna, yoga area, library, private dining room, barbecue facilities and landscaped entertainment spaces, making the rooftop the project's largest shared amenity offering.

At street level, the proposal focuses on the adaptive reuse of the heritage buildings along Water Street, where 518 sqm of retail and commercial space is planned across shop, office and food and drink outlet uses. A permeable residential lobby would be positioned between the retained heritage buildings, creating a pedestrian connection between the historic streetscape and the new tower behind.

<img alt="First look: Keylin unveils heritage-led Lotus on Water Street tower in Fortitude Valley" data-entity-type="file" data-entity-uuid="269cf3e0-7d13-48bf-a318-05a00deb5c10" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/fortitude%20valley%20podium.png?VersionId=DLXmTCLsp6GOcLpQ0h.0z7wKCw59EhN_" />

The heritage retention strategy is central to the scheme. The development application notes that the Brunswick Home Furnishers Showroom and adjoining heritage buildings will remain, with only non-significant structures on the site earmarked for removal under a previously issued Heritage Exemption Certificate. Levels one and two of the new podium are recessed behind the heritage façades to maintain their prominence within the streetscape.

Jackson Teece has drawn inspiration from the site's manufacturing history when designing the podium. The planning documents state that the façade incorporates perforated metal screening that references the woven and rattan furniture historically produced on the site. Cascading and climbing plants are integrated throughout the podium to soften the building's presentation and screen parking levels behind. The landscape strategy also informs the project's name, Lotus on Water Street, drawing on the historic Spring Hollow waterholes that once ran through Spring Hill and the blue water lilies associated with Meeanjin, Brisbane's traditional name.

The proposal also incorporates the neighbouring property at 141 Warry Street, currently occupied by a healthcare service. The existing building would remain, with nine dedicated parking spaces allocated within the new development to support its ongoing operation. In total, Lotus on Water Street proposes 117 car spaces, including 110 resident spaces and seven visitor bays, alongside 100 bicycle spaces.

<img alt="First look: Keylin unveils heritage-led Lotus on Water Street tower in Fortitude Valley" data-entity-type="file" data-entity-uuid="70cf07bc-4fd8-4e70-92dd-be8b21c4e4f0" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/fortitude%20valley%20site.png?VersionId=txlxrJImM0Sm_vTzHVKh5DDUkyL_CiiA" />

The site sits within the Spring Hill East Precinct of the Spring Hill Neighbourhood Plan and is positioned around 650 metres from both Fortitude Valley Station and Exhibition Station. It is also within walking distance of the King Street precinct, Royal Brisbane and Women's Hospital, Herston Quarter and Victoria Park, which is earmarked to become a major venue precinct ahead of the Brisbane 2032 Olympic and Paralympic Games.

Planning documents describe the location as a key gateway between Spring Hill and Fortitude Valley and highlight the area's increasing importance as new transport infrastructure and Olympic-related investment reshape Brisbane's inner north. The development team argues the project will contribute additional housing supply while activating a section of Water Street that has historically received less investment than other parts of the Valley.

Keylin has become increasingly active across Brisbane and southeast Queensland, assembling sites in strategic inner-city locations. They are currently selling and delivering <a href="https://www.apartments.com.au/new-apartments/oria-spring-hill-447-gregory-terrace-spring-hill-qld-4000">Oria Spring Hill</a>, just over 140 apartments due for completion in 2027.

Keylin plans heritage-led Lotus on Water Street apartment development in Fortitude Valley

Roseville is poised for a wave of new apartment development following the NSW Government's rezoning of land around Roseville Station under its Transport Oriented Development program.

The new planning controls have unlocked significant development potential within walking distance of the station, with a number of sites expected to be amalgamated and redeveloped in the coming years as developers seek to take advantage of the increased density allowances.

One of the more restrained developments in the precinct, and set among the first to be delivered having commenced well before the recent changes, is Hyecorp's Juliet. The boutique apartment project is already well under construction and remains on track to welcome residents by the end of the year, offering a markedly different proposition to many of the larger-scale developments now likely to emerge across the suburb.

[smartcode_project:default project_id=7395 project_image_fid=278194]

<a href="https://www.apartments.com.au/new-apartments/juliet-roseville-64-pacific-highway-roseville-nsw-2069">Juliet</a> will comprise just&nbsp;34 one-, two-, and three-bedroom apartments opposite Roseville Station. For Hyecorp, which has delivered projects across Sydney's Lower North Shore for more than three decades, Roseville presented a rare opportunity to address a growing gap in the market.

"<a href="https://www.apartments.com.au/developments/roseville-nsw-2069">Roseville</a> has long been one of the North Shore's most tightly held and desirable suburbs, offering a unique combination of village charm, established greenery, excellent transport connections, and proximity to some of Sydney's best schools and lifestyle amenities," Hyecorp said.

"We recognised a growing demand from local homeowners seeking to downsize without leaving the community they have built their lives around. The location presented a rare opportunity to create homes that cater specifically to that buyer profile."

[smartcode_project:default project_id=7395 project_image_fid=278196]

The six-level development has been designed by <a href="https://www.apartments.com.au/architects/pbd-architects">PBD Architects</a> as a collection of residences that feel more like homes than apartments. The brief centred generous floorplans, abundant natural light, quality finishes, and strong connections to outdoor space.

PBD Architects drew inspiration from Roseville's established garden suburb character, creating a building that sits comfortably within its surroundings rather than dominating them. The architecture incorporates natural materials, soft forms, layered landscaping, expansive balconies, and generous setbacks to strengthen the connection between residents and the suburb's leafy environment.

"The focus was on designing spacious, house-like residences for discerning owner-occupiers and downsizers who wanted to remain on the North Shore without compromising on comfort, privacy, or design," PBD said.&nbsp;

"Every apartment was to feel considered, timeless, and highly functional."

[smartcode_project:default project_id=7395 project_image_fid=278195]

Inside, residences feature engineered timber flooring, stone kitchen benchtops and splashbacks, integrated Fisher &amp; Paykel appliances, ducted air conditioning, and large outdoor entertaining areas designed to take advantage of district and treetop views.

Residents will also have access to a rooftop barbecue and lounge area, alongside practical amenities including parcel lockers, EV charging capability, bicycle storage, a dog wash bay, and a basement car wash facility.

The majority of purchasers so far have been local owner-occupiers from Roseville, Lindfield, Chatswood, Killara, and the broader Upper North Shore, many of whom are transitioning from larger family homes.

"Buyers are looking for spacious, house-like apartments that allow them to downsize without feeling like they are sacrificing comfort or functionality," Hyecorp noted.

"They value large kitchens, generous living areas, ample storage, quality finishes, secure parking, lift access, and low-maintenance living."

[smartcode_project:default project_id=7395 project_image_fid=278204]

Juliet sits directly opposite Roseville Train Station and within walking distance of Roseville Village, while Chatswood's retail and dining precinct is only minutes away. The development is also surrounded by some of Sydney's most established schools, including Roseville College, Ravenswood, Pymble Ladies' College, and Knox Grammar, as well as nearby parklands and golf courses.

Juliet is currently more than 75 per cent sold ahead of its anticipated completion in late 2026.

[smartcode_project_cta:default project_id=7395]

Juliet to sit quietly amid Roseville apartment boom

Sherpa Property Group has unveiled the third instalment of its Flourish series, securing full approval for the two-tower, $500 million Flourish Soleira development in Palm Beach.

<a href="https://www.apartments.com.au/new-apartments/flourish-soleira-1150-1154-gold-coast-highway-palm-beach-qld-4221">Flourish Soleira</a> will rise from a prominent site in the commercial heart of Palm Beach, the long-time home of Cash Converters and a range of local retailers.

The project will introduce a new retail and dining precinct at ground level, beneath 286 apartments.

[smartcode_project:default project_id=150017 project_image_fid=370959]

“We’re very committed to not only providing affordable residential offerings that are much needed in Palm Beach, but also delivering a vibrant new commercial heart that complements the extraordinary growth of the southern Gold Coast,” Sherpa Property Group founder Christie Leet said.

The development will sit under Sherpa's Flourish brand, which is aimed at providing a pathway into the beachside suburb for locals, first-home buyers and downsizers. In a move designed to assist first-home buyers entering the market, Sherpa has reserved all one and two-bedroom, one-bathroom apartments exclusively for eligible first-home buyers.

[smartcode_project:default project_id=150017 project_image_fid=370964]

“Our vision through Flourish is to create a vibrant retail and lifestyle focal point within the Palm Beach centre zone, delivering thriving communities underpinned by lifestyle-rich locations,” Leet said.

“So far, Flourish has been an incredible success, and we hope to carry this momentum as we progress the next two Flourish projects in Palm Beach.”

[smartcode_project:default project_id=150017 project_image_fid=371430]

Located across 1150-1164 Gold Coast Highway and 3 Sixth Avenue, the development will comprise two towers. The northern tower will deliver 154 apartments, while the southern tower will add a further 132 residences, helping address ongoing demand for new apartments in the tightly held coastal suburb.

Flourish Soleira will also feature the most extensive rooftop amenity offering ever delivered in Palm Beach.

The two towers will be connected by a skybridge, with residents gaining access to a rooftop recreation deck featuring a full-width swimming pool, hot and cold plunge pools, wellness spaces, a gymnasium, private dining facilities, massage treatment rooms, barbecue areas, a basketball court, golf simulator, indoor and outdoor dining spaces, sun lounges and extensive landscaping.

LPS Group is expected to start construction later this year.

Sherpa is already well advanced on construction of its debut Flourish project, Flourish Amargo, located just around the corner from Soleira. Meanwhile, Flourish Oasis, positioned opposite Amargo, recently commenced construction and has nearly sold out its collection of 47 apartments.

[smartcode_project_cta:default project_id=150017]

Sherpa unveils $500m mixed-use Palm Beach precinct, Flourish Soleira

Are mortgage holders set to get a reprieve from the RBA in 2026?

Big Four bank NAB believes so. They are now expecting the next move from the RBA to be a cut, rather than a hike, which they had pencilled in for August. They are unsure of the timing of the cut however, they note in their latest&nbsp;NAB Economics RBA Watch.

NAB Chief Economist, Dr Sally Auld, said recent data suggests the economy has lost momentum and the outlook for rates has shifted, noting that the broader economic backdrop has changed since earlier in the year.

“The next move in the cash rate is likely to be down, but the timing is uncertain," Dr Auld said.

"In February, growth was above trend, the economy was operating above capacity and there was uncertainty over the restrictiveness of rates. None of these conditions exist today,” she outlined.

Dr Auld said recent data pointed to softer momentum across the economy while acknowledging that at the same time, uncertainty remains a key feature of the outlook.

“Both Q1 GDP data and the NAB business survey suggest momentum in the economy has slowed, meaning that growth has likely peaked for the cycle. That said, we are cognisant there is still considerable uncertainty around the outlook, both with respect to activity and inflation.”

Dr Auld said inflation risks and labour market outcomes would be important to watch.

“On the prices side, we are still forecasting above target core inflation through to mid-2027. Margins will compress and weaker labour market outcomes are a risk.”

She said tighter financial conditions are expected to weigh on housing and activity.

“Tighter financial conditions will be reflected in a slowing in house price growth and housing credit growth. In summary, we have greater conviction that the next move in rates is down, but less conviction on the timing.”

Staff reporter

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