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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

Design-led developer-builder Lowe Living has unveiled its latest residential development, Jardin House, marking its first foray into Melbourne's blue-chip City of Boroondara.

Located a short walk from Camberwell Junction, <a href="https://www.apartments.com.au/new-apartments/jardin-house-by-lowe-living-camberwell-335-camberwell-road-camberwell-vic-3124">Jardin House</a> has been designed to appeal to affluent local downsizers and established families seeking a low-maintenance alternative to the large homes that have long defined Camberwell and surrounding suburbs.

The project will comprise a collection of two and three-bedroom apartments ranging from 92 sqm to 280 sqm, alongside a limited number of penthouse residences featuring rooftop terraces spanning more than 100 sqm, with optional private pools.

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[smartcode_project:default project_id=146717 project_image_fid=372212]

Lowe Living Co-Founder and Managing Director Tim Lowe said Camberwell represented a natural next step for the developer as it expands into some of Melbourne's most tightly held residential markets.

"Jardin House is an important project for our team as it marks the next evolution of our portfolio into different well-established blue-chip pockets of Melbourne," Lowe said.

"Camberwell, with its incredible walkability, family-led neighbourhood feel and superb access to education and transport, makes it a natural choice for us."

[smartcode_project:default project_id=146717 project_image_fid=372227]

Designed by Tristan Wong Architects, with interiors by Hecker Guthrie and landscaping by Acre, the development takes inspiration from the Art Deco architecture that remains a defining feature of many of Camberwell's established streets.

A curved facade, arched openings, textured brickwork and sculpted forms reference the suburb's architectural heritage, while extensive landscaping softens the building's presence and creates a strong connection to the surrounding tree-lined streetscape.

The project will be set behind a secure gated entrance, with residents arriving through landscaped gardens designed to create a transition between the public realm and private residences.

Inside, the residences feature natural stone and timber finishes, full-height glazing, Miele appliances and generous open-plan living areas designed for long-term owner occupation.

[smartcode_project:default project_id=146717 project_image_fid=372225]

While the apartments themselves have been designed to attract discerning owner-occupiers, it is the amenity offering that sets Jardin House apart from many other boutique projects currently launching across Melbourne.

The centrepiece is a 350 sqm private bathhouse curated in partnership with Aurora Spa &amp; Bathhouse founder Lyndall Mitchell.

The wellness precinct includes mineral pools, hydrotherapy experiences, a Himalayan salt room, sauna, steam room, cold plunge pools and dedicated relaxation spaces, creating what Lowe Living describes as a private wellness retreat exclusively for residents.

[smartcode_project:default project_id=146717 project_image_fid=372222]

The collaboration follows Lowe Living's recent partnership with Aurora at Maison Savoy in Brighton, although Jardin House is the first project to incorporate both indoor and outdoor wellness experiences.

Emma Lowe, Co-Founder and Managing Director of Lowe Living, said wellness was becoming an increasingly important consideration for apartment buyers.

"Collaborating with Lyndall Mitchell from Aurora Spa &amp; Bathhouse for a second time is an intentional nod to creating residences that are more than just homes, but a way to enrich the lives of our residents through wellness and longevity," Lowe said.

The amenity offering is complemented by a Technogym fitness studio, residents' lounge, private dining spaces and concierge services.

The launch comes as developers increasingly target Melbourne's established eastern suburbs, where rising land values, ageing housing stock and growing downsizer demand are creating opportunities for boutique apartment projects.

Lowe said the company expects significant generational wealth transfer across suburbs such as Camberwell in coming years, creating further demand for luxury apartment living.

"Camberwell is a blue-chip suburb where homes regularly transact for multiple millions of dollars," he said.

"The generational change of wealth in these locations expected in the coming years is significant, so we see an opportunity to create exclusive residences that appeal to older families and downsizers in order to meet this demand."

Apartments at Jardin house start from $1,195,000. The project forms part of Lowe Living's near-$1 billion portfolio of new developments across Melbourne.

[smartcode_project_cta:default project_id=146717]

Joel Robinson

Lowe Living launches Jardin House in Camberwell

As <a href="https://www.apartments.com.au/developments/north-sydney-nsw-2060">North Sydney</a> continues its transition from a commercial centre into a more layered residential and lifestyle precinct, a new generation of apartment developments is reshaping expectations around scale, amenity, and long-term liveability.

Improved transport connections through the Victoria Cross Metro, continued investment in dining and public spaces, and a constrained supply of new luxury apartments have sharpened demand for homes that combine proximity to the CBD with the privacy and outlook traditionally associated with harbourside houses.

At 177 Walker Street, <a href="https://www.apartments.com.au/developers/aland">ALAND</a>’s new apartment development <a href="https://www.apartments.com.au/new-apartments/the-walden-north-sydney-177-walker-street-north-sydney-nsw-2060">The Walden</a> enters the market with a distinctly residential approach to high-rise living. The 30-level tower will deliver 161 residences, ranging from one-bedroom apartments through to sub-penthouses and a full-floor penthouse, all oriented to capture uninterrupted views across Sydney Harbour, the Opera House, and out toward the Pacific Ocean.

[smartcode_project:default project_id=134323 project_image_fid=6395]

Designed by <a href="https://www.apartments.com.au/architects/rothelowman">Rothelowman</a>, the project takes advantage of the site’s natural topography and elevated position above the harbour. Rather than relying on density alone, the architecture focuses on outlook, orientation, and spatial flow, with every apartment occupying a corner position to maximise natural light and cross ventilation.

Rothelowman says the site itself shaped much of the architectural response.

“The site has a long history in terms of its inevitable transformation and when we came in, we took inspiration from the idea of reestablishing a sense of the site’s natural terrain and fall. Our scheme aims to integrate with the terrain and the landscape, using the undulating site to slowly reveal glimpses and views of the harbour. The rotation of the tower off grid means every apartment has a view and is naturally cross ventilated. The building's colour palette is quintessentially Sydney, with bronze and sandstone and a luminescent green colour in the glass, making it very earthy and grounded in its location.”

[smartcode_project:default project_id=134323 project_image_fid=6399]

Inside the residences, the emphasis moves toward larger-format living typically associated with standalone homes. Kitchens sit at the centre of the apartments, connecting directly to open-plan dining and living areas before extending outward into expansive winter gardens and balconies. Calacatta marble, bespoke joinery, integrated appliances, and custom metal detailing are used throughout, while three distinct interior palettes, Terrace, Opera, and Harbour, allow buyers to personalise the spaces without compromising the architectural consistency of the project.

The larger residences place particular attention on separation between entertaining and private zones. In many apartments, master suites occupy the outer corners of the floorplates, allowing bedrooms to benefit from floor-to-ceiling glazing and harbour outlooks independent of the living spaces. Dressing rooms and ensuites continue the material palette through fluted detailing, freestanding baths, and layered stone finishes.

Rothelowman says the design intent centred on creating homes that feel enduring rather than transient.

“Our philosophy is all about the way people live in these spaces, and we wanted to create homes that reflect the quality of life in this unique Sydney location. The apartments showcase expansive living spaces that are generous, sophisticated, and bold, with the ability to connect with views throughout each apartment.”

[smartcode_project:default project_id=134323 project_image_fid=353235]

A separate four-storey amenity building known as The Pavilion expands the residential offering beyond the apartments themselves. Positioned alongside the tower, the building consolidates wellness, recreation, and social spaces into a dedicated resident retreat. Facilities include a 20-metre rooftop pool and sundeck, sauna, spa, ice bath, wellness studio, gymnasium, concierge service, wine cellar, residents’ lounge, private dining spaces, and dedicated co-working areas with meeting rooms and boardroom facilities.

The amenity mix reflects the buyer profile emerging in North Sydney, where owner-occupiers and downsizers are increasingly prioritising convenience, apartment scale, and long-term usability over purely investment-driven decisions.

The Walden also represents a significant milestone for ALAND, marking the company’s first major move into Sydney’s inner-city luxury apartment market after more than two decades delivering large-scale residential communities across Greater Sydney. Founder Andrew Hrsto says the Walker Street site stood apart because of both its positioning and its rarity.

[smartcode_project:default project_id=134323 project_image_fid=6390]

“As a company, we had been searching for a site in one of Sydney’s blue-chip locations, spanning the Eastern Suburbs, the Sydney CBD and the North Shore, and when we had the opportunity to purchase this site, we immediately recognised that it could be something iconic.”

At launch, The Walden recorded more than $103 million in sales, with buyers drawn to the project’s harbour positioning, apartment scale, and proximity to the Metro, which now connects North Sydney to Barangaroo in three minutes and Martin Place in five.

ALAND has commenced construction, and is expecting a completion date in 2028.

[smartcode_project_cta:default project_id=134323]

The Walden pairs house-scale living with North Sydney connectivity

The ACT will become the first jurisdiction in Australia to abolish stamp duty for all first home buyers, with no income caps and no property price thresholds from 1 July.

The move, announced as part of the ACT Budget, completes a key election commitment from the Barr Government and removes what Chief Minister Andrew Barr described as one of the biggest barriers to entering the housing market. The reform forms part of the ACT's long-running transition away from transaction taxes and towards a broader-based property tax system.

"This budget marks a major milestone in our long-term tax reform program," Barr said, adding that the government had maintained a sustained focus on removing barriers to home ownership. He said stamp duty had long been one of the largest upfront hurdles facing buyers and that from July, "that barrier is gone" for first home buyers in the Territory.

[smartcode_project:default project_id=139989 project_image_fid=350986]

The changes come alongside a range of measures designed to encourage new housing supply, including support for the delivery of so-called "missing middle" housing such as terraces, townhouses and low-rise multi-unit developments.

The announcement has renewed debate around whether the ACT's approach could provide a blueprint for improving housing affordability nationally.

New research from OurTop10.com.au, conducted by Primara Research, suggests the Territory's decade-long reform agenda has produced outcomes unmatched elsewhere in Australia.

While stamp duty costs have increased by an average 67 per cent nationally over the past decade, the ACT has recorded growth of just 15 per cent, the lowest increase of any jurisdiction.

The Territory has also emerged as one of the strongest performers on housing delivery. Based on population-weighted housing targets, the ACT is sitting less than one per cent behind its target. Victoria is the next closest at seven per cent behind, while the national average sits 25 per cent below target. New South Wales is tracking 39 per cent behind.

The latest reform removes one of the final barriers facing first home buyers in Canberra.

[smartcode_project:default project_id=139989 project_image_fid=359152]

The average Australian home buyer currently pays $61,714 in stamp duty. In the ACT, that figure is $38,399 despite the Territory having the third-highest median house price in the country.

Until now, the ACT's first home buyer concession scheme only applied to purchases up to $1.02 million, around $51,000 below Canberra's median house price of $1.071 million. In practical terms, many first home buyers were unable to access the median-priced home without losing the concession.

From July, those restrictions disappear.

Every first home buyer in the ACT will pay no stamp duty, regardless of income or purchase price.

Canberra remains one of Australia's most expensive housing markets, with dwelling values increasing 82 per cent over the past decade. However, that growth ranks only 11th among Australia's 15 major housing markets, suggesting affordability pressures have been less severe than in many other parts of the country.

Simon Ma, CEO of OurTop10.com.au, said the latest reforms recognise that many first home buyers have simply outgrown thresholds set years ago.

"Many first home buyers aren't just looking for a way onto the ladder, they want a home their family can actually live in," Ma said.

"In a market where the median house price is over a million dollars, a concession scheme that cuts out at $1.02 million was never going to get them there.

"Removing the ceiling entirely means ACT first home buyers can now pursue the home they actually want, rather than limiting themselves to a price point designed for a very different market."

Whether other states follow remains to be seen. But at a time when most jurisdictions are struggling to improve affordability while also increasing housing supply, the ACT has quietly become the national test case for both.

15% stamp duty growth. Just 1% off the national housing target. Zero stamp duty for FHBs. Is the ACT the blueprint for the great Australian dream?

ACT abolishes stamp duty for first home buyers

A rooftop pool and spa overlooking the Brisbane CBD, private dining spaces, expansive landscaped gardens and a residents' lounge are set to crown <a href="https://www.apartments.com.au/new-apartments/callista-on-park-west-end-49-mollison-street-west-end-qld-4101">Callista on Park</a>, the final residential building within Brisbane's West Village precinct.

The rooftop amenity collection has been designed as an extension of the lifestyle already established throughout West Village, providing residents with a series of indoor and outdoor spaces that capitalise on the building's elevated position above West End.

A swimming pool and heated spa form the centrepiece of the rooftop offering, surrounded by landscaped gardens developed through a collaboration between developer Sekisui House and ASPECT Studios. The design incorporates expansive lawn areas surrounded by English garden-inspired planting.

[smartcode_project:default project_id=134800 project_image_fid=370648]

Residents will also have access to two barbecue and outdoor dining areas positioned to take advantage of views across Brisbane's skyline, neighbouring Mollison Park, and the surrounding inner-city landscape.

For larger gatherings, the rooftop includes a private dining room centred around a substantial stone island bench, complete with a full kitchen and a 10-seat dining table set beneath four-metre-high ceilings. The space has been designed to overlook both the rooftop gardens and the Brisbane CBD skyline.

A separate residents' lounge provides an additional indoor retreat connected to the broader rooftop amenity offering, creating another space for residents to work, relax or entertain guests.

[smartcode_project:default project_id=134800 project_image_fid=370647]

The attention to detail extends beyond the rooftop.

Upon arrival, residents will enter through a lobby featuring a bespoke ceiling light installation developed in collaboration between Sekisui House and Alcorn Middleton Architecture. The arrival experience is complemented by private resident mailboxes and carefully considered interior finishes designed to reflect the premium positioning of the building.

[smartcode_project:default project_id=134800 project_image_fid=372541]

The amenity offering forms part of Callista on Park, the final residential release within the decade-long transformation of the former Peters Ice Cream Factory site into West Village, one of Brisbane's most established mixed-use communities.

Designed by <a href="https://www.apartments.com.au/architects/rothelowman">Rothelowman</a> and being delivered by <a href="https://www.apartments.com.au/builders/hutchinson-builders">Hutchinson Builders</a>, Callista represents the most premium residential offering within the masterplanned precinct.

Construction is now entering its final stages, with scaffolding beginning to come down and completion expected in the first quarter of 2027.

Prices for the three-bedroom plus MPR apartments start from just over $2.6 million.

[smartcode_project:default project_id=134800 project_image_fid=351535]

Callista will mark the final opportunity to purchase within West Village, where residents have direct access to more than 35 retail, dining, wellness and medical operators including Harris Farm Markets, Woolworths, Function Well and Goodlife Health Clubs, Metro Arts, and a growing collection of restaurants and cafés.

Located just 800 metres from the Brisbane CBD, the precinct also places residents within walking distance of South Bank, West End's dining scene, riverfront parklands and major public transport connections.

For Sekisui House, which has delivered more than two million homes globally, Callista serves as the concluding piece of the West Village masterplan, bringing together the precinct's heritage character, parkland setting and emphasis on walkability in a final collection of larger-format residences.

[smartcode_project_cta:default project_id=134800]

Rooftop pool, private dining and skyline gardens to crown West Village's final apartment release, Callista on Park

<a href="https://www.apartments.com.au/developments/wahroonga-nsw-2076">Wahroonga</a>’s enduring appeal has long been tied to its balance of bushland, established amenity, and access to some of Sydney’s most respected education and healthcare institutions.

Along Fox Valley Road, that combination is becoming increasingly sought after by buyers looking to remain connected to the Upper North Shore lifestyle while prioritising walkability, wellbeing, and convenience.

Developer Capital Corporation's initial vision of a 62-hectare site on Fox Valley Road was that they could create their own walkable community, bordered by&nbsp;more than 25 hectares of bushland and adjoining Coups Creek.

<img alt="Wahroonga" data-entity-type="file" data-entity-uuid="b84917a1-0d75-49b9-888c-ddf7ebfd6692" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/NEW2026_Wahroonga_Walkway.gif?VersionId=Gk3_xi5ssYfalmwuQQ5umQakddceC31j" />

<a href="https://www.apartments.com.au/new-apartments/the-residences-at-wahroonga-estate-169-fox-valley-road-wahroonga-nsw-2076">The Residences at Wahroonga Estate</a> draws directly on the area’s natural landscape, with walking trails and green corridors linking into sections of Lane Cove National Park. The surrounding network of bushwalks, cycling tracks, and reserves reinforces the suburb’s long-standing reputation as one of Sydney’s most nature-oriented residential pockets, while still maintaining close ties to village retail and transport infrastructure.

The address places residents within minutes of Wahroonga and Turramurra villages, where cafés, local grocers, boutiques, and everyday services support a highly localised lifestyle. Popular nearby venues including The Fox Café and Breeze Valley Café provide easy options for morning coffee or casual dining, while longstanding retailers such as IGA Wahroonga Fresh and Novella Fine Books continue to anchor the area’s village character.

&nbsp;

<img alt="Wahroonga" data-entity-type="file" data-entity-uuid="c4a950f7-4f05-4370-b360-b106359788e5" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/2026_Wahroonga_Entry_Gates.gif?VersionId=7n5kh9ymu.azYEYDemJkPgiIAfSw44oj" />

Healthcare access remains one of the defining locational advantages of the estate. Sydney Adventist Hospital, known locally as The San, sits directly adjacent and is one of the largest and most respected private hospitals in New South Wales. The hospital precinct incorporates specialist medical services, radiology, physiotherapy, and outpatient care, contributing to growing buyer demand from downsizers and owner-occupiers seeking long-term convenience and peace of mind.

Research commissioned by Capital Corporation found that health and wellbeing considerations are increasingly influencing downsizing decisions, particularly among buyers wanting to remain within familiar neighbourhoods while accessing medical infrastructure more easily.

Education has also historically underpinned demand across Wahroonga and the broader Upper North Shore. The estate sits close to several of Sydney’s leading private and independent schools, including Knox Grammar, Abbotsleigh, Barker College, Pymble Ladies’ College, Ravenswood School for Girls, and Loreto Normanhurst. Co-educational options including Wahroonga Adventist School and Sydney Adventist School further strengthen the area’s appeal to established families looking for long-term schooling pathways within a tightly held catchment.

[smartcode_project:default project_id=135247 project_image_fid=262183]

Transport connectivity supports the suburb’s liveability without compromising its quieter residential character. Wahroonga and Turramurra train stations provide direct rail access into the Sydney CBD, while the nearby Pacific Highway and M1 motorway strengthen links across the North Shore and broader metropolitan area. At the same time, the heavily treed streetscape and low-density character continue to distinguish the precinct from more urbanised parts of Sydney.

The Residences at Wahroonga Estate forms the first stage of <a href="https://www.apartments.com.au/developers/capital-corporation">Capital Corporation</a>’s broader masterplanned vision for the precinct, delivered alongside the Seventh-day Adventist Church.

[smartcode_project:default project_id=135247 project_image_fid=364995]

Designed by <a href="https://www.apartments.com.au/architects/group-gsa">GroupGSA</a> with interiors by <a href="https://www.apartments.com.au/interior-designers/coco-republic-interior-design">Coco Republic</a>, the development integrates landscaped communal spaces including a pet-friendly Green Spine, resident lounge, BBQ pavilion, and direct bushland access, reinforcing the project’s focus on outdoor connection and community-based living.

Now under construction by Gold Star iCIRT-rated builder <a href="https://www.apartments.com.au/builders/dasco-australia">DASCO</a>, The Residences at Wahroonga Estate will deliver a collection of one, two, and three-bedroom apartments priced from $990,000, with completion anticipated in 2027.

[smartcode_project_cta:default project_id=135247]

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