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GUEST OBSERVER
The Government recently released for public consultation the third round of exposure draft legislation and explanatory material to lower the annual non-concessional contributions (‘NCCs’) cap to $100,000 and restrict eligibility to make NCCs to individuals with superannuation balances below $1.6 million from 1 July 2017.
While this legislation is in exposure draft form only (and has not yet been introduced in Parliament as a Bill) it’s important for advisers and those hoping to get some more money into super by way of NCCs to become familiar with the latest proposals. If the latest proposals get finalised as law, they may be effective from 1 July 2017, leaving a small window of opportunity for people to act.
Perhaps the most time sensitive change is the lowering of the annual NCC cap to $100,000 (down from $180,000) for FY2017 and the corresponding reduction in the amount allowed to be contributed under the three year bring forward rule (the current amount is $540,000 – this is to be lowered to $300,000 from 1 July 2017 subject to transitional rules).
The other key change is the requirement that an individual must have a total superannuation balance (‘TSB’) immediately before the start of each financial year (‘FY’) of less than the general transfer balance cap which is $1.6 million for FY2018 - to be indexed in increments of $100,000 - to be eligible to make further NCCs.
From 1 July 2017, if a member has a TSB of more than $1.6 million on the prior 30 June they will be precluded from making further NCCs.
The practical implication of this, simply put, is that a lot of people may want to make contributions prior to 1 July 2017. However, the complexity of the new proposals means that expert advice and, in particular, appropriate advice – bearing in mind the Australian financial services licence (‘AFSL’) rules – needs to be provided.
The importance of timing is probably best illustrated by a practical example.
First, let’s compare the current position with the proposed changes.
Under the current law, we have an annual NCCs cap of $180,000. Under the current bring forward rule, the total NCCs cap for the current FY and the next two FYs of $540,000, provided that:
· NCCs in that first FY exceeded $180,000
· the member did not trigger the bring forward rule in any of the two prior FYs and
· the member is under age 65 at any time during the first FY.
However, the following changes are proposed from 1 July 2017:
· The three year bring forward rule is retained but the annual $180,000 NCCs cap is to be reduced to an annual $100,000 NCCs cap.
· Individuals with total super balances of greater than $1.6 million on each prior 30 June are unable to make NCCs in next FY.
· Transitional rules apply, meaning that if an individual has triggered the bring forward rule and has not fully used their NCCs bring forward amount before 1 July 2017, the remaining bring forward amount will be reduced on 1 July 2017 to reflect the new annual caps.
 So, how does this work in practice?
Take Jane. Jane is under 65, and has not triggered the bring forward rule in FY2015 or FY2016. She had $100,000 in super on 1 July 2016, and made a NCC of $200,000 on 25 October 2016. She now wants to (and is in a position to do so) make further NCCs.
If Jane makes another NCC before 1 July 2017, she can contribute a further $340,000 (as she gets the benefit of the full $540,000 bring forward cap).
But if Jane waits until 1 July 2017 to make a further NCC, the maximum amount she can contribute is a further $180,000. Why? Because as Jane did not fully use her NCC bring forward amount before 1 July 2017, the remaining bring forward amount is reduced on 1 July 2017 to reflect the new caps. The bring forward cap on 1 July 2017 is $380,000, so $380,000 - $200,000 (her NCC made on 16 September 2016) = $180,000.
What if Jane triggered the bring forward rule in FY2016? Let’s say that Jane makes an NCC of $200,000 in FY2016. If she waits until 1 July 2017 to make another NCC, the transitional cap of $460,000 will apply. That means that Jane can only contribute a further $260,000 ($460,000 -$200,000).
You can see how the timing can result in NCCs of $540,000 versus NCCs of $460,000 or $380,000 depending on whether Jane invoked her bring forward rule in FY2016 or FY2017. What a difference a day or a year can make!
You can see from the above figures that many clients will appreciate being contacted by their advisers to give them a heads-up about this limited window of opportunity, and some clients will almost certainly want to make contributions prior to 1 July 2017.
But in light of the new AFSL regime, advisers will have to be careful in terms of how they convey this information to clients. It’s really important that advisers make themselves familiar with the relevant provisions of the Corporations Act 2001 (Cth) and the Corporations Regulations 2001 (Cth) relating to financial services and financial product advice.
Broadly, if you make a recommendation or provide an opinion that is intended to influence a person in relation to a financial product, or could reasonably be regarded as being intended to have such an influence, then you are providing financial product advice. An SMSF is considered a financial product under these rules.
So how can you keep clients updated on the proposed superannuation reforms if you don’t hold an AFSL, or you hold an AFSL but don’t want to provide a Statement of Advice?
Remember that you don’t need to be within the AFSL regime if you provide factual advice only. Factual advice, according to ASIC, is objective and factual information that is not intended to influence a person’s decision on a financial product. For example, providing a client with a government factsheet on the superannuation reforms (you can find a list of these on the budget website) would be factual advice. But what if a client presses you for further information, like ‘ok, I’ve read the factsheet, but what do the new NCC rules mean for me?’ ASIC RG 244 contains a template for dealing with these sorts of questions, with a handy introduction:
I can give you some factual information about making extra contributions to your superannuation this financial year, but I’m unable to provide you with any advice about contributing to your superannuation fund. If you would like personal advice about contributing to superannuation, I can set up a meeting for you with someone from our financial advice team. [Naturally, this wording could be varied to suit the circumstances as many accountants will need to refer such matters to an adviser who has an AFSL.]
Providing this factual information may then equip the client to make a decision on their own, and the client might then instruct you to assist them to facilitate the contribution to super. If this is indeed execution only (ie, the client has already made up their mind, and simply wants you to make it happen), then an AFSL is not required, but remember to be aware of the necessary disclaimers.
If you’re unsure of what should be included in the disclaimer, the <a href="https://www.dbalawyers.com.au/strategy-compliance-kits/non-licensed-afsl-smsf-advisers-kit/" target="_blank">DBA Lawyers non-licensed (AFSL) SMSF Advisers Kit</a> contains templates of various execution only services, including a range of disclaimers that can be used.
Alternatively, the client may press you for a recommendation tailored to their personal circumstances. Making such a recommendation would fall within the AFSL regime and would therefore need to be handled by an appropriately licensed adviser.
For detailed coverage of this topic, you might also want to watch this <a href="https://www.dbanetwork.com.au/dbalawyers/seminars3/6106/Special-SMSF-Training" target="_blank">webinar</a>.
DBA Lawyers can be contacted <a href="https://www.dbalawyers.com.au" target="_blank">here</a>.
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j.ballantyne1990-6AQqhLzZaK

Property 101: The new NCC rules and the new AFSL regime

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Westpac are set to increase interest rates for foreign mortgage customers, writes the Australian Financial Review.
The bank is reported to be introducing a new loan category next month, a 'Non-Resident Reference Rate'.
Off-shore based customers who currently have loans with the bank will have to pay a 0.5% higher standard variable rate.
A Westpac spokesperson told the Australian Financial Review that the higher rates took into account the bank's "risk settings, the economic landscape, and expected changes in capital requirements for that segment of the mortgage market”. 
The decision comes after a long crackdown by the major banks on foreign lending.
Westpac announced, as of April 26. it would no longer loan money to foreign home buyers seeking to purchase residential property.
The bank has not settled any new mortgages from offshore-based clients since then.
Other major banks such as NAB and ANZ have also introduced similar policies halting new loans to foreign buyers.
Westpac has also dropped its loan to valuation ratios (LVRs) from 80% to 70% for local applications that include foreign income.
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Major bank continues foreign loan clampdown

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Oceanfront Stewarts Bay Lodge resort and Gabriel’s on the Bay Restaurant, bordering World Heritage-listed national park and the Port Arthur Historic Site on the Tasman Peninsula, have been listed for sale.
The resort was established in 2007 by Hobart businessman Rod West.
He was the mastermind of other famed Tasmanian enterprises including gourmet food store Norman &amp; Dann, the Socrates educational retail chain, centre for design excellence IXL Design, and Raw the Natural Grocer.
It is one of only a handful of accommodation businesses in Tasmania owned and operated as ‘management rights’.
The management rights to the nine-hectare beachfront cabin resort will be sold by operators Mark and Pauline Etheridge, along with associated freehold real estate, through specialist national accommodation and hospitality property agency, Resort Brokers Australia.
Resort Brokers’ Tasmanian agent, Ray Ironside, says it is a genuinely rare opportunity as the only management rights currently available in Tasmania.
The sale includes the caretaking and letting agreements on a 16-year management rights term with all 40 investor-owned cabins in the letting pool.
Freehold real estate also part of the package includes a three bedroom manager’s residence and a freestanding reception, office and utilities building. 
A two-bedroom demountable staff residence is also included.
“Resort Brokers Australia has been involved with the property since Rod West and partners bought it in 2007, extensively renovated the existing cabins and developed a further 21 two bedroom 4.5-star chalets overlooking the bay,” Ironside said.
“He very successfully sold all lots to investors, except those needed for operations, and we helped establish the management rights agreement then with a new 25-year term, which was one of the first such operations in Tasmania.
"Stewarts Bay Lodge was definitely a pioneer in this state, and still today there are literally only a handful of other true management rights operations.”
The popular Port Arthur destination includes Gabriel’s on the Bay Restaurant, which seats up to 110 indoors and 100 on the external terrace and lawns.
<img src="/images/2016/11/16/Stewarts%20Bay%20Lodge%20Aerial.jpg" alt="">
“Gabriel’s on the Bay is a tremendous asset, not only as a fine restaurant, but because it helps drive the accommodation business and is attracting strong growth in the functions and conference market with some $500,000 worth of advance and long-term accommodation and events reservations on the books," Ironside said.
“The Tasman Peninsula is one of Australia’s most visited regions, not only because of the profound Port Arthur Historic Site, but so many attractions including the Port Arthur Coal Mines, Remarkable Cave, the Convict Trail, wildlife including little penguins at Eaglehawk Neck, the blowhole and the Tessellated Pavements.
“Now we have Australia’s newest premier walk, the Three Capes Walk, which just won the New Business Award at the Tasmanian Tourism Awards, attracting people from all over the world.”
Stewarts Bay Lodge enjoys consistently high occupancy from multiple markets including international and interstate visitors, locals on short breaks, function and conference guests and the ever-expanded baby boomer travel market, he said.
The management rights business is listed with a price tag of $1.85 million, including the substantial freehold real estate component.
Tourism and hospitality properties are attracting growing investment interest on the back of positive visitor economy gains, Ironside said.
Latest figures from Tourism Tasmania show 1.17 million people visited Tasmania in the year ending June 2016 (up 2% annually).
They have spent 10.2 million nights, which is an increase of 5% on the previous year.
Visitors spent more than $2.05 billion during 2015-16, 9% more than the year before.
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Tassie tourism management rights for Stewarts Bay Lodge listed

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St Vincent’s Health Australia have committed to a 902 square metre office on level three at 25 Montpelier Road in Bowen Hills after signing a five year lease.
They have occupied the fully fitted out space in early November.
St Vincent’s Health Australia is the nation’s largest Catholic not-for-profit health and aged care provider.
It owns facilities across Australia that include public and private hospitals, aged care facilities and co-located research institutes.
“St Vincent’s are currently owner occupiers in the building directly opposite the road, and we approached them to see if they required bigger premises,” said Bo Veivers, national director of office leasing at Colliers International who negotiated the lease at $520 per square metre gross.
“They are expanding and originally were looking for additional office space of 300 square metres to 400 square metres in size, but given the fully fitted out opportunity at 25 Montpelier, they ended up taking the entire third floor, and 12 car spaces.”
According to Veivers the opportunities for good quality A Grade buildings in the popular Gasworks precinct are drying up, with office space also fully leased.
“25 Montpelier Road is a modern 7,600 square metre A Grade building that was completed in 2011 and offers one of the largest floor plates in the city fringe,” he said. “The building currently has about 30% space available for lease, half of which is fully fitted out.”
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St Vincent’s Health Australia expands office footprint in Brisbane

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The Dudley Hotel, Bathurst, is set for auction on December 15.
Manenti Quinlan and Associates of Sydney and Thomas Cooper and Company of Newcastle have been appointed as agents.
The Dudley Hotel is a regional icon in one of the fastest growing regional areas in New South Wales.
The hotel has a wonderful streetscape with a wrought iron wrap-around verandah.
The hotel has been refurbished.
Bathurst is just over two hours from Sydney in a region steeped in history with a continually growing tourism focus.
The hotel provides an offering across food, beverage and gaming.
The marketing indicates trading figures demonstrate "excellent" cash flow and identify the continual growth of the business.
The hotel occupies a strategic 2,914 square metre site with extensive on-site parking.
"The Dudley Hotel is undoubtedly one of the best regional hotels to come to the market in the last five years," Gerry Quinlan of Manenti Quinlan said.
He expects interest from interstate as well as local buyers.
Richard Thomas of Thomas Cooper and Company believes that the stable and vibrant Bathurst economy provides security to potential investors.
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Leading NSW regional hotel in Bathurst set for auction

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In the 12 months to September 2016, Savills' latest quarterly report identified approximately 137,100 square metres of leasing activity in the central Adelaide office market, including Adelaide CBD and fringe areas.
This an increase on activity levels 12 months prior and above the five year average of approximately 97,500 square metres.
The majority of these leases (approximately 80% of the volume identified leased) were in the Adelaide core precinct.
Some 70% the deals reported in the 12 months to September 2016 period were new tenants, while 30% were renewals and sub-lease deals.
Of the 137,100 square metres identified leased in central Adelaide in the 12 months to September 2016, the government and community sector dominated activity by volume of space leased.
However, the property and business services sector had the greatest number of transactions.
A selection of recent leasing transactions is displayed in the tables below.
<a href="/images/2016/10/25/Adelaide%20leasing%20table.jpg" target="_blank">Click to enlarge</a>
<img src="/images/2016/10/25/Adelaide%20leasing%20table.jpg" alt="">
Savills’ Adelaide Lease Expiry Report analyses a database of lettable floor space in the CBD and fringe office markets. As at the September 2016 report, it is estimated that an average of 115,000 square metres of leased space in the CBD will come up for renewal each year for the next three years.
Around 43% of this space is leased by the government and community sector, one of Adelaide’s largest occupiers, however, the finance and insurance and the property and business services sectors combined have a similar amount of space coming up for renewal.
In the short-term there is likely to be ongoing demand from tenants seeking to rationalise existing space, as well as from those seeking expand or upgrade into new space.
<a href="/images/2016/10/25/Adelaide%20office.jpg" target="_blank">Click to enlarge</a>
<img src="/images/2016/10/25/Adelaide%20office.jpg" alt="">
The state and federal government have been significant takers of space during the last quarter.
Traditionally one of the largest occupiers in Adelaide, the recent deals by government occupiers during the last three months were a combination of new transactions and renewals.
In August 2016, Country Health SA (state government) renewed their lease for two floors in 22 King William Street, adding a part floor as expansion space in the process. The National Centre for Vocational Education Research (NCVER) leased two floors in 60 Light Square, which became vacant after People’s Choice Credit Union (PCCU) relocated to their newly completed building in 50 Flinders Street.
Another state government department leased a full floor in 60 Light Square in June. In addition, following the sale of the buildings in the State Administration Precinct portfolio in September, the government occupied buildings are subject to new 12-year leases.
In June 2016, UK firm, Babcock International, together with the state government, announced Babcock would be moving their regional headquarters to Adelaide.
The state government has provided a multi-million dollar incentive to the firm for the relocation, including incentive payment towards the fitout of their new Adelaide office, which will be based in 70 Franklin Street.
Botten Levinson Lawyers has moved into level one of the old Darling Building on Franklin Street, following its refurbishment by a syndicate group led by Williams Burton Leopardi.
Williams Burton Leopardi relocated to the top floor in May. The syndicate purchased the building in 2013 for $1.05 million and undertook a complete refurbishment.
Other deals of note, include Bank of China leasing part level 8 in 1 King William Street plus the ground floor for their retail outlet.
Fyfe has relocated one of their Core located offices on Flinders Street to Viterra’s old building at 124-130 South Terrace in the Frame.
Hudson has relocated from 75 Hindmarsh Square to 101 Pirie Street, rationalising about 500 square metres in the move.
Morgan Stanley has also relocated, moving from 115 Grenfell Street to 2 King William Street recently, although only reduced space requirements by about 100 square metres.
As at September 2016, net face rents in Adelaide CBD typically range from $395 to $460 per square metre per annum for premium grade, $330 to $410 per square metre per annum for A Grade and $265 to $335 per square metre per annum for B Grade.
In Adelaide’s fringe, as at September 2016, net face rents typically range from $330 to $355 per square metre per annum for A Grade and $270 to $300 per square metre for B Grade.
Although incentives had shown signs of stabilising earlier this year, over the last quarter they have increased to above 26% or in some cases, higher, in CBD prime space, resulting in a slight drop in net effective rents over the last three months.
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Office leasing activity increases in Adelaide: Savills

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Central Equity has won the Housing Industry of Australia Victorian (HIA) Apartment Complex 2016 for its Southbank Grand development.
Southbank Grand was designed in collaboration with architects Guilford Bell and Graham Fisher. 
<img src="/images/2016/11/15/SBG_Bedroom_typical.jpeg" alt="">
The 43-level tower meets the standards that have won Central Equity several previous awards for its inner-city residential developments.
<img src="/images/2016/11/15/SBG_Facilities_Indoorpool.jpeg" alt="">
In designing the apartments, consideration was given to space and light and quality finishes and fixtures.
Living areas feature double-glazed floor-to-ceiling windows that open onto a balcony or terrace for abundant light, fresh air and cityscape vistas. 
There are European sourced appliances, composite stone bench-tops, sparkling splash backs and German tap ware. 
<img src="/images/2016/11/15/SBG_TypicalLiving_3bedApt.jpeg" alt="">
Building facilities include state of the art security, access to NBN via a high speed broadband network, an indoor heated pool, gym, BBQ terrace and concierge services.
<img src="/images/2016/11/15/SBG_foyer_panorama.jpeg" alt="">
Southbank Grand is situated at 151 City Rd, Southbank (corner of Power St).  For more information, <a href="https://www.southbankgrand.com.au" target="_blank">click here</a>.
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Central Equity wins HIA Victorian Apartment Complex 2016 award

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A prime retail investment in the heart of Chatswood is for sale. 
It is leased to Star Capital Seafood Chinese Restaurant with a long term 15 year lease that began on March 2013.
<a href="https://www.realcommercial.com.au/property-retail-nsw-chatswood-502175146" target="_blank">Located at 399-403 Victoria Avenue</a>, the property is next to the Chatswood Concourse Theatre and Library.
Westfield Shopping Centre is directly opposite from it along with Chatswood Chase Shopping Centre only 100 metres away.
However the property is currently underdeveloped. It last sold in 2011 at $10.5 million.
But it has the potential to increase the current floor space to allow a mixed use building of 1,740 sqm subject to council approval.
The NLA is 560 sqm with a land area of 696 sqm featuring a rear lane access.
Expressions of interest close on December 1 through Colliers International agents Steam Leung and Henry Burke.
A development company associated with telco giant TPG's Teoh family has acquired the nearby pair of commercial buildings at 282 and 284 Victoria Avenue for about $40 million.
The buildings were sold by he Darin family.
The two assets, located at prime sites opposite Chatswood Chase Shopping Centre, return a gross annual income of $2.3 million.
They also have future residential and mixed-use development potential sitting on 2175 sq m.
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Star Capital Seafood Chinese restaurant premises in Chatswood for sale

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Bates Smart has been selected as the design consultant for the new Australian Embassy in Washington.
The competition winning design by Bates Smart, in partnership with local firm KCCT, is to be located at the diplomatic heart of Washington.
The design is suggested as embodying the spirit of Australia through direct references to the distinctive Australian landscape: its bright and clear natural light and open skies, its warm materiality and its vast scale.
At ground floor level a large open public space announces itself as the grand entry into the building looking back towards the White House.
Features include a thermally efficient façade, a green roof with an extensive photovoltaic array, expansive use of natural light and the latest building services technologies.
The new Australian Embassy will replace the existing embassy building which was also designed by Bates Smart in 1964, according to the Dexigner website.
The original design by Sir Osbourne McCutcheon was the first purpose-built Australian embassy building since Australia House was constructed in London in 1918.
"It is with great pride that we have the opportunity to replace this building with the next generation of Bates Smart design," commented Kristen Whittle at Bates Smart.
"The project has a refined and rich materiality which will make it stand out in Washington," she told <a href="https://www.propertyobserver.com.au/https://www.dexigner.com/news/29392" target="_blank" style="font-size: 12.16px; line-height: 1.3em;">Dexinger</a>. 
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Bates Smart's earthy Australian embassy in Washington

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Investa Office Management (Investa) will pursue a net zero emissions target by 2040 across its $10 billion office portfolio and business operations.
It was part of its comprehensive carbon strategy launched this week.
As the first Australian property company to announce a Science Based Target, Investa aims to maintain its leadership position by tracking its performance against this globally recognised framework.
The Science Based Target initiative is a robust, globally recognised framework referencing the climate science requiring the world to limit global warming to 2 degrees above pre industrial levels.
This is in line with the 2015 Paris Agreement.
Nina James, general manager for corporate sustainability at Investa said Investa’s carbon reduction strategy charts a course to a net zero emissions profile by 2040.
"The strategy was formed via extensive collaboration with industry experts and staff and outlines Investa’s roadmap to achieving the target.”
Sighting global capital decarbonisation movements and an increasingly environmentally aware investment community, Investa has endorsed the ambitious plan to reduce emissions across the portfolio.
It references the influential Australian Sustainable Built Environment Council’s report, “Low Carbon, High Performance”, which advocates that the Australian property industry can achieve a net zero position by 2050 using current technologies.
"Having achieved a 56% reduction in emissions intensity since 2004, this Science Based Target will ensure we maintain our leadership position and set the pace for a low carbon future in office management," James said.
As part of the strategy, Investa is taking responsibility for its corporate value chain emissions (Scopes 1, 2 and 3), working towards a ‘whole-of-building-whole-of-life’ approach, that will see the progressive expansion of the net-zero target boundary in line with the Science Based Target review process.
Electricity and gas within Investa properties accounts for 99.6% of the greenhouse gas emissions across the Investa managed properties.
A net zero-carbon future will therefore address the carbon impact of Investa’s buildings in three key areas;
1. How the building is operated – Continual improvement in the operational performance of Investa’s buildings;
2. How the building is designed and constructed – With a focus on changing the building envelope to deliver further energy and emissions savings; and
3. How the building is powered – Sourcing zero-carbon options for residual power requirements.
The ‘whole-of-building-whole-of-life’ approach also includes measures relating to tenants, embodied carbon and occupant well-being within the performance management and reporting boundary, providing a holistic picture of performance.
"By pursuing these emission reduction actions, we believe we can change the conversation to include whole of building thinking, resulting in a change in the criteria by which leading performance is measured and showing the real benefits of Investa’s approach to upgrading and re- positioning existing buildings," James said.
Investa CEO Jonathan Callaghan said to continue to attract investment, Investa must position itself not only as a viable, but responsible investment option.
"A leader in this space, able to demonstrate a clear point of difference and capability in this sector."
"Sustainability leadership will help ensure we maintain access to shifting global capital flows, grow asset revenues, valuations and returns for current investors and support Investa’s overarching vision to be the clear market leader in Australian office.”
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Investa to target zero net emissions by 2040

<a href="https://www.apartments.com.au/developers/abadeen">Abadeen</a> and <a href="https://www.apartments.com.au/developers/perifa">PERIFA</a> have celebrated the topping out of <a href="https://www.apartments.com.au/new-apartments/putney-wharf-harbourfront-precinct-20-waterview-street-putney-nsw-2112">Putney Wharf,</a> marking a significant milestone in the delivery of one of Syd​ney's most anticipated waterfront communities.

Located on Sydney's harbourfront at <a href="https://www.apartments.com.au/developments/putney-nsw-2112">Putney</a>, the project has now reached its highest structural point, with construction progressing strongly towards completion in 2027. 
&nbsp; 
The milestone was celebrated on-site with project partners Phoenix Property Investors, Mitsubishi Estate Asia, Versatile Construction, <a href="https://www.apartments.com.au/architects/sjb-architects">SJB</a>, consultants and stakeholders, to recognise the collective effort behind the transformation of the historic waterfront site into a vibrant new residential, marina and lifestyle destination.

[smartcode_project:default project_id=13962 project_image_fid=362240] 
&nbsp; 
<a href="https://www.apartments.com.au/new-apartments/putney-wharf-harbourfront-precinct-20-waterview-street-putney-nsw-2112">Putney Wharf</a> will deliver a mix of waterfront residences and terraces, complemented by a private 36-berth marina, waterfront dining opportunities and a revitalised foreshore designed to reconnect the community with the river's edge. 
&nbsp; 
Abadeen Executive Chairman and Founder Justin Brown said the project represented a rare opportunity to create the next chapter in Sydn​ey's long history of successful waterfront precincts. 
&nbsp; 
"Throughout Sydney, some of the city's most sought-after addresses have emerged from carefully considered waterfront precincts such as Woolloom​ooloo Wharf, Walsh Bay and Breakfast Point," Brown said.

[smartcode_project:default project_id=13962 project_image_fid=362566] 
&nbsp; 
"What makes these places so successful is that they become much more than residential developments," Brown said.

"They bring together homes, hospitality, marina facilities, public spaces and a strong sense of community in locations where future supply is incredibly limited."

Brown has long described absolute waterfront land in Sy​dney as "finite."

"Once these opportunities are developed, they are rarely replicated. That's why Syd​ney's waterfront precincts have consistently demonstrated strong demand and long-term value growth over many decades. 
&nbsp; 
"<a href="https://www.apartments.com.au/new-apartments/putney-wharf-harbourfront-precinct-20-waterview-street-putney-nsw-2112">Putney Wharf</a> is one of the few remaining opportunities to secure a residence within a masterplanned waterfront community that combines direct water access, marina ownership opportunities and a genuine village lifestyle just moments from the Sy​dney CBD."

[smartcode_project:default project_id=13962 project_image_fid=362564] 
&nbsp; 
PERIFA Founder and Managing Director Fabrizio Perilli said the project reflected a shared commitment to delivering exceptional places that create long-term value for residents and the broader community. 
&nbsp; 
"The topping out milestone is a significant achievement for the Versatile Group and a testament to the collaboration between all project partners, consultants and contractors involved," Perilli said. 
&nbsp; 
"Beyond the residences themselves, <a href="https://www.apartments.com.au/new-apartments/putney-wharf-harbourfront-precinct-20-waterview-street-putney-nsw-2112">Putney Wharf</a> will establish a new waterfront destination that celebrates the history, character and lifestyle of this unique location while creating a lasting legacy for future generations."

[smartcode_project:default project_id=13962 project_image_fid=291195] 
&nbsp; 
Construction is being delivered by <a href="https://www.apartments.com.au/builders/versatile">Versatile Construction</a>, with structural works now substantially complete across the precinct. Attention will progressively shift to the construction of the waterview terraces, apartment façades, services and interior fit-out works over the coming months. 
&nbsp; 
With limited residences and marina berths remaining, <a href="https://www.apartments.com.au/new-apartments/putney-wharf-harbourfront-precinct-20-waterview-street-putney-nsw-2112">Putney Wharf</a> continues to attract strong interest from owner occupiers and downsizers seeking a premium waterfront lifestyle within close proximity to Putne​y Village, Rh​odes, Top Ry​de and the Syd​ney CBD. 
&nbsp; 
As one of the last opportunities to secure a residence within a new masterplanned waterfront community on Sy​dney Harbour, <a href="https://www.apartments.com.au/new-apartments/putney-wharf-harbourfront-precinct-20-waterview-street-putney-nsw-2112">Putney Wharf</a> is expected to remain a highly sought-after address for years to come.

[smartcode_project_cta:default project_id=13962]

Joel Robinson

Abadeen, PERIFA, top out Putney Wharf harbourfront precinct

Kew has long been regarded as one of Melbourne's premier residential suburbs. It's a location defined by its grand period homes, leafy streets and some of the city's most prestigious schools, yet it has often sat just outside the spotlight cast on neighbouring Hawthorn and Camberwell.

Increasingly, however, buyers are recognising that Kew offers much of what draws people to those suburbs, with a quieter residential setting, exceptional amenity and long-term owner-occupier appeal.

Within a few minutes' walk, residents can access Kew Junction, one of Melbourne's most established village centres. Cafés, bakeries, restaurants, supermarkets, boutique retailers and everyday services are all on the doorstep, with local favourites including Centonove, Adeney Milk Bar Cafe, and Frank &amp; Harri creating the type of walkable lifestyle that has become increasingly difficult to find in Melbourne's inner east. Beyond the immediate neighbourhood, Glenferrie Road's renowned shopping and dining precinct in Hawthorn and the retail, dining and entertainment offerings of Camberwell Junction are both just a short drive or tram ride away.

The suburb is equally well connected. Tram routes 48 and 109 provide direct access to the CBD, while High Street and Cotham Road connect residents to the wider inner east.&nbsp;Nearby access to the Eastern Freeway also places the Yarra Valley, Mornington Peninsula and Melbourne Airport within easy reach, adding another layer of convenience for weekend travel.&nbsp;It's a rare combination of connectivity and tranquillity, where quiet residential streets sit just moments from some of Melbourne's most established shopping and lifestyle precincts.

For families, Kew remains one of Melbourne's most tightly held addresses. Carey Baptist Grammar School, Xavier College, Methodist Ladies' College, Trinity Grammar, Ruyton Girls' School and Genazzano FCJ College are all nearby, while the Yarra River parklands, walking trails and sporting clubs provide another layer of lifestyle appeal.

It's within this established pocket that developer Ricdanic is delivering <a href="https://www.apartments.com.au/new-apartments/wimba-ave-kew-9-11-wimba-avenue-kew-vic-3101">Wimba Ave</a>, a boutique collection of just 13 residences across two buildings named after its location on the tree-lined Wimba Avenue,&nbsp;within one of Kew's most prestigious pockets where homes have been known to sell up to and above $8 million.

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The residences prioritise the space that buyers are increasingly searching for but struggling to find in established suburbs. Living areas extend beyond five metres in width, ceiling heights range from three to five metres, and apartments open onto private gardens averaging around 125 sqm. Selected residences also feature balconies of approximately 60 sqm, while premium inclusions include Miele appliances, double-glazed windows, EV readiness, fully electric systems and a 7.2 NatHERS energy rating.

Architect Chris Idle says opportunities to deliver homes of this scale within established suburbs have become increasingly uncommon.

"There are very few opportunities to do these kinds of developments in leafy, established suburbs," he says. "To get this level of amenity, natural light, and architectural freedom in such a setting is extremely rare."

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The architecture draws on Kew's established character through the use of handmade Krause bricks, while landscaping by John Patrick introduces 23 plant species, including nine native varieties, creating an environment which focuses just as much on nature as it does the building.

Construction on Wimba Ave is well underway by renowned high-end builder Sinjen, with completion expected in late 2027. Prices start from $2.22 million.

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The enduring appeal of Kew's tree-lined streets and village lifestyle

"For me, it's the location." That was the first thing Chris pointed to when reflecting on why he and his wife Marita decided to purchase at Candela Ivanhoe, the under-construction new apartment development by Salter Brothers in the heart of the north-eastern M​elb​ourne​ suburb. ​

"We've lived here before… everything is here," Chris said.

"Our doctor is around the corner, there's dentists, pilates, everything we need, restaurants, fast food places, two train stations, Ivanhoe and Darebin, both in walking distance. You don't need anything else."

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Just 10 kilometres from Melbo​urn​e's CBD, Ivanhoe combines direct city connectivity with the amenity of an established village community. Residents have access to highly regarded schools, expansive parklands, public transport, and a thriving retail and hospitality precinct centred around Upper Heidelberg Road, all within a neighbourhood that has retained its leafy character despite its proximity to the city.

<a href="https://www.apartments.com.au/new-apartments/candela-ivanhoe-40-upper-heidelberg-road-ivanhoe-vic-3079">Candela Ivanhoe</a> sits within the heart of this established landscape, positioned just moments from Ivanhoe Village and within walking distance of many of the suburb's most sought-after amenities.

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From Candela, residents can access cafés, grocers, wine bars, restaurants and essential services on foot, while Ivanhoe Station and Darebin Station provide direct connectivity across Mel​bour​ne. The development is also surrounded by some of the suburb's best-known lifestyle destinations, including Pinkie, Laurent, Enni, Docasa and Woodfire Pizza e Cucina, alongside Ivanhoe Plaza, Woolworths, pharmacies and specialty retailers.

Green space is another defining feature of the suburb. Darebin Parklands, Ivanhoe Park, Nellie Ibbot Park and the Yarra River trail network provide extensive opportunities for recreation, while Ivanhoe Golf Course and Ivanhoe Tennis Club continue to underpin the area's long-established lifestyle appeal.

The suburb's education offering further strengthens demand. Ivanhoe Grammar School, Ivanhoe Girls' Grammar School, Mary Immaculate Primary School and Ivanhoe Primary School have helped establish the area as one of Melbou​​rne's most sought-after schooling precincts, attracting families and downsizers alike who want to remain connected to the area.

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While location was the priority for Marita and Chris, the project itself also needed to meet their expectations.

"Whilst location was paramount, I was also looking at design of the environment and Candela ticked every box," Marita said.

"We're just thrilled with our choice."

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Developed by <a href="https://www.apartments.com.au/developers/salter-brothers">Salter Brothers</a>, Candela Ivanhoe has been designed to complement its village setting, with an emphasis on generous floorplans, natural light and practical everyday living.

Residents will have access to a range of shared amenities, including a communal rooftop garden and dedicated residential lounge, complemented by a ground-floor café and lifestyle wellbeing centre, helping foster the sense of community already emerging among future owners.

That approach has resonated strongly with the market. More than 90 per cent of purchasers at Candela Ivanhoe are owner-occupiers, with buyers ranging from downsizers and second-home buyers to young families and first home buyers, creating a genuinely multi-generational community of grandparents, parents and children. It reflects a broader shift across Melbo​​urne's apartment market, where buyers are increasingly prioritising neighbourhood quality, lifestyle amenity and long-term liveability.

Currently under construction by Ironside, Candela Ivanhoe comprises 58 apartments. Candela Ivanhoe is scheduled for completion in the coming months, and residents can move in from September. One to four bedroom residences, prices from $649,000 and limited opportunities remaining.

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Location and lifestyle drive demand at Candela Ivanhoe

As apartment buyers increasingly look beyond the four walls of their residence, the quality and depth of shared amenity has become a defining factor in how developments are designed and experienced, particularly in the high-rise, new apartment development space.

In Southbank, where high-density living continues to evolve, developers are placing greater emphasis on creating environments that support wellbeing, connection, and convenience as part of everyday life.

That approach sits at the heart of <a href="https://www.apartments.com.au/new-apartments/aura-at-melbourne-square-7-hoff-boulevard-southbank-vic-3006">AURA</a>, the latest residential tower in <a href="https://www.apartments.com.au/developers/osk-property">OSK Property</a>’s $3.5 billion Melbourne Square precinct. Rising 67 storeys above Hoff Boulevard, the 673-apartment development has been conceived around what OSK describes as a “vertical wellness ecosystem”, a layered collection of amenities that extends throughout the building rather than being confined to a single podium level.

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The amenity offering begins on the seventh level within the AURA Club, a dedicated resident hub focused on health, relaxation, and daily convenience. Here, residents will have access to an indoor swimming pool, cold plunge, spa, sauna, and steam room, alongside a fully equipped gym, reformer Pilates studio, and yoga room.

The wellness facilities are complemented by a range of spaces that acknowledge the changing ways people live and work. Work-from-home lounges and co-working areas sit alongside a library, music room, games room, cinema facilities, and open-air terrace spaces, providing residents with flexible environments that can adapt throughout the day.

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Beyond the internal amenity, AURA introduces a series of Japanese-inspired gardens that form a quieter counterpoint to the tower’s social spaces.

Landscaped retreats feature curated outdoor dining, tranquil courtyard seating, fire pit, and a tea house pavilion. Rather than functioning as simple recreational areas, the gardens have been designed as places for reflection and informal gathering, drawing on principles of balance, nature, and calm that underpin the project's broader design philosophy.

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The social amenity continues to evolve as residents move higher through the building. Levels 49 and 50 house the Meridian Club, where a lounge bar, conservatory spaces, and private dining rooms take advantage of elevated city views. At the summit of the tower, the exclusive Cumulus Club spans Levels 66 and 67, offering additional lounges, private dining, and meditation and treatment rooms positioned above Melbourne’s skyline.

For OSK Property, the extensive amenity offering reflects a broader focus on wellbeing as a core component of apartment living rather than an added feature.

“Aura stands tall as an exemplar of holistic wellness – its focus on social, physical and mental health culminate in a building that is calming, restorative and relaxing, where residents will have their own sanctuary within the well-connected and sought-after Southbank,” says OSK Property CEO Chong Boon Woon.

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AURA’s amenity strategy extends beyond the tower itself through its integration with the wider Melbourne Square precinct.

Residents will have direct access to Kennedy Park, Southbank’s 3,745 sqm landscaped public park, alongside a full-line Woolworths supermarket, childcare centre, hospitality venues, and approximately 1,600 sqm of additional retail planned within AURA’s lower levels. Together, these elements create a highly connected residential environment where daily needs, recreation, and wellness are woven into the fabric of the community.

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As Melbourne’s apartment market continues to mature, developments are increasingly judged by the lifestyle they provide beyond individual residences.

Through its combination of wellness facilities, landscaped retreats, social clubs, and precinct-wide amenity, AURA represents a shift toward a more comprehensive model of vertical living, one where shared spaces play as significant a role as the homes themselves.

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AURA elevates amenity living at Melbourne Square

Builder-developer Scion is the latest to target Sydney's booming Hills Showground Metro precinct, filing plans for more than 100 apartments within walking distance of the station.

Scion has lodged a concurrent rezoning and State Significant Development Application for <a href="https://www.apartments.com.au/new-apartments/27-33-middleton-avenue-castle-hill-nsw-2154">27–33 Middleton Avenue</a>, where it plans to replace four existing homes with an 11 and 14-storey mixed-use development comprising 109 apartments, six affordable housing dwellings, and a ground-floor café.

Designed by BHK Architects, the proposal includes three levels of basement parking with 174 spaces, more than 1,200 sqm of communal open space, and extensive landscaping across the 3,791 sqm site.

The development has been designed as two buildings connected by a recessed wintergarden spine, with the 14-storey building positioned to the south and the 11-storey building to the north.

<img alt="Scion" data-entity-type="file" data-entity-uuid="64dc359d-736b-43b8-87a8-70a8285cab47" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-06-25%20at%208.47.01%E2%80%AFPM.png?VersionId=PXh.m8id_aevBPHEckPf88wQ2RQThPos" />

The apartment mix has been weighted towards owner-occupiers, with 13 one-bedroom apartments, 55 two-bedroom residences, 31 three-bedroom apartments, six three-bedroom lofts, and four four-bedroom homes. Six apartments will be dedicated as affordable housing in line with the NSW Housing SEPP.

According to the Architectural Design Report by BKH, the proposal seeks to create "a place-responsive architecture" inspired by the natural landscape surrounding Cattai Creek, while strengthening the public domain through landscaping, active frontages and a neighbourhood café.

Atlas Urban, in its Urban Design Report, says the proposal takes a different approach to increasing density around Hills Showground Station by favouring a more slender, vertically articulated built form over a conventional mid-rise outcome. The report argues this allows for greater deep soil planting, improved solar access and a better public domain outcome, while still delivering additional housing close to rapid public transport.

The site sits around 500 metres from Hills Showground Metro Station, within a precinct earmarked for significant residential intensification following the opening of the Sydney Metro Northwest line. Planning documents accompanying the application note that Greater Sydney's population has grown by more than one million people since planning for the precinct first began, reinforcing the need to accelerate housing delivery around existing transport infrastructure.

Scion is expanding its development pipeline which also includes <a href="https://www.apartments.com.au/new-apartments/chatham-west-ryde-2-6-chatham-road-west-ryde-nsw-2114">Chatham in West Ryde</a>, 62 apartments which are approaching completion. They also have a State Significant Development Application with the NSW Government's Housing Delivery Authority for <a href="https://www.apartments.com.au/new-apartments/96-anzac-avenue-west-ryde-nsw-2114">145 apartments on Anzac Avenue</a>, also in West Ryde.

Staff reporter

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