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Competition in the home and contents insurance market is unlikely to be damaged by IAG’s proposed acquisition of Wesfarmers’ insurance underwriting business, according to the Australian Competition and Consumer Commission.
The ACCC announced last week that it would not to oppose the planned amalgamation of Australia’s fifth and sixth largest insurance underwriters as it did not believe the deal would “substantially lessen competition in any insurance market”.
Wesfarmers underwrites Coles Insurance, which offers home and car insurance to consumers through Coles supermarkets and online. It also underwrites rural and commercial insurance through Wesfarmers Federation Insurance and Lumley.
IAG underwrites policies, including home, contents and other personal insurance, sold through NRMA, SGIO, SGIC, RACV, CGU and Swann. IAG’s Australian operations also distribute commercial and rural insurance products.
Following an acquisition, Coles would continue to offer insurance to consumers underwritten by IAG in accordance with a 10-year distribution agreement.
In making its decision, the ACCC noted that insurance sold through Coles was a “small but growing” market but it was likely that the banks and ‘challenger’ brands such as Woolworths would step into the market to provide strong competition on price so consumers would not be disadvantaged.
The ACCC’s lack of concern over competition in home and contents insurance is supported by the findings of a recent study, the 2013 General Insurance Barometer by JP Morgan and Taylor Fry.
The study, released in February, forecast home and contents insurance premiums would increase by single digits this year, compared to double-digit increases in the past two years partly due to competition within the sector.
The report found that 38% of general insurance underwriters, and 43% of general insurance brokers, were worried that their businesses could be challenged by excessive competition.
The ACCC approval of IAG’s acquisition of Wesfarmers’ insurance brands removes a key hurdle to the deal, although the Australian part of the transaction is still subject to approvals from the Australian Prudential Regulation Authority and the Federal Treasurer. In New Zealand, the deal must be approved by the New Zealand Commerce Commission and The Reserve Bank of New Zealand.
IAG announced in December last year that it had agreed to buy Wesfarmers’ insurance underwriting business for $1.845 billion. The transaction is expected to be completed by June 30 this year.
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IAG's proposed acquisition of Wesfarmers' insurance underwriting poses little risk to market competitiveness: ACCC

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People who commit white collar crime in Australia are getting off lightly compared with those found guilty of similar offenses in other countries, a report has found.
Thousands of Australians have lost millions of dollars or been put at risk by the actions of financial planners and credit brokers who have committed fraud, provided inappropriate advice and operated without an appropriate license.
A report by the Australia Securities and Investments Commission has found the penalties that can be imposed for such offenses in Australia are limited in some cases compared with those available to regulators in other jurisdictions.
For example, people who provide financial services without a license in Australia can only be fined up to $34,000. In contrast, the report found that people guilty of the same offenses in the US face maximum fines of $5.6 million. In the UK, the maximum fine is unlimited.
The maximum civil penalty in Australia for giving inappropriate advice is $200,000, while in the UK the maximum is unlimited, and in Hong Kong it is the greater of $1.4 million or three times the benefit gained by the wrongdoer. 
Individuals who broke corporate rules in the US could be sentenced to prison terms of up to 20 years. In Australia, and most other jurisdictions studied, the maximum prison term was 10 years for criminal penalties such as fraud and insider trading. The maximum prison term for providing financial services without a license in Australia is just two years.
The report compared maximum penalties in Australia to penalties imposed for similar offenses in Hong Kong, the United Kingdom, the United States and Canadian province, Ontario.
It found that regulators elsewhere could, in addition to imposing fines and prison terms, remove financial benefits that wrongdoers had obtained through illegal profits or avoided losses. ASIC does not have that power, although it can ask other agencies to bring an action to confiscate the proceeds of crime.
The relatively low fixed fines that ASIC can impose and the fact that it cannot remove the proceeds of crime itself meant that wrongdoers may still profit from their conduct and not be deterred by the penalties, the report warned.
“The maximum fine that may be imposed may be substantially lower than the financial benefit obtained as a result of the wrongdoing,” it said.
The report also found inconsistencies between penalties that could apply to similar offenses under different pieces of legislation within Australia. For instance, offering a financial service without a license attracted a criminal penalty under the Corporations Act with individuals fined up to $34,000, while someone giving unlicensed credit advice could be subject to the same criminal penalty, or a civil penalty of up to $340,000.
Civil penalties in the Corporations Act have been eroded by inflation as they have not increased since they were set in 1992 for individuals and 2004 for corporations. In 2007, it was suggested that the penalties should be lifted following a Treasury review, although no increases were made.
The report is the first of its kind in over a decade and ASIC has recommended further work be done.
Its findings will be fed into ASIC’s submission to the Financial System Inquiry, which closes for comment on Friday, March 28.
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Australia's white collar crime penalties pale in comparison to other jurisdictions

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The official cash rate set by the Reserve Bank of Australia has been at a historic low of 2.5% since August 2013. In line with that low rate, borrowers are paying less for home mortgages now than they have in over 15 years.
 <img src="/images/2014/03/28/zoe-march-28-one.jpg" alt="" style="line-height: 1.3em;"> 
Source: RBA
Lenders typically cut and lift mortgage interest rates roughly in line with the RBA’s movements, charging a margin over the official cash rates. Since late 2007, the extra amount of interest that consumers pay on a variable rate home loan above the official cash has been increasing.
Finder.com.au money expert Michelle Hutchison says lenders have been moving their rates out of cycle with the RBA and failing to pass on rate cuts in full, so the gap between the official cash rate and home loan rates available to borrowers has widened.
RBA data shows that the difference between the official cash rate and the mortgage managers’ basic variable rate – which approximates the average of interest rate actually available to borrowers – was fairly stable at just below 1 percentage point from September 1998 to September 2007. If that relationship still held true, home mortgages with variable interest rates of 3.5% and lower would be common in the market now.
In fact, RBA data shows that the mortgage managers’ basic variable rate was 5% in February 2014, a full 2.5 percentage points more than the official cash rate. Hutchison says the cheapest basic variable rate loan available is 4.49% for a $150,000 mortgage over 30 years from Loans.com.au.
 <img src="/images/2014/03/28/zoe-march-28-two.jpg" alt="">
Source: Reserve Bank of Australia
So, why aren’t headline lending rates lower?
Hutchison says one reason is that borrowers are letting lenders get away with charging more by not shopping around.
“If borrowers are not taking action and doing something about it by comparing home loans and switching to a better, cheaper deal, [lenders are] not going to do anything about it,” she says.
“There are hundreds of home loans on the market and the range of home loan prices is from 4.49% to over 9%. The best thing people can do is keep track of [interest rates]. Don’t sign up to a home loan and forget about it. Review your financial situation every year or two.” 
UBS interest rate strategist Matthew Johnson says few people pay the headline interest rates advertised by lenders. Advertised rates are higher in relation to the cash rate, but lenders have realised that people feel good about getting a discount. Those who are prepared to negotiate can get lower rates than the advertised rate.
Another key reason for the widening gap between the official cash rate and mortgage rates on offer to consumers is that the cost of funding and running a bank has gone up, Johnson says.
Two main sources of funding are available to lenders: financial markets and domestic deposits.
During the financial crisis, lenders found it very difficult and costly to borrow on financial markets as investors lost their appetite for risk. The banks were instead forced to tap local deposits to fund lending, using elevated interest rates on term deposits to lure consumers to save their cash.
As the chart below shows, the amount lenders had to offer on deposits over the cash rate increased dramatically from around 2007. Term deposit interest rates have fallen since mid-2012, but they are still high by historical comparisons. At-call savings account interest rates have remained above average.
<img src="/images/2014/04/01/zoe-april-1-one.jpg" alt="">
“Banks have shifted their funding base away from financial markets to domestic deposits. Banks have passed on a part of their increased funding costs to borrowers,” Johnson says.
Banks also consider credit risk associated with loans and the liquidity risk of funding long-term assets with short-term liabilities when setting interest rates, according to <a href="https://www.rba.gov.au/publications/bulletin/2014/mar/pdf/bu-0314-8.pdf" target="_blank">a report by the RBA</a>.
“Banks’ growth strategies, competitive pressures and the desire to provide a return to equity holders also affect banks’ lending rates,” the report noted.
“An important element in determining the overall cost of banks’ funding is the level of the cash rate, which acts as an anchor for the broader interest rate structure of the domestic financial system. Nevertheless, changes in the level of compensation demanded by investors to hold bank debt, competitive pressures and non-price factors can exert significant influences on banks’ funding costs.”
Johnson says the trend for lenders to charge a large premium over the cash rate will reverse as financial markets stabilise further and investors in financial instruments regain their appetite for risk.
House prices are rising and banks are well capitalised, easing investor concerns. Fund managers face a shortage of yield-producing assets. Under these conditions, and amid stabilising financial markets, demand will increase for yield-producing assets such as residential mortgage-backed securities (RMBS).
“That will again make securitisation [through RMBS] a viable funding strategy for the mortgage lenders,” Johnson says.
Non-bank lenders that lack the deposit-base of the big banks will be better able to compete as financial market funding costs fall, putting pressure on the banks to reduce their margins over the cash rate. 
But Johnson warns that might not lead to lower interest rates for consumers.
He says the wide margin between the RBA cash rate and mortgage rates is a big part of the story of why official interest rates are as low as they are now. The RBA has been compensating for the lenders’ higher costs, he says.
“If that [gap] goes back to 1%, then the official cash rate could rise,” Johnson says.
The RBA estimates in its report that even though funding costs have reduced over the past year, they are likely to remain close to 130 percentage points higher than they were before the global financial crisis.
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Gap between official cash rate and home loans continuing to widen

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A recently launched investment tool is giving self-managed superannuation fund members access to invest in real property with a lower capital outlay.
The Fractional Property Investment Platform, released by DomaCom in early March, allows investors to buy shares in any property on the market through an Australian Securities and Investments Commission-registered managed investment scheme (MIS).
“We are targeting the SMSF sector because that’s the sector that we know wants to invest,” DomaCom general manager of sales and marketing Warren Gibson said.
The average SMSF balance was just over $1 million at the end of the December 2013, according to Australian Taxation Office data. The median balance for the funds is around half that figure.
Gibson told Property Observer that the high cost to buy real estate meant most SMSFs wishing to invest in the asset class had to borrow to do so or invest through a syndicate or managed fund. Funds that did not wish to borrow risked having an undiversified portfolio.
“Syndicates are costly to set up, once you are in the syndicate you are there for the duration and there’s no liquidity for the structure. What we set about doing was introducing equity market concepts into the product,” Gibson said.
Investors can choose from the 18,320 properties already been listed on the Fractional Property Investment Platform, or request that any other property for sale be included. Around 17,000 of the properties currently listed are residential, 1,000 are commercial and 300 are rural.
The company aims to increase the number of listing to around 100,000 by the end of the year and eventually have all properties for sale listed, Gibson said.
After selecting a property, the investor bids on what proportion they would like to hold and a price range they believe it is worth.
The platform allows them to create a book build to buy the property with other investors who also wish to purchase a stake. When enough investors have joined the book build to account for the expected full value, DomaCom engages a buyers’ agent to acquire the property. Property valuers and conveyancers are also engaged.
After purchase, the property is placed into an MIS with sub-accounts set up for each investor. Rent and property-related costs are allocated to each investor in proportion to their holding.
The minimum amount to open an account is $20,000 but investors can put as little as $2,000 into each property.
Management fees to DomaCom are around 1% a year.
Gibson said the DomaCom platform also offered a secondary market where investors could sell their holdings in the MIS to others.
Investors can only access the structure through financial planners, who must be accredited to advise on the products.
DomaCom is also working on a product that will allow home owners to sell part of the equity in their property to investors. Gibson said the company hoped to release that product in the third quarter of this calendar year. 
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New tool allows SMSFs to buy shares in properties

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The cost burden of property ownership has fallen over the past three years as a series of interest rate cuts lowered the monthly mortgage repayments needed to buy a median-priced property, but the latest HIA-Commonwealth Bank Housing Affordability Index shows the trend is starting to turn.
Housing became progressively more affordable in each quarter from December 2010 to September 2013 amid falling interest rates and moderate house price growth, the HIA-Commonwealth Bank Housing Affordability Index showed.
But the latest reading of the Index found that in the December 2013 quarter affordability dropped for the first time in three years, by 0.4 percentage points.
<img src="/images/2014/03/31/zoe-march-31-one.jpg" alt="">
The Affordability Index fell in Hobart (-9.2%), Sydney (-4.4%), Perth (-2.5%), Brisbane (-1.0%) and the Australian Capital Territory (-1.2%). Meanwhile, affordability in Adelaide and Melbourne rose by 5.5% during the quarter.
The lower affordability measures were due to more rapid house price growth rather than interest rate movements.
Interest rates available from lenders are flat and still coming down in some cases. But in the last three months of 2013, the median property price rose by enough to outweigh the effect of lower borrowing costs.
Reserve Bank of Australia governor Glenn Stevens noted recently that dwelling prices had increased by 10% in the past year and were now about 5% above their previous peak in 2010.
The Affordability Index shows the dollar value of monthly mortgage repayments on a median priced property increased to $2,500 in December 2013 from $2,458 in the previous quarter as the median property price rose by $11,400 to $470,400.
HIA chief economist Harley Dale expects the housing market to continue to run for a while from here on price momentum.
“While the rate of growth will be slower in 2014 than in 2013, I don’t think it will grind to a halt. There will be more gains this year,” he told Property Observer. 
How much further the market could rise would depend on a range of factors such as unemployment and household earnings growth.
“There’s some uncertainty around those key determinants of how people view their housing decisions,” Dale said. “That’s all consistent with the rate of price growth slowing but how long it takes our labour and wage markets to reach the end of their cycle is going to be a big determinant of how soon we reach a peak in house prices this cycle.”
On the other side of the affordability equation, few economists believe interest rates will fall further.  Westpac chief economist Bill Evans, who had previously been predicting two extra rate cuts this year, changed his mind in mid-March saying the next movement would be up, but not until sometime in 2015.
HSBC’s Paul Bloxham is forecasting a rise in rates by the end of this year.
Dale said he also believes interest rates have stopped falling. “But it looks like they’re going to remain low for a period of time. The cost of borrowing will be at or near record lows through the rest of 2014,” he added.
With house prices expected to increase further, household earnings subdued and interest rates on hold or rising, housing is likely to become even less affordable through the year.
Ironically, Dale expects people who are already in the housing market to feel the change the most.
“The strong cyclical improvement to affordability for existing participants in the home ownership market has therefore run its course,” he said.
Home owners and investors who are already in the housing market have been able to take advantage of the much lower cost of borrowing by paying down mortgage debt more quickly than needed and upgrading their homes or investing in additional property.
The <a href="https://www.rba.gov.au/publications/fsr/2014/mar/pdf/household-business-finances.pdf" target="_blank">latest RBA figures</a> showing almost that in aggregate, households held 15% of their outstanding mortgage balances in mortgage offset and redraw facilities. That’s the equivalent of around 24 months of total scheduled repayments at current interest rates.
When interest rates rise, households will have less capacity to keep reducing their debts.
Investors, most of whom already own at least their home, have been the most active players in the property market. Existing owner occupiers have also been upgrading their homes.
But an <a href="https://www.westpac.com.au/docs/pdf/aw/economics-research/er20140312BullHousingFinanceJan.pdf" target="_blank">analysis of mortgage lending by Westpac</a> earlier this month suggests that those markets may be starting to slow. “After a robust 13.7% rise in 2013, owner occupier finance approvals may be starting to 'top out',” Westpac senior economist Matthew Hassan noted. Meanwhile investor finance reduced by 3.3% in January, following 40.4% growth over 2013.
The RBA is still concerned that investors are taking on too much debt and people are assuming prices can only go up.
“We need to be alert to the possibility that the past year of strong rises in dwelling prices leads people to assume that this is the norm,” Stevens said in a recent speech. “Were such an assumption to lead to increasing speculative activity, accompanied by a renewed increase in household leverage with all the associated risks to the housing market and the economy more generally, that would be unwelcome ... We are watching this closely, and we remind people that house prices can go down as well as up.”
Lower affordability will also affect first home buyers, of course, but those people have largely been out of the market anyway. They face bigger problems in getting a toehold in the market, such as raising enough for a deposit.
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Housing becoming progressively more affordable

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An independent review into the Financial Ombudsman Service’s (FOS) operations has recommended the external dispute resolution service should exercise greater discretion when deciding whether to refer claims from property developers to the courts.
The review, conducted by Melbourne-based consultancy Cameronralph Navigator, found the scheme’s scarce resources were being tied up in handling complicated complaints brought by small businesses – often property developers – that would be better handled through the courts.
FOS can only hear claims when the claim amount (not the loan) is for less than $500,000. It must refer claims in excess of that sum to the courts.
The external dispute resolution service can use its discretion to refer claims to the courts when the claim amount is uncertain, however the report found that FOS often did not use that discretion. It found property developers that had borrowed large sums, sometimes in excess of $5 million, were accessing the service.
Submissions to the review argued that commercial property borrowers accessing FOS were legally advised at the start of the loan, often well resourced and “more than capable of defending their position in count”.
The submissions argued that these borrowers were using FOS to delay recovery action and this diverted FOS’s resources from consumer matters.
Similar concerns were raised about farm debt disputes.
The property developer disputes that came before FOS were sometimes complex with a number of parties to the loans. The review reported that the issues could take years to resolve and might involve multiple disputes about maladministration, fees, interest rates, financial difficulty and the realisation of security.
The review recommended FOS should use its discretion more actively to exclude large and complex business credit disputes.
It also recommended FOS provide guidelines about what factors would be taken into account when it exercised discretion. The guidance should include “the number, quantum and complexity of the loans, the number of parties, the complexity of issues involved, whether the parties were legally advised at the time of entering into the loan and whether independently facilitated mediation by a qualified mediator had begun” the review reported.
The review was the first report into the operations and procedures of FOS since the external dispute service was formed out of the merger between five major ombudsman and complaints and dispute resolution schemes in July 2008.
It found that while FOS had met most of its targets, there was widespread frustration about how long it took the service to resolve disputes.
The Australian Securities and Investments Commission said it would work with FOS to implement the review’s recommendations. 
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FOS requires greater discretion towards property developer claims

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Information technology company Applabs Technologies is working on a mobile application that aims to rival established real estate search websites. Applabs Australia director Patrick Glovac talked to Property Observer about the product, called Home Open, and the Australian Securities Exchange-listed company’s plans.
Why are you launching Home Open, and why now?
The internet completely disrupted traditional media such as print. We have seen this in many sectors from real estate, the car industry, the jobs market and even to tourism. Companies such as Realestate.com.au, Carsales, Seek and Expedia now have market capitalisations greater than the traditional print media companies which they took on. For example, REA Group - $6.7 billion, Carsales - $2.8 billion.
These companies took on the traditional media outlets and took their market shares. What this has meant is that those industries are now dominated by one or two companies. In the real estate sector specifically, realestate.com.au own 80% of the market and Domain 18%, leaving only 2% for all the other small players.
What we believe you will see over the coming two to three years is the next wave of technology companies taking on these traditional internet companies. Any market which is a monopoly or duopoly we believe is under threat by the next wave of the technology boom.
Funding for technology companies was non-existent for the past 10 years, however given the likes of Facebook, Twitter and Whatsapp the next big investment push in technology start-ups seems to be on. All these companies have one thing in common, and that is they want to disrupt the market and take on the bigger guys – Home Open is no different.
What gaps do you see in the competitor offerings in the market such as Realestate.com.au and Domain.com.au?
Realestate.com.au was built as a web-based product and has since been adapted into a mobile based application. Home Open is the opposite: we are a mobile-based product, which will be adapted into a web based product - through our domain www.homeopen.com. This has allowed us to build a unique application which was designed from the start as a tool which puts the information directly into the hands of the consumers.
<blockquote>
The feedback we continually receive is that estate agents are held to ransom by the big players.
</blockquote>
The feedback we continually receive is that estate agents are held to ransom by the big players and they would be happy to use an alternative product if it meets their needs, produces results and is priced competitively.
How is the content of Home Open different from the other websites? 
Our main point of difference to our competitors is that we are focused on homes which are open for inspection. Our application will take the hassle and time out of finding and viewing a home to rent or buy.
Our back-end will still provide all the traditional features of a real estate product such the property’s price, photos and details. We will come to market with a product which is easier to use for the consumer but, perhaps even more importantly, it will provide greater benefits for the estate agents. It will put the power of information back into the hands of the listing agents, reduce the cost to list a property and allow for direct interaction between the agent and the consumer.
How does the Home Open revenue model work? 
Our product will be free for estate agents to use the app and advertise all their products. It will also be free for the consumer to use. We want to make sure that we don’t have any barriers to entry to ensure we get mass market appeal. 
The problem this model can cause is that it forces you to cover the product in advertising, which can easily turn the consumer off. Home Open will offer a completely different form of paid advertising which will be incorporated into the application. Currently, no competitor in the real estate sector is using this method, even though it is being used successfully in other industries. 
Our second stream of income will be from in-app purchases which can be made through the application. This will cover information similar to that which is available for purchase through RP Data, however will be available in our application in a much more efficient manner.
Thirdly we will offer individual estate agents, for a set fee, a unique add-on product. This will allow them to capture even more data about the consumer and increase the communication channels currently on offer.
When do you expect the product to launch?
Our anticipated launch will be mid-2014 for Version 1. This will cover the iPhone, Android, iPad and web applications. We will look to provide regular updates to continually roll out new features in the application.
Our timeline is to be at Version 1.6 by the end of 2014. That would see some unique and exciting features incorporated into the application.
Your company recently ran focus groups with real estate agents on the apps’ branding. What are the next steps for development? 
Our iPhone product has been built and approved by Apple. 
As announced to the share market, the team is currently working on the Android and website versions.
As announced to the ASX [on March 10] we have just raised an additional $3.86 million, this will bring our cash balance to around $6.5 million. This means we are well funded to bring Home Open to market.
We had originally forecast in our prospectus to spend around $850,000 over the first 12 months marketing Home Open, however we have significantly increased that after the latest capital raise. We are now forecasting to spend closer to $2.5 million over the coming 12 months. This will include a large nationwide advertising campaign.
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Q&A: Will new site Home Open challenge Domain and REA?

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A recent Administrative Appeals Tribunal decision has reminded rental property owners to be particularly careful with record keeping if they claim to be conducting a business of letting rental properties.
In <a href="https://www.propertyobserver.com.au/https://www.austlii.edu.au/cgi-bin/sinodisp/au/cases/cth/AATA/2014/9?stem=0&amp;synonyms=0&amp;query=taxation%20and%20chemist%20and%20property" target="_blank">the AAT case</a>, a taxpayer appealed the Australian Taxation Office’s decision that she was not carrying on a business of letting properties and was not entitled to claim certain tax deductions.
The taxpayer worked full-time as an industrial chemist and owned rental properties with her husband. The couple had been investing in property since the 1990s and owned nine properties in the 2003-2005 income years, to which the dispute related.
The taxpayer declared a net rental loss for those years and argued that she carried on a business of letting rental properties.
The AAT sided with the taxpayer in agreeing that she was carrying on a business in letting properties and allowed claims including part of her telephone, computer and work-related expenses.
It refused several other deductions, including car and travel expenses, repairs and maintenance costs, and the costs of investment seminars, saying that either the link to the taxpayer’s income-producing activities was not strong enough, or that she had “insufficient or unsatisfactory substantiation” of the claims.
HLB Mann Judd tax partner Peter Bembrick said it was rare for someone who had another full time job to claim to be operating a business of letting properties. He said in this case, the number of properties and the fact that the taxpayer had a track record of letting rental properties would have affected the decision that she was carrying on a business.
The taxpayer in this case did not have a business plan, and the rental activities had never returned a profit but the AAT found that that she intended to make a profit by increasing rents and buying more properties.
“The general test of carrying on a business is that it all comes down to: Are you doing it in a business-like manner? The scale is important but exactly how are you going about it?” Bembrick said.
“It would be helpful to have a business plan that can show that you are serious about the enterprise and that you had set out to make money. The ATO often has a problem with loss-making ventures such as primary production and agribusiness operations that make losses year after year and can’t show how they are ever going to make a profit.”
Bembrick says rental properties could be negatively geared and still be part of a business but there would have to be proof that there were prospects of making an income from the operation. “If you’re solely dependent on making a capital gain the ATO might say it’s an investment not a business,” he said.
The main advantage in claiming to be conducting a business rather than holding investment properties is that more deductions are potentially available to people who are running a business.
Bembrick said that for most people who owned one, or a few, properties the deductions available to investors would be adequate.
The ATO may allow investors to claim deductions for home office and transport expenses relating to managing an investment property portfolio.
Both business operators and investors needed to maintain log books, diary notes and evidence of the expenses incurred in managing the properties, Bembrick said. Any training courses would have to have a clear link to the income-producing activities.
“People try to claim all sorts of courses, and maybe draw a long bow between the seminars and making investments. It would come down to the nature of the seminar,” Bembrick said.
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Landlords warned to keep careful records when claiming rental properties as business

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The number of first home buyers in the market is understated by official statistics, according to a panel of mortgage industry representatives.
Mortgage managers from lending institutions and broker networks who participated in the panel for the Deloitte Australian Mortgage Report for 2014 said their own statistics showed that there were more first time buyers in the market than Australian Bureau of Statistics data indicated.
According to ABS figures, first home buyers make up a record-low proportion of all buyers in the market at just over 12%.
However Deloitte banking partner James Hickey, who facilitated the panel discussion for the mortgage report, said panellists argued that while there were fewer first time buyers in the market than usual, some were being omitted from official data as they did not qualify for first home owner incentives.
Those who did not qualify for the grant included first home buyers whose parents were helping with the purchase, foreign buyers who were newly migrating to Australia, and those who were buying properties valued at above the threshold for receiving assistance.
First home owner concessions available now apply only to some newly built properties worth up to $650,000. Under previous schemes, grants were available for first time buyers of new or established dwellings who bought properties worth up to $835,000 between 1 January, 2011 and the end of the scheme in October 2012, or up to $750,000 for properties that settled in 2010.
The Deloitte report found that while there had been lift in total mortgage settlements to $28 billion each month, the highest rate on record, most of the activity was due to existing owner-occupiers upgrading and investors returning to the market, rather than first home buyers entering. 
The report also revealed that more than one quarter of first home buyers were aged over 35 years, with more than 5% aged 45 and over. About half of first home buyers were aged between 25 and 34. 
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True first home buyer numbers are understated: Deloitte

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Live pub theatre the Old Fitzroy Hotel in Sydney’s inner-east is for sale by expressions of interest as the hospitality sector faces consolidation and increased transaction activity.
The iconic pub in Woolloomooloo, about 2 kilometres from Sydney’s CBD, is <a href="/expert-insights/investing/old-fitzroy-hotel-in-woolloomooloo-put-on-sales-block">being sold as a freehold</a> going concern by private owner Garry Pasfield.
Transaction activity for freehold pubs rose in 2013, with the cost of debt low and lenders competing for market share. Experienced hoteliers such as Arthur Laundy and private equity and institutional funds including the John Singleton and Mark Carnegie-led Australian Pub Fund were active buyers.
Other pubs, including <a href="https://www.propertyobserver.com.au/victoria/the-espy-hotel-up-for-sale-four-things-you-didnt-know-about-the-melbourne-landmark/2014022567907" target="_blank">Melbourne live music icon The Esplanade Hotel</a> and <a href="/expert-insights/investing/emeralds-mayfair-ridge-tavern-leasehold-interest-listed-for-sale">Emerald's Mayfair Ridge Tavern</a>, are also on the market.
Specialist accounting firm Ferrier Hodgson, in a report into the hospitality sector released in February, predicted further growth in the volume of freehold transactions in 2014, as confidence returned to the sector and access to well-priced debt and equity finance improved.
The report cautioned that the Sydney market could be subdued in the first half of 2014 as investors waited to assess the effects of strict new lock-out laws, which came into force on February 24 in certain precincts.
Ferrier Hodgson said gaming venues may suffer revenue drops of up to 30% as a result of the new laws, and yields on affected pubs could soften by 0.25 to 1.5%.
“This has the potential to affect the sector as a whole as investor demand increasingly shifts towards assets with truly diverse product offerings, revenue streams and lower operational risk profiles,” the report noted.
The Old Fitzroy falls within the Sydney CBD Entertainment Precinct and has a gaming room with 15 poker machine entitlements, but its business is diversified, being Australia’s only live pub theatre.
Last April, Sydney Independent Theatre Company took up residence at the pub and uses the space six days per week, following the relocation in February 2013 of performance group Tamarama Rock Surfers which had been based at the venue for the previous 16 years.
The pub has been operating on the site since around 1910. It has a public bar, ground floor restaurant, beer garden, function room, commercial kitchen and accommodation rooms and offices on its second floor.
It received TimeOut Sydney’s Best Pub Award in 2012 and Hall of Fame Award in 2011.
CBRE’s Peter Vines and Daniel Dragicevich have been appointed to sell the property.
“We expect this iconic hotel will attract strong interest from a range of potential buyers including experienced operators looking to drive revenue in the already successful ground floor areas and further establish the underutilised first and second floor areas to achieve strong growth in profitability,” Dragicevich said.
The hotel’s public bar features vintage interiors, while the recently refurbished upstairs bar is more modern.
Dragicevich said the hotel held redevelopment potential and would benefit from further refurbishment, “particularly the upstairs bar which is currently underutilised, but would be perfectly suited to a cocktail, whisky or craft beer bar”.
Expressions of interest close March 27. 
</body></html>

Iconic pubs for sale as freehold transaction activity increases

Developers and apartment buyers have a narrowing window of opportunity before Brisbane's Olympic infrastructure pipeline begins competing directly with residential construction, pushing up costs, tightening labour supply and making new projects increasingly difficult to deliver.

While Brisbane's apartment market continues to benefit from strong population growth and limited housing supply, industry research suggests the years leading up to 2027 could prove to be the most important period for developers looking to secure builders and buyers hoping to purchase before the next wave of price increases.

A new Colliers report, Brisbane 2032 Olympic and Paralympic Games: Creating Solutions, highlights the scale of the challenge. While thousands of new homes are planned across South East Queensland, the Brisbane Olympic Athletes Village alone will deliver more than 10,500 beds during the Games before being converted into around 1,750 to 2,000 apartments. Equivalent to almost two years of typical inner-city apartment supply, the project will also absorb a significant share of the construction workforce and building materials.

The broader construction pipeline paints an even clearer picture.

Construction Skills Queensland's Horizon 2032 report forecasts Queensland's annual construction pipeline will average $69 billion over the coming years before peaking at $75 billion in 2027-28. Demand for construction workers is expected to increase by 17 per cent to almost 150,000 people, with the industry facing an annual shortfall of around 19,000 workers that could blow out to as many as 35,000 during the peak construction period.

The Olympic venues, athletes village and supporting infrastructure will account for billions of dollars worth of work across South East Queensland through to 2032, creating intense competition for labour at a time when Australia's residential construction sector is already under pressure.

[smartcode_project:default project_id=150489 project_image_fid=373834]

Colliers Queensland Residential Director Andrew Scriven said the convergence of these projects is creating a clear window of opportunity for both developers and buyers.

"From 2027 onwards, the market will shift dramatically," Scriven said.

"Labour will increasingly be locked into government-led infrastructure and Olympic projects, which means private residential developments will face higher costs and tighter margins. The developers who move now are the ones most likely to get projects off the ground."

Scriven said the same dynamic would also affect buyers, with fewer apartment projects expected to launch once construction capacity tightens.

"If you're looking to change your lifestyle over the next five years, now is your window of opportunity to buy."

[smartcode_project:default project_id=150713 project_image_fid=373827]

Developers are already positioning themselves ahead of that window.

Following the success of Monarch at Toowong, Consolidated Properties is preparing to launch two new Brisbane apartment projects in the second half of 2026. They include <a href="https://www.apartments.com.au/new-apartments/gloriette-30-bedivere-street-yeerongpilly-qld-4105">Gloriette</a> at Yeerongpilly Green, a 25-storey tower within one of Brisbane's key Olympic precincts, and <a href="https://www.apartments.com.au/new-apartments/castile-47-skyring-terrace-newstead-qld-4006">Castile</a>, a recently approved 25-storey riverfront development at 47 Skyring Terrace in Newstead.

Hutchinson Builders will deliver both projects, with early works already underway at Yeerongpilly and Newstead expected to commence later this year.

The timing comes as Brisbane's fundamentals continue to strengthen, with strong interstate migration, population growth and vacancy rates remaining below 1.5 per cent.

Colliers Queensland researcher Pragya Sharma said Greater Brisbane is forecast to require around 40,000 new apartments between 2021 and 2031.

"There's a real mismatch emerging between when housing is needed and when it will be feasible to build," Sharma said.

"As a result, the period leading up to 2027 presents a key window of opportunity for developers to secure approvals, funding and construction capacity, while buyers will have greater choice before supply constraints intensify."

Colliers research outlines a critical pre-2027 window to start residential projects before labour squeeze: now is the time to buy

Joel Robinson

Developers, buyers on watch in South East Queensland ahead of construction crunch: Colliers

It's taken less than nine months for developer Sherpa Property Group to sell out all 51 apartments in its <a href="https://www.apartments.com.au/new-apartments/flourish-oasis-palm-beach-7-9-sixth-avenue-palm-beach-qld-4221">Flourish Oasis</a> development in <a href="https://www.apartments.com.au/developments/palm-beach-qld-4221">Palm Beach</a>, over a year before its anticipated completion.

&nbsp;

Located at 7-9 Sixth Avenue, the $67 million development has resonated strongly with both local owner-occupiers and downsizers seeking high-quality apartments within walking distance of the beach, dining precincts and everyday amenities.

[smartcode_project:default project_id=151449 project_image_fid=357458]

Christie Leet, Founder of <a href="https://www.apartments.com.au/developers/sherpa-property-group">Sherpa Group</a>, said the sell-out reflected both the strength of the Palm Beach market and the success of Sherpa's community-first approach to development.

"The sell-out of Oasis is a fantastic outcome and reinforces the strong demand we're seeing for thoughtfully designed apartments in lifestyle locations," Leet said.

"From the outset, our vision was to create a development that genuinely enhanced the Palm Beach community while providing residents with exceptional homes and wellness-focused amenities.

"We've been incredibly encouraged by the level of local support throughout the campaign, 72.5 per cent of buyers are locals, with a significant proportion of purchasers choosing Oasis as their future home rather than an investment."

[smartcode_project:default project_id=151449 project_image_fid=357463]

Construction is now progressing following development approval, with trusted builder LPS Group delivering the project and completion anticipated in Q3 2027.

Oasis forms part of Sherpa Group's successful Flourish collection, which has become recognised for its focus on wellness, community and elevated coastal living.

[smartcode_project:default project_id=151449 project_image_fid=357469]

Residents will have private access to a rooftop amenity space featuring a pool, gym, sauna, steam room, hot and cold plunge pools, spa and barbecue facilities.

"The success of Oasis demonstrates that buyers continue to prioritise quality, location and lifestyle," Leet said.

"We are proud to have delivered a project that has resonated so strongly with the market and look forward to bringing Oasis to life for our future residents."

Sherpa recently launched <a href="https://www.apartments.com.au/new-apartments/flourish-soleira-palm-beach-1150-1160-gold-coast-highway-palm-beach-qld-4221">Flourish Soleira</a>, its third instalment of the Flourish brand in Palm Beach following Flourish Oasis and <a href="https://www.apartments.com.au/new-apartments/amargo-6-12-sixth-avenue-palm-beach-qld-4221">Flourish Amargo</a>.

[smartcode_project_cta:default project_id=151449]

Sherpa sells out Flourish Oasis in booming Palm Beach

Urban Property Group's <a href="https://www.apartments.com.au/new-apartments/la-vera-macquarie-park-94-talavera-road-macquarie-park-nsw-2113">La Vera</a> is leading the next phase of Macquarie Park's residential evolution, with the new apartment development set to become the first of several new apartment projects in the precinct to complete.

The 169-apartment building has now topped out ahead of its scheduled completion in the third quarter of 2026, as new residential investment continues to reshape one of Sydney's largest employment hubs into a true mixed-use precinct.

[smartcode_project:default project_id=134951 project_image_fid=368645]

Cox Architecture has designed La Vera to capture the best of its unique positioning on Talavera Road, orienting the building towards Lane Cove National Park.&nbsp;The building features a sculpted northern façade with flowing curves inspired by the surrounding landscape, while its city-facing elevation adopts a more structured architectural expression to maximise skyline views.

"The vision for the project was to conceive a building that adopted an organic and curvilinear form to the northern portion that faces the Lane Cove National Park," <a href="https://www.apartments.com.au/architects/cox-architecture">Cox Architecture</a> Director Felipe Miranda said.

"The residents that reside in the northern portion of the building benefit by having beautifully crafted curved balconies that speak to the natural context and heighten the relationship of their internal living spaces to the external balconies."

[smartcode_project:default project_id=134951 project_image_fid=358802]

La Vera offers a diverse mix of one, two, three, and four-bedroom configurations, with prices currently starting from $740,000. Buyers so far have been a mix of Sydney-based investors,&nbsp;metro commuters, owner-occupiers and downsizers from surrounding North Shore suburbs.

Both investors and owner-occupiers have been drawn to La Vera's proximity to Macquarie University, Macquarie University Hospital, Macquarie Centre and the Sydney Metro, infrastructure that supports both strong rental demand and a convenient lifestyle for residents.

The apartments feature full-height glazing, timber flooring throughout living areas, stone kitchen benchtops, SMEG appliances, floor-to-ceiling bathroom tiling and ducted air conditioning.

Residents will have access to a rooftop recreation level featuring a swimming pool, sauna, barbecue facilities and landscaped relaxation areas, complemented by additional communal space at ground level. Many apartments enjoy uninterrupted views across Lane Cove National Park, reinforcing the project's connection to its natural setting.

[smartcode_project:default project_id=134951 project_image_fid=364551]

<a href="https://www.apartments.com.au/developers/urban-property-group">Urban Property Group</a>, a family-owned developer and builder with nearly four decades of experience, holds a 4.5-star iCIRT rating and was Australia's first developer to introduce 10-Year Latent Defects Insurance (LDI). La Vera is the first apartment development in <a href="https://www.apartments.com.au/developments/macquarie-park-nsw-2113">Macquarie Park</a> approved to offer the additional insurance protection, alongside a five-year warranty on SMEG appliances.

Urban Property Group CEO Patrick Elias said the additional protection reflects changing buyer expectations in the off the plan market.

"Consumers are a lot more weary and a lot more concerned in buying off the plan than they ever have been. Having LDI is a tool to portray the confidence that we have in our product, and a confidence we want buyers to share," Elias said.

Following completion of the building later this year, buyers will move into their apartments well before Christmas.

[smartcode_project_cta:default project_id=134951]

La Vera closes in on completion as Macquarie Park continues residential transformation

Brisbane developer Red &amp; Co's decision to include dual key apartments in its debut Gold Coast apartment development, <a href="https://www.apartments.com.au/new-apartments/como-varsity-lakes-22-lake-street-varsity-lakes-qld-4227">COMO Varsity Lakes</a>, is proving to be one of the project's biggest drawcards, with buyers quickly snapping up the flexible residences.

More than half of the project's 36 dual key apartments have already sold, helping drive COMO beyond the 50 per cent sold mark within the first month of launch.

The strong response highlights growing demand for apartment designs that can adapt to changing lifestyles, with buyers increasingly looking for homes that accommodate multi-generational living, provide rental income opportunities or simply offer greater flexibility over time.

Located on the shores of Lake Orr, COMO will deliver 156 apartments across 16 levels, with the dual-key residences forming a limited release within the broader development.

Each combines a primary two-bedroom apartment with a fully self-contained studio on a single title, connected by a shared foyer and lockable internal door. The design allows owners to house ageing parents, adult children or guests while maintaining privacy, or lease the secondary residence to generate additional income.

Just 17 of the original 36 dual key apartments remain available.

[smartcode_project:default project_id=135546 project_image_fid=367096]

The innovative configuration combines two fully self-contained residences on a single title, typically comprising a primary two-bedroom apartment alongside a separate studio residence, connected via a shared foyer and lockable internal door.&nbsp;

The model is proving particularly attractive to owner occupiers navigating changing family dynamics and the realities of the current housing crisis.&nbsp;

[smartcode_project:default project_id=135546 project_image_fid=363511]

<a href="https://www.apartments.com.au/project-marketer/npa">NPA</a>&nbsp;CEO Andrew Erwin said dual key living was resonating strongly with modern buyers because it delivered both financial flexibility and practical lifestyle benefits.&nbsp;

“The housing crisis and rising cost of living are fundamentally changing how Australians think about home ownership,” Erwin said.&nbsp;

“Dual key apartments provide a genuine solution for families who want to stay connected while maintaining independence. Parents can help adult children save for a future home, ageing parents can remain nearby without moving into aged care, and owners still retain privacy and flexibility.

“Importantly, buyers are also recognising the financial advantages. It creates the opportunity to generate additional income from part of the home without the holding costs associated with owning a separate investment property.”&nbsp;

[smartcode_project:default project_id=135546 project_image_fid=363509]

Unlike traditional dual occupancy arrangements, the residences operate under a single title, meaning owners only incur one set of body corporate fees, council rates and holding costs.&nbsp;

The secondary residence can also evolve over time - functioning as guest accommodation, a home office, creative studio or private retreat before later becoming an income-producing asset.

<a href="https://www.apartments.com.au/developers/red-co">Red &amp; Co</a>&nbsp;Director and Co-Founder David Laverty said the strong early sales reflected growing buyer urgency and changing priorities within the market.&nbsp;

“Securing more than half of COMO’s residences within such a short timeframe is an outstanding result and a clear endorsement of both the design and location,” Laverty said.&nbsp;

“Buyers are responding to the combination of location, connectivity and amenity, but ultimately it’s value relative to other East Coast markets that is driving enquiry.”&nbsp;

“We’re also seeing strong interest from owner occupiers looking for homes that can adapt with them over time. Flexibility has become one of the most important considerations for buyers in today’s market.”&nbsp;

[smartcode_project:default project_id=135546 project_image_fid=363515]

Designed by <a href="https://www.apartments.com.au/architects/bda-architecture">BDA Architecture</a>, COMO features a mix of one-, two- and three-bedroom residences with 2.7-metre ceilings and larger-format floorplans aimed at owner occupiers, downsizers and lifestyle-focused buyers.&nbsp;

The development will feature an extensive rooftop recreation and wellness offering including a 25-metre lap pool, sundeck, barbecue and dining areas, gym, sauna, plunge baths, landscaped gardens, wellness spaces and rooftop pickleball and paddleball courts.

The remaining dual key apartments range from 137 sqm to 167 sqm and include generous three-bedroom layouts with separate self-contained studio accommodation and dual parking.&nbsp;

Erwin said the dual key concept represented a broader shift in how Australians would live in the future.

“People want homes that can evolve with their lives,” he said.&nbsp;

“A dual key apartment can suit a family today, support an ageing parent tomorrow, and potentially generate income later on. That adaptability is becoming incredibly valuable in the current environment.”

Prices currently range from $2,115,750 to $2,583,000.&nbsp;

[smartcode_project_cta:default project_id=135546]

Inter-generational living drives demand for COMO’s dual key apartments as housing pressures reshape buyer priorities 

Builder-developer&nbsp;<a href="https://www.apartments.com.au/developers/ceerose">Ceerose</a> has doubled down on its Leichhardt ambitions, lodging its second State Significant Development Application (SSDA) in the suburb in the last six months.

Their newest proposal seeks to transform a former industrial precinct into a new residential community centred around the adaptive reuse of one of the site's heritage warehouse buildings.

The new project, on a 6,930 sqm block at&nbsp;<a href="https://www.apartments.com.au/new-apartments/40-76-william-street-leichhardt-nsw-2040">40–76 William Street</a>, will bring more than 200 apartments to a suburb that has seen little to no new supply in recent years. It follows Ceerose's late 2025 SSDA for a mixed-use apartment project on nearby Parramatta Road, signalling the developer's growing investment in Sydney's Inner West.

Ceerose Founder Edward Doueihi told Apartments.com.au the developer’s long-standing presence in Leichhardt and the Inner West had given it a strong understanding of how the area has evolved and where its future opportunities lie.

“Ceerose has had a long-standing presence in Leichhardt and the Inner West, giving us a unique understanding of the area’s evolution and future potential,” Doueihi said.

“Having delivered projects throughout the region, we have witnessed the suburb’s transformation first-hand and understand the opportunities for its continued growth.”

Doueihi said that understanding also informed the planning process, with a comprehensive Stakeholder Engagement Outcomes Report prepared before the application was lodged.

The report identified the key issues and concerns raised by neighbouring residents and other stakeholders, allowing those matters to be considered and incorporated into the design where appropriate.

He said the delivery of additional housing would also play an important role in supporting the revitalisation of Norton Street and the Italian Forum.

“By increasing the local residential population, the development is expected to strengthen demand for local businesses, encourage further investment, and help restore the vibrancy that made the precinct a thriving destination in the early 2000s.”

<img alt="First look: Ceerose returns to Leichhardt with 203-apartment adaptive reuse proposal at former warehouse site" data-entity-type="file" data-entity-uuid="7258c54c-8167-479e-8361-2d5fca9915b4" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Appendix%2010B%20-%20CGI%20-%20View%202.jpg?VersionId=S9DQfxu_jpcB5LrAEYFUbyMzg5odW6i5" />

Designed by <a href="https://www.apartments.com.au/architects/woods-bagot">Woods Bagot</a>, the redevelopment would involve the demolition of four existing industrial buildings while retaining and adaptively reusing the site's most significant warehouse. The retained structure would anchor a new residential precinct comprising five interconnected buildings arranged around a large central landscaped courtyard, with heights stepping from five storeys along the surrounding residential streets to 11 storeys at the William Street corner.

According to the Architecture Design Report by Woods Bagot, the proposal "seeks to create a residential village centred around a generous green heart while celebrating the site's industrial heritage through the adaptive reuse of the existing warehouse building."

The development would comprise 203 apartments, with 188 proposed as build-to-sell residences, alongside 15 affordable housing apartments.

Rather than treating the retained warehouse as a standalone heritage object, Woods Bagot has sought to weave the site's industrial history throughout the masterplan. The proposal retains the north and west facades of the landmark corner warehouse, while new buildings reinterpret the site's brick-and-steel industrial language through their material palette and architectural expression.

<img alt="First look: Ceerose returns to Leichhardt with 203-apartment adaptive reuse proposal at former warehouse site" data-entity-type="file" data-entity-uuid="9e8c64c2-881b-49e1-8c90-6b6acaaa45b6" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Appendix%2010C%20-%20CGI%20-%20View%203.jpg?VersionId=Qm8_8H_Xrg_sc4Mdjc59vlAcKF_5wRTb" />

The design is organised around what Woods Bagot describes as a "green heart", a landscaped communal open space that reinstates the leafy character removed when the site became an industrial storage facility. A new pedestrian laneway running through the site would improve permeability between William, North and Francis streets, linking residents through landscaped public spaces while activating the ground plane.

Residents would have access to communal gardens and shared recreation areas distributed throughout the development. Sustainability has also been prioritised, with the project targeting an average 7.9-star NatHERS rating. Proposed initiatives include rooftop solar generation, rainwater harvesting, passive solar design, naturally ventilated lobbies, extensive cross-ventilation and the reuse of existing building fabric to reduce embodied carbon.

The adaptive reuse strategy became a defining feature of the application after heritage investigations found only one of the site's industrial buildings could feasibly be retained. The Heritage Impact Statement concludes that preserving the key warehouse façades while referencing the site's industrial character throughout the new development provides an appropriate balance between renewal and conservation.

<img alt="First look: Ceerose returns to Leichhardt with 203-apartment adaptive reuse proposal at former warehouse site" data-entity-type="file" data-entity-uuid="efffafdb-594f-4e2b-a067-921fd51c05e1" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Appendix%2010D%20-%20CGI%20-%20View%204.jpg?VersionId=DPmE4.k16YRt0i27hEZVtJAffarpvUfx" />

"Retention and adaptation of the site buildings has been explored but found not to be feasible except for the tallest building, whose street facades will be retained," the heritage report states.

"The proposed building will interpret the brick and steel character of the subject site, including reuse of some components and construction of a large 'sawtooth' structure in the proposed open space."

<img alt="First look: Ceerose returns to Leichhardt with 203-apartment adaptive reuse proposal at former warehouse site" data-entity-type="file" data-entity-uuid="3bfef2b5-83f5-40cd-9cab-767092f34266" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Appendix%2010E%20-%20CGI%20-%20View%205.jpg?VersionId=7asb3i_ql4ybbuJOUb5UHBEIy0Q9t.DF" />

The William Street site is located around 300 metres from Leichhardt North Light Rail station and a short walk to Norton Street's retail, dining and hospitality precinct. The surrounding area has increasingly become a focus for urban renewal given its proximity to public transport and the Parramatta Road corridor.

Doueihi founded Ceerose in 1998 and has grown the business to become one of Sydney's more active apartment developers in recent years, with completed projects including The Alex Collective in Alexandria, Abbie's Lane in Annandale, and the award-winning Munro House in Elizabeth Bay. They are currently delivering Belgravia, 17 luxury apartments in Potts Point.

Zoe Fielding

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