The long-awaited redevelopment of the former Eastlakes Shopping Centre site has reached a major milestone, with Conquest's plans for a new mixed-use precinct officially placed on public exhibition.

The State Significant Development Application would transform the 1.7-hectare site at <a href="https://www.apartments.com.au/new-apartments/19a-evans-avenue-eastlakes-nsw-2018">19A Evans Avenue</a> into one of Sydney's largest urban renewal projects, delivering 736 apartments above a new shopping centre anchored by Woolworths, alongside specialty retail, dining, commercial space and new public open spaces.

The public exhibition marks the next chapter for the project after <a href="https://www.apartments.com.au/developers/conquest">Conquest</a> acquired the stalled Stage Two development from Crown Group, who completed the first stage across the road prior to their voluntary liquidation.

<img alt="First look: Conquest unveils plans for 736-home Eastlakes Shopping Centre redevelopment" data-entity-type="file" data-entity-uuid="5fca22c5-d1ed-4e2c-8801-03f7df1eafc8" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/eastland%20podium.png?VersionId=uomwr41nF8CmLUZRDcu3mHQechlbxucS" />

&nbsp;

Designed by DKO Architecture, the proposal comprises four residential buildings ranging from 14 to 18 storeys above a two-level retail podium. The development would deliver 736 apartments, including 74 affordable homes, 215 Build-to-Rent apartments and 521 market residences. Provision has also been made for dual-key apartments, which could increase the total number of dwellings to 877.

At ground level, the shopping centre has been designed as the suburb's new meeting place, anchored by a full-line Woolworths and complemented by a curated mix of fresh food retailers, cafés, restaurants, health services and everyday convenience shopping. Generous pedestrian links and landscaped public spaces will connect the retail precinct through to Jack Mundey Reserve, creating a more walkable and connected neighbourhood.

Conquest CEO Michael Akkawi said the redevelopment was about far more than replacing a shopping centre.

"Eastlakes has been overlooked for too long, and this is the community’s moment. We are building a shopping centre and homes, a genuine heart for the suburb, and we genuinely want locals to help shape it."

"We enrich communities through the creation of homes, places, and experiences designed for life, built to last, and owner for generations. That starts with listening, so we warmly encourage everyone with a connection to Eastlakes to view the plans and share their thoughts."

<img alt="First look: Conquest unveils plans for 736-home Eastlakes Shopping Centre redevelopment" data-entity-type="file" data-entity-uuid="22f6fb20-54fb-4bd7-8a92-48fafdd00608" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/eastland.png?VersionId=cugp7s9hrMHGJJdYzkeAkrFoQgnF4GXf" />

DKO said the design had been shaped by the site's landscape setting and surrounding open space.

"Our vision for the site embraces its unique Bidjigal identity by blending the residential living with generous landscaping and a material palette inspired by the Bidjigal locality, and celebrating the panoramic views to Botany Bay and the wetlands reserves."

"Taking cues from Country, we seek to harmonise built form with the landscape and lightly touch the earth. By reconnecting, retaining and regenerating existing ecology, and weaving in natural elements, we can deepen our connection to Country."

The landscape strategy extends across the podium and rooftops, incorporating communal gardens, children's play areas, lawns, community gardens, family gathering spaces and extensive tree planting. New landscaped links will also strengthen the connection between the precinct and Jack Mundey Reserve, while publicly accessible open spaces have been integrated throughout the development.

The proposal builds on Conquest's broader placemaking strategy for the site. Through an ongoing partnership, local artist Joe Rashbrook has been appointed Urban Art Curator, working alongside young residents to transform the project's site hoardings into a public art gallery that allows the community to engage with the redevelopment before construction is complete.

Conquest has rapidly expanded its development pipeline since acquiring the Eastlakes site, with more than $6 billion worth of mixed-use projects now in planning across Sydney, including Stanmore, Castlecrag and Waterloo.

Conquest CEO Michael Akkawi said the redevelopment was about far more than replacing a shopping centre.

Joel Robinson

First look: ‘Far more than replacing a shopping centre’ as Conquest unveils 736-home Eastlakes redevelopment

Abadeen has lodged a State Significant Development Application (SSDA) for one of Mosman's largest apartment developments in recent years, seeking approval to transform the former Honeysuckle Garden and Midas site on Military Road into a 100-apartment mixed-use development.

The SSDA, lodged with investment partner Phoenix Property Investors, proposes around $230 million worth of new housing on the prominent <a href="https://www.apartments.com.au/new-apartments/494-516-military-road-mosman-nsw-2088">494-516 Military Road</a> site.

The proposal comes as Mosman Council continues to progress its recently endorsed Masterplan, which identifies the precinct for increased housing density while maintaining the suburb's established character.

Designed by DKO Architecture, the development would comprise 100 apartments above ground-floor retail, with a rooftop wellness precinct including a gym, sauna, entertaining areas and landscaped communal spaces.

Rather than pushing to the full 12-storey height identified in Council's Masterplan, the proposal ranges between five and nine storeys, stepping down towards Hale Road. A tenth level would accommodate resident amenities rather than additional apartments.

The project has been designed to appeal to a broad range of buyers, from first home buyers and young professionals through to families and local downsizers looking to remain on the Lower North Shore.

<img alt="Mosman" data-entity-type="file" data-entity-uuid="5dada03f-5b4c-43ba-ba62-2868add31440" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-07-27%20at%209.57.55%E2%80%AFAM.png?VersionId=7LBy0B.Jo8_iWAFJsClcV7Q3UnXrv49r" />

Abadeen Executive Chairman Justin Brown said the apartments had been designed as genuine long-term homes rather than investor-focused stock.

"The apartments have been designed as genuine long-term homes, with efficient floorplans that maximise usable living areas, generous storage, natural light and strong connections between indoor and outdoor spaces," Brown says."

"We've focused on creating homes for a broad range of buyers, from first home buyers and growing families through to downsizers who want to remain in Mosman."

The rooftop wellness offering forms a key part of the proposal, with residents set to have access to a gym, sauna, outdoor entertaining spaces, communal dining areas, landscaped gardens and a multi-use recreation court overlooking Sydney Harbour.

<img alt="Mosman" data-entity-type="file" data-entity-uuid="d37c2d6b-583a-4a0f-b7a9-9f46b893d2f4" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-07-27%20at%209.58.06%E2%80%AFAM.png?VersionId=FPoa5FCm2RtzjhAh2w5FTWJbV6GHfY8D" />

DKO drew heavily on the site's natural and cultural history, undertaking a Connecting with Country process with local Aboriginal Elders to inform the architectural and landscape design.

Senior Associate Matthew Ritchard said the design sought to create a building that responded to both the site's landscape and its cultural significance.

"The architectural language of the project is a deep expression of Connecting with Country, where the materiality and colour palette serve as a bridge between the site's geological history and its future as a residential sanctuary."

The proposal also retains the site's established blue gum tree as the centrepiece of the communal landscaped gardens, while introducing activated retail fronting Military Road to strengthen the connection between Mosman and Cremorne villages.

If approved, the project would deliver 100 new homes within walking distance of shops, public transport, schools and local amenities, adding to the limited pipeline of new apartments on the Lower North Shore.

<h2>Project Snapshot</h2>

Project: Honeysuckle Garden Redevelopment

Address: 494-516 Military Road, Mosman

Developer: Abadeen and Phoenix Property Investors

Architect: DKO Architecture

Lead Architect: Matthew Ritchard

Value: $230 million

Residences: 100 apartments

Key features:

<ul>
	<li>
	Ground-floor retail
	</li>
	<li>
	Rooftop wellness precinct
	</li>
	<li>
	Gym and sauna
	</li>
	<li>
	Outdoor entertaining and BBQ areas
	</li>
	<li>
	Landscaped communal gardens
	</li>
	<li>
	Multi-use recreation court
	</li>
	<li>
	Retained mature blue gum tree
	</li>
	<li>
	Connecting with Country design process
	</li>
	<li>
	Harbour, CBD and Balmoral views from upper-level apartments
	</li>
</ul>

Abadeen Executive Chairman Justin Brown said the apartments had been designed as genuine long-term homes rather than investor-focused stock

First look: Abadeen plans 100 apartments on former Honeysuckle Garden site in Mosman

The wave of apartment proposals sweeping through Mosman shows no signs of slowing, with another major residential development lodged through the NSW Government's State Significant Development pathway.

Developer First Quadrant Properties, which recently completed Willoughby Grounds and has several projects in planning across the North Shore, has unveiled plans for <a href="https://www.apartments.com.au/new-apartments/cove-on-ourimbah-40-56-ourimbah-road-mosman-nsw-2088">Cove on Ourimbah</a>, a 63-apartment development on Ourimbah Road, adding to the growing pipeline of projects reshaping one of Sydney's most tightly held harbour suburbs.

The proposal would consolidate nine properties at 40-56 Ourimbah Road into a part eight, part nine-storey apartment building, continuing the momentum created by the NSW Government's accelerated planning pathways that have seen several significant developments emerge across Mosman over the past 12 months.

Designed by Doroch Architects, the project would deliver 63 apartments, resident wellness facilities including a gym, pool and sauna, landscaped communal spaces and basement parking, while using recessed upper levels, generous setbacks and extensive planting to reduce the perceived scale of the building.

<img alt="First look: First Quadrant Properties eyes nine-storey Mosman apartment project under State Significant pathway" data-entity-type="file" data-entity-uuid="32ee68e4-141e-4a10-8f83-48e961a5e71e" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Ourimbah%20Road%2C%20Mosman%20a.png?VersionId=CUeILFc6APlwXPc.iplElbxHvREKwjig" />

Doroch Architects said the building had been designed to reinforce Mosman's established character.

"The building's aesthetic is grounded in the existing residential character of Ourimbah Road and the broader Mosman context," the architect noted in the planning documents submitted to the NSW Government.

The design adopts a contemporary material palette of natural stone, textured concrete and brown concave metal cladding, complemented by integrated planters and deep balconies. The podium incorporates softened curved concrete forms, while increased setbacks have been provided adjacent to the heritage-listed property at 60 Ourimbah Road to create a more sympathetic transition.

The site sits around 330 metres from Mosman Town Centre, placing it within the NSW Government's Low and Mid-Rise Housing policy area, where increased residential density is being encouraged close to shops, transport and services.

The proposal follows a string of major apartment projects lodged or declared State Significant in Mosman in recent months, including Abadeen's 100-apartment Honeysuckle Garden redevelopment on Military Road and several other developments across Awaba Street, Redan Street and Muston Street from the likes of Time &amp; Place, HELM and Prosker Property.

&nbsp;

Read more:&nbsp;<a href="https://www.apartments.com.au/news/nsw/time-place-to-take-on-mosman-apartment-market">Time &amp; Place to take on Mosman apartment market</a>

Read more:&nbsp;<a href="https://www.apartments.com.au/news/qld/first-look-abadeen-plans-100-apartments-on-former-honeysuckle-garden-site-in-mosman">First look: Abadeen plans 100 apartments on former Honeysuckle Garden site in Mosman</a>

&nbsp;

First look: Another major apartment proposal signals Mosman's development boom

A new State Significant Development Application (SSDA) could reshape a prominent vacant site in Gosford's CBD, with Ming Tian Real Property proposing a mixed-use precinct that combines affordable housing, retail activation and a new public plaza.

The proposal for 43-45 Beane Street and 2 Keevers Lane would deliver a <a href="https://www.apartments.com.au/new-apartments/43-45-beane-street-gosford-nsw-2250">two-building development</a> comprising a 26-storey residential tower and a five-storey affordable housing building above ground-floor commercial space. A key focus of the project is the delivery of dedicated affordable housing alongside new public domain improvements designed to transform Keevers Lane into a more active urban destination.

Designed by <a href="https://www.apartments.com.au/architects/tony-owen-partners">Tony Owen Partners</a>, the development would provide 130 apartments, including 20 affordable housing dwellings managed by a registered community housing provider for at least 15 years. The market housing component comprises 110 apartments across a mix of one, two and three-bedroom residences, while the affordable housing includes six one-bedroom, 13 two-bedroom and one three-bedroom apartment. The proposal also incorporates 416 sqm of ground-floor retail, three basement levels accommodating 140 car spaces, 42 bicycle spaces, communal open space and extensive landscaping.

<img alt="First look: Ming Tian Real Property plans landmark affordable housing tower for Gosford city centre" data-entity-type="file" data-entity-uuid="9b858791-9060-4ee7-9178-44cb9e640a85" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Beane%20Street%20b_0.png?VersionId=_jbY0mqPEs7.jBZxozR7d6T4u85FoPmb" />

The affordable housing component has been distributed across both buildings, with four apartments located within the main tower and a dedicated five-storey building delivering a further 16 affordable homes. The project also includes 12 adaptable apartments and 24 dwellings designed to Silver Level Liveable Housing Guidelines.

The architectural design draws inspiration from Indigenous storytelling.

"The design is based on the indigenous motif of the Rainbow Serpent," Tony Owen Partners said in the Design Verification Statement.

"The Rainbow Serpent is a traditional totem of coastal eastern Australia. It represents natural forces, creation, change, and rebirth and is often associated with bodies of water. This motif can be seen in the undulation of the balconies rising on the building," Tony Owen Partners said in the Design Verification Statement.

Beyond the residential offering, the proposal seeks to revitalise the surrounding public realm, particularly Keevers Lane.

"The ground floor streetscape includes a commercial and dining precinct which will significantly improve the amenity of the area. This strategy transforms a currently inhospitable laneway into a thriving centre of urban renewal and day and night time activation to compliment the new adjoining UNC facilities," the architects said.

<img alt="First look: Ming Tian Real Property plans landmark affordable housing tower for Gosford city centre" data-entity-type="file" data-entity-uuid="36b0ca6b-af15-424c-81db-9f3049c07b0c" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Beane%20Street%20podium.png?VersionId=QCAv7bCitrg3zIGZUHI2z_HR8qVfKbp1" />

The Environmental Impact Statement notes that the project aims to "improve the provision of diverse housing options within Gosford City Centre, enhancing the mixed-use precinct by delivering high quality residential development, whilst concurrently providing a diverse range of housing choices through the provision of affordable housing, which is in growing need within the Gosford City Centre."

The site occupies approximately 2,070 sqm in the Gosford city centre, around 250 metres from Gosford Railway Station and within walking distance of Gosford Hospital, Mann Street's retail precinct and the University of Newcastle's Gosford campus currently under construction. The currently vacant site previously received approval for a lower-scale residential development, with the new proposal leveraging the NSW Government's in-fill affordable housing pathway to increase density while introducing dedicated affordable housing.

First look: Rainbow Serpent inspires bold new Gosford apartment tower

Developer <a href="https://www.apartments.com.au/developers/bottega-property-group">Bottega House</a> has secured council approval for its first Brisbane project - a $270 million luxury residential development on an absolute riverfront site in leafy St Lucia.&nbsp;

The 15-storey project, known as <a href="https://www.apartments.com.au/new-apartments/st-lucia-by-bottega-house-180-macquarie-street-st-lucia-qld-4067">St Lucia by Bottega House</a> , will occupy a prime north-facing site at 178-180 Macquarie Street, directly fronting the Brisbane River in the established inner-west suburb known for its rowing clubs, golf courses and sprawling University of Queensland campus.&nbsp;

St Lucia by Bottega House will feature a suite of amenities including dedicated wellness spaces, a mineral pool and cold plunge. The project has been positioned to attract affluent owner-occupiers seeking high-quality, house-sized apartments.&nbsp;

Bottega House has been set up by co-directors Nick Malloch, Louis Mennes and Craig Marsh.

Malloch said the project drew inspiration from its Brisbane River setting and leafy inner-west surrounds, while responding to the demands of discerning locals looking to transition from freestanding homes into apartment living.&nbsp;

"With an expansive river frontage and lush green surrounds, we knew we had to create something special that reflects the natural beauty of the location while offering residents masterfully crafted homes," said Malloch.&nbsp;

"Our intent was to complement the project's quiet, private setting by introducing residences that offer a calm retreat and sanctuary from the everyday. The result is a harmonious blend of architecture, interiors and amenity that emphasises wellbeing, comfort and beauty without excess."&nbsp;

Malloch added that project consultants had been carefully selected in alignment with Bottega House's commitment to care, quality and attention to detail. The design team includes architects <a href="https://www.apartments.com.au/architects/plus-studio">Plus Studio</a>, interiors practice <a href="https://www.apartments.com.au/interior-designers/mim-design">Mim Design</a> and landscaping by <a href="https://www.apartments.com.au/architects/urbis">Urbis</a>.&nbsp;

Three-bedroom apartments are expected to start around $5 millio. Selling agents Keenan &amp; Byrne said the pricing strategy for the project was anticipated to achieve upwards of $25,500 per square metre.&nbsp;

The project's development approval this week follows the success of Bottega House's inaugural Queensland project - a 22-storey collection of full-floor sky homes at Broadbeach on the Gold Coast which included the sale of a two-storey penthouse at a record price for a beachside residence.&nbsp;

St Lucia by Bottega House is expected to launch to market in November, with construction anticipated to be completed mid 2029.

[smartcode_project_cta:default project_id=151826]

Bottega House to make Brisbane debut with St Lucia riverfront apartment development

Sydney’s property market is known for high prices, competitive bidding, and mounting pressure on first home buyers. But change is on the horizon.

From late 2025, eligible first home buyers in New South Wales will have access to a new federal government initiative aimed at addressing affordability: the Help to Buy Scheme.&nbsp;

<h2>What is the Help to Buy Scheme?</h2>

The program introduces a shared equity model intended to reduce the upfront cost of entering the property market, particularly in high-demand urban areas such as Sydney.

The scheme operates under a shared ownership structure in which the federal government takes an equity stake of up to 40 per cent for new homes, or 30 per cent for existing dwellings. This arrangement allows eligible buyers to significantly reduce their loan size and avoid the added cost of Lenders Mortgage Insurance (LMI).

Under this model, purchasers can enter the property market with as little as a two per cent deposit, well below the traditional 10 to 20 per cent usually required. The government’s contribution is not a loan but a co-ownership stake in the property. As such, there is no interest or rent charged on its portion.

Because the government’s equity combined with the buyer’s deposit typically meets or exceeds the 20 per cent threshold, LMI does not apply. The remaining balance, generally between 60 and 70 per cent of the property’s value, is financed through a standard home loan with a participating lender.

The government's equity in the property remains in place until the buyer chooses to repay it voluntarily or until the property is sold. Buyers can buy back the government’s share over time, in increments of at least five per cent, depending on their financial situation.

There is no fixed repayment timeline, but the amount to be repaid will be based on the property's market value at the time of repayment, not the original purchase price.

<h2>How do you qualify for the&nbsp;Help to Buy Scheme?</h2>

To qualify for the Help to Buy Scheme, applicants must meet the following conditions:

<ul>
	<li>Be an Australian citizen at least 18 years of age.</li>
	<li>Be a first-home buyer who does not currently own property.</li>
	<li>Intend to live in the property as their primary residence.</li>
	<li>Earn less than $100,000 per year for individuals, or $160,000 for couples.</li>
	<li>Purchase a property within the regional price caps, currently $950,000 in Sydney, though this is expected to rise to approximately $1.3 million ahead of the program’s launch.</li>
</ul>

While the Help to Buy Scheme does not solve affordability challenges across the board, it does offer a more accessible pathway for a defined segment of the market, particularly younger buyers with moderate incomes who have been priced out of traditional lending routes.

The scheme is expected to commence in NSW in late 2025, as part of a national rollout.

Under the new model, purchasers can enter the property market with as little as a two per cent deposit, well below the traditional 10 to 20 per cent usually required

Help to Buy Scheme: What first home buyers in NSW need to know

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Self-managed superannuation funds allocated almost twice as much of their assets to residential property in 2013 compared with the year before, a report into the funds has found.
The fourth annual Intimate with Self-Managed Superannuation report found that 9.9% of SMSF assets were held in residential property last year, up from 5.6% in 2012. The increase came as fund members reduced their cash allocations to 31% of total assets, down from 33.9% of assets held in cash in 2012.
The report, released at the SMSF Professionals’ Association of Australia (SPAA) conference in Brisbane recently, revealed that one third of SMSF trustees plan to consider investing in residential property through their super fund.
More than two thirds of SMSF trustees who invest in property are self-directed in their decision to do so, however many people do seek advice from financial planners or accountants, particularly regarding the loan structures that super funds can use to borrow for investing, known as limited recourse borrowing arrangements.
However the report, which was commissioned by fund manager Russell Investments and SPAA, and produced by research house CoreData, found that fewer financial advisers intend to offer assistance in on limited recourse borrowing arrangements in future.
While almost half of financial advisers surveyed had previously advised SMSF trustees on the rules on borrowing through SMSFs, only 7.7% planned to provide advice in that area in future. Almost 30% of advisers surveyed had never given advice on limited recourse borrowing arrangements.
The report’s findings on property investment were at odds with the latest Australian Taxation Office statistics, which showed that in September 2013, only $18.6 billion or 3.5% of the total $531.5 billion held in SMSF assets were held in residential property.
<a href="mailto:news@propertyobserver.com.au" target="_blank">news@propertyobserver.com.au</a>
           
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zfielding-GvX3Uq9KTa

SMSF residential property allocation nearly doubles over 2013

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The asset allocation to residential property within SMSFs rose from 5.6% in 2012 to 9.9% last year, according to the annual survey by SMSF Professionals’ Association of Australia (SPAA) and Russell Investments.
It was the year that saw super fund members finally recover their GFC losses, with the median balanced super option return 16.3% for the year.
Interestingly almost three quarters (67.5%) of financial advisers reported that residential property investment decisions are being directed by clients.
Amid nascent concerns that SMSF advisers are unable to demonstrate high levels of overall advisory and management competence, the research shows that greatest demand for the establishment of new SMSFs was coming from people aged between 41 to 50. The next-greatest level of demand was among those aged between 31 to 40.
Another SMSF allocation trend was the average allocation to Australian equities fell from 37.1% in 2012 to 36.1% last year.
Cash and term deposit holdings fell from 33.9% of portfolios in 2012 to 31% last year.
About 28.6% of survey respondents said they held cash to reduce risk, while 42.9% said they continued to hold a high level of cash because they were waiting for a “better investment option”.
The report suggsts many advisers are unable to demonstrate high levels of competence and professionalism required to deliver a value-added service.
Even the writing of the do-it-yourself superannuation fund's trust deed can trip things up for trustees.
The deed that permits the fund to operate precisely governs what you can and cannot do in a DIY super fund.
Bryce Figot, a director of DBA Lawyers, recently noted in the Australian Financial Review that trustees need to be aware rules that allow a fund to engage in strategies like borrowing to invest must be specifically permitted by the trust deed.
Many trustees incorrectly assume that the Superannuation Industry Supervision (SIS) legislation automatically allows DIY funds to borrow to invest. 
Banks have rejected applications for loans to buy property because they aren't happy with the wording of the trust deed.
Banks have even been known to ask for specific wording that states a fund can operate a bank account as distinct from wording that incorporates a bank account in a general way.
Perhaps this complex requisite mastery is why the Russell report found the proportion of superannuants looking to establish an SMSF in the next five years has dropped to 12.3% from 17.3%.
<a target="_blank" href="mailto:news@propertyobserver.com.au">news@propertyobserver.com.au</a>
 
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jchancellor-FAypfDUnLy

Shift by SMSFs to property hastens, along with advisory competence concerns

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The Australian Security and Investments Commission’s goal to improve the standard of advice being given to prospective self-managed super fund trustees, has been welcomed by the SMSF Professionals’ Association of Australia (SPAA).
This includes ensuring SMSF advisers have competencies and skills to better inform potential trustees about the suitability of SMSFs to their circumstances, said CEO Andrea Slattery, while outlining her stance on advisor training and education in SPAA’s submission to ASIC.
The SPAA represents professionals providing a range of services in the SMSF field. It is an advocate for the highest professional standards and competence to ensure SMSF trustees receive the best possible advice.
“In line with this, SPAA has consistently argued that the proposed updated training of advisors should include a specialist SMSF topic if advisers wish to provide advice on SMSFs. This is the reason SPAA has built an SMSF profession,’’ Slattery said.
“We are surprised that ASIC had not suggested an additional, specific topic, in light of recent statements and research by them showing concern for advice practices.
“Similarly, it is surprising ASIC has not sought specific SMSF competencies in the updated RG 146 (regulations) when it has concerns regarding the quality of disclosures made to potential SMSF trustees about the risks of being a trustee.
“We believe that including an SMSF topic in RG 146, and recognising it as a specialist area of superannuation advice, will increase professionalism and understanding among financial advisers who advise on establishing and operating SMSFs leading to increased consumer protection.”
Slattery says that improving SMSF competencies towards potential SMSF trustees would be a significant factor in improving SMSF disclosures. “In particular, SPAA’s SMSF professional accreditation program allows consumers to seek specialist SMSF advice to meet their needs,” she said.
<a target="_parent" href="mailto:staylor@propertyobserver.com.au">staylor@propertyobserver.com.au</a>
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staylor-63KgDrKwoY

SPAA backs ASIC plan to strengthen advice standards

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Mortgage insurance company Genworth has made loan approvals for self-managed superannuation funds harder to obtain.
Highlighting a reduced risk appetite, the loan policy change is the first sign of the industry's response towards headlines that suggested there has been a rush of SMSFs borrowing to buy residential investment property.
The latest data out today from Australian Prudential Regulation Authority shows there are now 516,000 SMSFs across Australia holding $531 billion in assets, up from 485,000 the same time last year holding $439 billion in assets.
Figures from the Australian Tax Office have shown that the amount of residential property held by SMSFs has jumped from $13 billion to $17.5 billion over the past three years, but the level of gearing has been low.
According to the ATO, self-managed super schemes had $2.4 billion of outstanding loans against property and shares as of June 30, representing less than 0.5% of assets in the do-it-yourself sector. None the less, Bridget Sakr, Genworth's chief commercial officer, recently advised lenders that from December any SMSF must hold minimum net tangible assets of $150,000 or more prior to entering a loan. There was no prior policy on minimum assets. The fund must also have a minimum liquid asset balance of 10% of the total debts of the SMSF (including the loan amount) after the loan transaction is complete.
Genworth defined minimum liquid asset as interest divided by dividend earning assets. Furthermore the insurer said that off-the-plan purchases and new properties that have been completed for less than 12 months were no longer acceptable as security.
The official Genworth notification, published yesterday by <a target="_blank" href="https://www.bankingday.com/">Banking Day</a>, noted "being a prudent Lenders Mortgage Insurance provider, we are always assessing the market and emerging trends to ensure our policy is aligned to market conditions. As a result we have made the following changes to our underwriting policy in relation to Lenders Mortgage Insurance for self-managed super funds."
It comes against the backdrop of the Reserve Bank of Australia's September observation that "a range of banks have been growing their residential property lending to self-managed superannuation funds rather strongly. "
The RBA went onto suggest "these sorts of expansions into less familiar markets or products require sufficient due diligence before they are undertaken."
<div>
Just a hint from the Australian macro-prudential regulators that they wanted a cooling in lending enthusiasm, unlike the blunt curbs introduced recently by the Reserve Bank of New Zealand for its higher risk borrowers.
SMSFs have been able to borrow to invest in property since 2007.
The APRA September 2013 Quarterly Superannuation Performance publication showed the total estimated assets, which include the assets of self-managed superannuation funds and the balance of life office statutory funds, rose to $1.75 trillion at 30 September 2013. SMSFs make up $531 billion. 
 
<a target="_blank" href="mailto:news@propertyobserver.com.au">news@propertyobserver.com.au</a>
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SMSF lender insurance risk appetite wanes with tightened industry imposed credit curbs

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Getting a diversified mix of liquid assets beyond shares into one's self-managed super funds seems wise. And rather than the traditional apartment or cottage, over the weekend dozens of SMSF trustees grabbed the opportunity to add a small 12.5 square metre, low-maintenance property with long term tenant in their portfolio.
There were 602 spaces available at the Park &amp; Fly car park close to the airport at Mascot. More than 2000 expressions of interest had been received in the lead up to the weekend's exchanges.
All 154 freehold strata car spaces listed at $57,500 each, on a yield of 6.5% were exchanged, with 75 pocketed straight into SMSFs.
Another 147 of the 450 double tandem spaces of 24.5 square metres, priced at $104,500, were also sold over the weekend, of which 79 were for smsfs.
According to Erle Cramer of Cramer Property one investor from Sydney bought six for various family members. Purchasers came from as far afield as Hong Kong and London.
"Investors have realised that this investment opportunity represents an excellent chance to diversify investment portfolios, whether for self-managed super funds (SMSF) or cash that is currently sitting in the bank looking for a better return," Erle Cramer suggested. 
Type of car space: Single
Number of single car space lots: 154
Unit Entitlement: 10
Income $
Gross annual rent $4,596
Less:
Annual outgoings
Coucil rates $480
Strata levy $378
Water rates $0
Total annual outgoings $858
Net annual rent $3,738
Sales price $57,500
Net yield 6.5%
Each week over 2,000 vehicles are parked at 1008 Botany Road Mascot where P &amp; F shuttles drop off and collect between 900 and 1,100 people each day with an estimated 600 customer vehicle movements daily. 
The nine level property with frontage to Baxter Road, General Holmes Drive and Botany Road operates from 5 am until 11 pm, 365 days a year. 
The sales prospective said the business had improved occupancy with 2014 financial year occupancy projected at 92% for the 1,060 multi-deck car park. 
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/stories/2013/11/25/Erle_Cramer_7.jpg" alt="Erle_Cramer_7" width="470" height="328">
Each car space has its own separate commercial lease for an initial term of five years, with consecutive 3 x 5 year option periods totalling 20 years. An initial 6.5% per annum net return is offered in addition to 3% rent increases each year, except on the exercise of the option, when the increase will be 4%.
Cramer Property is marketing the project in conjunction with Hayson Sales for the vendor syndicate that included Sydney entrepreneurs John Singleton, Mark Carnegie and Robert Whyte.
Type of car space: Double tandem
Number of double tandem car space lots: 450
Unit entitlement: 20
Income $
Gross annual rent $8,029
Less:
Annual outgoings
Coucil rates $480
Strata levy $756
Water rates $0
Total annual outgoings $1,236
Net annual rent $6,793
Sales price $104,500
Net yield 6.5%
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/stories/2013/11/25/car-parks-nov-25-one.jpg" alt="car-parks-nov-25-one" width="470" height="313">
The 6.5% net yield appealed to investors prepared to accept prescribed rent rises.
Whilst not attracting the NSW state government's metropolitian annual parking space levy, currently $2,210 for spaces in the Sydney CBD after their doubling in 2009, the possibility of the levy which is also applicable at $780 a year at North Sydney, Parramatta, St Leonards, Chatswood and Bondi Junction, would have been in the minds of some investors despite not being applicable within Botany Council.
The issue of cap park competition affecting possible price growth was raised in the sales material which noted it was potentially affected by Sydney Airport’s slated reorganisation which could lead to the opening of more car parking spaces with additional capacity around 2018.
There are just the two companies currently providing long term multi-deck secure parking for travellers within the airport precinct, Sydney Airport Corporation Limited (on leasehold land) and P&amp;F. SACL offers parking at the domestic and international terminals and also an on tarmac, Blue Emu service.
<a href="mailto:news@propertyobserver.com.au" target="_blank">news@propertyobserver.com.au</a>
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SMSFs park Mascot airport car spaces into funds as diversified nest egg option

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The Australian Securities and Investment Commission says some real estate agents are offering kickbacks to financial advisers to advise investors to use an SMSF to purchase the real estate agents' properties.
It says financial advisers may be banned from receiving them under the Future of Financial Advice reforms.
“This is because the commissions or benefits could reasonably be expected to influence the financial product advice given to retail clients,” the agency says.
Meanwhile it has warned real estate agents off advising their clients to invest in property using a self-managed super fund.
“ASIC is concerned that with the increased popularity of SMSFs and property investment, real estate agents may not realise they are providing financial product advice and need an Australian financial services licence when making recommendations or statements of opinion to a person to use an SMSF to invest in property,” it says.
Individuals caught face fines of up to $34,000 or two years imprisonment while companies face fines of up to $170,000.
‘We want to ensure the SMSF sector remains healthy and vibrant so investors can be confident that, if they are receiving advice about investing through an SMSF, their adviser holds an Australian financial services licence and is aware of its obligations’, ASIC Commissioner  Greg Tanzer says.
It wrote to the Real Estate Institute of Australia to clarify regulations with agents.
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ASIC warns real estate agents: stop spruiking SMSFs

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There has been widespread publicity recently about Australians investing their super in geared residential property. Much of this publicity has centred on schemes being promoted involving self managed superannuation funds (SMSFs) and has attracted comment by ASIC and more recently the Reserve Bank.  
When using  an SMSF to invest in property the common mistakes being made are:  
<ul>
<li>
Not having enough super to start with and then having to excessively gear the property;  
</li>
<li>
Creating a super fund which just has a single asset;  
</li>
<li>
Buying the property before the structure is organised;  
</li>
<li>
Not having a plan about how the debt will be repaid;  
</li>
<li>
Investing in off the plan residential developments which generally increase the risk factor;  
</li>
<li>
Not thinking about the wide range of property options there are.  
</li>
</ul>
When properly researched and properly structured an SMSF investment in direct property (including gearing) can work very effectively. But most SMSF trustees generally focus on residential property and not other forms of property. Why not office, retail or industrial?  
An SMSF could directly acquire for example a small factory, a shop or an office. There are also other alternatives such as property syndicates and single property trusts which tend to focus on office buildings.  
A residential property investment may deliver around 5% rental income and usually this reduces to 4% or lower after expenses including property management costs. To make the gearing work you need to have an expectation of sound capital growth on top of this but this has been quite low over recent years.
With offices, factories and retail you would normally expect the income return to be significantly higher than residential property and this generally comes at the expense of a lower capital growth expectations. Income yields would normally be in the 7% to 9% range depending on the type and location of property.  
In times of low interest rates, cash rates at 2.5% and the prospect of medium term low rates, getting an income return of around 7% plus from shops, offices etc starts to look quite attractive particularly if you can minimise the risks with the investment. As with residential property a good tenant is highly important and the key with commercial property is to have a plan to be able to tweak the property to generate higher rental yields.  
One of the benefits of using non-residential property in an SMSF is that you can use your business entity to become the tenant - something you can’t do with residential.  
SMSF trustees should therefore think outside the box in these times of low growth, low inflation and low rates and higher yielding property is one of those key considerations. But do your research and importantly have a plan of how any debt will be repaid.
 
<hr>
 John McIlroy is executive director of <a target="_blank" href="https://www.crystalwealth.com.au/">Crystal Wealth Partners Ltd</a>
 
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jmcilroy-rbmrnpzRwP

SMSFs should consider commercial property investments: John McIlroy

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Loans.com.au is now offering loans for self-managed super funds in a bid to capture part of the growing market.
Its SMSF loans offers an interest rate of 4.99% (5.04% comparison rate) – 1% cheaper than the equivalent offered by Westpac.
Upfront fees on properties of less than $1 million include a $600 legal bill, a $150 settlement and a $220 valuation.
The loan is available for residential investment property refinances and purchases up to 80% LVR.
Loans.com.au managing director Marie Mortimer says the SMSF they treat SMSF loans the same as normal residential property loans, with lenders’ mortgage insurance paid by the lender.
“Banks give SMSF loans a different capital weighting because they consider them to be commercial loans,” Mortimer says.
“We don't have a capital weighting on SMSF loans so it’s a normal mortgage deal with the risk spread across our mortgage portfolio rather than a riskier commercial portfolio.''
Government bodies have recently being sounding warnings about growing debt in the SMSF sector.
Both the Reserve Bank and the government have hinted at a <a href="/news">crackdown on the self-managed superannuation sector</a>, with both entities saying they are concerned about the number of property investments being made in the industry.
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Loans.com.au offers first SMSF loan

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Leading figures in the retirement property industry say there needs to be more transparency in the sector to attract institutional investment now and in the long term.
Tim Russell, managing director of Retire Australia, said the sector was a poor performer that was being held back by not having a large, publicly listed, sector-specific company in which to invest.
“Some of the institutional capital that has been attracted to the sector has been let down by poor performance,” Russell told UK Property Week in a recent issue.
“Capital is still attracted [to the sector] but there are issues around pricing and transparency.”
According to Russell, the biggest opportunities will come when one of the larger operators lists.
“I hope we will have a large, listed, sector-specific operator in the next few years, as that will increase transparency for investors,” he said.
Russell compares the Australian retirement landscape with that of New Zealand, where he says several large sector-specific operators are on the public market — and all of which, he says, trade at a premium to their asset values.
However, Russell is hopeful that a large retirement operator will list in the next few years, noting that FKP Property Group is considering spinning off and listing its retirement arm and that the interest shown in the small-cap Ingenia shows the appetite is there.
A big challenge for the operators in the sector is moving from providing accommodation and maintenance to also providing care packages.
Derek McMillan, chief executive officer of Australian Unity’s retirement living, said there was great opportunity economically for retirement villages to provide care packages because of the concentration of numbers at each village.
He added that this would give operators another source of income and smooth out bumpy cash flows as a result of having a model that only really made money when units were resold.
He hopes the new federal government will ‘’cut some of the red tape’’ that prevents retirement village operators from providing care.
“It was very frustrating with the last government,” McMillan said. “While they had a philosophical approach towards improving access to care … they made a lot of noise but there was no real movement.”
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Greater transparency in retirement property industry required to attract institutional investment: Retire Australia

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Many investors and home owners consider refinancing at some point in their property owning life cycle. However refinancing has a number of characteristics and quirks that you may not be familiar with.
It's a tricky process to navigate, and a number of questions are thrown up when you decide to refinance. How do you know when you need to refinance? What's the first step? What should you expect? What sort of fees are involved?
This free Property Observer eBook will help you take the first step to refinance and answer these questions for you.
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