<a href="https://www.apartments.com.au/developments/broadbeach-qld-4218">Broadbeach</a> offers plenty of reasons to live vertically, but moving from a substantial family home into an apartment can expose the compromises of high-density living. Privacy, room for guests and usable living space tend to matter more when an apartment is intended as a permanent home rather than an occasional coastal base.

A typical residential floor at <a href="https://www.apartments.com.au/new-apartments/the-eveleigh-broadbeach-7-9-surf-parade-broadbeach-qld-4218">The Eveleigh</a>, on Surf Parade,&nbsp;contains just four apartments. The 94-residence development by <a href="https://www.apartments.com.au/developers/hirsch-faigen">Hirsch &amp; Faigen</a> is predominantly made up of expansive three-bedroom homes, with a limited collection of half-floor penthouses above.

Across the apartment floors, <a href="https://www.apartments.com.au/architects/rothelowman">Rothelowman</a> has used the relatively limited number of residences to give each home greater access to natural light and outlook. Living spaces extend towards full-height glazing, while a series of bay windows frame selected views across the Pacific Ocean, city and hinterland rather than treating the building edge as a continuous wall of glass.

&nbsp;

[smartcode_project:default project_id=149670 project_image_fid=360965]

“The apartment floors deliver a collection of homes that embrace controlled outlook via a series of bay windows deliberately framing moments of view,” Rothelowman Director Kim Lowman said.

From outside, those projecting forms contribute to the tower’s faceted profile. Strong horizontal and vertical elements establish its proportions, while the changing position of the sun alters the light, shadow and reflection across the façade throughout the day.

The same attention moves inside the apartments, where the material palette combines warm timber, natural stone, metallic detailing and softer curved forms. Kitchens sit within the main living zone, with stone island benches, integrated joinery and European appliances, before the living areas extend towards the glazing and the outlook.

&nbsp;

[smartcode_project:default project_id=149670 project_image_fid=360981]

Three genuine bedrooms provide room to accommodate family and guests, while two secure car spaces and storage address some of the practical considerations that can become more noticeable when moving from a larger home. Feedback from the display suite has centred on the warmth and restraint of the interiors, with buyers commenting that the residences feel like homes rather than conventional coastal apartments.

A limited collection of half-floor penthouses occupies the upper levels, increasing the scale of the living spaces and adding private balconies and elevated finishes. From this position, the outlook extends between the ocean and hinterland.

Outside the private residences, The Eveleigh separates its shared spaces between the podium and rooftop. The podium is centred on wellness, with subtropical landscaping surrounding a swimming pool and pool terrace, yoga garden, private gymnasium, sauna and hot and cold plunge facilities. Landscaped retreats and pavilions provide additional places to sit away from the main recreation areas.

&nbsp;

[smartcode_project:default project_id=149670 project_image_fid=360966]

Higher in the building, a rooftop pavilion and private dining suite sit alongside resident lounge, barbecue and outdoor dining areas, opening towards panoramic views across the ocean, city and hinterland.

“Buyers are no longer just looking for an apartment, but a lifestyle where they can relax, reset, and enjoy a balanced way of living,” Hirsch &amp; Faigen Director of Sales Matt George said.

Interest to date has come from established owner-occupiers and interstate lifestyle purchasers, including buyers planning a future move to the Gold Coast. Many are coming from larger homes and want to reduce ongoing maintenance without giving up space for family and guests, privacy, two car spaces or the ability to entertain at home.

&nbsp;

[smartcode_project:default project_id=149670 project_image_fid=360969]

Much of that daily life can also take place beyond the building without requiring a drive. Kurrawa Beach and Pratten Park are an easy walk from Surf Parade, while Pacific Fair, Oracle Boulevard, The Oasis, restaurants, cafés, entertainment and public transport are also within walking distance.

The Eveleigh is Hirsch &amp; Faigen's fourth Gold Coast development since entering the market in 2021, following The Hemingway at Palm Beach, The Emerson at Kirra and Yves at Mermaid Beach. Each of the preceding projects sold out before completion.

“Broadbeach had been on our radar throughout our time operating on the Gold Coast,” the developer said. “Following our projects in Palm Beach, Kirra and Mermaid Beach, Broadbeach represented the natural next step for the business.”

The Surf Parade site brought together proximity to the beach, protected coastal outlooks and walkability to dining, shopping and recreation. Hirsch &amp; Faigen also identified the street as an emerging premium residential address, with enough separation from Broadbeach's busier destinations to retain a quieter environment at home.

The Eveleigh is now under construction by Maxcon, with completion forecast for mid-2028. Three-bedroom residences are currently available from $2.87 million.

[smartcode_project_cta:default project_id=149670]

Joel Robinson

The Eveleigh brings house-like apartments to Broadbeach

A long-stalled Campbelltown development site is back in play, with new plans for 139 apartments set to supersede a mixed-use scheme approved almost a decade ago but never built.

The new proposal for 28 Cordeaux Street would deliver 116 market and 23 affordable apartments in a part 14-storey building, bringing a substantial new project into a Campbelltown market where new apartment supply remains limited.

Plans have been filed over the 3,092 sqm corner site at Moore-Oxley Street, around 600 metres from Campbelltown Railway Station and the city-centre retail core.

The site already carries a mixed-use residential approval dating to 2016. Doroch Architects has now been engaged on a larger replacement scheme, which is progressing as a State Significant Development Application following a Housing Delivery Authority determination in August 2025.

The apartment mix comprises 39 one-bedroom, 72 two-bedroom and 28 three-bedroom residences. Two-bedroom apartments make up just over half of the project, while three-bedroom homes account for 20 per cent.

<img alt="First look: New 139-apartment plans revive long-stalled Campbelltown city centre site" data-entity-type="file" data-entity-uuid="136dd5b9-3791-4da6-9e31-76f533f5b4de" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Campbelltown%20da2.png?VersionId=LgOSy9nwf5u.MGswBBwaGGxuX8QpHSl_" />

Of the 139 apartments, 23 will be delivered as affordable housing under the in-fill affordable housing provisions of the Housing SEPP. The affordable component represents 15 per cent of the residential gross floor area and will be managed by a registered Community Housing Provider.

Doroch has sought to break the scale of the building into two distinct elements, with a masonry podium of around four storeys establishing the street edge before the residential tower steps back above.

The corner position has shaped that approach. Cordeaux Street faces toward the commercial and civic centre, while Moore-Oxley Street leads into the lower-scale residential neighbourhood to the south, and the design verification report describes the site as "bridging the commercial core to the north and established residential areas to the south."

The podium will be expressed predominantly in face brick, while the upper levels shift to brushed and grooved concrete cladding with darker metal detailing. Recessed sections, deep balcony edges and landscaping break down the upper form, with an approximately 11.8-metre setback to the northern boundary addressing the adjoining St Peters Anglican School.

<img alt="First look: New 139-apartment plans revive long-stalled Campbelltown city centre site" data-entity-type="file" data-entity-uuid="c8b3d2d3-c561-4bfc-a5d9-a68c0c10dac1" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Campbelltown%20da1.png?VersionId=AeAEyJU02Gk2k5noUj2StziCvdQ7fW4B" />

Campbelltown has been starved of new residential developments in the last decade.

The only other notable development set to come to market this year is ALAND's Queen Square, a mixed-use precinct on over two hectares that will comprise apartments above a vibrant ground-level retail and hospitality dining precinct.

First look: New 139-apartment plans revive long-stalled Campbelltown city centre site

First Look: Sherlock Construction pitches apartments for low-rise Deception Bay

Queensland builder-developer MAYD has revealed the first look at its major North Kirra beachfront development, lodging amended plans that reduce the number of apartments and increase the proportion of larger residences.

The project is planned across a substantial 4,742 sqm amalgamated site spanning seven lots at <a href="https://www.apartments.com.au/new-apartments/2-6-pacific-parade-bilinga-qld-4225">2-6 Pacific Parade</a> and 27-33 Golden Four Drive in Bilin​ga, directly opposite Nor​th Kirra Beach.

<a href="https://www.apartments.com.au/developers/mayd-group">MAYD</a> secured the site for $32.5 million in 2025, in what was one of the Gold Coast's largest property transactions of the year.

The development will be delivered across two stages, with the first stage carrying an estimated gross realisation value of around $360 million.

The latest amendments seek to reduce the overall apartment count and shift the project further toward the owner-occupier market, with larger residences designed for buyers wanting considerably more space than traditionally offered in a beachfront apartment.

The residential mix will include townhomes, oversized two-bedroom apartments, substantial three-bedroom residences and four-bedroom homes.

MAYD has appointed Cera Stribley to lead the architecture and interiors, with the Melbourne-based design practice drawing on the beachfront setting through a series of ocean-facing terraces and heavily landscaped balconies.

Strong horizontal forms and curved balconies will define the exterior, with subtropical landscaping integrated throughout the building to soften the built form and increase the connection between the residences and the beachfront.

The project will also include an extensive collection of resident wellness and lifestyle facilities, continuing the broader shift across the Gold Coast's luxury apartment market toward larger homes supported by resort-style amenity.

<img alt="MAYD" data-entity-type="file" data-entity-uuid="d1bcbb05-e659-4b47-8bd4-1e595315e2ad" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-27%20at%202.05.03%E2%80%AFPM.png?VersionId=jj0XEud1X1DuLt7_KyElhjMdZGOXmLHP" />

MAYD Founder Todd Mould said North Kirra was increasingly appealing to buyers attracted to the more established, lower-density character of the southern Gold Coast.

"North Kirra presents one of the most compelling luxury residential opportunities currently emerging in Australia, combining absolute beachfront with the character and authenticity that buyers are increasingly seeking, and the same sense of tight-knit community that defined Burleigh and Currumbin perhaps 10 or 15 years ago," Mould said.

"With Gold Coast Airport on its doorstep, it also offers a level of accessibility that broadens its appeal across almost every market demographic."

The project comes as the southern Gold Coast continues to attract an increasing share of high-end apartment development and buyer activity.

Kirra in particular has emerged as one of the region's more tightly held beachfront markets, with its relatively low-density character, established surf and hospitality scene and proximity to Gold Coast Airport differentiating it from the higher-density markets further north.

Mould said those characteristics had informed the approach MAYD and Cera Stribley had taken to the project.

"We've worked closely with Cera Stribley to create a vision that is deeply connected to its surroundings," he said.

"Inspired by the coastline itself, the architecture has been shaped around space, privacy and resort-style living, creating a collection of homes that reflects the next generation of luxury on the southern Gold Coast."

MOTIV Managing Director Carly Cottam, who has been appointed to market the project, said buyer attention had continued to move south along the Gold Coast.

"Purchasers who may once have defaulted to Broadbeach, Main Beach or Surfers Paradise are increasingly recognising the value of a genuine beachfront location that offers lower density, strong amenity and a more established sense of community," Cottam said.

"Kirra has a powerful combination of growing demand and genuine scarcity. Beachfront supply is inherently constrained, the area remains relatively low density, and buyers are increasingly placing a premium on locations that feel established, uncrowded and authentic rather than heavily developed."

Cottam said the proximity to Gold Coast Airport was also proving increasingly important for interstate and second-home buyers.

"Being minutes from Gold Coast Airport makes it particularly compelling for interstate buyers, frequent travellers and second-home purchasers who can access an authentic coastal lifestyle almost immediately after stepping off a flight."

The acquisition takes MAYD's active development portfolio to more than $500 million, with the North Kirra project representing one of its largest undertakings to date.

MAYD is targeting an early 2027 launch.

First look at MAYD's North Kirra mixed-use precinct

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Castle Hill, the longtime hub of the Hills District, has been one of the major beneficiaries of Sydney's Metro expansion, with improved connectivity helping drive continued population growth, development and buyer demand across the Hills District.

But despite that growth, the suburb has seen relatively few major new apartment projects brought to market over the past 18 months.

Hills District developer Reve Group is looking to fill that gap with <a href="https://www.apartments.com.au/new-apartments/nova-r-ve-castle-hill-2-garthowen-crescent-castle-hill-nsw-2154">Nova Rêve</a>, a major new mixed-use precinct on the corner of Garthowen Crescent and Old Castle Hill Road, a short walk from Castle Hill Metro Station and Castle Towers.

[smartcode_project:default project_id=152737 project_image_fid=377679]

The project will comprise three residential towers alongside a hotel, restaurants, cafes and a skybar, more than 1,600 sqm of ground-floor retail and almost an acre of landscaped gardens.

It represents the largest project undertaken by Reve Group, the development arm of the Kassis family, which has been building across the Hills District for more than 30 years through Kassis Homes.

[smartcode_project:default project_id=152737 project_image_fid=377675]

Nova Rêve also represents a significant step up from the family's first apartment development, Grand Rêve, which was delivered nearby on Garthowen Crescent.

Grand Rêve introduced larger, house-like apartment layouts and premium inclusions including Wolf and Sub-Zero appliances to the Castle Hill market.

Nova Rêve takes that approach to a precinct scale, combining the residential component with hospitality, retail and substantial public and resident landscaping.

[smartcode_project:default project_id=152737 project_image_fid=377685]

Reve Group Managing Director Sam Kassis said the project reflected the family's three decades of building in the Hills, which has evolved from trophy homes on quarter-acre blocks to larger-scale apartment development.

"Grand Rêve was our first apartment project here and it showed us what this pocket of Castle Hill could be. Nova Rêve is the refinement of that idea: not just apartments, but a place the whole suburb can use," Kassis said.

A key part of that approach is the hotel, which has been designed to operate as an amenity for the wider Castle Hill community rather than solely hotel guests.

It will include restaurants, cafes, skybars and all-day dining, alongside conference and event facilities catering to business functions, community groups and private events.

At ground level, more than 1,600 sqm of shops and cafes will open onto the surrounding streets and landscaped areas.

Almost an acre of gardens designed by Land and Form Studios will run through the precinct, incorporating pathways, seating, barbecue areas and children's play spaces.

[smartcode_project:default project_id=152737 project_image_fid=377680]

Reve Group's Romio Georges said creating an active ground plane had been central to the planning of Nova Rêve.

"There are gardens with pathways, barbecues, seating and play areas, shops and cafes opening onto the street, and a hotel with restaurants and a skybar that anyone in Castle Hill can walk into," Georges said.

The project's elevated position on one of Sydney's highest ridgelines will also provide apartments with outlooks toward the Sydney skyline, surrounding parkland and the Blue Mountains.

More than 80 per cent of the apartments will occupy corner positions, with Turner responsible for both the architecture and interiors.

&nbsp;

[smartcode_project_cta:default project_id=152737]

<h3 data-end="3697" data-section-id="q3n5ak" data-start="3672">&nbsp;</h3>
</main>

Nova Rêve arrives as Reve Group bets on Castle Hill's next growth phase

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

The First Home Owners Grant (FHOG) is a government initiative designed to help eligible first-time home buyers by offering financial assistance towards the purchase or construction of a new home.

While the FHOG is a nationwide program, it is administered separately by each state and territory, meaning the eligibility criteria, grant amounts, and property requirements can vary depending on your location. This means that the amount available and the conditions attached to the grant will differ, so it is important to check the specific guidelines for your state or territory.

It’s important to note that the FHOG is just one of several incentives available to first home buyers. In most states and territories, the grant is not linked to stamp duty exemptions or concessions, with the exception of the Australian Capital Territory (ACT). The FHOG is typically a one-off payment, reducing the overall cost of purchasing or building a new home before any stamp duty concessions are applied.

Below, we provide a breakdown of the First Home Owner Grants available across Australia, outlining the specific details for each state and territory.

<h2>New South Wales First Home Owner Grant</h2>

First Home Owner Grant: Offers a $10,000 grant for new homes valued up to $600,000. For land purchases and owner-builders, the threshold extends to $750,000.

Stamp Duty Benefits: Provides full stamp duty exemption for homes valued up to $800,000, with concessions available for properties up to $1 million.

<h2>Victoria South Wales First Home Owner Grant</h2>

First Home Owner Grant: Provides a $10,000 grant for first-home buyers purchasing or building new homes valued up to $750,000.

Stamp Duty Benefits: Offers full stamp duty exemption for properties up to $600,000, with concessions available up to $750,000.

<h2>Queensland First Home Owner Grant</h2>

First Home Owner Grant: Offers $30,000 for contracts signed between 20 November 2023 and 30 June 2025. The FHOG applies to new homes valued up to $750,000.

Stamp Duty Concessions: Provides additional concessions for properties valued up to $800,000.

<h2>Western Australia First Home Owner Grant</h2>

&nbsp;

First Home Owner Grant: Offers a $10,000 grant for new homes valued up to $750,000 in the southern regions and up to $1 million in the northern regions.

Stamp Duty Concessions: Available for homes valued up to $600,000 for transactions entered into on or after 9 May 2024.

<h2>Australian Capital Territory First Home Owner Grant</h2>

First Home Owner Grant: Replaced by the Home Buyer Concession Scheme, offering full stamp duty concessions for eligible buyers.

<h2>South Australia First Home Owner Grant</h2>

First Home Owner Grant: Provides up to $15,000 for new homes, including houses, apartments, and townhouses. As of 6 June 2024, there is no property value cap for eligibility.

Stamp Duty Relief: Available for new homes and vacant land purchases.

<h2>Tasmania First Home Owner Grant</h2>

First Home Owner Grant: Offers a $10,000 grant for new homes and off the plan purchases.

Stamp Duty Exemption: Between 18 February 2024 and 30 June 2026, first home buyers of established homes valued up to $750,000 receive a full exemption on property transfer duty.

<h2>Northern Territory First Home Owner Grant</h2>

First Home Owner Grant: The Northern Territory provides a $10,000 grant for new homes only. Additional government grants and concessions are available for first home buyers.

Stamp Duty Exemption: The only stamp duty exemption available to property buyers is the House and Land Package Exemption (HLPE).

Eligibility criteria and application processes differ across states. Prospective buyers should refer to their respective state revenue offices for full details on grant availability, conditions, and additional concessions.

Every First Home Owner Grant for new property by state

In the ever-evolving landscape of sustainable architecture and environmentally conscious design, systems and ratings in place can help determine the energy efficiency of residential buildings in Australia.

Australia has multiple building rating systems that evaluate energy efficiency and sustainability in existing and new building designs.

Some systems assess individual building components, while others provide an overall rating for the entire structure.

A rating system ensures that homes are comfortable and energy-efficient, whether you are buying, renovating, or building.

NatHERS (Nationwide House Energy Rating Scheme) is a common way for new homes to meet energy efficiency requirements.

As new developments continue to shape the urban environment, understanding NatHERS ratings becomes essential for developers and homeowners. This article delves into the concept of NatHERS ratings, their significance, and how they contribute to creating energy-efficient homes.

<h2>What is NatHERS?</h2>

NatHERS is a national initiative implemented by the Australian government to promote energy efficiency in residential buildings. The scheme aims to provide a standardised method for assessing the thermal performance of homes, considering factors such as insulation, orientation, ventilation, and building materials.&nbsp;

NatHERS ratings are the most common way new homes meet the National Construction Code's (NCC's) minimum energy efficiency requirements.&nbsp;

NatHERS assessments provide thermal and whole-home ratings for new homes, townhouses, and apartments.

The rating helps evaluate the energy performance of buildings, guides homeowners and developers to make informed decisions about the energy efficiency of their properties, and encourages the construction of more sustainable, comfortable, and cost-effective homes.

<h2>How NatHERS Ratings Work</h2>

NatHERS ratings are determined through four accredited software tools (AccuRate, BERS Pro, FirstRate5, HERO) using a calculation engine CSIRO developed to predict building temperature based on various factors.

The tools can model complex effects of building mass, insulation, window size, and other elements.

The outcome is a star rating that reflects the building's overall thermal efficiency, indicating how well it can maintain a comfortable indoor temperature without excessive reliance on heating or cooling systems.

The star rating scale ranges from 0 to 10, with a 6-star rating being the minimum requirement for compliance with the National Construction Code (NCC).&nbsp;

Achieving a higher star rating demonstrates a commitment to energy efficiency and sustainability, as the building is better equipped to minimise its environmental impact and reduce long-term energy costs.

Anyone can use NatHERS tools, but accredited assessors can provide certified ratings and professional advice.

<h2>Benefits of Higher NatHERS Ratings</h2>

Energy Efficiency: Buildings with higher NatHERS ratings are more energy-efficient, requiring less heating and cooling energy. This reduces the structure's carbon footprint and lowers occupants' energy bills.

Cost Savings: Homes with higher NatHERS ratings are generally more energy-efficient, resulting in reduced energy consumption for heating and cooling. This translates to lower energy bills for homeowners, making sustainable living environmentally friendly and economically viable in the long run.

Environmental Impact: Lower energy consumption directly translates to a reduced environmental impact. Buildings with higher NatHERS ratings contribute to the overall goal of mitigating climate change by lowering greenhouse gas emissions associated with heating and cooling systems.

Improved Comfort: Buildings with high NatHERS ratings offer better thermal comfort to occupants. Proper insulation, well-designed ventilation, and optimal orientation maintain a consistent and comfortable indoor temperature, providing occupants with a more enjoyable and healthier space.

Market Value and Desirability: Higher NatHERS ratings can enhance the market value of a property. As energy efficiency becomes a more significant consideration for homebuyers, a well-rated building may attract a premium price and stand out in the real estate market.

Compliance with Building Codes: NatHERS ratings are a vital component of the National Construction Code (NCC), and compliance with these ratings is often a mandatory requirement for new developments. Local councils and planning authorities may set minimum energy efficiency standards that must be met to obtain development approval.

The Nationwide House Energy Rating Scheme (NatHERS) is a crucial initiative shaping the future of energy-efficient, resilient, and cost-effective homes. With its recent upgrades, NatHERS has evolved into a world-leading tool for the building sector, supporting the global commitment to achieving net-zero emissions by 2050.

Staff Writer

What is a NatHERS rating in new off the plan apartment developments?

Mixed-use developments have gained significant popularity across Australia in recent years due to their unique blend of residential, commercial, and recreational spaces.

Unlike traditional single-purpose developments, mixed-use projects offer a harmonious integration of various functions within a single locale.

Residential units seamlessly coexist with commercial establishments, retail outlets, dining venues, entertainment hubs, and recreational facilities, with the combination not only enhances convenience but also fosters a vibrant lifestyle and a sense of community.

<h3>Convenience and accessibility</h3>

Mixed-use developments are designed with convenience in mind. They often integrate residential units with commercial spaces, retail outlets, restaurants, and recreational facilities, creating a self-contained community.

[smartcode_project:default project_id=114215 project_image_fid=204874]

The proximity allows residents to enjoy the convenience of having essential amenities and services within walking distance. Whether it's grabbing a cup of coffee, going grocery shopping, or accessing healthcare services, everything is conveniently located, saving residents time and effort.

<h3>Vibrant lifestyle and community</h3>

One of the major advantages of mixed-use developments is the vibrant lifestyle they offer. With a diverse range of amenities and communal spaces, residents have ample opportunities to interact, socialise, and build a sense of community.

[smartcode_project:default project_id=107714 project_image_fid=214122]

The presence of parks, community centres, and shared spaces fosters a lively atmosphere, encouraging residents to engage in various activities and events. The vibrant lifestyle within these developments creates a unique sense of belonging and camaraderie among the residents.

<h3>Potential for higher rental yields and property value appreciation</h3>

Mixed-use developments tend to attract a broad range of tenants and buyers due to their versatile nature. This high demand can result in higher rental yields for investors and potentially lead to property value appreciation over time.

[smartcode_project:default project_id=139989 project_image_fid=212887]

The integration of commercial and retail spaces attracts businesses, which can provide a stable rental income stream. Additionally, the popularity of mixed-use developments often drives up property values, making them a potentially lucrative investment in the long term.

<h3>Enhanced security and maintenance</h3>

Mixed-use developments typically have comprehensive security measures in place. With controlled access points, CCTV surveillance, and professional security staff, residents can enjoy enhanced safety and peace of mind.

[smartcode_project:default project_id=108019 project_image_fid=212658]

Additionally, these developments often have dedicated maintenance teams responsible for the upkeep of common areas, landscaping, and infrastructure. This ensures that the overall appearance and functionality of the development are well-maintained, creating a pleasant living environment for residents.

<h3>Live-work-play balance</h3>

One of the key attractions of mixed-use developments is the ability to achieve a desirable live-work-play balance. The integration of residential and commercial spaces allows residents to live closer to their workplaces, reducing commuting time and improving work-life balance.

The proximity to various amenities and recreational facilities encourages an active and healthy lifestyle. Residents can easily access fitness centres, parks, restaurants, and entertainment options, all within the same development, leading to a more fulfilling and convenient way of life.

alisonwarters@gmail.com

The top five reasons to buy in a mixed-use development

When buying a property, everyone needs to be aware of the additional costs that come as part of the buying process.

Often the largest outlay, after the deposit which goes to the bank, is stamp duty.

<h2 style="line-height: 1.38;">What is Stamp Duty?</h2>

Stamp duty is an extra tax to pay the government when you buy land, a property, and other certain assets.

It happens when the legal ownership is transferred. It can also be known as property transfer duty or transfer duty.

<iframe allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="415" src="https://www.youtube.com/embed/C32BWkB5--c" title="YouTube video player" width="660"></iframe>

<h2>Who pays Stamp Duty?</h2>

In some circumstances, you may get an exemption. For some states, you won’t have to pay for stamp duty if you are a first home buyer or a pensioner for houses under a particular price. There are also stamp duty concessions, where you may be entitled to a discount.

<h2>How much does Stamp Duty cost?</h2>

Each state has different rules which affect how much you need to pay. These rules can affect the rate you pay, and the timeframe you will need to pay in. Before you buy land or a property, make sure you check the up-to-date information for your state’s stamp duty.

You can use a free stamp duty calculator online to see approximately how much you’ll need to pay. Find out if you’re eligible for an exemption by enquiring on a project via Urban!

Overall, the stamp duty you need to pay will depend on:

<ul>
	<li aria-level="1">How much your land/property is worth</li>
	<li aria-level="1">Where your land/property is located</li>
	<li aria-level="1">What type of land/property it is</li>
</ul>

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Ellen Walker

Off-the-plan property explained: What is stamp duty?

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Elouera, the rare oceanfront reserve acreage at Gerroa, has been sold under the Ray White hammer at $5.03 million.
The stunning 21-hectare pasture property was sold by the Emery having been owned by the family since 1922.
The family farm was originally 50 hectares, with some of the family still retaining some adjoining farmland.
There had been $2.75 million-plus hopes for the property through Neil Campbell at Ray White Gerringong.
“The north-facing property offers numerous sites where to build a dream home with magnificent views,” Campbell’s marketing advised.
There were seven registered bidders, and the buyer intends to build a holiday home.
 
 
 
 
 
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jchancellor-FAypfDUnLy

Oceanfront Gerroa acreage Elouera sells for $5.03 million to holiday home buyers

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Australia’s biggest pastoralist, Australian Agriculture Co, will spend $13,275,000 on the 600-hectare holding, Livingstone Farm, in the Livingstone Valley 50 km south of Darwin.
The acquisition is part of an $83 million plan to build an abattoir able to process about 225,000 head of cattle each year.
The Northern Territory government approved the construction earlier this month. The abattoir is expected to occupy 14 hectares of the site, with the balance acting as a buffer zone, with irrigation zones, natural wetlands and ponds.
The plan won’t stop the controversial live-trade issue, but the company plans to halve the number of cattle trucked to Queensland or southern abattoirs.
Referring to animals unsuitable for live-export to Indonesia, AACo chief David Farley estimates it currently costs $220 t $320 per animal to transport them in Australia – more than value of each cow.
"The project fundamentals around a processing plant in the Northern Territory are compelling and will secure the long-term future of Australia's northern pastoral industry," Farley said in a statement on Wednesday.
"The economic benefits extend well beyond northern Australia, and we believe will also have substantial positive flow-on effects for our northern neighbours."
The proposed abattoir will comply to halal standards, which involved a rigorous set of procedures for stunning and bleeding the animals.
Although the company has the resources to run the program alone, it is considering a joint-venture with a pastoralist or customer.
AACo expects total cattle sales of 244,000 this year, including 92,000 live-export, up from 239,771 last year.
Farley told the ABC that the company still needs to negotiate vital water and power and convince the NT government into funding infrastructure upgrades.
"We're within weeks really, it's just a matter of issues around the port and issues around some of the service supplies.
"If we get a break through with those, we'll be more than comfortable to progress with the tendering of the plant and then ultimately construction."
The company’s ASX statement advocates the proximity to growing Asian markets.
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awalsh-7Ub9EypybQ

Australian Agricultural Co buys NT Livingstone Farm with plans to build abattoir

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<a target="_blank" href="https://www.propertyobserver.com.au/developments/lend-leases-docklands-project-forte-will-be-worlds-tallest-residential-timber-building/2012052554840"><img src="/images/stories/2012/05/10.gif"></a>
The number of storeys <a target="_blank" href="https://www.propertyobserver.com.au/developments/lend-leases-docklands-project-forte-will-be-worlds-tallest-residential-timber-building/2012052554840">planned for Lend Lease development Forté</a>. It will be the world's tallest timber residential building. The building will rise to 32 metres and will be built with prefabricated wooden panels made from cross-laminated timber (CLT) and will feature 23 apartments.
 
<hr>
<a target="_blank" href="https://www.propertyobserver.com.au/new-south-wales/kooeloah-byron-bay-s-%2415-million-balienese-listing-title-tattle/2012052554844"><img src="/images/stories/2012/05/15m.gif"></a>
 
The <a target="_blank" href="https://www.propertyobserver.com.au/new-south-wales/kooeloah-byron-bay-s-%2415-million-balienese-listing-title-tattle/2012052554844">price hopes for Kooeloah</a>, the Broken Head, Byron Bay retreat away from the fast lane overlooking Seven Mile Beach from its lagoon and lap pools complete with two bales. It has eight bedrooms and 11 bathrooms and was designed by Christine Vadez.
 
<hr>
 
<a target="_blank" href="https://www.propertyobserver.com.au/leisure/fitzroy-s-night-cat-lands-on-its-feet-and-sells-to-neighbour-at-auction/2012052554846"><img src="/images/stories/2012/05/4point63m.gif"></a>
The price neighbouring property owner Andrew Demetriou (not the AFL boss)<a target="_blank" href="https://www.propertyobserver.com.au/leisure/fitzroy-s-night-cat-lands-on-its-feet-and-sells-to-neighbour-at-auction/2012052554846"> paid for Fitzroy bar The Night Cat</a>, which he will retain as a bar. “It was the most vicious battle I’ve ever seen at an auction,” says Night Cat operator Max Bella.
 
<hr>
<a target="_blank" href="https://www.propertyobserver.com.au/news/perth-nigerian-scam-estate-agent-faces-disciplinary-action-for-lack-of-diligence-in-%24410000-sale/2012052854867"><img src="/images/stories/2012/05/410k.gif"></a>
The <a target="_blank" href="https://www.propertyobserver.com.au/news/perth-nigerian-scam-estate-agent-faces-disciplinary-action-for-lack-of-diligence-in-%24410000-sale/2012052854867">price Nigerian scammers secured for a Perth property they did not own</a>. Following the fraudulent sale last year the department has lodged an application with the State Administrative Tribunal to hear the case against Samykannu Pty Ltd, trading as LJ Hooker Mirrabooka, and licensee John Samykannu.
 
<hr>
<a target="_blank" href="https://www.propertyobserver.com.au/residential/time-running-out-for-first-home-bonuses-and-stamp-duty-concessions/2012052854863"><img src="/images/stories/2012/05/13k.gif"></a>
The value of the <a target="_blank" href="https://www.propertyobserver.com.au/residential/time-running-out-for-first-home-bonuses-and-stamp-duty-concessions/2012052854863">Victorian government's first-home bonus</a>, which is available for first-home buyers who purchase before June 30 this year. It will not be renewed after this date.
 
<hr>
<a target="_blank" href="https://www.propertyobserver.com.au/residential/new-home-sales-mounted-partial-recovery-in-april-buoyed-by-victorian-first-home-bonus-deadline-hia/2012052954883"><img src="/images/stories/2012/05/6point9percent.gif"></a>
The <a target="_blank" href="https://www.propertyobserver.com.au/residential/new-home-sales-mounted-partial-recovery-in-april-buoyed-by-victorian-first-home-bonus-deadline-hia/2012052954883">increase in the total seasonally adjusted new home sales in April</a>, according to the HIA. Detached house sales rose by 6.4%, while multi-unit sales were up by 10.3%.
 
<hr>
 
<a target="_blank" href="https://www.propertyobserver.com.au/new-south-wales/toni-collette-faces-a-supreme-court-non-performance-claim-for-the-%24850000-difference-on-abandoned-paddington-purchase/2012053054902"><img src="/images/stories/2012/05/850k.gif"></a>
The <a target="_blank" href="https://www.propertyobserver.com.au/new-south-wales/toni-collette-faces-a-supreme-court-non-performance-claim-for-the-%24850000-difference-on-abandoned-paddington-purchase/2012053054902">quantum of the claim against Toni Collette and husband David Galafassi</a>, after the Paddington terrace that they allegedly agreed to buy for $6.35 million sold for about $5.5 million to Ian Ball, the Ernst and Young accountant.
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cknowlton-QnEa6ntUYP

The 7 must-know numbers of the week, starting with the planned height of the world's tallest timber residential building

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Westpac expects the Reserve Bank to cut the cash rate by 25 basis points next week (June 5) to 3.5% with further rate cuts in July, August and one in the fourth quarter to bring the cash rate to a record low of 2.75%.
Westpac had previously expected the current easing cycle, which began in November last year, to end at 3.25% but now expects a much deeper cycle of rate cuts due to the deteriorating global picture.
Taking into consideration the gap betweeen the cash rate and bank mortgage rates, Westpac chief economist Bill Evans says a move to 2.75% in the official cash rate is likely to see the cash rate somewhere between 100bps and 145bps below neutral (curently asssessed as 4.1% by Westpac) - meaning an average standard variable mortgage rate of between 6.05% and 6.5%.
"In the three previous easing cycles the official cash rate has bottomed out at 150bps (2008/09); 125bps (2001) and 50bps (1996/97) below neutral.In those periods the standard variable mortgage rate bottomed out at 5.8% (2009); 6.05%(2001); and 6.7% (1997).
"The contrast with 2009 is important. Despite the cash rate falling below its GFC trough, we expect the standard variable mortgage rate will bottom out well above the 2009 level," he says.
The cash rate reached a previous low of 3% in April 2009 according to RBA records going back to 1990.
Evans says the two extra rate cuts are based on the banks assessment that “the global environment – read Europe - has deteriorated even further since we revised down our call for the low point from 3.75% to 3.25%.
“In turn this deterioration is expected to have a more severe impact on confidence in Australia than had earlier been expected.
“The stance of policy is currently only mildly expansionary despite the official cash rate being at 3.75%, its lowest level outside the GFC,” says Evans.
Evans says Westpac does not favour a 50 basis point cut scenario in June.
“The decision to cut by 50 basis points in May was mainly driven by direct concerns around the domestic economy.
“To us, there appeared to be an element of catch up with the Bank holding steady in February-April when the domestic case for a cut was strong.
“The decision next week will be built around the impact that the deterioration in global confidence will have on the Australian economy.
“Since the Board meeting in May US 10 year bond rates are down from 1.9% to 1.6% and the Australian equivalent is down from 3.6% to 2.9%.
“However, there are a number of key risk events over the next few weeks (Greek elections on June 17 for example) which will be critical for global confidence.
“We expect a more orderly approach to addressing these issues and thus a more ‘considered’ 25 basis points move.
 “However nobody can be particularly confident in gauging the Bank's meeting-by-meeting strategy for dealing with these issues,” says Evans.
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lschlesinger-FZcF9M3vE6

RBA to cut rates by 25 basis points next week and reduce cash rate to 2.75% by year-end: Westpac

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The hapless debt-laden Sydney socialite property developer Gary Baker has lost his latest attempt to escape bankruptcy.
The Federal Court yesterday rejected his appeal that the April 2011 bankruptcy should be overturned because two lenders – Perpetual and Challenger – had misled him and sold his trophy properties off too cheaply.
The overly ambitious developer – best known for white zinc on his smiling lips while driving a 1957 Ford Thunderbird around Sydney’s eastern suburbs – particularly blamed a sky-high $5,595,000 apartment valuation given in 2007 for misleading him into thinking his prestige property empire was worth more than even he’d concluded.
{yoogallery src=[images/stories/2012/05/may31baker]}
Baker’s case on appeal was based on his unchallenged evidence that but for the misleading valuation, he’d have offloaded a Bellevue Hill triplex apartment (pictured above) when offered $4.25 million in early 2008 rather than forlornly await offers closer to the $5,595,000 refinancing valuation.
But the Bellevue Hill apartment eventually yielded only $3,001,000 at a mortgagee 2010 sale to antiquarian booksellers – with Baker arguing that part of the $1,249,000 difference would have been sufficient for him to have avoided his financiers bankruptcy attempts in an outstanding damages claim.
Baker also argued Perpetual’s sale as a mortgagee in possession of an apartment in Notts Avenue, Bondi Beach, was at allegedly substantially less than it was worth, and that Perpetual was in breach of its duties as mortgagee and should pay him damages.
While Justice Anna Katzmann ruled partly in his favour, it was not enough to overturn the April 2011 bankruptcy sequestration order.
“Mr Baker has had a measure of success but, on the critical issue of the value of the claim he relies on to offset the debt the subject of the creditor’s petition, he has failed,” her honour ruled.
“Mr Darke was the lawyer, who although ultimately did not prevail, gave Mr Baker the best hope he had, and his submissions, both oral and in writing, were of a very high standard.”
Baker’s barrister Matthew Darke unsuccessfully argued there was sufficient cause to dismiss the creditor’s petition against him given his cross claim for damages.
It was argued the Federal Magistrate had erred in failing to dismiss or adjourn creditor’s petition because of debtor’s cross-claim.
His barrister also argued the Federal Magistrate erred in finding that the likely value of Baker’s cross-claim against his lenders fell significantly short of the judgment debt to the bankruptcy notice.
The <a href="https://www.propertyobserver.com.au/https://www.austlii.edu.au/au/cases/cth/FCA/2012/553" target="_blank">appeal proceedings</a> related mostly to matters relating to Baker’s Benelong Crescent, Bellevue Hill triplex project.
In March 2007 Baker engaged a real estate agent to sell them, with estimates that unit one would sell for $4.2 million, unit two for $4 million and unit three for $4.1 million.
In April 2007 they sold unit one for $4.2 million, and in May 2007, they sold unit two for $4.75 million, with unit three unsold.
In late 2007 Baker was considering refinancing a loan secured over unit three with the outstanding debt then being around $3.7 million.
Craig Hitchings of Challenger Commercial Lending Ltd offered a loan to Baker’s Garbake Pty Ltd from Challenger and Perpetual, which had a valuation by LandMark White (NSW) Pty Ltd of $5,595,000 (excl GST).
In early 2008 Baker rejected an offer to purchase for $4.25 million but it didnt then sell until late 2010 when sold in a mortgagee sale for $3,001,000.
Baker claimed by Hitchings’s conduct, Challenger had made a number of misrepresentations to Baker, including that the market value of unit three was $5,595,000 (when it was less than that), and that the LandMark White valuation was the product of due care and skill (when it was not).
Baker suggested the making of these misrepresentations was alleged to have constituted misleading and deceptive conduct by Challenger, which had caused Baker loss and damage by inducing him to reject the early 2008 offer to purchase the Benelong Crescent property for $4.25 million.
Gary Baker is married to Karin Upton Baker, the managing director in Australia of Hermes.
Buyers of his luxury apartments built in the eastern suburbs over the years included publicist Ro Markson, the Byron Bay identities Duncan and Sally Mount and the deputy treasurer of IAG Group, Mark Gold, and his wife, Deborah, the regional director of marketing at the Hilton.
 
 
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Hapless Sydney property developer Gary Baker facing bankruptcy after blaming his valuers fails

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Melbourne architect Shelley Penn has been elected the 73rd president of the Australian Institute of Architects.
She comes to the job having previously expressed a firm view on the differences between Sydney and Melbourne architectural clients.
"Melbourne clients with small budgets and nothing more than a kitchen extension would still want to do something very good and would interview five or six architects for the project ... In Sydney, architects I know have been contacted by people with $500,000 to spend who simply got their name from the phone book,” she said in 2002.
Work on a Richmond warehouse conversion in 2000 earned Penn a commendation in AIA architectural awards. The turn-of-the-century former vinegar factory retained its 1970s graffiti including a bold “shame Fraser again”.
<img style="float: left; margin: 5px;" width="300" src="/images/stories/2012/05/shellypenn.jpg">
She was the protégé of Melbourne architect Kai Chen for several years before traveling to Europe and Asia in the early 1990s.
Penn has lectured at the University of Melbourne, where she is particularly concerned with the poetic capacity of architecture to enrich the human condition.
She has worked as an adviser to government and private organisations on design matters, including a position as urban design consultant for Melbourne's EastLink project.
In 2000 to 2001 Penn worked as a design director in the office of the NSW Government Architect.
Penn is best more recently known for her review of the controversial Barangaroo development for the incoming O'Farrell government in NSW in 2011.
She is a sole-practising architect, a deputy chair of the Heritage Council of Victoria, acting chair of the National Capital Authority, the government planning organisation for Canberra, and a former associate Victorian government architect.
Penn is a mother of two and her partner, Mark Edgoose, is a silversmith and senior lecturer. She moved from Leichhardt in Sydney to South Williamstown six years ago, drawn by the open spaces and generous blocks close to the beach still only 20 minutes from the city.
"We love the west – the working-class guts of it, the industry that remains, the maritime influence and history of the port here," she told The Age in November 2011.
"Swings hang from trees in front gardens, people sit on their verandas and say 'G'day' as you walk past."
While she loves the area, she says Melbourne’s roads are not coping with the growth in West.
Penn rates her top five Melbourne suburbs as Burnley, Clifton Hill, St Kilda, Williamstown and Windsor.
She says the flat topographical landscape of Melbourne has led to the development of its cultural capital, much like Berlin.
"The flat topography, the network of transport and road access, relative affordability to get to and be 'among' culture, be it arts events, food culture, sport, and interesting, innovative and provocative architecture, that's all part of a city's cultural richness.”
Melbourne’s Etihad Stadium has been the subject of some criticism by Penn.
"The function is fine, but it is in the wrong spot. It blocks the city from Docklands. It's been one of the problems in the development of Docklands in terms of its use by people and its relationship to the CBD. I think Etihad is a bit of a barrier, literally,” she told The Sunday Age.
She says Monaco House is one her favourite Melbourne buildings, a consummate example of how architecture responds to the existing urban landscape. Other Melbourne landmarks she is fond of are Heide II, The National Gallery, Bolte Bridge, St Patrick's Cathedral and ACCA.
AIA chief executive David Parken welcomed Penn to the position at the annual general meeting yesterday.
"We are excited to have Shelley as the next advocate for not only the institute but our members and the broader architectural community."
The 72nd president was Brian Zulaikha, a founding partner of Tonkin Zulaikha Greer.
 
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Melbourne architect Shelley Penn named 73rd president of Australian Institute of Architects

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Beachfront house sales along Mermaid Beach have signalled to Ray White Surfers Paradise boss Andrew Bell that there's been a "levelling" of prestige prices.
Last month a $5.3 million sale on the Mermaid Beach beachfront was secured through Ray White agent Michael Willems with a Queensland buyer buying the six-bedroom house on 769 square metres. It last traded at $6 million in 2006.
It has 19 metres of beach frontage on Hedges Avenue.
<img src="/images/stories/hedges1.jpg">
Bell suggests the Gold Coast peaked in 2006, with prices dropping by sometimes around 50% for the top end and 20% for other stock since then.
It was among the 33 properties sold at two Ray White Gold Coast auctions last month.
"A Sydney or Melbourne market would be very happy with that type of clearance rate," Bell says, noting he had 51 auction listings.
The Commonwealth Games decision plus the recent interest rate direction were contributing to the slight shift in buyer activity, he says.
The shift started late last year, Bell told Property Observer.
"I am sensing there is a floor in the market," he says.
"Bargain hunters are evident, but they are more likely finding fair value than bargains."
The region has experienced many prices in freefall since shortly after the global financial crisis, which Bell describes as a "reality check.''
Bell told the Gold Coast Bulletin that although the market was well off boom-time highs, there was a new level of positively in the air.
"I think things like the interest rate decisions and the success in the Commonwealth Games bid have given people some confidence in the city.
"The past decade the market was dominated by local buyers who made money out of the property market,” he said.
"We are starting to see a more subdued buyer ... more conservative versus entrepreneurial buyer," he said.
The biggest volume of buyers to the Gold Coast currently were from Brisbane, then Victoria, NSW, Gold Coasters and then the overseas buyers.
Some 193 registered bidders sought the offerings at the two auctions.
Another Mermaid Beach sale was secured shortly after its recent McGrath auction with the Breakfree founder Tony Smith paying $7.3 million on Surf Street.
Its selling agent John Natoli said the discounting represented great buying opportunities – "probably the best I have seen in 19 years,” he told Fairfax Media.
Tony Smith was reported to have said he thought the property would have been worth more than $20 million during the boom.
The Gold Coast has also been <a target="_blank" href="https://www.propertyobserver.com.au/queensland/sanctuary-cove-mansion-sale-sets-new-reputed-%2412-million-record/2012053054896">bouyed by the reputed $12 million sale of an inland Sanctuary Cove waterfront house through Ray White.</a>
 
 
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Prestige Mermaid Beach home sales suggest a ‘levelling’ of prices: Ray White Surfers Paradise boss Andrew Bell

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The Paddington terrace over which Academy Award-nominated actor Toni Collette and her musician husband, David Galafassi, face property settlement legal proceedings has been resold for about $5.5 million.
So the entertainment industry couple now know the $850,000 quantum of the claim against them, having been sued over their alleged failure to settle on their once intended $6.35 million purchase.
The next directions hearing before the equity registrar into the contested matter is scheduled for the NSW Supreme Court next week. <a target="_blank" href="https://www.propertyobserver.com.au/new-south-wales/fickle-toni-collette-being-sued-over-property-change-of-heart-in-paddington/2012031353824">The initial directions hearing into the matter was in mid-March.</a>
<table cellpadding="0" cellspacing="0" border="1" style="width: 470px;">
<thead><tr>
<td valign="top">
Date
</td>
<td valign="top">
Time
</td>
<td valign="top">
Jurisdiction
</td>
<td valign="top">
Court
</td>
<td valign="top">
Case Title/Party
</td>
<td valign="top">
Case Number
</td>
</tr></thead>
<tbody>
<tr>
<td valign="top">
06 Jun
</td>
<td valign="top">
09:00
</td>
<td valign="top">
Civil
</td>
<td valign="top">
Supreme
</td>
<td valign="top">
Susan Kelly v David Anthony Galafassi (David Anthony Galafassi)
</td>
<td valign="top">
201200021377
</td>
</tr>
<tr>
<td valign="top">
06 Jun
</td>
<td valign="top">
09:00
</td>
<td valign="top">
Civil
</td>
<td valign="top">
Supreme
</td>
<td valign="top">
Susan Kelly v David Anthony Galafassi (Toni Galafassi)
</td>
<td valign="top">
201200021377
</td>
</tr>
</tbody>
</table>
It is not yet known what legal defence the couple can or can't mount to justify their alleged contractual non-performance.
The new owner of the Paddington terrace is Ian Ball, the Ernst and Young accountant.
Collette is currently appearing in the Can/Can't advertising campaign for the Commonwealth Bank.
It was last October when the entertainment industry couple acted on their property upgrade desire, after ascertaining the renovation costs on their Bronte house didn't justify the location.
They instead signed a contract to reputedly buy a double-fronted Paddington terrace from Susie Kelly, the co-founder and owner of Industrie clothing with her husband, Nick, for a rumoured very bullish $6.35 million, a record for the southern side of Oxford Street.
After finding a buyer of their redundant unrenovated Bronte house proved even more difficult than anticipated, <a target="_blank" href="https://www.propertyobserver.com.au/new-south-wales/fickle-toni-collette-being-sued-over-property-change-of-heart-in-paddington/2012031353824">Collette and Galafassi are accused of changing their mind on the Paddington purchase</a> instead <a target="_blank" href="/news">buying again at Bronte </a>for $5.5 million, with NAB funding, from the eventual buyer of their own $3.5 million Bronte house.
Their <a target="_blank" href="https://www.propertyobserver.com.au/overseas/toni-collette-comes-close-to-settling-one-property-episode-in-hollywood-but-paddo-still-pending-title-tattle/2012051554711">property predicament even spread to Hollywood</a>, as the couple recently accepted an undisclosed offer on their Los Angeles pied a terre, which they bought in late 2010 for $1.33 million. They had been asking $1.325,000 for it.
The Paddington terrace house was sold again through McGrath agent Ben Collier in a deteriorating prestige market.
Designed by architect Anthony Gill and completed in 2009, the five-bedroom, four-bathroom house on a 360-square-metre block sold for a record for the southern side of Oxford Street, Paddington.
Consisting of two classic Victorian terraces combined into a palatial single residence, the contemporary tri-level family retreat had been reinvented after the merger of two terraces costing $2.15 million in 2003 and $1.865 million in 2005.
Their 1885 Bronte weatherboard cottage that cost $4.4 million in mid-2009 sold for $3.5 million through its McGrath Estate Agents listing agent Bethwyn Richards.
Property lawyers say the Supreme Court could find the Paddington contract binding and the entertainment industry couple could be forced to pay the shortfall, plus costs.
 
 
 
 
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Toni Collette faces a Supreme Court non-performance claim for the $850,000 difference on abandoned Paddington purchase

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The Pakenham racecourse site has been sold to the Industry Superannuation Property Trust for $30 million plus.
The Melbourne-based ISPT was one of three final bidders for the property when last listed in early 2011, after which the conditional sale to the Corcoris Group fell through. It was at a reputed $38 million.
The 27-hectare site about 55 kilometres south-east of the Melbourne CBD is expected to be carved up into 500 house lots after the state government rezoned the racecourse to comprehensive development zone in 2010.
ISPT chief executive Daryl Browning told the Pakenham Gazette the site would be developed in line with the company’s development philosophies of quality, sustainability, and community.
ISPT is co-owned by 24 of Australia’s superannuation funds and invests the superannuation savings of more than 40% of the Australian workforce in property.
It has more than $7 billion in assets under management.
The racecourse, which dates from 1926, was sold through Gerard Collins Real Estate director Derrick Brown, who also had a hand in the sale of the 243-hectare property at Tynong, which the racing club secured in 2008.
Pakenham Racing Club will host its first meeting at its planned Tynong track in the spring of 2014, with its last meeting at the current track in early February.
The Pakenham Racing Club is one of a few race clubs in Victoria that owns its own racecourse site, boasting a net asset base of more than $50 million and annual profitability in excess of $2 million.
Currently racing 11 meetings a year, the club’s new location will result in an increase to 24 race meetings in its first season.
 
 
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Pakenham racecourse site sells to ISPT for more than $30 million

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The fallout from the collapse of Hastie Group is already ugly, with thousands of jobs in jeopardy and hundreds of millions of dollars of losses for the banks in prospect. It could, however, get even uglier. Hastie’s directors, its auditors, its senior management and former senior managers will be feeling very uneasy in the knowledge that not only will the Australian Securities and Investment Commission delve deeply into the circumstances that led to the group’s collapse but that there is also a group of very wealthy and very angry investors which will be looking for retribution, and compensation for their losses. In the words of Hastie’s administrator, PBB Advisory’s Ian Carson, the $23 million or so of accounting ‘’irregularities’’ found very late in the attempt to keep the group afloat were the ‘’straw that broke the camel’s back,’’ rather than the key reason for the collapse. That those irregularities appear to date back as far as 2008-09, and may be part of a wider series of financial misrepresentations, however, could be a very real issue for those with an exposure to the company’s implosion. It is known that Hastie’s relatively new chief executive, Bill Wild, wasn’t happy with the group’s numbers even before the latest batch of irregularities emerged. Those irregularities, which Wild has said were part of a culture of covering up bad news rather than motivated for personal gain, did sink the last-ditch attempts to convince competing private equity firms to recapitalise the group in recent weeks. Those attempts weren’t helped by deep divisions within Hastie’s banking syndicate, which has an exposure to Hastie’s debts and performance guarantees of around $500 million. For the four of the seven banks that supported a recap, the accounting irregularities proved to be that final straw. With Hastie saying that some current and former senior managers may have participated in the accounting irregularities and failed to apply the appropriate standards of financial supervision and review, the class action law firms and financiers will be scrambling onto a war footing. The real danger for those who were in control of the group’s affairs around this time last year lies within Hastie’s last recapitalisation. Last year, as a result of difficult trading conditions and the group’s poor operating and financial performance, Hastie said it was at risk of breaching its banking covenants. To head off that risk, Hastie raised $160 million of new equity through a prospectus offering, which included directors’ forecasts, underwritten by UBS and Macquarie. The investigating accountant for that offer was Hastie’s long time auditor, Deloitte. The prospectus was obviously convincing enough to attract some heavyweight investors. Lazard Private Equity*, Schroders, Perennial and the Pratt family’s Thorney Investments came onto the Hastie register, with Lazard, described as the ‘’cornerstone’’ investor, stumping up about $50 million for a 25 per cent stake in the group. Less than 12 months later – the recapitalisation and a restructuring of the banks’ funding were completed in July last year – Hastie has collapsed. Little wonder those who invested on the strength of the prospectus and the representations made by the board and its senior managers, are seething. One of those managers – former CEO David Harris, who presided over a massive acquisition-driven expansion spree – departed the group last November. Within a month of joining the group Bill Wild and his new chief financial officer Mark Wratten had started a strategic review of Hastie’s Middle East and international operations and were beginning to understand how poorly the group had been structured and managed. It was losses in the Middle East, and the disputed calling of performance bonds in relation to a project in the Middle East, that plunged Hastie back into crisis and ultimately led to its demise but it is the relative proximity of that prospectus last year to the collapse that is going to cause quite a few people associated with the company and the raising some extremely anxious moments. *John Wylie, managing director of Lazard Australia, is an investor in Australian Independent Business Media, publisher of Business Spectator.
This article originally appeared on <a href="https://www.businessspectator.com.au/" target="_blank">Business Spectator.</a>
 
 
 
 
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