The residential transformation of St Kilda Road is set to continue into with more new apartment plans for the sought-after boulevard.

Wing Tai Asia has lodged plans for a major residential tower at 464-466 St Kilda Road, replacing the former VACC House with an 18-storey mixed-use development designed around a retained heritage podium and a sculpted contemporary tower.

The proposal, prepared under Victoria’s Significant Residential Development with Affordable Housing pathway, would deliver 325 apartments and ground-floor retail across the prominent 4,653 sqm boulevard site in Melbourne’s St Kilda Road North Precinct.

The project centres on the adaptive reuse of the site’s heritage-listed VACC Building, an eight-storey office designed by Bernard Evans that has occupied the address for decades. Planning documents state the development would involve “carefully dismantling and conserving off-site the original metal fabric of the podium visible from St Kilda Road,” before reinstating it as the defining frontage of the new scheme.

Above the restored podium, Wing Tai is proposing a curvilinear residential tower. The scheme includes 172 one-bedroom apartments, 63 two-bedroom apartments, 66 three-bedroom apartments, and 24 four-bedroom apartments, alongside two ground-floor food and beverage tenancies fronting St Kilda Road.

The tower has been designed with substantial articulation and variable setbacks to minimise perceived bulk and maintain view corridors along the boulevard. Urbis, which prepared the planning report, said the design “has been significantly articulated through a curvilinear design” with “an interplay with materials, façade expression and depth” to create visual separation and visual interest.

The proposal also includes 254 basement car spaces, landscaped pedestrian links connecting St Kilda Road and Queens Lane, and a biophilic landscape strategy featuring canopy trees, raised planters, cascading greenery and a glass oculus pool overlooking the eastern frontage.

Planning documents confirm the $270.1 million development will contribute 3 per cent of project costs to the Social Housing Growth Fund as part of the application process.

Wing Tai acquired the St Kilda Road property in 2018 alongside Abacus Property Group for $95.38 million, before later consolidating ownership of the site. The property previously served as the Victorian Automobile Chamber of Commerce headquarters for around 60 years.

The transformation of the St Kilda Rd boulevard is already beginning to materialise, with a number of high-profile projects recently completed, launched, or approaching launch as developers continue to back the long-term appeal of the precinct.

Among the most notable recent completions is Louise by Samuel Property Group, just off the strip on Queens Lane, the same pocket Hirsch &amp; Faigen recently launched The Queensbury. Mirvac is too on the same street with The Albertine, which is approaching completion.

Dexus recently secured approval for its slice of St Kilda Road, while Gurner also has approved plans for the precinct.

Joel Robinson

Wing Tai unveils 325-apartment St Kilda Road tower on former VACC House site

Malaysian developer <a href="https://www.apartments.com.au/developers/s-p-setia">SP Setia</a> is the latest to jump into St Leonards booming Transport Oriented Development precinct.

The developer, which has previously delivered Sapphire by the Gardens apartment development in Melbourne, identified the Atchison Street site in 2023. It filed a Scoping Report around 12 months ago, and now has revealed the designs for the new&nbsp;40-storey mixed-use tower.

The State Significant Development Application covers <a href="https://next-portal.urban.com.au/projects/14650/summary">20-22 Atchison Street</a>, a 1,374 sqm site positioned between St Leonards Station and the new Crows Nest Metro station.

Designed by <a href="https://www.apartments.com.au/architects/cox-architecture">COX Architecture</a>, the project would deliver 181 apartments, above a four-storey commercial podium, five basement levels, and new public domain works along Mitchell Street. The apartment mix comprises 35 one-bedroom apartments, 39 one-bedroom-plus-study apartments, 85 two-bedroom apartments, and 22 three-bedroom residences.

The proposal has been lodged as a shop-top housing development under the NSW Government’s TOD planning pathway, which allows increased density around key transport infrastructure. The site sits within the recently rezoned Crows Nest Accelerated TOD Precinct.

<img alt="First look: SP Setia targets St Leonards skyline with 40-storey TOD tower" data-entity-type="file" data-entity-uuid="b799673d-48e2-46b0-801a-0e33a9330100" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/atchinson%20site.png?VersionId=dPh0UfwfaHpbFL1R7H1cbZNbIW0CHbCC" />

SP Setia acquired the Atchison Street site as part of its continued expansion into the Australian apartment market. In comments made to City &amp; Country (The Edge Malaysia) in 2023, SP Setia President and CEO Datuk Choong Kai Wai described the acquisition as “a strategic move” aligned with the group’s post-pandemic market recovery strategy.

“Our target for this exceptional development is local and overseas buyers, including first-home buyers, downsizers and investors,” Choong said.

The tower has been designed as a slender vertical form rising from a mixed-use podium, with COX Architecture positioning the development as a response to the evolving St Leonards and Crows Nest skyline.

“The purpose of the project is to facilitate the delivery of high-quality housing at a strategically located site and deliver a built tower outcome that is consistent with the desired future character of St Leonards and aligns with the TOD controls,” the design report stated.

<img alt="First look: SP Setia targets St Leonards skyline with 40-storey TOD tower" data-entity-type="file" data-entity-uuid="b1a85eee-76f7-436c-a6da-73ba827b9b13" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/atchinson%20entry.png?VersionId=dA9jHGPMcm.dDbwk4QfxqWiY5bfh3UVt" />

The podium would incorporate retail uses fronting Atchison Street, commercial tenancies, landscaped communal areas, and pedestrian improvements along Mitchell Street. Vehicle access and loading would be consolidated via Atchison Lane.

Residents would have access to more than 665 sqm of communal indoor and outdoor spaces, while the development proposes 96 parking spaces across five basement levels.

The proposal also includes a commitment for 10 per cent of residential floor space to be allocated toward affordable housing through a monetary contribution.

COX said the tower form responds directly to the emerging high-density character of the precinct while seeking to maximise solar access, cross ventilation, and outlook from apartments.

<img alt="First look: SP Setia targets St Leonards skyline with 40-storey TOD tower" data-entity-type="file" data-entity-uuid="2163f85c-f63b-4be3-aafa-f8763976cec5" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Article%20Feature%20Image%20%28Grid%29_5.png?VersionId=WiAmtIKJ6.ZQ41EtYEQ1fol7AeorKBlL" />

“The building is orientated towards north,” the Apartment Design Guide compliance report noted, adding that the tower’s slim form was driven by the constrained inner-urban site dimensions.

The design also incorporates landscaped setbacks and communal open space at podium level, intended to soften the interface with surrounding streets and improve pedestrian amenity.

The project adds to a growing wave of redevelopment proposals reshaping St Leonards and Crows Nest following the opening of the Sydney Metro City line and the NSW Government’s push for higher-density housing around major transport nodes.

Last week Stockland filed plans just down the road. They want to build a <a href="https://www.apartments.com.au/new-apartments/601-pacific-highway-st-leonards-nsw-2065">52-storey tower on Pacific Highway</a>.

Read more:&nbsp;<a href="https://www.apartments.com.au/news/nsw/first-look-stockland-plans-52-storey-538-apartment-st-leonards-tower">First look: Stockland plans 52-storey, 538-apartment St Leonards tower&nbsp;</a>

First look: SP Setia targets St Leonards skyline with 40-storey TOD tower

<a href="https://www.apartments.com.au/developers/urban-property-group">Urban Property Group</a> has revealed plans for a new mixed-use tower at 10 Dangar Street, Wickham, advancing a proposal that would reshape the southern gateway to Newcastle’s city centre with one of the city’s tallest residential buildings.

The State Significant Development proposal, now on exhibition, seeks approval for a <a href="https://www.apartments.com.au/new-apartments/bowline-10-dangar-street-wickham-nsw-2293">43-storey tower</a> immediately adjacent to the Newcastle Interchange. The project would deliver around 200 apartments, including 42 affordable housing dwellings, alongside 99 co-living units, a 171-room hotel, retail space, and new public domain integrated through the site.

The scheme marks a significant escalation of plans previously approved for the site. Urban Property Group took over the prominent 2,904 sqm parcel, where excavation and demolition had already commenced under an earlier consent for a 14-storey mixed-use development.

<img alt="First look: Urban Property Group unveils Newcastle’s next supertower at Wickham interchange" data-entity-type="file" data-entity-uuid="58a96dd9-407f-4d20-86b4-94e4bfeef74b" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/wickham%20podium.png?VersionId=LGlf08pdFGAZDzvx_CXC4XakHNZRuEE0" />

Designed by <a href="https://www.apartments.com.au/architects/sjb-architects">SJB</a>, the tower has been conceived as a landmark transit-oriented development anchored to the Newcastle Interchange precinct. The proposal includes 245 build-to-sell apartments across a mix of one, two, and three-bedroom residences, as well as two penthouses. Fifteen apartments and one operational unit are earmarked for NDIS housing. The co-living component would add a further 99 units, while the podium would accommodate retail uses and hotel facilities.

SJB said the site presents “a valuable opportunity to anchor the precinct by setting the standard for design, active ground planes and character at the key southern gateway.”

The architecture responds directly to the site’s position beside major transport infrastructure and within one of Newcastle’s fastest-evolving urban renewal precincts. The tower form sits above a sculpted podium designed to frame new public spaces, including a through-site pedestrian link connecting Station Street to Hannell Street, landscaped plazas, and activated retail edges.

<img alt="First look: Urban Property Group unveils Newcastle’s next supertower at Wickham interchange" data-entity-type="file" data-entity-uuid="a7bd6ff0-f7db-4ce8-a6dc-ea56e72c6149" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/wickham%20lanne.png?VersionId=xzf39VADyhj7zBQY2I9fx9vI62u2tuSb" />

The design report describes the project as part of the broader transition of Wickham into “a vibrant, high-quality mixed-use urban precinct” that leverages proximity to the station, open space, and regional connectivity.

A detailed public art strategy has also been prepared for the development. The strategy positions the project as “a transit-oriented development of state significance at the gateway to Newcastle’s city centre” and outlines a series of integrated artworks responding to Newcastle’s industrial and transport heritage.

Creative Road’s curatorial framework for the project, titled Unveil, draws on “stratified surfaces, carved volumes, and light-filled apertures” while referencing Newcastle’s transformation from an industrial city into a contemporary education and technology hub.

<img alt="First look: Urban Property Group unveils Newcastle’s next supertower at Wickham interchange" data-entity-type="file" data-entity-uuid="77a882bb-14b1-4d28-99ff-9438e39508c0" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/wickham%20site.png?VersionId=cevgo_vN0eKPK78P8YcEu3mKPLkpFqE7" />

The proposal is being advanced through the NSW Housing Delivery Authority pathway after being declared State Significant Development in June 2025. The accompanying scoping report states the development aims to “maximise the site’s proximity to the Newcastle Interchange by delivering transit-oriented development” while increasing housing supply and affordable housing provision within the Newcastle LGA.

Urban Property Group’s plans align with the long-term strategic vision established under the Wickham Master Plan, which identified the interchange precinct as suitable for substantial uplift in height and density. The current proposal would significantly intensify that vision, positioning the tower among the tallest developments proposed for Newcastle.

The site sits immediately north of the Newcastle Interchange, bounded by Dangar Street, Hannell Street, and Charles Street. It is surrounded by a rapidly growing cluster of residential towers and mixed-use projects that have emerged following the completion of the light rail and transport interchange.

First look: Urban Property Group unveils Newcastle’s latest tower at Wickham interchange

Bottega House has completed settlement of a landmark riverfront site in Macquarie Street, St Lucia, representing its first major Brisbane development.&nbsp;

Positioned on the banks of the Brisbane River, the <a href="https://www.apartments.com.au/new-apartments/180-macquarie-street-st-lucia-qld-4067">premium site at 180 Macquarie Street</a> features uninterrupted river frontage in one of Brisbane’s most tightly held residential precincts.&nbsp;

The proposed development, currently under assessment with Brisbane City Council, has been designed by <a href="https://www.apartments.com.au/architects/plus-studio">Plus Studio</a> with interiors by <a href="https://www.apartments.com.au/interior-designers/mim-design">Mim Design</a> and will deliver a boutique collection of premium residences positioned specifically for owner occupiers and downsizers.&nbsp;

The residences are set to redefine luxury apartment living in the area, with a focus on architectural quality, refined finishes, landscape integration and elevated amenities including curated wellness facilities, resort-style pools and recreation spaces rarely seen in the local market.&nbsp;

Exclusive sales for the project will be led by Keenan &amp; Byrne, ahead of an anticipated launch later this year.&nbsp;

Bottega House Managing Director Nick Malloch said the project reflects the group’s ambition to deliver a highly curated residential offering within one of Brisbane’s most tightly held precincts.&nbsp;

“This is an incredibly rare riverfront opportunity and one we have approached with a long-term perspective,” Malloch said.&nbsp;

“Our vision from the outset was to create a boutique collection of residences that feel more like private homes than traditional apartments, with generous proportions, refined finishes and exceptional amenity throughout."

Malloch says there is a&nbsp;lack of premium owner-occupier stock of this quality in the market, particularly for downsizers wanting space, privacy and a true lifestyle offering without compromise.&nbsp;

"Demand is expected to be strong given the scarcity of premium riverfront opportunities of this nature within Brisbane’s inner-west."&nbsp;

Bottega House secures landmark riverfront site in St Lucia 

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<section data-scroll-anchor="false" data-testid="conversation-turn-2" data-turn="assistant" data-turn-id="request-WEB:5a5ab36c-8dd3-454c-b456-c501f22f0eb4-0" data-turn-id-container="request-WEB:5a5ab36c-8dd3-454c-b456-c501f22f0eb4-0" dir="auto">
The arrival of the first piling rig officially marks the commencement of construction at SIERA’s new beachside apartment development, Exhale, in Northcliffe.

<a href="https://www.apartments.com.au/new-apartments/exhale-surfers-paradise-8-enderley-avenue-surfers-paradise-qld-4217">Exhale</a>, a glass-encased tower featuring 54 large-scale apartments at 8 Enderley Avenue, is SIERA’s third Gold Coast development. It follows the recently completed PIPIS Bilinga beachfront project, which achieved suburb-record prices, and the soon-to-be-completed Chevron Island development, Tapestry.

[smartcode_project:default project_id=112661 project_image_fid=359603]

<a href="https://www.apartments.com.au/developers/siera">SIERA</a> Founder and Managing Director Brent Thompson said the arrival of the piling rig represented a significant milestone for the development, which is scheduled for completion in late 2028.

Over the next month, around 260 piles are expected to be installed as work progresses on the basement structure. The building is anticipated to rise above ground level early next year, before unveiling its sculptural glass curtain wall, developed in collaboration with specialist façade engineers.

“The façade was designed to maximise panoramic coastal views while creating a distinctive architectural identity,” Thompson said.

[smartcode_project:default project_id=112661 project_image_fid=355935]

Designed by BDA Architecture, Exhale will comprise just 54 two- and three-bedroom residences across 26 levels, a level of low-density living rarely delivered in this beachside pocket between Surfers Paradise and Broadbeach.

The project has been conceived as a resident-only building, with no short-stay accommodation permitted. SIERA says the model is intended to appeal to long-term owner-occupiers rather than transient holiday demand.

[smartcode_project:default project_id=112661 project_image_fid=361052]

Residences have been designed with large-format layouts and expansive glazing, with most apartments featuring more than 30 metres of glass frontage to maximise natural light and ocean views.

The amenity offering spans two levels and centres on wellness and lifestyle, including a heated magnesium pool, sauna, yoga and Pilates studio, gymnasium, private dining facilities, cinema lounge, and dedicated surfcraft storage.

[smartcode_project:default project_id=112661 project_image_fid=359607]

More than half of the apartments have already sold. SIERA has also opened a sales gallery for Exhale at its Chevron Island commercial premises, near its Tapestry tower and the site of its second Chevron Island apartment development, which is slated to launch in early 2027.
</section>
</section>

[smartcode_project_cta:default project_id=112661]

SIERA kicks off construction at Northcliffe tower Exhale

National Australia Bank (NAB) has brought forward the timing of the first RBA cash rate cut by three months.

NAB is now expecting a cut in February, in line with ANZ and Westpac, having initially thought a cut wouldn't come until May.

Commonwealth Bank, the nation's largest lender, still thinks the first cut will come in December.

NAB changed its call following the August monthly inflation figures that were released at the end of September, showing it had dropped to 2.7 per cent.

"The risk has been skewed to a first cut earlier in 2025, and today’s change acknowledges the balance of risks has likely shifted sufficiently for the RBA to feel comfortable cutting a little sooner than we earlier expected," NAB noted in its latest update.

They added that the cadence of the cuts may be faster than its central profile.

"Domestic inflation pressures are cooling, but only gradually, and we continue to expect the conditions for a cut will not be in place this year.

NAB believes the easing cycle will end at 3.1 per cent by early 2026, which is five cuts from the current 4.35 per cent cash rate.&nbsp;

CBA also thinks 3.1 per cent will mark the end of the cutting cycle, while Westpac is forecasting 3.35 per cent, and ANZ is the most pessimistic at 3.6 per cent, which would be just three interest rate cuts.

<h2>What would a rate cut in February look like for borrowers?</h2>

According to&nbsp;<a data-saferedirecturl="https://www.google.com/url?q=https://link.mediaoutreach.meltwater.com/ls/click?upn%3Du001.IVvjJ-2BPT0A8C3VxtqKc6e3bj5hBuw27WFEYqovsYs7kPsgFulYrdOzeP8gI7CybJOya3_RgrM7qq-2BfK-2FtAHeRBLv5Qrb-2Bii5fzjLeKcP4w-2FkNgJPXygpiRhVUan3WV3QEggcf617UC8Z60RjQJZAqx7PiO7FtVJQSn0D46Zc3iTVP0kAhTTzG51cPpa5hrqz1OkSA-2BiXAxUajQ686MTtiseWBIdMdknd83aB7cOVgXlVTeHCGf3-2BcMHwfvI8TYlkUovqEhn4dj0KXf2eJGpb9-2BBv20hPXdLlPP9yD7DvFFDBM5yrTqxvcCiMfAsW1onD-2FcriL628eYdhNQE7bwzYrxcOYnmaYfRhGl-2FEHQ6eK2uQcLxs6Cbu6Dx0bYvpi5A6enmxMWU5TkcRYrP6Z8GbXZYtc5qSoKu6eWFBQR9K7fsjXwHMmby3D3X6Yx-2BxcDcdRruTG&amp;source=gmail&amp;ust=1727774368149000&amp;usg=AOvVaw2vK2ujS77CHs9VRvSSXzLC" href="https://link.mediaoutreach.meltwater.com/ls/click?upn=u001.IVvjJ-2BPT0A8C3VxtqKc6e3bj5hBuw27WFEYqovsYs7kPsgFulYrdOzeP8gI7CybJOya3_RgrM7qq-2BfK-2FtAHeRBLv5Qrb-2Bii5fzjLeKcP4w-2FkNgJPXygpiRhVUan3WV3QEggcf617UC8Z60RjQJZAqx7PiO7FtVJQSn0D46Zc3iTVP0kAhTTzG51cPpa5hrqz1OkSA-2BiXAxUajQ686MTtiseWBIdMdknd83aB7cOVgXlVTeHCGf3-2BcMHwfvI8TYlkUovqEhn4dj0KXf2eJGpb9-2BBv20hPXdLlPP9yD7DvFFDBM5yrTqxvcCiMfAsW1onD-2FcriL628eYdhNQE7bwzYrxcOYnmaYfRhGl-2FEHQ6eK2uQcLxs6Cbu6Dx0bYvpi5A6enmxMWU5TkcRYrP6Z8GbXZYtc5qSoKu6eWFBQR9K7fsjXwHMmby3D3X6Yx-2BxcDcdRruTG" target="_blank">Canstar</a>, if there is a cut in February, a borrower with a $600,000 loan today and 25 years remaining would see their monthly repayments drop by $92.&nbsp;

<table border="1" cellpadding="0" cellspacing="0">
	<tbody>
		<tr>
			<td colspan="3">
			Impact of 0.25% pt cut in February 2025
			</td>
		</tr>
		<tr>
			<td>
			Current loan size
			</td>
			<td>
			Drop in monthly repayment
			</td>
			<td>
			New monthly repayment
			</td>
		</tr>
		<tr>
			<td>
			$600,000
			</td>
			<td>
			-$92
			</td>
			<td>
			$3,907
			</td>
		</tr>
		<tr>
			<td>
			$750,000
			</td>
			<td>
			-$114
			</td>
			<td>
			$4,884
			</td>
		</tr>
		<tr>
			<td>
			$1M
			</td>
			<td>
			-$153
			</td>
			<td>
			$6,512
			</td>
		</tr>
		<tr>
			<td colspan="3">
			Source:&nbsp;<a data-saferedirecturl="https://www.google.com/url?q=https://link.mediaoutreach.meltwater.com/ls/click?upn%3Du001.xWMOP9hChsvn-2BC9O-2FebBihXIZ4cEzbiuENdxm-2Bx3-2FYEEgYMhZlKWNj5Zzy1YZ56RuASD_RgrM7qq-2BfK-2FtAHeRBLv5Qrb-2Bii5fzjLeKcP4w-2FkNgJPXygpiRhVUan3WV3QEggcf617UC8Z60RjQJZAqx7PiO7FtVJQSn0D46Zc3iTVP0kAhTTzG51cPpa5hrqz1OkSA-2BiXAxUajQ686MTtiseWBIdMdknd83aB7cOVgXlVTeHCGf3-2BcMHwfvI8TYlkUovqEhn4dj0KXf2eJGpb9-2BBv20v2akwr6-2BqLyRrlEgkJ4J-2BCCyY0x189xEHZA4Ylf8c7ChBqNIkhmftZzoFuZKFn43pw3oJVg2o1gumrpdA-2B7MB-2FBtmL2rFCI-2FXORATQHySCLVOMg7Vywv-2BqnnQUAtDz6XkvpwxdHFXh70VwKazzhJsICilEYOvP4ju0sIfi5g6TL&amp;source=gmail&amp;ust=1727774368149000&amp;usg=AOvVaw2qVnp6oqATgqDUi2Frm22q" href="https://link.mediaoutreach.meltwater.com/ls/click?upn=u001.xWMOP9hChsvn-2BC9O-2FebBihXIZ4cEzbiuENdxm-2Bx3-2FYEEgYMhZlKWNj5Zzy1YZ56RuASD_RgrM7qq-2BfK-2FtAHeRBLv5Qrb-2Bii5fzjLeKcP4w-2FkNgJPXygpiRhVUan3WV3QEggcf617UC8Z60RjQJZAqx7PiO7FtVJQSn0D46Zc3iTVP0kAhTTzG51cPpa5hrqz1OkSA-2BiXAxUajQ686MTtiseWBIdMdknd83aB7cOVgXlVTeHCGf3-2BcMHwfvI8TYlkUovqEhn4dj0KXf2eJGpb9-2BBv20v2akwr6-2BqLyRrlEgkJ4J-2BCCyY0x189xEHZA4Ylf8c7ChBqNIkhmftZzoFuZKFn43pw3oJVg2o1gumrpdA-2B7MB-2FBtmL2rFCI-2FXORATQHySCLVOMg7Vywv-2BqnnQUAtDz6XkvpwxdHFXh70VwKazzhJsICilEYOvP4ju0sIfi5g6TL" target="_blank">www.canstar.com.au</a>. Starting rate is the RBA existing average owner-occupier variable rate of 6.36%. Assumes banks pass the cash rate cut on in full the month after the meeting.
			</td>
		</tr>
	</tbody>
</table>

Canstar Data Insights Director, Sally Tindall, says if core inflation continues to track in the right direction, or unemployment starts to accelerate significantly, we could well see a cash rate cut as early as February of next year.

“All four big banks now believe the RBA will be ready to cut the cash rate in just over four months’ time, if not before, in the case of CBA.

“However, the outlook for both inflation and unemployment is still highly uncertain. A couple of wobbly sets of inflation data could see the RBA holding for longer, particularly if unemployment remains relatively steady."

&nbsp;

Commonwealth Bank, the nation's largest lender, still thinks the first cut will come in December.

NAB bring forward first RBA cut to February 2025

<html><body>
Cyber fraudsters are believed to be behind a total of $50,000, made in three payments, out of a Broome real estate agency's trust account. It is believed the criminals accessed the agency's online banking system after a compromised email saw malware installed.
One of the recipients receiving regular payments had their account details altered on a pre-entered list, seeing their $50,000 redirected to another's account. Then, the details were changed back to the original to avoid detection of the fraud.
The agency has been reimbursed by their bank since the incidents in February.
In March last year, another agency experienced a similar case of cyber fraud, seeing $50,000 stolen through two BPay transactions from a trust account. The bank detected these cases early, and recovered the funds.
As a result, Commissioner for Consumer Protection Anne Driscoll has put out a warning to real estate agents, and settlement agents, to be wary of fraud. She also suggests that strict security protocols are in place for computer usage.
“While the property industry has been targeted in these cases, fraud of this kind can affect any business so it’s essential that businesses have procedures and protocols in place to prevent unauthorised access to their computer system and systems to detect malware,” Driscoll said.
“Staff should be trained to ensure that suspicious emails are deleted immediately, attachments are never opened and links never activated. Having up-to-date anti-virus and anti-malware software is essential for any business."
She suggested that agents manually input bank account details of clients when making electronic bank payments, rather than using pre-entered lists.
These are not the only type of cyber scams around - in 2012, <a href="/expert-insights/investing/vigilant-applecross-perth-estate-agency-prevents-another-fraudulent-house-sale-nigerian-scam">a vigilant Applecross, Perth agency managed to avoid being victim to cyber crime</a>.
CONSUMER PROTECTION'S ANTI-FRAUD ADVICE:
<ol>
<li>Have the latest security software (anti-virus, anti-spyware, firewall) installed on computer systems and keep the operating system up-to-date. 
</li>
<li>Remind staff of basic electronic security measures. If suspicious emails contain an attachment, do not open them as they may contain malicious software (malware or spyware). Do not click on any links within these emails and delete them immediately. 
</li>
<li>Be wary of unsolicited emails purporting to be from your bank as these may be phishing scams. 
</li>
<li>Be aware that banks will never ask you to supply any of your details via email. 
</li>
<li>Consider using security tokens or set up a mobile phone security code protocol when using e-banking and verifying all payments. Ensure the device protocols are set to the highest possible level for all staff members. 
</li>
<li>Revise transaction limits and reduce them if they are too high. Sometimes it’s safer to make smaller multiple payments than allow for one large payment to be made from your bank account. 
</li>
<li>Tyoe the address into the address bar when accessing online banking. Never click on an online link or ‘favourites link’ to access your bank’s webpage as these can be manipulated to send you to a counterfeit site. While these sites may look similar to your bank’s webpage, fraudsters operate them to obtain your personal banking details and passwords. 
</li>
<li>Staff members should enter a payee’s bank account details manually whenever they make an electronic funds transfer.</li>
</ol>
Property Observer suggests that investors should ask their agents how they protect themselves, and their clients' information.
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Cyber criminals steal $50,000 from Broome real estate agency trust accounts

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Residents in the Sydney suburb of Mosman paid the most income tax in 2011-12, according to <a href="https://www.ato.gov.au/About-ATO/Research-and-statistics/In-detail/Tax-statistics/Taxation-statistics-2011-12/" target="_blank">data released by the Australian Tax Office</a> today.
The wealthy suburb topped the ATO’s list of postcodes that paid the highest level of <a href="https://www.smartcompany.com.au/legal/politics/41685-debt-levy-on-income-tax-would-hit-small-business-the-hardest" target="_blank">income tax</a>, with a tax bill of close to $874 million. According to the data, 15,300 people in Mosman and Spit Junction paid tax in 2011-12, with a mean taxable income of $164,484.
Other suburbs to record high tax bills include Mackay in north Queensland’s, where residents paid $757 million in 2011-2012, and the affluent Melbourne suburb of Brighton, where locals paid taxes worth $569 million.
At the other end of the scale, the 90 taxpayers in the Gippsland towns of Baw Baw and Icy Creek recorded a tax bill of just $485,495.
According to the data, the Queensland town of Bundaberg is home to the most number of welfare recipients, with locals receiving $15 million in Centrelink payments during the period, while Toowoomba is home to the largest number of pension recipients.
Professor Chris Evans from the Australian School of Business at the University of New South Wales toldSmartCompany the results are “not at all surprising”.
“These suburbs record the highest level of tax because they generate the highest levels of income, and disproportionately so,” said Evans, who said these locations also have high levels of capital.
Evans said that income inequality has been steadily increasing in Australia, with the rich getting richer. The same suburbs and cities have been topping these lists for a long time and the income tax system “is not as progressive as it once was”, he said.
“There has been no spreading of wealth in Australia and, in fact, there has been a concentration,” he said.
This article first appeared on <a href="https://www.smartcompany.com.au/" target="_blank">SmartCompany</a>.
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Which suburbs and towns pay the most tax? 

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The Reserve Bank will meet again next week to determine whether they will move the interest rate, and with discussions that the next move will be an increase it appears fixing is back in favour, according to Mortgage Choice spokesperson Jessica Darnbrough.
Mortgage Choice's latest home loan approval figures saw fixed rate mortgages totalling 26.49% of all mortgages written through April. This was an increase, albeit modest, on March.
"Last month, fixed rates accounted for 24.22% of all mortgages written," said Darnbrough.
"This month, fixed rate demand swung back towards near record highs as more borrowers opted for this type of mortgage product."
Demand for these mortgages increased in every state across Australia, apart from Queensland and South Australia, while New South Wales recorded the strongest demand for this product, at 33.6%.
"While variable rates continue to prove more popular with borrowers, we are starting to see fixed rate demand head back to levels not seen since last year when all of the lenders were aggressively competing on price in the fixed rate arena," she said.
Ongoing discount rates continue to be the most popular product - accounting for 43.19% of all loans written, and up to 51.89% in Western Australia.
"Regardless of whether borrowers choose a fixed or variable rate mortgage, they will no doubt secure themselves a sharp rate. Interest rates continue to hover around record lows and lenders are still competing on price for market share. With that in mind, it is fair to say that potential borrowers who are keen to buy and have the ability to do so, now may be a good time for them to get onto the property ladder," she concluded.
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Fixed rates increase as speculation of rate rise continues: Mortgage Choice

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GUEST OBSERVATION
You may assume purchasing property is like riding a bike; once you buy your first property, it’s easy to just repeat this when you purchase again. But this isn’t always the case.
Depending on how long it has been since your first home purchase, a lot may have changed in the property and lending industry. So what things do you need to consider before purchasing your second property?
<ol>
<li>
Deposit Most first home buyers struggle with saving for a deposit and you may even remember how difficult it was. But this time around, it may be a little easier. As this is your second property, you may have either the proceeds of the sale of your last property, equity in another property or savings. If you are in a good equity position, it may mean that you will be able to borrow 80% or less of the purchase price, meaning you will avoid paying extra on lenders mortgage insurance. However, when applying a home a loan, remember you need to show a combination of both equity and income to be able to meet repayments 
</li>
<li>
Finances If you require a home loan for your second property, the process is similar to taking out a loan for your first home. When you start shopping for a home loan, you will need to have the following details at your fingertips to enable lenders to assess your situation: • Selling price of your existing home (if you are selling one). • Selling costs not yet paid (agent’s commission &amp; costs, legal fees, adjustments at settlement). • Payout figure for your existing home loan (amount owing plus any exit fees). • The annual incomes of the borrowers purchasing the home. • Income from investment properties. • Details of any regular commitments that are not included in standard living costs such as child maintenance, private school fees, childcare costs, contractual obligations to make regular payments like pay TV. • Combined credit card limits. This is the total of the maximum debt that you could draw your credit cards, including any interest free accounts that haven’t been closed down. • Details of any other debts – amounts owing and payments being made. • The number of dependents that you have. • The values of any other property or investments that you have, and whether or not those investments could be sold to help fund the purchase of your new home. • Balance of savings that will go towards the purchase. 
</li>
<li>
Finding a property Even if you only bought your first home recently, you will still need to research the property market carefully as it can change quickly. Areas that may have been considered a hot spot last year may no longer be considered a hot spot this year. This is why you need to do your research on areas that are developing and monitor population growth and housing demand. Also, if this second property is going to be an investment, remember, you are not looking for a property that will suit your needs. So, the location and type of property could very well be completely different to a home you want to live in. 
</li>
<li>
Management of Extra Costs If you are purchasing a second property as an investment, then money management will be extremely important. This purchase will have a big impact on your budget, so you will need to make sure you can handle it. It is important that you have enough income to cover mortgage repayments for all of your properties. Although the rental income can be used to help pay off the loan, you may experience vacant periods and will have to produce the money for repayments from another source. The more properties you purchase, the easier the process should become. However, it does not mean you should stop doing your research.
</li>
</ol>
Heidi Armstrong is the CEO for <a href="https://www.statecustodians.com.au/home-loans" target="_blank">State Custodians Mortgage Company</a>. Heidi is an expert in personal finance, securitised lending and the mortgage industry and is passionate about educating borrowers to help make smart lending decisions.
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Four things to check off your list when buying your second property

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State government taxes on property decreased by $470 million (2%) to $20,335 million from 2010–11 to 2011–12, according to the latest ABS data.
It was mainly due to a decrease in stamp duties on conveyances of $572 million (5%) and a $74 million (23%) decrease in other stamp duties.
Local government taxation revenue increased $760 million (6%) from $12,449 million in 2010–11 to $13,209 million in 2011–12. Taxes on property are the sole source of taxation revenue for local governments.
Taxes on income increased $26,310 million (13%) while taxes on provisions of goods and services increased $2,172 million (2%). Taxes on income represented 59% of total taxation revenue for all levels of government and taxes on provision of goods and services, including the goods and services tax (GST) represented 24%.
Photo courtesy of Flickr/Creative Commons. 
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jchancellor-FAypfDUnLy

State government property tax revenue drops 

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Where is that rose bush from the courtyard? What happened to the mirror in the bathroom? Where did the dishwasher go? Wasn’t there a hose reel on the side of the garden shed?
These things were there when they signed the offer to buy and they assumed would be staying with the house as part of the purchase.
So, where exactly do buyers stand legally in this situation of missing items?
Thankfully, the law is on their side but it comes down to proper process. It’s about making sure the responsibilities of the seller have been met and that the paperwork was thorough at the time of signing the contract to purchase.
The seller has an obligation to advise the real estate agent if anything is excluded from the sale. This should be reflected in the contract.
<blockquote>
Owners have the right to exclude some things from a sale if they choose, but it’s important this is made clear at the beginning of the process.
</blockquote>
Usually, anything deemed to be a fixture will stay. This generally includes things that are nailed, screwed or otherwise fixed such as mirrors, floor coverings, curtains, towel racks, television aerials, light fittings and ceiling fans. But it also includes plants, paving slabs and garden sheds.
REIWA recommends that sellers fill out a disclosure statement when they offer a place for sale and REIWA agents have these available. They are not compulsory but they do give the agent a written record of exactly what is being sold and if anything is being removed by the outgoing owner.
Owners have the right to exclude some things from a sale if they choose, but it’s important this is made clear at the beginning of the process.
In the standard REIWA contract for the sale of land, it is a condition that the seller warrants ‘the property will be in the same state and condition it was in immediately before the contract date.’
If a seller wants to keep the dishwasher or a sentimental rose bush for example, that’s permissible so long as it’s properly declared to potential purchasers.
Buyers should always ask if anything is being excluded in a sale and, provided the selling agent has been correctly advised by the owner, there will be no misunderstandings.
Most often when things are removed after a sale it’s due to ignorance of the law by the outgoing owner and can usually be quickly remedied by the agent.
However, if buyers find this isn’t the case, that both they and the agent were not properly advised and the seller is being difficult, then buyers can take the matter to the local court to seek compensation for missing items.
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dairey-MVZf5ZguQC

Can the seller take items after the sale?

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While seven lenders have dropped 20 variable home loans by up to 0.17% this year, according to Finder.com.au, their money expert Michelle Hutchison warns that they aren’t always all they’re cracked up to be. In fact, this discount could cost you more if you don’t look beyond the figure.
A discount can mean good things for those looking for a better deal, however Hutchison notes that borrowers could be missing out on thousands of dollars.
"It's extremely important for borrowers to compare home loan deals, read between the lines, and be wary of discounted home loan rates,” she notes.
"Some lenders, including the major banks, market their home loans based on a discount off their standard variable rate. But the rate you end up with could be much more than other home loans in the market.”
Yellow Brick Road executive chairman, Mark Bouris, said that shopping around is crucial as they might not be as attractive when looking beyond the rate.
“People visit their bank thinking their loyalty is going to get them the best home loan rate, or they're attracted to a special offer, oblivious to the fact that the discount rate might not be competitive in the long run,” he said.
Bouris has regularly <a href="/expert-insights/finance/look-beyond-the-discount-rate-to-find-the-true-cost-of-your-mortgage-mark-bouris">urged borrowers to look beyond the discount to find out what it will really cost them</a>. He noted that advertisers often just advertise the discount, rather than the actual interest rate itself, which can make people think they are getting a better deal than they are.
Always look at the true costs, and have all the numbers at hand before you make a decision.
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Investor warning: Look closely at discount interest rates before switching

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Andrew Douglas McClure from Cheltehnham, Victoria, has received a five year ban after submitting falsified documents, including false accountant’s letters, as supporting evidence for home loan applications.
An ASIC investigation discovered that in 2010, McClure was referred applications from Money Choice Pty Ltd, which he processed. Money Choice’s credit licence was <a href="/news/property-investment-smsf-spruiker-matthew-george-director-of-money-choice-banned-by-asic-for-multiple-compliance-failures">banned in 2013, as well as director Matthew George given an eight year ban</a> for home loan related misconduct.
However, McClure was found by ASIC to have submitted false letters and unverified documentation in support of three loans that Money Choice referred to him. He had been a credit representative at RAMS Financial Group Pty Ltd from 1 July 2010 to 8 August 2011.
McClure admitted to creating and then submitting the false letters in relation to non-Money Choice customers as well, on four home loans in 2010 and early-2011, actions which deputy chairman Peter Kell said puts consumers in financial difficulty should they find they cannot afford them in the long run.
“We will act to ensure those who engage in this conduct are removed from the industry,” said Kell.
McClure does have right of appeal.
ASIC has been active in assisting in the conviction and banning of mortgage brokers who fraudulently submit loan documents, including a case in December of <a href="/expert-insights/mortgage-broker-convicted-of-providing-banks-false-info-to-secure-7-5m-of-loans-asic">Dural, New South Wales broker Hee Seng Lee, who secured $7.5 million of loans using falsified documents</a>.
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False accountant letters and loan documents sees ASIC dole out five year ban

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Business groups have hit out against the federal government’s so called “debt levy”, saying a potential increase in personal income tax in next month’s budget would unfairly hit small businesses.
<a href="https://www.afr.com/p/national/business_says_no_to_deficit_tax_aA1PXsBY1lVZrKsP834C9I" target="_blank">Fairfax reports</a> Prime Minister Tony Abbott has not ruled out a temporary increase to income tax to address the current budget deficit and a senior source has said that the levy is “on the table”.
The speculation comes as Abbott and Treasurer Joe Hockey continue their efforts to <a href="https://www.smartcompany.com.au/legal/politics/41665-hockey-s-budget-roadmap-industry-assistance-age-pension-and-welfare-payments-on-treasurer-s-hit-list" target="_blank">soften the public reaction to the budget</a>. This year’s budget is expected to outline ambitious plans to dramatically reduce government spending in a bid to find a way back to surplus in the next 10 years.
Head of policy at CPA Australia, Paul Drum, told SmartCompany that “it should not be forgotten that the majority of businesses are unincorporated” and that “lifting income tax rates, even on a one-off basis, will hit small business hard and may act as a disincentive for consumer spending and business investment.”
Australian Chamber of Commerce chief operating officer John Osborn told Fairfax an increase in personal income tax would be inconsistent with the government’s plans to offer tax relief to businesses through the scrapping of the mining and carbon taxes and cutting company tax.
“This would be unfair and inconsistent for small business,” said Osborn. “Any income tax [increase] would be an unwelcome surprise from a new government that promised no new taxes and no surprises before the election.”
Australian Industry Group chief executive Innes Willox also slammed the proposal, saying a tax increase would have a negative effect on private sector demand, which is already feeling the effects of below-trend economic growth and flat labour market conditions.
“Raising income tax rates inflects a heavy excess burden on the working of the economy and is likely to do more harm than good,” said Willox.
However, Drum said “speculating on hypothetical tax adjustments, in isolation, is very difficult and may not be helpful”.
“This pre-budget period, with all the leaks and unconfirmed initiatives – from <a href="https://www.smartcompany.com.au/legal/politics/41533-are-you-ready-to-work-until-you-re-70-hockey-flags-plans-to-raise-retirement-age" target="_blank">pensions</a> to health co-payments to the ABC and CSIRO – is wearing us all down. The idea of a budget is that all measures are taken together [and] that’s what we need to see,” he said.
This article first appeared on <a href="https://www.SmartCompany.com.au">SmartCompany</a>.
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jake-cSmGT7VXVf

Business groups hit out at federal government's 'debt levy'

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The Australian Securities and Investments Commission (ASIC) has cancelled the Australian financial services licence of Banksia Mortgage Limited.
Banksia Mortgage is the mortgage provision arm of Victoria’s Banksia Financial Group, a non-bank lender which <a href="/news/victorian-non-bank-lender-banksia-securities-collapses">collapsed in 2012</a>.
The Supreme Court of Victoria made orders authorising Banksia Mortgages to wind up the Banksia Mortgage Fund in August last year. The portfolio of funds was sold in December 2013, with $85 million distributed to 1,200 investors.
Banksia Mortgages applied to ASIC to cancel its financial services licence earlier this month to cut costs and allow the transferal of money to another Banksia subsidiary, Banksia Securities limited.
According to ASIC, most Banksia Mortgage Fund investors have received 100% of their money plus interest, with about 108 still to be paid the entirety of their money. Banksia Securities Limited investors have so far received 80 cents to the dollar from receiver McGrathNicol.
The Banksia Financial Group’s $650 million collapse has affected thousands of investors, mostly in regional Victoria. Prior to its collapse, its equities to loan ratio stood at 3.6%, meaning that the lender held $3.60 for every $100 of loans. 
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