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>

Joel Robinson

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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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

Local Little Bay residents, along with buyers from premium postcodes across Sydney’s affluent Eastern Suburbs, have dominated purchases in developer-builder Urban Property Group’s first Eastern Suburbs apartment development, <a href="https://www.apartments.com.au/new-apartments/este-little-bay-jennifer-street-little-bay-nsw-2036">ESTE Little Bay</a>.

The $250 million coastal project, one of the first new developments in the area in several years, has proven particularly popular with downsizers, especially those from Coogee and Bondi. One Double Bay downsizer paid $4.7 million for a four-bedroom penthouse, setting a new local apartment price record in the process.

Buyers have been attracted to the combination of coastal tranquillity, premium design and amenity-rich neighbourhood living. The walkable village setting, along with proximity to three of Sydney’s leading golf courses, New South Wales Golf Club, St Michael’s Golf Club and The Coast Golf Club, has also been a key drawcard.

[smartcode_project:default project_id=112343 project_image_fid=352689]

Built across two low-rise buildings designed by <a href="https://www.apartments.com.au/architects/hill-thalis-architecture-urban-projects-pty-ltd">Hill Thalis</a> and set along a lush, landscaped green spine, designed by leading landscape architect <a href="https://www.apartments.com.au/landscape-architect/arcadia-landscape-architecture">Arcadia</a>, ESTE Little Bay offers a collection of one, two, three and four-bedroom residences with interiors by Richards Stanisich.

<a href="https://www.apartments.com.au/developers/urban-property-group">Urban Property Group</a> Sales Director, Tom McIvor said the response to ESTE has been "nothing short of extraordinary."

“Buyers have been quick to recognise ESTE as a rare opportunity to invest in a coastal sanctuary that offers both seclusion and connectivity to the heart of Sydney,” McIvor said.

[smartcode_project:default project_id=112343 project_image_fid=352687]

<a href="https://www.apartments.com.au/project-marketer/srm-residential">SRM Residential</a> Senior Director, <a href="https://www.apartments.com.au/project-marketer/srm-residential">Clayton Ross</a> said the local market has responded incredibly well, driven by ESTE’s exceptional location and the rarity it offers.

“We’ve seen strong interest from a variety of buyer groups, all of whom are drawn to the exclusivity and quality of the build and construction by the 4.5-star iCIRT-rated builder / developer, Urban Property Group. There’s truly nothing else like it along Sydney’s coastline.”

[smartcode_project:default project_id=112343 project_image_fid=352690]

The project also includes robust buyer protections, including Resilience Insurance’s Latent Defects Insurance, providing 10 years of structural cover, and an independent iCIRT-rating of the developer.

“The iCIRT-rating adds another layer of confidence,” Ross added. “Buyers see it as a safeguard for their investment and their lifestyle.” A highlight of ESTE’s offering is its exclusive wellness amenities, including a heated rooftop infinity pool and outdoor heated spa, a state-of-the-art Technogym fitness centre, and a sauna.

<a href="https://www.apartments.com.au/new-apartments/este-little-bay-jennifer-street-little-bay-nsw-2036">ESTE Little Bay</a> is topped out and is on track to complete towards the end of 2026, with residents moving in before Christmas.

[smartcode_project_cta:default project_id=112343]

Eastern Suburbs buyers snap up ESTE Little Bay apartments

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>
A Gold Coast developer, who also runs a strip club in Hobart, has been arrested in connection with an alleged Ponzi scam.
Bradley Keith Silver of Hobart has been charged with fraud offences totalling $2.32 million following an investigation by market watchdog, the Australian Securities and Investment Commission.
Silver was arrested by the Australian Federal Police on July 20 and brought before the Brisbane Magistrates Court the same day. 
The ASIC has charged Silver with seven counts of fraud under s408C of the Queensland Criminal Code, which carry a maximum prison term of 12 years and six counts of dishonest use of his position as a director under s184 of the Corporations Act (maximum sentence of imprisonment of five years).
Silver was released on conditional bail to appear in the Brisbane Magistrates Court on 25 August, the ASIC said in a media release. His bail conditions include that he surrender his passport. 
The matter is being prosecuted by the Commonwealth Director of Public Prosecutions.
Between 2008 and 2010, Silver was the director of a Gold Coast property development company known as Capital Growth International Club Pty Ltd (CGIC) and associated with a company known as All About Property Developments Pty Ltd (AAPD). 
In February 2011, the companies were placed into liquidation owing investors about $9 million, the ASIC said.
The company, where unconventional “low-doc” loans were allegedly offered to clients as old as 98, was the subject of a Senate economics committee’s inquiry into bank practices in 2012 involving Westpac’s former Pacific Fair home lending manager David St Pierre.
The customers were promised "safe" returns of up to 20 per cent a year to invest in CGIC.
Silver also operates Hobart’s Men’s Galley and Launceston’s Show Girls, according to The Mercury. 
 
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jonathanchancellor-7SQnKwU6yx

Developer charged with alleged Gold Coast ponzi scam

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ASIC has started legal action in the Federal Court in Melbourne to wind up a land banking scheme known as the Realestate Equity Investment Trust (REIT) and an associated company, Timeline Project Management Pty Ltd (Timeline).
The REIT scheme owns land located at Flinders Avenue in Lara, Victoria.
ASIC understands that at least 82 investors have invested a total of at least $800,000 into the REIT scheme and that, since 2013, investors have been making payments in respect of their investment to Timeline.
Lotus Pty Ltd (in liquidation) was the responsible entity which managed the REIT scheme until 21 September 2016 at which time its Australian financial services licence was cancelled by ASIC for various compliance breaches.
It was placed into liquidation on 14 December 2016, on the application of a creditor.
ASIC alleges that REIT is operating as a managed investment scheme in circumstances where it has no responsible entity and no reasonable prospects of obtaining one.
The matter is listed for hearing at the Federal Court in Melbourne on 4 August, 2017 at 9.30am.
These proceedings are part of ASIC's wider and ongoing investigation into land banking schemes.
1. What steps has ASIC taken?
Following an investigation, ASIC started proceedings on 25 July, 2017 in the Federal Court of Australia to wind up:
<ul>
<li>Realestate Equity Investment Trust (ARSN 094 623 515) (REIT), and</li>
<li>Timeline Project Management Pty Ltd (ACN 145 830 851) (Timeline).</li>
</ul>
If ASIC's application is successful then liquidators will be appointed to REIT and Timeline.
2. Why did ASIC issue the proceedings?
REIT is a land banking scheme which owns land at 490 Flinders Avenue, Lara, Victoria, which was intended to be rezoned and developed.
ASIC understands that at least 82 investors have invested at least $800,000 in the REIT scheme.
Lotus Securities Pty Ltd (Lotus) was the former responsible entity of REIT.
On 21 September 2016, ASIC cancelled the Australian financial services license (AFSL) of Lotus due to a number of compliance concerns including failure to lodge financial statements for Lotus (for the years 2014 onwards) and REIT (for the years 2012 onwards). 
Lotus was not permitted to act as a responsible entity following the cancellation of its AFSL and no new responsible entity has been appointed.
Lotus is now in liquidation, having been wound up by the Court on 14 December 2016, on application by a creditor. 
ASIC understands that, since June 2013, investors have been making payments in respect of their investment to a bank account in the name of Timeline.
Timeline is not (and has never been) the responsible entity of REIT.
ASIC commenced these current proceedings to protect the interests of investors in the REIT scheme given ASIC’s allegations in the proceedings that, amongst other matters:
<ul>
<li>REIT has been operating despite it not having a validly appointed responsible entity as required under the Corporations Act 2001 (Cth) (the Act)</li>
<li>the REIT scheme appears to be unviable given that there has been no progress in developing the real estate investments of the fund since the initial fundraising</li>
<li>financial statements for REIT have not been prepared or lodged with ASIC since 2012, and</li>
<li>the interests of investors appear to be prejudiced due to the fact that they are still paying monies apparently into the scheme via a bank account held by Timeline.</li>
</ul>
3. What orders does ASIC want the Court to make?
ASIC is seeking orders from the Court to wind up, and to appoint liquidators to, each of REIT and Timeline.
The application is listed before the Court on 4 August, 2017.
4. Will investors get a refund?
ASIC is not seeking compensation or refunds for investors in these proceedings. 
However, if the Court orders the winding up of REIT and Timeline there may be a return to creditors as part of the liquidation process.
The realisation of assets and any distribution to investors will be undertaken by the liquidators appointed by the Court.
5. What rights do investors have?
ASIC is unable to advise investors as to any rights that they may have in relation to ASIC's application.
If investors wish to be represented at the hearing of ASIC's application, then they should seek legal advice.
Investors may also wish to seek independent legal and/or financial advice in relation to their investment in the REIT scheme.
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j.ballantyne1990-6AQqhLzZaK

ASIC acts to wind up a land banking scheme

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MyState Bank Limited (MyState), a Tasmanian bank, has refunded more than $230,000 in over-charged interest and fees to more than 1,040 customers with mortgage offset accounts.
Following a customer complaint, and after a review of its accounts, MyState found that some customers:
<ul>
<li>Did not have their offset accounts linked to their mortgages – meaning that they were over-charged interest</li>
<li>Were charged ‘offset account’ fees after their loan had been discharged or changed to a kind that could not be linked to an offset account.</li>
</ul>
This was due to errors in MyState’s manual administration processes, including failures to link loans and offset accounts, and failures to deal with offset accounts when loans were switched or discharged.
The matter was reported to ASIC by MyState.
MyState has worked with ASIC to refund customers and improve its internal processes, including by ensuring employees have appropriate account administration training.
"Banks need to ensure that their products are delivering the benefits that they are promoting," ASIC Deputy Chair Peter Kell said.
"This is another example of a single customer complaint revealing a systemic issue, and we are pleased that MyState has taken the appropriate action in response."
MyState has contacted customers who are eligible for a refund. Customers who have questions about their accounts should contact MyState on: 138 001.
MyState is a wholly owned subsidiary of MyState Limited, a national diversified financial services group headquartered in Tasmania.
The breach was detected when a customer enquired about their accounts being linked. MyState conducted a review of accounts set up in a similar manner.
MyState found customers with loans and unlinked offset accounts, customers with offset accounts but no loans, and customers with offset accounts together with ineligible loan products.
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MyState refunds more than $230,000 of over-charged fees and interest

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Financial Choice Pty Ltd (Financial Choice), an Australian financial services provider, has paid two ASIC infringement notice penalties totalling $21,600, after making misleading representations in marketing emails sent to consumers and on its website.
The first infringement notice related to a representation made by Financial Choice in bulk emails the company sent to around 215,000 consumers in 2016.
The emails falsely stated that Financial Choice had been asked by the consumer’s superannuation fund to conduct a survey about their superannuation. 
The second infringement notice related to misleading representations on the website findmysuper.com.au, which is operated by Financial Choice. 
ASIC considered that those representations would lead consumers to believe that they needed to use Financial Choice’s services to:
<ul>
<li>find their lost superannuation for free; and</li>
<li>maintain contact with their superannuation fund while overseas. </li>
</ul>
The representations were false and misleading given the other ways consumers can search for lost superannuation (including the free service offered by the Australian Taxation Office), and maintain contact with their superannuation fund.
As a result of ASIC’s concerns, Financial Choice has:
<ul>
<li>agreed to stop sending communications that state or imply that Financial Choice is seeking consumers’ opinions because superannuation funds have asked it to do so; and</li>
<li>removed the misleading statements from the Find My Super website.</li>
</ul>
ASIC Deputy Chair Peter Kell said, “Consumers can be heavily influenced by promotional materials published by financial services providers.
“For this reason, ASIC will continue to take action where we believe those materials are misleading. 
“Firms must ensure their marketing materials and promotional statements are based on fact.”
Under the ASIC Act, a person involved in the supply or promotion of financial services must not make false or misleading representations:
<ul>
<li>that services have sponsorship, approval, performance characteristics, uses or benefits (s 12DB(1)(e));</li>
<li>that the person making the representation has a sponsorship, approval or affiliation (s 12DB(1)(f)); or</li>
<li>concerning the need for any services (s 12DB(1)(h)).</li>
</ul>
The payment of an infringement notice is not an admission of a contravention of the ASIC Act consumer protection provisions.
ASIC can issue an infringement notice where it has reasonable grounds to believe a person has contravened certain consumer protection laws.
ASIC has taken action for false and misleading online-representations against other entities.
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Financial Choice pays $21,600 in penalties for false and misleading representations

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Bankwest, the Commonwealth Bank of Australia subsidiary, has raised rates for existing interest-only owner occupiers.
The increase of 35 basis points is the latest move to rein in higher-risk loans.
The lender is decreasing lending on selected principal and interest products by up to 15 basis points to encourage property buyers to switch to, packages requiring principal repayment.
Transfer fees will be waived for existing borrowers with the bank switching to principal and interest loans.
"Bankwest is mindful of its broader obligations as a responsible lender and aims to balance the needs of customers, shareholders and regulators when reviewing products and pricing," a spokesman for the bank to The Australian Financial Review.
"These changes are being made in line with regulatory guidance."
From Tuesday, principal and interest investor and owner occupier loans will be reduced by 15 basis points and 12 basis points respectively.
From October, existing investor and owner occupier interest-only loans will be increased by 25 basis points and 35 basis points respectively.
It also created a new category of low-deposit loans for those with less than 5 per cent deposit by raising rates to 5.29 per cent, up from 4.53 per cent.
The new rate is inclusive of expensive lenders' mortgage insurance. The comparative rate, which takes into account all fees and charges, will rise from 4.94 per cent to 5.69 per cent.
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Bankwest raises rates for existing interest-only owner occupiers

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ASIC has permanently banned Ms Thuy Thi VU, a former finance analyst in Darwin, NT from the credit and financial services industries.
Ms Vu, a former finance analyst in the Darwin branch of Alldrive Holdings Pty Ltd, trading as United Financial Services (WA), was convicted on nine charges of submitting false or misleading information to Esanda in support of loan applications.
ASIC's investigation found that Ms Vu changed loan applicants' postcodes from remote to suburban postcodes and submitted the applications.
Generally, the loan applicants had been referred to United Financial Services WA (UFS) for finance by car yards in the Northern Territory as they were seeking finance.
ASIC Deputy Chair Peter Kell said, “Dishonest conduct exposes consumers and credit providers to financial risk. ASIC will not hesitate to take banning action to remove those engaging in misleading conduct from the industry”.
Ms Vu has the right to appeal to the Administrative Appeals Tribunal (AAT) for a review of ASIC's decision.
ASIC's investigation found that between June and August 2015, Ms Vu submitted nine loan applications containing false information and documents relating to the borrower's residential address postcode.
The loans were approved and disbursed, totalling $238,069.
The false information resulted in loans being approved that the lender would otherwise have rejected or referred for further assessment.
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ASIC permanently bans former Northern Territory finance analyst for suburb postcode switch

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Treasurer Scott Morrison said this week's central bank’s possible hint about rate increases doesn’t indicate the bank is heading there anytime soon.
Morrison was responding to Ross Greenwood’s questions on his show on Money Show on 2GB.
The Reserve Bank of Australia estimated the neutral nominal cash rate would be around 200 basis points above its current level in comments contained in minutes of the RBA’s July 4 policy meeting.
The RBA’s estimate suggests the cash rate target will need to rise from 1.50 per cent currently to 3.5 per cent over an unspecified time, but Treasurer Morrison was keen not to alarm mums and dads.
Asked about the implications for households that have significant debt at the moment and also potentially for the future of the Australian economy, while also considering the budget’s deficits and surpluses and therefore the government’s debt, Morrison said he didn’t think there “are any real implications to that in the short term, or in the medium term or even beyond that”.
He said these sorts of things are “topics for economists’ picnic most of the time”, they are important no doubt, but mainly relate more to analysts who take a keen interest in key technical issues rather than the mums and dads or small businesses.
Morrison said he wouldn’t jump to any conclusions yet about the implications.
"I wouldn’t be leaping into any sort of early conclusions about having any indirect implications as we speak. These are important analyses to be undertaken but they mean more for the analysts taking a keen technical interest in these issues than they do for mums and dads or small businesses," he said.
He said the Reserve Bank had showed tremendous patience and discipline, referring to central banks cutting rates across the world, while the RBA didn’t take them down as far as the rest of the world. He said that while there was some movement with the Fed and in Europe, they are still “well below where we are today”.
Referring to RBA's minutes, Morrison said, "What that analysis that became public in the minutes in any way indicates that the bank is heading there anytime soon. Obviously, that’s a position for them. They’re an independent bank. But they will continue to have regard to the employment market, where inflation is and all of these issues.”
Morrison said the RBA had taken astute judgments in this regard, and commended both former RBA Governor Glenn Stevens and current chief Philip Lowe.
On the question of APRA raising capital requirements for banks to 10.5 percent, he said it was part of the move to build an unquestionably strong financial sytem.
The Treasurer struck a positive note on banks’ resilience and the regulatory framework, saying “we have arguably one of the strongest, most stable banking and financial systems in the world” and said the new bank levy as announced in the budget was still modest.
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Speculation of RBA raising rates is topic for "economist picnics", not for mums and dads for now: Scott Morrison

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The latest Census data shows mortgage stress has eased, but of course even a small interest rate rise will send many households, and even the economy, back onto struggle street.
The national research by the Grattan Institute showed highly indebted households were clustered on the fringes of capital cities rather than in the wealthiest suburbs of the inner ring.
Sydney suburbs under mortgage stress included Preston, Hoxton Park, Carnes Hill, West Hoxton, Middleton Grange, Hinchinbrook and Chullora.
The suburbs deemed as not under mortgage stress included North Bondi, Tamarama, Bronte, Double Bay, Bellevue Hill, Sydney, Haymarket, The Rocks, Balmain, Newtown, Camperdown and Darlington.
Mortgage stress was defined as spending 30 per cent or more of household income on home loan repayments.
"In 2011, about 10 per cent of households had mortgage stress. Today it's only 7 per cent," Grattan Institute chief executive John Daley said.
"What the census data shows is that the areas of high stress are a little further out from the metropolitan areas in 2016 than in 2011 because new housing estates are further out," Mr Daley noted.
Although the outer ring house prices are cheaper, incomes are likely lower and loan-to-value ratios are higher because more people have actually only just purchased a property.
Our overall low interest rates have made it easier for most households to meet mortgage repayments.
"If interest rates went up 2 percentage points, which is possible, stress levels would be the highest on record apart from the squeeze in 1989, which scarred a generation of home-owners," John Daley said. 
The Reserve Bank of Australia's recent data on household debt show it stood at 190 per cent of annualised disposable incomes confirming Australia has one of the world's highest private debt burdens.
Treasurer Scott Morrison has acknowledged this private debt load.
It was a reason the government supported moves by the Australian Prudential Regulation Authority and Reserve Bank's to further crackdown on interest-only lending especially for home buyers. 
The regulatory response has helped slow price growth in Sydney which was rising at an annual pace of almost 20 per cent in late 2016. It is now down to 12 percent annual growth according to CoreLogic.
The systemic risk of people not being able to repay their home loans appears small. 
In fact the proportion of people who have very high exposure to a fall in house prices – with loan to valuation ratios above 90 percent – has been in decline. 
The basic picture is one of prudent households, rather than a community of people gambling on house price rises, Rodney Maddock, Adjunct Professor of Economics, Monash University said recently.
None of this is to deny that house prices can fall, and that interest rates will rise, but somehow most of us will find a way to endure any challenging landscape.
This article first appeared in the Daily Telegraph.
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jchancellor-FAypfDUnLy

Mortgage stress eases in the city but future rate rises will impact the fringe households

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Australian Finance Group has released the AFG Mortgage Index for the final quarter of the 2016/17 financial year.
AFG CEO David Bailey noted that the non-major share of the market is now at 35 percent.
<a href="https://www.propertyobserver.com.au/images/2017/07/13/Screen%20Shot%202017-07-13%20at%201.07.08%20pm.jpg" target="_blank">Click to enlarge</a>
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2017/07/13/Screen%20Shot%202017-07-13%20at%201.07.08%20pm.jpg" alt="">
“Significant structural change to the lending market brought about by tighter lending rules has seen increased flows of business to the non-major lenders.”
<a href="https://www.propertyobserver.com.au/images/2017/07/13/Screen%20Shot%202017-07-13%20at%201.07.18%20pm.jpg" target="_blank">Click to enlarge</a>
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2017/07/13/Screen%20Shot%202017-07-13%20at%201.07.18%20pm.jpg" alt="">
“As the majors re-price their mortgages and change lending policies to meet regulatory caps, consumers are turning to mortgage brokers to get a full picture of the choices on offer in such a competitive market,” he said.
<a href="https://www.propertyobserver.com.au/images/2017/07/13/Screen%20Shot%202017-07-13%20at%201.07.26%20pm.jpg" target="_blank">Click to enlarge</a>
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2017/07/13/Screen%20Shot%202017-07-13%20at%201.07.26%20pm.jpg" alt="">
“The non-major lenders are helping fill the void left by some of the majors and consumers are benefiting from the fact that a mortgage broker can offer products from those lenders without a branch network.”
<a href="https://www.propertyobserver.com.au/images/2017/07/13/Screen%20Shot%202017-07-13%20at%201.07.34%20pm.jpg" target="_blank">Click to enlarge</a>
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2017/07/13/Screen%20Shot%202017-07-13%20at%201.07.34%20pm.jpg" alt="">
A series of rate rises and policy changes has also had an impact on the investment market.
<a href="https://www.propertyobserver.com.au/images/2017/07/13/Screen%20Shot%202017-07-13%20at%201.07.44%20pm.jpg" target="_blank">Click to enlarge</a>
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2017/07/13/Screen%20Shot%202017-07-13%20at%201.07.44%20pm.jpg" alt="">
“In what will no doubt be welcome news for the regulator, investment lending has dropped to 31% of our total lending for the quarter as lenders continue to tighten their criteria,” said Mr Bailey.
Refinancing figures are also down from 35% to 29% as re nance options for borrowers with interest only or higher LVR investment loans decrease and others choose to stay put until the market settles.
<a href="https://www.propertyobserver.com.au/images/2017/07/13/Screen%20Shot%202017-07-13%20at%201.07.53%20pm.jpg" target="_blank">Click to enlarge</a>
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2017/07/13/Screen%20Shot%202017-07-13%20at%201.07.53%20pm.jpg" alt="">
Lender policy restrictions have also seen the average loan size fall in every state apart from Queensland.
“The part of the market that has been virtually untouched by regulators and lenders is the principle and interest owner category.
“As a result, those opting to upgrade their homes have increased from 34% to 39% in response to some attractive lending offers,” he concluded.
In a sign that homeowners are picking the bottom of the market for interest rates, the number choosing to fix their rate has jumped significantly to finish the quarter at 23.7%.
<a href="https://www.propertyobserver.com.au/images/2017/07/13/Screen%20Shot%202017-07-13%20at%201.08.15%20pm.jpg" target="_blank">Click to enlarge</a>
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2017/07/13/Screen%20Shot%202017-07-13%20at%201.08.15%20pm.jpg" alt="">
<a href="https://www.propertyobserver.com.au/images/2017/07/13/Screen%20Shot%202017-07-13%20at%201.08.25%20pm.jpg" target="_blank">Click to enlarge</a>
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2017/07/13/Screen%20Shot%202017-07-13%20at%201.08.25%20pm.jpg" alt="">
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Non-majors and fixed rates in favour among home borrowers

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Proptech company Peer Estate has raised $2.5 million online for a development site in Port Melbourne.
There was no “offline” raising at all, Peer Estate said in a media release.  
Peer Estate, backed by real estate investment manager Qualitas, says it is Australia's first peer-to-peer real estate marketplace. 
It allows everyday investors to invest in major property deals, which is significant at a time when banks are cracking down on investor loans. 
Investors can put in as little as $5000, which is then combined with other investors and the pooled in funds are lent to owners and property developers. 
Investors earn returns through the interest they pay.
Peer Estate CEO and founder, Adam Broder, said he was surprised the investment offer was fully subscribed after just 2 hours of launch. 
“This validated our model and belief that investors are willing to transact in the peer-to-peer lending space, solely online,” he said.
“Our investors see the benefit of good risk adjusted returns being able to provide lowly leveraged loans into a sector that the banks find difficult.”
He said loans are approved within a week and underwritten for security.
“Whilst we are only open to Wholesale Investors, many of our investors do not have the access and ability to invest alongside Family Offices and Pension Funds in these traditionally private investment options. Peer Estate provides this access,” he said.
Features of the investment include, as per Peer Estate:
<ul>
<li> First mortgage on inner Melbourne development site (Port Melbourne)</li>
<li> 10% interest net to investors paid monthly</li>
<li> LVR of 60%</li>
<li> Maximum term of 12 months</li>
<li> Already underwritten and settled by Peer Estate</li>
<li> Planning permit secured and in place</li>
</ul>
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