Builder-developer&nbsp;<a href="https://www.apartments.com.au/developers/graya">Graya</a> has secured a prime Newstead site from fellow developer Fraser, subsequently lodging plans for The Silo, a major mixed-use residential project in Newstead designed around a new public laneway linking the James Street precinct with the wider Gasworks and Newstead neighbourhood.

Proposed for the corner of Chester and Morse streets, the <a href="https://www.apartments.com.au/architects/bureauproberts">Bureau^Proberts</a>-designed project places its strongest emphasis at ground level, where retail, landscaping and a new cobblestone pedestrian connection would open the site to the surrounding neighbourhood. The design team describes The Silo as “more than a residential building”, positioning the development as an extension of Newstead’s public realm rather than a standalone apartment tower.

“A new cobblestone laneway and landscaped connection between James Street and Gasworks unlock a missing pedestrian link, improving walkability and stitching together two of Brisbane’s significant urban destinations,” Bureau Proberts said in its Urban Design Report.

<img alt="First look: Graya plans The Silo as new pedestrian link between James Street and Gasworks" data-entity-type="file" data-entity-uuid="0ea1b06a-75f5-40a5-b2c5-33c97bc86052" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/silo%20bldg.png?VersionId=KmjsAtNePu57_B31EM_DJ5T6KPJHtcmo" />

The Silo is planned as a mixed-use development incorporating apartments alongside a bar and centre activities including food and drink outlets, indoor sport and recreation, office and retail uses.

Architecturally, Bureau Proberts has conceived the building as a collection of vertically expressed, stepping forms rather than a single uniform tower. The composition rises from an articulated podium before being broken by a triple-height landscaped recreation level, with the upper section becoming more compact before terminating in a landscaped rooftop garden.

The project's name and architectural language draw directly from Newstead's industrial history. Patterned off-form concrete is proposed as the principal façade material, complemented by slender metal rod balustrades and extensive planting. The cylindrical and vertically ribbed elements give the building its silo-like expression, while curved balconies and planted edges introduce a softer subtropical layer.

“The Silo reinterprets its robust forms, scale and materiality through a contemporary subtropical architectural expression, creating a building that acknowledges its industrial legacy, while responding to the way the precinct is occupied today,” Bureau^Proberts said.

The recreation level is one of the defining breaks in the tower. Plans include a lap pool, mature subtropical planting and shared resident facilities within an elevated communal garden. Landscaping continues through the podium and onto the rooftop, where a further garden forms what the architects describe as a “subtropical crown” to the building.

<img alt="First look: Graya plans The Silo as new pedestrian link between James Street and Gasworks" data-entity-type="file" data-entity-uuid="f8451036-35a4-49a9-8d88-2ef4438eba3d" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Silo%20Lane.png?VersionId=h8N31_rYmCEqoNrpt4kbYVQhJGZn60LH" />

At street level, the development has been designed to establish a more permeable block. Retail and hospitality tenancies address the public realm, while landscaped pedestrian spaces lead into the new laneway connection. Renders in the design report show the proposed “Silo Lane” as a substantial opening through the podium, framed by cylindrical concrete forms with cascading planting above.

The Silo continues Graya's move into larger apartment developments after building its reputation across high-end residential projects in Brisbane and the Gold Coast.

Joel Robinson

Graya buys Frasers Newstead site, plans The Silo between James Street and Gasworks precincts

<a href="https://www.apartments.com.au/developers/wickton">Wickton</a>’s completed Linacre Rise development in Hampton is giving Bayside downsizers the opportunity to move into a spacious apartment near the beach, with the developer covering stamp duty for a limited time.

The 27-residence development has been designed for buyers who want to simplify their living arrangements without giving up the space, warmth and quality associated with a long-term family home. Most apartments have already been secured by Bayside locals, leaving a select collection of two and three-bedroom residences and penthouses available.

Two-bedroom apartments are priced from $1.275 million, three-bedroom residences from $2.25 million and penthouses from $3.375 million, with the completed homes available to inspect and move into now.

[smartcode_project:default project_id=95289 project_image_fid=366760]

<a href="https://www.apartments.com.au/buildings/linacre-rise-hampton-8-10-linacre-road-hampton-vic-3188">Linacre Rise</a> occupies an elevated position on one of <a href="https://www.apartments.com.au/developments/hampton-vic-3188">Hampton</a>’s quiet, tree-lined streets, around 250 metres from the bay and 500 metres from Hampton’s village centre. Its setting gives residents access to the beach, local cafés, shops and Hampton Train Station while retaining the feel of an established residential neighbourhood.

Architecture and interiors by <a href="https://www.apartments.com.au/architects/ewert-leaf">Ewert Leaf</a> draw on the warmth and permanence of traditional brickwork, with the building integrated into terraced landscaping by <a href="https://www.apartments.com.au/landscape-architect/john-patrick-landscape-architects">John Patrick</a>. Ground-floor apartments are elevated above the street and include private garden courtyards, while several upper-level residences have generous balconies and outlooks toward the bay.

Inside, the residences favour natural materials and generous proportions. Herringbone-pattern European oak flooring, natural stone benchtops, premium joinery and Swiss V-ZUG appliances are among the key inclusions, while integrated storage has been incorporated across kitchens, bathrooms, studies and living areas.

The kitchens have been planned as practical spaces for both everyday use and entertaining, with substantial island benches, detailed cabinetry and adjoining dining and living zones. Full-height wardrobes, plush bedroom carpeting and carefully considered lighting reinforce the residential character Wickton sought to retain for buyers moving from larger homes.

[smartcode_project:default project_id=95289 project_image_fid=366769]

A Linacre Rise purchaser said the completed apartment had delivered the space, outlook and construction quality they had been seeking.

“The unit is very light, has views to die for over the bay, all construction materials and fittings are premium quality, we have secure parking for three cars, EV charging at very competitive rates, the neighbours are friendly and there is just a lovely ambiance about the place,” the purchaser said.

Environmental features include solar panels, shared electric vehicle charging stations, rainwater harvesting for toilet flushing and landscape irrigation, double-glazed windows and water-efficient fixtures and appliances.

[smartcode_project:default project_id=95289 project_image_fid=366762]

The development was built by Balmain &amp; Co, with Wickton managing the broader development process through its in-house team.

For downsizers, the project’s completed status removes much of the uncertainty associated with buying off the plan. Purchasers can inspect the finished apartments, understand their outlook and proportions, and move in without waiting for construction to conclude.

The remaining selection includes north-oriented balconies, corner configurations and penthouses with elevated bay views. The developer-paid stamp duty initiative is available for a limited time, with potential savings of up to $200,000 depending on the residence purchased.

[smartcode_project_cta:default project_id=95289]

Limited-time stamp duty offer at completed Linacre Rise apartments in Hampton

Luxury apartment buyers have long prioritised design, space and finishes, but increasingly they're placing equal importance on something less tangible: how easily they can live without relying on a car.

At <a>Richmond Square</a>, <a href="https://www.apartments.com.au/developers/fortis">Fortis</a> believes that convenience begins beyond the apartment itself, with the mixed-use precinct earning a near-perfect Walk Score of 99.

The development has been planned around the idea that some of the most valuable amenities aren't contained within a building, they're the restaurants, cafés, parks, transport connections and daily conveniences that can all be reached on foot.

Located just behind Swan Street and Church Street, <a href="https://www.apartments.com.au/new-apartments/richmond-square-1-wiltshire-street-richmond-vic-3121">Richmond Square</a> places residents within one of Melbo​u​rne's most established lifestyle precincts while offering a quieter residential setting removed from the busiest thoroughfares. East Richmond Station is moments away, trams run along both Swan and Church Streets, and the MCG, Melb​​ourne Park, Yarra River trails and the CBD are all within walking distance. At the same time, the precinct itself will introduce a curated mix of dining, retail, hospitality and wellness offerings, creating a destination that extends well beyond its residential buildings.

[smartcode_project:default project_id=13181 project_image_fid=348530]

For Fortis, that combination of location and scale was what made the site unique.

"<a href="https://www.apartments.com.au/developments/richmond-vic-3121">Richmond</a> is one of Melb​o​urne's most established and distinctive inner-city neighbourhoods, with a rare combination of dining, culture, recreation, public transport and proximity to the CBD," the developer said.

"The opportunity at Wiltshire Street was particularly compelling because the site sits slightly removed from the activity of Swan and Church Streets while remaining only moments from everything that makes the area desirable."

Rather than developing a standalone apartment building, Fortis consolidated 15 individual properties to create one of the larger development parcels assembled on Mel​b​ourne's city fringe in recent years. That allowed the team to deliver a genuine mixed-use precinct comprising 107 residences across Wiltshire House and Carmine House, premium office space, hospitality venues, retail, wellness offerings and a future 57-room hotel.

"The scale of the site allowed Fortis to think beyond a standalone apartment building," the developer said.

"Richmond Square could be planned as a complete lifestyle precinct, bringing homes, workplaces, dining, retail, hospitality and wellness together around a series of activated public spaces. The aim was to create a destination that feels connected to Richmond rather than separate from it."

[smartcode_project:default project_id=13181 project_image_fid=348533]

The emphasis on walkability has also resonated with buyers.

Interest has been strongest from established owner-occupiers, particularly downsizers from Richmond and Melb​ourne's inner east who want to remain close to familiar restaurants, workplaces, family and social networks while moving into a more secure, lower-maintenance home. The project is also attracting Mornington Peninsula and interstate buyers seeking a Melb​ourne residence they can lock up and leave between visits.

Many are looking for generous living spaces, room to entertain, quality finishes and confidence in the project team, but location remains one of the biggest deciding factors.

"For many buyers, Richmond Square provides a way to simplify the practical side of home ownership without reducing the quality of their lifestyle," the sales team said.

"Location is also a major driver of interest. Buyers can remain connected to the CBD, major sporting events, the arts centres, local restaurants, cafes and bars and their family while living in a private and secure residence that is easy to lock up and leave for weekends or longer periods away."

[smartcode_project:default project_id=13181 project_image_fid=348549]

The residences themselves have been designed with that buyer in mind. Award-winning architecture practice SJB and interior designers Hecker Guthrie have created spacious two and three-bedroom apartments and penthouses that prioritise generous living areas, natural light, bespoke joinery and private terraces. Above, a rooftop sanctuary by Acre includes landscaped lawns, bookable dining rooms, barbecue facilities, wellness spaces and panoramic views across the CBD, the MCG and Port Phillip Bay.

Fortis believes Richmond Square reflects a broader evolution in apartment living, where the surrounding neighbourhood becomes just as important as the residence itself.

"Richmond Square introduces a different proposition: generously proportioned residences within a genuinely mixed-use, hospitality-led destination," the developer said.

"The project's location and Walk Score of 99 further support a lifestyle where residents can complete many everyday journeys without relying on a car."

Fortis has assembled an experienced team that includes <a href="https://www.apartments.com.au/architects/sjb-architects">SJB</a>, <a href="https://www.apartments.com.au/interior-designers/hecker-guthrie">Hecker Guthrie</a>, <a href="https://www.apartments.com.au/landscape-architect/acre">Acre</a> and builder <a href="https://www.apartments.com.au/builders/hacer-group">Hacer Group</a>, reflecting the developer's commitment to creating projects with enduring design quality and meaningful connections to the communities in which they sit.&nbsp;

Richmond Square is an expression of that philosophy, bringing together homes, workplaces, hospitality and wellness within one of Me​lb​ourne's most walkable neighbourhoods.&nbsp;

Construction is now almost complete, providing purchasers with growing confidence ahead of its expected September 2026 completion.

[smartcode_project_cta:default project_id=13181]

Walk Score of 99 places Richmond Square at the heart of Melbourne's most connected lifestyle

<h3 data-end="19" data-section-id="1dvgwoe" data-start="0">Summary</h3>

<ul data-end="634" data-start="21">
	<li data-end="170" data-section-id="1o77v31" data-start="21">Walker Corporation has lodged plans for a second major residential development in the Maroochydore City Centre, a 29-storey tower known as Celeste.</li>
	<li data-end="327" data-section-id="1lb0y6t" data-start="171">The Plus Studio-designed proposal at Lot 30 Sunshine Coast Parade would deliver 208 apartments, including four four-bedroom sub-penthouses and penthouses.</li>
	<li data-end="487" data-section-id="za720" data-start="328">The application comes as Walker doubles down on Maroochydore following the strong sales campaign at SOL by Walker, where the first tower is nearing sell-out.</li>
	<li data-end="634" data-section-id="5sovec" data-start="488">Walker is a key partner in the transformation of the Maroochydore City Centre, which is expected to ultimately deliver at least 4,000 new homes.</li>
</ul>

Walker Corporation is doubling down on Maroochydore following the successful sales campaign at its first residential project in the emerging CBD.

The national developer has filed plans for <a href="https://www.apartments.com.au/new-apartments/celeste-30-sunshine-coast-parade-maroochydore-qld-4558">Celeste</a>, a new 29-storey apartment tower at Lot 30 Sunshine Coast Parade, just metres from its under-construction SOL by Walker development.

The plans, prepared by Plus Studio, would see 208 apartments delivered across a 100-metre tower on the 2,376 sqm site, which fronts Sunshine Coast Parade, First Avenue and Future Way within the Maroochydore Priority Development Area.

<img alt="Walker" data-entity-type="file" data-entity-uuid="17038209-6fea-4ed2-855d-fd4df65b3d02" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-10%20at%2010.24.16%E2%80%AFAM.png?VersionId=iZD.oVXcQn.aLpUytDAW.CWjxP4puWMy" />

The proposed apartment mix comprises 36 one-bedroom apartments, 48 two-bedroom apartments, 72 two-bedroom apartments with an additional multipurpose space, and 48 three-bedroom apartments.

The upper levels would be capped by two four-bedroom sub-penthouses and two four-bedroom penthouses, taking the total apartment count to 208. The preliminary yield study also provides 262 car spaces, 114 resident bicycle spaces and storage for each apartment.

It represents Walker's next major residential move in the new Maroochydore CBD after the success of SOL by Walker, its $220 million two-tower project nearby.

SOL launched to market in early 2025 and has since seen strong demand, particularly from local owner-occupiers. By February this year, Walker said the first SOL tower was nearing sell-out, with a strong waitlist also emerging for its recently released penthouse collection.

Construction is already underway on SOL, with the first tower expected to be completed in late 2027 and the second to follow in early 2028.

[smartcode_project:default project_id=147777 project_image_fid=319846]

<h2 data-end="2518" data-section-id="1b2dyo5" data-start="2459">Celeste to rise 100 metres over Maroochydore City Centre</h2>

Celeste would take a different form to the twin 19-storey buildings at SOL.

Plus Studio has designed a single 100-metre tower above an activated podium, with the architecture responding to the site's prominent position and three street frontages.

The podium would incorporate commercial tenancies and public art, with sweeping façade elements wrapping the street edges. The scalloped concrete podium has been inspired by the patterns created in sand at low tide, while extensive landscaping would continue vertically through the tower.

The ground level plans show three commercial tenancies addressing Sunshine Coast Parade alongside the residential lobby and landscaped public realm. The podium would then accommodate several levels of car parking before the residential tower rises above.

<img alt="Celeste" data-entity-type="file" data-entity-uuid="121f77b1-71c5-46d7-9b36-0a7d474211ca" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-10%20at%2010.24.47%E2%80%AFAM.png?VersionId=MGrg9Hb7HgzLN0Lelq_xrXNAruVl77ia" />

Plus Studio said the tower had been designed to maximise views from each apartment, taking in the Maroochy River, Sunshine Coast hinterland, Cotton Tree and Maroochydore Beach and ocean.

Those views have also shaped one of the project's key features, with Walker proposing to put the primary resident amenity on Level 29 rather than lower within the building.

The rooftop would feature a 284.9 sqm pool area with an infinity edge, along with a cold pool, spa, sauna, 93.2 sqm gym, sunset lounge, BBQ and dining areas, pool deck and private dining space. Cabanas and day beds are also shown across the recreation level.

The two penthouses would extend across the upper levels and each feature private terraces and plunge pools.

<h2 data-end="4202" data-section-id="v5f4ix" data-start="4160">Walker's growing Maroochydore footprint</h2>

Celeste further reinforces Walker's commitment to the transformation of Maroochydore City Centre.

Walker is one of the key partners delivering the new CBD alongside Sunshine Coast Council and SunCentral Maroochydore, with the broader 62-hectare Priority Development Area occupying the former Horton Park Golf Course and surrounding land.

The precinct is ultimately expected to accommodate at least 4,000 new homes as Maroochydore evolves into the Sunshine Coast's principal commercial and residential centre.

When SOL secured approval in February 2025, Walker Managing Director and CEO David Gallant described it as the "first of many residential projects" the company planned for the Maroochydore City Centre.

Celeste now provides the clearest indication yet of what comes next.

The site sits immediately within the new CBD, with the design report identifying Sunshine Plaza and surrounding parkland within walking distance and Maroochydore Beach around a five-minute drive away.

For Walker, the timing of the application comes as its first residential bet on the new CBD appears to have been vindicated.

SOL has progressed from planning approval to construction while its first release has approached sell-out, giving Walker confidence to push ahead with another 208 apartments and take its residential pipeline in the Maroochydore City Centre to around 450 dwellings across the two projects.

Celeste remains subject to planning approval, with the architectural material describing the scheme as a preliminary yield study that may change through the assessment process.

Walker doubles down on Maroochydore with 29-storey Celeste apartment tower

For most Australians, buying an apartment is one of the biggest financial decisions they'll ever make

The location, floorplan and price are often the first considerations, but in recent years another question has become increasingly important: who is actually delivering the project?

A series of high-profile builder collapses, construction delays and defect concerns have fundamentally changed how many Victorians approach buying off the plan. The collapse of Porter Davis in 2023, which reportedly left around 1,700 homes unfinished, became one of the most visible examples of the risks that can emerge when a construction company fails. <a href="https://www.equifax.com.au/sites/default/files/lpassets/pdf/Final-Business-Market-Pulse-June-Sector-Deep-Dive-Report-2.pdf">Similar challenges across the broader construction sector</a> have left buyers asking more questions before signing a contract.

As Victoria continues encouraging higher-density housing to address supply shortages, transparency is becoming just as important as location or price.

One tool increasingly entering the conversation is the <a href="https://icirt.com/">Independent Construction Industry Rating Tool (iCIRT)</a>, an independent assessment framework designed to help buyers better understand the developer or builder behind a project. Originally developed by Equifax in consultation with government and industry as part of NSW's Construct NSW reforms, the system has since expanded nationally.

<h2 data-end="1519" data-section-id="7nmx3" data-start="1492">What is an iCIRT rating?</h2>

Most Australians are familiar with independent ratings in everyday life.

We compare ANCAP safety ratings before buying a car. We look at Health Star Ratings in supermarkets. Banks rely on credit assessments when lending money.

Until recently, however, there has been very little independent information available to help apartment buyers assess the business responsible for delivering a residential project.

That gap is what iCIRT was designed to address.

Builders, developers and other construction professionals with an iCIRT rating have demonstrated high-trust characteristics through an independent, evidence-based assessment across six criteria: Character, Capability, Conduct, Capacity, Capital and Counterparties. This involves a rigorous review of financial health, past project track record, and ethical conduct. Crucially, an iCIRT rating could help provide property buyers with confidence that they are working with a professional who has demonstrated the capability, capacity, and willingness to return and rectify issues.

Importantly, iCIRT is not a recommendation to purchase a particular property, nor is it a traditional credit rating. It is an independent assessment framework designed to provide objective information about a construction business using a <a href="https://icirt.com/sites/default/files/2025-08/iCIRT-Methodology-Issue1-May-2021.pdf">published methodology</a>.

The system has been widely adopted in New South Wales, where more than one-third of medium and large residential builders and developers now hold an iCIRT rating, representing over two-thirds of the state's residential building market by value as of 2025/26.

<h2 data-end="3126" data-section-id="h6ohtj" data-start="3084">Why buyers are doing more due diligence</h2>

For many buyers, particularly those purchasing off the plan, the biggest risk isn't whether they'll like the kitchen finishes.

It's whether the project will be delivered on time, to the expected quality, and by a company capable of completing the development.

<a href="https://icirt.com/sites/default/files/2026-07/iCIRT%202025%20Consumer%20Survey%20Report%20v05.pdf">Consumer research commissioned by iCIRT</a> found more than half of respondents believed current protections do not adequately safeguard buyers from builder insolvencies or defective projects. Other research found 88 per cent of prospective buyers would seek independent ratings or due diligence before purchasing, while 90 per cent said trust in construction professionals is essential.

That doesn't mean buyers should rely on a single rating alone.

Independent legal advice, understanding the contract, and seeking financial advice all remain important parts of the due diligence process.

However, an independent assessment can provide another source of information alongside those traditional checks.

<h2 data-end="4138" data-section-id="pquzxc" data-start="4094">Trust is becoming a competitive advantage</h2>

The conversation isn't only changing for buyers.

Developers are also recognising that trust has become an increasingly important part of the sales process.

Five years ago, purchasers typically asked about floorplans, finishes and settlement dates.

Today, sales teams are increasingly being asked about the developer's experience, financial stability, previous projects and construction partners.

For companies with strong governance and established delivery records, an independent iCIRT rating provides another way to demonstrate those credentials before buyers even visit a display suite.

According to Equifax, the assessment can also help businesses drive sales and <a href="https://icirt.com/resources-for-business/icirt-rating-helps-scion-secure-high-value-projects">secure high-value projects</a>, as well as identify operational improvements and <a href="https://icirt.com/resources-for-business/mirvac-reinforces-brand-trust-and-quality-independent-icirt-rating">attract top talent</a>.

<h2 data-end="4962" data-section-id="1j54ng5" data-start="4912">Beyond buyers: lenders are paying attention too</h2>

The influence of independent construction ratings is also extending beyond consumers.

According to Stamford Capital's Real Estate Debt Capital Markets Survey, an increasing number of lenders now incorporate iCIRT ratings into their due diligence processes when assessing residential development finance applications.

The survey found lender adoption has continued to rise, with many respondents saying independent assessments provide additional insight into governance, counterparties and delivery capability beyond traditional financial analysis. Some lenders also reported declining funding applications where businesses had poor or no ratings.

As construction costs remain elevated and access to development finance becomes more selective, demonstrating credibility is becoming increasingly valuable.

<h2 data-end="5801" data-section-id="1qazuxs" data-start="5772">What it means for Victoria</h2>

Victoria's apartment market is entering a new phase.

The state is seeking to accelerate higher-density housing while simultaneously introducing reforms aimed at improving confidence in residential construction.

For buyers, that means there are more tools available than ever before to research the businesses behind a project.

For developers, it signals that transparency is becoming another point of differentiation in an increasingly competitive market.

Buyers are asking more questions than ever before and increasingly expecting independent information, not just marketing material, before making one of the biggest financial commitments of their lives.

Find out how to get iCIRT rated <a href="https://www.icirt.com/sites/default/files/2025-08/iCIRT-Infographic-Assessment-Process-Final.pdf">here</a>.

<hr data-end="6469" data-start="6466" />
The information contained in this article is general in nature and does not constitute personal, financial, legal or tax advice. It does not take into account your personal objectives, financial situation or needs. Therefore, you should consider whether the information is appropriate to your circumstances before acting on it and, where appropriate, seek independent professional advice.

This article contains links to third-party websites. These links are provided for convenience only. Equifax Australia does not control and is not responsible for the content, accuracy or privacy practices of external sites.

Copyright © 2026 Equifax Australia Information Services and Solutions Pty Ltd. All rights reserved.

Buying off-the-plan in Melbourne? How independent iCIRT ratings are set to change Victorian property

Prominent New Zealand apartment and hotel operator, <a href="/developers/safari-group">Safari Group</a>, is offering up a prime investment opportunity for Australians to purchase off the plan in one of the world’s most popular ski destinations.

They recently took to market Mountain Oak Queenstown Apartments, in the growing precinct of Remarkables Park in Frankton, near the airport and at the foot of The Remarkables - the mountain range the locals like to call “The Remarks”.&nbsp;

Sydney investors have shown interest in the one, two and three-bedroom apartments that secure high-season occupancy six months over the year, primarily over summer and winter months.

They average 90 per cent occupancy across their portfolio over January, February, March, August, November and December, while shoulder season months of April, July, September and October are still occupied 70 per cent of the time, with the growing appeal of Queenstown becoming not just a hotspot for the snow, but a lifestyle destination.

Even in the low seasons of May and June, occupancy levels reach around 40 per cent.

<img alt="Safari Group’s Mountain Oak Apartments brings new investment potential to Queenstown" data-entity-type="" data-entity-uuid="" src="https://res.cloudinary.com/dz9xllyip/image/fetch/f_auto,c_limit,w_1440,q_auto/https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/field/image/Ext_Cam15_Sunny.jpg?VersionId=SJAROUM_1s.Tr5ciMk4EEj5oAt_Vewmv" />

Safari’s Safari Hotels arm can also manage the holiday letting for an investor, from the listing on holiday accommodation websites such as Airbnb and Booking.com to the cleaning and maintenance of the investment. They’ve been in the short stay management business for 15 years and offer 24/7 support for investors, an important convenience benefit for any overseas investor

Another major drawcard for Australians is that New Zealand doesn’t have a stamp duty policy - so the entry price of NZ$639,000 (AU$586,000), is all that is payable on completion.

<img alt="Safari Group’s Mountain Oak Apartments brings new investment potential to Queenstown" data-entity-type="" data-entity-uuid="" src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,dpr_2.0,q_auto:good/https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/313_Livingv2_WEB.jpg?VersionId=nV229fM0ZeYpoxOrX372HyGjfwY_LR8c" />

Safari is starting construction of the 141 apartments in Q2 this year, with a two-year build estimated to complete in mid-to-late 2027.<img alt="" data-entity-type="" data-entity-uuid="" height="15" src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXczFpFAb7WuA6f4f9TtKWcqXyNwR8qqtakWv352ERkpqNlP3KwIo8YKxw67jZNHfpjEGIZGv5MQTbnvLZwNt8iu9IVdOrswOjCvBZ4zhSoOOLrpt6etVEZTN1gkBho0r_R72zdHNA?key=yq3daOanqHSb88QFd8jGYKdb" title="Click and drag to move" width="15" />​

The apartments will feature modern amenities and contemporary designs with expansive windows capturing sweeping views of The Remarkables mountain range.&nbsp;

Interiors are equipped with modern finishes, premium appliances, and secure electronic key-locked doors, ensuring a comfortable living experience for residents and guests alike.

With its strategic location near Coronet Peak and Cardrona Alpine Resort, as well as key retail and dining precincts such as Market Street, Five Mile Shopping Centre, and Remarkables Market, Mountain Oak offers a strong proposition for investors seeking high rental yields and capital appreciation in one of New Zealand’s most sought-after locations.&nbsp;

Queenstown’s sustained demand for visitor accommodation and rental properties is underpinned by a shortage of housing options, attracting both local and international buyers.

Safari Group offers low-touch investment proposition in Queenstown’s popular ski fields district

<html><body>
The housing market recovery has broadly been underway since the end of May last year and since that time dwelling values across the combined capital cities Index have increased by 4.7% through to the end of March 2013.
Most cities reached a low point at a different time and have recorded different rates of recovery.
Darwin, at 13.9%, has recorded the largest recovery in dwelling values followed by Perth (+9.4%), Hobart (+6.9%) and Sydney (+5.4%).
At the other end of the spectrum is Adelaide (+1.5%) and Brisbane (+3.1%) where the recovery in dwelling values has been more subdued.
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While the recovery is demonstrable across each city, the only city to reach a new historic high is Sydney, where values are now 0.1% higher than their previous November 2010 peak.
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Interestingly, the Sydney recovery has largely been driven by higher unit values rather than detached house values.
Looking at the Sydney recovery by dwelling type shows that Sydney unit values actually reached a new high way back in May last year while house values remain -0.4% lower than their 2010 peak.
Based on the combined ‘dwellings’ index, Sydney values are now broadly 0.1% higher than their November 2010 peak.
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Melbourne values recorded a more severe downturn, with values peaking in October 2010 and finding a low point at the end of May 2012.
The recovery to date hasn’t been enough to offset the decline, with values remaining -6.2% lower than their 2010 peak.
The recovery has been greater across the detached housing market (+5.2%) compared with units (+3.6%).
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Of all the capital cities, Brisbane’s housing market is showing the largest gap between peak and current dwelling values.
The correction across the Brisbane housing market has been more significant than other cities and values remain -9.5% lower than when they peaked back in November 2009.
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Adelaide dwelling values remain -5.5% lower compared with their September 2010 peak.
Additionally, Adelaide is recording the smallest level of dwelling value recovery to date, with dwelling values increasing by just 1.5% between the June 2012 trough and the end of March 2013.
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Perth’s housing market recovery has been substantial, with values rising 9.4% since they bottomed out in late 2011.
The market trough in Perth was much earlier than most other capital cities, with Perth’s housing market responding to the strong state economy and population growth that can be attributed to the local resources sector as well as an exceptionally tight housing market and rapidly rising rents.
House values have recovered much more than unit values, rising by 10.0% compared with a 6.8% recovery across the unit market.
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<a rel="wp-prettyPhoto[g2023]" href="https://blog.rpdata.com/wp-content/uploads/2013/04/Perth-dwelling-values-from-market-peak-to-end-of-March-2013.jpg"></a>Hobart’s housing market has seen a recent improvement, with values now -8.7% lower than their November 2009 peaked.
Brisbane and Hobart were the two capital cities that recorded a market peak the earliest (both in November 2009) and it is no coincidence that it is these same two cities that are recording the largest gap between peak and current dwelling values.
The Hobart market bottomed out only recently (October 2012) and since that time values have risen by nearly 7%.
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Darwin’s housing market has recorded both the largest correction (values were down nearly 20% from peak to trough) and the strongest recovery with values having increased by 13.9% since they found an early low point back in January 2012.
Growth rates in Darwin have recently levelled however, suggesting the market may be starting to level.
Rents continue to rocket higher though, rising by close to 15% over the past year which suggests that yields will continue to move higher as well which could drive further value growth on the back of investor demand.
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Canberra’s housing market bottomed out quite early compared with other capital cities, in January 2012.
Since that time values are up 5.1%, which is a surprisingly strong recovery considering the local uncertainty that comes with a federal election and the recent softness across Canberra’s rental market (rents are down nearly 2% across Canberra’s house market).
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At a combined capital cities level, values still need to recover by more 3.0% before they reach a new historic high.  Based on the rate of recovery to date, it won’t be long before the housing market moves to a new historic high.
Tim Lawless is national research director of <a target="_blank" rel="nofollow" href="https://www.myrp.com.au/">RP Data.</a>
 
 
 
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The national housing market is recovering but is not yet fully recovered: Tim Lawless

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The positive flow-on effect of rising house prices on the overall economy has been highlighted in a RBA research paper exploring the relationship between home prices and household spending.
The paper finds that spending by younger, more credit constrained households is more responsive to changes in home prices than that of older households.
Mortgage lending conditions also play a key factor in household spending.
The paper arguing that if rising house prices are accompanied by more freely available credit, then the propensity for young homebuyers to spend is even greater.
“Younger homeowners are more likely to be credit as well as buffer-stock savers.
“Accordingly, loosening of credit constraints suggests a stronger link between home prices and spending for younger homeowners,” say Callan Windsor, Jarkko Jääskelä and Richard Finlay, authors of the report.
The findings reinforce the importance of the first-home buyer segment to the overall health of the economy – at a time when first-home buyer numbers are at eight year lows, according to <a href="/news">Real Estate Institute of Australia</a> (REIA).
Many blame the first-home buyer grants in NSW and Queensland that incentivise the purchase of new homes over more-desired existing homes for the drop in numbers.
The RBA report also found that young and middle-aged homeowners respond more in terms of spending, than young renters to rising home prices.
It also  highlights the importance of owning a house as a buffer against future financial troubles with households perceiving housing wealth as a “precautionary saving vehicle against unanticipated future events such as redundancy”.
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Rising house prices encourage younger households to spend: RBA paper

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Sydney's five-star hotel sector strengthened in final quarter of 2012 as prospective buyers line up to purchase one of its prized assets, the Four Seasons in Circular Quay.

Both the occupancy rate and average takings per room per night increased in the December quarter compared with the previous quarter, according to the latest ABS tourist accommodation figures.

Among five-star hotels in Sydney, the occupancy rate was 88.6% with average takings per room per night at $289 compared with an occupancy rate of 84% in the September quarter and average takings per room per night of $259.

Overall, Sydney hotel occupancy rates remained well above 80% in the December quarter with the ABS recorded an occupancy rate of 82.8% over the final three months of 2012 up from 81.3% in the September quarter.

The outlook for the Sydney CBD hotel market also remains strong, according to the latest quarterly Dransfield Hotel Futures report.
The report anticipates occupancy rates in Sydney CBD hotels to remain comfortably above 80% over the remainder of the decade.


The inner Sydney hotel occupancy rate is expected to hover around 85% over the next two years and will average out at 84% over the second half of the decade – the strongest across all the major capital city hotel markets.

Revenue per available room (revPAR) in Sydney is expected to increase relatively strongly over the next two years - by 7.3% in 2013 and by 7.3% in 2014 - but will then taper off in subsequent years averaging 2.6% between 2015 and 2020.

Over this time, the average room rate in a Sydney CBD hotel is expected to increase from $195 per night to $269 per night.

Eureka Funds Management has listed its recently refurbished five-star Sydney Four Season Hotel in Circular Quay up for sale with initial price expectations of around $400 million and expressions of interest closing on April 5.
Standing at 199 George Street, it is one of Sydney’s premier hotels featuring 531 guest rooms and suites, many of which enjoy picturesque views of the Sydney Harbour Bridge and Opera House.
The hotel opened in 1983 and operates under a long term management agreement with Four Seasons Hotels and Resorts with the he 5, 314 square metre site leased from the Sydney Harbour Foreshore Authority until 2078.
It ranks as 14th best out of 185 hotels in Sydney, according to TripAdvisor, with room rates starting from around $1,100 per night for a double or twin room with city view.
The distinctive zig-zag shaped hotel was designed by architects Michael Dysart &amp; Partners and is built on the site of a former colonial jail, directly below the spot where Captain Arthur Philip landed in Sydney Cover in 1788.
It was purchase by Eureka in 2006 for $225 million from Chicago-based Walton Street Capital and Four Seasons Hotels.
Walton Street Capital and Four Seasons Hotels bought the hotel - then called the Regent Hotel - for about $155 million in 1998 and spent around $60 million refurbishing the property.
 
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Eureka also owns the Rialto InterContinental Melbourne on Collins Street.
It has recently undergone an extensive $40 million dollar refurbishment program.
Interest is expected from overseas investors following a record number of hotels purchased by overseas investors in 2012. 
This week its been reported that the Malaysian group Mulpha has emerged as a leading contender for the Four Seasons Hotel Sydney, which has also attracted bids from at least two wealthy Chinese investors.
The five-star Sydney hotel is now expected to change hands for between $330 million and $340 million, with about eight short-listed parties. 
The hotel has reputedly attracted interest from the Chinese conglomerate Fosun International, which is headed by Guo Guangchang, labelled China’s Warren Buffett.
Fosun International has a 7.1% stake in Club Mediterranee and is opening five Club Med Resorts in China.
Mulpha already owns on the other side of Circular Quay having acquired the Inter­Continental Hotel in 2004 when it bought the Principal portfolio.
Mulpha and sales agents Jones Lang LaSalle Hotels and McVay Real Estate have declined to comment on the sale to the Australian Financial Review.
Last June, Hong Kong-listed Shangri-La Asia paid $352 million to fully own the Sydney’s Shangri-La Hotel in The Rocks.
This deal followed soon after the <a target="_blank" href="https://www.propertyobserver.com.au/leisure/malaysian-reit-pays-%24415-million-for-marriott-five-star-hotel-portfolio/2012061455118">Malaysia-listed Starhill Real Estate Investment Trust, paying $415 million</a> in January for a portfolio of three five-star Marriott hotels – the Sydney Harbour Marriott, the Brisbane Marriott and the Melbourne Marriott.
Last year Eureka spent $15 million refurbishing including the addition of a new restaurant and upgrades to conferencing spaces, the Executive Club Lounge, swimming pool area and lifts.
It follows an $18 million refurbishment to the Grand Ballroom.
The property is marketed with residential development potential.
“An incoming owner has the potential to develop substantial residential components at the hotel through two different scenarios, both of which are subject to obtaining necessary regulatory approvals.
“The first opportunity is to convert up to 231 existing hotel guest rooms to residential apartment units. The second concept is to build an additional residential tower on the northern end of the site,” notes the investor memorandum.
The selling agents are Jones Lang LaSalle Hotels managing director of Craig Collins and Dan McVay, chairman of McVay Real Estate,
“This is a truly unique offering. Sitting on one of Australia’s best sites, in the key corporate and tourism market, operated by one of the world’s best brands,” says Dan McVay.
“The lack of supply means that there are very few opportunities to gain a foothold in the Sydney CBD market. This, coupled with the recent refurbishment and future development potential of the site, means that there will be very strong demand from buyers for this asset,” he adds.
According to Dransfield, the Sydney inner city hotel market underperformed in the first nine months of 2012, with revPAR increasing by 1.2% over this period compared with expectations of 7.9% growth.

The latest report– for the September 2012 quarter – notes that experienced revPAR growth of 1.2% vs. expectations of 7.9% for the Sydney City region, with Dransfield attributing this to hoteliers not wanting to push up rates on stalling demand.

However, average room rates (ARR) and revPAR are expected to strengthen somewhat over 2013.
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Strong outlook for Sydney hotels as buyers line up for Sydney Four Seasons Hotel 

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“It was the best of times, it was the worst of times…” These words seem as relevant describing the Melbourne property market today as they were when written by Charles Dickens over 150 years ago in A Tale of Two Cities.
The latest RP Data stats show that overall Melbourne dwelling prices increased by 2.5% over the last quarter and have risen 4.9% since the market turned in May last year.
Not a bad result! But when you dig deeper you find there is a shortage of well-located, desirable, established apartments and houses in Melbourne’s middle ring suburbs, causing prices to rise and auction clearance rates to remain high.
But on the other hand, there is a glut of new apartments coming onto the market and a dearth of new house and land packages standing vacant not able to find buyers.
Add to this the record number of new apartments coming onto the market in some of Melbourne's inner suburbs over the next few years, which will put further pressure on the city's supply and demand ratio.
According to a recent report by valuers <a href="https://www.charterkc.com.au/" target="_blank">Charter Keck Kramer</a>, about 25,500 new apartments will be completed in metropolitan Melbourne by the end of next year, four times what was built in 2005, when the market for apartments last peaked.
And there are even more in the pipeline. Across the Melbourne metropolitan area there were about 10,250 apartment completions last year, 19,250 under construction and 16,300 being marketed but not under construction.
Many off-the-plan purchasers will be disappointed
The problem is that many Melbourne purchasers bought their off-the-plan apartments a few years ago during more buoyant times, and according to Charter Keck Kramer, eight out of ten off-the-plan apartment sales coming up for completion over the next two-and-a-half years could be facing negative equity.
Apartment prices across Melbourne have fallen between 7% and 11% in the past 12 months and even more than that in some areas of oversupply.
The potential problem for off-the-plan buyers is that, on completion, valuations will fall far short of their contract purchase price and the banks will only lend against the lower valuation. This means many buyers will have to bridge the gap, coming up with the shortfall as well as the stamp duty and acquisition costs.
If history repeats itself, some buyers will try and walk away from their contracts, accepting the loss of their deposits. But they could be in for a rude surprise if the developer on-sells the apartment at a lower price and sues the original purchaser for any loss.
 
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Melbourne house and land sales are also in big trouble
One more thing: the new house and land market in Melbourne also has a huge oversupply.
According to real estate group Oliver Hume, there has been a 29% increase in the number of residential projects being marketed on Melbourne fringes since 2006, at a time when there is a 5% decline in the number of land settlements.
Land prices have now fallen by a cumulative 16% over eight consecutive quarters, forcing developers and marketing companies to entice first home buyers and property investors by offering substantial incentives.
At the same time as experiencing an oversupply of land, these areas lack infrastructure and facilities, meaning there will be no swift recovery in the outer-Melbourne residential new housing markets.
If you want to get an idea of the huge oversupply just hop on to <a href="https://realestate.com.au/" target="_blank">RealEstate.com.au</a> and type in <a href="/news">Point Cook</a> or <a href="/news">Truganina</a> and you’ll be shocked by how many properties are for sale.
I’ll save you the trouble: Point Cook and surroundings – 3482; Truganina – 4020.
And it’s much the same for many of the northern and western outer suburbs in Melbourne.
So why are the stats showing the Melbourne property market is rising?
Considering the outer suburbs are performing so poorly, the overall figures just show the strength of the established home and apartment market in Melbourne’s inner and middle ring suburbs where there is a shortage of good properties.
Now is a time to be very selective in what you buy in Melbourne. While there are some good buying opportunities, there are also a lot of secondary properties on the market right now.
Michael Yardney is a director of <a rel="nofollow" href="https://www.metropole.com.au/">Metropole Property Strategists</a>.
 
 
 
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Melbourne's property market is a tale of two cities: Michael Yardney

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The level of discounting that vendors of houses in Sydney and Melbourne are offering to successfully secure sales has declined mildly, according to the latest information from RP Data.
However, the discounting to secure unit sales  in both major capital cities has increased slightly.
Successful Melbourne house vendors on average discounted their houses by 8.2% in the week to April 7, down from 8.4% the week prior.
Successful Sydney house vendors on average discounted their houses by 6.5% in the week to April 7, down from 7% the week prior.
Meanwhile, the rate of unit vendor discounting crept up in Melbourne from 6.1% to 6.7% and in Sydney from 4.7% to 4.8% over the same period.
<img height="360" width="470" src="/images/stories/2013/04/rpdatadiscountingapril12thumb.gif" alt="rpdatadiscountingapril12thumb">
The rate of vendor discounting isthe average percentage difference between the original listing price and the final selling price.
The statistics are calculated across results received by RP Data overthe past week and include properties transacted over the past four weeks.
The data is based on private treaty sales only and records without a valid sale price havebeen excluded from the vendor discount analysis.
The analysis also excludes results where there are less than 10 observations.
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Vendor discounting declines slightly in Melbourne and Sydney: RP Data

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The battle for the wallets of Australia’s DIY enthusiasts continues to rise with Woolworths reporting a 37% rise in sales from its growing chain of Masters stores in its latest sales update.
Home improvement sales lifted from $211 million in the third quarter of 2012 (the 13-week period to March 31) to $290 million in the third quarter of 2013.
Launched in 2011 in direct competition to Wesfarmers-owned Bunnings (which also own Coles), there are now 29 Masters stores trading following the opening of four new stores over the March quarter.
Masters, a joint venture between Woolworths and US home improvement chain Lowe’s, plans to expand by between 15 and 20 new stores a year "for the foreseeable future".
“The February ‘Trade Month’ proved to be a great success, with many new trade members signing up to the Masters’ program,” said Melinda Smith, director of Masters.
The success of Masters was also noted by Woolworths CEO Grant O’Brien, who said that "while conditions in the trade segment remain challenging, we continue to be pleased by the progress of this business.”
<a href="https://www.propertyobserver.com.au/new-south-wales/diy-battle-heats-up-with-woolworths-to-build-masters-store-in-marsden-park/2013040360133">Last week Property Observer reported</a> that Woolworths had securing a site at the Sydney Business Park (pictured below) in Sydney's north-west for a new Masters Home Improvement store, where it will go head-to-head with arch-rival Wesfarmers, which has also secured a site in the business park for a Bunnings DIY store.
<img src="/images/stories/2013/04/mastersapril12one.jpg" width="470" height="311" alt="mastersapril12one">
Yesterday, the premises of <a href="/news">Bunnings in Sale</a> were bought by a Melbourne family for $6.36 million on a yield of 7.5%, after being passed in at auction earlier in the day.
Last year Woolworths and Wesfarmers traded blows over a research report written consultancy Madison Cross on Masters with the report referred to the ACCC as being potentially "misleading".
"A Madison Cross report being circulated to brokers and media by a consultant associated with Bunnings is further evidence of a dirty tricks campaign being waged against the Masters Home Improvement business," said Woolworths in a statement in September last year. "Since opening its first store in September last year, Masters is providing much-needed competition in the destination home improvement sector against Bunnings who hold a market-dominant position. "Masters has created healthy competition, is winning market share and enjoying strong customer support. It appears this report is designed to generate negative, ill-informed commentary about Masters.  "This report is incorrect in its assumptions and its projections, and can only be viewed as an attempt to damage the credibility of the Masters’ business strategy." 
Despite the jump in sales, Woolworths has some way to go to catch up with Wesfarmers.
The Bunnings network currently comprises 211 warehouses, 63 smaller format stores, 36 trade centres and four frame and truss plants operating across Australia and New Zealand.
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Battle between Masters and Bunnings heats up for home improvement market as Masters sales rocket 37%

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Vendor confidence increased over the March quarter driven by strong performance in Sydney and Darwin, according to SQM research.
Vendors across the capital cities were confident enough to lift asking prices, bringing the national capital city asking prices up 1.3%.
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But although the average asking price is up, Sydney, Darwin and Perth were the only cities with positive growth in asking prices.
Over the quarter, asking prices increased 4% in Sydney, 3.9% in Darwin and 0.1% in Perth. All other capital cities recorded reductions.
Canberra decreased asking prices by 3.8%, the biggest drop for all capital cities. Unit asking prices dropped 1.3%.
<a href="companies/sqm" target="_blank">SQM</a>’s Louis Christopher says it is clear Canberra’s market conditions remain weak.
“Overall the market was confident for the quarter however I note that there was a little more caution in the month of March,” Louis Christopher says.
“Melbourne is still recording some weakness and that goes with Canberra as well, which has most likely been affected by cuts in the Federal budget. Sydney and Darwin are leading the charge.
“However if it were not for the strong results in Sydney, it is most likely the national average would be recording market weakness for the quarter.”
In Melbourne, asking prices for house dropped 0.7% over the quarter while asking prices for units rose 1.1%.
Unit asking prices across the capital cities dropped 0.4%.
Hobart had the second strongest increase in asking prices for units, up 4.8%.
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Sydney and Darwin lead increases in asking prices: SQM

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An aged care and property development group had administrators appointed yesterday after the company collapsed as a result of long delays in planning approvals.
Riad Tayeh and David Solomons of de Vries Tayeh were appointed as administrators of the Crighton Group, which is made up of 15 companies.
The Crighton Group has been operating for over 25 years and has around 30 staff.
The companies now in administration are the Hermitage Lifestyle Resort, Crighton Properties, Myall River Downs, Crighton Building Co, Crighton Lifestyle Resorts Real Estate, Myall Quays Shopping Village, Lifestyle Resorts, Woodstock at Jamberoo, Crighton Bowral, Myall Down Angus Stud, Red Gum Grove, Laurieton Lifestyle Resort, Crighton Mudgee, Crighton Byron and Crighton Bathurst.
The company Hermitage Management has not been placed in administration and Tayeh said at this stage the retirement village, Hermitage Lifestyle Resort, will continue to operate as usual.
"In the main the group has been the victim of the slow and unyielding process of getting approvals for developments," Tayeh says.
It has taken 11 years to get zoning through for some developments and no company can survive that sort of delay, and with the prevailing economic conditions it could no longer continue to trade."
The Crighton Group's major creditors are the ANZ, Commonwealth Bank and St George.
Tayeh says the Crighton Group is "not a fly-by-night group" and at its full valuation had land holdings worth over $100 million. However, recent falls in value mean the valuation is now closer to $30 or $40 million.
"The thing that has really hampered this industry and similar developers has been the inability to get projects up and going that have been supported by the community, this is not a good thing for the industry," he says.
"You can't have something being held up for 11 years, some of the things they have to do to get these developments through are unbelievable."
Geoff Cox, founder and joint proprietor of the Crighton Group, said in the past the development industry has had to go through "a lot of nonsense" to get master plan approval from the Department of Planning.
In developing the Tea Gardens, Cox says ANZ lost patience after nine years in development.
"The land was rezoned as a residential parcel in June 2000, then three years later they brought through an embargo on residentially zoned land being developed unless subject to a master plan," he says.
"As part of that plan, we had to prepare a flood evacuation plan for 87 years' time for what would happen in the event of a 'probable maximum flood event', which is what happens when a cyclone comes through in the tropics – but we are not in the tropics."
Cox says the Crighton Group had to spend a huge amount of time going through computer modelling to prepare an evacuation plan for assumed residents in 87 years' time costing $250,000.
"When you look at the lunacy of that you think it is madness," he says.
"We were totally gobsmacked at what we had to go through. It's an example of the absolute nonsense the development industry had to go through to get master plan approval."
Cox says the problem is not with the department of planning but with the "nefarious government agencies" that developers are required to deal with.
"Now the banks have essentially stopped funding retirement development outside the metropolitan areas," he says.
The administration of the Crighton Group follows the <a href="https://www.smartcompany.com.au/buy-or-sell-a-business/054903-aged-care-business-falls-into-administration-after-being-struck-by-government-sanction" target="_blank">collapse earlier this year of Nepean Hospitals</a>, which operates two aged care centres in Victoria: one 46-bed operation in Bendigo and another 125-bed facility in Mount Martha.
This article originally appeared on <a href="https://www.smartcompany.com.au/" target="_blank">SmartCompany</a>.
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cwaters-YrtBR88nBe

Administrators appointed to $100 million NSW aged care Crighton Group

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The unemployment rate increased 0.2 percentage points to 5.6% in March, the Australian Bureau of Statistics (ABS) said today. 
This is the highest unemployment rate since 2009, but follows 74,000 jobs being created in February.
Analysts had forecast the jobless rate to be unchanged in March.
CommSec economist Savanth Sebastian says the March figures would be confusing for anyone "wondering what was the true state of the labour market".
"A stellar 74,000 jobs were created in February (which incidentally marked the best job creation in 13 years) followed by over 36,000 jobs lost in March and the unemployment rate has reached a three-and-a-half-year high.
"Such volatile swings in employment across two months certainly make it difficult to pick a trend. Clearly the answer lies somewhere in the middle.
"The more smoothed trend measures on employment, suggest that modest consistent employment gains are the defining feature of the current employment landscape.
"In fact in trend terms employment has consistently grown by between 9,000-17,000 jobs over the past six month. The job market is healthy but becalmed, and consistent with the performance of the broader economy," he says.
In its March update, the ABS reported the number of people employed decreased by 36,100 to 11,592,700.
Both part-time and full-time employment decreased, part-time employment down 28,700 people to 3,481,500 and full-time employment, down 7,400 to 8,111,300 people.
The decrease in total employment was mainly driven by decreases in male part-time and female full-time employment. The number of people unemployed increased by 25,900 people to 686,900 in March, the ABS reported. The ABS reported a seasonally adjusted labour force participation rate decrease of 0.2 percentage points to 65.1% in March.
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Unemployment rate rises 0.2% in March to 5.6%, highest since 2009

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Bankruptcies are at their lowest level in 17 years, new quarterly figures reveal, but rather than signalling improving economic conditions, experts believe it's become harder for businesses to chase debtors.

The numbers released yesterday by the Insolvency and Trustee Service of Australia indicated the national number of new bankruptcies fell 13.9% to 4774 – the lowest number for the quarter since March 1996.
Total personal insolvencies also declined by 11.11% to 7214 compared with this time last year. The largest decline of personal insolvencies was in Tasmania, where 17.96% fewer people declared insolvency.
Insolvency experts offered varying opinions why the insolvency figures were reduced, with some believing the increase in court filing fees for creditors makes chasing debtors too expensive, and others believing the process of tracking down an individual person is too difficult.
Business recovery and insolvency lawyer with Lawler Draper and Dillon, Hugh Milne, said some lawyers are now recommending some creditors not pursue debtors because of the high court costs.
"I spoke to some other lawyers recently and there has been an increase in fees to wind up a company, which is proving to be an issue. People are now thinking twice about going to the next stage of the process," he says.
The <a href="https://www.fedcourt.gov.au/forms-and-fees/court-fees/fees" rel="nofollow">cost of Federal Court filing fees</a> increased from $1983 to $4375 for listed companies on January 1 this year.
McKean Park Lawyers insolvency lawyer David Brett said the process of chasing debtors has become more expensive, but said businesses also find it a challenge to locate individual debtors.
"The costs in the courts have increased, but not outrageously so. It's just getting harder and harder to track down individual debtors."
"You ring up an estate agent trying to find a forwarding address and you're unlikely to get it because people are afraid they're going to be sued," he says.
Brett says there is also a distinction between chasing a company and an individual over debts.
"You have to differentiate between a personal debtor and a company. In relation to an individual, there are a few more processes you need to go through and this makes the process quite costly.
"With a person, before you can start chasing them for debts you have to get a court order; whereas to wind up a company there just needs to be a debt of $2000."
"With a person, it needs to be a debt of $5000 and you need a court order," he says.
"I spoke to some other lawyers recently and there has been an increase in fees to wind up a company, which is proving to be an issue. People are now thinking twice about going to the next stage of the process," he says.
The <a href="https://www.fedcourt.gov.au/forms-and-fees/court-fees/fees" rel="nofollow">cost of Federal Court filing fees</a> increased from $1983 to $4375 for listed companies on January 1 this year.
This article originally appeared on <a href="https://www.smartcompany.com.au/" target="_blank" rel="nofollow">SmartCompany</a>.
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