Article summary

<ul data-end="785" data-start="311">
	<li data-end="459" data-section-id="5hbcyr" data-start="311">Pikos Group has released the five-penthouse collection at Skye Kangaroo Point, headlined by a two-storey sky home spanning more than 1,000 sqm.</li>
	<li data-end="561" data-section-id="1p7lq8n" data-start="460">Early buyer interest suggests the residences could set a new Queensland apartment price record.</li>
	<li data-end="667" data-section-id="1y70z0l" data-start="562">The collection includes four move-in ready penthouses and the highly customised Skye One residence.</li>
	<li data-end="785" data-section-id="yvm0y1" data-start="668">The release caps one of Bri​sbane's most ambitious luxury apartment developments overlooking the Brisbane River.</li>
</ul>

<hr data-end="790" data-start="787" />
Pikos Group has released the five-penthouse collection at its <a href="https://www.apartments.com.au/buildings/skye-residences-by-pikos-kangaroo-point-8-river-terrace-kangaroo-point-qld-4169">Skye by Pikos</a> development in Kangaroo Point, with early buyer interest indicating the flagship residences could eclipse every apartment sale previously recorded in Queensland.

The collection crowns the luxury riverfront development with five residences, including four completed penthouses and Skye One, a two-level sky home spanning more than 1,000 sqm that will be tailored to its eventual owner.

[smartcode_project:default project_id=90059 project_image_fid=374075]

Wanting to offer a fully customisable home, Pikos is offering Skye One as a blank canvas, allowing the buyer to work alongside the developer's design team to customise the home's layout, finishes and internal spaces.

The residence will feature a 247 sqm private rooftop terrace with its own swimming pool, sauna, steam room, outdoor kitchen and multiple entertaining areas overlooking the Brisbane River and CBD skyline.

The remaining four penthouses have been completed and are ready for immediate occupation, each offering four bedrooms, expansive open-plan living areas, soaring ceilings and private lift access.

[smartcode_project:default project_id=90059 project_image_fid=374059]

One of the defining features throughout the project is its use of Roman Classic Travertine, with more than 20,000 sqm of the natural stone imported from Italy after being personally selected by Pikos Group Founder and Executive Director Pedro Pikos, interior designer Julie Williamson and third-generation stone specialist Mario Caucci.

Pikos said the penthouse collection represented the culmination of the company's long-term vision for Skye.

"True legacy isn't measured by what we build today, but by what endures tomorrow," Pikos said.

"Our ambition is to create places that become more valuable with time, enrich the lives of generations, and stand as timeless landmarks long after we've stepped away."

[smartcode_project:default project_id=90059 project_image_fid=374060]

Williamson said the interiors were inspired by the natural character of Kangaroo Point and the Brisbane River rather than international design trends.

"Materiality tells the story of a place," Williamson said.

"We looked to the movement of the Brisbane River, the texture of the cliff face and the warmth of the surrounding landscape to create interiors that feel understated, enduring and unmistakably Brisbane."

Positioned above the Kangaroo Point cliffs, Skye places residents within walking distance of Howard Smith Wharves, South Bank and James Street while offering uninterrupted river and city views.

[smartcode_project_cta:default project_id=90059]

Joel Robinson

Brisbane's next apartment price record? Pikos unveils Skye's exclusive penthouse collection

Article summary

<ul data-end="888" data-start="289">
	<li data-end="442" data-section-id="8tsh6o" data-start="289">DVB Projects is preparing to launch its second Gold Coast apartment development, with demolition now underway at 137 Old Burleigh Road, Broadbeach.</li>
	<li data-end="573" data-section-id="1nyxl3e" data-start="443">The 34-level tower will comprise just 49 ultra-luxury residences, including half-floor, full-floor and penthouse apartments.</li>
	<li data-end="717" data-section-id="oiyimj" data-start="574">The launch follows strong demand at DVB's nearby Sea Glass project, which is more than 50 per cent sold and currently under construction.</li>
	<li data-end="888" data-section-id="epk9o9" data-start="718">The development adds to the transformation of Old Burleigh Road, with premium beachfront apartment projects continuing to reshape the tightly held Broadbeach strip.</li>
</ul>

<a href="https://www.apartments.com.au/developers/dvb-projects">DVB Projects</a> is preparing to launch its second Gold Coast apartment development, with demolition now underway on the Broadbeach site as the Sydney developer moves closer to bringing the ultra-luxury project to market.

The 34-level tower at <a href="https://www.apartments.com.au/new-apartments/137-old-burleigh-road-broadbeach-qld-4218">137 Old Burleigh Road</a> will comprise just 49 residences, ranging from half-floor apartments through to full-floor homes and a penthouse. The launch follows the strong sales performance of DVB's nearby Sea Glass development. More than half of the apartments at Sea Glass, on the other side of Broadbeach, have been snapped up, well ahead of its late 2027 completion

<img alt="DVB Projects to commence demolition on $320m Broadbeach luxury tower" data-entity-type="file" data-entity-uuid="2944b4be-c84e-4b54-8dc1-c712e76704c0" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/E02_Exterior_Street%20Level%20Entrance.jpg?VersionId=YoNig7pRdrE3HCue7sUj78LzJteeQf3H" />

The start of demolition at 137 Old Burleigh Road signals DVB Projects’ underlying confidence in the Gold Coast’s luxury beachside apartment sector.

“We see the Gold Coast as one of the most compelling lifestyle markets in Australia, particularly at the premium end where demand continues to deepen,” said Dean Brown, Managing Director of DVB.&nbsp;

“This project has been carefully designed to respond to that demand - delivering large-format residences with a level of quality, privacy and amenity that is still relatively rare in the apartment market on the beachside."

Brown says the site itself is "exceptional."

"Old Burleigh Road is one of the most tightly held beachfront strips, and opportunities to deliver a project of this scale and calibre in this location are extremely limited.”

<img alt="DVB Projects to commence demolition on $320m Broadbeach luxury tower" data-entity-type="file" data-entity-uuid="398f377a-c037-455e-9250-0c5e0d84c35b" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/I12_FF%20Balcony.jpg?VersionId=NwOiRWGMubR1c8wthuEfggklcja7al9." />

The project will comprise 40 half-floor residences of approximately 260 sqm, alongside eight full-floor residences spanning around 524 sqm.

A single penthouse will crown the building, featuring a private pool, barbecue area, indoor gym and dedicated entertaining spaces.

Residents will have access to a resort-style suite of amenities, including a 20-metre pool with daybeds, a gymnasium, hot and cold plunge pools, a sauna, and private residents’ lounge and dining facilities.

<img alt="DVB Projects to commence demolition on $320m Broadbeach luxury tower" data-entity-type="file" data-entity-uuid="d1642bb0-9a66-4427-a022-dfc0988c6287" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/A02_Pool%20to%20View.jpg?VersionId=c0IXPyn_Gp_Kn3XCwzMrqIVkAdCEwVXP" />

Sales agent Todd Matheson, of <a href="https://www.apartments.com.au/project-marketer/pezet-matheson">Pezet Matheson</a>, which is marketing both 137 Old Burleigh Road and Sea Glass, said 137 Old Burleigh Road would address a clear gap in the market for genuine luxury products.

“There are very few opportunities on the Gold Coast where buyers can secure a residence of this size and quality in a new building,” Matheson said.

“What we’re seeing is a growing cohort of downsizers and interstate buyers who still want space - they’re not willing to compromise on living area, entertaining or finishes.

“This project has been designed with that buyer in mind. It offers the scale of a home, combined with the convenience and security of apartment living, in one of the coast’s most desirable positions.”

<img alt="DVB Projects to commence demolition on $320m Broadbeach luxury tower" data-entity-type="file" data-entity-uuid="59aae0ca-5639-4320-8aca-d0bf60f48e43" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/E01_Exterior%20Hero.jpg?VersionId=DS8Zfy2WtgUEtdfe0TEUuf1W1GfcZq8S" />

Located on a 1,156 sqm site one block from the beachfront, the development will replace an ageing walk-up building and is expected to contribute to the ongoing transformation of the Old Burleigh Road strip into one of the Gold Coast’s most prestigious residential corridors.

With the development moving into the delivery phase, 137 Old Burleigh Road is slated to hit the market later this year.

[smartcode_project_cta:default project_id=145141]

DVB Projects to launch second Broadbeach apartment tower as demolition commences

A proposal to redevelop one of North Sydney's ageing commercial buildings has taken another step forward, with plans for a 38-storey mixed-use tower adding momentum to the long-awaited transformation of the Alfred Street precinct.

Now on public exhibition through the NSW Government's Housing Delivery Authority-led State Significant Development pathway, the proposal for 271-273 Alfred Street would replace an underutilised commercial building with 95 apartments, ground-floor retail, commercial space and affordable housing. The proposal was submitted by&nbsp;Tara Shore Pty Ltd, acting for the John Taylor Family Trust.

While the project will deliver much-needed housing on the southern edge of the North Sydney CBD, it also represents another piece of a broader precinct that has spent years in planning limbo.

<img alt="First look: New public domain vision underpins 95-apartment North Sydney tower on Alfred Street" data-entity-type="file" data-entity-uuid="7e1ce1b4-38df-48ab-992f-386814d86308" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Alfred%20St%20da%20podium.png?VersionId=sC_h6w.A9VEoB98qsqowPlIoz__sBZBt" />

Despite its proximity to both North Sydney Station and the Victoria Cross Metro, redevelopment of Alfred Street has progressed slowly over the past decade as broader planning controls, zoning and building heights remained unresolved. The introduction of the Housing Delivery Authority pathway has provided a new avenue for projects to progress, allowing rezoning and development assessment to occur concurrently and unlocking sites that have long been earmarked for renewal.

Designed by Office of Cortese &amp; Gilder, the proposal seeks to do more than replace an ageing office building. The architects have positioned the project as the first stage of a wider public domain vision that would improve pedestrian connectivity and create a more cohesive mixed-use precinct as neighbouring sites are redeveloped over time.

The proposal includes a widened Alfred Street setback, new street trees, landscaping and outdoor seating, along with a landscaped through-site pedestrian link connecting Alfred Street with Little Alfred Street. The connection is intended to become the first section of a future east-west pedestrian network extending across the precinct.

<img alt="First look: New public domain vision underpins 95-apartment North Sydney tower on Alfred Street" data-entity-type="file" data-entity-uuid="8ea39ac3-46ad-4562-b4a0-b862e91c2dda" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Alfred%20St%20da%20site.png?VersionId=K7umCd21KpetEFuVfsPlnJKhUOsmTTdV" />

The mixed-use tower would comprise retail space at ground level, commercial uses on level two and apartments from level three upwards.

In total, the development would deliver 95 apartments, including nine one-bedroom, 28 two-bedroom, 56 three-bedroom and two four-bedroom residences. Twenty-one apartments, representing 15 per cent of the residential gross floor area, would be secured as affordable housing and managed by a registered community housing provider for at least 15 years.

Nine basement levels would provide 133 resident car spaces, seven motorcycle spaces and 111 bicycle spaces.

According to the Architecture and Urban Design Report, the public domain strategy is designed to transform what is currently an inward-facing commercial edge into a more active and connected pedestrian environment, creating a stronger relationship between the commercial core and surrounding residential neighbourhoods.

Office of Cortese &amp; Gilder has also prepared a broader public domain framework spanning neighbouring properties between 263 and 283 Alfred Street, arguing that a coordinated approach to redevelopment will deliver better public spaces, improved tower separation and a more connected streetscape as the precinct evolves.

The proposal comes at a time where North Sydney is slated for future residential growth. Commercial developer FiveX has residential plans for the neighbouring site at 275 Alfred Street. They've proposed a 39-storey mixed-use tower with 184 apartments, while Freecity was recently approved for nearly 300 apartments across a 51-storey building on Walker Street.

Read more:&nbsp;<a href="https://www.apartments.com.au/news/nsw/first-look-freecity-gets-green-light-for-mixed-use-apartment-and-hotel-tower-in-north-sydney">First look: Freecity gets green light for mixed-use apartment and hotel tower in North Sydney</a>

Read more:&nbsp;<a href="https://www.apartments.com.au/news/nsw/first-look-fivex-plans-39-storey-residential-tower-in-booming-north-sydney">First look: Fivex plans 39-storey residential tower in booming North Sydney</a>

&nbsp;

Alfred Street the latest North Sydney pocket to be transformed by residential development

Buyers considering a residence at boutique Gordon townhouse development <a href="https://www.apartments.com.au/new-townhouses/lume-gordon-43-47-dumaresq-street-gordon-nsw-2072">Lume</a>&nbsp;now have another reason to bring forward their decision.

For a limited time, purchasers of a residence at Lume will receive a BMW iX3 50 electric SUV, valued at more than $120,000, as part of their purchase. The offer is designed to add value for buyers while complementing the lifestyle envisioned for the architecturally designed Upper North Shore development.

Scott Timmins, Development Manager at <a href="https://www.apartments.com.au/developers/winim">WINIM</a>, said the partnership was created to provide buyers with a compelling reason to act.

"In today's market, buyers need a compelling reason to act now, and the BMW partnership was designed to create that catalyst. We wanted to add genuine value for our future purchasers. Choosing the all-electric BMW iX3 50 also reflects the values behind LUME, forward-thinking design, innovation and a more sustainable way of living. It's a premium incentive that complements the lifestyle our buyers aspire to and rewards those who commit early."

[smartcode_project:default project_id=7354 project_image_fid=374893]

Delivered by WINIM in partnership with Burtonwood Investment Partners, Lume comprises 14 architecturally designed two, three and four-bedroom townhomes created for families seeking the space of a freestanding house with the ease of modern, low-maintenance living.

The three-storey residences, designed by award-winning architecture practice <a href="https://www.apartments.com.au/architects/rothelowman">Rothelowman</a>, have been tailored for families and multi-generational living, featuring private internal lifts, flexible lower-level spaces, generous open-plan living and entertaining areas, media rooms, and landscaped outdoor spaces with custom outdoor kitchens.&nbsp;

Inside, engineered oak flooring, bespoke dining joinery with integrated wine fridges and backlit bars, sculptural porcelain bathrooms, Parisi freestanding baths and Astra Walker tapware create interiors that balance functionality with refined finishes.

Each townhome has been designed to combine generous internal spaces with sustainability initiatives such as EV charging infrastructure, while <a href="https://www.apartments.com.au/landscape-architect/arcadia-landscape-architecture">Arcadia</a>'s landscaped communal areas, centred around a restored creek line and native planting, encourage residents to connect with nature and spend more time outdoors.

[smartcode_project:default project_id=7354 project_image_fid=269527]

Rothelowman's Gary Tsui said the architecture was conceived to respond carefully to its Upper North Shore setting.

"Our vision was to create elegant, uplifting homes that draw on and positively contribute to the local character through meticulously considered design and an interaction with the surroundings."

The communal landscape has been designed as more than an open space between homes. Arcadia's Ben Newell and Kate Phillips said the adjoining reserve provided an opportunity to create a distinctive natural retreat for residents.

"Just as waterways carve their way through Ku-ring-gai's landscape, a raised boardwalk weaves through the reserve, connecting the homes to this tranquil oasis."

[smartcode_project:default project_id=7354 project_image_fid=374892]

Located just 300 metres from <a href="https://www.apartments.com.au/developments/gordon-nsw-2072">Gordon</a> Village and Gordon railway station, Lume offers convenient access to Sydney's CBD while placing residents close to some of the North Shore's leading schools, including Ravenswood, Pymble Ladies' College and Knox Grammar. Lane Cove National Park, Gordon Golf Club and a range of cafés and restaurants further reinforce the family-focused lifestyle on offer, with the BMW iX3 50 complementing everything from local trips around Gordon to weekend drives and city commutes.

Construction is underway with completion expected in mid-2027.

[smartcode_project_cta:default project_id=7354]

Boutique Gordon townhomes now come with a BMW iX3 50

Two apartments have sold for more than $10 million at EADE Byron Bay, setting some of the highest apartment prices ever achieved in the coastal town and underlining the growing appetite for luxury beachfront apartments in Australia's most popular coastal locations.

The $210 million project by Vitale Property Group has now secured more than $70 million in sales, led by residences that changed hands for $12.75 million and $11.75 million.

The record-breaking transactions reinforce the shift occurring in Byron Bay's premium property market, where affluent downsizers and lifestyle buyers are increasingly opting for high-end apartments over large beachfront homes.

<a href="https://www.apartments.com.au/new-apartments/eade-byron-bay-29-shirley-street-byron-bay-nsw-2481">EADE Byron Bay</a> occupies a rare 6,000 sqm absolute beachfront site on the corner of Shirley and Milton Streets overlooking Main Beach and The Wreck surf break, just 350 metres from Byron Bay's town centre.

The 25-residence development is the first beachfront apartment project approved in Byron Bay in more than a decade and is currently under construction, with completion expected in May 2027.

[smartcode_project:default project_id=145590 project_image_fid=359521]

The project has attracted a mix of local Byron Shire residents downsizing from larger homes, alongside interstate buyers from Sydney, Melbourne and Brisbane seeking a permanent coastal lifestyle without compromising on space.

Designed by <a href="https://www.apartments.com.au/architects/hayball">Hayball</a> and with interiors by <a href="https://www.apartments.com.au/interior-designers/alexander-co">Alexander &amp; Co</a>, EADE comprises&nbsp;10 garden apartments ranging from 284 sqm to 622 sqm, nine with private pools, five full-floor apartments and 10 rooftop residences with private plunge pools, expansive outdoor entertaining areas and uninterrupted ocean views.

[smartcode_project:default project_id=145590 project_image_fid=359527]

<a href="https://www.apartments.com.au/developers/vitale-property-group">Vitale Property Group</a> Managing Partner Chris Vitale said the project's combination of scale, location and limited future supply was driving buyer demand.

"There isn't another beachfront holding in Byron Bay of this size and position that could be developed again," Vitale said.

"Buyers are responding to the scarcity and the irreplaceability of a site of this calibre and to floorplans they can't find elsewhere in the market.

"We are seeing buyers place significant value on quality, space, design, resort-style amenities and the rarity of the location. The sales achieved to date demonstrate that discerning purchasers recognise the long-term significance of what is being created at EADE Byron Bay.

"Many are coming from larger homes in the Byron region, or from Sydney, Melbourne and Brisbane, and are after the space, security and convenience, without the upkeep of a house."

&nbsp;

[smartcode_project:default project_id=145590 project_image_fid=359523]

The Byron Bay project follows Vitale Property Group's delivery of the Mondrian Hotel and Private Residences at Burleigh Heads, with EADE continuing the developer's focus on luxury coastal developments.

Residents will have access to a resort-style swimming pool, gymnasium, sauna, cold plunge pool, concierge services and dedicated workspaces, while the project is targeting an 8-Star Green Star rating.

EADE Byron Bay is being exclusively marketed by Projx Australia in conjunction with WHITEFOX Projects.

WHITEFOX National Projects Director Phillip Rand said demand had been driven predominantly by owner-occupiers.

"We are seeing buyers at EADE place significant value on quality, space, design, resort-style amenities and the rarity of this location," Rand says.

"The sales achieved to date demonstrate that purchasers at this level recognise the long-term significance of what is being created at EADE Byron Bay."

Residences at EADE Byron Bay are currently priced between $4.75 million and $15.95 million.

&nbsp;

&nbsp;

&nbsp;

&nbsp;

&nbsp;

[smartcode_project_cta:default project_id=145590]

Vitale breaks Byron Bay records with EADE sales flurry 

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>
Two more Mosmanites have sued their neighbour over trees blocking their views, but neither complaint was successful in this week’s judgements, adding to the very poor batting rate of Mosman tree view court cases.
Two separate owners in a Mosman apartment block sought to convince the New South Wales Land and Environment Court to order the removal or pruning of their neighbour’s kaffir plum, jacaranda and hackberry trees.
<img src="/images/stories/mosmantree1.jpg">
The court dismissed both cases.
The first applicant in a second-floor apartment said the trees belonging to noted archictect Stan Symonds (pictured above and below) obscured views of the sky and the district to the south, while the second applicant on the ground floor said he previously had a triangular view of Mosman Bay and its surrounds before the trees ruined everything.
Commissioner Judy Fakes found that while there was an obstruction of a view for the first applicant she would not order the removal of the trees.
“In the absence of the kaffir plums, the very narrow view … along the southern boundary fence to the SSW would be obscured by other trees not subject to the court's jurisdiction and therefore, any interference with the trees is unlikely to open up the desired view,” she said.
“The nominated room is a bedroom and not a living room and therefore it is reasonable to expect that limited time would be spent in that room looking out the window.”
She added that applicant’s “living room has the desired views of Mosman Bay”.
<img src="/images/stories/mosmantree2.jpg">
She was also unconvinced about the ground-floor applicant’s argument.
“Even if I were satisfied of a severe obstruction, the discretionary matters discussed in relation to the [upstairs] property would apply.
“However, the view from … the property is not so obstructed.”
Commissioner Judy Fakes had also heard an earlier case that the two kaffir plum trees and a camphor tree had damaged the neighbour’s 13-metre brick wall, concrete paving, sewer and a sandstone retaining wall.
In regards to the sewer commissioner Fakes found that “absent any actual problems with the sewer and no evidence of any roots, there is no reason to suspect that the situation will change in the next 12 months”.
Speaking about the paving she found “the applicant was unable to produce evidence of any roots from any of the trees in the section of slab said to be damaged”.
With the retaining wall she found “there is no evidence that any part of any of the trees on the respondents' property have contributed to the displacement of one of the large blocks of sandstone.”
“I consider the removal of the tree to be disproportionate to the extent of the tree's contribution to the state of the wall and would be completely unreasonable on the evidence before me,” she said in her concluding statements.
Judges have found the residents of Mosman to be a little keen in their arboriculture objections, <a href="https://www.propertyobserver.com.au/residential/mosmanites-who-can-t-see-the-bridge-for-the-trees-take-neighbours-to-court/2011111752420" target="_blank">with eight of the 10 previous cases in Mosman dismissed.</a>
</body></html>

awalsh-7Ub9EypybQ

Two more Mosmanites fail to lop their neighbour's trees 

<html><body>
Property developer Warren Anderson has quietly vacated Fernhill, the historic mansion at Mulgoa in Sydney's outer west ahead of today’s departure date deadline.
<img src="/images/stories/andersonhouse.jpg">
Anderson was ordered to vacate the colonial Greek revival-style mansion by November 24. 
He had been reluctant to depart the property – at one point arguing he had a binding lease – owned by the trustee company,   Owston Nominees No 2 Pty Ltd, which went into receivership in March 2009.
It followed recent NSW Supreme Court proceedings when the first mortgagee Balanced Securities Ltd won proceedings for possession from Judge Nigel Rein.
Balanced lent $18.5 million to Owston Nominees No 2 Pty with the debt with interest accrued now at $31,365,122.42. Angas Securities, the second mortgagee, is owed a slightly higher amount.
The prized estate last traded when it was bought from the founder of the Darling and Co merchant bank, John Darling, in 1980 for $2.8 million.
It was built for Edward Cox, the sixth and youngest son of pioneer William Cox, in the Greek Revival temple style, possibly designed by architect Mortimer Lewis, with amended plans dropping the second storey due to the 1840s agricultural recession.
Fernhill remained in the ownership of the Cox family until 1896, when it sold to the Wright family, of Wright, Heaton and Co, who billed their firm as the most extensive carrying firm in the colony.
The stone house and outbuildings were constructed over four years by 20 stonemasons who were brought in from Ireland.
The buildings are now surrounded by gardens modified in the 1970s by landscape architect Paul Sorensen, during which time the swimming pool was added.
Fernhill has 15 lots totalling 653 hectares, of which 404 hectares form part of the historic Fernhill estate that contains the original 1810 Cox family Crown land grant.
Anderson, the property tycoon whose collection of Regency antiques, old master paintings, French Empire clocks and stuffed animals raised $12 million last year after matrimonial disputation, was made bankrupt in June 2011, but is seeking to have it overturned.
Balanced Securities sought the possession order so that it can sell the property as a mortgagee in possession. The estate was listed earlier this year by Colliers International by receivers appointed by Angas but without any success while Anderson was in attendance.
<a target="_blank" href="https://www.propertyobserver.com.au/western-australia/warren-anderson-seeks-to-overturn-bankruptcy-and-stay-put/2011081251141">The swashbuckling Western Australian property developer</a> – whose fortune was estimated at $190 million by BRW in 1989 – has had problems with bankers knocking on his front door before. After the 1990s property downturn the tycoon famously fought to regain occupancy of his Elizabeth Bay residency, the Spanish Mission-style trophy home Boomerang, after his forceful 1993 eviction by financiers’ security guards.
The mostly low-key Anderson who once said, “You don't get a feed in the bush by making a lot of noise as you go through" became wealthy building Coles supermarkets during the 1970s and '80s, after running a desert roadhouse renowned for its lobster rolls.
</body></html>

jchancellor-FAypfDUnLy

Property developer Warren Anderson goes quietly this time, departing Fernhill after three decades

<html><body>
Nine out of the 10 Sydney suburbs experiencing the highest levels of housing stress are in Sydney’s western suburbs, a study by lobbying group Australians for Affordable Housing (AAH) has found. 
The suburb in the worst housing strife is Auburn, about 19 kilometres west of the Sydney CBD, where more than a quarter (28%) of residents are experiencing housing stress, followed by Fairfield (25%), Canterbury (24%) and Strathfield (21%). 
AAH defines housing stress as being the lowest 40% of equivalised household incomes who spend more than 30% of their income on housing costs. 
“A very wealthy person could easily decide to spend a large amount on a big house and still have plenty in dollar terms left over for everything else. So when someone in that bottom 40% is paying more than 30% of their income in housing costs, they are said to be in housing stress,” a spokesperson for AAH explained. 
The outer-western suburb of Fairfield has the highest proportion of people experiencing both mortgage stress (34%) and private rental stress (51%). 
Mortgage stress means those using more than 30% of the household income on mortgage repayments, and private rent stress means those in private rental using more than 30% of the household income on rental payments.
Botany Bay, near Sydney airport, is the only suburb not located in the city’s west to feature in the top 10 most stressed suburbs, with 19% of its residents experiencing housing stress, 18% experiencing mortgage stress and 34% experiencing private rent stress.
<table style="width: 378px;" cellpadding="0" cellspacing="0" border="1"><tbody>
<tr>
<td valign="top" width="143">
LGA
</td>
<td valign="top" width="69">
% in housing stress
</td>
<td valign="top" colspan="2" width="103">
% in mortgage stress
</td>
<td valign="top" colspan="2" width="63">
% in rent stress
</td>
</tr>
<tr>
<td valign="top" width="143">
Auburn (C)
</td>
<td valign="top" width="69">
28
</td>
<td valign="top" colspan="2" width="103">
33
</td>
<td valign="top" colspan="2" width="63">
44
</td>
</tr>
<tr>
<td valign="top" width="143">
Fairfield (C)
</td>
<td valign="top" width="69">
25
</td>
<td valign="top" colspan="2" width="103">
34
</td>
<td valign="top" colspan="2" width="63">
51
</td>
</tr>
<tr>
<td valign="top" width="143">
Canterbury (C)
</td>
<td valign="top" width="69">
24
</td>
<td valign="top" colspan="2" width="103">
28
</td>
<td valign="top" colspan="2" width="63">
46
</td>
</tr>
<tr>
<td valign="top" width="143">
Strathfield (A)
</td>
<td valign="top" width="69">
21
</td>
<td valign="top" colspan="2" width="103">
22
</td>
<td valign="top" colspan="2" width="63">
37
</td>
</tr>
<tr>
<td valign="top" width="143">
Liverpool (C)
</td>
<td valign="top" width="69">
21
</td>
<td valign="top" colspan="2" width="103">
23
</td>
<td valign="top" colspan="2" width="63">
40
</td>
</tr>
<tr>
<td valign="top" width="143">
Bankstown (C)
</td>
<td valign="top" width="69">
21
</td>
<td valign="top" colspan="2" width="103">
27
</td>
<td valign="top" colspan="2" width="63">
44
</td>
</tr>
<tr>
<td valign="top" width="143">
Holroyd (C)
</td>
<td valign="top" width="69">
20
</td>
<td valign="top" colspan="2" width="103">
21
</td>
<td valign="top" colspan="2" width="63">
35
</td>
</tr>
<tr>
<td valign="top" width="143">
Burwood (A)
</td>
<td valign="top" width="69">
19
</td>
<td valign="top" colspan="2" width="103">
22
</td>
<td valign="top" colspan="2" width="63">
35
</td>
</tr>
<tr>
<td valign="top" width="143">
Botany Bay (C)
</td>
<td valign="top" width="69">
19
</td>
<td valign="top" colspan="2" width="103">
18
</td>
<td valign="top" colspan="2" width="63">
34
</td>
</tr>
<tr>
<td valign="top" width="143">
Campbelltown (C)
</td>
<td valign="top" width="69">
19
</td>
<td valign="top" colspan="2" width="103">
20
</td>
<td valign="top" colspan="2" width="63">
36
</td>
</tr>
<tr>
<td valign="top" width="143">
Parramatta (C)
</td>
<td valign="top" width="69">
19
</td>
<td valign="top" colspan="2" width="103">
20
</td>
<td valign="top" colspan="2" width="63">
31
</td>
</tr>
<tr>
<td valign="top" width="143">
Blacktown (C)
</td>
<td valign="top" width="69">
18
</td>
<td valign="top" colspan="2" width="103">
18
</td>
<td valign="top" colspan="2" width="63">
36
</td>
</tr>
<tr>
<td valign="top" width="143">
Rockdale (C)
</td>
<td valign="top" width="69">
18
</td>
<td valign="top" colspan="2" width="103">
21
</td>
<td valign="top" colspan="2" width="63">
33
</td>
</tr>
<tr>
<td valign="top" width="143">
Ashfield (A)
</td>
<td valign="top" width="69">
18
</td>
<td valign="top" colspan="2" width="103">
13
</td>
<td valign="top" colspan="2" width="63">
32
</td>
</tr>
<tr>
<td valign="top" width="143">
Sydney (C)
</td>
<td valign="top" width="69">
17
</td>
<td valign="top" colspan="2" width="103">
8
</td>
<td valign="top" colspan="2" width="63">
23
</td>
</tr>
<tr>
<td valign="top" width="143">
Penrith (C)
</td>
<td valign="top" width="69">
17
</td>
<td valign="top" colspan="2" width="103">
17
</td>
<td valign="top" colspan="2" width="63">
35
</td>
</tr>
<tr>
<td valign="top" width="143">
Hurstville (C)
</td>
<td valign="top" width="69">
17
</td>
<td valign="top" colspan="2" width="103">
19
</td>
<td valign="top" colspan="2" width="63">
35
</td>
</tr>
<tr>
<td valign="top" width="143">
Marrickville (A)
</td>
<td valign="top" width="69">
16
</td>
<td valign="top" colspan="2" width="103">
9
</td>
<td valign="top" colspan="2" width="63">
29
</td>
</tr>
<tr>
<td valign="top" width="143">
Kogarah (C)
</td>
<td valign="top" width="69">
15
</td>
<td valign="top" colspan="2" width="103">
18
</td>
<td valign="top" colspan="2" width="63">
34
</td>
</tr>
<tr>
<td valign="top" width="143">
Randwick (C)
</td>
<td valign="top" width="69">
15
</td>
<td valign="top" colspan="2" width="103">
12
</td>
<td valign="top" colspan="2" width="63">
25
</td>
</tr>
<tr>
<td valign="top" width="143">
Ryde (C)
</td>
<td valign="top" width="69">
14
</td>
<td valign="top" colspan="2" width="103">
13
</td>
<td valign="top" colspan="2" width="63">
29
</td>
</tr>
<tr>
<td valign="top" width="143">
Camden (A)
</td>
<td valign="top" width="69">
14
</td>
<td valign="top" colspan="2" width="103">
14
</td>
<td valign="top" colspan="2" width="63">
32
</td>
</tr>
<tr>
<td valign="top" width="143">
Waverley (A)
</td>
<td valign="top" width="69">
13
</td>
<td valign="top" colspan="2" width="103">
9
</td>
<td valign="top" colspan="2" width="63">
21
</td>
</tr>
<tr>
<td valign="top" width="143">
Warringah (A)
</td>
<td valign="top" width="69">
11
</td>
<td valign="top" colspan="2" width="103">
11
</td>
<td valign="top" colspan="2" width="63">
26
</td>
</tr>
<tr>
<td valign="top" width="143">
Hornsby (A)
</td>
<td valign="top" width="69">
11
</td>
<td valign="top" colspan="2" width="103">
12
</td>
<td valign="top" colspan="2" width="63">
30
</td>
</tr>
<tr>
<td valign="top" width="143">
SutherlandShire(A)
</td>
<td valign="top" width="69">
10
</td>
<td valign="top" width="101">
11
</td>
<td valign="top" colspan="2" width="63">
26
</td>
<td width="2">
 
</td>
</tr>
<tr>
<td valign="top" width="143">
Willoughby (C)
</td>
<td valign="top" width="69">
10
</td>
<td valign="top" width="101">
9               
</td>
<td valign="top" colspan="2" width="63">
21
</td>
<td width="2">
 
</td>
</tr>
<tr>
<td valign="top" width="143">
Pittwater (A)
</td>
<td valign="top" width="69">
10
</td>
<td valign="top" colspan="2" width="103">
11
</td>
<td valign="top" colspan="2" width="63">
31
</td>
</tr>
<tr>
<td valign="top" width="143">
Manly (A)
</td>
<td valign="top" width="69">
10
</td>
<td valign="top" colspan="2" width="103">
8
</td>
<td valign="top" colspan="2" width="63">
20
</td>
</tr>
<tr>
<td valign="top" width="143">
The Hills Shire (A)
</td>
<td valign="top" width="69">
10
</td>
<td valign="top" colspan="2" width="103">
11
</td>
<td valign="top" colspan="2" width="63">
26
</td>
</tr>
<tr>
<td valign="top" width="143">
Canada Bay (A)
</td>
<td valign="top" width="69">
10
</td>
<td valign="top" colspan="2" width="103">
10
</td>
<td valign="top" colspan="2" width="63">
17
</td>
</tr>
<tr>
<td valign="top" width="143">
Leichhardt (A)
</td>
<td valign="top" width="69">
10
</td>
<td valign="top" colspan="2" width="103">
5
</td>
<td valign="top" colspan="2" width="63">
18
</td>
</tr>
<tr>
<td valign="top" width="143">
Lane Cove (A)
</td>
<td valign="top" width="69">
9
</td>
<td valign="top" colspan="2" width="103">
7
</td>
<td valign="top" colspan="2" width="63">
20
</td>
</tr>
<tr>
<td valign="top" width="143">
Woollahra (A)
</td>
<td valign="top" width="69">
9
</td>
<td valign="top" colspan="2" width="103">
7
</td>
<td valign="top" colspan="2" width="63">
19
</td>
</tr>
<tr>
<td valign="top" width="143">
Hunters Hill (A)
</td>
<td valign="top" width="69">
9
</td>
<td valign="top" colspan="2" width="103">
8
</td>
<td valign="top" colspan="2" width="63">
19
</td>
</tr>
<tr>
<td valign="top" width="143">
Mosman (A)
</td>
<td valign="top" width="69">
8
</td>
<td valign="top" colspan="2" width="103">
7
</td>
<td valign="top" colspan="2" width="63">
17
</td>
</tr>
<tr>
<td valign="top" width="143">
North Sydney (A)
</td>
<td valign="top" width="69">
8
</td>
<td valign="top" colspan="2" width="103">
5
</td>
<td valign="top" colspan="2" width="63">
13
</td>
</tr>
<tr>
<td valign="top" width="143">
Ku-ring-gai (A)
</td>
<td valign="top" width="69">
6
</td>
<td valign="top" colspan="2" width="103">
8
</td>
<td valign="top" colspan="2" width="63">
24
</td>
</tr>
<tr height="0">
<td width="142"></td>
<td width="69"></td>
<td width="103"></td>
<td width="2"></td>
<td width="61"></td>
<td width="2"></td>
</tr>
</tbody></table>
 *This  league  table  provides  for  comparison  of  small  local  areas  and  is  based  on  modelled  census   numbers.  These    are  not  directly  comparable  with  recently  published  housing  stress  modelling  on   ABS  Survey  of  Income   and  Housing  data. 
AAH campaign manager Sarah Toohey says the figures show where the pain is being felt and that urgent action by the NSW and Commonwealth governments is needed.
“Sydney needs a housing strategy that includes more than releasing land on the city fringe. Premier O’Farrell needs to invest in more affordable housing options close to jobs and services to reduce the squeeze on weekly budgets,” she says.
“Housing is the single biggest cost of living issue in Australia. When low-income households spend more than 30% of their income on housing costs they are officially in housing stress. This means they have very little left over to cover other costs like food, transport, bills or money for emergencies.”
“Australians for Affordable Housing is urging Sydney residents in housing stress to join the campaign to convince governments to address the housing crisis.
“We need collective action at all levels of government to ensure that we fix our broken housing system, and take the pressure off families struggling with high housing costs and lack of affordable options,” she says. 
Australians for Affordable Housing is a coalition of national housing, welfare and community sector organisations.
Photograph by Rory O'Brien
 
 
</body></html>

lschlesinger-FZcF9M3vE6

Western suburbs dominate list of Sydney housing stress

<html><body>
Foreign investors own more than half of London’s financial district, a first for the city, according to a report commissioned by UK property developer Development Securities. Australia barely featured in the report.
Overseas companies now own 52% of London’s financial district following a three-year buying spree, the report says. The figures are up from 50% in 2010 and 44% in 2005.
<img src="/images/stories/ownership1.gif">
They made up two-thirds of office acquisitions by value over the past three years as they took advantage of falling prices.
London property values fell 50% from 2007 to 2009 and were 37% lower at the end of 2010 than the 2007 high.
“Irrespective of the sharp fall in capital values, the city is perceived as a relatively safe haven: conceivably as an inflation hedge,” chief executive of Development Securities Michael Marx says.
Australia is in the top eight groups of foreign owners for new builds and major refurbishments in the UK capital city.
US companies led the buying push, accounting for 37% of foreign property acquisitions, followed by Germany at 12% and Spain at 10% over the three-year period.
German companies now own the most property of all the foreign investors in London at 16%. American companies own 10%, and Middle Eastern companies own 6%.
<img src="/images/stories/ownership2.gif">
“Foreign ownership actually expanded in the eye of the storm rather than contracting,” Marx says.
“Such resilience would appear all the more remarkable in the light of the city’s associations with the failures of the international financial system.
“What offsets the systemic risk in relation to the city’s lack of diversification is the exceptional liquidity that characterises its office market.”
With €72 billion of sales activity between 2007 and 2011, London attracts more office inward investment than any other city, the report found. In mainland Europe, Paris stands at €43 billion and Frankfurt at €11 billion.
 
</body></html>

Foreign investors own more than half of London financial district

<html><body>
Leases for 20 pubs that form part of Redcape’s property portfolio are to be sold in February by the receivers of failed pub owner National Leisure and Gaming (NLG).
NLG is Redcape’s major tenant, contributing approximately 38.7% of the annual rent received by the trust.
Three of the leases are for pubs that ranked in the top 10 for gaming turnover in NSW last year – the El Cortez in Wakeley and the Eastwood and Cabramatta Club hotels – The Australian reported. Most of the leases are in Queensland and New South Wales.
The 20 leases were valued at between $70 million and $80 million when the Laundy Hotel Group bid for them earlier this year, but they have declined in value due to NLG being placed in receivership in October owing its lenders $580 million.
Redcape is currently in discussions with an investor group comprising affiliates of York Capital Management, Värde Partners, Inc. and Goldman Sachs to negotiate a recapitalisation proposal.  The exclusivity period for the discussions expires on November 28.
Since July, the consortium has been frustrated in its attempts to secure control of Redcape via a $635 million recapitalisation proposal launched in July.
The proposal was rejected by junior lenders to Redcape as being at too great a discount.
Redcape has a property portfolio comprised of 82 properties including 71 pubs and 11 shops based mainly in Queensland and NSW, with a small number of properties in Victoria and SA.
In May the consortium bought 38% of Redcape's $645 million worth of secured senior debt for around $200m and also acquired all of the $157 m worth of debt of National Leisure and Gaming, Redcape’s major tenant for between $ 35m and $40m.
More than half (45) of RedCape’s properties are leased to Coles.
The listed pub sector was battered during the GFC and according to industry sources quoted in the Australian Financial Review is “massively over rented” (meaning pubs are currently rented above their estimated market rental value), due to the rapid expansion of the corporate leasehold market in the mid-2000s when financing was cheaply available.
Earlier this month, he management rights of ING Real Estate Entertainment Fund (ING REEF) were transferred to a New Zealand fund manager.
The ING investment trust, comprising 22 pubs and 15 clubs, which are worth around $235 million, will be managed by Bodiam RE Ltd a subsidiary of the Torchlight Group for “nil consideration”, The Australian reported.
Torchlight is a subsidiary of New Zealand-based pub owner Payne Gould, which has a 17% stake ING REEF.
ING management had been hoping to sell the management rights for $2 million to $3 million.
 
</body></html>

NLG receivers to sell 20 pub leases 

<html><body>
With the ability to now get three-year fixed-rate home loans for 5.99%, and 6.39% variable-rate loans, there is understandably excitement brewing about the prospect of a recovery in the Aussie housing market. If the financial markets are right, and the RBA cuts rates another six to seven times by the middle of next year, we will get a very healthy rebound indeed. But in terms of actual near-term data flows, don't expect too much, too soon. 
The house price data that is heading our way is still dated before the RBA’s all-important November rate cut. The next tranche of information covers the month of October, and it will not be until the end of December (January) that we get the first, preliminary view of prices in November (December). 
While I expect housing activity to revitalise by the first quarter of 2012, this will not flow through to the price data until the end of March or April. 
We do, however, have partial, leading indicator data to work with in the interim. We will get monthly “seasonally adjusted” housing finance approvals from the ABS, which lead actual house prices by a quarter or so, and have been trending in the right direction thus far. 
The near-term auction clearance rate data will be of limited value since it is not seasonally adjusted and tends to taper off around this time of the year. 
I’d venture that the first credible indications of where the market stands will not be available until the February and March auction clearance rate results, which will coincide with the typically more liquid New Year sales season. 
On the balance of probabilities, the next three months’ worth of house price data will likely give us “more of the same”. We know from our listings, auction clearance rate, time-on-market and vendor discounting series that October – i.e., the month prior to the RBA’s cut – remained tepid. Clearance rates were low, vendor discounting wide, and there was a sizeable stock of homes on the market available for sale. 
While prices were not plummeting, they were not advancing either. The market was frozen in a weak stasis waiting for some interest rate relief. 
My current base case is, as a consequence, modest flat-to-negative house price results for the remainder of the year. Here there is a slight complication interpreting the seasonally adjusted data, which may have residual biases from the devastating January/February floods. 
In raw terms, national dwelling prices in the month of January were off only around 0.1%. Yet on a seasonally adjusted basis, they recorded a very large 1% fall. When we inspect the raw house price series, we can see a noticeable trend of slowly improving month-on-month conditions since the first quarter of 2011 (specially, slower price depreciation). On a seasonally adjusted basis, however, this disappears. It’s hard to say which series is providing the most accurate insights in light of the natural disasters in January and February. 
If you want to answer the question: what are actual house prices doing, rely on the raw index data. If, on the other hand, you want to strip out monthly seasonal influences assuming 2011 is just like any other year, check out the seasonally adjusted benchmark. 
Another key question for the housing market will be whether the RBA grants it more interest rate relief in December. According to the financial markets, this is a 100% certainty. That is, another rate cut in two weeks’ time is a bankable outcome. 
In fact, financial markets think there is a chance the RBA may pop off two rate cuts in December. I am not so sure, and will firm up my views once we have better information prior to the actual board meeting on the 6th of December. I suspect the RBA will be of a similar mind given that every day is a moving feast right now. 
There is no doubt that financial markets are completely besotted by what is happening in Europe. While the Eurozone only accounts for a small share of global economic growth, the transmission of a European crisis can have much more far-reaching consequences. 
This is a function of three things. 
First, Australian debt and equity markets still place a much higher weight on economic developments in the US and Europe than would be implied from either their direct contributions to Australian economic growth, or global growth. 
It is a habit that is proving very hard to shake, much to the frustration of the RBA. And it is borne out strikingly in financial market correlations: while the direct economic linkages between Australia and the North Atlantic economies are modest (around 70% of our exports go to Asia), our equity and debt investments are correlated very closely with daily movements in their US and European counterparts. 
Second, and partly an artifact of the first point, the wholesale funding that our banking system sources from overseas is currently being choked by the North Atlantic problems. 
If banks cannot get access to funding, they stop lending, and growth will be an immediate casualty. Fortunately, we have been through this episode before, and there are now well-established measures to protect domestic bank funding, including government guarantees of bank deposits and liabilities, and new liquidity facilities offered via the RBA. 
So, there is no reason to expect any big change in the Australian banking system’s access to funding in the near-to-medium term as long as the state remains the lender of last resort, which it will. 
The final transmission mechanism is consumer and business sentiment. It would seem that in today’s much more closely interwoven world, where financial news is telegraphed via the Internet instantly across computer screens, shocks in one part of the planet are transferred much more quickly to once far removed locations. Domestic business confidence and investment decisions appear to be more responsive to foreign events than ever before. While it is less obvious how Australian consumers will react, we can be sure that they are more sensitive to global developments than they have been in the past. 
The essential polarization between the underlying, and positive, economic growth pulse in Australia, and the snowballing turmoil in the Eurozone, was highlighted by yesterday’s construction work done data. In the third quarter this key component of GDP confounded pessimists, rising by an incredible 12.5% (the largest result on record) in comparison with market expectations of a 2.0% increase. This has the potential to increase the third quarter real GDP print by an amazing 1.7 percentage points, which would be a stunning result if the final numbers get anywhere near it. 
Since 2007-08 I have argued that Australian cash and fixed-income should be the preferred destinations for your savings. Nothing since has changed to shift my view.
Christopher Joye is a leading financial economist and a director of Rismark International and Yellow Brick Road Funds Management. The above article is not investment advice.
 
</body></html>

chrisjoye-JYhJsTrNRC

Housing recovery to begin in first quarter of 2012, but data headlines won’t tell us until later: Christopher Joye

<html><body>
Sydney is the only major capital city to register an increase in apartment prices over the past 12 months as the overall market declined by 1.57% for the year to October 2011, according to research by Residex.
Over this period Sydney units increased by 2.77% to a median price of $485,500. However this growth rate was a little more than half the 5.05% achieved annually by Sydney units over the last decade.
Of late, Sydney unit prices have remained flat, declining by 0.54% over the last three months to October and rising just 0.42% of the month of October.
Rental increases have not kept up with capital values.
For the year to October, Sydney unit rents increased by 2.27% to a median of $440 per week, below Darwin, which at $450 a week is the most expensive place to rent an apartment across Australia.
According to Residex, the average price of a unit in Australia now stands at $394,500 with a median rent of $355 a week.
Over the last 12 months, Perth suffered the biggest drop in unit prices of 6.55% to $379,000 followed by Hobart (- 5.94%), Brisbane (- 3.48%), Melbourne (- 3.31%) and Adelaide (-1.08%).
Outside of Sydney, the only regions to record median unit prices increases over the last 12 months were the ACT (up 2.75% to $422,000) and country Victoria (up 1.79% to $255,500).
 
<table style="width: 415px;" border="1" cellspacing="0" cellpadding="0"><tbody>
<tr>
<td rowspan="2">
Area
</td>
<td rowspan="2">
Median Value
</td>
<td width="249" colspan="4">
Growth
</td>
</tr>
<tr>
<td width="57" valign="top">
10 Years % p.a.
</td>
<td width="63" valign="top">
Year Ending Oct 2011
</td>
<td width="69" valign="top">
Last Quarter
</td>
<td width="59" valign="top">
Last Month
</td>
</tr>
<tr>
<td valign="top">
ACT
</td>
<td valign="top">
$422,000
</td>
<td width="57" valign="top">
9.46%
</td>
<td width="63" valign="top">
2.75%
</td>
<td width="69" valign="top">
-1.46%
</td>
<td width="59" valign="top">
-2.02%
</td>
</tr>
<tr>
<td valign="top">
Adelaide
</td>
<td valign="top">
$312,000
</td>
<td width="57" valign="top">
9.82%
</td>
<td width="63" valign="top">
-1.08%
</td>
<td width="69" valign="top">
1.25%
</td>
<td width="59" valign="top">
0.56%
</td>
</tr>
<tr>
<td valign="top">
SA Country
</td>
<td valign="top">
$231,000
</td>
<td width="57" valign="top">
7.71%
</td>
<td width="63" valign="top">
0.03%
</td>
<td width="69" valign="top">
-1.39%
</td>
<td width="59" valign="top">
1.23%
</td>
</tr>
<tr>
<td valign="top">
Brisbane
</td>
<td valign="top">
$352,000
</td>
<td width="57" valign="top">
9.07%
</td>
<td width="63" valign="top">
-3.48%
</td>
<td width="69" valign="top">
-1.74%
</td>
<td width="59" valign="top">
-0.98%
</td>
</tr>
<tr>
<td valign="top">
QLD Country
</td>
<td valign="top">
$315,000
</td>
<td width="57" valign="top">
8.16%
</td>
<td width="63" valign="top">
-8.30%
</td>
<td width="69" valign="top">
0.78%
</td>
<td width="59" valign="top">
0.19%
</td>
</tr>
<tr>
<td valign="top">
Darwin
</td>
<td valign="top">
$386,500
</td>
<td width="57" valign="top">
10.44%
</td>
<td width="63" valign="top">
-8.38%
</td>
<td width="69" valign="top">
-1.25%
</td>
<td width="59" valign="top">
-0.95%
</td>
</tr>
<tr>
<td valign="top">
Northern Territory
</td>
<td valign="top">
$377,000
</td>
<td width="57" valign="top">
10.52%
</td>
<td width="63" valign="top">
-7.38%
</td>
<td width="69" valign="top">
-1.38%
</td>
<td width="59" valign="top">
-1.22%
</td>
</tr>
<tr>
<td valign="top">
Hobart
</td>
<td valign="top">
$267,000
</td>
<td width="57" valign="top">
9.88%
</td>
<td width="63" valign="top">
-5.94%
</td>
<td width="69" valign="top">
-4.27%
</td>
<td width="59" valign="top">
-0.41%
</td>
</tr>
<tr>
<td valign="top">
TAS Country
</td>
<td valign="top">
$205,500
</td>
<td width="57" valign="top">
10.01%
</td>
<td width="63" valign="top">
-10.16%
</td>
<td width="69" valign="top">
-0.83%
</td>
<td width="59" valign="top">
-1.24%
</td>
</tr>
<tr>
<td valign="top">
Melbourne
</td>
<td valign="top">
$435,500
</td>
<td width="57" valign="top">
7.04%
</td>
<td width="63" valign="top">
-3.31%
</td>
<td width="69" valign="top">
-3.13%
</td>
<td width="59" valign="top">
-1.53%
</td>
</tr>
<tr>
<td valign="top">
VIC Country
</td>
<td valign="top">
$255,500
</td>
<td width="57" valign="top">
8.30%
</td>
<td width="63" valign="top">
1.79%
</td>
<td width="69" valign="top">
-2.15%
</td>
<td width="59" valign="top">
-1.65%
</td>
</tr>
<tr>
<td valign="top">
Perth
</td>
<td valign="top">
$379,000
</td>
<td width="57" valign="top">
9.33%
</td>
<td width="63" valign="top">
-6.65%
</td>
<td width="69" valign="top">
-2.43%
</td>
<td width="59" valign="top">
-0.76%
</td>
</tr>
<tr>
<td valign="top">
WA Country
</td>
<td valign="top">
$297,000
</td>
<td width="57" valign="top">
6.92%
</td>
<td width="63" valign="top">
-5.28%
</td>
<td width="69" valign="top">
-0.17%
</td>
<td width="59" valign="top">
-1.93%
</td>
</tr>
<tr>
<td valign="top">
Sydney
</td>
<td valign="top">
$485,500
</td>
<td width="57" valign="top">
5.05%
</td>
<td width="63" valign="top">
2.77%
</td>
<td width="69" valign="top">
-0.54%
</td>
<td width="59" valign="top">
0.42%
</td>
</tr>
<tr>
<td valign="top">
NSW Country
</td>
<td valign="top">
$302,500
</td>
<td width="57" valign="top">
6.98%
</td>
<td width="63" valign="top">
-0.39%
</td>
<td width="69" valign="top">
0.75%
</td>
<td width="59" valign="top">
0.49%
</td>
</tr>
<tr>
<td valign="top">
Australia
</td>
<td valign="top">
$394,500
</td>
<td width="57" valign="top">
6.62%
</td>
<td width="63" valign="top">
-1.57%
</td>
<td width="69" valign="top">
-0.98%
</td>
<td width="59" valign="top">
-0.52%
</td>
</tr>
</tbody></table>
Source: Residex
 
 
 
 
 
</body></html>

Sydney the only capital city with rising unit prices: Residex

<html><body>
A Sydney hotelier's licence has been listed for sale with 13 gaming machine entitlements.
The licence also includes a social impact assessment for 23 gaming machines, which Property Partnership Australia listing agent Craig Hibbard says is “extremely rare”.
He told The Shout newsletter the licence could be reactivated almost anywhere in the City of Sydney local government area without the scrutiny of having to do a new assessment as required under NSW gaming laws.
As well as appealing to existing hoteliers, Hibbard said the licence could provide value to a number of new developments in the city and fringe.
Hibbard pointed to the recent $1.3 million sale of the licence at Sydney's Trumps Tavern – which had entitlements for 15 machines – as a benchmark.
 
 
 
</body></html>

Transient Sydney hotelier licence with 13 pokie entitlements up for sale

<html><body>
<table style="width: 465px;" border="1" cellspacing="0" cellpadding="0"><tbody>
<tr>
<td width="228" nowrap valign="bottom">
Suburb
</td>
<td width="119" valign="bottom">
Postcode
</td>
<td width="119" nowrap valign="bottom">
Rental median for houses
</td>
</tr>
<tr>
<td width="228" nowrap valign="bottom">
CLONTARF
</td>
<td width="119" valign="bottom">
2093
</td>
<td width="119" nowrap valign="bottom">
$1,395
</td>
</tr>
<tr>
<td width="228" nowrap valign="bottom">
BALGOWLAH HEIGHTS
</td>
<td width="119" valign="bottom">
2093
</td>
<td width="119" nowrap valign="bottom">
$1,350
</td>
</tr>
<tr>
<td width="228" nowrap valign="bottom">
BAYVIEW
</td>
<td width="119" valign="bottom">
2104
</td>
<td width="119" nowrap valign="bottom">
$1,100
</td>
</tr>
<tr>
<td width="228" nowrap valign="bottom">
MANLY
</td>
<td width="119" valign="bottom">
2095
</td>
<td width="119" nowrap valign="bottom">
$1,000
</td>
</tr>
<tr>
<td width="228" nowrap valign="bottom">
SEAFORTH
</td>
<td width="119" valign="bottom">
2092
</td>
<td width="119" nowrap valign="bottom">
$995
</td>
</tr>
<tr>
<td width="228" nowrap valign="bottom">
NORTH BALGOWLAH
</td>
<td width="119" valign="bottom">
2093
</td>
<td width="119" nowrap valign="bottom">
$950
</td>
</tr>
<tr>
<td width="228" nowrap valign="bottom">
CHURCH POINT
</td>
<td width="119" valign="bottom">
2105
</td>
<td width="119" nowrap valign="bottom">
$900
</td>
</tr>
<tr>
<td width="228" nowrap valign="bottom">
BALGOWLAH
</td>
<td width="119" valign="bottom">
2093
</td>
<td width="119" nowrap valign="bottom">
$895
</td>
</tr>
<tr>
<td width="228" nowrap valign="bottom">
FRESHWATER
</td>
<td width="119" valign="bottom">
2096
</td>
<td width="119" nowrap valign="bottom">
$895
</td>
</tr>
<tr>
<td width="228" nowrap valign="bottom">
PALM BEACH
</td>
<td width="119" valign="bottom">
2108
</td>
<td width="119" nowrap valign="bottom">
$890
</td>
</tr>
</tbody></table>
 
Source: RP Data
</body></html>

cknowlton-QnEa6ntUYP

Top 10 most expensive suburbs in Sydney's northern beaches for house rentals

<html><body>
The Master Builders Association has called for further rate cuts following the release of ABS figures showing total seasonally adjusted residential building work done fell by 1.1% to $11.4 billion in the September 2011 quarter.
The figure would have been worse were it not for the value of major renovations work done growing by 0.9% over the September quarter to be up by 6.3% on the same quarter one year earlier.
Excluding renovations, new residential building work done fell by 1.5% to be down by 5.2% on the September 2010 quarter.
The biggest drop in new residential building work done occurred in South Australia, where the value of work fell by 15.5%, followed by Tasmania (12.1%), ACT (8.6%) and WA (6.3%).
New residential work done rose by 5.5% in New South Wales, 3.3% in Victoria and just 0.2% in Queensland, despite the $10,000 on offer as part of the state government’s building boost program.
MBA chief economist Peter Jones says the figures “confirm evidence from Master Builders’ latest survey showing dramatic turnaround in builder sentiment as commercial and residential building-related stimulus spending programs come to an end”.
“They also confirm that MBA information that builders are suffering a downturn in sales and enquiries.”
“The tough business environment is not being helped by volatility in the world economy and investor caution,” he says.
“A negative growth trend is firmly established in both the residential and commercial or non-residential building sectors, with no indication that conditions will turn around without policy change.”
Outside of residential building, construction work done surged by 12.5% for the quarter, to be 18.1% up from a year ago (inflation-adjusted).  This was the strongest quarterly construction growth rate since the commencement of this series in 1986.
Jones attributed this surge in construction activity to mega-mining projects ramping up, particularly in Western Australia during the September quarter and in Queensland the previous quarter.
“A sectoral divide has opened up in the building and construction industry, with booming engineering construction fed by the mining boom contrasting with a weak building sector caught in the slow lane of a post GFC economy struggling to transition to a private sector led recovery.”
“The 1.5% decline in new residential work done reflects a 2.6% decline in detached housing which was partially offset by a 3.4% increase in ‘other dwellings’,” noted HIA acting chief economist Andrew Harvey. 
“Today’s result suggests that new dwelling investment will detract from GDP growth in the September quarter national accounts, due for release in two weeks’ time,” he says. 
Westpac notes the two-speed nature of the economy, with construction work in the third quarter well in excess of expectations, private residential building activity flat, and public building and public infrastructure work declining. 
“For the RBA, from a policy perspective, the patchy conditions in the broader economy would remain a concern,” the bank says.
 
</body></html>

Latest Investing Insights

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

Editor's Picks

Developments

New apartments

New townhouses

News

Latest Investing Insights

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

Editor's Picks

Receive the latest news stories to your inbox

Developments

New apartments

New townhouses

News