Around 400 additional homes could be built at Southwark Grounds on Port Road, lifting total site capacity from 1300 to around 1700 dwellings.

A recently approved code amendment would allow apartment towers of up to 14 storeys in some areas of Renewal SA’s redevelopment of the former West End Brewery.

Renewal SA Acting Chief Executive Shane Wingard said he welcomed the code amendment, with the increase in heights and homes making a positive impact on the supply of high-quality, well-connected housing close to the city.

“By going higher across some parts of Southwark Grounds, we are adding a substantial number of very well-located homes with little impact on project delivery time or planned open space,” Mr Wingard said.

Since the project officially launched in 2025, Mr Wingard said more than 12,000 enquiries had been received about living at Southwark Grounds.

“The very strong early interest we’ve seen since homes were first released in the precinct reinforces our plans to create more housing opportunities,” he said.

The Southwark Grounds code amendment was launched in December last year, with community engagement undertaken over five weeks from January.

It proposed increasing maximum building heights from eight to 14 storeys on the eastern section of Southwark Grounds, and to 12 storeys across the remainder of the site, with minimum building heights ranging from two to four storeys.

The code amendment was implemented through an Early Commencement policy in late January, allowing developers to quickly explore the viability of increased height and housing yield while other planning processes continue.

One of the first developers delivering apartment sites have already finalised redesigns to increase the number of apartments following the code amendment.

Samaras’ development adjacent to the future Colonel Light Park is now planning to deliver 125 apartments across 11 storeys, significantly greater than original plans of around 50 apartments across four storeys.

The developer is also exploring the potential for additional affordable housing outcomes.

Most of the apartments at Southwark Grounds will be delivered within a master-planned precinct on a large parcel of land on the eastern portion of the site, covering around two-thirds of its 8.4 hectares.

Wingard said detailed precinct planning over the coming months may identify further opportunities to increase yield further that could see total apartment numbers at Southwark Grounds, exceed this number.

Affordable homes at Southwark Grounds will also see a net increase, with Renewal SA maintaining its commitment to a minimum of 20 per cent affordable housing across the development.

&nbsp;

&nbsp;

Civil works have begun across the site, with construction under way on the first new roads surrounding a townhouse precinct in the south‑west corner of Southwark Grounds. This includes Renewal SA’s 17 Founder’s Row homes, which are on track for completion by Christmas.

“We expect to have people living at Southwark Grounds by the end of the year, so delivering roads and public spaces for those residents is among our highest priorities.”

Construction of 40 townhouses off Anderson Street, known as West Village and being delivered by Contour, is forecast to begin in mid‑2026. Kolabb’s Anderson Lane development will follow shortly after, delivering a further 26 townhouses.

Southwark Grounds is a state government‑led urban renewal project now set to deliver around 1,700 homes over the next decade.

Homes will be supported by a supermarket, a range of retail and hospitality offerings anchored by a revitalised Walkerville Brew Tower, a childcare centre, car parking and well‑connected public spaces.

Joel Robinson

400 new homes planned for Adelaide's former West End Brewery site

Brisbane developer&nbsp;<a href="https://www.apartments.com.au/developers/cavcorp">Cavcorp</a> has lodged plans for a new mixed-use residential development at <a href="https://www.apartments.com.au/new-apartments/55-wyandra-street-teneriffe-qld-4005">55 Wyandra Street</a>, Teneriffe, anchored by an 85-metre public laneway designed to reconnect the suburb’s riverfront with the Gasworks precinct.

The buildings, known as Teneriffe House and Teneriffe Lane, would replace the existing Queensland Cotton head office site with a 15-storey residential tower transitioning to eight storeys toward Helen Street. The project has been designed by Plazibat Architects and lodged as a code assessable development application for 93 apartments across a 3,401 sqm mixed-use site within the Newstead and Teneriffe Waterfront neighbourhood plan.

Central to the scheme is the transformation of an existing service easement into a publicly accessible cross-block connection linking Wyandra and Helen Streets. Cavcorp says the new laneway will act as both a pedestrian shortcut and a landscaped civic space between the Teneriffe Riverwalk, ferry terminal, and Gasworks precinct.

<img alt="First Look: Cavcorp unveils Teneriffe House and Teneriffe Lane plans for landmark wellness tower in Teneriffe" data-entity-type="file" data-entity-uuid="26e7f058-b065-4de8-b13d-a2b8cb64dfcc" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/bldg.png?VersionId=sELS0ZKYi361oYipUa1BIKfe_.DLZoFV" />

“The revised proposal delivers a legacy public-realm cross-block link, permanently secured for community use, transforming an existing private easement into a safe, high-quality pedestrian connection between the Teneriffe heritage riverwalk and the Gasworks–Long Island precinct,” the planning report states.

The laneway will sit beneath a large subtropical loggia integrated into the podium levels of the development. The design incorporates deep landscaping, water gardens, lobby spaces, business lounges, and ground-floor apartments to create what Cavcorp describes as a climate-responsive “urban verandah.”

The tower itself has been designed as a slender form with recessed floorplates and curved translucent corners inspired by contemporary Japanese architecture. The building height aligns with the Commercial Road precinct controls, which permit towers up to 15 storeys within proximity to Longland Street.

<img alt="First Look: Cavcorp unveils Teneriffe House and Teneriffe Lane plans for landmark wellness tower in Teneriffe" data-entity-type="file" data-entity-uuid="a8a17d40-43b6-4718-b3fd-67676fcbb485" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/pers%202_1.png?VersionId=i3VwDtp5AmL_8InW7w4qRbDFEpb744Jt" />

The project will comprise a mix of larger-format apartments aimed at owner-occupiers, downsizers, and families. The proposed apartment mix includes 11 loggia apartments across the lower levels, 50 four-bedroom Sky-Terrace apartments from levels three to seven, and 32 Sky-Pool Homes occupying the upper tower levels. The Sky-Pool Homes will feature private thermal plunge pools integrated into oversized balconies.

According to the application, the apartments are intended to reinterpret the scale and character of Teneriffe’s woolstore conversions and Queensland homes within a vertical residential format.

“The sky-pool homes build on Cavcorp’s previous projects and introduce a distinct apartment typology to Teneriffe, informed by both local and international precedent and responding to an identified market demand for enhanced safety, space and amenity,” the planning submission notes.

A major focus of the proposal is its five-level wellness and lifestyle offering, extending from the basement through to the rooftop.

Amenities proposed include a rooftop Swim &amp; Racquet Club with a 25-metre Olympic lap pool and tennis court, coworking spaces and libraries, golf simulators, wine storage, concierge facilities, business lounges, pet wash areas, and rooftop longevity-focused wellness spaces with spas, outdoor fitness zones, and landscaped terraces.

<img alt="First Look: Cavcorp unveils Teneriffe House and Teneriffe Lane plans for landmark wellness tower in Teneriffe" data-entity-type="file" data-entity-uuid="944b352c-49b9-4247-a4c6-5967b4b69fda" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/amenity.png?VersionId=Ed_qKjAtMwFT.5gfl3jiA9QwdWxSMsaX" />

All parking will be concealed within basement levels accessed from Wyandra and Helen Streets. Cavcorp says the deep-basement engineering approach allows the entire ground plane to prioritise landscaping, pedestrian movement, and active frontage rather than vehicle infrastructure.

The development continues Cavcorp’s concentration in Newstead and Teneriffe, where the Brisbane developer has delivered a number of apartment projects including Lucent, Le Bain, and Luminare, as well as the Long Island Wellness Precinct nearby. Several of those projects have received national design and architecture awards, including recognition under Brisbane’s “Buildings that Breathe” program.

Cavcorp unveils wellness-focused Teneriffe House and Teneriffe Lane apartment buildings

Focus Group Investments has lodged plans for a new apartment development at <a href="https://www.apartments.com.au/new-apartments/64-70-hanover-street-fitzroy-vic-3065">64–70 Hanover Street</a> in Fitzroy, seeking to utilise the Victorian Government’s recently introduced Great Design Fast Track pathway to accelerate approvals for the project.

The proposal is among the latest developments to emerge through the state-led initiative, which was established to fast-track well-designed residential projects in activity centres and transport-connected inner-city locations. The pathway allows qualifying developments that meet elevated design and housing benchmarks to bypass traditional council planning timeframes and instead be assessed directly by the Department of Transport and Planning.

Designed by SJB, the development will comprise a mix of apartments above activated lower levels, with a strong focus on architectural articulation, landscaping, and communal amenity. The design response seeks to balance the industrial character of Richmond’s former warehouse precincts with a more contemporary residential form.

<img alt="First look: Focus Group Investments taps Victoria’s Great Design Fast Track for Richmond apartments" data-entity-type="file" data-entity-uuid="abea51cc-d85b-479e-9aef-a589f3b37ca7" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/ground.png?VersionId=e1Kf8EyPWwyiVumtqQ4rM5S4GpOR3CCz" />

Proposed are 63 new dwellings, a wide ranging mix of studio, one-, two-, and three-bedroom apartments, and townhouses and duplexes. They will be spread across a part-three, part-eight storey building.

The Planning and Urban Context Report by Tract says the development is of an "exemplary architectural standard" and has been carefully crafted by SJB Architects.

"Dwellings&nbsp;will benefit from excellent access to natural light, cross-ventilation opportunities and extensive communal space," the report noted.

The architectural material highlights the project’s integration of landscaped elements and communal spaces throughout the building. The proposal also incorporates sustainability initiatives aligned with the Victorian Government’s push for higher-performing apartment developments under the fast-track program.

The Great Design Fast Track was unveiled by the Victorian Government in 2024 as part of a broader housing supply strategy aimed at accelerating the delivery of new homes. Projects assessed through the pathway must demonstrate high-quality architecture, sustainability outcomes, and housing diversity while being located close to public transport and existing infrastructure.

<img alt="First look: Focus Group Investments taps Victoria’s Great Design Fast Track for Richmond apartments" data-entity-type="file" data-entity-uuid="afdbe834-8dc4-4a77-a943-ba07bc927348" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/site_11.png?VersionId=0J657j.TaChAZfp93wqJYBTqSsnREJx2" />

Focus Group, founder and led by Paul De Lutiis, is increasingly active across Melbourne’s inner suburbs, targeting well-connected urban renewal locations suited to medium and higher-density residential development. The Fitzroy proposal continues that strategy, leveraging the area’s strong transport links, established retail amenity, and proximity to the CBD.

Fitzroy has been one of the most popular spots for developers and buyers in recent years. The likes of PACE Development Group, SMA Projects, Crema Group and Chapter Group, currently selling projects in the suburb.

First look: Focus Group Investments taps Victoria’s Great Design Fast Track for Fitzroy apartments

The Gold Coast Planning Committee has supported the preliminary approval for the Benowa Gardens Urban Village project following an extensive community consultation and assessment process.

The proposal will now proceed to a full council vote on June 2.

The application sought approval for a masterplanned urban village on the existing Benowa Gardens Shopping Centre site, combining new housing, retail, dining, health and lifestyle amenities within a walkable, integrated precinct.&nbsp;

The proposed redevelopment includes around 413 apartments integrated above a revitalised mixed-use centre featuring a full-line supermarket of 4,000 sqm, 6,000 sqm of specialty retail and dining space across around 30 retailers, a 7,000 sqm health and wellness precinct, and roughly 9,630 sqm of office and medical suites.&nbsp;

<img alt="$1b Benowa Gardens Urban Village moves to Full Council following Planning Committee support" data-entity-type="file" data-entity-uuid="fb36ae47-80bc-45f0-9914-31b0c7b6007d" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/PR26576%20Ashmore%20Road%20C4%201121%20FI.jpg?VersionId=6mRKk2uU4r67TmTt39DKGUlvFRbTVqWa" />

The broader masterplan also includes very significant traffic and transport improvements, wide pedestrian walkways, upgraded pedestrian and cycle connections, and enhanced public areas designed to create a more connected and walkable community environment.&nbsp;

Centre owner Patrick Lu said the milestone reflected months of detailed planning, technical assessment and ongoing communication with local residents, businesses, schools and stakeholders.

“We appreciate the time, consideration and care Council officers and the Planning Committee have given this proposal throughout the assessment process,” Lu said.

“We also sincerely thank the local community for engaging with us, sharing feedback and participating in the consultation process over many months.

<img alt="$1b Benowa Gardens Urban Village moves to Full Council following Planning Committee support" data-entity-type="file" data-entity-uuid="32fd1fc3-d0e6-485f-ac57-9916c9bcb818" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/PR26576%20Ashmore%20Road%20C5%201121%20FI_2.jpg?VersionId=fz8qQKDBLQ7MyFRc856Zccfbh9nFwLOe" />

“We understand projects of this scale bring questions and concerns, which is why we have worked hard to listen carefully, provide information transparently and continue refining elements of the proposal where possible.

“Our vision has always been to create a well-designed, community-focused urban village that responds to the changing needs of the Gold Coast, while delivering improved amenity, housing diversity, healthcare access and local lifestyle benefits.

“This proposal is about creating a genuine live-work-play environment where residents can access everyday services, schools, healthcare, dining, shopping and green space within walking distance, while also supporting local jobs and economic activity.”

<img alt="$1b Benowa Gardens Urban Village moves to Full Council following Planning Committee support" data-entity-type="file" data-entity-uuid="50dfbd04-590e-4fc6-983b-766880947867" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Dining%20Day%20Time%20-%20High%20Resolution.jpg?VersionId=BP7ZoKJ0DdL_8iRkkC8VVx99moICV6kg" />

Lu said the proposal had evolved significantly through consultation and technical review, particularly around traffic, pedestrian and student safety and neighbourhood connectivity.&nbsp;

Melissa Griffin, Director at Urbis, said the recommendation recognised the strategic importance of delivering more housing and services within established urban areas already supported by infrastructure.

“This proposal represents the type of thoughtful, integrated growth that planning frameworks across South-East Queensland are encouraging,” Ms Griffin said.

“The project seeks to place housing, retail, healthcare and employment opportunities together in a highly accessible location close to schools, transport and existing services.

“Importantly, the process has involved significant technical assessment and community engagement to ensure local issues and feedback were properly considered throughout the planning pathway.”

$1 billion Benowa Gardens Urban Village heads to council vote following Planning Committee support

Surfers Paradise is officially set for its first new residential development with a 45-storey skybridge connecting the two towers.

John Camilleri’s Celestino Developments has been given the green light by the Gold Coast City Council to develop its major beachfront precinct across its huge 4,000 sqm oceanfront site at <a href="https://www.apartments.com.au/new-apartments/63-79-garfield-terrace-surfers-paradise-qld-4217">63–79 Garfield Terrace</a>, just five months after its <a href="https://www.apartments.com.au/news/qld/first-look-exclusive-billionaire-winx-breeder-s-bold-two-tower-surfers-paradise-play-with-45th-storey-skybridge">submission in late 2025</a>.

The approved scheme will deliver two towers rising 55 and 48 storeys, connected by a skybridge positioned on level 45 that will house a range of resident-only wellness and entertainment spaces.

In its notice of approval, the Gold Coast City Council said the&nbsp;proposed overall built form has been designed to complement the scale, intensity and protect the adjacent amenity and surrounding streets through the use of varied setbacks, site cover and architectural elements.

<img alt="First look exclusive: Billionaire Winx breeder’s bold two-tower Surfers Paradise play with 45th-storey skybridge" data-entity-type="" data-entity-uuid="" src="https://res.cloudinary.com/dz9xllyip/image/fetch/f_auto,c_limit,w_1440,q_75/https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/field/image/Screenshot%202025-12-30%20at%209.53.48%E2%80%AFAM.png?VersionId=ADyPJ_TFbJvSU9wZFOiCBnlPtgF7VWqW" />

Designed by <a href="https://www.apartments.com.au/architects/dbi">DBI</a>, the development will comprise 275 apartments across the two towers, including a mix of two-, three-, and four-bedroom residences, as well as several penthouses. The apartments will sit above a landscaped podium featuring more than 90 metres of beachfront pool frontage, private resident lawns, lounges, and wellness spaces.

DBI said the design draws heavily from the movement and form of the coastal environment, with curving balcony lines and sculpted façades intended to soften the scale of the towers while maximising ocean outlooks and passive shading outcomes.

“The project occupies a rare, uninterrupted oceanfront site and has been shaped by a design philosophy that merges architectural elegance with environmental responsiveness and a carefully curated lifestyle experience,” DBI said in planning documents submitted to the Gold Coast City Council.

The most distinctive element of the approved project is the skybridge linking the two towers at level 45. The elevated communal space is planned to include executive lounges, formal dining areas, wellness facilities, and panoramic ocean-facing outlooks.

“The skybridge enhances the identity of the development, promotes social interaction, and delivers a lifestyle experience not found elsewhere on the Gold Coast,” DBI said.

At podium level, residents will have access to a suite of resort-style amenities, including resident lounges, private dining rooms, a yoga lawn, gymnasium, plunge pools, and treatment spaces. The beachfront pool has been designed with separate lap, lounge, and children’s areas extending across the width of the site.

The project will also introduce new food and beverage offerings along the Enderley Avenue and Oceanway frontages, contributing additional activation to the beachfront precinct.

First look: Winx billionaire’s beachfront Surfers Paradise apartment development greenlit

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>
GUEST OBSERVATION 
According to the theme tune of a popular TV programme, ‘everybody needs good neighbours’, and it seems some streets in Melbourne’s bay side suburbs have got this just right.
Throughout December, several streets in St Kilda and Elwood closed for neighbourhood Christmas parties. In addition to creating a strong community atmosphere, these types of events can also make a location more desirable and have a positive impact on property values over time.
In the City of Port Phillip, Glenmark Avenue and Moodie Place in St Kilda, Leslie Street in St Kilda East and Cyril Street and Heaton Avenue in Elwood are home to close-knit communities that hold street parties over the Christmas period and open houses during Halloween. Properties on these streets command premium prices and attract larger numbers of bidders than surrounding streets, as people look to purchase a slice of this lifestyle. Families in particular are drawn to these types of streets and neighbourhoods.
In addition to offering strong community relations, the presence of many like-minded residents often also results in better quality local resources and facilities, such as neighbourhood houses, schools and community groups. These amenities also act to increase property price, ensuring a sound investment for the future. Not to mention that surrounding yourself with like-minded people often results in long-term friendships.
When buying a property it is crucial to research the local area. Drive through the street at different times of the day and visit the local council to check any building developments or restrictions that are in the planning stages in the area. Speaking to a well-informed local real estate agent can also be beneficial, as they can share their extensive knowledge of the local streets and market.
In addition to researching the local area it is also necessary to hone your research down to the actual street you wish to purchase on. Streets where community pride is valued tend to be more desirable places to live, so the value of property in such streets tends to remain steady or increase, making them a great return on investment.
By investing the time and energy initially by researching a local area and its community, this not only increases your quality of life, but can also pay significant dividends on the resale price of your property.
Michael Townsend is director of <a href="https://www.hodges.com.au/" target="_blank">Hodges St Kilda</a>.
</body></html>

MichaelTownsend-fvzusRr7mo

You can’t choose your neighbours – or can you? 

<html><body>
GUEST OBSERVATION
2014 was, for the most part, a solid and steady year for Australia’s residential property market in its major cities.
The Reserve Bank of Australia’s efforts to jawbone the property market down has had little to no effect on our major cities markets’, which have remained steady.
It is likely that interest rates will remain at current levels throughout 2015, with an increasing number of economists even tipping another interest rate fall. These low rates combined with steady demand and confidence from buyers suggests that the market will remain buoyant in 2015.
The New Year is tipped to open strong as a successful spring always leads to a strong opening in February. In 2015, Easter falls early in the year, which will bring forward activity in February and March.
Government intervention into the financial sector, in particular, placing a ban on borrowing to buy property within self managed super funds will cause a slowing in investor demand for property. Furthermore, the government has capped investment loans to 10% of banks capital lending requirements.
Most of the major banks are already at this limit and most of the secondary lenders have already exceeded this limit, the causal effect of this being a ban on investment property loans or credit squeeze – a sure way to destroy confidence and subdue demand.
Unemployment is the elephant in the room, though. Property is all about confidence. A sharp rise in unemployment will cause property markets to stall.
In 2015, it is likely that the strongest sections of the market will be established houses under $2 million within 10 kilometre of Melbourne’s CBD, and established houses under $2 million within 11 kilometres to 20 kilometres from Sydney’s CBD.
Affordability will become the main staller of our markets as median house prices in Sydney reach $800,000 plus and $650,000 plus in Melbourne. These markets have a tendency to self-correct in the long-term though. Population growth is likely to remain strong and supply of detached housing remains in short supply, this will keep prices higher.
Out of all the major cities, Perth is predicted to experience the least growth with values unlikely to increase in the short to medium term as the market absorbs oversupply.
Oil prices have fallen sharply to $60 a barrel. If sustained at these levels, there may be once again a renaissance in the motor vehicle with buyers prepared to make life style choices and commute larger distances.
The Australian dollar has fallen almost 20% over the past 18 months, this will make Australian property cheaper to foreign buyers and expats who are often paid in U.S. dollars.
Despite our forecast of stable conditions in 2015, selecting a property that guarantees good capital growth is a complex process. Many different factors including size, condition, suburb, street, lot location, orientation and broader economic conditions hold bearing on a property’s potential capital growth.
Analysing a property’s historical performance is probably the most important activity to undertake when selecting an investment grade property.
MY PROPERTY TIPS FOR INVESTORS IN 2015
<ul>
<li>Research the market and invest in areas where new infrastructure is planned – this will add amenity to the suburb.</li>
<li>Practice caution when dealing in new property and investor driven markets that are overly influenced by foreign buyers.</li>
<li>An increasing number of homes are being dressed for sale. Look past the gloss and identify potential long-term issues.</li>
<li>Avoid properties in compromised locations, such as next to busy roads. They may appear cheap but are less likely to experience capital growth under slower/normal market conditions.</li>
<li>Acquire property that’s adaptable/suitable to peoples’ current lifestyle needs like properties with sunny northerly aspect rear yards, alfresco outdoor areas and open plan living areas.</li>
<li>Do your homework! Buyers need to put in the time and the effort to complete thorough research into any property purchase to ensure it will perform well in the future.</li>
<li>Investigate comparable sale results, sale history of the property, conduct building and pest inspection reports and review intangible aspects such as locational attributes, street appeal, floor plan, orientation, outlook, future surrounding development, town plans and zoning precincts.</li>
<li>Bid early and hard at auction.</li>
</ul>
State by state forecasts begin on the next page. Please click below. 
<hr class="system-pagebreak">
STATE BASED MICRO 2015 PROPERTY FORECASTS
<table style="width: 460px;" border="0" cellspacing="0" cellpadding="0" align="left"><tbody>
<tr>
<td valign="top" width="453">
Melbourne Property type
</td>
<td valign="top" width="115">
2015 Forecast %
</td>
</tr>
<tr>
<td valign="top" width="453">
Modern units/apartments (legitimate resales, not off-the-plan)
</td>
<td valign="top" width="115">
0 - 4%
</td>
</tr>
<tr>
<td valign="top" width="453">
Established units/apartments
</td>
<td valign="top" width="115">
6 - 8%
</td>
</tr>
<tr>
<td valign="top" width="453">
Prestige market ($5+ million)
</td>
<td valign="top" width="115">
5 - 6%
</td>
</tr>
<tr>
<td valign="top" width="453">
Prestige market ($2 - $5 million)
</td>
<td valign="top" width="115">
6 - 8%
</td>
</tr>
<tr>
<td valign="top" width="453">
Established houses within 10km from CBD (under $2 million)
</td>
<td valign="top" width="115">
7 - 9%
</td>
</tr>
<tr>
<td valign="top" width="453">
Established houses within 11 – 20km from CBD (under $2 million)
</td>
<td valign="top" width="115">
5 - 6%
</td>
</tr>
<tr>
<td valign="top" width="453">
Holiday market
</td>
<td valign="top" width="115">
0 - 4%
</td>
</tr>
<tr>
<td valign="top" width="453">
Mortgage belt (under $500k)
</td>
<td valign="top" width="115">
0 - 4%
</td>
</tr>
<tr>
<td valign="top" width="453">
Development sites
</td>
<td valign="top" width="115">
4 - 6%
</td>
</tr>
</tbody></table>
 
Overarching forecast of Melbourne’s property market in 2015:
<ul>
<li>The low interest rate environment will continue to assist Melbourne’s property market; facilitating strong demand and confidence from buyers. This should result in steady property price growth throughout Melbourne’s most established suburbs.</li>
<li>Introduction of neighbourhood zones in leafy inner areas of Melbourne have effectively shut out developers from areas majority of people want to live. This supply constraint will over time effectively cause prices to rise in these locations as demand will outpace supply.</li>
<li>The oversupply of land and new housing in Melbourne’s growth corridors will contribute to patchy results in these locations.</li>
<li>The ever increasing supply of off the plan properties in Melbourne’s CBD and inner ring will continue to negatively impact new and modern apartments in the city. 
</li>
<li>In short, Melbourne’s property market in 2015 will closely resemble 2014, except it is likely to experience 1 - 2 percentage points less in growth terms.</li>
</ul>
<table style="width: 460px;" border="0" cellspacing="0" cellpadding="0" align="left"><tbody>
<tr>
<td valign="top" width="489">
Sydney Property type
</td>
<td valign="top" width="120">
2015  Forecast %
</td>
</tr>
<tr>
<td valign="top" width="489">
Modern units/apartments (legitimate resales, not off-the-plan)
</td>
<td valign="top" width="120">
+5
</td>
</tr>
<tr>
<td valign="top" width="489">
Established units/apartments
</td>
<td valign="top" width="120">
+5
</td>
</tr>
<tr>
<td valign="top" width="489">
Prestige market ($5+ million)
</td>
<td valign="top" width="120">
-2 to 0
</td>
</tr>
<tr>
<td valign="top" width="489">
Prestige market ($2 - $5 million)
</td>
<td valign="top" width="120">
0 to +5
</td>
</tr>
<tr>
<td valign="top" width="489">
Established houses within 10km from CBD (under $2 million)
</td>
<td valign="top" width="120">
+5
</td>
</tr>
<tr>
<td valign="top" width="489">
Established houses within 11 – 20km from CBD (under $2 million)
</td>
<td valign="top" width="120">
+5 to +10
</td>
</tr>
<tr>
<td valign="top" width="489">
Holiday market
</td>
<td valign="top" width="120">
-5
</td>
</tr>
<tr>
<td valign="top" width="489">
Mortgage belt (under $500k)
</td>
<td valign="top" width="120">
0 to +5
</td>
</tr>
<tr>
<td valign="top" width="489">
Development sites
</td>
<td valign="top" width="120">
+10
</td>
</tr>
</tbody></table>
 
Overarching forecast for Sydney’s property market in 2015:
<ul>
<li>In 2015, stock levels in Sydney will remain historically low while demand for vacant land will remain steady to strong.</li>
<li>Demand from overseas buyers will continue - subject to any FIRB changes.</li>
<li>The entry level market is likely to see good growth.</li>
<li>Granny flat sites will continue to draw in buyers, particularly Chinese and subcontinent investors.</li>
<li>Acreage markets will experience growth, particularly within new land release areas.</li>
<li>New unit prices will stabilise and soften as increasing stock levels drive oversupply. This may cause a reduction in rental returns, particularly within overseas investor driven localities.</li>
<li>The south-west rail line will greatly benefit south-western growth centres.</li>
</ul>
<table style="width: 460px;" border="0" cellspacing="0" cellpadding="0" align="left"><tbody>
<tr>
<td valign="top" width="489">
Adelaide Property type 
</td>
<td valign="top" width="120">
2015  Forecast %
</td>
</tr>
<tr>
<td valign="top" width="489">
Modern units/apartments (legitimate resales, not off-the-plan)
</td>
<td valign="top" width="120">
-1 to + 2
</td>
</tr>
<tr>
<td valign="top" width="489">
Established units/apartments
</td>
<td valign="top" width="120">
-2 to + 2
</td>
</tr>
<tr>
<td valign="top" width="489">
Prestige market ($3+ million)
</td>
<td valign="top" width="120">
1 to 4
</td>
</tr>
<tr>
<td valign="top" width="489">
Prestige market ($1.5 - $3 million)
</td>
<td valign="top" width="120">
1 to 4
</td>
</tr>
<tr>
<td valign="top" width="489">
Established houses within 10km from CBD (under $1 million)
</td>
<td valign="top" width="120">
1 to 4
</td>
</tr>
<tr>
<td valign="top" width="489">
Established houses within 11 – 20km from CBD (under $1 million)
</td>
<td valign="top" width="120">
-1 to + 2
</td>
</tr>
<tr>
<td valign="top" width="489">
Holiday market
</td>
<td valign="top" width="120">
-2 to + 2
</td>
</tr>
<tr>
<td valign="top" width="489">
Mortgage belt (under $500k)
</td>
<td valign="top" width="120">
-3 to + 2
</td>
</tr>
<tr>
<td valign="top" width="489">
Development sites
</td>
<td valign="top" width="120">
-5 to 0
</td>
</tr>
</tbody></table>
Overarching forecast for Adelaide’s property market in 2015:
<ul>
<li>Record low interest rates have been a key driver of growth from late 2012 onwards. During 2014 demand has generally exceeded supply in the inner ‘blue chip’ suburbs resulting in a ‘sellers market’.</li>
<li>Affordability continues to become an issue - we have seen very strong growth for infill development in the middle north-eastern and south western suburbs during 2014. Growth in this segment is expected to slow into 2015.</li>
<li>Increasing unemployment in the manufacturing sector and recent reductions in government grants will continue to have a negative impact in some segments of the market; particularly in the outer mortgage belt areas to the north.</li>
<li>In general we expect that most segments will normalise in the middle and inner suburbs during the later part of 2015.</li>
</ul>
<table style="width: 460px;" border="0" cellspacing="0" cellpadding="0" align="left"><tbody>
<tr>
<td valign="top" width="489">
Perth Property type
</td>
<td valign="top" width="120">
2015  Forecast %
</td>
</tr>
<tr>
<td valign="top" width="489">
Modern units/apartments (legitimate resales, not off-the-plan)
</td>
<td valign="top" width="120">
-5 to 0
</td>
</tr>
<tr>
<td valign="top" width="489">
Established units/apartments
</td>
<td valign="top" width="120">
-5 to 0
</td>
</tr>
<tr>
<td valign="top" width="489">
Prestige market ($5+ million)
</td>
<td valign="top" width="120">
-5 to 2
</td>
</tr>
<tr>
<td valign="top" width="489">
Prestige market ($2 - $5 million)
</td>
<td valign="top" width="120">
-5 to 2
</td>
</tr>
<tr>
<td valign="top" width="489">
Established houses within 10km from CBD (under $2 million)
</td>
<td valign="top" width="120">
-2 to 3
</td>
</tr>
<tr>
<td valign="top" width="489">
Established houses within 11 – 20km from CBD (under $2 million)
</td>
<td valign="top" width="120">
0
</td>
</tr>
<tr>
<td valign="top" width="489">
Holiday market
</td>
<td valign="top" width="120">
-5 to 0
</td>
</tr>
<tr>
<td valign="top" width="489">
Mortgage belt (under $500k)
</td>
<td valign="top" width="120">
-2 to + 3
</td>
</tr>
<tr>
<td valign="top" width="489">
Development sites
</td>
<td valign="top" width="120">
-2 to + 3
</td>
</tr>
</tbody></table>
Overarching forecast for Perth’s property market in 2015:
<ul>
<li>Whilst low interest rates will in time rekindle buyer confidence and stimulate market activity, values are unlikely to increase within the short to medium term as the market absorbs the oversupply.</li>
<li>The slow-down in the resources sector is likely to see a further reduction in activity.</li>
</ul>
<table style="width: 460px;" border="0" cellspacing="0" cellpadding="0" align="left"><tbody>
<tr>
<td valign="top" width="489">
Brisbane Property type
</td>
<td valign="top" width="120">
2015  Forecast %
</td>
</tr>
<tr>
<td valign="top" width="489">
Modern units/apartments (legitimate resales, not off-the-plan)
</td>
<td valign="top" width="120">
0 to 5
</td>
</tr>
<tr>
<td valign="top" width="489">
Established units/apartments
</td>
<td valign="top" width="120">
0 to 5
</td>
</tr>
<tr>
<td valign="top" width="489">
Prestige market ($5+ million)
</td>
<td valign="top" width="120">
steady
</td>
</tr>
<tr>
<td valign="top" width="489">
Prestige market ($2 - $5 million)
</td>
<td valign="top" width="120">
steady
</td>
</tr>
<tr>
<td valign="top" width="489">
Established houses within 10km from CBD (under $2 million)
</td>
<td valign="top" width="120">
0 to 5
</td>
</tr>
<tr>
<td valign="top" width="489">
Established houses within 11 – 20km from CBD (under $2 million)
</td>
<td valign="top" width="120">
0 to 5
</td>
</tr>
<tr>
<td valign="top" width="489">
Holiday market
</td>
<td valign="top" width="120">
steady
</td>
</tr>
<tr>
<td valign="top" width="489">
Mortgage belt (under $500k)
</td>
<td valign="top" width="120">
0 to 5
</td>
</tr>
<tr>
<td valign="top" width="489">
Development sites
</td>
<td valign="top" width="120">
steady
</td>
</tr>
</tbody></table>
Overarching forecast for Brisbane property market in 2015:
<ul>
<li>Minimal upward movement for land prices.</li>
<li>Good demand for new house and land packages.</li>
<li>Lot production continues to rise and expected to reach 9,000 lots per annum by 2015/16.</li>
<li>More positive local economic conditions.</li>
<li>Residential and Commercial construction markets are likely to improve further.</li>
<li>Relatively higher rental yields.</li>
<li>Increase in interstate migration and move to lifestyle property.</li>
</ul>
</body></html>

gpabst-nAfzC8fgsR

Melbourne inner ring house prices to increase by 9%: My 2015 forecasts

<html><body>
Hi Margaret,
Can I move out from my own unit and rent a bigger place to live and claim my unit as an investment unit?
Kind regards,
Ramin
 See Margaret Lomas' answer on the next page.
<hr class="system-pagebreak">
Hi Ramin,
You can move out of your principal place of residence, rent out your former home and claim all expenses and interest costs as a tax deduction as soon as it becomes available for rental, and as long as you also declare the income you receive. 
If you don’t have another property that you can apply your principal place of residence exemption to (for example, if you rent where you live) then you can have up to six years exemption from capital gains tax too, at the end of which you will need to either move back in, or sell.
Whether you should rent it out or not is another thing entirely.  Here are some things to consider:
<ol>
<li>If the loan on your home is presently quite low, and the one on any new family home you intend to buy is larger, then potentially you might be upside down from a financial perspective.  As your own home is non- deductible, then the interest repayments might be a high, non- deducible amount while those on your newly created investment property would be low, and a taxable profit situation may result. In this case it may be better to sell the family home while it is still capital gains tax free, use the proceeds to buy your new home with a low loan, and then use the equity to get a fully deductible loan to buy an investment property elsewhere. 
</li>
<li>It’s rare that people happen to live in an up and coming hotspot – therefore keeping the current home may not be the best investment.  It’s easy to think that you live in a great area but the reality is that it might not have the fundamentals required to perform well from both a yield and growth perspective.  Therefore, keeping it becomes an opportunity cost or not buying a better investment in a better performing area. 
</li>
<li>It can be very difficult to watch a tenant move into a home that was once your pride and joy.  It’s a fact that it simply won’t be treated how you want it to, and your emotional attachment may make you a bad landlord!</li>
</ol>
I have rarely seen the best option being to keep a former Principal Place of Residence. At this stage you need some good advice from a qualified property investment adviser who can help you make this decision as a part of a complete strategy which considers all of your financial and investing needs, rather than just this single, short term decision.
Regards,
Margaret
Have a property question? <a href="mailto:askmargaret@propertyobserver.com.au" target="_blank">Ask Margaret!</a>
</body></html>

mlomas-KC9MUPZ6Ca

Ask Margaret: Can I claim my unit as an investment if I move out?

<html><body>
The former administrators of retail franchise Pie Face have hit back at calls for an inquiry into their management of the voluntary administration process, claiming they did not receive one “bona fide” offer to purchase the company that was on par with the outcome delivered to creditors from the Deed of Company Arrangement (DOCA) in December.
Pie Face emerged from <a href="https://www.smartcompany.com.au/finance/44731-pie-face-plunges-into-administration" target="_blank">voluntary administration</a> late last month after creditors voted to support a DOCA to avoid liquidation. The chain will now be headed up by former director Andrew Thomson as chairman, with co-founder Wayne Homschek to remain on the board.
Twenty Pie Face outlets <a href="https://www.smartcompany.com.au/growth/franchising/44816-pie-face-company-stores-in-melbourne-close-ahead-of-meeting-with-franchisees-next-week" target="_blank">closed during the administration</a>, affecting 130 part-time employees and reducing the chain’s store footprint to approximately 50 stores.
But Stan Gordon, chief executive of the Franchised Food Company, <a href="https://www.smartcompany.com.au/finance/45146-reheated-pie-face-emerges-from-voluntary-administration">claimed yesterday</a> the administration process was “disgraceful”.
Gordon said the administration process was “not all it seems” and described the information memorandum he received about the business as “atrocious”.
Gordon had previously <a href="https://www.smartcompany.com.au/finance/investment/44911-cold-rock-ice-creamery-makes-bid-for-pie-face" target="_blank">put his hand up to buy the Pie Face chain</a> but said in November his calls to administrators Jirsch Sutherland went unanswered.
He said this week he was contacted by several Pie Face franchisees once his bid for the company was made public and now believes there should be an inquiry into how the administration was managed.
“Questions must be raised about the process and the administrator,” Gordon said.
But Jirsch Sutherland managing director Sule Arnautovic said the administrators only received one offer for part of the Pie Face Group but the offer was not “remotely close” to the proposed returns of the DOCA.
Arnautovic says the offer “was not adequately quantified”, did not address employee entitlements amounting to around $3.5 million under the DOCA, or the secured debt of creditor TCA Global Fund Management and other convertible note-holders. Outside of the DOCA, arrangements have been made to pay around $2.2 million to TCA Global and around $7.3 million to other convertible note-holders.
The offer also did not offer any returns to statutory or trade creditors and did not address the administrators’ trading costs and liabilities, says Arnautovic.
“The offer party basically only received our information memorandum, which was only a summary of the proposed sale transaction,” he says.
“They never made any subsequent appointments with the administrators or the Pie Face management team to conduct further due diligence, which would be necessary to effect a sale of business.”
Arnautovic says approximately $7.5 million is earmarked for the DOCA funds for the companies in the Pie Face Group, which includes around $2.8 million upfront in cash and trading receipts and around $4.7 million over three year from future trading.
Of the funds, unsecured creditors of Pie Face Holdings are expected to receive between 16-18 cents in the dollar over an eight month period. Unsecured creditors of Pie Face Franchising will receive between 14-17 in the dollar over a three month period, while unsecured creditors of Pie Face Pty Ltd can expect between 14-19 cents in the dollar over a three year period.
Employee entitlements for all three companies will be paid in full, while secured creditors of the companies will receive $9.5 million, to be paid outside of the DOCA arrangements.
In comparison, Arnautovic says the offer party would have had to have paid “north of $15 million” for the period between November 21 and December 30 “to be remotely competitive”.
“The offer party was nowhere near this amount if one could actually quantify their offer,” he says.
“The administrators are disappointed with the offer party, who appears to have breached their non-disclosure agreements, reading recent press reports, with the Pie Face companies.”
Speaking to SmartCompany today, Gordon disputed claims that Jirsch Sutherland only received one offer for the Pie Face business. 
Gordon says, based on correspondence with the administrators, he was under the impression they had received multiple offers for the business. He added that he was given just days over the Christmas break to make his offer based on limited information about companies in the Pie Face Group. 
This article first appeared on <a href="https://www.smartcompany.com.au/" target="_blank">SmartCompany</a>.
</body></html>

ekeating-PWvazjYE25

Pie Face administrators claim to have received no “bona fide” offers to buy company

<html><body>
Strong investor interest in the caravan park and retirement village market is continuing, with Sea Wings Village at Anna Bay sold for $6,993,000. It is an over 55s resort at Frost Road, Anna Bay.
The sale of the Port Stephens located village was negotiated by Ray White Commercial Burleigh’s Sam Johnson on behalf of a private seller. It is just one of four caravan parks sold in the Tweed region this year already, with the transactions totalling more than $12 million.
“This latest transaction was conducted off market,” said Johnson.
Multiple offers were achieved on the back of his database within 48 hours of sending out information about the property.
It includes 150 manufactured houses, a manager’s office and residence, swimming pool, tennis court and community hall. The business earns a gross annual income of $1 million per annum.
“Caravan parks and manufactured housing estates are playing an increasingly important role in meeting the housing requirements of the ageing population in Australia,” he said.
“Both institutional investors and cashed up private investors are entering this sector of the market, chasing the secure income afforded by these assets.”
The new owner is a Sydney-based private fund.
</body></html>

jduke-EHk3XBmHkn

Investors entering caravan and retirement village markets: Ray White

<html><body>
The Commonwealth Bank of Australia will relocate its Brisbane headquarters to the 180 Brisbane office tower at 180 Ann Street.
The bank will lease 10,500 square metres in the <a href="https://www.180brisbane.com.au" target="_blank">Crone Partners-designed 34-storey tower</a> on an average 11-year term.
Contenders who missed out included Investa’s 259 Queen Street (formerly the Bank of Queensland headquarters), Grocon and DEXUS Property Group’s 480 Queen Street and Brookfield’s 240 Queen Street, which is where the CBA is ­currently mostly based.
The bank will leave three buildings to take up six floors at 180 Ann Street.
The Australian Financial Review advised the deal was extremely competitive, with an annual face rent around $700 per square metre and an incentive of more than $20 million.
Vacancies in the Queensland capital’s CBD hit 14.7% late last year, the highest level recorded by the Property Council since 1990.
The A-grade 59,100-square-metre tower with floor plates ranging from 1,678 square metres to 2,058 square metres is being developed by Daisho, the company headed by Japanese billionaire ­Katsumi Tada.
Knight Franks Campbell Tait and Graham Clarkson acted for Daisho, which has property holdings in excess of US$1 billion (A$1.23 billion).
Stuart Allison from Independent Corporate Property acted for CBA in the negotiation.
The Daisho Group portfolio includes:
<ul>
<li>192 Ann Street office building developed in 2000 and acquired by Daisho in 2001.</li>
<li>A 510 room hotel in Kuala Lumpur, Malaysia managed by the Hilton Group completed in 2004.</li>
<li>The AO retail complex in central Tokyo developed in March 2009.</li>
<li>The Park Hyatt Sydney, acquired in February 2008 and fully refurbished in 2011.</li>
<li>180 Brisbane, early works commenced February 2012, due for completion mid 2015. </li>
</ul>
</body></html>

jchancellor-FAypfDUnLy

Daisho's 180 Brisbane secures the Commonwealth Bank

<html><body>A warehouse and office space in Clayton, Victoria secured $675,000 when sold by Ray White Commerical. The 757 square metre property, with 580 square metres of floor space, was purchased by a local investor. It sold through Ray White Commercial Oakleigh's Paul RIzzo and George Kelepouris. Kelepouris said the property was located in Clayton's industrial precinct. “Properties within this industrial pocket rarely come to market so we weren’t surprised by the significant turnout of prospective buyers and bidders at the auction,” said Kelepouris. “The property is less than 20 kilometres from Melbourne’s Central Business District and is an excellent and convenient location with easy access to Wellington Road, Westall Road, the Monash Freeway and Eastlink.” The two storey office has a kitchenette and an adjoining warehouse.</body></html>

jrichardson-uRX5hFdKfN

Clayton standalone warehouse sells

<html><body>
Fast food retailer Pie Face has emerged from voluntary administration with a new chairman and a smaller store footprint but a prospective buyer has labelled the administration process as "disgraceful". 
While few Australian companies will <a href="https://www.smartcompany.com.au/finance/cashflow/44748-using-a-voluntary-administration-to-save-a-company-the-statistics-are-against-you" target="_blank">survive a voluntary administration</a>, Pie Face creditors voted on 30 December to support a Deed of Company Arrangement (DOCA) that would allow the company to avoid liquidation.
<a href="https://www.theage.com.au/business/retail/fastfood-chain-pie-face-on-the-rise-20141230-10rq0u">Fairfax</a><a href="https://www.theage.com.au/business/retail/fastfood-chain-pie-face-on-the-rise-20141230-10rq0u"> r</a><a href="https://www.theage.com.au/business/retail/fastfood-chain-pie-face-on-the-rise-20141230-10rq0u">eports</a> Pie Face director and former federal Liberal MP Andrew Thomson has been appointed as chairman of the company and co-founder Wayne Homschek will remain on the Pie Face board. According to another <a href="https://www.smh.com.au/business/retail/pie-face-promises-leaner-more-cautious-future-20141231-12g56g" target="_blank">Fairfax</a><a href="https://www.smh.com.au/business/retail/pie-face-promises-leaner-more-cautious-future-20141231-12g56g"> article</a>, Kevin Waite has been retained as chief executive. 
Under the DOCA, Pie Face has agreed to pay $2 million to investment fund TCA Global Fund Management, which has bought out major secured creditor Macquarie, which previously appointed Ferrier Hodgson as <a href="https://www.smartcompany.com.au/growth/franchising/44835-pie-face-under-attack-as-disgruntled-builder-sues-pie-face-us-over-unpaid-bills-and-receivers-appointed" target="_blank">receivers of a number of Pie Face assets</a>.
According to Fairfax, TCA Global Fund Management will seek to raise $10 million for Pie Face in the US.
While the DOCA allows for payments to unsecured creditors, they are expected to receive just 14-19 cents in the dollar and payments will commence in around two years. Pie Face also owes money to the Australian Tax Office and employees, with debts of more than $20 million expected to be paid over time.
Pie Face, which once had as many as 78 stores around the country, spent just over a month in voluntary administration, following the appointment of Jirsch Sutherland as administrators <a href="https://www.smartcompany.com.au/finance/44731-pie-face-plunges-into-administration">in late November</a>.
Twenty Pie Face outlets were closed <a href="https://www.smartcompany.com.au/growth/franchising/44816-pie-face-company-stores-in-melbourne-close-ahead-of-meeting-with-franchisees-next-week">within days of the appointment</a>, affecting 130 part-time employees, while speculation surfaced as to whom, if anyone, would be interested in buying the chain.
Franchised Food Company chief executive Stan Gordon put his hand up to take on the business but <a href="https://www.smartcompany.com.au/finance/investment/44911-cold-rock-ice-creamery-makes-bid-for-pie-face" target="_blank">told SmartCompany</a> his calls to administrators went unanswered.
“They say they are still looking for buyers but they can’t be looking that hard,” Gordon said in early December.
Speaking to SmartCompany this morning, Gordon says the administration process was "not all it seems", describing the information memorandum he received about the business as "atrocious". 
"There was no information about the Australian operations, it was all in US accounting, US dollars," Gordon says. "Of the 80 pages, only one page gave details about the franchises."
Gordon says he was contacted by several Pie Face franchisees once his bid for the company was made public and now believes there should be an inquiry into how the administration was managed. 
"Questions must be raised about the process and the administrator," he says. 
Jason Gehrke, director of the Franchise Advisory Centre, said it is now “business as usual” for Pie Face franchisees, “although I’m sure many will be surprised to see the Deed of Company Arrangement means that the same directors who were running the business when it became insolvent have been returned to control of the business”.
“It will cause a lot of franchisees to question their future in the business and may well be a barrier to recruiting new franchisees,” Gehrke says.
Gehrke says the voluntary administration process will undoubtedly have taken a toll on franchisees and although the company has emerged from administration, “only time will tell if [the Deed of Company Arrangement] is in the best long-term interests of franchisees, creditors and other stakeholders”.
SmartCompany attempted to contact Pie Face and Jirsch Sutherland but did not receive a response prior to publication.
This article first appeared on <a href="https://www.smartcompany.com.au/" target="_blank">SmartCompany</a>.
</body></html>

Reheated: Pie Face emerges from voluntary administration as Stan Gordon calls for inquiry

<html><body>
Over 2014, Sydney's median house price eclipsed $800,000, while Melbourne saw more modest growth.
Darwin's median house price is lower now than it was this time last year, and Hobart's has hardly moved at all.
CoreLogic RP Data has released its property price figures for the December 2014 quarter. Property Observer looks at how the close of 2014 compares with the corresponding period at the end of 2013.
<h3>Sydney </h3>
<ul>
<li>Houses</li>
</ul>
Median price in December 2014: $858,000 Median price in December 2013: $775,000
<ul>
<li>Units</li>
</ul>
Median price in December 2014: $615,000 Median price in December 2013: $557,000
<h3>Melbourne</h3>
<ul>
<li>Houses</li>
</ul>
Median price in December 2014: $660,000 Median price in December 2013: $625,000
<ul>
<li>Units</li>
</ul>
Median price in December 2014: $490,000 Median price in December 2013: $481,000
<h3>Brisbane-Gold Coast</h3>
<ul>
<li>Houses</li>
</ul>
Median price in December 2014: $505,000 Median price in December 2013: $479,000
<ul>
<li>Units</li>
</ul>
Median price in December 2014: $371,000 Median price in December 2013: $361,950
<h3>Adelaide</h3>
<ul>
<li>Houses</li>
</ul>
Median price in December 2014: $429,800 Median price in December 2013: $405,000
<ul>
<li>Units</li>
</ul>
Median price in December 2014: $342,000 Median price in December 2013: $325,000
<h3>Perth</h3>
<ul>
<li>Houses</li>
</ul>
Median price in December 2014: $550,000 Median price in December 2013: $537,250
<ul>
<li>Units</li>
</ul>
Median price in December 2014: $440,000 Median price in December 2013: $439,000
<h3>Hobart </h3>
<ul>
<li>Houses</li>
</ul>
Median price in December 2014: $350,000 Median price in December 2013: $350,000
<ul>
<li>Units</li>
</ul>
Median price in December 2014: $270,000 Median price in December 2013: $255,000
<h3>Darwin</h3>
<ul>
<li>Houses</li>
</ul>
Median price in December 2014: $562,000 Median price in December 2013: $595,000
<ul>
<li>Units</li>
</ul>
Median price in December 2014: $530,000 Median price in December 2013: $449,500
<h3>Canberra</h3>
<ul>
<li>Houses</li>
</ul>
Median price in December 2014: $575,000 Median price in December 2013: $570,000
<ul>
<li>Units</li>
</ul>
Median price in December 2014: $403,000 Median price in December 2013: $432,000
</body></html>

Capital city property prices, one year on

<html><body>
A median priced house in Melbourne cost $660,000 in the December quarter, according to CoreLogic RP Data.
The city's median house price was up 1.8% from the previous month's result, and up 8.4% year-on-year. Melbourne houses are the second most expensive in the country, with Sydney's median house price clearing Melbourne's by almost $200,000, at $858,000.
Property Observer looks to recent sales to see just what $660,000 will buy you in Melbourne.
<ul>
<li><a href="https://www.realestateview.com.au/Real-Estate/121-purinuan-road-reservoir/Property-Details-sold-residential-7882336" target="_blank" style="line-height: 1.3em;">121 Purinuan Road, Reservoir </a></li>
</ul>
 <img src="/images/2015/01/01/1.jpg" alt="">
This three bedroom, corner block home in Melbourne's northern suburbs sold for $659,000 in late November. The house has one bathroom with a spa bath, an open plan living and dining area and a separate lounge room, with hardwood floors throughout. The 847 square metre site includes outdoor entertaining areas and a sizeable backyard.
Price: $659,000
Bedrooms: Three
Drive to CBD: 26 minutes
<ul>
<li><a href="https://www.realestateview.com.au/Real-Estate/4-ainslie-park-avenue-croydon/Property-Details-sold-residential-7676646" target="_blank" style="line-height: 1.3em;">4 Ainslie Park Avenue, Croydon</a></li>
</ul>
<img src="/images/2015/01/01/2.jpg" alt=""> 
A circa 1950s weatherboard house secured $660,000 when sold in October last year. There are three bedrooms, a study and one bathroom, with timber flooring. The house sits on a 836 square metre plot, around 27 kilometres from Melbourne's CBD.
Price: $660,000
Bedrooms: Three
Drive to CBD: 30 minutes
<ul>
<li><a href="https://www.realestateview.com.au/Real-Estate/milano-court-bundoora/Property-Details-sold-residential-7951782" target="_blank" style="line-height: 1.3em;">2 Milano Court, Bundoora</a></li>
</ul>
<img src="/images/2015/01/01/3.jpg" alt="">
Buyers paid $660,000 for this double storey Bundoora home last month. The five bedroom, two bathroom house sits 671 square metres. It also includes a formal lounge and dining area, an open plan living and dining space, a study and an additional living area upstairs.
Price: $660,000
Bedrooms: Five
Drive to CBD: 28 minutes
<ul>
<li><a href="https://www.realestate.com.au/property-house-vic-sunshine-118260851" target="_blank" style="line-height: 1.3em;">13 Tyler Street, Sunshine</a></li>
</ul>
 <img src="/images/2015/01/01/4.jpg" alt="">
A three bedroom house sold for $660,000 in Melbourne's Western suburbs last November. The weatherboard house has polished timber floors, a garage with a separate workshop, and built in robes in each of the bedrooms. It's set on a 670 square metre block.
Price: $660,000
Bedrooms: Three
Drive to CBD: 26 minutes
<ul>
<li><a href="https://www.realestateview.com.au/real-estate/melbourne/melbourne-east/mulgrave/houses-for-sale/" target="_blank" style="line-height: 1.3em;">35 Carson Street, Mulgrave</a></li>
</ul>
 <img src="/images/2015/01/01/5.jpg" alt="">
On the other side of town, this three bedroom house sold for $656,000. The home has three bathrooms, a timber kitchen and inbuilt cabinetry in the family room. The 680 square metre plot includes an outdoor entertaining space with a built in barbecue and a pool with a bungalow and pool storage room.
Price: $656,000
Bedrooms: Three
Drive to CBD: 680 square metres
</body></html>

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