Family-owned builder and developer <a href="https://www.apartments.com.au/developers/omaya">Omaya</a> is bringing its 27-storey The Maybelle development to market, with the 229-apartment tower rising alongside Ismay Reserve near North Strathfield.

<a href="https://www.apartments.com.au/new-apartments/the-maybelle-21-parramatta-road-homebush-nsw-2140">The Maybelle</a> will comprise one, two and three-bedroom apartments, with its height providing elevated outlooks towards the Sydney skyline and Harbour Bridge, while other residences will look across neighbouring Ismay Reserve.

Designed by <a href="https://www.apartments.com.au/architects/squillace-architects">Squillace Architects</a>, the tower combines its parkside setting with proximity to the established retail, dining and transport amenity around North Strathfield.

[smartcode_project:default project_id=134873 project_image_fid=376196]

Residences will feature open-plan living spaces and a choice of two interior schemes, while communal amenity is spread across two elevated levels of the building.

Level 8 will be home to the Garden Pavilion, a full-floor resident space incorporating communal entertaining and breakout areas, seating and recreation spaces. Further up the tower, a landscaped Sky Terrace on Level 14 will provide another communal area with panoramic views towards the Harbour Bridge and Sydney skyline.

At ground level, the development sits directly alongside Ismay Reserve, where lawns, walking paths, children's play areas, picnic spaces and recreational facilities extend the green space available immediately around the project.

[smartcode_project:default project_id=134873 project_image_fid=376194]

The Maybelle is also within walking distance of North Strathfield and the Bakehouse Quarter, which provides a mix of cafés, restaurants, shops and everyday services.

Existing rail and bus services provide connections across Sydney, while the future North Strathfield Metro and access to the M4 will add to the transport options available around the precinct. Walking and cycling routes also extend via Powells Creek towards Sydney Olympic Park and its sporting, entertainment and parkland precincts.

Families are also well positioned for access to a broad selection of established schools and education options across Strathfield and the surrounding Inner West.

[smartcode_project:default project_id=134873 project_image_fid=376181]

Omaya has operated in Sydney for more than 35 years, managing projects from acquisition and design through to construction and delivery. The family-owned company is both developer and builder of The Maybelle.

Apartments start from $560,000, with the development protected by 10-year Latent Defects Insurance.

Construction is well underway, with completion expected by the end of 2026 and move-in anticipated from Q1 2027.

[smartcode_project_cta:default project_id=134873]

Joel Robinson

The Maybelle brings 27-storey parkside tower to market near North Strathfield

Melbourne developer <a href="https://www.apartments.com.au/developers/pdg-corporation">PDG</a> has unveiled its vision for the former Water Tank Site in Ivanhoe, which would see it transformed into a thriving residential neighbourhood, complete with a 2000 sqm public park.&nbsp;

Delivered in partnership with <a href="https://www.apartments.com.au/developers/development-victoria">Development Victoria</a>, the proposal would transform the prominent corner of Bell Street and Upper Heidelberg Road into a connected community comprising two residential buildings, generous public open space and shared amenities.&nbsp;

The vision includes 287 one, two and three-bedroom apartments, with a minimum of 10 per cent allocated to affordable housing, alongside a 2,000-square-metre publicly accessible park featuring a children's playground, activity lawn, indigenous planting, timber climbing logs, seating areas and a rock gathering circle.&nbsp;

Designed by <a href="https://www.apartments.com.au/architects/dko-architecture">DKO Architecture</a>, the proposal draws on the site's industrial heritage, using a robust architectural language that references the former water tank through expressive structural elements and durable, self-finished materials.&nbsp;

Extensive landscaping has been woven throughout the development, creating a living landscape that strengthens connections to nature while responding sensitively to the surrounding neighbourhood. Two residential buildings ranging from three to 12 storeys are linked by a landscaped forecourt, creating a welcoming arrival experience and improving pedestrian connections through the site.&nbsp;

Residents would also enjoy more than 1,000 square metres of communal open space, including barbecue and dining facilities, vegetable gardens, landscaped seating pavilions and a dedicated coworking space.&nbsp;

PDG Founder and Managing Director Vince Giuliano said the vision reflected an opportunity to transform one of Ivanhoe's most recognisable sites into a place that balanced housing, community and landscape.&nbsp;

"This is an opportunity to reimagine an important site and create a neighbourhood that delivers lasting benefits for Ivanhoe," Giuliano said.&nbsp;

"We're creating much more than new homes. The vision brings together affordable housing, quality architecture, meaningful public open space and shared places that encourage people to connect, while respecting the site's history and its place within the local community."&nbsp;

Development Victoria’s Executive General Manager Precincts, Niall Cunningham, said the application is an important step for the government-owned site.&nbsp;

“This is about delivering more homes in a well-connected location, along with public open space that the Ivanhoe community will benefit from for years to come,” Cunningham said.&nbsp;

PDG was selected as development partner in late 2025 following a competitive tender process.&nbsp;

A planning submission for the project is currently being progressed through the Victorian Government's Development Facilitation Program, with positive early engagement from both Banyule Council and the Department of Transport and Planning.

PDG unveils plans to transform landmark Ivanhoe Water Tank Site

Shane Wilkinson's <a href="https://www.apartments.com.au/developers/pace-development-group">Pace Development Group</a> has lodged plans for a major residential precinct on the former Presentation College site in Windsor, with an eight-building masterplan ultimately rising to 10 storeys.

The proposal at <a href="https://www.apartments.com.au/new-apartments/167-dandenong-road-windsor-vic-3181">167–187 Dandenong Road</a> spans a substantial 19,027 sqm site and is being progressed across six stages, with the first residential stages comprising 170 homes across four buildings designed by <a href="https://www.apartments.com.au/architects/cera-stribley-architects">Cera Stribley</a>.

Stage Two will deliver the bulk of the initial housing, with Building A comprising 81 apartments and Building B 49 apartments, both rising to six storeys.

Stage Three will deliver a further 40 homes. The heritage Nagel Building, identified as Building C, will be converted to 12 dwellings, while a new five-storey Building D will comprise 28 apartments at the Hornby Street and Dandenong Road corner.

The 170 homes across Stages Two and Three will include a mix of one, two and three-bedroom apartments, including townhouse-style dwellings.<img alt="First look: Pace plans landscaped housing precinct on former Windsor school site" data-entity-type="file" data-entity-uuid="83c56e3e-dfb9-4e12-b172-c3f18513ec32" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Article%20Feature%20Image%20%28Grid%29_9.png?VersionId=xRcRpSZsxX.UX_NDDGcRZktw7HVrzx7u" />

&nbsp;

The longer-term masterplan points to considerably greater density across the site.

Indicative plans show Building E accommodating around 80 dwellings across up to 10 storeys, while Building F is earmarked for around 120 dwellings and also up to 10 storeys. Building G is planned to range between four and 10 storeys, however its apartment yield is yet to be determined. That means the masterplan currently identifies at least 370 dwellings across Buildings A to F before any apartments within Building G are counted.

Across the 1.9-hectare site, that represents an indicative density of at least 194 dwellings per hectare, with the final figure to increase once the yield of Building G is established.

Pace is pursuing the project through the Victorian Government's Development Facilitation Program, with Urbis lodging a combined Section 96A planning scheme amendment and planning application on behalf of the developer, which secured the site earlier this year.

The application seeks detailed approval for Stages One, Two and Three, alongside approval of the broader masterplan framework that will guide the later residential stages. Stage One will see an existing heritage building adaptively reused for a wellness and fitness-related facility, while the broader precinct will retain several significant heritage buildings and established trees as part of the redevelopment.

A minimum 10 per cent affordable housing contribution is proposed across both the initial residential stages and the later masterplan stages, delivered through a discounted rental model.

The project comes immediately after a major change to the site's planning controls.

The site was rezoned to the Housing Choice and Transport Zone through Planning Scheme Amendment GC285, gazetted on July 22, 2026, and now sits within the inner catchment of the Windsor Station precinct under the State Government's Train and Tram Zone Activity Centres Program.

While the new controls identify large sites within the inner catchment for buildings of up to six storeys, Pace's masterplan pushes height to 10 storeys in parts of the site, with the taller buildings concentrated toward the centre and along the Sandringham railway corridor.

Lower-scale built form is proposed toward the site's more sensitive residential and heritage edges, with Buildings A and B generally stepping from three storeys at their interfaces to six storeys at upper levels.

Cera Stribley's masterplan breaks the development into a collection of separate buildings rather than a continuous built form, with landscaped spaces, new pedestrian links and a new publicly accessible road forming part of the precinct.

The planning report says the development will create new pedestrian connections to Elm Place and along the railway corridor, as well as a new publicly accessible road linking Elm Place with Dandenong Road. The proposed buildings will occupy around 54 per cent of the site, leaving a substantial portion available for landscaping, communal areas and permeable surfaces.

Urbis said the scale of the project reflected the site's strategic location close to Windsor Station, tram services and the Chapel Street Activity Centre, with the former school campus identified as a significant opportunity to increase housing supply on an underutilised inner-Melbourne site.

&nbsp;

First look: Pace plans landscaped housing precinct on former Windsor school site

<a href="https://www.apartments.com.au/developers/jl-place">JL PLACE</a>'s Veil Brighton is approaching its final months of construction, with the nine-townhouse development at 17 Rooding Street expected to complete in December 2026.

The milestone is bringing the boutique project closer to becoming a finished part of the <a href="https://www.apartments.com.au/developments/brighton-vic-3186">Brighton</a> streetscape, with much of Brighton's everyday amenity within a short walk.

Palace Cinema, Coles Supermarket and North Brighton Station are all around five minutes on foot from <a href="https://www.apartments.com.au/new-townhouses/veil-brighton-17-rooding-street-brighton-vic-3186">Veil</a>, alongside numerous cafés, restaurants and bars. The station provides a direct rail connection toward Melbourne's CBD, while Bay Street and the wider Brighton retail and dining network add to the range of services accessible without relying on a car for every trip.

"The location was fundamental to the project. Brighton is an established suburb where many buyers already have strong connections to the area and want to remain close to the people, places and amenities that form part of their everyday life," the developer said.

"Veil sits in a highly walkable part of Brighton, with a Walk Score of 90/100."

For buyers looking to right-size within Bayside, that level of walkability adds to the appeal of a more manageable way of living. Everyday shopping, dining, entertainment and public transport can be accessed without relying on the car for every trip, while residents remain connected to the places and routines that make Brighton familiar. It allows buyers to simplify day-to-day life without giving up the convenience, amenity and connections they already value.

[smartcode_project:default project_id=7877 project_image_fid=355754]

As completion approaches, the architecture, landscaping and material palette are progressively becoming visible on site, giving prospective purchasers a clearer view of the finished development beyond its plans and renders.

Veil comprises nine townhouses, predominantly three-bedroom homes with between 2.5 and 3.5 bathrooms, two car spaces and, depending on the residence, study areas and private outdoor space. Selected homes include a bedroom on the ground floor.

Veil occupies a middle ground between detached housing and apartment living, retaining private gardens, storage and secure parking within a more manageable residential format.

<a href="https://www.apartments.com.au/architects/schmidt-pang-architects">Schmidt &amp; Pang</a> designed the architecture around natural light, ventilation, privacy and practical use of space. From Rooding Street, the façade has been composed to read as a cohesive residential building rather than nine individual townhouses, with landscaping by <a href="https://www.apartments.com.au/landscape-architect/john-patrick-landscape-architects">John Patrick Landscape Architects</a> integrated throughout the site.

Inside, natural stone, oak flooring, integrated joinery and brushed nickel finishes establish a restrained material palette, while kitchens include Miele appliances and substantial storage such as pantries. Walk-in robes and dedicated study spaces have also been incorporated across the collection.

[smartcode_project:default project_id=7877 project_image_fid=355852]

The project team said the planning of the homes has been informed by how the spaces function for both daily routines and larger gatherings.

"Our new homes owners at Veil have enjoyed the attention to detail in creating efficient layouts that use every space well. Hosting Christmas lunch and large family gatherings is an ease when care is taken to consider how people really live and entertain."

Private landscaped gardens extend the living spaces outdoors, while secure basement parking and bicycle parking are provided below. The homes have also been designed to achieve a 7-star energy rating, supported by double glazing, high-quality insulation, natural ventilation, LED lighting, water tanks and water-efficient fittings. Each residence is backed by a 10-year building guarantee.

Veil is being built by <a href="https://www.apartments.com.au/builders/jeniton">Jeniton</a>.&nbsp;Limited-time stamp duty savings are also currently available on selected purchases at Veil, adding another consideration as the project moves toward completion.

[smartcode_project_cta:default project_id=7877]

Veil Brighton nears completion in one of the suburb's most walkable pockets

<a href="https://www.apartments.com.au/developers/mosaic-property-group">Mosaic Property Group</a> has recorded 134 sales worth just over $400 million in two months of pre-release activity at The Riversdale, as the developer brings its $750 million South Brisbane riverfront project to the broader market.

The sales represent more than 60 per cent of the project's 213 apartments, with Mosaic reporting the majority of purchasers have been local owner-occupiers and downsizers.

<a href="https://www.apartments.com.au/new-apartments/the-riversdale-by-mosaic-south-brisbane-91-montague-road-south-brisbane-qld-4101">The Riversdale</a> will rise 39 storeys from its north-facing site at 91 Montague Road, delivering a mix of two, three and four-bedroom apartments alongside a collection of Mosaic's premium Masterpiece Series Sky Homes.

[smartcode_project:default project_id=151614 project_image_fid=371872]

The early buyer response comes ahead of the wider evolution of the northern end of Montague Road, where The Riversdale will be one of the first major residential projects delivered within an emerging riverfront precinct.

Directly adjoining the development is a planned 7.1-hectare mixed-use precinct, set to introduce new residences, parkland and public realm along the river's edge. The Riversdale's position directly on the Brisbane River gives it a relationship with the waterfront that Mosaic says cannot be replicated by future buildings within the precinct.

The site is also the result of a years-long pursuit by Mosaic. The developer first earmarked the <a href="https://www.apartments.com.au/developments/south-brisbane-qld-4101">South Brisbane</a> property in 2018, reflecting what Founder and Managing Director Brook Monahan has described as a deliberately patient approach to acquiring development sites.

[smartcode_project:default project_id=151614 project_image_fid=372083]

"We aren't opportunistic," Monahan previously told Apartments.com.au.

"Every site purchase is carefully considered. As seen with Kangaroo Point and South Brisbane, it can take years to eventuate. There are sites we're looking at now that we may not secure for several years."

Designed in collaboration with <a href="https://www.apartments.com.au/architects/bureauproberts">Bureau Proberts</a>, The Riversdale has been shaped around the qualities of the riverfront site, with apartments oriented to capture northern light and uninterrupted Brisbane River views.

Generous floorplans and expansive balconies extend the living spaces towards the river, while natural materials and a restrained interior palette have been selected with longevity in mind.

[smartcode_project:default project_id=151614 project_image_fid=371890]

Residents will have access to a level of amenity more commonly associated with world-class hotels and private members' clubs, with almost 3,000 sqm dedicated to wellness, connection, recreation and everyday convenience.

At ground level is a business lounge, private meeting rooms and dedicated workspaces. Mid-tower is a wellness sanctuary featuring magnesium hot and cold plunge pools, sauna, steam room, infrared therapy facilities, a Pilates and yoga studio, and a commercial-grade gymnasium.

Crowning The Riversdale is a rooftop featuring a 35-metre swimming pool with lap lane and spa, outdoor dining and seating terraces, firepit lounges and views of the city, river and Mount Coot-tha.

A private members' club-inspired retreat offers private dining rooms, a whisky lounge, media rooms and immersive entertainment experiences. Completing the amenity offering are two hotel-style guest suites and a resident-exclusive electric vehicle fleet and car-share program.

[smartcode_project:default project_id=151614 project_image_fid=371877]

The Riversdale sits at the northern end of Montague Road between South Bank and West End, around 1.3 kilometres from the Brisbane CBD, providing access to the city's major cultural, dining and recreation precincts.

It becomes Mosaic's largest Brisbane project to date and adds to a pipeline already under construction across the city.

In Brisbane, the developer is currently delivering The Bedford and The Carter at Kangaroo Point, both of which are approaching sell-out, with a further four projects being delivered on the Gold Coast. Mosaic has completed more than $2 billion in projects since 2012 and has a further development pipeline exceeding $2 billion across South East Queensland.

Early works are underway at The Riversdale, which will be delivered by Mosaic's in-house construction division. Completion is anticipated in late 2029, with remaining apartments priced from $1.98 million.

[smartcode_project_cta:default project_id=151614]

Mosaic records more than $400m in two months at South Brisbane's The Riversdale

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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