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.

Joel Robinson

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

Lender, fund manager and apartment developer Princeton has completed <a href="https://www.apartments.com.au/buildings/marque-rockdale-602-608-princes-highway-rockdale-nsw-2216">Marque Rockdale</a>, the first new apartment development in South Sydney to provide its owners with a 10-year Latent Defects Insurance policy, the most comprehensive insurance available for a new apartment building.

The policy has been a key consideration for prospective purchasers of the 58 one-, two-, and three-bedroom apartments, strategically located between&nbsp;Rockdale Plaza and Rockdale Station.&nbsp;

Buyers have also been drawn to the fact that it is one of few new apartment developments delivered in the suburb in the last 10 years, and the only one located on Princes Highway to be set well back from the street to reduce noise. There's also a communal rooftop, a rarity in the suburb, complete barbecue facilities, landscaped seating areas, a children's play zone and herb gardens.

[smartcode_project:default project_id=136442 project_image_fid=374084]

Ray White Projects’ Matt Otway said buyer enquiry reflected the increasingly diverse and cosmopolitan population that has made Rockdale home.

“We’re seeing strong interest from a broad mix of buyers, including young professionals and people who have rented in Rockdale and the surrounding suburbs and now see Marque as an opportunity to buy a brand-new apartment in an area they already know,” Otway said.

“Proximity to the CBD and Sydney Airport is another key advantage particularly for buyers working in these locations who want the added convenience of living close by.”

Investors have also been attracted to the project, with rental yields of more than five per cent, which is considered a strong result for the Sydney market.

[smartcode_project:default project_id=136442 project_image_fid=374090]

Adding another layer to the buyer proposition is Marque's 10-year Latent Defects Insurance policy from Resilience Insurance, making it the only new apartment development in Rockdale to offer the cover.

The policy protects apartment owners against major structural and waterproofing defects for 10 years following completion, giving Marque purchasers cover until early 2036 at no additional cost.

The likelihood of defects emerging has also been mitigated through the Technical Inspection Service (TIS), which saw independent experts inspect the building at various stages throughout construction to identify potential issues during the build, rather than after the fact.

SDSS, which provided the TIS, consistently ranked the construction quality at Marque, undertaken by iCIRT-rated builder Coplex, among the best across its extensive portfolio of projects.

[smartcode_project:default project_id=136442 project_image_fid=374088]

Otway said the LDI had become a major drawcard for buyers, particularly given Rockdale has seen relatively little new apartment development over the past decade.

"Rockdale hasn't had a lot of new apartment buildings in the last decade, and has never had a project with 10-year defect insurance," Otway said.

"Marque presents a truly rare opportunity at an affordable price point, so well connected to the Sydney CBD."

One-bedroom apartments at Marque start from $735,000.

[smartcode_project_cta:default project_id=136442]

Marque Rockdale completes as South Sydney’s first apartments backed by 10-year defect insurance

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

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If negative gearing is abolished, then renters should be prepared to pay 50% or more extra according to Chan &amp; Naylor.
While it has recently been argued that the government would save $5 billion in the first year by abolishing negative gearing, Chan &amp; Naylor’s Ken Raiss said that wider economic uncertainty and social dislocation would result as investment properties would quickly be re-directed into the hands of commercial landlords who would charge more.
With 96% of public housing provided by private investors, the majoring being ‘mum and dad’ investors, Raiss explains that as a result rental properties are available at varying levels of affordability.
Raiss argues that if the tax effect is taken out, then the 90% stock owned by mum and dad investors with one or two properties (73% an 18% respectively) will be bought up by commercial landlords who will charge more in order to get the higher rental yields that they typically see on their commercial portfolios.
Raiss notes that yields for commercial property are typically 50% above residential property.
 “Like any other public utility, as soon as they enter private and more entrepreneurial hands then prices will go up, and in the case of public housing this could lead to a rental price hike of as much as 50% over time, resulting in the government having to shoulder the weight of providing a much larger percentage of housing for tenants and social dislocation for those unable to receive government housing,” said Raiss.
“Small business owners wouldn’t invest in a new or start up business if they couldn’t claim their losses, so there is no reason why property investment should be any different,” he said.
In fact, his view is that property investors face a significant challenge of buying somewhere with enough growth that it offsets all their costs in the meantime.
“Property is the biggest asset most people will own, and so they need to surround themselves with professionals who can offer advice in making considered and informed decisions, such as buying in the right market and property cycle or choosing a property with the opportunity to raise equity through renovation or improvement, boosting both capital value as well as rental yield,” he said.
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Be prepared to pay 50% more rent if negative gearing goes: Chan & Naylor

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Reactions to the federal Parliament’s report into foreign investment in real estate have been mixed with some welcoming its recommendations and others claiming it has missed an opportunity to improve housing affordability.
The report by the House of Representatives Standing Committee on Economics <a href="/news/no-surprises-in-kelly-odwyers-12-firb-report-recommendations">made 12 recommendations</a> centred on better enforcing existing regulations, increasing the penalties for non-compliance and improving access to data on foreign investment.
The Property Council of Australia, the Housing Industry Association and The Urban Development Institute of Australia agreed the recommendations would support housing activity in Australia, boosting the economy and adding to the supply of homes.
“We welcome foreign investment in residential real estate as it provides up to 35% of a new development,” Nick Proud, executive director of the Residential Development Council at the PCA said.
HIA chief executive, industry policy and media Graham Wolfe said foreign investment through pre-sales in multi-unit developments could be crucial to ensuring projects came to market.
“[This] obviously benefits potential domestic buyers as well as renters, through more choice and competition,” he said.
But buyers’ agent Patrick Bright, director of EPS Property Search, said he was disappointed that stronger action had not been taken to curb foreign investment which he said was putting upward pressure on property prices.
“To be frank I am shocked that the government is going to continue to put the desires of wealthy foreigners ahead of its own citizens and ahead of the best long-term interests of the country. The government is also clearly putting the interests of developers ahead of every day Australians,” he said.
Bright’s concerns echo views put forward in private submissions to the inquiry. For example, Jennifer Jaeger said in a submission: “I do not believe that continued overseas investment in Australian residential real estate provides ongoing benefits to Australian residents who are finding themselves “priced out” of purchase and rental booms.”
A submission from First National Real Estate noted that property prices in suburbs that attracted Asian investors had risen more quickly than prices in neighbouring areas that were less attractive to foreign buyers. It gave the examples of Carlingford compared with North Rocks, Coogee versus Randwick and Marrickville compared with Arncliffe/Rockdale in Sydney.
Under existing legislation, foreign nationals can only buy newly constructed dwellings and are prohibited from buying established homes. Temporary residents can buy one established dwelling as their residence but they must sell within three months of leaving the country.
However, the report noted some foreign buyers may be breaking the rules. It was highly critical of the Foreign Investment Review Board’s collection of data and enforcement of existing regulations, saying there had been a “significant failure of leadership at FIRB”. It recommended a number of changes to strengthen enforcement and toughen penalties for non-compliance.
UDIA National President Cameron Shephard said foreign investors that weren’t complying with the rules gave a bad name to those that did the right thing.
“Any changes to the administration of the rules, such as the introduction of an application fee, will have to be very carefully considered, so that they do not unnecessarily deter law abiding investors,” he said.
Nyko Property estate agent Bill Nikolouzakis said the $1,500 fee that was recommended by the report, and estimated to generate revenue of $158.7 million over four years, would be too small to deter foreign buyers and could be put towards better resourcing the FIRB.
“This would continue to allow us to attract foreign investors … while giving FIRB the resources to ensure they are identifying and penalising foreign investors who contravene the law,” Nikolouzakis said.
“Putting a process in place to help identify the foreign investors doing the wrong thing and the individuals helping them is the key. Further, the penalty must be enough of a deterrent to make an effect. If no one is being caught or the deterrent is not sufficient, it will not have the desired outcome,” he said.
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Mixed reactions to federal foreign buyer inquiry recommendations

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Twenty Pie Face stores are in the process of closing their doors for the final time, just one week after the pie franchise <a href="https://www.smartcompany.com.au/finance/44731-pie-face-plunges-into-administration" target="_blank">collapsed into voluntary administration</a>.
Administrator Sule Arnautovic of Jirsch Sutherland said this morning five company-owned Pie Face stores closed in Melbourne yesterday. 
Arnautovic said another eight company-owned stores in New South Wales will close, along with three in Queensland and one in Western Australia. Two franchised stores have also been closed. Approximately 130 part-time employees will lose their jobs as a result of the closures. 
The Pie Face store on Flinders Lane in Melbourne’s CBD shut its doors on Thursday afternoon and did not open again this morning. Phone calls to the store this morning went unanswered.
Jirsch Sutherland has <a href="https://www.smartcompany.com.au/growth/franchising/44750-five-lessons-from-the-collapse-of-pie-face" target="_blank">previously indicated</a> the source of Pie Face’s troubles is the group of 29 company-owned stores in the network, and Pie Face itself said last week it will seek to restructure the business to focus on its franchise and wholesale business. At the time of entering administration, there were 70 Pie Face stores in Australia, 43 of which are franchised. 
While Arnautovic says it is "unknown at this stage" if there will be any further store closures, he says "the balance of company-owned stores will likely continue if the group's restructure is approved by the group's creditors". 
A meeting of Pie Face franchisees, management and administrators is expected to take place next week.
While the company’s investors and at least <a href="https://www.smartcompany.com.au/finance/44770-pie-face-collapse-franchisee-says-claims-of-unprofitability-are-nuts">one franchisee</a> have said they believe the chain will survive the administration process, franchising expert Howard Bellin <a href="https://www.smartcompany.com.au/growth/franchising/44792-pie-face-concept-wrong-says-franchise-expert-but-investors-stand-firm" target="_blank">said yesterday</a> he has serious “doubts” about the ability of the company to “stand the test of time”.
This article first appeared on <a href="https://www.smartcompany.com.au/" target="_blank">SmartCompany</a>.
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Pie Face to shut 20 stores ahead of meeting with franchisees next week

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CoreLogic RP Data has released a list of the top 10 rental yield suburbs, for houses, across the country.
Dominated by Western Australia, with six results, Queensland’s Miles and Western Australia’s Newman both achieved the top result at 9.8%.
Queensland had two suburbs make the top 10, while New South Wales and Tasmania achieved one result each.
Here’s CoreLogic RP Data’s top 10.
<ol>
<li>
<a href="/news">Miles</a>, Dalby, Darling Downs, Queensland 9.8% 
</li>
<li>
<a href="/news">Newman</a>, East Pilbara, Pilbara, Western Australia 9.8% 
</li>
<li>
<a href="/news">Kambalda East</a>, Coolgardie, South Eastern, Western Australia 8.9% 
</li>
<li>
<a href="/news">Queenstown</a>, West Coast, Mersey-Lyell, Tasmania 8.5% 
</li>
<li>
<a href="/news">Broken Hill</a>, Unincorporated New South Wales, Far West, New South Wales 8.5% 
</li>
<li>
<a href="/news">South Hedland</a>, Port Hedland, Pilbara, Western Australia 8.4% 
</li>
<li>
<a href="/news">Port Hedland</a>, Port Hedland, Pilbara, Western Australia 8.0% 
</li>
<li>
<a href="/news">Kambalda West</a>, Coolgardie, South Eastern, Western Australia 8.0% 
</li>
<li>
<a href="/news">Baynton</a>, Roebourne, Pilbara, Western Australia 8.0% 
</li>
<li>
<a href="/news">Cloncurry</a>, Cloncurry, North West, Queensland 7.0%</li>
</ol>
Source: CoreLogic RP Data.
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Australia’s top 10 highest yielding house suburbs: CoreLogic

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These five ballrooms are unlikely to have ever seen a minor celebrity (let alone Daniel MacPherson), but they still deserve a standing ovation.
While ballrooms are typically associated with grandeur and gowns, they are sometimes hiding where you wouldn't expect them. An unassuming 1950s <a href="/news/strictly-ballroom-devotees-for-baldwell-park-offering">Bardwell Home is currently on the market</a>, with a ballroom custom built for the Joan Allen Dance Studio.
Other ballrooms have made sure to meet the black tie dress code, with timber parquetry, chandeliers and bay windows.
<ol>
<li>
<a href="https://www.realestate.com.au/property-house-nsw-blackheath-118033759" target="_blank">179-181 Wentworth Street, Blackheath, NSW</a> 
 <img src="/images/2014/11/28/1.jpg" alt="">
Yabba Yabba, a circa 1888 restored heritage mansion, is one of Blackheath’s earliest guesthouses. It features a formal ballroom which opens onto an entertaining deck and a fish pond. The chandelier-lit ballroom, currently used as a formal dining room, has herringbone parquetry.
The home includes 11 suites, a commercial kitchen, a drawing room with open fireplace, a media room and a 20 seat dining room.
</li>
<li>
<a href="https://www.realestate.com.au/property-acreage+semi+rural-nsw-canyonleigh-117390091" target="_blank">250 Tugalong Roadm Canyonleigh, NSW</a>
 <img src="/images/2014/11/28/3.jpg" alt="">
Satori Springs is a 100 acre estate in Canyonleigh. This ballroom has polished timber floorboards and full height windows – unfortunately, we assume the baby grand piano and suit-clad pianist is not included. The chandeliers look a good deal more suitable in this ballroom than they would <a href="/expert-insights/investing/chandeliers-hanging-in-the-garage-he-said-she-said">a garage – or even a chicken coop</a>.
For those who prefer not to dance, there is another complex on the estate, with an indoor heated swimming pool, spa treatment rooms and its own tennis court.
</li>
<li>
<a href="https://www.realestate.com.au/property-house-nsw-blackheath-117906883" target="_blank">166-168 Shipley Road, Blackheath, NSW</a>
 <img src="/images/2014/11/28/2.jpg" alt="">
Blackheath has another, slightly more modest, ballroom. The ballroom in the circa 1930s 166-168 Shipley Road property is now used as a gallery, complete with hanging rails. It features timber floorboards and ceiling roses.
The mixed-use property, with a two bedroom, two bathroom apartment, studio space and dining room, is currently on the market with a price guidance of $699,000 plus.
</li>
<li>
<a href="https://www.realestate.com.au/property-house-vic-endeavour+hills-116728459" target="_blank">63 - 65 Churchill Park Drive, Endeavour Hills, Vic</a>
 <img src="/images/2014/11/28/4.jpg" alt="">
No matter how much white furniture you pour in, it's hard to disguise a ballroom. This ballroom, currently used as a living and dining room, has a total 89 square metres of dancing space. It's only surpassed in size by the home's 93.48 square metre six car rear garage.
The two acre property, essentially a dual home, has six bedrooms, four bathrooms and two kitchens.
</li>
<li>
<a href="https://www.realestate.com.au/property-house-vic-bendigo-111263891" target="_blank">60 Barkly Street, Bendigo, Vic</a>
 <img src="/images/2014/11/28/5.jpg" alt="">
Lansellstowe, an Italian Renaissance style circa 1913 Bendigo mansion, was designed by architects Beebe and Garvin for Leonard Vere Lansell, the son of George Lansell, a mining entrepreneur.
The three level home features a ballroom with pressed metal ceilings, chandelier and timber parquetry. A landmark heritage property, the mansion includes over 20 rooms.
</li>
</ol>
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jrichardson-uRX5hFdKfN

Five home ballrooms worthy of Dancing With the Stars

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Not all Victorian real estate agents support the Real Estate Institute of Victoria's (REIV) anti-Liberal push ahead of the Victorian election.
The REIV started taking shots at the government after the Liberal party proposed changes to commercial real estate licensing requirements.
REIV president Enzo Raimondo <a href="/expert-insights/buying/victorias-proposed-commercial-licensing-changes-q-a-with-the-reivs-enzo-raimondo">told Property Observer </a>the changes would "open the industry up to unqualified and inexperienced operators - and potentially criminals - because there will be no probity checks, and the operators will not be required to maintain an audited trust account or comply with the requirements of the estate agents act".
Since then, the Victorian Coalition has announced it will step up laws against underquoting, a practice where agents deliberately misrepresent the price of a property before an auction to bait buyers. Raimondo labelled the proposal an "election stunt".
<a href="https://www.propertyobserver.com.au/https://twitter.com/IainCarmichael1/status/537715177836134400" target="_blank"><img src="/images/2014/11/27/tweet-nov-27-one.png" alt=""></a>
The REIV's anti-Napthine campaign, which includes print and radio advertisements, has resulted in a dispute with the Council of Small Business Australia, who claim the use of their <a href="/news/vic/reiv-locked-in-dispute-with-small-business-body-over-victorian-election-advertising">logo on the REIV's advertisements</a> is unauthorised.
Jellis Craig director Iain Carmichael is among those critical of the REIV's election lobbying tactics.
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Tweet of the day: REIV's anti-Liberal campaign "reckless"

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Four new members have joined the board for property valuation group Herron Todd White.
Sheena Wilson, Graham Waters, Jeff Forbes and Graham Gross have been appointed to the board.
Wilson has previous worked at the Bank of New York Mellon, including a three year period as country chief executive for BNY Mellon India.
Waters, the managing director of Herron Todd White Sydney, returns to the board. Having been with the company for 15 years, he is also a founding director of the South East New South Wales and Canberra arms of Herron Todd White.
Gross has worked at Herron Todd White for 20 years and also returns to the board. He is the managing director of the company's Central Queensland group.
Forbes is the former chief financial officer, executive director and company secretary of Cardno Limited and has held chief financial officer positions at ASX listed companies.
Chairman Gavin Hulcombe said he was delighted to welcome the new members to the Herron Todd White board.
"The experience and capabilities they will bring to the table will be a real benefit to our organisation," said Hulcombe.
"At Herron Todd White we strive to be the most respected and trusted property advisory organisation in the country. I look forward to the positive contributions they will make to our business as well as our customer and community standing," he said.
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New board members for Herron Todd White

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A Western Australian property manager, Van Dung Nguyen, formerly of Girrawheen, Perth, has been banned from holding a real estate and business agents’ licence, as well as a triennial certificate, for five years. He was also fined $3,000.
Nguyen failed to deposit rental income into a trust account, receiving $13,660 from a tenant for rent, water rates, strata levies and management fees between January 2012 and October 2012, which he then used to pay personal expenses and unrelated business expenses.
He operated Golden Investments Pty Ltd, which is now deregistered. The owner of the Girrawheen properties was left out of pocket.
Nguyen filed for bankruptcy in September 2013 and now lives in Queensland.
The fine was decided at the Western Australian State Administrative Tribunal on 20 November 2014.
Commissioner for Consumer Protection Anne Driscoll said that income from rental properties needed to be kept separate to the operational account.
“The law requires that rent and other payments from tenants must be placed in a separate trust account so that the transactions are transparent and the funds cannot be mixed with the day to day financial operations of the agency,” Driscoll said.
“This allows for easy auditing and gives both the tenant and property owner confidence to know that their funds are being used appropriately.”
She noted that real estate agents who take money from the trust accounts, even on a borrowing basis, to pay operation expenses are breaking the law.
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Perth property manager banned for five years after using rent for personal expenses

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A 350 square metre office in Hawthorn will be leased to information technology company WhiteGold Solutions.
The office space at <a href="https://www.realcommercial.com.au/property-offices-vic-hawthorn-501029535" target="_blank">443 Auburn Road</a> is owned by a private investor, with the lease negotiated by JLL director of Office Leasing Michael Simonds and Leasing Executive Shane Keogh.
The fully fitted out office has a five year lease term. JLL also negotiated the lease for vacating BluePrint Group, who moved to larger premises at 192 Burwood Road, Hawthorn.
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WhiteGold Solutions finds home in Hawthorn

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Peter Rhodes, the managing director of Reed Midem UK, is in Sydney this week to seek Australian interest in the 2015 MIPIM Japan exhibition.
Reed Midem, which has run the highly successful MIPIM Cannes exhibition for 25 years, says the Japanese government sought out the group to inaugurate the real estate forum for property leaders and finance professionals from all asset classes to explore opportunities in Japan and identify potential investment sources.
He says the timing of <a href="https://www.mipimjapan.jp" target="_blank">MIPIM Japan</a> coincided with nascent signs of renewed interest in ventures between Japanese and Australian partners after a dormant decade or so.
Recently EG Funds Management inked a $300 million partnership deal with Japan's largest home builder, Daiwa House, to redevelop the former Allied Mills site at Summer Hill.
He noted Japan investment abroad has jumped up from US$763 million in 2010 to US$3,118 million in 2013.
Ad despite the recession Tokyo stands as the first city targeted for property investment in Asia Pacific and ranks fourth in the world in 2014
"With over €4 billion inbound international property investment in 2013, Japan ranked 6th in the world," <a href="https://www.linkedin.com/profile/view?id=37310297&amp;authType=NAME_SEARCH&amp;authToken=YcTb&amp;locale=en_US&amp;srchid=1644771001416977125970&amp;srchindex=1&amp;srchtotal=158&amp;trk=vsrp_people_res_name&amp;trkInfo=VSRPsearchId%3A1644771001416977125970%2CVSRPtargetId%3A37310297%2CVSRPcmpt%3Aprimary" target="_blank">Peter Rhodes</a> said.
"For 2020 Olympics €4 billion investment in infrastructure and venues are expected, and the government aims for doubling the yearly number of foreign tourists to 20 million visitors," he said.
Exhibitors would gain visibility and recognition for real estate projects and identify potential Japanese partners and investment sources.
"This is the first real estate forum for Japanese and global leaders, joining together property and finance professionals from all asset classes – office, retail, infrastructure, leisure, residential - enabling Japanese real estate professionals to share their projects and know-how with the world and international stakeholders to source capital or new opportunities in Japan," the website for MIPIM Japan reads.
Some of the Japanese players who will be showcased include:
<ul>
<li>Mitsui Fudosan</li>
<li>Mitsubishi estate</li>
<li>Sumimoto Realty &amp; Development</li>
<li>Mori Building</li>
<li>Nomura real estate</li>
<li>Tokyo Tatemono</li>
<li>Tokyu Fudosan</li>
<li>Odakyu Electric Railway</li>
<li>Seibu Properties</li>
<li>NTT Urban Development</li>
<li>NTT Facilities</li>
<li>Sankei Building</li>
<li>Orix Real Estate</li>
<li>
Other local authorities and associations including the Ministry of Land, Infrastructure, Transport and Tourism. 
</li>
</ul>
The Olympics will be a major theme given the proximity to the 2020 event.
Ken Livingstone, the former Mayor of London (2000-2008), and key protagonist in the success of the nomination of London for the 2012 Olympics will be among the speakers at the May 20-21 event.
Hiromichi Iwasa, the chairman of Mitsui Fudosan and chairman of the Association for Real Estate Securization Chairman of the Real Estate Companies Association of Japan will also speak at the forum.
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