Repeat buyers are one of the strongest measures of confidence in any apartment development.

At <a href="https://www.apartments.com.au/new-apartments/era-newcastle-west-124-126-bull-street-newcastle-west-nsw-2302">ERA</a> in Newcastle West, some purchasers are returning to <a href="https://www.apartments.com.au/developers/gwh">GWH</a> after living at the developer's One Apartments. Their decision to purchase again was driven by the quality of life they found after moving into their first GWH home.

Keith Wilton had spent years living in a house in East Maitland before deciding it was time for a change. Apartment living had always been on his radar, but he was selective about what he wanted.

<iframe allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" allowfullscreen="" frameborder="0" height="315" referrerpolicy="strict-origin-when-cross-origin" src="https://www.youtube.com/embed/FH_1EzB-1vs?si=XScVlP1ERsTDJoME" title="YouTube video player" width="560"></iframe>

"I had some boxes I wanted to tick," he says.

Keith points to the open-plan design, generous outdoor areas and considered inclusions as key reasons One Apartments worked for him.

“One of those things was a nice indoor open plan area, but also I wanted a nice outdoor open area that I could entertain on in summer or Christmases or birthdays,” he says.

He also found value in the smaller details, from integrated appliances to shared resident spaces including the pool, cinema and rooftop areas.

[smartcode_project:default project_id=135096 project_image_fid=356818]

After comparing several developments, he chose One Apartments because of GWH's longstanding local reputation and his own experience working with the developer on a commercial project more than a decade earlier.

"I knew that they were local, that the quality of the build was going to be up there. I'd looked at other apartment complexes around and close by, and I just knew that here was a better decision location wise."

Today, Keith says the move has completely changed how he experiences Newcastle.

"I enjoy living in this location because it's more of a lifestyle change. That Newcastle city living where you can walk to restaurants and bars and even beaches and parks and even shopping across the road."

[smartcode_project:default project_id=135096 project_image_fid=356828]

Beyond the location, he says it's the sense of community that has surprised him most.

"Everyone loves living here because they chose to live here, but everyone looks out for each other. It's a real great community feel here."

For Aimee and Lyle Goodman, the journey started almost by chance.

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The couple happened to be having coffee in Newcastle when they noticed the site where One Apartments was about to begin construction.

"We were aware GWH was planning a development," Aimee says. "We made one phone call and things moved pretty quickly after that."

As busy business owners, they initially thought apartment living would simply reduce the maintenance that came with larger homes. Instead, it fundamentally changed how they spent time together.

"We actually catch up more as a family now," Aimee says.

"We've had homes with big yards and lots of space, but everyone ended up in different rooms. Here we'll have dinner together, the kids can play, and we spend far more quality time together."

[smartcode_project:default project_id=135096 project_image_fid=356829]

Lyle says their confidence came from GWH's reputation within Newcastle's building industry.

"I know people who've worked across different apartment projects, and whenever GWH came up the feedback was always the same. They're rock solid. They're quality."

That confidence only grew throughout the buying process.

"One of the things that really impressed us with GWH was the whole process, was the communication," Lyle says. "It was consistent, it was regular, there was no problem if we had some weird questions, there was no problems in getting answers."

[smartcode_project:default project_id=135096 project_image_fid=351104]

Aimee says one moment stood out.

"The project actually finished on time. We realised we needed to hurry up and sell our house because everything was happening exactly when they said it would."

The positive experience at One Apartments ultimately gave all three buyers the confidence to purchase again with GWH, this time at ERA.

Their confidence reflects what many buyers are seeking in today's apartment market. Location remains important, but so too does certainty around delivery, quality and long-term liveability.

[smartcode_project:default project_id=135096 project_image_fid=356822]

ERA builds on those foundations with 280 one, two and three-bedroom apartments across two landmark towers in <a href="https://www.apartments.com.au/developments/newcastle-west-nsw-2302">Newcastle West</a>.&nbsp;

Designed by <a href="https://www.apartments.com.au/architects/fk-australia">Fender Katsalidis</a>, the project will include more than 2,000 square metres of resident amenities, including a resort-style pool, gym, sauna, private cinema and rooftop entertaining spaces overlooking the harbour and coastline.&nbsp;

The development is also within walking distance of the Newcastle Interchange, Honeysuckle, Darby Street, the harbour foreshore, restaurants, retail and the city’s beaches, continuing the walkable lifestyle that existing GWH buyers say has transformed how they live.

[smartcode_project:default project_id=135096 project_image_fid=356826]

For Keith, the appeal remains straightforward.

"You feel at home even before you've moved into your home."

For Aimee, the change is measured in time.

“I just felt like I had more time,” she says.

[smartcode_project:default project_id=135096 project_image_fid=351102]

Construction at ERA is now underway, with more than half of the residences already sold and limited two and three-bedroom apartments remaining in the East Tower release. Priced from $980,000 for two-bedroom residences and $1.46 million for three-bedroom residences, buyers can secure an apartment with a 10 per cent deposit, with premium homes offering ocean views from Level 8 and harbour views from Level 10.

ERA is also backed by Resilience Insurance's 10-year Latent Defects Insurance policy, providing protection against structural or waterproofing defects for 10 years after completion. The project is anticipated to be completed in early 2028.

[smartcode_project_cta:default project_id=135096]

Joel Robinson

From ONE to ERA: Why buyers are choosing GWH again in Newcastle West

Virgate Property Group is preparing to commence construction of Verdé, its new apartment development in Melbourne's Arts Precinct at Southbank, following a strong run of sales that has seen more than half of the project's 173 apartments secured.

Verdé has attracted a broad mix of first home buyers, owner-occupiers upgrading from nearby inner-city suburbs and investors, with younger owner-occupier couples aged between 28 and 45 accounting for the strongest enquiry. Many are already living in Southbank, South Melbourne, Albert Park, Port Melbourne, South Yarra and the CBD.

"Verdé is located in one of the most desirable pockets of southern Melbourne," Blair Property Group Director Darren Blair, who is managing sales at Verdé, said.

"It's within walking distance of the Arts Centre, Royal Botanic Gardens, Albert Park Lake, and Southbank's restaurants and retail. It's a great lifestyle location with strong amenity and liveability, which made it a very attractive choice for the project."

[smartcode_project:default project_id=4661 project_image_fid=372549]

Virgate was already familiar with the precinct, having previously delivered the successful Domain House development in neighbouring South Melbourne. That experience gave the developer confidence to acquire the Coventry Street site and continue expanding its presence in Melbourne's inner south.

"We had been keeping an eye on the site and the broader precinct for a few months before deciding to move forward with the acquisition," Virgate said.

The project was ultimately secured in 2020 following feasibility studies, planning assessments and due diligence, with the brief centred on delivering "a high-quality, considered design that feels both refined and fit for purpose."

[smartcode_project:default project_id=4661 project_image_fid=314259]

Designed by <a href="https://www.apartments.com.au/architects/bruce-henderson-architects">Bruce Henderson Architects</a>, Verdé comprises 173 one, two and three-bedroom apartments priced from $599,000. The architecture is distinguished by a faceted glass façade that responds to both the site's outlook and Melbourne's changing light conditions.

According to Bruce Henderson Architects, the coloured glazing gives the building a distinctive identity while also providing privacy and solar shading, with residences oriented to capture views across the bay, city skyline and surrounding parklands.

Inside, <a href="https://www.apartments.com.au/interior-designers/designoffice">DesignOffice</a> has created interiors focused on natural light, efficient planning and enduring materials. Apartments feature engineered oak flooring, natural stone benchtops, floor-to-ceiling glazing and SMEG appliances, while a restrained material palette aims to complement the expansive outlooks rather than compete with them.

[smartcode_project:default project_id=4661 project_image_fid=372550]

Resident amenity has also been designed around everyday functionality rather than occasional use. Facilities include a concierge-serviced lobby, residents' lounge with fireplace, library and co-working space, gym, terrace garden with barbecue facilities, ground-floor café, and package delivery management.

The project's location continues to be one of its strongest drawcards. Positioned on Coventry Street, Verdé sits within walking distance of the National Gallery of Victoria, Arts Centre Melbourne, Royal Botanic Gardens and Albert Park Lake, while Southbank's dining precinct, Sturt Street trams and the new ANZAC Station are all nearby. The surrounding education catchment also includes Melbourne Grammar, Melbourne Girls Grammar, Mac.Robertson Girls' High School and several major university campuses.

The sales team says buyers have responded particularly well to the combination of location, design quality and long-term liveability.

"They're responding really positively to the quality of the design, premium resident amenities and the uninterrupted views. Many also appreciate the location and how connected it is to everything they need."

The ability to secure stamp duty savings before completion has also been a key factor for purchasers, alongside the opportunity to personalise finishes ahead of settlement.

With construction set to commence soon and more than half the apartments already sold, Verdé enters its next phase as one of the Arts Precinct's more established apartment developments, offering remaining buyers an opportunity to secure a residence before construction advances further. Expected completion is scheduled for late 2027.

[smartcode_project_cta:default project_id=4661]

Virgate's Verdé Southbank moves toward construction as sales fly past halfway stage

Downsizer-focused apartment development Kooyongkoot in Hawthorn has been recognised at the 2026 Better Future Melbourne Design Awards, taking home Gold and Silver awards in two categories.

<a href="https://www.apartments.com.au/new-apartments/kooyongkoot-hawthorn-1-kooyongkoot-road-hawthorn-vic-3122">Kooyongkoot</a>, currently being delivered by developer PQD and designed by Cera Stribley, received Gold in the Interior Design – Proposed category and Silver in the Architecture – Proposed category.

The dual recognition reflects the design approach behind the boutique development on prestigious Kooyongkoot Road, where the focus has been on creating homes for downsizers seeking the space, quality and functionality of a detached house within a low-rise apartment building.

Rather than maximising apartment numbers, <a href="https://www.apartments.com.au/developers/pqd">PQD</a> and <a href="https://www.apartments.com.au/architects/cera-stribley-architects">Cera Stribley</a> limited the development to just 18 residences, allowing for larger floorplans, greater privacy, generous landscaping and expansive communal spaces.&nbsp;The majority of the apartments also benefit from corner aspects, allowing for dual sources of natural light.

Now around 70 per cent complete and on track for completion in November 2026, Kooyongkoot will comprise a mix of garden residences, ter​race apartments, sub-penthouses, and is crowned by two half-floor penthouses with direct lift access and private rooftop terraces.

[smartcode_project:default project_id=102717 project_image_fid=355297]

The Silver Award for Architecture recognised the way the building responds to its prominent corner position at the ent​rance to Hawthorn's Scotch Hill precinct, one of Melbourne's most established residential neighbourhoods.

Rather than competing with the grand homes that line Kooyongkoot Road, the architectural approach focused on restraint and longevity, using curved brickwork, generous landscaping and carefully considered proportions to integrate with the existing streetscape.

"The form feels fluid and timeless, as though shaped by the landscape itself – architecture that belongs, rather than competes," said Chris Stribley, Co-Founder and Managing Principal of Cera Stribley.

The judging submission also highlighted practical innovations throughout the building, including lift cores servicing only nine homes each, a central landscaped lightcourt designed to bring daylight and ventilation into the building, and fully enclosed private storage rooms with lighting, power and shelving to better accommodate residents transitioning from larger family homes.

[smartcode_project:default project_id=102717 project_image_fid=355293]

The Gold Award for Interior Design recognised the project's focus on long-term liveability rather than display-home aesthetics.

According to the awards submission, the interiors were designed from the inside out, prioritising how homes would function over decades of daily use through generous proportions, practical storage, durable natural materials and flexible layouts.

The specification includes natural stone throughout, upgraded acoustic glazing, V-ZUG appliances and fully enclosed storage rooms, alongside an amenity offering focused on wellness, entertainment and everyday convenience.&nbsp;

Residents will have access to a gym and yoga studio, a wellness centre featuring traditional and infrared saunas, a cold therapy shower and treatment room, as well as a residents' lounge and golf simulator/cinema room for entertainment.&nbsp;Kooyongkoot has also considered the everyday convenience of its residents by offering a private carwash and pet wash facilities on site as well as dedicated parcel lockers and oversized fully enclosed storage rooms.&nbsp;

[smartcode_project:default project_id=102717 project_image_fid=355303]

The project's attention to detail has already resonated with buyers. Earlier this year, Kooyongkoot recorded one of Boroondara's highest apartment sales when an $8 million penthouse was purchased by a Melbourne CEO downsizing from a nearby family home.

"Every detail feels deliberate, from the overall design down to the smallest touches," the purchaser said.

"The level of quality and refinement is exceptional, but what really sold it was how liveable it felt... It felt like a place where everything had been considered, not just a luxury building."

[smartcode_project:default project_id=102717 project_image_fid=355304]

Sustainability also formed a key part of both award submissions. Kooyongkoot is targeting a minimum 7.5-star NatHERS rating across all residences, supported by passive design principles, high-performance glazing, EV charging infrastructure, water reuse systems and a wellness model focused on lower-energy dry facilities rather than pools and large wet areas.

Located within walking distance of Scotch College, Methodist Ladies' College, Koo​yong Lawn Tennis Club, Aubur​n Village and Camberwell Junction, Kooyongkoot continues to target owner-occupiers looking to remain in Melbourne's inner east without compromising on space or quality. A limited selection of two, three and four-bedroom residences remains available, with prices starting from $1.9 million.

[smartcode_project_cta:default project_id=102717]

Kooyongkoot wins Gold and Silver at Better Future Melbourne Design Awards

New apartment supply has become increasingly constrained across <a href="https://www.apartments.com.au/developments/parramatta-nsw-2150">Parramatta</a> in recent years, with fewer projects progressing through to completion as development conditions have become more challenging.

It makes <a href="https://www.apartments.com.au/developers/novm">NOVM</a>'s 2021-completed <a href="https://www.apartments.com.au/buildings/the-lennox-parramatta-12-phillip-street-parramatta-nsw-2150">The Lennox</a> one of the most recently completed residential towers on the Parramatta River, and among the newest apartment developments in Sydney's second CBD.

With the project largely completed before the sharp escalation in construction costs and inflation following the pandemic, The Lennox is now offering pricing that would be difficult to replicate in a comparable new development in Parramatta today, or across much of Western Sydney.

The majority of the 413 apartments at The Lennox sold before and shortly after completion. A limited release of the remaining apartments has recently been brought to market by capital partner <a href="https://www.apartments.com.au/project-marketer/equitifund-group">Equitifund</a>, with entry-level pricing from $700,000 and two-bedroom apartments available from under $1 million.

Rising above the Parramatta River at 12 Phillip Street, The Lennox comprises one, two, three and four-bedroom apartments, appealing to first home buyers, young professionals, families, downsizers and interstate investors seeking a completed apartment in one of Australia's fastest-growing economic centres.

[smartcode_project:default project_id=5743 project_image_fid=372394]

Rather than positioning Parramatta as an alternative to Sydney's CBD, Equitifund believes the city has reached a point where it stands on its own merits.

"Parramatta is no longer simply an alternative to Sydney CBD, it's becoming a destination in its own right," Equitifund Executive Chairman Greg Huxley said.

"The Lennox captures that evolution with a level of quality and amenity that's difficult to match at its price point."

[smartcode_project:default project_id=5743 project_image_fid=953]

Designed by <a href="https://www.apartments.com.au/architects/marchese-partners">Marchese Partners</a>, the tower responds directly to its riverfront setting through expansive glazing and open-plan layouts that maximise views across the Parramatta River and city skyline. Interiors feature engineered timber flooring, stone benchtops, stainless steel appliances and floor-to-ceiling glazing, while generous balconies extend the living spaces outdoors.

Marchese Partners says the project was conceived to balance high-quality apartment living with practical, long-term functionality, pairing larger, efficient floorplans with amenities more commonly associated with five-star hotels.

That emphasis continues through the resident facilities, which include a 20-metre rooftop swimming pool, fully equipped gym and wellness spaces, full-time concierge, a residents' lounge, function room, private lifts, secure basement parking and rooftop communal areas overlooking the Parramatta River. Ground-floor boardwalk retail and dining further activate the riverfront and integrate the building into the surrounding public realm.

[smartcode_project:default project_id=5743 project_image_fid=925]

Australian housing and finance group Equitifund has secured the remaining apartments, believing there are few completed apartment opportunities in Parramatta that offer the same combination of location, amenity and pricing.

Equitifund National Sales Director Ben Hamblett says buyers are increasingly recognising that premium apartment living no longer needs to come with Sydney CBD pricing.

"The Lennox is where aspirational living becomes attainable," Hamblett said.

"Wake to river and mountain views, step into Sydney's Second CBD, and arrive home to resort-calibre amenities, all without the harbour price tag."

Hamblett says owner-occupiers are also attracted by the convenience of having Westfield Parramatta, Church Street's dining precinct, Parramatta Park, Riverside Theatres, Western Sydney University and major transport connections all within walking distance.

"At The Lennox, lifestyle is not an afterthought, it is the foundation."

[smartcode_project:default project_id=5743 project_image_fid=5374]

The Lennox places residents within walking distance of Parramatta Square, Westfield Parramatta, Church Street Eat Street, Parramatta Station, the ferry wharf, Light Rail, the future Sydney Metro West, Parramatta Park and CommBank Stadium, reinforcing Parramatta's position as one of Australia's most connected metropolitan centres outside Sydney's CBD.

Equitifund says buyers visiting the display suite consistently comment on the quality of the finishes, generous floorplans, river and skyline views, and the walkability of the location. The project has attracted a broad mix of local professionals, upsizers, downsizers, buyers relocating from Sydney's inner suburbs and interstate investors seeking long-term growth opportunities.

That demand aligns with Parramatta's continued evolution as an economic powerhouse. Equitifund Research and Market Insights specialist John Bekiaris says sustained population growth, infrastructure investment and expanding employment opportunities continue to support long-term housing demand across the city.

"Parramatta has evolved from a satellite city into one of Australia's most important economic centres. Population growth, infrastructure investment and employment are all supporting sustained long-term housing demand."

[smartcode_project_cta:default project_id=5743]

The apartment price gap drawing Sydney buyers west

A luxury beachfront apartment at Rainbow Bay has more than doubled in value since it sold off the plan six years ago, setting a new local apartment record in the process.

The three-bedroom apartment in the Flow development on Petrie Street, the first of four new projects locally by Paul Gedoun's S&amp;S Projects, has sold for $7.4 million, after originally selling for $3.27 million when the project launched in 2020.

The seventh-floor apartment, comprising 187 sqm of internal living space and a 54 sqm balcony overlooking Froggies Beach and Snapper Rocks, was purchased by a local family.

The transaction was negotiated by Pezet Matheson director Kerry Pezet and equates to more than $30,000 per sqm.

Pezet said the sale reflected the limited opportunities to buy into the boutique beachfront development.

"The sale highlights the rarity of opportunities within the boutique beachfront development, where residences seldom become available," Pezet said.

"Flow is one of the Gold Coast's most tightly held buildings. Buyers from our database move quickly when residences become available, and achieving an off-market sale at $7.4 million demonstrates the depth of demand for property of this calibre."

<img alt="Flow" data-entity-type="file" data-entity-uuid="c585b206-2130-4eee-a50c-3f27c51a7c70" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-07-06%20at%208.33.25%E2%80%AFPM.png?VersionId=m3pHRDV62Y3fvN.XQuQHq.52ilTWpRLf" />

Flow was the first of four luxury apartment developments delivered by Paul Gedoun's S&amp;S Projects at Rainbow Bay and was completed in 2023.

Positioned on the beachfront overlooking Snapper Rocks, the residence includes three bedrooms, three bathrooms, a powder room and views stretching north along the coastline towards Surfers Paradise.

Pezet Matheson Residential principal Mitchell Lambert said buyers continued to prioritise quality beachfront apartments in tightly held locations.

"Flow Residences offers a rare combination of elevated beachfront positioning, architectural excellence, comprehensive resident amenity and premium finishes, which is exactly what discerning purchasers are seeking," Lambert said.

"The transaction further reinforces Rainbow Bay's reputation as one of Australia's premier coastal lifestyle destinations, where limited supply and growing demand continue to support strong market performance."

Pezet Matheson originally marketed and sold out Flow off the plan, making the latest transaction a return to one of the project's original buyers.

Paul Gedoun is selling his third project, <a href="https://www.apartments.com.au/new-apartments/radia-rainbow-bay-271-boundary-street-coolangatta-qld-4225">Radia Rainbow Bay</a>, after recently completing, and selling out, <a href="https://www.apartments.com.au/buildings/esprit-217-227-boundary-street-coolangatta-qld-4225">Esprit</a>. He has plans for a <a href="https://www.apartments.com.au/news/qld/first-look-s-s-projects-proposes-88-apartment-wellness-tower-at-coolangattas-boundary-street">fourth building</a>, 88 apartments on <a href="https://www.apartments.com.au/new-apartments/209-213-boundary-street-coolangatta-qld-4225">Boundary Street</a>.

Rainbow Bay apartment doubles in price since off the plan sale during pandemic

Commercial

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St Joseph's Refuge in Adelaide's Fullarton is up for sale.
The handcrafted sandstone building, on a 4,350 square metre plot, is over 100 years old, constructed circa 1900.
Currently used as a Christian church, the two storey building has around 20 separate rooms for meetings, offices or event spaces, plus bathrooms and kitchen areas, one approaching commercial size. The church congregation owns the estate.
Marketing agents Peter McMillan and Eloise McMillan of Toop &amp; Toop Hyde Park note in the property's listing that the property could be used for student or aged care accommodation, or as an educational, healthcare or religious institution, or as a particularly large family home.
They are accepting expressions of interest for the property at <a href="https://www.realestate.com.au/property-house-sa-fullarton-119235755" target="_blank">82 Wattle Street in Fullarton</a> until 8 April.
The building was established as two 30 bed dormitories with a large hall and community room, with construction beginning in late 1900. Architect E J Woods designed the premises on the plot, which previously held a jam factory. Lady Tennyson opened the facility in September of 1901.
According to a 1900 issue of Adelaide's <a href="https://www.propertyobserver.com.au/https://trove.nla.gov.au/ndp/del/article/36979270" target="_blank">The Advertiser</a>, the Catholic refuge was originally intended to shelter young expectant mothers or recent mothers who were unmarried, no matter their religion or denomination.
The <a href="https://www.samemory.sa.gov.au/site/page.cfm?u=1461&amp;c=1554" target="_blank">Adelaide Observer </a>in 1901 noted, however, that the Sisters of St Joseph's refuge also provided accommodation and care for women with criminal backgrounds and new migrants. The organisation, founded by Mother Mary MacKillop in 1963, was funded by a combination of public donations, church collections and earnings from the women themselves, some of whom worked in the laundry.
The refuge moved into the Fullarton premises after becoming too large for their previous Norwood premises. The Fullarton refuge provided room for "80 inmates and 30 babies", as well as the 10 or so sisters, according to the Adelaide Observer.
In 1963, the Daughters of Charity took over the institution, and it later became known as Louise Place.
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jrichardson-uRX5hFdKfN

Fullarton, Adelaide's St Joseph's Refuge on the market

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Property industry pay increased at an annual 3% median - slightly above the ABS figure of 2.7% annual increase for the general workforce, and the annual CPI rise of 1.7%, according to the latest report by Rita Avdiev, managing director of the Avdiev Group.
The latest Avdiev Remuneration Report 2015, the product of a formal Australia wide survey of property, investment and construction employer companies, finds that business conditions have remained stable or improved for the majority of survey respondents.
But for companies which operate Australia wide, conditions vary from state to state, with the east coast reported to be doing better than elsewhere.
“Business conditions in the property industry will continue to fluctuate and possibly deteriorate the longer the country remains on hold” said Avdiev.
"While the new state governments continue to review the committed decisions of their predecessors, new projects are languishing on drawing boards and in boardrooms.
“The results of two recent state elections have introduced a note of caution and uncertainty into the previous positive sentiment in the majority of property and construction companies.
"A return of the current NSW government at the upcoming election may see a rapid influx of investment and new projects into the state.
“Many contributors to the Avdiev Report are affected by the hesitation of their clients to proceed with decisions which they made in 2014.”
She said forecasts for next pay reviews are 3% overall, but may be tempered by fluctuating business conditions.
Junior staff who are in a rapid career development phase are flexing their muscle, getting bigger rises than the seniors from companies pushing for new skills and staff renewal. 
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jchancellor-FAypfDUnLy

State government elections unsettling property companies: Rita Avdiev 

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A Lakemba development sold at auction last weekend at $1.86 million.
The 15-17 Quigg Street offering was zoned R4 high density residential.
<a href="https://www.propertyobserver.com.au/https://www.homely.com.au/lakemba-canterbury-sydney-greater-new-south-wales/listingdetails/893187" target="_blank">The block size was 976 square metres,</a> suitable for unit development, according to selling agents, Knapton &amp; Co.
Lakemba is 12 k milometres to the Sydney CBD.
Last year a 1024 square metre potential development site zoned R4 High Density Residential, with very large four bedroom full brick home, was sold at 23 Quigg Street North for $1,925,000.
At 78 Quigg Street South, a 1,144 square metre site remains for sale at $1.25 million<a href="https://www.richardmatthews.com.au/buying/NSW/Canterburyorbankstown/Lakemba/House/1P0576" target="_blank"> through Richard Matthews Real Estate</a>.
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Lakemba unit development site sells at $1.86 million

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GUEST OBSERVATION
A company claiming to carry on a land development business in Victoria has been unsuccessful before the Administrative Appeals Tribunal (AAT) in claiming GST input tax credits (ITCs) for acquisitions it had made.
The case illustrates the need for proper documentation in making tax claims and also, in this particular matter, the need for something more than just an intention to conduct a business in order to be able to <a href="https://www.smartcompany.com.au/finance/tax/43664-over-claimed-gst-credits-good-intentions-just-don-t-cut-it" target="_blank">claim GST input tax credits</a>.
The taxpayer company was registered for GST in August 2010. It claimed it had purchased property in Victoria for land development and subdivision. For the periods 1 October 2010 to 31 March 2011, the company claimed a total of $226,128 in ITCs for what are known as creditable acquisitions; however, throughout the period, no sales were reported.
Following an audit by the ATO, the commissioner found the company was not carrying on an enterprise for the purposes of the GST Act, was not entitled to ABN and GST registration, was not entitled to the ITCs, and was liable to an administrative penalty at the rate of 50% for "recklessness". Before the AAT, the taxpayer clarified it was only seeking to claim $1128 in ITCs for the tax period ended 31 October 2010.
The company had the burden of proving its case, that the commissioner's assessments were excessive and that the commissioner's decision to cancel its GST and ABN registration should not have been made or should have been made differently.
The AAT held the taxpayer had not discharged the burden of proof that, on the balance of probabilities, the ITCs claimed for the periods 1 October 2010 to 31 March 2011 for $226,128 should be allowed. Although the taxpayer had subsequently claimed to have withdrawn some of the BASs leaving only its ITC claim for $1128 for the tax period ended 31 October 2010, the AAT said the taxpayer was not entitled to the claim because of its finding that the taxpayer was not carrying on an enterprise at that time, which meant there were no acquisition for a creditable purpose and therefore no creditable acquisition.
A key issue was the lack of documentation proving that the taxpayer was indeed the owner of the land it claimed to have purchased. Among other things, the AAT concluded the taxpayer did not have the funds required to purchase the land. It further noted the taxpayer "has never become the registered proprietor of that land". It said that until such time as the land was in fact conveyed to the taxpayer, "it could not possibly have commenced an enterprise involving the subdivision of that land".
The AAT said that the carrying on of an enterprise may encompass a wide range of activities or even a single activity at any point in time between the commencement and termination of the enterprise. The tribunal then examined the company's purported land development project in some detail.
The AAT said while the company may have had the intention to carry out a business of land development and subdivision, the steps it took in obtaining a planning permit and a market valuation could not "properly be described as being steps taken in the course of commencement of an enterprise".
In the AAT's view, until such time as the company acquired the right to deal with the land in such a way that subdivision and sale could occur, it was "artificial to suggest it was conducting the enterprise involving the subdivision and sale of land". The steps taken were clearly precursors or preparatory to the possible commencement of business, whether that be subdivision of the land or a quick sale to a syndicate of buyers, the AAT said.
The tribunal was critical of the <a href="https://www.smartcompany.com.au/finance/tax/29844-tax-experts-warn-documentation-critical-after-property-investor-loses-attempt-to-split-tax-burden" target="_blank">level of documentation provided by the company</a>. It said the documents provided were unsatisfactory. Some were incomplete, some were simply absent and some appeared to be inconsistent with statements made to the ATO in the course of discussions following assessment. The purchase price of the land in question was just over $2 million. However, the AAT said there was not in evidence an executed contract, nor was there any objective evidence that the parties had agreed to enter into this contract.
Accordingly, it held the company was not carrying on an enterprise in accordance with the GST Act at the relevant times, and therefore, it was not entitled to the ITCs for the claimed expenditure in any of the months in question.
The AAT also affirmed the company was not entitled to ABN and GST registration, again, because it was not carrying on an enterprise at the relevant times. It also affirmed the penalty decision and refused remission of the penalty in the circumstances as it found the company was reckless in lodging the ITC claims.
Terry Hayes is the editor-in-chief of tax news reporting at <a href="https://www.thomsonreuters.com.au/">Thomson Reuters</a>, a leading Australian provider of tax, accounting and legal information solutions.
This article first appeared on <a href="https://www.smartcompany.com.au/" target="_blank">SmartCompany</a>.
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Intention to carry on a business not enough for GST claim: Terry Hayes

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The Garibaldi Inn commercial retail premises at 37 Alexandra Street, Hunters Hill have been listed for sale.
The landmark property comprises the original sandstone building and two substantial separate retail and commercial buildings. 
The centre has 14 retail and commercial tenants with a total lettable area of approximately 770 square metres and underground parking for 14 cars.
Its net income is $555,885.
It sits within what became known in the 1850s as The French Village, at Hunters Hill, Sydney's smallest and oldest municipality.  
The two-storey sandstone building, Garibaldi on the corner of Ferry and Alexandra streets in Hunters Hill was the early home base for some of the stonemasons who worked for the wealthy settlers, Didier and Jules Joubert and Count de Milhau for building the many enduring beautiful homes. 
The cosy emporium takes its revolutionary name from Giuseppe Garibaldi via the Genoese stonemason, John Cuneo who built the first inn and grocery store.
It was renovated in 1983.
Then for many years in the late 1980s Garibaldi was the home and office to advertising man John Singleton.
It has been listed for 10 March auction <a href="https://www.realcommercial.com.au/property-retail-nsw-hunters+hill-501453179" target="_blank">through LJ Hooker Mosman agent Scott Stephens</a>.
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Sandstone Garibaldi, Hunters Hill commercial offering

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Currently no fees apply to foreign investment applications in Australia.
But there will be soon following the House of Representatives Economics Committee report recommending the government apply a modest administrative fee to the current screening for all foreign purchases of residential real estate, including purchases by temporary residents, to fund compliance and enforcement activities.
It will apply to residential, commercial, developer, business and rural applications.
Business, commercial real estate and agribusiness investments would be subject to <a href="https://www.treasury.gov.au/~/media/Treasury/Consultations%20and%20Reviews/Consultations/2015/Strengthening%20Australias%20foreign%20investment%20framework/Key%20Documents/PDF/Strengthening%20Australias%20foreign%20investment%20framework.ashx" target="_blank">application fees between $10,000 up to $100,000</a> depending on the size and sector.
<img src="/images/2015/02/25/firb-feb-25-one.jpg" alt="">
Source: Treasury department
The government is seeking reaction to the proposals and will make a final decision after 20 March.
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Fees for foreign acquisitions of Australian commercial property set to be introduced

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Consolidated Pastoral Company (CPC), Australia’s largest privately owned beef producer, has completed the acquisition of Bunda Station in the Victoria River District, Northern Territory.
Founded as part of the famed Inverway Station in 1894, Bunda has been owned by the Underwood family since 1956.
The 178,800 hectare breeding and growing station currently runs in excess of 13,000 Brahman and Charbray infused cattle, including a 2,000 head purebred Brahman stud.
"Bunda Station has considerable development potential to run additional cattle that CPC will develop," said Troy Setter, chief executive of CPC.
“Our 28 year ownership of neighbouring station Kirkimbie gives us great confidence in the opportunity to apply our operational expertise at Bunda to further improve productivity and extract synergies and optimise performance from the merger of the two stations.
“This acquisition strengthens our portfolio in the north of Australia, the gateway to the rapidly expanding Asian markets. CPC and our owner Terra Firma see considerable opportunities across the beef value chain. We will continue to look at value-adding acquisitions which will allow us to expand grazing capacity as we continue to transform CPC from a farm-gate producer to a vertically integrated, customer-focussed business.” 
<a href="https://www.pastoral.com/en" target="_blank">CPC</a> runs approximately 360,000 cattle over 19 properties, covering more than 5.6 million hectares which represents around 0.75% of Australia’s land mass.
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Consolidated Pastoral finalises Bunda Station purchase

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Investors who are looking for the highest returns will continue to look for development opportunities, and Savills particularly favour outer London and the key regional cities as development opportunities in 2015. Speculative development activity will remain sparse, due to investor and lender caution, but those who are brave enough to undertake it will do well, it said.
Overall Savills expect that 2015 will be another strong year for UK real estate, but investors are going to have to work harder to identify markets and sectors that will deliver high returns.
"The commercial markets in 2015 will still offer opportunities for both risk-averse and risk-embracing investors, though the stronger than expected bounce in capital values in 2014 will diminish," the report said.
In London offices, the low level of availability will continue to deliver strong rental growth.
"We expect to see continuing strong demand from risk-averse international investors," said the report.
"Strong capital value growth was undoubtedly the key theme of 2014, with growth across all sectors stronger than we were forecasting at the beginning of the year.
"We expect to see continuing capital value growth across all prime sectors in 2015, albeit at a slower rate.
"The general election in spring 2015 will definitely have some effect on sentiment, though in the agricultural and commercial sectors we expect the effects to be relatively muted."
In the residential markets the threat of mansion tax, combined with the Mortgage Market Review could lead to a more sustained hiatus in capital value growth in 2015.
Generally Savills expect that the macro- economic story for the UK will remain benign, with base rates remaining unchanged until early 2016, and the combination of low oil prices and recovering incomes giving a boost to the UK consumer.
Savills expect that UK real estate will continue to deliver high returns in comparison to other asset classes.
"This will mean that domestic and international demand for prime and good secondary assets will be strong, though we expect to see more focus on supply and demand fundamentals in 2015, rather than just the potential for yield shift."
Savills top picks across all sectors are for markets with structural or impending undersupply.
Click to open in new window:
<a href="/images/2015/02/18/save%20feb%2018%20one.jpg" target="_blank"><img src="/images/2015/02/18/save%20feb%2018%20one.jpg" alt=""></a>
Source: Savills
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Savills suggest UK commercial investment strategies for 2015

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Prices for residential property in Australia’s major capitals will continue to rise but at a slower pace than in previous years and there will be variation across different parts of the cities, the head of Mirvac has forecast.
Demand for housing is outstripping supply in many locations, while low interest rates are continuing to support residential markets and housing finance is up in all major states, Mirvac chief executive Susan Lloyd-Hurwitz said at the company’s half-year results briefing.
“We expect housing credit to continue to grow,” Lloyd-Hurwitz said.
The value of dwelling finance commitments excluding alterations and additions rose 4.7% from November 2014 to December in seasonally adjusted terms, the latest Australian Bureau of Statistics (ABS) data shows.
Building approvals increased by 8.8% in seasonally adjusted terms in the December quarter of 2014 compared with the same quarter of 2013, according to ABS figures.
“Sydney in particular is supported by entrenched undersupply,” Lloyd-Hurwitz said. “Over the next 20 years an additional 1.6 million people will live in Sydney and to accommodate that population growth the market needs to supply over 33,000 new dwellings per annum and that’s a level [of construction] that has never before been sustained.”
All major states had experienced strong population growth, although this has slowed in Queensland and Western Australia.
Demand for housing coupled with limited supply is expected to drive property prices higher.
Mirvac expects modern, higher density dwellings with access to infrastructure and amenities to be most in demand, particularly in the south eastern states. The company secured nine new residential projects in the first half of the 2015 financial year with most of the lots in NSW.
Overall, the company’s residential portfolio is dominated by properties in Sydney and Melbourne, with more than half apartments.
“While overall vacancy rates are low across all capital cities there are pockets of oversupply which requires us to be very disciplined about which submarkets we pursue,” Lloyd-Hurwitz added.
Mirvac has walked away from residential development opportunities when the risks were too high or the rewards too low, she said.
The company reported a $279 million profit attributable to security holders for the first half of the 2015 financial year, up 13.4% compared with the previous first half. Operating profit after tax increased to $231.2 million, up 15.5% compared with the half to December 2013.
It has forecast full year earnings per security will be between 12.2 and 12.3 cents, and distributions will be 9.2 to 9.4 cents per security.
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Mirvac expects slowing in price growth

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Australia’s largest pension fund AustralianSuper has reportedly agreed to buy a 20% stake in King’s Cross Central for £200 million (A$396m) London.
AustralianSuper beat off competition from overseas sovereign wealth funds from the Middle East and investment groups in the Far East, Property Week revealed.
AustralianSuper has more than two million members and over $75 billion under management.
It is the second UK deal in two years following its purchase of a 50% stake in the Milton Keynes regional shopping centre for £270 million in 2013.
At 67 acres, King’s Cross Central is a large mixed-use development being developed since 2001.
On completion it will include Google’s new European head office. Argent, DHL and London and Continental Railways appointed Rothschild and GM Real Estate to sell the stake in late 2014, and it is believed the deal was agreed in the past few days.
Last year AustralianSuper signalled its intention to aggressively build a $10 billion property portfolio by 2016.
AustralianSuper head of property Jack McGougan currently manages just over $6 billion of real estate ­investments.
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