<section data-scroll-anchor="false" data-testid="conversation-turn-5" data-turn="user" data-turn-id="e65dbe94-e3b6-47f7-b62a-9cbb30c9bf79" data-turn-id-container="e65dbe94-e3b6-47f7-b62a-9cbb30c9bf79" dir="auto">Time &amp; Place’s plans to transform the former David Jones factory building in Surry Hills into a mixed-use residential precinct have gone on exhibition through the NSW Government’s In-fill Affordable Housing pathway.</section>

<section data-scroll-anchor="false" data-testid="conversation-turn-6" data-turn="assistant" data-turn-id="request-WEB:f4d533b7-64a5-413d-86fd-5c99649c2b73-2" data-turn-id-container="request-WEB:f4d533b7-64a5-413d-86fd-5c99649c2b73-2" dir="auto">
The Marlborough House proposal, lodged for the <a href="https://www.apartments.com.au/new-apartments/marlborough-house-47-97-marlborough-street-surry-hills-nsw-2010">47-97 Marlborough Street</a> site, would see the adaptive reuse of the heritage-listed warehouse building alongside the construction of new residential additions and a separate apartment building on the northern portion of the site.

The proposal seeks approval for 172 apartments across three buildings, including 15 per cent affordable housing managed by a community housing provider for at least 15 years from occupation.

<img alt="Marlborough" data-entity-type="file" data-entity-uuid="5d1d3c2a-bf13-47d6-a335-7c01102cdee1" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-05-28%20at%209.29.36%E2%80%AFAM.png?VersionId=cjMYrbR.BLUlWH4dar0RVDDo0bG.u2YT" />

Interior view from the Northern Building Penthouse overlooking the park

&nbsp;

The redevelopment is planned for the prominent 3,413 sqm site bounded by Marlborough Street, Goodlet Street and Lansdowne Street, directly opposite Eddie Ward Park and around 200 metres from the Surry Hills light rail stop.

Time &amp; Place acquired the former David Jones building in 2024, marking the first time the property had changed hands in around 50 years.

Designed by Wardle, the proposal centres around the adaptive reuse of the former David Jones factory, originally constructed between 1913 and 1935 in the Inter-War Chicagoesque architectural style.

Wardle noted in its Architectural Design Report that the building “occupies a significant place in the industrial and cultural history of Surry Hills” and at its peak was “the largest department store manufacturing facility in Australia, employing over 800 people and fuelling the growth of Sydney’s fashion and retail industries.”

The practice said the project positions itself “not as an isolated intervention, but as a contributor to the civic, social, and architectural grain of the precinct.”

The proposal would deliver 75 apartments within the retained southern heritage building, 59 apartments within the central addition, and a further 38 apartments within the new northern building fronting Lansdowne Street.

Planning documents show the scheme would comprise a mix of heritage apartments, new-build apartments, townhouses and penthouses.

<img alt="Marlborough" data-entity-type="file" data-entity-uuid="57758518-40a3-4b83-958c-d06e96a2cffa" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-05-28%20at%209.29.42%E2%80%AFAM.png?VersionId=VerlX9ST5xgBi8.1_YRsqdWTJeT6ygjs" />Interior View of the Heritage Building Apartment

The development would also include a ground-floor retail tenancy on the corner of Marlborough and Lansdowne streets, rooftop communal open space, a landscaped pedestrian link along the western edge of the site, and basement parking accessed from Lansdowne Street via a car stacker system.

&nbsp;

The scheme emerged from a competitive design process run by Urbis, with Wardle ultimately selected as the winning architect ahead of FJC Studio, TZG, Architectus and Wilkinson Eyre.

The Design Integrity Panel later described several aspects of the Wardle scheme as fundamental to the project, including “the stepped character of the new addition to the north of the site”, the landscaped western pedestrian link, and the “garden arrival” experience separating the original Marlborough House from the heritage addition.

Wardle’s design heavily references the site’s industrial and heritage history, while also responding to the surrounding Surry Hills streetscape.

The Architectural Design Report describes Surry Hills as “a finely grained neighbourhood with beautiful and expressive brickworks throughout the suburb,” with the proposal introducing a material palette intended to sit comfortably alongside the existing warehouse fabric and neighbouring terraces.

The report also outlines the project’s relationship with Eddie Ward Park and the broader landscape context of the area.

“Marlborough House occupies a site of deep cultural memory and the neighbouring Eddie Ward Park is of local ecological significance, where natural systems, topography, and stories have long shaped human experience,” Wardle noted in the report.

The architects said the proposal sought to “rebind built form to Country” through landscape, materiality and the adaptive reuse of the heritage structure.

<img alt="Marlborough House" data-entity-type="file" data-entity-uuid="9ae3f2f9-c85f-477a-a6f8-b43f6cb97c41" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-05-28%20at%209.29.53%E2%80%AFAM.png?VersionId=B.qUCLqRvJOR.n9CvYcTpaknIX9LuqKZ" />

The project is also being progressed under the NSW Government’s in-fill affordable housing provisions, allowing developments that include affordable housing to access additional height and floor space incentives.

Under the plans, 2,593 sqm of the project’s floor space would be dedicated to affordable housing, slightly exceeding the required 15 per cent threshold.

In its Design Excellence Strategy, Urbis said the project aimed to “sensitively adapt and enhance the heritage-listed building on site through alterations and additions that preserve its historical significance” while delivering “high-quality market and infill affordable housing development in Surry Hills.”

Time &amp; Place has been one of the most active developers nationally in the last 12 to 24 months. Late last year they completed&nbsp;The Queensbridge in&nbsp;<a href="https://www.apartments.com.au/developments/southbank-vic-3006">Southbank</a>, a mixed-use tower with 353 apartments and a hotel. They are currently selling Park Modern, 246 apartments near the famous Botanic Gardens in&nbsp;<a href="https://www.apartments.com.au/developments/south-melbourne-vic-3205">South Melbourne</a>, and have future projects, <a href="https://www.apartments.com.au/new-apartments/the-wilmot-173-burke-road-28-hope-street-glen-iris-vic-3146">The Wilmot</a>&nbsp;in&nbsp;<a href="https://www.apartments.com.au/new-apartments/glen-iris-vic-3146">Glen Iris</a>, the redevelopment of the Northcote Plaza, and another tower in South Melbourne.

The developer broke into Sydney just a few years ago with Two Tides in Manly. They have another project nearby, which is at the ultra-luxury end of the market on&nbsp;<a href="https://www.apartments.com.au/buildings/shoreline-manly-beach-89-90-north-steyne-manly">North Steyne</a>, fronting the beach.

It is also continuing to work through the <a href="https://www.apartments.com.au/news/nsw/first-look-time-place-settles-on-design-for-the-chimes-potts-point-redevelopment">redevelopment of The Chimes building</a> on Macleay Street in&nbsp;<a href="https://www.apartments.com.au/developments/potts-point-nsw-2011">Potts Point</a>, as well as a project on <a href="https://www.apartments.com.au/news/nsw/time-place-to-take-on-mosman-apartment-market">Mosman's Redan Street</a>.
</section>

Joel Robinson

First look: Time & Place unveils Marlborough House redevelopment designs for former David Jones warehouse in Surry Hills

The residential transformation of St Kilda Road is set to continue into with more new apartment plans for the sought-after boulevard.

Wing Tai Asia has lodged plans for a major residential tower at 464-466 St Kilda Road, replacing the former VACC House with an 18-storey mixed-use development designed around a retained heritage podium and a sculpted contemporary tower.

The proposal, prepared under Victoria’s Significant Residential Development with Affordable Housing pathway, would deliver 325 apartments and ground-floor retail across the prominent 4,653 sqm boulevard site in Melbourne’s St Kilda Road North Precinct.

The project centres on the adaptive reuse of the site’s heritage-listed VACC Building, an eight-storey office designed by Bernard Evans that has occupied the address for decades. Planning documents state the development would involve “carefully dismantling and conserving off-site the original metal fabric of the podium visible from St Kilda Road,” before reinstating it as the defining frontage of the new scheme.

Above the restored podium, Wing Tai is proposing a curvilinear residential tower. The scheme includes 172 one-bedroom apartments, 63 two-bedroom apartments, 66 three-bedroom apartments, and 24 four-bedroom apartments, alongside two ground-floor food and beverage tenancies fronting St Kilda Road.

The tower has been designed with substantial articulation and variable setbacks to minimise perceived bulk and maintain view corridors along the boulevard. Urbis, which prepared the planning report, said the design “has been significantly articulated through a curvilinear design” with “an interplay with materials, façade expression and depth” to create visual separation and visual interest.

The proposal also includes 254 basement car spaces, landscaped pedestrian links connecting St Kilda Road and Queens Lane, and a biophilic landscape strategy featuring canopy trees, raised planters, cascading greenery and a glass oculus pool overlooking the eastern frontage.

Planning documents confirm the $270.1 million development will contribute 3 per cent of project costs to the Social Housing Growth Fund as part of the application process.

Wing Tai acquired the St Kilda Road property in 2018 alongside Abacus Property Group for $95.38 million, before later consolidating ownership of the site. The property previously served as the Victorian Automobile Chamber of Commerce headquarters for around 60 years.

The transformation of the St Kilda Rd boulevard is already beginning to materialise, with a number of high-profile projects recently completed, launched, or approaching launch as developers continue to back the long-term appeal of the precinct.

Among the most notable recent completions is Louise by Samuel Property Group, just off the strip on Queens Lane, the same pocket Hirsch &amp; Faigen recently launched The Queensbury. Mirvac is too on the same street with The Albertine, which is approaching completion.

Dexus recently secured approval for its slice of St Kilda Road, while Gurner also has approved plans for the precinct.

Wing Tai unveils 325-apartment St Kilda Road tower on former VACC House site

Malaysian developer <a href="https://www.apartments.com.au/developers/s-p-setia">SP Setia</a> is the latest to jump into St Leonards booming Transport Oriented Development precinct.

The developer, which has previously delivered Sapphire by the Gardens apartment development in Melbourne, identified the Atchison Street site in 2023. It filed a Scoping Report around 12 months ago, and now has revealed the designs for the new&nbsp;40-storey mixed-use tower.

The State Significant Development Application covers <a href="https://next-portal.urban.com.au/projects/14650/summary">20-22 Atchison Street</a>, a 1,374 sqm site positioned between St Leonards Station and the new Crows Nest Metro station.

Designed by <a href="https://www.apartments.com.au/architects/cox-architecture">COX Architecture</a>, the project would deliver 181 apartments, above a four-storey commercial podium, five basement levels, and new public domain works along Mitchell Street. The apartment mix comprises 35 one-bedroom apartments, 39 one-bedroom-plus-study apartments, 85 two-bedroom apartments, and 22 three-bedroom residences.

The proposal has been lodged as a shop-top housing development under the NSW Government’s TOD planning pathway, which allows increased density around key transport infrastructure. The site sits within the recently rezoned Crows Nest Accelerated TOD Precinct.

<img alt="First look: SP Setia targets St Leonards skyline with 40-storey TOD tower" data-entity-type="file" data-entity-uuid="b799673d-48e2-46b0-801a-0e33a9330100" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/atchinson%20site.png?VersionId=dPh0UfwfaHpbFL1R7H1cbZNbIW0CHbCC" />

SP Setia acquired the Atchison Street site as part of its continued expansion into the Australian apartment market. In comments made to City &amp; Country (The Edge Malaysia) in 2023, SP Setia President and CEO Datuk Choong Kai Wai described the acquisition as “a strategic move” aligned with the group’s post-pandemic market recovery strategy.

“Our target for this exceptional development is local and overseas buyers, including first-home buyers, downsizers and investors,” Choong said.

The tower has been designed as a slender vertical form rising from a mixed-use podium, with COX Architecture positioning the development as a response to the evolving St Leonards and Crows Nest skyline.

“The purpose of the project is to facilitate the delivery of high-quality housing at a strategically located site and deliver a built tower outcome that is consistent with the desired future character of St Leonards and aligns with the TOD controls,” the design report stated.

<img alt="First look: SP Setia targets St Leonards skyline with 40-storey TOD tower" data-entity-type="file" data-entity-uuid="b1a85eee-76f7-436c-a6da-73ba827b9b13" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/atchinson%20entry.png?VersionId=dA9jHGPMcm.dDbwk4QfxqWiY5bfh3UVt" />

The podium would incorporate retail uses fronting Atchison Street, commercial tenancies, landscaped communal areas, and pedestrian improvements along Mitchell Street. Vehicle access and loading would be consolidated via Atchison Lane.

Residents would have access to more than 665 sqm of communal indoor and outdoor spaces, while the development proposes 96 parking spaces across five basement levels.

The proposal also includes a commitment for 10 per cent of residential floor space to be allocated toward affordable housing through a monetary contribution.

COX said the tower form responds directly to the emerging high-density character of the precinct while seeking to maximise solar access, cross ventilation, and outlook from apartments.

<img alt="First look: SP Setia targets St Leonards skyline with 40-storey TOD tower" data-entity-type="file" data-entity-uuid="2163f85c-f63b-4be3-aafa-f8763976cec5" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Article%20Feature%20Image%20%28Grid%29_5.png?VersionId=WiAmtIKJ6.ZQ41EtYEQ1fol7AeorKBlL" />

“The building is orientated towards north,” the Apartment Design Guide compliance report noted, adding that the tower’s slim form was driven by the constrained inner-urban site dimensions.

The design also incorporates landscaped setbacks and communal open space at podium level, intended to soften the interface with surrounding streets and improve pedestrian amenity.

The project adds to a growing wave of redevelopment proposals reshaping St Leonards and Crows Nest following the opening of the Sydney Metro City line and the NSW Government’s push for higher-density housing around major transport nodes.

Last week Stockland filed plans just down the road. They want to build a <a href="https://www.apartments.com.au/new-apartments/601-pacific-highway-st-leonards-nsw-2065">52-storey tower on Pacific Highway</a>.

Read more:&nbsp;<a href="https://www.apartments.com.au/news/nsw/first-look-stockland-plans-52-storey-538-apartment-st-leonards-tower">First look: Stockland plans 52-storey, 538-apartment St Leonards tower&nbsp;</a>

First look: SP Setia targets St Leonards skyline with 40-storey TOD tower

<a href="https://www.apartments.com.au/developers/urban-property-group">Urban Property Group</a> has revealed plans for a new mixed-use tower at 10 Dangar Street, Wickham, advancing a proposal that would reshape the southern gateway to Newcastle’s city centre with one of the city’s tallest residential buildings.

The State Significant Development proposal, now on exhibition, seeks approval for a <a href="https://www.apartments.com.au/new-apartments/bowline-10-dangar-street-wickham-nsw-2293">43-storey tower</a> immediately adjacent to the Newcastle Interchange. The project would deliver around 200 apartments, including 42 affordable housing dwellings, alongside 99 co-living units, a 171-room hotel, retail space, and new public domain integrated through the site.

The scheme marks a significant escalation of plans previously approved for the site. Urban Property Group took over the prominent 2,904 sqm parcel, where excavation and demolition had already commenced under an earlier consent for a 14-storey mixed-use development.

<img alt="First look: Urban Property Group unveils Newcastle’s next supertower at Wickham interchange" data-entity-type="file" data-entity-uuid="58a96dd9-407f-4d20-86b4-94e4bfeef74b" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/wickham%20podium.png?VersionId=LGlf08pdFGAZDzvx_CXC4XakHNZRuEE0" />

Designed by <a href="https://www.apartments.com.au/architects/sjb-architects">SJB</a>, the tower has been conceived as a landmark transit-oriented development anchored to the Newcastle Interchange precinct. The proposal includes 245 build-to-sell apartments across a mix of one, two, and three-bedroom residences, as well as two penthouses. Fifteen apartments and one operational unit are earmarked for NDIS housing. The co-living component would add a further 99 units, while the podium would accommodate retail uses and hotel facilities.

SJB said the site presents “a valuable opportunity to anchor the precinct by setting the standard for design, active ground planes and character at the key southern gateway.”

The architecture responds directly to the site’s position beside major transport infrastructure and within one of Newcastle’s fastest-evolving urban renewal precincts. The tower form sits above a sculpted podium designed to frame new public spaces, including a through-site pedestrian link connecting Station Street to Hannell Street, landscaped plazas, and activated retail edges.

<img alt="First look: Urban Property Group unveils Newcastle’s next supertower at Wickham interchange" data-entity-type="file" data-entity-uuid="a7bd6ff0-f7db-4ce8-a6dc-ea56e72c6149" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/wickham%20lanne.png?VersionId=xzf39VADyhj7zBQY2I9fx9vI62u2tuSb" />

The design report describes the project as part of the broader transition of Wickham into “a vibrant, high-quality mixed-use urban precinct” that leverages proximity to the station, open space, and regional connectivity.

A detailed public art strategy has also been prepared for the development. The strategy positions the project as “a transit-oriented development of state significance at the gateway to Newcastle’s city centre” and outlines a series of integrated artworks responding to Newcastle’s industrial and transport heritage.

Creative Road’s curatorial framework for the project, titled Unveil, draws on “stratified surfaces, carved volumes, and light-filled apertures” while referencing Newcastle’s transformation from an industrial city into a contemporary education and technology hub.

<img alt="First look: Urban Property Group unveils Newcastle’s next supertower at Wickham interchange" data-entity-type="file" data-entity-uuid="77a882bb-14b1-4d28-99ff-9438e39508c0" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/wickham%20site.png?VersionId=cevgo_vN0eKPK78P8YcEu3mKPLkpFqE7" />

The proposal is being advanced through the NSW Housing Delivery Authority pathway after being declared State Significant Development in June 2025. The accompanying scoping report states the development aims to “maximise the site’s proximity to the Newcastle Interchange by delivering transit-oriented development” while increasing housing supply and affordable housing provision within the Newcastle LGA.

Urban Property Group’s plans align with the long-term strategic vision established under the Wickham Master Plan, which identified the interchange precinct as suitable for substantial uplift in height and density. The current proposal would significantly intensify that vision, positioning the tower among the tallest developments proposed for Newcastle.

The site sits immediately north of the Newcastle Interchange, bounded by Dangar Street, Hannell Street, and Charles Street. It is surrounded by a rapidly growing cluster of residential towers and mixed-use projects that have emerged following the completion of the light rail and transport interchange.

First look: Urban Property Group unveils Newcastle’s latest tower at Wickham interchange

Bottega House has completed settlement of a landmark riverfront site in Macquarie Street, St Lucia, representing its first major Brisbane development.&nbsp;

Positioned on the banks of the Brisbane River, the <a href="https://www.apartments.com.au/new-apartments/180-macquarie-street-st-lucia-qld-4067">premium site at 180 Macquarie Street</a> features uninterrupted river frontage in one of Brisbane’s most tightly held residential precincts.&nbsp;

The proposed development, currently under assessment with Brisbane City Council, has been designed by <a href="https://www.apartments.com.au/architects/plus-studio">Plus Studio</a> with interiors by <a href="https://www.apartments.com.au/interior-designers/mim-design">Mim Design</a> and will deliver a boutique collection of premium residences positioned specifically for owner occupiers and downsizers.&nbsp;

The residences are set to redefine luxury apartment living in the area, with a focus on architectural quality, refined finishes, landscape integration and elevated amenities including curated wellness facilities, resort-style pools and recreation spaces rarely seen in the local market.&nbsp;

Exclusive sales for the project will be led by Keenan &amp; Byrne, ahead of an anticipated launch later this year.&nbsp;

Bottega House Managing Director Nick Malloch said the project reflects the group’s ambition to deliver a highly curated residential offering within one of Brisbane’s most tightly held precincts.&nbsp;

“This is an incredibly rare riverfront opportunity and one we have approached with a long-term perspective,” Malloch said.&nbsp;

“Our vision from the outset was to create a boutique collection of residences that feel more like private homes than traditional apartments, with generous proportions, refined finishes and exceptional amenity throughout."

Malloch says there is a&nbsp;lack of premium owner-occupier stock of this quality in the market, particularly for downsizers wanting space, privacy and a true lifestyle offering without compromise.&nbsp;

"Demand is expected to be strong given the scarcity of premium riverfront opportunities of this nature within Brisbane’s inner-west."&nbsp;

Bottega House secures landmark riverfront site in St Lucia 

Investment

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Melbourne-based OpenCorp, a startup founded by Allister Lewison, his brother Matthew and Cam McLellan, has become the sixth fastest-growing company on the 2015 BRW Fast 100 list. 
The company boasts an annual growth of more than 175% from 2012 to 2015. 
It all started in the late 90s when Allister Lewison and McLellan purchased their first investment properties on the same Melbourne street. 
“I think everybody at some point has a ‘light bulb’ moment where they realise that they aren’t headed in the direction they had hoped for their lives,” Allister Lewison says. 
Based on their early success investing, the duo began educating their friends and family about the industry and encouraging them to invest under their guidance.  
"We didn’t plan to create a business...We were providing our friends and family with advice on how we started our own portfolios,” Lewison says.  
His brother Matthew spotted an opportunity in the market for an investment company that spoke to the “everyday Australian,” with potential for their work to become an established business. 
At the time, McLellan and Allister Lewison were directing their own telecommunications and IT companies, but eventually made the decision to unite with Matthew to create OpenCorp’s offering.
“When we started out, there really wasn’t a company appealing to lower income or even middle income earners to reap the rewards of property investment,” Allister Lewison says.
“This bracket of the population was completely left of the equation, and it was our job to change this.” 
OpenCorp provides two kinds of services. Clients can build their own property investment portfolios with the aid of OpenCorp, or invest in one of OpenCorp’s property developments starting from $10,000.  
The company also contributes its own money into every opportunity to earn the trust of its clients. It also holds an Australian Financial Services Licence. 
The Lewisons and McLellan are supported by a team of over 45 market specialists across their Melbourne and Brisbane offices, and have been involved in more than $4 billion of property transactions. 
The concern of losing money is arguably the main factor that deters potential buyers (particularly those of low to average incomes) from participating in investment.
“To those people, I say the fear of doing nothing should be a bigger fear,” Allister Lewison says. 
“The fear of turning 65 and retiring on $32,000 a year for a couple should be scarier than doing something today.”
Allister Lewison has also featured on 2015 BRW Young Rich list with an amassed $24 million fortune.
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j.ballantyne1990-6AQqhLzZaK

OpenCorp, opening real estate doors to mum and dad investors

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Real Estate Investar Group (REI Group), a provider of online services to Australian and New Zealand property investors, has made its ASX debut opening this morning at 21 cents, then trading at 19 cents.
The listing follows the raising of $5 million through a fully underwritten initial public offering (IPO) of 25 million shares at $0.20 per share. 
With 12 percent Fairfax Media is the largest shareholder in the company, with one of REI's non-executive director being Antony Catalano, CEO of Domain Group.
The REI Group provides online products and services to property investors to assist in the identification, analysis, acquisition, tracking and accounting of residential investment property.
Customers pay through paid subscription.
REI Group owns and operates the websites <a href="https://www.realestateinvestar.com.au/" target="_blank">www.realestateinvestar.com.au</a> and <a href="https://www.realestateinvestar.co.nz/" target="_blank">www.realestateinvestar.co.nz</a>. 
The company board includes chairman Simon Baker (former CEO and managing director of REA Group and chairman of the Mitula Group).
Baker said he believes the ASX listing will provide the foundation for the next phase of our expansion.
The listing follows the real estate listing services company, the McGrath Estate Agency which <a href="/news/real-estate-services-company-mcgrath-float-hits-asx-bourse-at-1-94-and-rising">floated on the ASX at $1.94 on Monday</a> is currently at $1.85. 
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jrobinson-rf4aSBido9

Simon Baker's Real Estate Investar Group debuts on ASX with Fairfax backing

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Allan Moss, who previously headed investment bank Macquarie Group Limited, has been appointed as a part-time member to the Reserve Bank Board for a five-year period.
Moss is a principal of Allan Moss Pty Ltd and advises investment firms Evans and Partners, and Anchorage Capital Partners.
The Reserve Bank Act 1959, provides for nine board members - the governor, the deputy governor, the secretary to the Treasury and six other members.
Catherine Tanna, who has worked with BHP and Royal Dutch Shell, was also appointed a part-time member to the board for a further five-year period, the release by Treasurer Scott Morrison said. 
The other members are governor Glenn Stevens, deputy chair Philip Lowe, John Fraser (secretary to the treasury), John Akehurst, John Edwards, Kathryn Fagg and Heather Ridout.
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Ex-Macquarie boss Allan Moss appointed to RBA board

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The Australian student housing market is set to gain from the fastest growing foreign student population in the world next year, creating a significant development and investment opportunity for domestic and international organisations, says new research by global real estate advisor Savills.
Enrolments by foreign students in Australia rose 10.1% to 348,000 enrolments in the year to March 2015, while its student housing sector recorded annual growth in the volume of beds of 4.3% between 1999 and 2014.
The number of beds is projected to grow at an annual rate of 4.7% to 2018 but the sector is expected to suffer a supply shortfall with the provision of purpose-built accommodation currently at just 7%.
The market therefore offers major development and investment opportunities, although competing bids from residential projects for sites in major cities such as Melbourne and Brisbane may drive up costs.
Typical prime initial yields stand at 7%, much higher than the UK (5%) and the US (5.75%).
Savills’ World Student Housing report says Australia is the third biggest destination for foreign students globally, and the third-most popular destination for Chinese students after the US and Japan.
Attracted by an enviable, if comparatively expensive, quality of life, globally-recognised institutions and relative proximity to south-east Asia, Australia’s student population is set to increase exponentially in the coming decades, it says.
“With the US market having reached maturity, and the UK having reported record investment volumes of $ 6.5 billion in the first three quarters of 2015, Australia’s growing popularity among students globally offers a potentially new and exciting opportunity," said Marcus Roberts, director of student investment and development.
"We’ve already seen some landmark deals in Sydney, Melbourne and Brisbane, but the market is relatively immature compared to the US and UK, and therefore presents good prospects for entrepreneurial capital and cash-rich organisations which have already cut their teeth in the US or UK."
He had a word of caution for investors, though, because the Australian government’s intention to remove the cap on tuition fees from 2016 could dent the country’s popularity.
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Housing to gain as Australia has fastest rise in foreign student population: Savills

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GUEST OBSERVER
Average income earners largely are the people who do get to take advantage of negative gearing - nurses, policemen and women on an average wage, investing, for instance, in a property. Most of them hold only one property, which adds to the housing stock that’s available for people as well. – Assistant Treasurer and Small Business Minister Kelly O'Dwyer, speaking on ABC TV’s Insiders, October 25, 2015
Negative gearing is a tax break available for people who own at least one other property in addition to their primary place of residence. This tax break applies only if the costs associated with the investment, including interest payments and other expenses, are greater than the rental income. Any loss made on the property can be offset against other income, thus reducing personal tax.
<div class="grid-ten large-grid-nine grid-last content-body content entry-content instapaper_body">
It’s true many nurses and police officers and other middle-income (and even much lower) people have negatively geared properties. But are these occupations and incomes the typical beneficiaries of negative gearing?
<h2>Checking the data</h2>
When asked for a source to support her statement, a spokesperson for O'Dwyer sent the following statistics.
<blockquote>
• Taxation statistics show 66.5% of taxfilers who declare a net rental loss have a taxable income of A$80,000 or less.
• Those who use negative gearing include 22.6% of police officers, 19.2% of ambulance officers and paramedics, and 18.9% of train and tram drivers.
• Of the Australians who use negative gearing, the majority only hold one additional property.
• 73% of people with a rental property interest have only one property and 18% own two.
</blockquote>
A $80,000 per year is not a typical taxable income. Around 84% of non-investors have a taxable income below $80,000. This compares with the 66.5% of people with negative geared property.
It is true that a relatively high proportion of the listed occupations have negatively geared properties. While it may be the popular belief that these are low or middle income occupations, these are actually reasonably highly paid occupations. For example, 73% of train and tram operators earn more than A$80,000 per year.
In our analysis, we looked at the income distribution of people who negatively gear compared to that of people who do not invest in rental properties.
The data set we used is called the 2012–13 individuals sample file. To collect this data, the Australian Taxation Office (ATO) sampled 2% of all individual tax returns filed in 2012-13.
According to this ATO data set, there are 1.26 million (10%) taxpayers who negatively gear. Their average loss was A$8,930 per year. A further 700,000 with a rental investment are positively geared (meaning their rental income was greater than their costs). About 85% of taxpayers don’t have a rental investment.
<a href="/images/2015/11/23/image-20151115-10412-1h6jg2h.PNG" target="_blank">Click to enlarge</a>
<img src="/images/2015/11/23/image-20151115-10412-1h6jg2h.PNG" alt="">
 
The chart shows what statisticians call the “smoothed” probability distribution (which is a smoothed histogram of the income distribution) of taxable income for people with negatively geared properties and people without rental investment properties. Marked also on the chart are the median and top 10% (P90) income points for both people with negatively geared properties and those without property investments.
The median income for negatively geared investors is A$60,000 per year, compared with $40,000 for non-investors.
A similar gap (50%) exists at the top end of the income spectrum. The taxable incomes of the top 10% of earners with negatively geared investments is around $150,000 compared to $98,000 for non-investors.
The chart shows clearly that, typically, people with negatively geared properties have significantly higher incomes than people without property investments.
In an April 2015 analysis commissioned by GetUp! for the Australia Institute, NATSEM found that 34% of the tax benefits of negative gearing accrues to the richest top 10% of families, as this chart from the report shows.
<a href="/images/2015/11/23/image-20151119-19345-1kb57np.png" target="_blank">Click to enlarge</a>
<img src="/images/2015/11/23/image-20151119-19345-1kb57np.png" alt="">
Only around 20% of the tax benefits go to the bottom half of the income distribution.
High-income families invest more money than low-income families. The tax system benefits high-income earners more than low-income earners due to higher marginal tax rates amplifying the effectiveness of deductions.
<h2>The role of capital gains</h2>
Negatively gearing property implies that the investor is making a loss on their investment. As the chart below shows, the tax savings are greatest among those in the higher tax brackets. However, it remains the case that these investors continue to make an overall loss on their investment, even after accounting for tax deductions.
<a href="/images/2015/11/23/image-20151119-19348-1fbe7uh.png" target="_blank">Click to enlarge</a>
<img src="/images/2015/11/23/image-20151119-19348-1fbe7uh.png" alt="">
 
The success of negative gearing as an investment strategy is reliant upon capital gains. In a property upswing, this strategy can be highly successful with lucrative gains on often minimal equity investment. During a property downswing or period of limited price growth, these strategies are very poor investments.
A recent analysis by the Grattan Institute shows that while police and nurses do invest in property, it is the higher-income occupations, such as doctors and mining engineers, who are much more likely to invest.
<h2>Adding to the housing stock?</h2>
Property investment only improves housing affordability when the purchase adds to the stock of newly constructed dwellings in affordable housing.
According to CoreLogic RP Data, in 2014 there were just under 500,000 property transactions and ABS building completions data suggest only around a third of those were newly built dwellings. It therefore stands to reason that most property transactions each year are probably existing stock.
<h2>Verdict</h2>
O'Dwyer’s assertion is not supported by the data. <a href="https://www.ato.gov.au/About-ATO/Research-and-statistics/In-detail/Tax-statistics/Taxation-statistics-2012-13/?page=40" target="_blank">ATO data</a> shows that, typically, negatively geared investors have higher incomes than people without rental investments.
The same data shows that negatively geared investors have typical incomes around 50% higher than non-investors – even after deducting their losses from negative gearing.
The top 10% of the income distribution for negatively geared investors earn around 50% more than non-investors. Incomes for this top 10% are around $150,000 per year, compared with $98,000 for non-investors, according to the ATO.
Ben Phillips is principal research fellow, National Centre for Social and Economic Modelling (NATSEM), University of Canberra. Cukkoo Joseph is research assistant, University of Canberra. Both are authors for The Conversation and can be contacted <a href="https://theconversation.com/profiles/ben-phillips-98866" target="_blank">here</a>.
Review
While I agree with everything in the above FactCheck, I would go further in criticising Kelly O'Dwyer’s statement, particularly the reference to investors adding to the housing stock.
The figure cited above for the ratio of housing purchases for new housing stock includes owner occupiers.
The impact on housing stock is tiny, but the effect on housing affordability of all those investors bidding up the prices of existing housing is likely to be substantial. 
Warwick Smith is research economist, University of Melbourne and author for The Conversation. He can be contacted <a href="https://theconversation.com/profiles/warwick-smith-95344" target="_blank">here</a>. 
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Are average earners in Australia the main beneficiaries of negative gearing?

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Investors have been a significant influence in the Rockhampton region historically, in particular in the entry level market sector, according to valuation firm Herron Todd White's latest report.
The November HTW review suggests investors in this region vary from both mum and dad investors to interstate investors who have often seen value in our affordability and during peak market conditions, were not fazed by purchasing properties sight unseen.
"The investor market in Rockhampton has typically always been entry level price points however in recent years, there has been an influx of investment in new homes specifically targeted to non local investment providing a basic 4-bedroom, 2-bathroom home in the mid $300,000s."
As in most markets, investors in our local market focus on rental return and potential for capital growth, the HTW report says.
"In a town of our size, transport infrastructure and proximity to major facilities is still a consideration, however not as important as it is in the major capital cities.
"Expected yields vary depending on the property type, but broadly speaking, between 5% and 8% can be anticipated.
"Investment in the unit market has a smaller influence in the market overall, yet between 6% and 7% gross yields are still attainable."
The month in review goes on to state that Rockhampton has seen significant development in the short term and holiday accommodation sector in the past five years and supply is now becoming tighter, yet this is a relatively new market sector in which resales are largely untested.
"Multi unit dwellings have always been a sound option for investors due to the lower risk of vacancy, however given the affordability of the Rockhampton region as a whole, rental returns for aged dwellings are also attractive.
"Smaller sub markets in our local area such as Gracemere and the Capricorn Coast are experiencing similar conditions to varying degrees, with Gracemere being the first sub market in the Rockhampton region to reflect a downturn as a direct result of investor withdrawal."
The HTW report suggested that the downturn has been exaggerated by the significant number of non local investors paying highly inflated prices for house and land packages about three or four years ago on the basis of unsustainable rental guarantees which are now expired.
"This market was significantly developed, in particular in Gracemere between 2011 and 2014, off the back of the resources boom in mining towns within easy commuting distance of Rockhampton, including Gladstone.
"Once demand appeared to have reached its peak and the Gladstone market started to show signs of easing, developers of these housing projects quickly withdrew from the local market, particularly in Gracemere, and are no longer active in the area."
Significant declines in values have been experienced in those resales that have occurred, according to the month in review.
"Locally we have been experiencing a downturn in investor activity to date in 2015, however market indicators show this is more as a result of lower confidence and job security rather than the changes to the APRA lending criteria for investors, which appears to be targeting the more heated markets of Melbourne and Sydney.
"Ideally, with the implementation of these new guidelines, interstate investors may start to return to our local market as a 20% deposit on a $200,000 to $300,000 house may be more attainable for investors than a 20% deposit on a $700,000 plus property."
 
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Yields vary from 5% to 8% in Rockhampton: HTW 

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ASIC has commenced proceedings in the Federal Court of Australia for orders to set aside a resolution made by creditors of Midland Hwy Pty Ltd (administrators appointed) to enter into a deed of company arrangement and for Midland Hwy to be wound up.
ASIC has concerns about the proposed deed in light of various matters reported on by the administrators, Messrs Nicholas Martin and Craig Crosbie, of PPB Advisory.
The deed was proposed by Bilkurra Investments Pty Ltd and agreed to by creditors on 21 October 2015.
Under the deed, Bilkurra, who owns the land associated with the Hermitage Bendigo project, was to take over the development. 
Matters reported by the Administrators about which ASIC is concerned include:
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<li>only $1.7 million of the $24 million received from option holders in the Hermitage Bendigo project had been put towards the development;</li>
<li>Midland Hwy does not have funds to pay the $24 million back to option holders and is likely to have been insolvent from March 2012 and potentially as early as 7 September 2011;</li>
<li>up to $22.3 million of payments are likely to be subject to other claims which should be investigated by liquidators to see if they can be recovered, including substantial amounts paid to companies associated with Bilkurra for which there is no proper documentation; and</li>
<li>it is unclear whether Bilkurra has the financial resources to undertake the development.</li>
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ASIC considers that it is in the public interest for Midland Hwy to be wound up so that a proper investigation into the affairs of Midland Hwy can be conducted by independent liquidators. 
The matter was heard on 11 November 2015, with judgment reserved.
Until the hearing and determination of the proceeding has concluded, the Court has ordered that s444B(5) of the Corporations Act, which requires the administrators to execute a DOCA within a certain time, does not operate. 
Midland Hwy was the developer of a land banking scheme known as 'Hermitage Bendigo' (formerly'Acacia Banks'), located just outside of Bendigo, Victoria and was put into administration on 2 July 2015.
At the second creditors' meeting of Midland Hwy held on 21 October 2015, creditors voted in favour of the DOCA despite the Administrators recommending the company be put into liquidation.
ASIC’s proceedings are part of ASIC's wider and ongoing investigation into land banking schemes.
ASIC previously resolved proceedings against Midland Hwy to remove David Anthony Ross and Mr Richard Albarran of Hall Chadwick as the administrators.
ASIC noted in August the Bendigo land banking was promoted by the 21st Century Group.
Land banking is a real estate investment scheme involving the acquisition of large blocks of land by a promoter or developer of the scheme, often in undeveloped rural areas, who then offer portions of the land to investors. 
Land banking companies typically promote the investment with representations of high potential returns if the land is redeveloped, or if plans for rezoning and development are finalised.
Investors either purchase a lot in the land, or acquire an option to purchase a lot of land in an unregistered plan of subdivision.  The option agreement is triggered at a time that the necessary development is approved by the local council.
While ASIC does not regulate direct property investment, ASIC considers that land banking schemes, depending on the particular scheme, may be a managed investment scheme and/or a financial product and that the promoters of these schemes should therefore hold an Australian financial services licence and register these schemes with ASIC. 
 
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ASIC indicates concerns over $24 million invested in Hermitage Bendigo land banking project

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Federal Labor has revealed it will oppose tighter vetting of Asian investment in Australian farms and agribusinesses which set the threshold for referral to the Foreign Investment Review Board at just $15 million in the case of proposed acquisitions of agricultural land.
Senator Penny Wong has challenged Prime Minister Malcolm Turnbull to overturn the foreign investment crackdown advocated during Tony Abbott's tenure.
Labor has proposed amendments to government legislation to ease the scrutiny for Chinese, Korean and Japanese investors in farming land by lifting the government's proposed $15 million threshold to $50 million.
The $50 million level would match Thai and Singaporean investments under the free-trade agreements negotiated during the Howard government.
The current FIRB limit sits at $252 million before FIRB approval is needed.
There is a $1 billion threshold that American, Kiwi and Chilean investors have under their free-trade agreements with Australia.
Senator Wong suggested the bill currently before Parliament would send the message that Australia was not an enthusiastic destination for foreign capital.
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FIRB farm approval threshold being debated by Labor's Penny Wong

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Negative gearing is a contentious subject. Owner-occupiers often resent it, many organisations have called for it to be abolished and it doesn’t always work for all investors.
So what are the pros and cons and what do you need to know as an investor?   Firstly it depends on your investment needs and ambitions. If you’re looking for a short-term investment where the capital growth will accumulate quickly and you can get high rental returns then negative gearing probably won’t work for you.   If you’re an Australian working overseas and looking to invest back home then negative gearing probably won’t make a lot of sense either. This is because if the bulk of your income is being earned offshore and you’re being taxed in the country you’re working in, then you won’t stand to get the tax breaks that the government offers through negative gearing.   Negative gearing itself has been decried as giving an unfair advantage to investors. The Australian Council for Social Services recently suggested that it hurts owner occupiers who aren’t given similar tax breaks. However there are clear benefits to the overall market through negative gearing.   Specifically negative gearing helps the rental market and also keeps the overall property marketing ticking along – driving up prices and keeping it buoyant.   Investors need to keep rentals low so they can effectively negatively gear. This in turn creates equitable and affordable properties for people to rent. Back in 1985 the then Labor government under Bob Hawke abolished negative gearing only to bring it back in 1987.  During that two year period, rents increased drastically across Melbourne, Brisbane and Sydney. 
In Sydney rentals skyrocketed by over 50%. So there’s a clear correlation between negative gearing and affordable housing. Nor does it only help wealthy investors, as some assert. Figures show that 80 percent of those claiming negative gearing earn less than $80 000 per year.   So while there are many benefits to the property market, what do you need to consider if you’re an investor?   The pros • Your taxable income can be significantly reduced by claiming losses on your property. • You can use depreciation of the property to your advantage. So this too can be added to negative gearing claims. • Big losses on the property (such as major strata levies or hefty property maintenance) can potentially be offset once you sell the property. • Most negatively geared properties are bought in high growth, attractive and stable areas. This the best way to achieve long term capital growth. Therefore your property should be safer from sudden market changes. • You have far more scope to develop and existing property or subdivide a block through negative gearing. The cost of building, construction, legals and developing all come back through negative gearing. It means you can potentially add a lot of - value to your long term capital growth.
Cons
• The biggest downside to negative gearing is the high out of pocket expenses you can face. These can be very prohibitive and, if you suddenly have to install a new roof or pay for water damage, exorbitant. Simply you will need to have deep pockets to cover the loss in rentals and all the maintenance of the property. This requires skilful budgeting. • The higher debt you’re potentially accumulating leaves you open to any sudden interest rate rises. Also, if you’re using equity to cover negative gearing this can leave you even deeper in debt and more vulnerable to sudden spikes in the market. • Negative cash flow properties are a longer-term strategy. So you can’t rely on them as a quick cash solution. • Vulnerable to market whims and moods. No capital growth rate is ever assured. Yes, it’s true that most negatively geared properties are in resilient, high growth suburbs. But if the entire property market’s bubble bursts or some unforseen factor drives prices down (natural disaster, industry collapse or over development) then you could be stuck with a property losing money with no capital growth. • It’s harder to build a big property investment portfolio as you have to outlay so much cash. Unless your pockets are very deep, the sheer costs of negatively gearing will prevent you from having as many property investments as you may like. At least in the short term. • It prevents you from being agile – you’re tied down to a property in the long term. If you’re a small-medium investor this limits your overall investment options. Say if some fabulous investment opportunity arises, you may not be able to tap into it because you’re committed to the long term capital growth of your property and may not have free cash available.
So there are very strong arguments both for and against negative gearing. At the end of the day, you’re best to talk to a professional about what choice will work for you. Many investors come asunder through hasty or poorly informed decisions. And with so much fevered interest in the current property market that’s not a mistake anyone wants to make. 
SAM KHALIL is founder and director of <a href="https://www.dpn.com.au/" target="_blank">Direct Property Network</a>.
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The pros and cons of negative gearing: DPN's Sam Khalil

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The Waterhouse clan have bought a sizeable Randwick investment, but it's not trackside.
Robbie and Gai have emerged as the $10.75 mililon buyers of a nearby Belmore Road shop-top building with 12 residential apartments above three retail shops.
The art deco three storey building is a 905 sqm holding at <a href="https://www.domain.com.au/35-43-belmore-road-randwick-nsw-2031-2012088318" target="_blank">35-43 Belmore Road</a>, a premium position on the eastern side directly in front of a pedestrian crossing opposite Silver Street.
It was marketed as having a gross annual rental of $575,000, with tenants including Flight Centre, when sold recently by Michael Laing at Raine and Horne on a 5% gross yield.
There were 24 bedrooms all up.
The legal paperwork lodged by their solictor John Miller came without any registered mortgage.
Of course nearby Royal Randwick, to Gai's late trainer father, Tommy Smith, has always been hallowed turf. 
It was in 1941 when TJ went to the Australian Jockey Club and registered blue and green racing colors for himself, and took out a permit to train at Kensington, opposite Randwick. 
This article was first published in the Sunday Telegraph.
 
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