<a href="https://www.apartments.com.au/developments/broadbeach-qld-4218">Broadbeach</a> offers plenty of reasons to live vertically, but moving from a substantial family home into an apartment can expose the compromises of high-density living. Privacy, room for guests and usable living space tend to matter more when an apartment is intended as a permanent home rather than an occasional coastal base.

A typical residential floor at <a href="https://www.apartments.com.au/new-apartments/the-eveleigh-broadbeach-7-9-surf-parade-broadbeach-qld-4218">The Eveleigh</a>, on Surf Parade,&nbsp;contains just four apartments. The 94-residence development by <a href="https://www.apartments.com.au/developers/hirsch-faigen">Hirsch &amp; Faigen</a> is predominantly made up of expansive three-bedroom homes, with a limited collection of half-floor penthouses above.

Across the apartment floors, <a href="https://www.apartments.com.au/architects/rothelowman">Rothelowman</a> has used the relatively limited number of residences to give each home greater access to natural light and outlook. Living spaces extend towards full-height glazing, while a series of bay windows frame selected views across the Pacific Ocean, city and hinterland rather than treating the building edge as a continuous wall of glass.

&nbsp;

[smartcode_project:default project_id=149670 project_image_fid=360965]

“The apartment floors deliver a collection of homes that embrace controlled outlook via a series of bay windows deliberately framing moments of view,” Rothelowman Director Kim Lowman said.

From outside, those projecting forms contribute to the tower’s faceted profile. Strong horizontal and vertical elements establish its proportions, while the changing position of the sun alters the light, shadow and reflection across the façade throughout the day.

The same attention moves inside the apartments, where the material palette combines warm timber, natural stone, metallic detailing and softer curved forms. Kitchens sit within the main living zone, with stone island benches, integrated joinery and European appliances, before the living areas extend towards the glazing and the outlook.

&nbsp;

[smartcode_project:default project_id=149670 project_image_fid=360981]

Three genuine bedrooms provide room to accommodate family and guests, while two secure car spaces and storage address some of the practical considerations that can become more noticeable when moving from a larger home. Feedback from the display suite has centred on the warmth and restraint of the interiors, with buyers commenting that the residences feel like homes rather than conventional coastal apartments.

A limited collection of half-floor penthouses occupies the upper levels, increasing the scale of the living spaces and adding private balconies and elevated finishes. From this position, the outlook extends between the ocean and hinterland.

Outside the private residences, The Eveleigh separates its shared spaces between the podium and rooftop. The podium is centred on wellness, with subtropical landscaping surrounding a swimming pool and pool terrace, yoga garden, private gymnasium, sauna and hot and cold plunge facilities. Landscaped retreats and pavilions provide additional places to sit away from the main recreation areas.

&nbsp;

[smartcode_project:default project_id=149670 project_image_fid=360966]

Higher in the building, a rooftop pavilion and private dining suite sit alongside resident lounge, barbecue and outdoor dining areas, opening towards panoramic views across the ocean, city and hinterland.

“Buyers are no longer just looking for an apartment, but a lifestyle where they can relax, reset, and enjoy a balanced way of living,” Hirsch &amp; Faigen Director of Sales Matt George said.

Interest to date has come from established owner-occupiers and interstate lifestyle purchasers, including buyers planning a future move to the Gold Coast. Many are coming from larger homes and want to reduce ongoing maintenance without giving up space for family and guests, privacy, two car spaces or the ability to entertain at home.

&nbsp;

[smartcode_project:default project_id=149670 project_image_fid=360969]

Much of that daily life can also take place beyond the building without requiring a drive. Kurrawa Beach and Pratten Park are an easy walk from Surf Parade, while Pacific Fair, Oracle Boulevard, The Oasis, restaurants, cafés, entertainment and public transport are also within walking distance.

The Eveleigh is Hirsch &amp; Faigen's fourth Gold Coast development since entering the market in 2021, following The Hemingway at Palm Beach, The Emerson at Kirra and Yves at Mermaid Beach. Each of the preceding projects sold out before completion.

“Broadbeach had been on our radar throughout our time operating on the Gold Coast,” the developer said. “Following our projects in Palm Beach, Kirra and Mermaid Beach, Broadbeach represented the natural next step for the business.”

The Surf Parade site brought together proximity to the beach, protected coastal outlooks and walkability to dining, shopping and recreation. Hirsch &amp; Faigen also identified the street as an emerging premium residential address, with enough separation from Broadbeach's busier destinations to retain a quieter environment at home.

The Eveleigh is now under construction by Maxcon, with completion forecast for mid-2028. Three-bedroom residences are currently available from $2.87 million.

[smartcode_project_cta:default project_id=149670]

Joel Robinson

The Eveleigh brings house-like apartments to Broadbeach

A long-stalled Campbelltown development site is back in play, with new plans for 139 apartments set to supersede a mixed-use scheme approved almost a decade ago but never built.

The new proposal for 28 Cordeaux Street would deliver 116 market and 23 affordable apartments in a part 14-storey building, bringing a substantial new project into a Campbelltown market where new apartment supply remains limited.

Plans have been filed over the 3,092 sqm corner site at Moore-Oxley Street, around 600 metres from Campbelltown Railway Station and the city-centre retail core.

The site already carries a mixed-use residential approval dating to 2016. Doroch Architects has now been engaged on a larger replacement scheme, which is progressing as a State Significant Development Application following a Housing Delivery Authority determination in August 2025.

The apartment mix comprises 39 one-bedroom, 72 two-bedroom and 28 three-bedroom residences. Two-bedroom apartments make up just over half of the project, while three-bedroom homes account for 20 per cent.

<img alt="First look: New 139-apartment plans revive long-stalled Campbelltown city centre site" data-entity-type="file" data-entity-uuid="136dd5b9-3791-4da6-9e31-76f533f5b4de" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Campbelltown%20da2.png?VersionId=LgOSy9nwf5u.MGswBBwaGGxuX8QpHSl_" />

Of the 139 apartments, 23 will be delivered as affordable housing under the in-fill affordable housing provisions of the Housing SEPP. The affordable component represents 15 per cent of the residential gross floor area and will be managed by a registered Community Housing Provider.

Doroch has sought to break the scale of the building into two distinct elements, with a masonry podium of around four storeys establishing the street edge before the residential tower steps back above.

The corner position has shaped that approach. Cordeaux Street faces toward the commercial and civic centre, while Moore-Oxley Street leads into the lower-scale residential neighbourhood to the south, and the design verification report describes the site as "bridging the commercial core to the north and established residential areas to the south."

The podium will be expressed predominantly in face brick, while the upper levels shift to brushed and grooved concrete cladding with darker metal detailing. Recessed sections, deep balcony edges and landscaping break down the upper form, with an approximately 11.8-metre setback to the northern boundary addressing the adjoining St Peters Anglican School.

<img alt="First look: New 139-apartment plans revive long-stalled Campbelltown city centre site" data-entity-type="file" data-entity-uuid="c8b3d2d3-c561-4bfc-a5d9-a68c0c10dac1" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Campbelltown%20da1.png?VersionId=AeAEyJU02Gk2k5noUj2StziCvdQ7fW4B" />

Campbelltown has been starved of new residential developments in the last decade.

The only other notable development set to come to market this year is ALAND's Queen Square, a mixed-use precinct on over two hectares that will comprise apartments above a vibrant ground-level retail and hospitality dining precinct.

First look: New 139-apartment plans revive long-stalled Campbelltown city centre site

First Look: Sherlock Construction pitches apartments for low-rise Deception Bay

Queensland builder-developer MAYD has revealed the first look at its major North Kirra beachfront development, lodging amended plans that reduce the number of apartments and increase the proportion of larger residences.

The project is planned across a substantial 4,742 sqm amalgamated site spanning seven lots at <a href="https://www.apartments.com.au/new-apartments/2-6-pacific-parade-bilinga-qld-4225">2-6 Pacific Parade</a> and 27-33 Golden Four Drive in Bilin​ga, directly opposite Nor​th Kirra Beach.

<a href="https://www.apartments.com.au/developers/mayd-group">MAYD</a> secured the site for $32.5 million in 2025, in what was one of the Gold Coast's largest property transactions of the year.

The development will be delivered across two stages, with the first stage carrying an estimated gross realisation value of around $360 million.

The latest amendments seek to reduce the overall apartment count and shift the project further toward the owner-occupier market, with larger residences designed for buyers wanting considerably more space than traditionally offered in a beachfront apartment.

The residential mix will include townhomes, oversized two-bedroom apartments, substantial three-bedroom residences and four-bedroom homes.

MAYD has appointed Cera Stribley to lead the architecture and interiors, with the Melbourne-based design practice drawing on the beachfront setting through a series of ocean-facing terraces and heavily landscaped balconies.

Strong horizontal forms and curved balconies will define the exterior, with subtropical landscaping integrated throughout the building to soften the built form and increase the connection between the residences and the beachfront.

The project will also include an extensive collection of resident wellness and lifestyle facilities, continuing the broader shift across the Gold Coast's luxury apartment market toward larger homes supported by resort-style amenity.

<img alt="MAYD" data-entity-type="file" data-entity-uuid="d1bcbb05-e659-4b47-8bd4-1e595315e2ad" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-08-27%20at%202.05.03%E2%80%AFPM.png?VersionId=jj0XEud1X1DuLt7_KyElhjMdZGOXmLHP" />

MAYD Founder Todd Mould said North Kirra was increasingly appealing to buyers attracted to the more established, lower-density character of the southern Gold Coast.

"North Kirra presents one of the most compelling luxury residential opportunities currently emerging in Australia, combining absolute beachfront with the character and authenticity that buyers are increasingly seeking, and the same sense of tight-knit community that defined Burleigh and Currumbin perhaps 10 or 15 years ago," Mould said.

"With Gold Coast Airport on its doorstep, it also offers a level of accessibility that broadens its appeal across almost every market demographic."

The project comes as the southern Gold Coast continues to attract an increasing share of high-end apartment development and buyer activity.

Kirra in particular has emerged as one of the region's more tightly held beachfront markets, with its relatively low-density character, established surf and hospitality scene and proximity to Gold Coast Airport differentiating it from the higher-density markets further north.

Mould said those characteristics had informed the approach MAYD and Cera Stribley had taken to the project.

"We've worked closely with Cera Stribley to create a vision that is deeply connected to its surroundings," he said.

"Inspired by the coastline itself, the architecture has been shaped around space, privacy and resort-style living, creating a collection of homes that reflects the next generation of luxury on the southern Gold Coast."

MOTIV Managing Director Carly Cottam, who has been appointed to market the project, said buyer attention had continued to move south along the Gold Coast.

"Purchasers who may once have defaulted to Broadbeach, Main Beach or Surfers Paradise are increasingly recognising the value of a genuine beachfront location that offers lower density, strong amenity and a more established sense of community," Cottam said.

"Kirra has a powerful combination of growing demand and genuine scarcity. Beachfront supply is inherently constrained, the area remains relatively low density, and buyers are increasingly placing a premium on locations that feel established, uncrowded and authentic rather than heavily developed."

Cottam said the proximity to Gold Coast Airport was also proving increasingly important for interstate and second-home buyers.

"Being minutes from Gold Coast Airport makes it particularly compelling for interstate buyers, frequent travellers and second-home purchasers who can access an authentic coastal lifestyle almost immediately after stepping off a flight."

The acquisition takes MAYD's active development portfolio to more than $500 million, with the North Kirra project representing one of its largest undertakings to date.

MAYD is targeting an early 2027 launch.

First look at MAYD's North Kirra mixed-use precinct

<main data-perf-region="main">
Castle Hill, the longtime hub of the Hills District, has been one of the major beneficiaries of Sydney's Metro expansion, with improved connectivity helping drive continued population growth, development and buyer demand across the Hills District.

But despite that growth, the suburb has seen relatively few major new apartment projects brought to market over the past 18 months.

Hills District developer Reve Group is looking to fill that gap with <a href="https://www.apartments.com.au/new-apartments/nova-r-ve-castle-hill-2-garthowen-crescent-castle-hill-nsw-2154">Nova Rêve</a>, a major new mixed-use precinct on the corner of Garthowen Crescent and Old Castle Hill Road, a short walk from Castle Hill Metro Station and Castle Towers.

[smartcode_project:default project_id=152737 project_image_fid=377679]

The project will comprise three residential towers alongside a hotel, restaurants, cafes and a skybar, more than 1,600 sqm of ground-floor retail and almost an acre of landscaped gardens.

It represents the largest project undertaken by Reve Group, the development arm of the Kassis family, which has been building across the Hills District for more than 30 years through Kassis Homes.

[smartcode_project:default project_id=152737 project_image_fid=377675]

Nova Rêve also represents a significant step up from the family's first apartment development, Grand Rêve, which was delivered nearby on Garthowen Crescent.

Grand Rêve introduced larger, house-like apartment layouts and premium inclusions including Wolf and Sub-Zero appliances to the Castle Hill market.

Nova Rêve takes that approach to a precinct scale, combining the residential component with hospitality, retail and substantial public and resident landscaping.

[smartcode_project:default project_id=152737 project_image_fid=377685]

Reve Group Managing Director Sam Kassis said the project reflected the family's three decades of building in the Hills, which has evolved from trophy homes on quarter-acre blocks to larger-scale apartment development.

"Grand Rêve was our first apartment project here and it showed us what this pocket of Castle Hill could be. Nova Rêve is the refinement of that idea: not just apartments, but a place the whole suburb can use," Kassis said.

A key part of that approach is the hotel, which has been designed to operate as an amenity for the wider Castle Hill community rather than solely hotel guests.

It will include restaurants, cafes, skybars and all-day dining, alongside conference and event facilities catering to business functions, community groups and private events.

At ground level, more than 1,600 sqm of shops and cafes will open onto the surrounding streets and landscaped areas.

Almost an acre of gardens designed by Land and Form Studios will run through the precinct, incorporating pathways, seating, barbecue areas and children's play spaces.

[smartcode_project:default project_id=152737 project_image_fid=377680]

Reve Group's Romio Georges said creating an active ground plane had been central to the planning of Nova Rêve.

"There are gardens with pathways, barbecues, seating and play areas, shops and cafes opening onto the street, and a hotel with restaurants and a skybar that anyone in Castle Hill can walk into," Georges said.

The project's elevated position on one of Sydney's highest ridgelines will also provide apartments with outlooks toward the Sydney skyline, surrounding parkland and the Blue Mountains.

More than 80 per cent of the apartments will occupy corner positions, with Turner responsible for both the architecture and interiors.

&nbsp;

[smartcode_project_cta:default project_id=152737]

<h3 data-end="3697" data-section-id="q3n5ak" data-start="3672">&nbsp;</h3>
</main>

Nova Rêve arrives as Reve Group bets on Castle Hill's next growth phase

Policy

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Victorian politicians' $136 million of property: What hope is there of housing policy reform?

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GUEST OBSERVATION
Under changes proposed by the government, financial planners will be required to register with the Australian Securities and Investment Commission from next March. They will need to provide details of their educational qualifications, experience and any complaints lodged by clients.
The government has made determined efforts to wind back red tape through the amendments to the Future of Financial Advice reforms. However, a register will just create further compliance requirements without being of much benefit for clients. Until reforms are made to better align interests between adviser and clients, we will not see any real change within the industry.
A register is unlikely to weed out rogue advisers
A register is unlikely to overcome the problem of identifying “rogue advisers”. This issue has continued to plague the industry because of the failure by ASIC and financial services firms to tackle the systemic conflicts of interests between planners and clients. The successful performance of individual planners is still directly related to a product sales culture.
While the register is a step in the right direction, it will be valueless without strict registration requirements and enforcement. Currently, the registration requirements are vague and the corresponding penalties for any breach are very unclear.
If removal from the register is the only penalty, it may give the impression the government is assuring the community that registered advisers can be trusted to give appropriate advice. This is unlikely to actually be the case.
Challenges to industry reform
The difficulty for clients is finding an adviser who is committed to their best interests. No legislation, education qualifications or experience can overcome a culture of “product selling”.
What is needed is a client-centred industry. Both individual advisers and their organisations need to work in a culture where ethics and professionalism are valued, maintained and delivered. This requires a huge cultural shift from product advice to strategy advice.
While education goes part of the way in achieving this goal, fundamentally this must come from the licensees and advisers themselves. The problem is complicated by six large licensees controlling 80% of the financial advice industry. Many clients fail to appreciate that if you seek advice from one of these large institutions, most likely your funds will be placed in their internally branded products.
The industry is further complicated by the variety of individuals giving unregulated financial advice. In direct real estate investing, advice on gearing, investment returns and taxation is often freely given with little controls or oversight.
The proposed register will not overcome this problem since real estate salespersons are not considered financial advisers and are not included in its scope.
So is it possible to gain truly independent and transparent advice? In the current environment this is difficult and perhaps word of mouth and personal recommendation is still the client’s best friend.
When a registration system works
There are examples of registers that have been successful in improving standards across an industry. The Tax Agents Register is administered by the Tax Practitioners Board and has very specific education and professional registration requirements. Registration must be renewed every three years.
Tax agents must provide evidence of professional indemnity insurance and the professional development undertaken during the period to maintain their registration. Any non-compliance results in removal from the register and hence the inability to practise.
A similar regime would need to be applied to the financial planner register if it is to have any credibility.
Current indications are that the register will include any complaints or offences committed by the adviser. However, what the industry needs is for these advisers to be struck off the register and unable to practise.
The whole success of the register will also be dependent on the funding and resources allocated to ASIC to monitor and continually update the register. Without ASIC’s active involvement, the register will not be credible and is likely to become a “toothless tiger”. What consumers don’t need is just another list of financial advisers which offers no real value.
<img src="https://counter.theconversation.edu.au/content/33471/count.gif" alt="The Conversation" width="1" height="1">Sharon Taylor is senior lecturer at <a href="https://www.uws.edu.au/" target="_blank">University of Western Sydney</a><a href="https://theconversation.com/institutions/university-of-western-sydney"></a>.
This article was originally published on <a href="https://theconversation.com" target="_blank">The Conversation</a>.
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National financial planning register will just list problem, not solve it

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There has been fierce debate around commercial licensing recently. The Real Estate Institute of Victoria's (REIV) Enzo Raimondo is particularly against the recent changes.
Here's a Q&amp;A with Raimondo explainging why they oppose the gazetted regulatory changes.
What are the changes to commercial licensing?
The Victorian government has gazetted a regulatory change which enables anyone involved in the sale of real estate other than residential or rural land, will be exempt from the licensing requirements of the Estate Agents Act where,
<ul>
<li>The price in the contract of sale is at least $15 million or the property has a total gross floor space of at least 10,000 square metres.</li>
<li>Each party to the sale purchase or exchange of real estate owns other real estate with a total value of at least $15 million or a total floor space of at least 10,000 square metres.</li>
</ul>
Anyone involved in the leasing of real estate other than residential property or rural land, will be exempt from the licensing requirements of the act if the person or company for whom the person is acting owns property with a total of at least $15 million or a total floor space of at least 10,000 square metres.
It should be noted that the ALP, on Monday announced that it will review these changes if elected in Victoria at the upcoming state election on 29 November.
How does the REIV believe this will affect the industry and consumers?
It will create a two-tiered system where some agents will be licensed (for sales and leasing transactions below the threshold) and others won’t be licensed.
This will open the industry up to unqualified and inexperienced operators - and potentially criminals - because there will be no probity checks, and the operators will not be required to maintain an audited trust account or comply with the requirements of the estate agents act.
This will lead to a high level of financial risk to vendors, purchasers, landlords and tenants and means that thousand s of small businesses in Victoria will lose the inherent safeguards provided by the estate agents act.
This will hurt small business tenant in Victoria and may lead to increased rents, prices and put thousands of jobs at risk.  
What will the REIV be doing to stop the changes?
The REIV continues to lobby both sides of government in regard to the changes, and is running a public campaign leading up the state election (and beyond).
Are there any other changes to commercial licensing that should be implemented?
There is already an exemption in place for large commercial transactions between related parties, which the REIV believes is sufficient to meet the needs of a wide variety of stakeholders involved in these transactions. For this reason there is no need for the changes that have been proposed.
They represent deregulation of the commercial and industrial estate agency practice, yet are being promoted as red tape reduction.  
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jduke-EHk3XBmHkn

Victoria's proposed commercial licensing changes: Q&A with the REIV's Enzo Raimondo

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The NSW government would be well advised to start planning immediately to ensure the state's momentum keeps moving forward well into the next decade – failure to do so would clearly indicate that managing the state of NSW is well beyond their capabilities. 
They say success leaves clues, so look no further than the Sydney property market which has delivered the NSW budget a $1 billion windfall thanks to stamp duty and other related property taxes. NSW Treasury has just announced the final result for 2013/14 with a surplus of $1.247 billion – well up from the June budget estimate of $988 million.
The reality is that property prices have started to cool and commodity prices down 20% this year. Hence, it’s time to start fast tracking the next phase of NSW growth with confidence building infrastructure approvals. On current projections, Sydney will (at a minimum) need to double its 1,673,800 homes over the next 50 years – so there is no time like the present to get started – carpe diem.
It’s well documented that massive growth spurts follow new infrastructure developments – former NSW state architect Chris Johnson has forecast that Sydney needs to build 11 new highrise apartment towers each year for the next 50 years to protect suburban life from being ruined by overdevelopment as the city’s population grows. 
“Five thousand new towers, containing 110 apartments each, would provide 550,000 new homes – that will accommodate only a third of our planned population growth over the next 50 years,” said Johnson.
It’s not hard to see where declines are quickly starting to take place with BIS Shrapnel pointing out this week: “The recovery to a net overseas migration intake of 242,800 in 2012/13 was underpinned largely by a rebound in such arrivals. However, with arrivals now trending downwards as resource sector investment slows, net overseas migration flows weakened to 235,800 in the year to December 2013 and monthly indicators since then suggest a further slowing.”
The latest figures from the Australian Bureau of Statistics reveal that Australia’s population increased by 160,000 births over deaths and a further 244,000 people through immigration – which is now the big driver in this demographic. NSW in 2013, had a natural increase of 50,000 extra people, net overseas migration added 68,000 extra people with 15,500 people deciding to reside elsewhere. As Chris Johnson pointed out: “The demographics for Sydney are clear. Growth is coming and is essential for the long-term prosperity of the city. It will keep house prices stable, it will provide jobs, it will support our ageing population and it will position us as a global city.”
Of course a major problem that requires immediate attention is Australia’s public transport which is hopeless given two-thirds of the country’s population resides in the capital cities. Everyone knows that the state and territory have neglected public transport for decades, so you can’t start announcing residential infrastructure initiatives without substantial public transport upgrades.
Cue the blame game between the states and federal government as to where these responsibilities lie. The latest in this ongoing debate is now clearly aimed at reforming Australia’s Federation – although this has major challenges in itself given the “vertical fiscal imbalance” with all the states and territories wanting more of the GST cake portions. This explains why a Federation white paper is being prepared to address Australia’s revenue and spending responsibilities of all governments.
In 2014 -15, NSW will receive 97 cents for every dollar of GST it pays, Victoria will receive 88 cents and WA will receive just 37 cents – so this explains why reforming the state and territories is such a difficult task.
In the case of NSW, you see businesses wanting to get going despite being constantly held back as they await the relevant approvals given NSW does not have a masterplan for development.
 The most obvious case is that in 2013/14 the NSW government pocketed $1.247 billion in taxes for doing next to nothing – just imagine what those revenues might be if they were to announce a residential real estate infrastructure plan? Who knows, first home buyers may even be able to get in given a significant number of apartment developments would actually bring prices down.
The only problem for the NSW government is that it has a long history of living in the past.
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robertsimeon-hRNTwJyXkQ

It's time for NSW to stop living in the past and seize the day

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Western Australia’s have started public consultation on proposed strata title law reforms, allowing for property owners and tenants of strata units to voice their opinion.
The reforms aim to create affordable housing options and encourage shared living communities via better management policies and efficient dispute resolution.
Lands Minister Terry Redman said this is a critical part of the process for those who own and live in strata scheme housing, or who may decide to in the future.
“WA is expected to be home to more than 3.5 million people by 2031 and we need a more robust and workable legislative framework to support strata title development and meet the future housing demands of the State,” Redman said.
“It is hoped these reforms will entice land developers and investors to WA, with provisions for more innovative and flexible planned community developments, which is currently a barrier to property growth in WA.”
Areas of focus include:
<ol>
<li>Vendor disclosure</li>
<li>Options for strata development and tenure</li>
<li>Dispute resolution</li>
<li>Management of strata</li>
<li>Termination of schemes</li>
</ol>
Landgate has already spoken to government agencies, industry and business peak bodies over the past 12 months. The Property Council of Australia (PCA) have announced their support of the WA Strata Titles Act Reform Consultation paper.
Joe Lenzo, executive director of the PCA, said that it is important to modernise the “antiquated” strata laws with an increasing number of people opting for strata properties, including townhouses.
“Community titles will encourage larger scale precinct-style housing development to occur in WA, similar to other states. This includes more mixed use development around suburban centres and strategic infrastructure investments like train stations,” said Lenzo.
“The reforms proposed in this discussion paper follow an extensive period of constructive consultation with industry and the community, and we look forward to their implementation.”
Investors can <a href="https://consult.landgate.wa.gov.au/consult.ti" target="_blank">leave feedback on the consultation paper online via Landgate</a>.
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Public consultation starts on WA's proposed strata reforms

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GUEST OBSERVATION
Recently, the head of the Australian Securities and Investments Commission, Greg Medcraft, called Australia a “paradise” for <a href="https://www.theage.com.au/business/australia-paradise-for-whitecollar-criminals-says-asic-chairman-greg-medcraft-20141021-119d99" target="_blank">white-collar criminals</a>. Soon after <a href="https://www.watoday.com.au/business/asic-backflips-on-criminals-paradise-comments-20141022-119v22" target="_blank">he recanted</a>, claiming he didn’t want the country to become a haven for financial fraudsters. This rephrasing likely followed when Finance Minister Mathias Cormann <a href="https://www.propertyobserver.com.au/https://www.abc.net.au/news/2014-10-22/red-faced-over-white-collar-criminals/5834540" target="_blank">leaned on Medcraft</a>.
The mass media has done an admirable job bringing the CBA financial planner scandal to light, forcing ASIC to finally investigate, the Senate to inquire and the CBA to apologise and provide compensation. Despite this, frauds like these are <a href="https://www.propertyobserver.com.au/https://www.abc.net.au/news/2014-10-24/cba-whistleblower-jeff-morris-discusses-financial/5840536" target="_blank">universally downplayed</a> as isolated events, perpetrated by “bad apples” in an otherwise trustworthy FIRE (finance, insurance and real estate) sector.
Australia’s economic history shows otherwise. Our past is littered with a surprisingly large number of control frauds, which government and regulators have done next to nothing to prevent and rarely prosecute. The mounting frauds appear emboldened by deregulation and liberalisation of banking and finance.
The following table provides an overview of the major frauds committed by the FIRE sector in recent decades.
<img src="/images/2014/10/31/Soos_Egan%20oct%2031%20one.png" alt="">
The term “control fraud” refers to the systematic, highly damaging, institution-driven and directed nature of the fraud, in contrast to common low-level frauds. The weapon of choice is accounting.
William K. Black’s book <a href="https://www.amazon.com/The-Best-Way-Rob-Bank/dp/0292754183/ref=dp_ob_title_bk" target="_blank">The Best Way to Rob a Bank Is to Own One</a> provides an excellent account of regulatory public executives who, during the United States Savings and Loan crisis in the 1980s, actively protected the worst fraudsters in the industry, while damning “mum and dad” investors. Black later developed the <a href="https://papers.ssrn.com/sol3/papers.cfm?abstract_id=1590447" target="_blank">concept of control fraud</a>, whereby executives use the institution they manage as the mechanism to commit fraud.
Control frauds typically involve a four-part strategy: exponential loan growth, lending to uncreditworthy borrowers, extreme leverage and minimal loss reserves (plus obnoxious pay packets for bank CEOs). The obvious presence of these four elements in Australia’s banking system demonstrates the risk to stability which lies at the centre of finance.
Why fraud goes undetected
Australian economist Phillip J. Anderson documented in his book on <a href="https://www.propertyobserver.com.au/https://www.amazon.com/Secret-Life-Real-Estate-Banking/dp/0856832634" target="_blank">US real estate cycles</a> from 1800 to 2008 that fraud is never detected by the mainstream for two reasons. The first is that FIRE sector executives and managers are extremely powerful politically, financially and legally, so few will tangle with them. Secondly, during economic booms, the public is typically too self-centred to care, as long as the predations don’t affect the majority.
ASIC refuses to investigate the control frauds, instead choosing to offer up a number of excuses: lack of funding, jurisdictional boundaries, ineffective laws and so on. Thankfully, 20-year veteran financial consumer activist <a href="https://www.bfcsa.com.au/index.php/about-bfcsa/about-denise-brailey" target="_blank">Denise Brailey</a> does what ASIC declines to do on a $400 million dollar budget. Brailey, a criminologist, has helped unearth and sue control frauds and recalcitrant state governments over the years.
According to Brailey, Australia has two major control frauds rapidly growing without restraint: a <a href="https://www.smh.com.au/business/watchdog-asleep-on-australias-subprime-scandal-20131024-2w323" target="_blank">subprime mortgage scandal</a> and debenture-funded pyramid business scams. The former is similar to the US subprime mortgage scandal. Brailey estimates these control frauds could each cause over $100 billion in losses. Brailey has warned ASIC about these control frauds for over a decade.
Paradise untouched
It has never been a better time to be a criminal, as long as you’re a white-collar criminal in the FIRE sector. Bankers involved with the CBA financial planning scandal have <a href="https://www.smh.com.au/business/comment-and-analysis/the-response-to-the-commonwealth-financial-planning-scandal-shows-banks-really-are-above-the-law-20141026-11c13d" target="_blank">still managed to advance their careers</a> and win bonuses.
History enlightens us, which is why the history of control frauds isn’t taught anywhere. Political and economic elites want the public kept blind to the plague of theft they’ve been engaged in. In Australia, this history is left to individuals like <a href="https://www.bfcsa.com.au/">Denise Brailey</a> and <a href="https://www.bankvictims.com.au/dr-evan-jones" target="_blank">Evan Jones</a> to tell, whose work was used in my recently published <a href="https://www.worldeconomicsassociation.org/files/Bubble_Economics_Egan_Soos.pdf" target="_blank">book</a>, co-authored with Paul D. Egan.
The disparity between white and blue-collar criminals has never been larger. If I defraud my neighbour of $10,000, I’ll be charged, prosecuted and sent to jail for years. In contrast, a <a href="https://www.bfcsa.com.au/index.php/scams/hall-of-shame" target="_blank">banking executive</a> who robs borrowers and loots or destroys untold billions of dollars is praised by politicians, business groups, the mass media and the economics profession for “wealth creation”.
Australia’s credit-based banking system, liberated from responsibility by deregulation, self-regulation, de-supervision and de facto decriminalisation, has and will inevitably continue to generate toxic and recurring control frauds. The FIRE sector cannot be allowed to profit from control fraud. Government has a civic obligation to prosecute those who perform criminal acts on innocent parties. We know this as the rule of law.
Academia could offer an independent voice against these control frauds, but the legal and economics professions are mute before the FIRE sector, which employs many directly and indirectly. As Black documented, mainstream economists have intentionally ignored the dangers of control frauds, proclaiming that “private market discipline” and “rational agents” can prevent frauds from even occurring: “the market knows best” line of fallacious reasoning.
The full extent of these control frauds is yet to be revealed as the government, regulators and external dispute resolution organisations (RBA, ASIC, APRA, ATO, AFP, Treasury, FOS and COSL) resolutely refuse to investigate. Meantime, control frauds are free to weave a trail of forced bankruptcies, homelessness, poverty, desperation, depression and suicide.
History shows government only acts when the predations of control frauds break in the mass media. The two largest control frauds, the debenture-funded pyramid business scams and <a href="https://fsi.gov.au/files/2014/09/Banking_and_Finance_Consumer_Support_Association.pdf" target="_blank">subprime mortgage scandal</a>, are running rampant. Unfortunately, government will only grudgingly do something when the number of victims climbs far enough that they become too visible to openly ignore – but, by then, it will be too late.
Nevertheless, a Royal Commission is necessary to shine a light on the transgressions of the FIRE sector.
<img src="https://counter.theconversation.edu.au/content/33548/count.gif" alt="The Conversation" width="1" height="1">Philip Soos is a researcher  at the School of International and Political Studies  at <a href="https://www.deakin.edu.au/" target="_blank">Deakin University</a>, and is a researcher for the <a href="https://blog.lvrg.org.au/" target="_blank">Land Values Research Group</a>, Melbourne.
This article was originally published on <a href="https://theconversation.com" target="_blank">The Conversation</a>.
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psoos-uR5EGb6SbQ

Australia's white collar criminals are doing the crime, but not the time

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GUEST OBSERVATION
In recent times there have been a lot of arguments in the public domain on whether Australia should get rid of the negative gearing tax tool for property investors.
Negative gearing is a valuable tax tool in any economy to help companies that make investments reduce their risk-burden by allowing them to make tax deductions against losses incurred where the revenue of the investment does not cover the loan costs.
In other words, allowing the investor short-term tax relief in the investment they make, or long-term relief when an investment does not turn out to be as rewarding as anticipated (a lousy investment).
However, in Australia, negative gearing has unfortunately been used as a speculative tool to help property investors cover their losses throughout the time of holding a particular asset so they are able to eventually flip the asset for a profit.
There are two key problems with this mindset:
<ol>
<li>Using negative gearing in pursuit of capital gain only works when the investment appreciates in value greater than the overhanging costs involved in maintaining the liabilities of the asset whilst under ownership.</li>
<li>If there is a market correction, those who hold negatively geared assets in pursuit of capital gain generally get burnt.</li>
</ol>
Unfortunately with so many Australian property investors incredibly negatively geared, it would be economic suicide to get rid of this tax tool overnight. Getting rid of negative gearing today would simply burn too many property investors at the same particular time causing mass damage to the Australian economy.
With the majority of negatively geared property investors earning less than $100,000 per year, it would simply send too many Australians into bankruptcy too quickly. In economic downturns, negatively geared property investors would progressively suffer which would slow the pain burden.
If anything, they should keep negative gearing for property investors, however introduce resourceful tools to mediate property investors from taking advantage of a tax law where they are willingly prepared to take excessive risk where it is all but mathematically certain that they will incur losses for a very prolonged period of time. This forces investors to invest responsibly whilst reducing tax losses.
My recommendation is property investors with loan to value ratio (LVR) greater than 50% void from making any tax deductions against the first 2% of rental yields (or equivalent to property price paid).
This would force property investors to shift their focus from speculating mode to yield-hunting mode. It would also push those who are taking an abnormal amount of risk in the name of capital gain to offload their properties to reduce fiscal losses which increases tax revenue by billions of dollars. Furthermore, this approach would reduce the risk profile of property investors in a downturn.
Lindsay David is a co-founder of clean technology company GreenRigCo and a former strategy and business development consultant. You can read his blog <a href="/expert-insights/finance/fire-the-rba-governor">here</a>.
To purchase a copy of his book 'Australia: Boom to Bust', <a href="https://blog.australiaboomtobust.com/buy-australia-boom-bust/" target="_blank" title="Buy Now">click here.</a>
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LindsayDavid-WEhfyLvNJJ

Let's end the madness of negative gearing

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New Sydney apartments built near ­public transport will no longer require a car space, under new rules announced by the NSW Planning Minister Pru Goward.
The draft guidelines would apply to developments built within 400 metres of a transport hub, such as a bus interchange or railway station.
Goward said the cost of a new apartment could be up to $50,000 less under proposed changes.
The guidelines will apply to 22 councils: Ashfield, Auburn, Bankstown, Botany Bay, Burwood, Canada Bay, Canterbury, City of Sydney, Hurstville, Kogarah, Lane Cove, Marrickville, Leichhardt, North Sydney, Parramatta (city centre), Randwick, Rockdale, Ryde, Strathfield, Waverley, Willoughby and Woollahra.
The planning changes are open for <a href="https://planspolicies.planning.nsw.gov.au/index.pl?action=view_job&amp;job_id=6692" target="_blank">public comment until 31 October</a>.
“The closer people live to public transport hubs, the less likely they are to rely on cars,” Goward said.
“A car space can add up to $50,000 to the cost of a new apartment, so providing more flexibility around car parking requirements could lead to savings of up to the same amount for home buyers.
“Importantly, this change is restricted only to particular councils, applies only to development within close walking distance of transport services, and strongly discourages councils from allowing residents of these buildings to receive street parking permits.”
Hassell architects principal Matthew Pullinger, who represented the Australian Institute of Architects in government consultations about the changes, told News Ltd papers an underground car park was one of the most expensive aspects of a building, costing between $50,000 to $70,000 per underground car spot.
Developers would still be able to build car spots if there was a demand for them, with the new draft policy not having a minimum requirement of car spots.
NSW Bureau of Transport Statistics data shows a reduction in the number of people aged under 35 who have a driver’s licence — dropping from 84% in 1998 to 74% in 2009.
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jchancellor-FAypfDUnLy

Cheaper new Sydney apartment drive as compulsory car spaces scrapped

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Without a doubt it’s one of the most confused and manipulated demographics within the Australian economy – yet year in and year out we have commentators both here and afar trying to solve this puzzle. 
What is clear is that very few can solve this puzzle given they quickly get lost deep in the permutations of the mathematics by focusing too much on theory and not enough on the practice.
Bubbles, booms and bonanza – and yet for some strange reason they have this creative ability to conjure this monumental market disintegration creating this almighty property Armageddon. 
This week, I was particularly interested to read commentary from Fabienne Michaux, head of Standard &amp; Poor’s Rating Service Australia and New Zealand. In particular: “One of the peculiarities of the Australian system is our huge reliance on foreign debt and most of that is channeled through the banking system.”
“Although the rise in house prices didn’t look like a speculative bubble the market is certainly looking fully priced and possibly a little overpriced, particularly in Sydney and Melbourne which account for such a large percentage of the national stock.” 
Finally, an assessment that I totally agree with, “fully priced and possibly a little overpriced”.
When the Murray inquiry is released later this year, many of the answers to solving the Australian property Rubik’s Cube will be answered – all that remains to be seen is whether or not the Abbott government will act on the findings. 
The major problem for Australian property is that the governments ignore the problems preferring to feed from these highly profitable property ”rivers of gold” – which is keeping the governments’ heads above water due to the ongoing taxes. Capital gains tax, land tax, stamp duty, rates – the list keeps going on.
GST was introduced by the Howard government on 1 July 2000, replacing the previous federal wholesale sales tax system and designed to phase out a number of various state and territory government taxes, duties and levies such as banking taxes and stamp duty. Well hello!!  We still have them today despite the promise that they would be removed. Actually, on the property side these taxes have mysteriously been increased since the GST was introduced.
Back in 2010 when the Henry tax review was handed down the Treasurer Wayne Swan responded that “Labor would never reduce the existing tax concessions on negative gearing and capital gains tax”. What we were seeing back then was an approximate 20% rise in house prices over that year where it was obvious from the report that tax breaks were inflating house prices. At the time former New South Wales auditor – general commented: “It doesn’t do Australia any good to have a government which, when they see these rational arguments from a very well experienced team, give it three minutes’ thought and then just ditch it.”
<a href="https://www.rwm.com.au/files/2014/09/10-09-2014-1-31-59-PM.jpg"><img class="aligncenter size-full wp-image-143882" src="https://www.rwm.com.au/files/2014/09/10-09-2014-1-31-59-PM.jpg" alt="10-09-2014 1-31-59 PM" width="681" height="394"></a>
If we are to try and solve this Australian property Rubik’s Cube the next inquiry Mr Murray should be given is does Australia need middle and third tier governments? The problem here is the governments rely totally on the multitude of taxes which keeps them in jobs so that on retirement they can collect a handsome pension. Making such a decision like those contained within the Henry tax review would be committing some type of political treason.
You very simply can’t solve the problem when the politicians who make the decisions have a clear vested interest of self-preservation. This can’t be solved until such time as Canberra admits that we have a problem – despite reports confirming that change is needed, the preferred option is to then ignore it, which is confirmed when you see that the Abbott government does not even have a Housing Minister.
<a href="https://www.rwm.com.au/files/2014/09/8-09-2014-2-25-50-PM.jpg"><img class="aligncenter size-full wp-image-143883" src="https://www.rwm.com.au/files/2014/09/8-09-2014-2-25-50-PM.jpg" alt="8-09-2014 2-25-50 PM" width="632" height="278"></a>
So let’s just think about this and how we can possibly solve this dilemma? Imagine the Liberals and Labor offering bipartisan support for the creation of (let’s get creative and call it) the Australian Economic Master Plan (AEMP). So let’s appoint David Murray as the chairperson, then appoint another nine pre-eminent business people to join this committee to actually closely investigate and then recommend what such a AEMP should look like, what needs to be implemented and what needs to be removed, which let’s say may take 12 months to determine. That would leave twelve 12 to discuss, then it is presented at the next federal election by referendum.
The problem previously has been that these conversations were quickly placed in the too – hard basket (for political reasons). It’s clearly time now to remove the politics by listening to what a totally independent body recommend – that way we just may solve the Australian real estate Rubik’s Cube.
Whatever the case we at least need to start this conversation – as it’s long overdue.
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Bubbles, booms and bonanza – Solving the Australian property Rubik's Cube

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GUEST OBSERVATION
When Australian prime minister Tony Abbott came into office last year his aim was to be remembered as the “infrastructure prime minister”.
In the Coalition’s September 2013 <a href="https://lpaweb-static.s3.amazonaws.com/13-09-05%20Coalition%202013%20Election%20Policy%20%E2%80%93%20Better%20Infrastructure%20Planning%20%E2%80%93%20policy%20document.pdf" target="_blank">policy</a> to “Deliver the Infrastructure for the 21st Century”, the government promised vital infrastructure projects would be underway across the country within 12 months.
The same document promised all Commonwealth infrastructure spending exceeding $100 million would be subject to analysis by Infrastructure Australia “to test cost-effectiveness and financial viability” – analysis that would be made public.
A recent report published by the Australian Logistics Council indicated a 1% increase in logistics efficiency, which could be achieved by increased spending on road and rail infrastructure, would boost GDP by $2 billion.
One year on it is time to review the government’s performance.
Infrastructure spending is a vote winner
Having a focus on infrastructure is popular with politicians: it provides tangible evidence of action and they might even have a project named after them. Why have a boring name like WestConnex or M5 when you could have the “Abbott Expressway”?
It also provides for good photo opportunities even when not a cent of public money has been spent on the project. According to trade minister Andrew Robb after a recent visit to New York, international funds management groups with trillions of dollars under management are “enormously excited” about investing in Australian infrastructure.
Assistant infrastructure minister Jamie Briggs recently said the government was investing “a record $50 billion in world class infrastructure that will leverage over $125 billion of public and private investment in infrastructure over the next decade”. However, he neglected to mention that $36 billion of the $50 billion was already committed by the previous government.
Asset recycling remains thwarted
The federal government has set up a $5 billion <a href="https://theconversation.com/asset-recycling-no-dream-for-hockey-but-efficiency-boost-likely-28802" target="_blank">asset recycling</a> fund from which it plans to give a 15% bonus for each project to state and territory governments who recycle capital gained from the privatisation of state-owned entities, such as ports and utility assets.
This additional capital is mainly available for road projects with spending on rail infrastructure a poor second, and spending on public transport not even on the government’s agenda.
Despite this, the much publicised East Coast passenger fast-rail link may be back on track after the government had recent high level meetings with a number of foreign rail companies. Unfortunately for the state and territory governments, the asset recycling plan is currently stalled in the House of Representatives following amendments proposed by Labor and the Greens in the Senate.
While the government has delivered on some promises, most are still just promises. The heavy lifting (and concrete pouring) of funding new infrastructure has been shifted to the state and territory governments and/or private businesses.
Article continues on the next page. Please click below.
<hr class="system-pagebreak">
Step one: Infrastructure Australia
One promise the government has delivered on is the changing of the guard at Infrastructure Australia, with the appointment of a new CEO and Board who have responsibility for delivering the strategic objectives of the agency.
But will Infrastructure Australia be able to deliver tangible results and be left to get on with their work without interference from politicians (from both sides of the chamber) keen on ribbon-cutting in their electorates?
The government committed the following projects would be underway within 12 months of its election:
<ul>
<li>$6.7 billion to fix Queensland’s Bruce Highway</li>
<li>$5.6 billion to complete the duplication of the Pacific Highway from Newcastle to the Queensland border</li>
<li>$1.5 billion to get Melbourne’s East West Link underway</li>
<li>$1.5 billion to ensure the WestConnex project gets underway in Sydney</li>
<li>$1 billion to support the Gateway Motorway upgrade in Brisbane</li>
<li>a number of smaller road infrastructure projects In Perth, Adelaide and Tasmania</li>
</ul>
Two rail projects get a brief mention: $300 million to finalise plans for an inland railway from Melbourne to Brisbane and a promise to get the Toowoomba Second Range Crossing underway.
The verdict
On the promise to provide a cost benefit analysis for projects over $100 million the government has recorded a “fail” as these analyses are generally being hidden under the veil of “commercial in confidence”.
All of the above mentioned projects are still to commence and none are “shovel ready”. Most have long lead times due to the complex planning processes involved, so we will have to wait and see if the government will be able to bring some of these promises to fruition. At this stage we may be able to give the government a “borderline pass” on its infrastructure report card.
In its pre-election infrastructure policy document the government also promised to deliver an “Annual Parliamentary Statement on Infrastructure Delivery” to the House of Representatives. It will be interesting to see what this statement contains if and when it is made public.<img src="https://counter.theconversation.edu.au/content/30477/count.gif" alt="The Conversation" width="1" height="1" style="line-height: 1.3em;">
Peter van Duyn is maritime industry expert, Institute for Supply Chain and Logistics at <a href="https://www.vu.edu.au/" target="_blank">Victoria University</a>.
This article was originally published on <a href="https://theconversation.com">The Conversation</a>.
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