<a href="https://www.apartments.com.au/architects/bates-smart">Bates Smart</a> is one of Melbourne's longest standing architecture firms.

Founded in Melbourne in 1853 by Joseph Reed, the firm began as Reed &amp; Barnes and has evolved through various partnerships before adopting the Bates Smart name in the 20th century. With a continuous presence spanning more than 170 years, the practice has played a pivotal role in shaping Melbourne’s architectural identity.

In the 19th century, Bates Smart designed several of Melbourne’s enduring landmarks, including the Royal Exhibition Building (1880), a UNESCO World Heritage site, and the Melbourne Town Hall. The firm’s influence continued into the 20th century with notable works such as Ici House (1958), considered Melbourne’s first modern skyscraper and a milestone in post-war Australian architecture.

One of their landmark designs was&nbsp;The First Church of Christ, Scientist, at 336-340 St Kilda Road. The building, which is listed on the Victorian Heritage Register, was designed by Bates, Peeble and Smart with construction completed in 1922. Architecturally, the building is significant as a rare example of early twentieth century classicism applied to a religious building. Historically, the building is significant as the first church of the Christian Science movement.

Melbourne developer Time &amp; Place decided to bring Bates Smart back to the area to design their next residential apartment project, Park Modern.

[smartcode_project:default project_id=138453 project_image_fid=2138]

<a href="https://www.urban.com.au/new-apartments/park-modern-south-melbourne-1-middleton-lane-south-melbourne-vic-3205">Park Modern</a>, on one of the largest island sites on the Melbourne CBD fringe, bordered by Dorcas Street, Wells Street, and Middleton Lane, will comprise two sculptural towers. It is being positioned as a design-forward response to evolving owner-occupier preferences in the Domain precinct.

Tim Price, Director at <a href="https://www.apartments.com.au/developers/time-place">Time &amp; Place</a>, says&nbsp;Bates Smart have got a footprint on this city, probably like no other architect.

"It’s a really nice kind of next chapter story, that they created from a design perspective so long ago," Price told Apartments.com.au.

Park Modern will be the third time Time &amp; Place has worked with Bates Smart, having successfully designed and delivered Collins House and Opera on St Kilda Road together.

The brief focused on creating a built form that would feel contextually appropriate while offering a contemporary evolution of inner-city apartment living.

[smartcode_project:default project_id=138453 project_image_fid=2137]

The focus for Park Modern is squarely on owner-occupiers.

“It’s not always about downsizing," Price says.

"Sometimes it’s just about creating a space which is easily maintained, lock up and leave, reflecting people’s aspirations, whether they’re entertainers, big dining room spaces, big open terraces, they’re important parts of any design consideration.”

The building includes a mix of one, two and three-bedroom apartments, as well as penthouses, with layouts and floor plans designed to suit a broad demographic. The architecture has been shaped to capture&nbsp;view corridors to the Botanic Gardens, Port Phillip Bay and the CBD skyline.

Each apartment has been oriented to maximise natural light and provide a clear outlook, elements often cited by owner-occupiers as key criteria.

[smartcode_project:default project_id=138453 project_image_fid=351806]

Rather than defaulting to a generic luxury offering, the amenity strategy at Park Modern reflects specific insights into how residents want to live. The ground floor will include co-working areas, wellness facilities, and a concierge-led lobby that blends indoor and outdoor design cues.

“Wellness has become a more thoughtful consideration, not just gyms or lap pools, but things like magnesium plunge pools, saunas, daybeds, and studio spaces for Pilates and the regular cardio workout,” says Price.

One notable inclusion is a substantial porte-cochère, a covered vehicle drop-off zone integrated into the site plan. It’s a feature rarely seen in inner-urban developments and speaks to the team’s emphasis on ease of arrival and departure for residents and guests.

A display suite for Park Modern is now open by appointment, giving prospective buyers an early look at the project.

[smartcode_project_cta:default project_id=138453]

Joel Robinson

100 years on, Bates Smart returns to South Melbourne's Domain Precinct to design Park Modern

One of the most significant beachfront projects ever proposed for the small suburb of Miami on the Gold Coast, has taken a major step forward.&nbsp;Monaco Property Group has secured approval for <a href="https://www.apartments.com.au/new-apartments/nalu-miami-122-marine-parade-qld-4220">NALU</a>, a $500 million development comprising just 45 ultra-luxury residences on the iconic former Nobby’s Outlook site.

Acquired by <a href="https://www.apartments.com.au/developers/monaco-property-group">Monaco Property Group</a> in 2024 for $70 million, the rare 7,238 sqm Marine Parade parcel boasts more than 80 metres of uninterrupted ocean frontage.

With approvals now secured, Monaco Property Group will move NALU into its delivery phase. The project has been designed by&nbsp;<a href="https://www.apartments.com.au/architects/bda-architecture">BDA Architecture</a>, who collaborated with&nbsp;<a href="https://www.apartments.com.au/landscape-architect/ldg-landscape-architecture">LDG Landscape Architecture</a> and <a href="https://www.apartments.com.au/interior-designers/tom-mark-henry">Tom Mark Henry Interiors</a>&nbsp;to create the low-rise building, its landscaping, and interiors.

<img alt="NALU" data-entity-type="file" data-entity-uuid="3fdf578e-7cc4-4b17-bbc2-ba853522a5d8" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/122_Marine_Parade_002.jpg?VersionId=zFhJWVzX0jmCO.5iIIxNELImHesTjWS4" />

Residences will range from 237 sqm layouts to beachfront homes exceeding 1,400 sqm.

At the heart of the project is a 2,200 sqm lifestyle precinct with a bathhouse, fitness centre and resort-style pool, elevated by a concierge service.

Jonathan Grasso, Co-Founder of Monaco Property Group, said the council approval marks an exciting milestone for NALU, which will launch in Q1 2026.

“The project will now progress toward construction, working alongside our world-class collaborators to bring NALU to life," Grasso said.

“Our vision is to create a legacy project for the Gold Coast, one that not only honours the history of the site but also elevates its future, setting a new standard for coastal living in Australia. NALU embodies the pinnacle of design and location and will stand as an enduring icon of prestige and liveability.”

<img alt="NALU" data-entity-type="file" data-entity-uuid="6ae8545b-87ca-4dea-90ed-ac273ec6515d" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Image7.jpg?VersionId=Wnmie4bu3x2WQonnG4Pwmh39NdZVKeOV" />

Originally developed in the 1970s as Nobby’s Outlook and later refurbished in 2019 as Nalu, the property has long held a place in the local community’s coastal identity. The new vision will build on this legacy, creating luxury residences that capture ocean views while fostering a lifestyle defined by wellness, connection, and ease.&nbsp;

Beyond its residential offering, NALU will deliver significant economic benefits to the Gold Coast through job creation and opportunities for local suppliers and contractors. Construction is anticipated to commence in early 2026, with completion expected in Q3 2028.

Monaco Property Group approved for $500 million NALU apartments on Miami beach

The most elevated residential tower in Palm Beach, <a href="https://www.apartments.com.au/new-apartments/corallo-palm-beach-5-palm-beach-avenue-palm-beach-qld-4221">Corallo</a>, has officially launched this week, however only a handful of buyers will have an opportunity to buy in to the 17-storey project.

The $200 million mixed-use project includes ground floor dining and retail and is considered so valuable its developer, <a href="https://www.apartments.com.au/developers/changfa-group">Changfa Group</a>, will be staging its release of one-, two- and three-bedroom apartments and penthouses to the market.

[smartcode_project:default project_id=112194 project_image_fid=806]

<a href="https://www.apartments.com.au/project-marketer/colliers">Colliers</a> International, Director, David Higgins, said the development’s location just metres from the beach on the corner of Palm Beach Avenue and the Gold Coast Highway influenced the sculptural design by the acclaimed Plus Architecture studio.

“<a href="https://www.apartments.com.au/developments/palm-beach-qld-4221">Palm Beach</a> locals understand the rare opportunity here at Corallo, particularly being the tallest building in the suburb and its proximity to the beach and local restaurants, and they’ve represented the bulk of pre-launch enquiries,” Higgins said.

“The orientation of the apartments captures views of the coastline from Surfers Paradise to Currumbin, and the diversity of floor plans and apartment types provide an exceptional level of choice.

“The first release includes just 59 one-, two and three-bedroom apartments and two half-floor penthouses, with flexible use designed to appeal to both owner-occupiers and investors."

&nbsp;

[smartcode_project:default project_id=112194 project_image_fid=799]

In addition to the ground floor amenity, residents will also have access to a private dedicated wellness level offering 734 sqm of resort-style amenities including a pool, cold plunge, wet deck, steam room, sauna, gym, day bed, fire pit, barbecue area, dining area and yoga/stretch deck.

The project is located within walking distance of Tallebudgera Creek, Burleigh Heads village, Currumbin Alley and Palm Beach Currumbin High School. The Gold Coast Airport is under 10 minutes away.

[smartcode_project:default project_id=112194 project_image_fid=814]

Higgins said Palm Beach remained a hotly contested suburb for home buyers, with prices doubling in the past five years.

“What makes Corallo so appealing to the local market is the diversity of apartment types and pricing, with one-bedroom apartments starting from $841,000 and two-bedroom apartments starting from $1.34 million,” he said.

“The ground floor retail and dining offering will further expand on Palm Beach’s village atmosphere and create a meeting place for locals, and those opportunities for connection are highly valued.”

&nbsp;

[smartcode_project:default project_id=112194 project_image_fid=807]

The on-site sales display, which includes a fully fitted kitchen, bathroom and bedroom, will be open until early works commence in Q1 2026. Each residence at Corallo will feature premium finishes including natural stone, artisanal brickwork, and warm copper accents.

Changfa Group has a two-decade history of delivering premium developments in Australia and internationally, having recently completed its collection of premium townhomes at Lyra, Hope Island, as well as apartment projects in Leichhardt, Carlingford, and Chatswood in New South Wales.

[smartcode_project_cta:default project_id=112194]

$200 million Corallo Palm Beach launches with limited apartment release

In a move that aligns with NSW's accelerated planning incentives for affordable housing, developer&nbsp;<a href="https://www.apartments.com.au/developers/the-one-collection">One Collection</a> has revised its Hills District apartment plans, and taken it to the NSW Government, to secure approval.

The developer, which is currently delivering Horizon Hurstville, is seeking to add 80 more apartments to its <a href="https://www.apartments.com.au/new-apartments/the-one-castle-hill-16-dawes-avenue-nsw-2154">Castle Hill development</a> near Castle Towers. They already have approval for 280 apartments across eight six-storey buildings.

<img alt="One Collection" data-entity-type="file" data-entity-uuid="b3c298ba-1cc5-4db7-9872-607c75f8ceca" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202025-10-13%20at%2010.19.22%E2%80%AFAM.png?VersionId=wN9KpFIu5ENSGZLLsaZgXQHrXcwEO3Vd" />

Now on the desks of the NSW Department of Planning is 360 apartments, 48 of which will be dedicated to affordable housing.&nbsp;Affordable housing is to be “fully integrated within the building and visually indistinguishable,” according to the planning submission.

The 15,697 sqm block, an amalgamation of 16 sites, spans across Dawes Avenue, Hughes Avenue, and Camdan Crescent, sits 550m from Hills Showground Metro Station.&nbsp;

"The existing context is quickly changing from free-standing homes into residential flat buildings in line with the Hills Showground Precinct planning framework," Place Studio noted.

<img alt="Castle Hill" data-entity-type="file" data-entity-uuid="3ec24948-c185-48fa-af8b-ed25adf302bf" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202025-10-13%20at%2010.19.04%E2%80%AFAM.png?VersionId=zNDX.IeRROX1RlDeYcS38xn8w_dqgU2t" />

They said the design was informed by the site's unique condition of having three street frontages and was developed to to respond sensitively to iots surrounding context.

"The design adopted a conventional perpendicular alignment to the primary street frontage. The massing of the development was carefully modulated to align with the evolving character of the neighbourhood. The design ensured that the scale was not excessive or out of context, but instead contributed to a cohesive urban form consistent with emerging developments in the area."

<img alt="Castle Hill" data-entity-type="file" data-entity-uuid="f83ffdaa-f960-469d-b6fe-abcece57c9ef" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202025-10-13%20at%2010.19.09%E2%80%AFAM.png?VersionId=4oKlCyfaKes7jLi1_EMoqa46w2h_YvDZ" />

The apartment mix will be 46 one-beds, 168 two-bed apartments, and 146 three-bedroom units, with 631 parking spaces proposed.

Along the street frontages, the building heights are four storeys with a 7.5 metre setback, and eight storeys with an 11.5 metre setback. It should cost about $150 million to build.

One Collection works hand-in-hand with the respected development and construction firm Masscon, which has built a reputation for leveraging its expertise in the built environment to take on developments others can't. That's what they're achieving at Horizon Hurstville, having taken over the project to deliver it.

First look: One Collection advances plans for Castle Hill apartments

At Yarra’s Edge, <a href="https://www.apartments.com.au/developers/mirvac">Mirvac</a>’s newest tower under construction, <a href="https://www.apartments.com.au/new-apartments/trielle-at-yarra-s-edge-docklands-16-point-park-crescent-docklands-vic-3008">Trielle</a>, sets a new benchmark for elevated living. Rising 45 storeys, 12.5 metres from the Yarra River, the landmark building offers residents access to a private wellness retreat and spa, a resident-only golf simulator, and an elegant lounge, dining and bar complete with a self-playing piano, all without ever having to leave home.

Now, that sense of elevation has reached new heights with the Aerus Sub-Penthouses, a limited release of half-floor riverfront residences on the Collins St axis where the sought-after street meets the Yarra River.

Each Aerus Sub-Penthouse, located across levels 42 and 43, represents the most expansive offering within Trielle, aside from the yet-to-be-revealed crowning penthouses. Spanning between 269 and 301 sqm, these residences are designed to capture natural light and uninterrupted views of the city skyline, Yarra River, and Port Phillip Bay.

[smartcode_project:default project_id=114216 project_image_fid=3784]

Among the collection are three-bedroom sub penthouses, complemented by a media room, and expansive four-bedroom layouts. All include panoramic living areas and oversized master suites with luxury ensuites reminiscent of a five-star hotel, complemented by dedicated dressing rooms finished in timber and natural stone.

The interiors have been crafted by <a href="https://www.apartments.com.au/architects/mirvac-design">Mirvac Design</a>, the developer’s award-winning in-house architecture and design team. Every material has been chosen for quality and longevity, from sculpted stone island benches with feature soft wash LED lighting to bespoke joinery and chevron timber oak flooring.

Kitchens are fitted with a BORA induction cooktop with integrated downdraft extractor, alongside Gaggenau appliances, including a fridge, freezer, and wine fridge. The adjoining butler’s pantry incorporates the exclusive Gaggenau Minimalistic Series including oven, steam oven, microwave, coffee machine and warming drawer, all concealed behind handleless glass panels for a clean, integrated presentation. Bathrooms feature custom Apaisar freestanding baths and basins and natural stone benchtops, continuing Mirvac’s design emphasis on tactile, timeless materials.&nbsp;

[smartcode_project:default project_id=114216 project_image_fid=353085]

Michael Wiener, Design Director at Mirvac, says The Aerus Sub-Penthouse embodies the apex of Mirvac’s design ethos.

“Moving through your home is like walking on air - a private sanctuary where the craftsmanship is refined, the proportions generous, and the flow so effortless, you feel completely at ease in the sky,” Wiener says.

“In Aerus, we wanted to create a sense of weightlessness - a home that feels suspended in the skyline, full of light, grounded in luxury.”

[smartcode_project:default project_id=114216 project_image_fid=3777]

The Aerus Sub-Penthouses are expected to attract a mix of local and international buyers seeking a long-term residence of scale and quality in a riverfront setting, from returning expats to established families and business owners who value privacy, craftsmanship, and convenience within walking distance of the CBD.

With an unmatched suite of amenities, Trielle is the most extensively appointed development Mirvac has created to date at Yarra’s Edge. Within the tower will be The Oasis, a 900 sqm podium rooftop wellness retreat designed in collaboration with spa expert Naomi Gregory. Located seven storeys above the Yarra River promenade, it features a 25-metre lap pool, spa and sauna, hot magnesium spa, biophilic gym, yoga and Pilates studio, cold-pail contrast treatment, and day spa treatment rooms. Further amenities include a piano lounge, bookable dining room, cinema room, golf simulator studio, games room, teppanyaki bar, dog wash bay, and two flexible work hubs, The Biblioteca library and Mills Place office space, catering to residents’ evolving lifestyle needs.

Construction of the $350 million tower is underway through Mirvac’s in-house construction arm, with completion anticipated for mid-2027.

[smartcode_project_cta:default project_id=114216]

Sky-high sanctuaries: Mirvac unveils The Aerus sub-penthouses at Trielle

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When Malcolm Turnbull addressed the National Press Club this week I was really hoping that he was going to announce some major policy critiquing for all matters pertaining to Australia’s ongoing housing affordability woes. 
Sadly, very little was offered where he clearly laid the blame at the states and territories which simply identified that very little would be happening to this space.
We can then expect political huffing and puffing until November 2, 2019 which is when Australia must contest the next election. A very strong possibility that we will see a changing of the guard where negative gearing laws will be changed which will then probably coincide with a major property downturn. On that basis, it is clear to predict the game plan for the next two and a half years. Property investors will go -hard simply because they want to get in before the negative gearing rules are changed (should there be a change in government.)
There is no doubt that property prices will continue to rise in 2017 to the extent that we may well see the cumulative house prices reach 100 per cent gains in five years in some areas. The latest statistics from CoreLogic revealed this week, identified the January price rise results showed Melbourne up an additional 11.8 per cent and continues to run amok at 16 per cent. Since June 2012, the cumulative increase in house prices has been 70.5 per cent, CoreLogic reported.
Two things I was expecting announcements on this week were immigration and reducing the off – the – plan ratios to overseas buyers. CBA senior economist Michael Workman said, ‘’housing affordability is set to worsen without federal action. 
The Federal Government controls some of the significant demand factors for housing markets, namely population growth via migration and the spectrum of tax and foreign investment policies that significantly inflate demand for existing and new housing. Housing affordability can be improved, via stabilising growth in house prices and rents, by gradual reforms to both supply and demand issues.”
In the present property environment, there is no need for off – the – plan sales to foreign buyers to remain at 100 per cent and this ratio is controlled by the Turnbull government.
<a href="https://www.propertyobserver.com.au/images/2017/06/VRN-2.png" target="_blank">Click to enlarge </a>
<img src="https://www.urban.com.au/images/2017/06/VRN-2.png" alt="">
Despite the construction of thousands of new apartments, we are not seeing an easing of rents as was the expected case. Data analysis from the NSW Rental Bond Board identified that NSW has more tenants than ever before. No surprises to learn that the most expensive five suburbs are Manly, Waverly, Woollahra, Willoughby and Mosman.
We can therefore expect to see these areas hot – spotting with investors as they know these areas provide the best rental returns as well as capital appreciation. Investors will keep driving these markets simply because the federal government has tinkered with superannuation, and property markets are out-performing the share market.
Of course, we all know that this will change over time although the momentum is much stronger with our respective governments doing absolutely nothing aside from weekly lip service.
 
<a href="https://www.propertyobserver.com.au/images/2017/06/VRN-Statistics.png" target="_blank">Click to enlarge</a>
<img src="https://www.urban.com.au/images/2017/06/VRN-Statistics.png" alt="">
 With much being written about money laundering within the Australian property markets the appointed watchdog, the Australian Transaction Reports and Analysis Centre (AUSTRAC), is investigating more than $3 billion in suspicious transfers from Chinese property investors last year.
This was further backed – up late last year when the major Australian lenders ceased lending to foreign buyers amid concerns. I was then surprised to read this week that foreign investors are again on the surge where this time they are paying cash to settle the full amount of the purchase.
Now many will be asking the obvious questions as to where all these monies are originating from based on recent announcements that the Chinese government had shut down money transfers from China?
Well, allow me to lay your concerns to rest – the smartest thing that Joe Hockey did when he was treasurer was to hand all data collection on every property transfer in Australia over to the Australian Taxation Office (ATO). You may have forgotten that some months later after reviewing the respective data an excited ATO announced that they were expanding their forensic property investigations back to 1985.
Just this week, I received a telephone call from one of the ATO investigators requesting purchaser contact information for a property we sold late last year. Nothing was said, I simply adhered to their request and provided the relevant information.
What this clearly tells us, is that every property transaction is scrutineered by the ATO and you can no longer beat the system.
With so many discussions on housing affordability this is one announcement that should please all those closely following the real estate movements. As each property settles all the data is then sent to the ATO for recording and investigation.
It has become very clear that everybody buying Australian real estate should know that each transaction is noted and investigated. And yes, they have the resources.
ROBERT SIMEON is a director of <a href="https://www.rwm.com.au/">Richardson Wrench Mosman and Neutral Bay</a> and has been selling residential real estate in Sydney since 1985. 
He has also been writing real estate blog <a href="https://www.rwm.com.au/news/">Virtual Realty News</a> since 2000.
 
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robertsimeon-hRNTwJyXkQ

Why housing affordability is a political no – go zone: Robert Simeon

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I was left eating humble pie this week following comments I made in an interview that appeared in the Australian Financial Review pertaining to the federal government’s announcement that another six homes had been identified as being acquired illegally and a further 462 sales under investigation. 
My response was “It’s nothing more than a PR stunt and a distraction. It’s been done for feel-good cuddles” – how wrong was I.
Later that day, I received an email from the Australian Taxation Office (ATO) boss heading up this investigation which (politely) outlined the detail of their inquiry which clearly identified the magnitude of this investigation which earnestly commenced in May this year. Owners of property bought illegally must voluntarily contact the ATO prior to 1 November 2015 to receive an amnesty of not being prosecuted.
Now once and for all, we will find out exactly what’s been happening as I have been saying for quite some time that this is rife within the real estate industry. It will be fascinating to see what recommendations are made and then implemented. I have been a strong proponent of tax file numbers being provided to the ATO on the exchange of contracts for every residential sale. It will also be interesting to see if the 100% selling ratio for all new developments is brought back to 50% as it was in 2008? Opening up our property markets to international exposure has certainly led to rapid price growth from Asian property investors.
Australia had a record number of 1.7 million international tourists visit last year which included a 21% surge from China.
This inquiry is timely given the number of recent global warnings of money laundering in real estate where Sydney and Melbourne have been suggested as hot spots. Residential property in Australia is the single largest and most valuable asset class worth an estimated $5.7 trillion. Sydney now ranks third in the world for luxury residential annual price growth according to Knight Frank’s Prime Global Cities Index. Sydney’s 12.5% growth now sits just behind Miami on 13.9% and Vancouver on 15% annual price growth. The report also identified that “a year ago eight cities recorded double – digit annual price growth. This quarter only four cities fell within this bracket.”
China’s shock devaluation significantly raises the risk that the Reserve Bank of Australia (RBA) will be forced to cut the cash rate further which is a worst case scenario for the RBA. More particularly when this week Deputy Governor Philip Lowe said “Given the position of household balance sheets, it is unlikely to be in our long – term interest for a consumption boom to be financed by a pick –up in household borrowing.”
“Ever-rising house prices, relative to our incomes, do increase risks in the economy and are unlikely to make us better off as a nation. Rising housing prices are best matched by rising incomes.”
Then of course we will have to wait to see how many divestment orders are issued by the ATO where hopefully the owners won’t be allowed to “flip” which was the case when Villa del Mare was issued with the first divestment order a few months back.
Another interesting aspect will be closely watching the Sydney and Melbourne clearance rates now that it is very clear the role that the ATO is playing with their pursuit of illegal purchases given that I am not the only one who thought this was all political shirt-fronting.
<h5>MOSMAN – 2088</h5>
• Number of houses on the market this time last year – 63
• Number of houses on the market last week – 48
• Number of houses on the market this week – 47
• Number of apartments on the market this time last year – 55
• Number of apartments on the market last week – 41
• Number of apartments on the market this week – 40
<h5>CREMORNE – 2090</h5>
• Number of houses on the market this time last year – 7
• Number of houses on the market last week – 3
• Number of houses on the market this week – 2
• Number of apartments on the market this time last year – 14
• Number of apartments on the market last week – 30
• Number of apartments on the market this week – 18
<h5>NEUTRAL BAY – 2089</h5>
• Number of houses on the market this time last year – 4
• Number of houses on the market last week – 2
•Number of houses on the market this week – 2
• Number of apartments on the market this time last year– 36
• Number of apartments on the market last week – 26
• Number of apartments on the market this week – 25
 
ROBERT SIMEON is a director of <a href="https://www.rwm.com.au/" target="_blank" title="RWM" rel="nofollow">Richardson Wrench Mosman and Neutral Bay</a> and has been selling residential real estate in Sydney since 1985.  He has also been writing real estate blog <a href="https://www.rwm.com.au/news/" target="_blank" title="Virtual Realty News" rel="nofollow">Virtual Realty News</a> since 2000. 
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Federal government property taskforce not for feel-good cuddles: Robert Simeon

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The Australian Taxation Office assistant commissioner Karen Foat predicts there will be a significant rise in negatively geared investors who claim a bigger tax deduction when their COVID-19 rental income does not cover the expense of owning the property.
Despite low interest rates, Australia's 2 million landlords have also missed out on millions of dollars in rental income.
<p data-gtm-vis-recent-on-screen-6236702_632="1593308659117" data-gtm-vis-first-on-screen-6236702_632="1593308659117" data-gtm-vis-total-visible-time-6236702_632="4000" data-gtm-vis-has-fired-6236702_632="1">Landlords collectively typically declare about $43 billion in total rent and $47 billion in deductions, Ms Foat told Nine Entertainment, with around 60 per cent of rental properties negatively geared.
"But we also know that this year, there's a lot of landlords who are receiving a reduced amount of rent, whether that's because their tenants are paying less, or unable to pay at all, or if their property is sitting vacant," she said.
"We would anticipate that there is going to be a greater number of people whose properties end up negatively geared because they still claim the expenses but they are likely to have some level of reduced rent."
SQM Research managing director Louis Christopher anticipates a national 2.5 per cent decline in aggregate rents for the 2020 financial year, and a 2.5 per cent decline for the following year, bringing total rental income down to $40.9 billion.
This could lead to an extra $2 billion worth of losses claimed at tax time.
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j.ballantyne1990-6AQqhLzZaK

ATO expects bigger landlord tax deduction claims given COVID-19 rental income drop

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The ATO has issued a guide to explain how to treat rental income and expenses, including how to treat more than 230 residential rental property items.
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<a href="https://www.ato.gov.au/uploadedFiles/Content/IND/downloads/Rental-properties-2020.pdf" target="_blank">Rental properties 2020</a> will help owners of rental property in Australia to determine:
* which rental income is assessable for tax purposes 
* which expenses are allowable deductions
*which records you need to keep
* what you need to know when you sell your rental property.
The guide explains how to apportion your expenses if only part of them are tax deductible.
It advises tax payers can no longer claim tax deductions for the cost of holding vacant land.
It also advised the situation if your rental property income and deductions have been affected by COVID-19 or recent natural disasters.
 
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2020 ATO tax guide for rental property expenses - how investors should treat 230 residential property items

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The Federal Court has frozen the assets belonging to Chinese businesswoman Min Wang, whose company is redeveloping the Swanston Central precinct in Melbourne. 
The assets frozen by the Federal Court judgment include a Normanby Street, Brighton home, an 2014 Aston Martin, a 2016 Rolls Royce, and a $106 million loan from a family trust.<source media="(min-width: 1180px)" data-pb-im-config='{"aspectRatio":0.666667,"type":"portrait2x3","width":220,"urls":["https://static.ffx.io/images/$zoom_1.488%2C$multiply_0.582%2C$ratio_0.666667%2C$width_378%2C$x_98%2C$y_0/t_crop_custom/e_sharpen:25%2Cq_85%2Cf_auto/4b01223f785235ea084276adf0131248d78379c4"," https://static.ffx.io/images/$zoom_1.488%2C$multiply_1.164%2C$ratio_0.666667%2C$width_378%2C$x_98%2C$y_0/t_crop_custom/e_sharpen:25%2Cq_42%2Cf_auto/4b01223f785235ea084276adf0131248d78379c4 2x"]}' srcset="https://static.ffx.io/images/$zoom_1.488%2C$multiply_0.582%2C$ratio_0.666667%2C$width_378%2C$x_98%2C$y_0/t_crop_custom/e_sharpen:25%2Cq_85%2Cf_auto/4b01223f785235ea084276adf0131248d78379c4, https://static.ffx.io/images/$zoom_1.488%2C$multiply_1.164%2C$ratio_0.666667%2C$width_378%2C$x_98%2C$y_0/t_crop_custom/e_sharpen:25%2Cq_42%2Cf_auto/4b01223f785235ea084276adf0131248d78379c4 2x"></source>
The Australian Taxation Office issued an assessment to Ms Wang totalling $103 million for the 2015 and 2016 years.
It is the second major tax dispute involving a Chinese property developer after billionaire Huang Xiangmo had his assets frozen over a $141 million tax debt.
Ms Wang and her husband, Liang Chen operate the Shandong Hengyi Group.
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The Melbourne-based Hengyi is developing 1000 apartments in the 72-storey tower in Swanston Street.
Ms Wang started in property development in Australia in 2010.
In 2014, she, Mr Chen and their children were granted permanent visas under Australia's business talent scheme.
The October 28 freezing order has been extended on until November 25.
The judgment by Justice Davies says there was "sufficient basis on which to be satisfied that there is a danger that assets may be dissipated in order to frustrate recovery."
"The amount of tax liability is very significant in circumstances where she has both the means and the motive to remove assets because of her control of each of the corporate entities and of the trusts of which those corporate entities are trustees," it says.
There was allegations that Ms Wang made false statements in her income tax returns for the 2014 and 2015 income years about her interests in China by saying she did not have assets outside Australia valued at $50,000 or more or an interest in any foreign controlled company, the judgment says.
"There is also evidence that Ms Wang gave misleading information to the Australian Taxation Office concerning the funding of the purchase and development of the property at 199 William Street, Melbourne by Hengyi Australia, a company of which Ms Wang is a sole director and shareholder," the judgment says.
"The evidence discloses that Ms Wang has experience in international financial dealings and a history of transferring assets and liabilities between related parties.
"She also has a history of not putting commercial agreements between related parties into writing."
The order does not prohibit Wang paying herself up to $1,000 a week in ordinary living expenses and paying reasonable legal expenses.
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Swanston Central Chinese developer's assets frozen by ATO over $103m tax bill

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The exiled Chinese billionaire Huang Xiangmo has accused the Australian Tax Office of being a "political weapon" that was surrendering to "unknown dark forces".
He said the Tax Office had been "reduced to a despicable tool of political persecution".
He questioned whether "Australian politicians and media outlets who bank on telling tales about China and the Chinese [are] any different from the White Supremacists or the McCarthyites".
The property developer is fighting a $140 million tax bill by resisting a court order to disclose his worldwide assets which the ATO seeks to freeze.
The Tax Office is seeking to bankrupt the Chinese billionaire.
The <a href="https://www.huangxiangmo.com/" target="_blank" data-track-relatedarticle="inarticlelink">statement</a> was published on his personal website.
Huang, a central figure in the ICAC's ongoing inquiry into the alleged Aldi plastic bag NSW Labor donations, has resided in Hong Kong since his Australian permanent residency visa was cancelled last December.
"Before my visa was unfairly revoked by ASIO, [the] ATO had not once brought up the large amount of tax payable as alleged in the case," Huang said.
"By taking advantage of its tax collection power for the purpose of political character assassination and persecution, the ATO has turned into a 'political weapon'."
Huang said accusations of him of being a Chinese "agent of influence" came without "even a hair of evidence for such allegation".
The bulk of the tax bill was attributed to the sale of a mansion in Hong Kong, which was said to give rise to a capital gains tax liability.
On Monday, the Federal Court continued the freezing order.
It ordered Mr Huang to disclose his worldwide assets within 21 days.
The ICAC is investigating allegations Huang made a $100,000 cash donation to the NSW Labor Party in 2015.
Huang was banned from making political donations in NSW under laws targeting property developers.
He has declined to give evidence by video to the ICAC but denied making the donation.
Huang said he had an "impeccable" tax record in Australia and had "never ... had any history of default anywhere, let alone any record of tax evasion".
Earlier this year two Australian Chinese-language papers devoted their front pages to an open letter backing exiled billionaire property developer after his permanent residency was cancelled for reasons including character grounds in early February.
It says the Morrison government's decision to cancel Huang's residency was outrageous and calls for it to be overturned.
The letter appears to be a paid ad.
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Exiled billionaire Huang Xiangmo brands Australian Tax Office a 'despicable tool of political persecution'

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The ATO are set to seize the personal finance data of more than 200,000 Airbnb homeowners in an attempt to crackdown on tax avoidance.
"Airbnb is currently under legal notice by the Australian Taxation Office to share information concerning your hosting activity from the period from 1 January to 30 June 2019," an email sent out to Australian members of Airbnb.
The move comes after the ATO suggested they believe there are a number of people not reporting their income. 
“We believe some people using sharing-economy platforms are failing to report their income, ­either on purpose or because they assume their level of activity constitutes a hobby and doesn’t require reporting,” the ATO advised.
“We also seek to identify taxpayers who use sharing-economy rental platforms as a way to disguise their property as being genuinely available for rent by listing the property but not responding to enquiries.”
Names, addresses and emails are all expected to be given to the ATO, as well as personal finance such as online banking, payments, booking dates and gross income.
The information gathered will start from the financial years 2016-17 and run to the current financial year.
Airbnb have recently announced the <a href="/news/airbnb-short-term-rental-rules-in-new-south-wales-get-closer">new draft rules for their hosts and guests</a> which includes an online list of banned members, as well as a three strikes and you're banned policy.
 
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Airbnb to hand over letting details to ATO

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The Australian Tax Office has signalled a crackdown on investment property tax claims.
It comes as a growing number of people top up their exisiting loans, then claim deductions on cash being used for new cars, holidays or to pay down other debt.
Karen Foat, ATO assistant commissioner, told Nine Entertainment it was targeting investment properties as "a top priority" after analysis revealed 90 per cent of rental deductions contained an error.
Foat advised audits scrutinising rental deductions will double this year amid the 2.2 million investment property owners.
The crackdown will look at borrowers who have used their loan account like a regular bank account, with deposits and withdrawals for a variety of private, investment or business purposes.
"If you have a loan that you use to buy an investment property, but then you draw down on the loan and pay for a holiday or car - the purpose of the loan is now partly investment and partly private, meaning that only some of the interest on the loan is likely to be tax deductible," said William Buck tax services director Todd Want.
Mr Want warned another focus will be investors who make one-off deductions for repairs or additions to an investment property that need to be claimed over several years.
Mr Want added: "The key point here is - were the materials the same, or similar and does the repair achieve the same function? If you replace it with something that is superior, then you probably can't claim the deduction, it must be depreciated over a number of years."
He said: "It might not be deductible in the year of replacing it, but instead needs to be depreciated and claimed over time.
The ATO has previously signalled it will also focus on people who do not declare income from short-term rentals or renting part of a house or unit.
Holiday property owners who claim expenses for periods where it not genuinely available for rent, or was used privately, will continue to be closely monitored.
 
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ATO's latest property investment crackdown

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The Australian Taxation Office (ATO) has filed a wind-up application against Park Trent Properties Group on the ground of insolvency. 
Park Trent Properties Group owes $692,579 in unpaid taxes to the Deputy Commissioner of Taxation.
The paperwork was filed February 22 in the Federal Court and it is set for an April 17 hearing.
The company, founded by Ron Cross in 1989, runs a one-stop investment shop acting as a buyer's agent, selling agent and property manager.
The taxes owing by the Wollongong-based property spruiker include a $385,537 superannuation guarantee charge assessment debt accumulated since 2016.
Park Trent Properties Group was the subject of a 2017 wind-up applications by the tax office in 2017, with Park Trent paying the ATO's legal costs.
Despite the wind-ups orders, the Australian Financial Review reported that Cross had continued to spruik his business, including directly to reporters from that publication. 
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Park Trent Properties again faces wind-up over unpaid taxes 

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According to the ATO up to 500 Tasmanian small businesses can be expecting a knock on the door from the ATO in March.
ATO Assistant Commissioner Peter Holt said businesses that advertise as 'cash only' and businesses that are operating outside will be especially targeted for a visit from the ATO.
“Businesses that pay cash in hand, or fail to lodge income tax or business activity statements get an unfair advantage and make it harder for other businesses who are doing the right thing. By detecting and addressing this behaviour, we’re helping ensure a level playing field for honest small businesses.”
Tasmanian businesses in the following industries are most likely to get a visit from the ATO in March:
<ul>
<li>Restaurants and cafes</li>
<li>Vehicle repairers</li>
<li>Personal care businesses including hairdressers and nail salons</li>
<li>Pharmacies</li>
<li>Construction businesses</li>
<li>Clothing stores</li>
<li>Grocery stores / small supermarkets</li>
<li>Butchers</li>
</ul>
“In the 2019-20 financial year, we’ll be visiting a further 10,000 small businesses across the country, including in Tasmania”, Mr Holt said.
Tasmanian businesses who are not declaring income or underpaying workers are contributing to the black economy.
“The black economy is estimated to be costing the community as much as $50 billion, which is approximately three percent of Gross Domestic Product (GDP). This is money that the community is missing out on for vital public services, like schools, roads, healthcare, and infrastructure”, Mr Holt said.
Whilst on the road in Tasmania, ATO officers will also be available to help those businesses that are trying to do the right thing.
“We obviously want businesses to succeed, so we put a lot of effort in to support, education, and assistance services. We offer seminars, videos, a dedicated small business newsroom, an after-hour call back service, even an app that businesses can use to check the performance of their business on the go”. Mr Holt said.
“We understand that people are busy and most businesses are trying to meet their obligations – but there is a difference between needing help, making mistakes and deliberate cover-ups.”
Mr Holt said the ATO will not hesitate to take strong enforcement action against those deliberately avoiding their tax and super obligations and the visits may uncover this deliberate non-compliance.
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