<p>Leeka Group has gone down the path of bringing a heightened level of wellness to its recently unveiled Melbourne apartment development, Comme Prahran.</p>

<p>It isn't in the form of a suite of amenities, given the building is more boutique in nature with just 32 apartments, but with clever inclusions designed to uplift their residents lifestyle.</p>

<p><a href="https://www.apartments.com.au/new-apartments/comme-prahran-182-194-commercial-road-prahran-vic-3181">Comme</a>, directly opposition the iconic Prahran Market on Commercial Road, has been designed by renowned architecture studio <a href="https://www.apartments.com.au/architects/cera-stribley-architects">Cera Stribley</a> and&nbsp;will introduce the first-of-its-kind multi-dimensional wellness offering, where physical, mental, social, environmental, and cultural well-being are embedded throughout.</p>

<p>“Prahran has long been a destination for culture, community and quality of life, and Comme builds on that in a deeply intentional way,” says Leeka Director, Chek Ming Cheng.&nbsp;</p>

<p>“This project introduces a new kind of urban sanctuary, one that adapts to individual definitions of wellness, whether that’s through nutrition, rest, movement, design or connection. Every space has been thoughtfully shaped to support the diverse rhythms of modern life."</p>

<p>[smartcode_project:default project_id=108413 project_image_fid=353544]</p>

<p>There will be a rooftop with a&nbsp;Zen garden designed by <a href="https://www.apartments.com.au/landscape-architect/plume-studio">Plume Landscape Architects</a>, offering&nbsp;a sensory experience that activates all five senses, an edible herb wall to taste, calming botanicals to smell, reflexology paths to feel, lush plantings to see and the gentle sounds of water and birdsong to hear.</p>

<p>Inside each residence, wellness is deeply personal, and Comme embraces this individuality with a suite of customisation options designed to enhance both health and lifestyle. Residents can tailor their homes with circadian lighting automation, supported by research linking it to improved well-being, better rest, and even longevity.&nbsp;</p>

<p>[smartcode_project:default project_id=108413 project_image_fid=353546]</p>

<p>Other add-ons residents can opt for include real-time air monitoring and purification systems, ensuring a cleaner, healthier environment, while blackout blinds help optimise sleep quality. Additionally, the option to include integrated smart home technologies and security measures with multiple controlled access points offers ease, convenience, and peace of mind, supporting day-to-day living and contributing to overall mental well-being.</p>

<p>Kitchens can be fitted with healthy cooking appliances such as steam ovens and taps for instant filtered, sparkling or hot water, while ensuites can be transformed into spa-style sanctuaries complete with steam showers, heated floors, rain heads, smart toilets, and sensor night lights to support restful sleep cycles. In the penthouse residence, further options include an outdoor spa for enhanced recovery and indulgence.</p>

<p>“Comme isn’t just about design, it’s about how space can support your day-to-day life," Chek added.</p>

<p>"Whether you like a steam shower, checking your indoor air quality, simply enjoying a quiet moment in the rooftop garden, or reflecting on the artworks in the building, wellness is part of your everyday routine, not an afterthought."</p>

<p>[smartcode_project:default project_id=108413 project_image_fid=353543]</p>

<p>The residences will feature open-plan layouts compliant with Better Apartment Design Standards (BADS), with floor-to-ceiling windows that maximise ventilation, natural light and thermal comfort. Finishes such as natural stones, timber flooring and low-VOC paints are complemented by facade design that filters dappled light and aids in thermal comfort.</p>

<p>Cera Stribley, Co-Founder, Domenic Cerantonio, said the first thing you notice is the light.</p>

<p>"Natural light floods the living spaces, casting a soft glow that instantly lifts your spirits. It's as if the outside world melts away, and you're cocooned in a peaceful oasis."</p>

<p>The gallery-style residential lobby will feature circadian-inspired lighting and artwork, while the ground-floor will offer retail and hospitality spaces.</p>

<p>The building’s mixed-use design fosters connection, with ground-floor retail and hospitality creating a vibrant, welcoming destination. These spaces are thoughtfully designed to enhance the precinct and bring it to life.</p>

<p>&nbsp;</p>

<p>[smartcode_project:default project_id=108413 project_image_fid=353545]</p>

<p>Sustainability and environmental responsibility are integral to Comme Prahran’s DNA. All homes are gas-free and designed to a 7-star energy average, with double glazing, WELS-rated plumbing, and EV charging capabilities available. A light-coloured exterior has been chosen to minimise heat absorption, supporting thermal efficiency and reducing reliance on artificial cooling.</p>

<p>Honouring the cultural richness of Prahran, the project reimagines an Edwardian-era landmark, integrating its historic character into a contemporary architectural form. Art experiences will activate the residential and retail lobbies, and a dedicated artwork on the external eastern facade will enrich the building’s street presence, embedding it into the creative fabric of the neighbourhood.</p>

<p>&nbsp;</p>

<p>[smartcode_project_cta:default project_id=108413]</p>


Joel Robinson

Comme Prahran launches opposite Prahran Market

<p>Apartment developer Third.i has seen "overwhelming interest" in its recently unveiled new harbourside apartment project, The Rushcutters.</p>

<p><a href="https://www.apartments.com.au/new-apartments/the-rushcutters-51-57-bayswater-road-rushcutters-bay-nsw-2011">The Rushcutters</a>, which is being delivered in partnership with James Packer's NPACT, will comprise just 13 luxury two- and three-bedroom apartments.&nbsp;</p>

<p>Demand is predominantly coming from local downsizers.</p>

<p>[smartcode_project:default project_id=144646 project_image_fid=351903]</p>

<p>“We’ve been absolutely blown away by the level of interest in The Rushcutters,” said Luke Berry, Director and Co-founder Third.i Group.</p>

<p>“It’s clear that buyers are seeking more than just a place to live, they’re looking for a lifestyle upgrade. The ability to amalgamate apartments into expansive, whole-floor homes is a game-changer for downsizers who want space without the maintenance of a traditional house.”</p>

<p>The Rubinstein Group is marketing the project alongside Hume Residential and JLL.</p>

<p>“It’s no surprise that if you’re downsizing from a five-bedroom house in Bellevue Hill, for example, you want to maintain that sense of space and luxury when looking for your next home, "&nbsp;Gavin Rubinstein, Founder of The Rubinstein Group, said.</p>

<p>“The Rushcutters is a great fit. Amalgamating apartments to create a bespoke, whole-floor home is a natural progression for buyers who aren’t willing to compromise on size and/or quality.”</p>

<p>[smartcode_project:default project_id=144646 project_image_fid=351901]</p>

<p>Amalgamating apartments has become a common theme among high-end buyers across Third.i's portfolio including Muse in Potts Point, and Elevate Hume Place in Crows Nest, which set a Lower North Shore apartment record with the $15.1 million sale of an amalgamation of a penthouse and sub-penthouse.</p>

<p>“We’re witnessing a clear shift towards more amalgamations in a number of our projects across Sydney,” said Jason Fraser, Principal at Woods Bagot.</p>

<p>[smartcode_project:default project_id=144646 project_image_fid=351899]</p>

<p>“The ability to combine apartments is enabling buyers to create truly unique, house-sized residences with high-end finishes, and proximity to vibrant urban precincts. The desire to amalgamate apartments to bespoke, house-sized residences is becoming a defining feature of Sydney’s evolving luxury apartment market."</p>

<p>Due to the City of Sydney’s no net dwelling loss policy, Thirdi is only able to offer one level for amalgamation at The Rushcutters, combining two apartments into a single, expansive residence.</p>

<p>[smartcode_project_cta:default project_id=144646]</p>


The Rushcutters a "great fit" for downsizers

<p>Lower North Shore developer <a href="https://www.apartments.com.au/developers/abadeen-group">Abadeen</a> has secured development approval for its ultra-luxury residential project on the <a href="https://www.apartments.com.au/new-apartments/34-burran-avenue-mosman-nsw-2088">dress circle Burran Avenue</a>.</p>

<p>The project, just&nbsp;50 metres from Balmoral Beach within Mosman’s prestigious Golden Triangle, will commence construction in early 2026,&nbsp;following the successful completion of its nearby Hampden Mosman project.</p>

<p>Lodged in April 2025 and approved in September 2025, the development will comprise three whole-floor residences, each designed to capture panoramic harbour views through Sydney Heads.</p>

<p><img alt="34 Burran Avenue, Mosman" data-entity-type="file" data-entity-uuid="7f4c7816-0ac8-4ef7-be0a-8ef23b693b68" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/BURRAN%20EV01%20R04%20option%201%20%281%29.jpg?VersionId=gVzI8pT6_K59Nhzaz0FLEvY6Kj9Kc8Fg" /></p>

<p>Set on an elevated 550 sqm corner site at the junction of Burran Avenue and Stanton Road, the building has been designed to sit within Balmoral’s natural slope. The façade mixes stone and metal cladding with angular forms, while oversized terraces and full-height sliding doors create a connection between interior living spaces and outdoor entertaining areas.</p>

<p>The delivery team from Abadeen’s Hampden Mosman project, which includes construction company Reform Projects and interiors company Mathieson, has been retained to bring the same level of execution and craftsmanship to Burran Avenue.</p>

<p><a href="https://www.apartments.com.au/architects/platform-architects">Platform Architects</a> has been appointed project architect, bringing extensive experience from recent luxury residential projects in Manly, Fairlight and Freshwater.</p>

<p>&nbsp;</p>

<p>Justin Brown, Executive Chairman and Founder of Abadeen, said sites of this calibre, this close to Balmoral, are incredibly rare.</p>

<p>“Burran Avenue is an extraordinary site; its location, its scale and its outlook make it truly one of a kind. Receiving DA approval marks an exciting milestone for Abadeen."</p>

<p>"We’re proud to be moving forward with an exceptional team to deliver a project that will set a new standard for ultra-luxury living on Sydney’s Lower North Shore. Construction is planned to commence in early 2026, and interest is already strong from discerning local buyers who recognise the uniqueness of this address."</p>

<p>Brown anticipates prices will set new Mosman benchmarks above $20 million. Sales are expected to launch in March 2026.</p>


Abadeen approved for Mosman's priciest apartments

<p>Lifestyle developer <a href="https://www.apartments.com.au/developers/gurner">GURNER™ Group</a>, in partnership with Costa Property Group, has announced plans to reimagine Cunningham Pier in Geelong, one of Victoria's most recognisable heritage landmarks.</p>

<p>The announcement follows the City of Greater Geelong’s release of its Draft Geelong Waterfront Master Plan, which seeks to revitalise the waterfront with new energy, tourism, and investment. GURNER and Costa Property Group’s vision aligns with the Council’s ambitions to create a vibrant, connected, and economically powerful precinct for the community.&nbsp;</p>

<p>The future of Cunningham Pier will draw inspiration from Sydney Harbour’s luxury waterfront residences through to Dubai’s sculptural pier-edge towers, blending architectural excellence with &nbsp;resort-style living, hospitality, and public amenity.&nbsp;</p>

<p>The concept, described as “Saint Moritz on the Sea”, is envisioned to include:&nbsp;</p>

<ul>
	<li>Six-star hotel accommodation and services&nbsp;</li>
	<li>World-class restaurants, bars, and public spaces&nbsp;</li>
	<li>High-end residential offerings&nbsp;</li>
	<li>Entertainment and cultural venues&nbsp;</li>
	<li>Potential cruise ship port facilities, integrating Geelong into the global travel network&nbsp;</li>
</ul>

<p>The transformative project aims to become a magnet for tourism, investment, and innovation, while &nbsp;ensuring continued public access and connection to Corio Bay’s pristine waterfront.&nbsp;</p>

<p>Cunningham Pier has been operated by Costa Property Group for more than 15 years, with the City of Greater Geelong expressing strong support for strategic commercial partnerships that unlock &nbsp;tourism-led economic development for the region’s fast-growing population.&nbsp;</p>

<p>Tim Gurner, Founder &amp; Executive Chairman, GURNER™ Group, said the project is a "once-in-a-generation opportunity to put Geelong on the global map," adding that their version will be of what icons like the Opera House, Story Bridge or Empire State Building have done for other great cities.</p>

<p>“We’ll be working hand-in-hand with the Mayor, Council, the local community, and State Government to deliver something truly iconic that positions Geelong on the world stage. This project brings together everything we’ve built our brand on – world-class design, hospitality, &nbsp;lifestyle, and experience – all in one place. From six-star hotels and restaurants to the possibility of a &nbsp;new cruise ship terminal and luxury residences, the vision is extraordinary.”&nbsp;</p>

<p>City of Greater Geelong&nbsp;Mayor Stretch Kontelj said he welcomes the "bold and inspiring vision reimagining our beloved Cunnigham Pier as a global destination."</p>

<p>"This ambitious plan and the opening of Nyaal Banyul Geelong Convention and Event Centre next year have the potential to take our already world-class waterfront to even greater heights.”</p>


Sydney Harbour, Dubai pier towers, to influence Gurner's Cunningham Pier, Geelong development

<p><a href="https://www.apartments.com.au/architects/bates-smart">Bates Smart</a> is one of Melbourne's longest standing architecture firms.</p>

<p data-end="421" data-start="0">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.</p>

<p data-end="826" data-start="423">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.</p>

<p data-end="1220" data-start="828">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.</p>

<p data-end="1220" data-start="828">Melbourne developer Time &amp; Place decided to bring Bates Smart back to the area to design their next residential apartment project, Park Modern.</p>

<p data-end="1220" data-start="828">[smartcode_project:default project_id=138453 project_image_fid=2138]</p>

<p data-end="1220" data-start="828"><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.</p>

<p data-end="1220" data-start="828">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.</p>

<p>"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.</p>

<p>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.</p>

<p>The brief focused on creating a built form that would feel contextually appropriate while offering a contemporary evolution of inner-city apartment living.</p>

<p>[smartcode_project:default project_id=138453 project_image_fid=2137]</p>

<p>The focus for Park Modern is squarely on owner-occupiers.</p>

<p>“It’s not always about downsizing," Price says.</p>

<p>"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.”</p>

<p>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.</p>

<p>Each apartment has been oriented to maximise natural light and provide a clear outlook, elements often cited by owner-occupiers as key criteria.</p>

<p>[smartcode_project:default project_id=138453 project_image_fid=351806]</p>

<p>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.</p>

<p>“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.</p>

<p>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.</p>

<p>A display suite for Park Modern is now open by appointment, giving prospective buyers an early look at the project.</p>

<p>[smartcode_project_cta:default project_id=138453]</p>


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

Bankruptcies

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<p class="legacy"><strong>EXPERT INSIGHT</strong></p>

<p>The vast arsenal of fiscal, monetary and legal measures used by Australian governments to offset the COVID-induced economic crisis have worked well. They did not prevent a recession (popularly defined as two quarters of negative GDP growth) but things could have been much worse.</p>

<p>What is particularly interesting is that the expected consequences have not shown up in the official statistics for financial distress – insolvent companies entering administration and individuals declaring bankruptcy.</p>

<p>Indeed, a misleading impression of 2020 being one of “economic good times” could be gained from the statistics.</p>

<p>The big question is whether these statistics show government relief measures have averted economic pain or simply deferred it. As measures are wound down and withdrawn, will the private sector be willing and able to pick up the resulting slack?</p>

<p><strong>Companies entering administration</strong></p>

<p>There are, of course, “lies, damn lies, and statistics”. The figures hide what is likely to be actually happening in terms of financial distress.</p>

<p>Impacts on businesses and individuals have been quite varied. Some large corporations have come through in good shape, much better than might have been imagined. But the tourism, hospitality, entertainment and higher education sectors have taken significant hits and face an uncertain and drawn-out recovery.</p>

<p><a href="https://download.asic.gov.au/media/5946060/asic-insolvency-statistics-series-1-published-february-2021.xlsx">Using data</a> from the Australian Securities and Investments Commission, shows the number of companies entering external administration (quarterly from 2010 to 2020).</p>

<p>Notable is the decline in business collapses in 2020 – the opposite of what one would expect in a time of economic stress.</p>

<p><strong>A number of policy actions contributed to this.</strong></p>

<p>The most obvious contributors to keeping failing businesses alive were JobKeeper payments as well as changes increasing “<a href="https://asic.gov.au/about-asic/news-centre/articles/directors-duties-in-the-context-of-covid-19/">safe-harbour protections</a>” to reduce the risk of prosecution for trading while insolvent. These changes also reduced the ability of creditors to speedily force a debtor company into insolvency.</p>

<p>In many cases it is quite possible these simply put off that day to some time in 2021.</p>

<p><strong>Individuals declaring bankruptcy</strong></p>

<p>At the personal level, which includes owners of small unincorporated businesses, a similar pattern can be seen.</p>

<p>The next uses data from the <a href="https://www.afsa.gov.au/about-us/statistics/quarterly-personal-insolvency-statistics">Australian Financial Security Authority</a>. It shows the number of individuals entering into insolvency (bankruptcy, debt agreements etc) on a quarterly basis. The latest data is for the September quarter of 2020. The number had fallen to about half of what it had been prior to 2020.</p>

<p>Notably, the number of personal insolvencies began falling in early 2018. There is no obvious single explanation for this trend, though good economic conditions and low interest rates are probably part of the story.</p>

<p>The further decline in 2020 (in contrast to expectations of an increase) is most likely due to legislative changes introduced in March 2020 and extended in September 2020. These include increasing the size of debt owed before a creditor can initiate action from A$5,000 to A$20,000, and allowing debtors six months (rather than 21 days) to respond to creditor demands. Mortgage repayment deferrals by banks also would have helped.</p>

<p><strong>A difficult balancing act</strong></p>

<p>What to make of these unexpected declines in official indicators of financial distress when economic conditions have surely increased the reality?</p>

<p>The more optimistic interpretation is that various government support measures have prevented both business and individuals sliding into insolvency.</p>

<p>The less optimistic interpretation is the measures have simply deferred the final outcome – with the statistics soon to show a bounce in business failures and personal insolvencies.</p>

<p>There is no point keeping “zombie” businesses alive, nor in dissuading heavily indebted individuals from taking action under insolvency arrangements that can give them a fresh start.</p>

<p>But finding the right balance of continuing support for recoverable cases while terminating it for others (and limiting the hardship caused by failure) is a difficult and challenging task for our economic masters.<img alt="The Conversation" height="1" src="https://counter.theconversation.com/content/155744/count.gif?distributor=republish-lightbox-basic" width="1" x21hkp71h=""></p>

<p><span><a href="https://theconversation.com/profiles/kevin-davis-3497">Kevin Davis</a>, Emeritus Professor of Finance, <em><a href="https://theconversation.com/institutions/the-university-of-melbourne-722">The University of Melbourne</a></em></span></p>

<p>This article is republished from <a href="https://theconversation.com">The Conversation</a> under a Creative Commons license. Read the <a href="https://theconversation.com/hard-bump-ahead-drop-in-insolvencies-and-bankruptcies-is-a-ticking-time-bomb-155744">original article</a>.</p>
</body></html>

kdavis

Hard bump ahead? Drop in insolvencies and bankruptcies is a ticking time bomb

<html><body>
<div><span>The latest regional quarterly figures from the Australian Financial Security Authority (ASFA) provided the most compelling evidence yet of rising financial stress levels. </span></div>
<div><span> </span></div>
<div><span>Although the number of Part IV and Part XI bankruptcies was higher in the March quarter than in the preceding three months to December, year on year there was a modest decline. </span></div>
<div><span> </span></div>
<div><span>Western Australia has seen a clear uptrend since the June quarter of 2014 as the resources downturn continues to bite.</span></div>
<div><span> </span></div>
<div><a href="https://www.propertyobserver.com.au/images/2017/05/26/p1.jpg" target="_blank"><span>Click to enlarge</span></a></div>
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<div><span> </span></div>
<div><span>Looking at new personal insolvency activity, however, there was a clear rise in the number of debtors both on a quarterly and on an annual basis. </span></div>
<div><span> </span></div>
<div>
<span>Here too the figures for Western Australia reveal clear signs of financial stress, but in fact there was a strong increase in the number of debtors right across the board in the first quarter of the calendar year.</span><br><span><br></span><span>Below the figures for personal insolvencies are smoothed on a rolling annual basis to strip out seasonality. </span>
</div>
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<div><strong><span style="text-decoration: underline;"><span> </span></span></strong></div>
<div class="separator"> </div>
<div>
<strong><span style="text-decoration: underline;"><span>Sydney stress emerges</span></span></strong><br><span><br></span><span>The number of debtors entering personal insolvency in Greater Sydney increased by a non-trivial 11 per cent in the March quarter.</span><br><span><br></span><span>Drilling into the statistical areas it is clear that many of Sydney's lower socio-demographic suburbs and LGAs are driving the increase, with elevated levels of activity in Penrith, Campbelltown, Bankstown, and Blacktown, and a secondary tier of stress emerging in Fairfield and Liverpool. </span>
</div>
<div><span> </span></div>
<div>
<span>There is also a growing heat spot of financial stress focused on the Central Coast, with rising debtor activity reported in Gosford and Wyong. </span><br><span><br>As explicitly predicted in our Long &amp; Short Reports, the <span>region with the highest proportion of new debtors in the adult population was St Marys, for the apparent reasons explained in the report. </span></span><br><div><span> </span></div>
<div><span>Across regional New South Wales, there was also a small flash of debtor activity in Newcastle during the March 2017 quarter, which will warrant careful monitoring. </span></div>
<div><span> </span></div>
<div><strong><span style="text-decoration: underline;"><span>Stress on the urban fringe</span></span></strong></div>
</div>
<div><span> </span></div>
<div>
<span>Similarly in Queensland the greatest contributor to the rising number of personal insolvencies was the outer urban region of Ipswich, including Springfield, while there was also a higher number of new debtors reported in the Logan region, where unemployment rates are elevated.</span><br><span><br></span><span>Scanning out across regional Queensland the regions with the highest number of new debtors in the March quarter included Townsville and Rockhampton. </span><br><span><br></span><span>Meanwhile in Greater Melbourne the greatest number of insolvencies was also seen in outer suburban hubs such as Wyndham, Whittlesea-Wallan, and Frankston. </span><br><span><br></span><span>With both full time employment growth and wages growth so weak, the rise in the number of insolvencies looks set to continue. </span>
</div>
<div><span><strong> </strong></span></div>
<div>For ongoing timely analysis of mortgage arrears and personal insolvency activity, please see our detailed monthly subscription reports. </div>
<div><span> </span></div>
<div><strong><span style="text-decoration: underline;"><span>Rising population</span></span></strong></div>
<div><span> </span></div>
<div><span>It should be noted that with Australia's population swelling by well over 1 million people every three years or so, it is more or less assured that the absolute number of personal insolvencies will rise over time. </span></div>
<div><span> </span></div>
<div><span>Adjusting the number of personal insolvencies for the size of the incumbent population and we can expect to see Queensland and Western Australia rising to the top of the pile, being the states most comprehensively impacted by the winding down of resources construction (and in Queensland's case, severe flooding). </span></div>
<p><a href="https://www.propertyobserver.com.au/images/2017/05/26/p3.jpg" target="_blank">Click to enlarge</a></p>
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<div class="separator"> </div>
<div>Note that there is a series break in activity in the Australian Capital Territory (ACT), since before 2005 personal insolvencies were reported by state of lodgement rather than state of residence. </div>
<p><strong><span style="text-decoration: underline;"><span>The wrap</span></span></strong></p>
<div><span>Overall, the ASFA figures provide compelling evidence of a rising trend in the number of people in financial difficulty. </span></div>
<div><span> </span></div>
<div><span>The regions showing the greatest levels of financial stress fit closely with what has been previously highlighted in our detailed market reports. </span></div>
<div><span> </span></div>
<div><span>In the absence of further monetary policy easing, a further rise in insolvencies appears inevitable. </span></div>
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<p><em>PETE WARGENT is the co-founder of <a href="https://allenwargent.com/" target="_blank" rel="nofollow">AllenWargent</a> property buyers (London, Sydney) and a best-selling author and <a href="https://petewargent.blogspot.com/" target="_blank" rel="nofollow">blogger</a>.</em></p>
<p><em>His latest book is <a href="https://www.bigskypublishing.com.au/Books/General-Interest/Four-Green-Houses--and-a-Red-Hotel/1015/productview.aspx" target="_blank" rel="nofollow">Four Green Houses and a Red Hotel</a>.</em></p>
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pwargent-M4siyDbqQY

Sydney property concerns emerge in rising financial stress: Pete Wargent

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<p>Ian Romi, also known as Naim Rahimi, has been placed him on a good behaviour bond for two years after pleading guilty to the disposal of property sale funds prior to bankruptcy.</p>
<p>He pleased gulf to making a false declaration in his bankruptcy Statement of Affairs.</p>
<p>In July 2014, Mr Romi received $30,000 as a result of a property settlement.</p>
<p>Within two weeks he had withdrawn $24,000 in cash from his account, using $10,000 for a holiday and gambling the balance at a casino.</p>
<p>This money should have been used to pay his creditors, the Australian Financial Security Authority advised.</p>
<p>Rahimi was sentenced on 22 November 2017 at the Brisbane Magistrates Court. </p>
<p>On 28 July 2014, Mr Romi filed for voluntary bankruptcy with debts in excess of $113,000.</p>
<p>He failed to disclose in his Statement of Affairs that he had sold a house in 2013, that he had made a profit in relation to the sale of another house and that he had transferred ownership of motor vehicles prior to bankruptcy.</p>
<p>In an interview with AFSA investigators, Mr Romi admitted he received the $30,000 prior to bankruptcy and just ‘blew it.’</p>
<p>Magistrate Quinn convicted Mr Romi and placed him on a good behaviour bond for two years. In sentencing, the Magistrate considered Mr Romi’s early plea which indicated his remorse, his cooperation and the fact that he had no previous convictions.</p>
<p>The matter was prosecuted by the Office of the Commonwealth Director of Public Prosecutions on behalf of the Australian Financial Security Authority.</p>
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