<a href="https://www.apartments.com.au/developers/capital-corporation">Capital Corporation</a> has announced that its <a href="https://www.apartments.com.au/new-townhouses/lovedale-farm-1054-1184-wine-country-drive-lovedale-nsw-2325">Lovedale Farm</a> residential, resort and golf project has secured $24.6 million in sales in just three weeks since the opening of its display home, underscoring the appetite for premium lifestyle property in the Hunter Valley countryside.

The sales milestone has been driven by a diverse mix of buyers, including owner-occupiers and investors from Sydney, Newcastle and the local Hunter region, purchasing both land-only lots and house and land packages across the development.

<img alt="Lovedale" data-entity-type="file" data-entity-uuid="e173edc9-e60e-4f19-a060-9dc4421a3233" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/LovedaleFarm_20250215-1.jpg?VersionId=1LY6CvOaD.Dzrt8tWpWxXtPyfchixNIo" />

&nbsp;

The result builds on the momentum generated at the display home opening on 22 March, which attracted more than 460 attendees.

With house and land pricing from $1.14 million, Lovedale Farm continues to attract strong interest from buyers seeking a premium lifestyle offering at a compelling price point. The development’s vision, a championship golf course, future epicurean village and access to the Hunter Valley’s celebrated wine country, has resonated with a broad buyer profile, from first-time investors to those looking to make the move and call the Hunter Valley home.

<img alt="Lovedale Farm records $21.4 million in sales in three weeks" data-entity-type="file" data-entity-uuid="b358e789-e1eb-40ed-8105-ed5c8297136f" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/20260321LovedaleFarmDisplayHomeOpening--6.jpg?VersionId=6GUO8TNnxuELONrsM6n9imDB6oc82Bor" />

Jim Hunter, Managing Director of Capital Corporation said the response since opening the display home has been encouraging.

"To reach $24.6 million in sales in just three weeks speaks to the genuine demand for a lifestyle community of this calibre in the Hunter Valley," Hunter says.

"We’re seeing buyers from across the region and beyond, including investors who recognise the long-term value, and owner-occupiers who simply want to live somewhere truly special.

“Lovedale Farm is two decades in the making, and the market’s response is everything we hoped for. We’re excited to see these first buyers become part of the Lovedale Farm story from the very beginning."

<img alt="Lovedale" data-entity-type="file" data-entity-uuid="54d985cf-2ac2-400b-ac02-4401f3421ac7" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/20260321LovedaleFarmDisplayHomeOpening--5.jpg?VersionId=3866bPoqpLZsm.3ACg9EafAr1W3miC_f" />

&nbsp;

Spanning 240 hectares on Wine Country Drive in <a href="https://www.apartments.com.au/developments/lovedale-nsw-2325">Lovedale</a>, the $1 billion development is expected to deliver around 1,250 jobs during construction and inject more than $300 million into the local economy. The first 200 homes and championship 18-hole golf course are anticipated for completion in late 2027.

Capital Corporation has also lodged development plans for the Lovedale Farm clubhouse, set to become a vibrant hub for residents and the wider Hunter Valley community. Further releases are planned for later this year.

[smartcode_project_cta:default project_id=14476]

Joel Robinson

Lovedale Farm display home opening triggers $24.6 million in sales in three weeks

Prominent Malaysian developer <a href="https://www.apartments.com.au/developers/osk-property">OSK Property</a> has unveiled <a href="https://www.apartments.com.au/new-apartments/aura-at-melbourne-square-7-hoff-boulevard-southbank-vic-3006">Aura</a>, the next stage of its $3.5 billion Melbourne Square precinct in Southbank, continuing its push into wellness-led, amenity-rich apartment living.

The $800 million tower, planned for 7 Hoff Boulevard, will rise 67 storeys and deliver 673 apartments, with COX Architecture drawing on both Japanese design principles and Australia’s natural landscape to shape the building’s identity. A rectangular grid aesthetic defines the building’s exterior, with COX drawing design cues from New York high-rises and Tokyo’s skyline.

Aura builds on a growing trend in high-density living, where wellness is no longer an add-on but central to the product. The development is structured around four key pillars, combining calm, minimalist residences with layered communal spaces, landscaped gardens, and a suite of wellness amenities designed to support both physical and mental wellbeing.

[smartcode_project:default project_id=151921 project_image_fid=367465]

At the core of the project is what OSK describes as a vertical wellness ecosystem, a multi-level approach to amenity that integrates health, lifestyle, and social spaces throughout the building rather than confining them to a single level.

The main resident hub, the Aura Club on level seven, will include a pool, cold plunge, spa, gym, Pilates and yoga studios, alongside more lifestyle-driven inclusions like a golf simulator, music rooms, library, and work-from-home spaces. Above, a series of higher-level amenity zones, including the Meridian Club and Cumulus Club, introduce more refined, social and retreat-style environments, with private dining, lounges, and premium wellness spaces positioned to take advantage of city views.

[smartcode_project:default project_id=151921 project_image_fid=367467]

The residences themselves will largely include balconies, a key design move in a market increasingly focused on natural light, airflow, and connection to the outdoors. Views will extend across the CBD, the Arts Precinct, Royal Botanic Gardens, and beyond.

Aura also introduces approximately 1,600 sqm of retail across the lower levels, further activating the Melbourne Square precinct, which already includes Kennedy Park, a Woolworths, childcare, and a growing mix of hospitality operators.

[smartcode_project:default project_id=151921 project_image_fid=367474]

“Aura stands tall as an exemplar of holistic wellness – its focus on social, physical and mental health culminate in a building that is calming, restorative and relaxing, where residents will have their own sanctuary within the well-connected and sought-after <a href="https://www.apartments.com.au/developments/southbank-vic-3006">Southbank</a>," says&nbsp;OSK Property CEO Chong Boon Woon.

“We have been very encouraged by the market’s response to the BLVD offering, and we know there is a strong demand for the level of amenity, service and design that the Melbourne Square precinct is known for.

“Complemented by work-from-home lounges for professionals, family friendly outdoor garden spaces, and state-of-the-art fitness and wellness facilities, Aura will continue our focus on maximising physical, emotional, and mental wellbeing,” he said.&nbsp;

[smartcode_project:default project_id=151921 project_image_fid=367475]

The project follows the strong performance of BLVD, which is now around 80 per cent sold, and reinforces OSK Property’s long-term commitment to Melbourne Square as a fully integrated, mixed-use precinct.

Construction is expected to commence in late 2026.

[smartcode_project_cta:default project_id=151921]

OSK unveils AURA, the latest stage in Southbank's $3.5 billion Melbourne Square precinct

National developer Time &amp; Place appears to have settled on a design for its long-anticipated Potts Point project.

After several years of back and forth with local council and the NSW Government, the developer, which has spent seven years targeting the former The Chimes site on Macleay Street, has now progressed its plans.

Following a concept design submission last year by SJB, Time &amp; Place has lodged a full State Significant Development Application with the NSW Government, this time for a scheme designed by Kerry Hill Architects.

<img alt="Time &amp; Place" data-entity-type="file" data-entity-uuid="504d2a27-d65f-4227-8189-1e35e3376e62" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-04-20%20at%209.38.24%E2%80%AFAM.png?VersionId=_XqFKATYHF30KnVByPxhaI9UBzmkmfn7" />

The 16-storey proposal includes 44 apartments, 21 of which will be build-to-sell. These will comprise 19 three-bedroom apartments and two four-bedroom units.

More than 50 per cent of the development will be dedicated to affordable housing, with 23 studio apartments to be delivered in line with the NSW Government’s Housing SEPP.

Kerry Hill Architects said the proposal is driven by a strong response to place.

“Our proposal for a new residential building for Potts Point in Sydney is driven by a deep consideration of place,” the practice said in its submission.

“This operates on multiple levels, including a landscape approach that reinstates endemic flora of the Sydney peninsula and provides a ground-floor garden for residents, reconnecting the site to its pre-European history. A brick podium further strengthens this relationship to context, integrating planting and fine bronze detailing that references the predominant material language of Macleay Street.”

The three-level podium will be topped by a communal resident space, featuring a covered pool designed to receive direct afternoon sun in winter, a neighbouring reflection pool, dining and event areas oriented to maximise sunset views, and an outdoor exercise zone.

<img alt="Time &amp; Place" data-entity-type="file" data-entity-uuid="8d3eedc1-babb-44a3-bd96-d8a42f3adf1f" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-04-20%20at%209.37.48%E2%80%AFAM.png?VersionId=Ii7.4dvqNatu5GQi6bhqNjAswrMB998." />

The design also incorporates highly crafted shopfronts and a clearly defined residential entry to activate the street. Juliette balconies to the podium residences will provide passive surveillance and a strong sense of habitation.

Above, the larger apartments are housed within a light-coloured masonry and bronze tower.

“The tower steps back in a series of gently curved volumes that reference the rich Art Deco context of Macleay Street,” the architects said. “Carefully calibrated vertical fins frame the views while providing privacy and a sense of refuge.”

<img alt="Time &amp; Place" data-entity-type="file" data-entity-uuid="6fab60f4-3140-4469-b47a-48c781e0a30b" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-04-20%20at%209.28.44%E2%80%AFAM.png?VersionId=e5XxrM3kzdASdKlcIACHAHbOSZhSKC9O" />

Time &amp; Place has been one of the most active developers nationally in the last 12 to 24 months. Late last year they completed&nbsp;The Queensbridge in&nbsp;<a href="https://www.apartments.com.au/developments/southbank-vic-3006">Southbank</a>, a mixed-use tower with 353 apartments and a hotel. They are currently selling Park Modern, 246 apartments near the famous Botanic Gardens in South Melbourne.

The developer has approval for The Burke, a mixed-use project in&nbsp;<a href="https://www.apartments.com.au/new-apartments/glen-iris-vic-3146">Glen Iris</a>&nbsp;being delivered in partnership with Woolworths. The 60 apartments, positioned above a new Woolworths supermarket, are expected to launch in the coming months. Time &amp; Place is also progressing plans for the redevelopment of&nbsp;<a href="https://www.apartments.com.au/developments/northcote-vic-3070">Northcote</a>&nbsp;Plaza, and have recently submitted plans for a <a href="https://www.apartments.com.au/news/vic/time-place-unveils-plans-22-storey-south-melbourne-tower">22-storey tower</a>, another in South Melbourne.

In&nbsp;<a href="https://www.apartments.com.au/developments/sydney-nsw">Sydney</a>, the developer has two projects in Manly: Two Tides, which is currently under construction, and an ultra high-end building on&nbsp;<a href="https://www.apartments.com.au/buildings/shoreline-manly-beach-89-90-north-steyne-manly">North Steyne</a>, fronting the beach. It is also continuing to work through the redevelopment of The Chimes building on Macleay Street in&nbsp;<a href="https://www.apartments.com.au/developments/potts-point-nsw-2011">Potts Point</a>, as well as Marlborough House, the redevelopment of the original David Jones warehouse building in&nbsp;<a href="https://www.apartments.com.au/developments/surry-hills-nsw-2010">Surry Hills</a>.

First look: Time & Place settles on design for The Chimes, Potts Point redevelopment

<a href="https://www.apartments.com.au/developers/develotek">Develotek</a> is joining the likes of TOGA, Deicorp, and One Global Capital, betting on a boom in Five Dock ahead of the 2032 mooted opening of the Five Dock Metro Station.

Develotek, which is currently developing Bianca on the Drummoyne waterfront and has plans approved for a tower in Chatswood, has filed a State Significant Development Application for a <a href="https://www.apartments.com.au/new-apartments/79-81-queens-road-five-dock-nsw-2046">two-building project in the evolving Kings Bay precinct</a>.

The buildings, one more boutique just five storeys and the other 26 storeys, will rise from an 3,158 sqm site across&nbsp;79–81 Queens Road and 2–8 Spencer Street, will home 134 one-, two-, and three-bedroom apartments, above ground-floor retail and five basement levels of parking.

A key component of the proposal is the inclusion of 15 per cent of residential floor space as in-fill affordable housing, unlocking additional height and density under the Housing SEPP.

<img alt="First Look: Develotek lodges State Significant shop top housing project in Five Dock precinct" data-entity-type="file" data-entity-uuid="3ee31bf7-75ba-4bc5-b190-49885193219f" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/podium_2.png?VersionId=730UbrduuwK3C1sO28RHjiLPUPqXqjkh" />

Designed by <a href="https://www.apartments.com.au/architects/plus-studio">Plus Studio</a>, the scheme adopts a podium-and-tower configuration, with a five-storey street wall along Queens Road transitioning to a 26-storey tower set deeper into the site. The ground plane prioritises activation and permeability, with retail frontages and a new through-site link connecting Queens Road to Spencer Street.

At the upper levels, the tower façade has been conceived using a modular system to support prefabrication and reduce construction waste, while improving build efficiency. The splayed form draws on the geometry of surrounding industrial rooftops, reinterpreting the area’s heritage in a contemporary expression while also helping to reduce solar heat gain to east and west-facing apartments.

“This project aspires to transform a former industrial site into a connected, resilient and people-focused urban community, grounded in Country, shaped by history, and designed to enrich everyday life within the evolving Kings Bay Precinct,” said John Walsh, Principal at Plus Studio.

The proposal reflects the broader transformation of the Kings Bay Precinct under the Parramatta Road Corridor Urban Transformation Strategy, marking a shift from its industrial past to a higher-density, mixed-use urban neighbourhood.

<img alt="First Look: Develotek lodges State Significant shop top housing project in Five Dock precinct" data-entity-type="file" data-entity-uuid="abde734c-1e31-4a97-a1d2-fa9bcf31c380" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/building%20podium.png?VersionId=fNUupP6u146yEytQT31kKVRxwtACgPpP" />

Develotek is emerging as an active participant in the state’s affordable housing-led uplift pathway. The developer recently secured approval for a 34-storey mixed-use tower in Chatswood, where it similarly leveraged the in-fill affordable housing provisions to increase scale and deliver a 101-unit scheme with dedicated affordable apartments.

Their entry into Five Dock places them alongside a growing list of developers targeting the suburb ahead of its anticipated transport uplift, with Sydney Metro set to extend into the area. Major players including TOGA, Deicorp, and One Global Capital are all progressing large-scale precinct-style developments nearby, collectively reshaping the low-rise industrial fabric into a higher-density mixed-use corridor.

The Five Dock site sits within the Kings Bay Precinct, a key renewal area under the Parramatta Road Corridor Urban Transformation Strategy, where planning controls support significant uplift tied to affordable housing delivery. The consolidated 3,158 sqm site is currently occupied by low-rise industrial uses, including warehouses and vehicle workshops, earmarked for transition.

First Look: Develotek joins in Five Dock apartment boom

Ascot’s Racecourse Road continues to be a hive of activity for Brisbane developers.

Following Fortis and GRAYA, which are both preparing new projects along the key strip connecting Kingsford Smith Drive and Eagle Farm Racecourse, local developer <a href="https://www.apartments.com.au/developers/skyhold">Skyhold</a> is the latest to lodge plans for its own development.

The group is proposing One One Two Residences, a boutique project comprising just seven apartments, named after its address at 112 Racecourse Road.

The proposal outlines a five-storey building on an 810 sqm site. The built form slightly exceeds the four-storey expectation under the neighbourhood plan, aligning instead with the emerging character of the strip. As the planning report notes, “the locality is characterised by a transition toward medium-rise residential development, with a number of recent developments… above the stipulated height limits.”

<img alt="First Look: Skyhold lodges plans for boutique Ascot apartments as Racecourse Road revival gathers pace" data-entity-type="file" data-entity-uuid="ec577631-8c51-4163-960e-e7b3a77d655b" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Ascot.png?VersionId=iAzQ46D4Uu1UqiS0mVnlcy9jeFKBpJIj" />

Designed by 111 with landscape architecture by <a href="https://www.apartments.com.au/landscape-architect/paul-bangay-garden-design">Paul Bangay Studio</a>, the scheme adopts a layered architectural approach with strong articulation and a subtropical response. Deep balconies, integrated planters, and a mix of masonry and textured finishes define the façade, while upper-level setbacks reduce perceived bulk. The architectural statement describes “a series of horizontally expressed layers, defined by deep balconies and a consistent robust material palette,” aimed at delivering a refined streetscape presence.

Apartments are configured as large-format residences, including multiple three-bedroom layouts and a full-floor penthouse, supported by ground-level parking. A rooftop terrace will provide communal amenities including a pool and landscaped recreation areas. The design prioritises privacy, natural ventilation, and greenery, with planting integrated across all levels to soften the building form and contribute to the public realm.

<img alt="First Look: Skyhold lodges plans for boutique Ascot apartments as Racecourse Road revival gathers pace" data-entity-type="file" data-entity-uuid="1e1219bd-b45a-4d7f-bbc7-7207d7b2fc94" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Ascot%20entry.png?VersionId=JIoUOLMgQ5xWpEF0etEI3ffIoIVjD7gO" />

The proposal sits within the Racecourse Road precinct, a key mixed-use spine in Ascot that continues to attract renewed development interest.

Later this year national developer Fortis will launch its own boutique development, which, pending council approvals, will be 16 apartments designed by Koichi Takada Architects, just down the street.

“Racecourse Road is going through a massive revitalisation and we’re proud to be a part of that transformation,” said Fortis's QLD General Manager, Dan Boman.

Nearby, GRAYA is advancing its larger-scale The Gallery, a mixed-use shop-top housing project designed to act as a “catalytic project for Racecourse Road.”

First Look: Racecourse Road, Hamilton revitalization to continue as Skyhold joins the party

Bankruptcy

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EXPERT OBSERVER
Personal insolvencies hit their lowest level since 1990 in the December 2019 quarter, and were again some -16.5 per cent lower year-on-year in the March 2020 quarter.
<img src="https://1.bp.blogspot.com/-sxieSq_ZTC4/Xun2fAevMFI/AAAAAAAA2ZI/Ml-BL6k_1nM57rxesOG0ZtKB6hj74PUMACNcBGAsYHQ/s640/A1.jpg" width="640" height="370" data-original-height="801" data-original-width="1379">
 
This is all the more remarkable when you consider the stats on a per capita rolling annual basis, where they appeared to be racing towards zero in the March quarter.
<img src="https://1.bp.blogspot.com/-bxLLz7PwC1Y/Xun3Bey1VFI/AAAAAAAA2ZU/r2Y9lNeAZCAVu2SZELwfoUeIhvH7Va3JQCNcBGAsYHQ/s640/A3.jpg" width="640" height="376" data-original-height="805" data-original-width="1366">
Part IV and XI bankruptices were also some 16 per cent lower year-on-year.
<img src="https://1.bp.blogspot.com/-2itXxsBidoQ/Xun2fN0rv6I/AAAAAAAA2ZE/wNgH8--8tKoMG-qaG4ABsusYNNmGT-yWwCNcBGAsYHQ/s640/A2.jpg" width="640" height="380" data-original-height="803" data-original-width="1348">
ASIC's insolvency figures all showed a sharp drop in insolvencies in April, presumably partly related to the government's stimulus measures.
Construction insolvencies also fell to a series low in the March 2020 quarter, thanks to low interest rates perhaps.
 <img src="https://1.bp.blogspot.com/-HqPTq923vAY/Xun4AUD8h8I/AAAAAAAA2Zg/up6jQvL6pAAklQRSWSF8KXd5QO1uUOAQQCNcBGAsYHQ/s640/ASIC.jpg" width="640" height="378" data-original-height="800" data-original-width="1353">
Let's see what September brings, and whether or not there is a financial 'cliff' (not if the government is smart about things).
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pwargent-M4siyDbqQY

Personal insolvencies remain at their lowest levels in 30 years: Pete Wargent

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GUEST OBSERVATION
The coronavirus pandemic has wreaked havoc on the Australian economy, and the financial effects for many are deeply personal.
Sadly, there’s no shortage of terrible advice online when it comes to personal finance. And as September 30 looms - the date by which JobKeeper, the increased JobSeeker and many negotiated rent and mortgage deferrals end - it’s important to be fully informed before you make potentially life-changing financial decisions.
As a former financial counsellor and former consumer credit educator for the Australian Securities and Investments Commission (ASIC), here’s what I think you need to know if you’re considering mortgage deferral, rent relief or bankruptcy.
Mortgage deferral
Residential mortgages are covered by <a href="https://asic.gov.au/regulatory-resources/find-a-document/regulatory-guides/rg-209-credit-licensing-responsible-lending-conduct/" target="_blank">federal legislation</a>, under which lenders can assist when borrowers can’t afford their usual repayments due to changed circumstances — such as losing hours or employment.
For example, you can ask your lender put on hold payments from June to September. It’s up to you and the creditor to establish clearly what happens to those payments. Are they pushed to the end of the contract, thereby extending the life of your loan? Or will you repay extra when you can afford repayments again?
Make sure you understand how much more it will cost you in additional interest if you extend the life of your loan by deferring these payments to the end of the contract. Depending on the details of your loan, you could be adding thousands of dollars to the amount you need to repay.
Most mortgage lenders don’t really want to repossess your house. It’s costly, time-consuming and stressful. But before asking for mortgage relief, you need to have a plan for the post-deferral period.
What happens if you still can’t make your usual repayments? Any licensed financial professional should be able to help negotiate a deferral on your mortgage or other consumer debts such as credit cards, but you should first consider seeing a free financial counsellor who is independent of any lenders. They can be contacted on 1800 007 007 or through the <a href="https://ndh.org.au/" target="_blank">National Debt Helpline</a>.
Rent relief
If you can’t pay your rent due to changed circumstances, you can ask your landlord to reduce or defer your rent. They can, of course, say no.
Unlike mortgage deferral, the implementation and process is inconsistent across states and territories. It can be difficult to navigate.
There are <a href="https://www.sbs.com.au/news/regulator-to-crack-down-on-real-estate-agents-pressuring-tenants-to-use-super" target="_blank">reports</a> of some landlords asking for comprehensive financial statements to support claims, or for their tenants to access the early release of up to <a href="https://www.ato.gov.au/individuals/super/withdrawing-and-using-your-super/Early-access-to-your-super/#Compassionategrounds" target="_blank">A$10,000 in superannuation</a> to pay the rent.
Ausralia’s corporate watchdog, the Australian Securities and Investments Commission (ASIC), has <a href="https://download.asic.gov.au/media/5546344/asic-letter-response-to-early-release-of-super-state-rei-3-april-2020.pdf" target="_blank">warned real estate agents</a> that advising tenants to take money from their superannuation may constitute giving unlicensed financial advice and/or be against people’s best interests, attracting possible fines and jail time.
If you’re talking with your landlord about rent relief, be clear on whether you’re talking about rent payments being reduced, deferred or permanently waived, and whether these payments would need to be made up by a certain date. Renters can seek help from <a href="https://ndh.org.au/" target="_blank">free financial counsellors</a> or a <a href="https://www.tenants.org.au/covid19/guide" target="_blank">tenants’ union</a>.
State and territory governments have established various schemes to help renters work out agreements with their landlord (see this <a href="https://www.commerce.wa.gov.au/consumer-protection/covid-19-residential-tenancies-mandatory-conciliation-service" target="_blank">Western Australian</a> scheme as an example).
Bankruptcy
Bankruptcy should be a last resort. Many creditors have shown they’re willing to provide short-term delays (for about 90 days, for example) if people need more time to pay a debt.
Consumer credit contracts are written on the basis that life has its ups and downs and if a debtor genuinely can’t pay, the creditor can help by reducing payments, stopping interest charges, deferring payments and/or restructuring loans.
In almost all consumer bankruptcies, there is no return to creditors so they generally don’t want debtors to go bankrupt. It’s in their interest to help debtors through a difficult period so they can return to making payments.
Of great concern to consumer advocates is that searching “bankruptcy” or “help with debts” on the internet will often generate results for companies with a vested interest in placing you in what’s called a “debt agreement”. These should be approached with caution. It basically means you pay for a company to help you declare bankruptcy - but this is unnecessary.
A debt agreement is an act of bankruptcy that directs fees to those companies and quite often places consumers in unmanageable and unsustainable long-term repayment plans.
Instead, try to find free financial counsellors, some of whom work for charities. They are professional, unbiased and expert at informing people of their options when in debt. They can be found via the government’s <a href="https://moneysmart.gov.au/managing-debt/financial-counselling" target="_blank">MoneySmart</a> site.
If you can’t pay your debts, there are many <a href="https://www.afsa.gov.au/debtrelief" target="_blank">options available</a>. The key is contacting the right person or organisation - and knowing whatever comes up first in a Google search is not necessarily the best or most impartial place to get help in a financial crisis.<img src="https://counter.theconversation.com/content/141274/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1" style="border: none !important; box-shadow: none !important; margin: 0 !important; max-height: 1px !important; max-width: 1px !important; min-height: 1px !important; min-width: 1px !important; opacity: 0 !important; outline: none !important; padding: 0 !important; text-shadow: none !important;">
<a href="https://theconversation.com/profiles/gregory-mowle-296811" target="_blank">Gregory Mowle</a>, Lecturer in Finance, <a href="https://theconversation.com/institutions/university-of-canberra-865" target="_blank">University of Canberra</a>
This article is republished from <a href="https://theconversation.com" target="_blank">The Conversation</a> under a Creative Commons license. Read the <a href="https://theconversation.com/mortgage-deferral-rent-relief-and-bankruptcy-what-you-need-to-know-if-you-have-coronavirus-money-problems-141274" target="_blank">original article</a>.
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j.ballantyne1990-6AQqhLzZaK

What do you need to know if you have coronavirus money problems?

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Between 9 and 22 March, 887 people entered into a new personal insolvency in Australia, according to AFSA, the Australian governmental financial authority.
Where they could identify the industry, the most common industry was health care and social assistance. Over this period, 230 of these people were involved in a business.
Construction was the most common industry where people who entered into new personal insolvencies were involved in a business.
The number of people who entered into a new personal insolvency increased from 830 between 24 February and 8 March 2020 to 887 people between 9 and 22 March. The number involved in businesses also increased, from 206 to 230.
The average number of people entering into a new personal insolvency per fortnight between 1 July 2019 and 22 March 2020 is 844.
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Insolvency and bankruptcy spike due to Covid-19: AFSA

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A former Cleveland real estate agent has been reprimanded and ordered to pay a $10,000 fine by the Queensland Civil and Administrative Tribunal (QCAT) following proceedings initiated by the Office of Fair Trading (OFT).
Pamela Dawn Neilson faced disciplinary action after she failed to notify the OFT that she had become bankrupt, gave false information to the OFT when applying to renew her real estate agent licence, and had continued to sell properties while unlicensed.
In addition to a $10,000 fine, Ms Neilson was also suspended from holding a certificate under the Property Occupations Act 2014 (the Act) for four months.
The Tribunal heard Ms Neilson had held a real estate agent licence since 2005 but failed to inform the OFT when she became bankrupt in October 2015, as is required under the Act.
Ms Neilson’s bankruptcy made her immediately unsuitable to hold a real estate licence however between October 2015 and January 2017 she continued to work in a real estate salesperson capacity, selling 21 properties.
The Tribunal also heard that on 29 September 2016 Ms Neilson lodged a licence renewal application, which included a signed declaration that she was not currently bankrupt. Ms Neilson eventually advised the OFT of her bankruptcy on 16 December 2016.
On 20 December 2019 the Tribunal released its decision in this matter. It found Ms Neilson had conducted herself in a way that was unprofessional but in determining penalty noted she had subsequently self-reported her conduct, had cooperated with the OFT’s investigation and had accepted the disciplinary grounds.
Fair Trading Executive Director Brian Bauer said real estate agents needed to remember the importance of acting in accordance with their licensing requirements.
“Agents must be honest about their circumstances and aware of their obligations,” Mr Bauer said.
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Former bankrupt Queensland estate cops $10,000 fine

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The personal insolvency regulator, the Australian Financial Security Authority (AFSA), has identified and proven over $4 million of fraud, according to a new report released today.  
The Personal Insolvency Compliance Report, available now on the AFSA website, outlines AFSA’s compliance, regulatory and enforcement activities across the 2018-19 financial year.  
Hamish McCormick, Chief Executive of AFSA and Inspector-General in Bankruptcy, said the annual Personal Insolvency Compliance Report provides insight into the regulation of Australia’s personal insolvency system.
“AFSA is working to be both a firm and a fair regulator,” McCormick said.
“We undertake regulatory and compliance work to ensure that the personal insolvency system is equitable, and that all participants are meeting their obligations.
“Overall, we aim to provide the community with a personal insolvency system that they can have confidence in.”
McCormick highlighted some of the report’s key findings – including complaints against registered trustees and criminal prosecutions.
“In 2018-19, we received nearly 2,000 referrals of alleged misconduct,” McCormick said.
“We analysed each referral and found that 744 warranted further investigation. We referred 115 of these matters to the Commonwealth Director of Public Prosecutions.
“In total, 96 individuals were prosecuted for offences under the Bankruptcy Act. Our prosecutions attracted wide-ranging penalties, from fines to imprisonment.
“Pleasingly the number of prosecutions decreased in 2018-19, down from 137 in the previous year. The overall value of proven fraud also dropped, down from $5.5 million in 2017-18 to $4.6 million.”
Complaints about registered trustees, and the Commonwealth Government’s Official Trustee, both increased in 2018-19.
“In 2018-19 we received 296 complaints about practitioners, up from 257 the year prior. Similarly, complaints about the Official Trustee also rose – we received 48 compared to 10 in 2017-18.
“However, only nine complaints about registered trustees were found to be justified. And only one complaint about the Official Trustee was justified.”
The report noted that the conduct of untrustworthy bankruptcy advisers remains a potential threat to community confidence in the personal insolvency system.
In 2018-19, AFSA made a concerted effort to disrupt the activities of untrustworthy advisers, who provide dodgy advice to people at a time when they are in financial difficulty and vulnerable.
“In 2018-19, we worked closely with registered trustees and industry bodies to identify and disrupt untrustworthy advisers,” McCormick said.
“During the year we finalised three prosecutions involving untrustworthy advisers, and one more is still in progress.
“We will continue to target untrustworthy advisers in an effort to protect the integrity of the personal insolvency system. And where appropriate, we will refer matters to the Commonwealth Director of Public Prosecutions for action.”
The full report is available now on the <a href="https://protect-au.mimecast.com/s/K-fmCvl1lzI0l6WRhQWS8P?domain=news.afsa.gov.au" target="_blank">AFSA website</a>.
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Bankruptcy fraud on AFSA agenda with more than $4 million of frauds identified 

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GUEST OBSERVATION
Capital city universities can use income from foreign students to maintain their buildings. Their regional cousins are struggling.
Unless the federal government changes its funding policy for universities, less well-off ones, particularly regional universities, are going to fail.
In Britain, it is already happening. Several <a href="https://www.theguardian.com/commentisfree/2018/nov/02/university-bankrupt-inevitable-market-forces" target="_blank">bankruptcies</a> are imminent.
In Australia, many are clearly in financial difficulties and are trying to raise money any way they can.
During the election campaign, ABC’s <a href="https://www.propertyobserver.com.au/https://www.abc.net.au/4corners/cash-cows/11084858" target="_blank">Four Corners</a> highlighted questionable practices in the recruitment of full-fee paying international students at institutions including Murdoch University and Central Queensland University.
Desperate for funds…
The Tertiary Education Quality and Standards Agency has found “<a href="https://www.standard.net.au/story/6182757/charles-sturt-university-defends-itself-after-registration-blow/" target="_blank">severe shortcomings</a>” in the performance of Charles Sturt University, sufficient to reduce its period of accreditation from seven to four years.
In an extraordinary move, the departing Vice Chancellor of the University of Canberra has asked his staff to <a href="https://www.propertyobserver.com.au/https://www.abc.net.au/news/2019-05-03/university-of-canberra-staff-asked-to-donate-money/11076868" target="_blank">donate</a> up to A$1,000 per annum to “support students”.
It’s easy to blame the universities themselves, but it is the government that has designed the policies that have forced them up against a financial brick wall.
This situation has come about partly because of a pea and thimble trick performed by both Labor and the Coalition. While recurrent funding has risen due to the Rudd-Gillard-Rudd government’s introduction of “demand driven” funding, it has been followed by a withdrawal of capital funding.
…but it’s not their fault
In 2015 the Coalition <a href="https://www.education.gov.au/education-investment-fund">axed</a> A$11 billion Education Investment Fund set up by Labor in 2008 to maintain infrastructure “<a href="https://archive.budget.gov.au/2008-09/speech/speech.pdf" target="_blank">in urgent need of attention</a>”. In 2017 it <a href="https://www.theguardian.com/australia-news/2017/dec/18/coalitions-22bn-cut-from-universities" target="_blank">froze recurrent funding</a>.
Four years after the Education Investment Fund was axed, estimates from the higher education facilities consultancy ARINA put the maintenance deficit at more than the <a href="https://www.afr.com/news/policy/education/23bn-crisis-looms-for-university-buildings-20130603-je6aa" target="_blank">A$23 billion dollars</a> that was estimated at the time. That’s what’s needed to return campuses to a condition where they are fit for purpose.
Although the new government has announced <a href="https://www.education.gov.au/news/minister-education-announces-16-regional-study-hubs" target="_blank">small additional funding</a> for regional universities, it is nowhere near enough. Many have <a href="https://theconversation.com/how-has-education-policy-changed-under-the-coalition-government-113921" target="_blank">dilapidated campuses</a> that are hard to work or study in. University buildings constructed during the 1960s are nearing the end of their useful lives.
It’s alright for the Group of Eight
The current funding model works best for the prestigious Group of Eight (Go8) universities – those named after the cities of Sydney, Melbourne and Adelaide as well as the states of NSW, Queensland and Western Australia plus Monash University and the Australian National University.
The universities in Sydney and Melbourne have the best access to high-quality full-fee paying international students, although even for them there are issues.
The Go8 universities require huge amounts of capital to build facilities to support research in the STEM disciplines: science, technology, engineering and medicine. Under current funding policy, most of which now has to come from recurrent student income.
The proportion of international students at the biggest Go8 campuses <a href="https://www.propertyobserver.com.au/https://docs.education.gov.au/node/51956" target="_blank">climbs year by year</a>. And they are continuing to <a href="https://www.propertyobserver.com.au/https://docs.education.gov.au/node/51956" target="_blank">expand domestic enrolments</a> as fast as they can.
For the rest, options to fund capital works are limited. While some may have recruited international students regardless of quality, others are getting new buildings by doing deals with property developers.
There are few options for others
Western Sydney University is <a href="https://www.afr.com/news/policy/education/university-generates-income-through-land-development-in-the-face-of-government-cutbacks-20190219-h1bgm6" target="_blank">renting</a> its new “state of the art” campus in the Parramatta CBD. Unfortunately, the rental model carries risks because it narrows the options for reducing costs if revenue falls.
Revenue can fall for many reasons outside the control of the university, including an abrupt reduction in the number of international students due to geopolitical factors or changes in government policy on immigration.
Rent is also more expensive than direct funding because the price charged includes margins for commercial risk and profit. The property sector likes the idea, but then it would, wouldn’t it?
The best way to fund needed capital works on university buildings, and make sure they survive, is for the government to return to making capital payments on the basis of need. It would mean that universities facing a chronic shortage of capital wouldn’t need to resort to extreme measures.
Direct funding would mean they would have to conform to government-imposed area and cost standards for buildings. This would put welcome downward pressure on building costs, which have soared for some of the big city universities that have access to cash from international students.
City universities win design awards
General academic buildings, and those providing offices and teaching space, are in some cases being delivered for <a href="https://www.afr.com/news/policy/education/higher-learning-not-a-matter-of-luxury-20141208-12272h" target="_blank">twice as much as they were 20 years ago</a>, corrected for inflation, in large part because they have become unnecessarily elaborate, in part to attract foreign students.
The Monash <a href="https://www.monash.edu/about/our-locations/clayton-campus/learning-and-teaching-building/construction-program" target="_blank">learning and teaching building</a> and the University of Melbourne <a href="https://msd.unimelb.edu.au/about/msd-building" target="_blank">architecture building</a> are examples, as is the A$180 million University of Technology Sydney <a href="https://www.uts.edu.au/partners-and-community/initiatives/city-campus-master-plan/completed-projects/dr-chau-chak-wing" target="_blank">business school building</a>.
Instead of making every new university building an award-winning icon, we ought to be content with making at least some of them just good.
Providing capital funding to universities is likely to cost at least an extra <a href="https://www.afr.com/news/policy/education/23bn-crisis-looms-for-university-buildings-20130603-je6aa" target="_blank">A$1.5 billion a year</a>. But that’s small compared to the <a href="https://internationaleducation.gov.au/research/Research-Snapshots/Documents/Export%20Income%20CY%202017.pdf" target="_blank">more than A$30 billion</a> international education exports are said to pump into the economy.
It is also small compared to what would happen if they folded or failed to deliver the research we need.
Others can afford little
The sector can help its own case by focusing more on building costs and less on winning design awards. University peak bodies in Britain play an active role in benchmarking building and operational costs. <a href="https://www.universitiesaustralia.edu.au/" target="_blank">Universities Australia</a> should consider doing the same.
It ought to be in a position to document improvements in the operational efficiency of universities and highlight the magnitude of the maintenance funding needed. At the moment, it is not.
No one, including the government, really wants a university to fail. The cost of recovery would probably end up being borne taxpayers and the impact on students would be devastating.
It is in the interests of all Australians to have a university funding model that does not send less well-off universities to the wall, including most of our regional universities.
The current model generates perverse incentives to reduce acceptance standards for international students, encourages universities to use expensive developer-provided sources of capital and has driven the creation of mega campuses that are more about income than student outcomes. We can and should do better.<img src="https://counter.theconversation.com/content/109374/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1" style="border: none !important; box-shadow: none !important; margin: 0 !important; max-height: 1px !important; max-width: 1px !important; min-height: 1px !important; min-width: 1px !important; opacity: 0 !important; outline: none !important; padding: 0 !important; text-shadow: none !important;">
<a href="https://theconversation.com/profiles/geoff-hanmer-90647" target="_blank">Geoff Hanmer</a>, Adjunct Lecturer in Architecture, <a href="http://theconversation.com/institutions/unsw-1414" target="_blank">UNSW</a>
This article is republished from <a href="http://theconversation.com" target="_blank">The Conversation</a> under a Creative Commons license. Read the <a href="https://theconversation.com/why-regional-universities-are-at-risk-of-going-under-109374" target="_blank">original article</a>.
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Why regional universities are at risk of going under: Geoff Hanmer

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Australia’s most infamous property spruiker Rick Otton, the controversial How To Buy A House For $1 author, has filed for bankruptcy, crippled by the largest fine in corporate history.
It comes five months after he and his company were fined $18 million for misleading property investors following ACCC legal action.
The Federal Court judgment found breaches of Australian Consumer Law of $12 million against Otton’s business and $6 million against him personally.
But his four bank accounts have just $18,800, including $5.74 with NAB, ­according to his statement of affairs filed on the national personal insolvency index at the Australian Financial Security Authority.
There was $37,000 owing on his credit cards.
Otton’s We Buy Houses company had been conducting “training programs” since 2000.
It is known that between 2011 and 2014, he generated around $20 million in revenue from the training programs.
The Court found that Otton made false or misleading representations that his students could successfully implement the wealth creation strategies he taught.
About 3400 consumers attended the free seminars, and a further 2000 people attended the boot camps. Would-be investors were given some information at the initial free session, then more if they paid $3000 to attend the boot camp or the $26,000 mentoring workshops.
The court noted “there may have been consumers who were determined to buy the respondents’ snake oil regardless of the respondents’ conduct”.
Otton, who demonstrated he was “profoundly uninterested” in compliance, was banned from managing corporations for 10 years in Australia.
Otton’s last property deal was the recent sale of his own Bondi Beach semi.
The four-bedroom Roscoe Street property, listed with a $3.2 million to $3.5 million price guide, fetched $2.9 million last December, having been bought in 2007 for $1.6 million.
He now gives his address as a one bedroom Coogee flat.
His paperwork advised his occupation now as a retiree.
There was little property listed as assets, just a Otton family superannuation trust owning a $2 million commercial building, along with an option to buy a 45,000 Euro apartment building at Saint Spyridonas in Greece, where he's shifted his spruiking sessions.
Otton taught real estate investment strategies that suggested students could buy a house for $1, without needing a deposit, bank loan or real estate experience, using little or none of their own money to create passive income streams through property.
They were advised they could quit their jobs to start making profits immediately.
In August 2017, the Federal Court found these claims were misleading, in contravention of the Australian Consumer Law, with Otton lodging an appeal.
The book authored by Otton, and websites included testimonials from ‘students’ claiming they were able to buy a house for $1, which the court found were false.
The ACCC instituted proceedings against We Buy Houses and Otton in 2015 following a co-ordinated investigation with New South Wales Fair Trading. 
Justice Jacqueline Gleeson’s judgment said consumers enticed by Otton were given a variety of strategies which included “rent-to-buy”, a “sandwich lease option” involving a middleman, and “sweat equity” option, where the buyer carries out renovations in lieu of paying a deposit.
Justice Gleeson accepted that some of the strategies were theoretically possible, but added there was no evidence they had been used by its students successfully.
None of WBH’s most successful students, known as “big kahunas”, provided evidence to the court to show what they had claimed to have achieved.
The ACCC called nine consumers as witnesses to describe how they had never achieved success.
One consumer and his partner attempted to buy properties in Bass Hill, Quakers Hill, Homebush West, North Bondi, Eastlakes and Lake Haven without financial success.
“In her judgment on liability, Justice Gleeson said the free seminars were a waste of time, and that the boot camps and the mentoring programs were an expensive waste of time,” the ACCC chairman Rod Sims said.
The decision imposed the largest pecuniary penalty order against an individual and separately, against a corporation, for breaches of the ACL, has been heralded as a new era of tougher penalties for ACL breaches.
This article was first published in the Sunday Telegraph.
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jchancellor-FAypfDUnLy

Property spruiker Rick Otton files for bankruptcy

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A Canada Bay property associated with the family of the bankrupted property developer Salim Mehajer was pulled from weekend auction.
The family’s Canada Bay investment property came with plans for a mega mansion.
The site has a rundown 1970s home at <a href="http://www.timerealty.com.au/1P0567" target="_blank">555 Lyons Road West.</a>
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The auction sign had “withdrawn” slapped across the sign.
Canada Bay Council had rejected Mehajer’s plans for the huge Canada Bay home.
“We’ve had an offer, but it wouldn’t be accepted,” Century 21s Fay Petrou told The Sunday Telegraph.
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Mehajer family Canada Bay investment offering pulled from auction

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The gangland matriarch Roberta Williams' Essendon home is set to be seized and sold off by the taxman.
It follows a ruling in the Supreme Court of Victoria.
Roberta, the widow of slain drug lord Carl Williams, had been embroiled in a legal dispute with the Australian Taxation Office over the estate of her father-in-law George Williams.
He died in 2016 owing more than $576,000 in unpaid taxes.
On 20 November 2007 the Australian Taxation Office had issued to George Williams amended assessments of income tax for the years ended 30 June 2001, 2002, 2003 and 2004, together with notices of assessment and liability to pay a penalty.
The legal fight centred on who should take control of the home after George left it to his under-age granddaughter, Dhakota, in his will.
The women in his life are at loggerheads about how to carve up what he owned, with allegations flying between daughter-in-law Roberta Williams and his de facto Kathleen Bourke, who told the court she is unable to sell the property as she does not have physical possession of it.
Both are executors of the estate.
Williams retains all keys.
Bourke advised she does not have the physical ability to remove Williams from the property.
The ATO had agreed in 2013 to become the mortgagee on the Essendon property rather than force the convicted drug trafficker to sell the home to cover the debt.
The deal gave George time and resources to wage a separate lawsuit against the state government for compensation over his son's murder in prison in 2010.
But after losing that case, George reneged on the ATO agreement and refused to pay the tax debt.
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Roberta continued to refuse to sell the home after George's death, claiming no tax debt existed because it was supposed to be wiped away by a 2009 deal struck with Victoria Police in return for Carl providing information about a series of murders committed during the bloody Underbelly War (1999-2006).
Carl was bashed to death inside Barwon prison in 2010.
Victoria Police cancelled the deal to pay George's tax debt and Roberta argued, as a result, her father-in-law was unconscionably coerced into mortgaging his house to the ATO – an argument rejected by the Supreme Court on Friday.
Associate Justice Mark Derham ruled Roberta had no claim to the house and the ATO be paid their costs from the sale of the home.
Williams alleged that George Williams suffered from a ‘special disability’ at the time he entered into the Settlement Agreement and Mortgage consisting of chronic heart-related conditions and severe depression, and that the plaintiffs were aware or ought to have been aware of the special disability.
Justice Derham ruled as "hopeless" and "vague" the assertion George had a 'special disability' at the time he entered a settlement agreement with the ATO.
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"The second defendant (Williams) has failed to identify any proper legal foundation for her generalised arguments," he said.
"In these circumstances, to suggest that the Commonwealth’s officers should have somehow discerned the existence of a ‘special disadvantage’ that his own lawyers were unaware of is, frankly, ludicrous."
"There is nothing unconscientious about George Williams (through his personal representatives) being held to a bargain he entered voluntarily, and on the advice of experienced litigation lawyers."
Roberta, who is an undischarged bankrupt and convicted drug trafficker, also personally owes the ATO $300,000.
The judge ruled Williams had "chosen to defend the proceedings without a reasonable basis to do so and ought not to have any indemnity for her costs from the estate."
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