Sydney-based developer Gold Partners Australia is making its move on the Gold Coast, launching what is one of the most affordable towers to the booming Broadbeach market.

Its <a href="https://www.apartments.com.au/new-apartments/harmony-on-broadbeach-2797-gold-coast-highway-broadbeach-qld-4218">Harmony on Broadbeach</a> project, just 400m from the beach, has prices starting from $975,000 for its two-bedroom apartments that measure nearly 90 sqm internally.

[smartcode_project:default project_id=113098 project_image_fid=355607]

There will be 113 two- and three-bedroom apartments spread out across the 33-storey tower on the 1,201 sqm site that will front First Avenue. Gold Partners Australia, which has delivered several major projects in Sydney's Norwest and has an active pipeline with projects in Hornsby and Carlingford, secured the block vacant, and want to start preliminary site works early next year through their in-house construction capability.

DBI Architects designed the tower with a four-level podium which will have an open-air swimming pool, sun deck, outdoor lounges, alfresco dining spaces, and a gym with adjoining yoga lawn. A hospitality venue will anchor the building at street level.

[smartcode_project:default project_id=113098 project_image_fid=355611]

Olympus Property Group is selling Harmony on Broadbeach on behalf of Gold Partners Australia. Olympus Director Deanna Lockett says the project is resonating with everyone from locals, investors, those moving from interstate, and second home buyers from Brisbane.

"There's been nothing new come to the market in Broadbeach at this price point for nearly a year," Lockett recalls. "It hits the sweet spot of affordability, good sized apartments, in a great location."

Construction will commence in Q2 2026, and wrap up, all going well, by the end of 2028.

[smartcode_project_cta:default project_id=113098]

Joel Robinson

Harmony on Broadbeach launches to booming Gold Coast suburb

Display apartments play a crucial role in helping buyers imagine how a space will look and feel once complete.

At <a href="https://www.apartments.com.au/new-apartments/the-albertine-by-mirvac-melbourne-31-queens-lane-melbourne-vic-3004">The Albertine</a> in Melbourne, development giant Mirvac has partnered with furniture maker and retailer MCM House to create a fully furnished, full-scale prototype that showcases the proportions, finishes, and design intent of the project’s three-bedroom residences.

As an added incentive, purchasers of any two- or three-bedroom apartment can receive up to $50,000 worth of MCM House furniture, allowing them to curate their new home with the same craftsmanship, contemporary design, and aesthetic showcased in the display apartment.

<a data-entity-type="file" data-entity-uuid="ae2e947b-2d51-4288-88fa-a35638e3be0f" href="https://www.apartments.com.au/new-apartments/the-albertine-by-mirvac-melbourne-31-queens-lane-melbourne-vic-3004"><img alt="Albertine" data-entity-type="" data-entity-uuid="" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202025-11-25%20at%209.27.26%E2%80%AFAM_1.png?VersionId=T5uSwgtTFwd1m5EdQF1inB.tBDgxqbtZ" /></a>

Oversized sofas, solid timber dining tables, and relaxed, low-profile seating demonstrate how the space accommodates real furniture, helping buyers clearly visualise how their new apartment could look, complete with pieces that genuinely suit the scale and design of the home.

The styling is simple but deliberate, with materials that pick up on the apartment’s natural light and neutral tones, creating cohesion without crowding the space.

<a data-entity-type="file" data-entity-uuid="355f10d8-ee75-4546-a42e-4a54abcc806e" href="https://www.apartments.com.au/new-apartments/the-albertine-by-mirvac-melbourne-31-queens-lane-melbourne-vic-3004"><img alt="Albertine" data-entity-type="file" data-entity-uuid="3e0b920b-3f17-47f0-8885-f67697a5f842" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202025-11-25%20at%201.17.07%E2%80%AFPM.png?VersionId=tPcmBls5kt_SLqE2ONXrxgk5SnC1xERs" /></a>

Mirvac is now welcoming buyers through the display at The Albertine. Quietly yet conveniently positioned just off St Kilda Road on Queens Road, the development has attracted strong interest from inner-Melbourne and Bayside downsizers, professional couples seeking luxurious low-maintenance living, and design-focused buyers who want proximity to the CBD.

Apartments have been designed by Mirvac's inhouse design team with owner-occupiers at the forefront.&nbsp;The living and dining areas open directly onto a balcony, reinforcing the project’s emphasis on indoor-outdoor flow, while kitchens feature integrated appliances and soft-curve cabinetry which mirror the larger architectural themes at play throughout the building.

<a data-entity-type="file" data-entity-uuid="e8f9b371-17e1-4122-a615-074113096135" href="https://www.apartments.com.au/new-apartments/the-albertine-by-mirvac-melbourne-31-queens-lane-melbourne-vic-3004"><img alt="Albertine" data-entity-type="" data-entity-uuid="" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202025-11-25%20at%209.30.16%E2%80%AFAM.png?VersionId=NCYvtMavnE1_YDhX6slAr7g84MWP0Ymp" /></a>

The Albertine offers one to four-bedroom residences complemented by exclusive resident-only amenity, including The Circadian Club, a wellness centre with an indoor pool and spa, gym, yoga and Pilates studio, and sauna, as well as The Elysian Room, a private dining space on level 10 with sweeping views across Melbourne.

Mirvac will welcome residents to The Albertine in 2026, having recently celebrated topping out the&nbsp;

<a href="https://www.apartments.com.au/developers/mirvac">Mirvac</a>&nbsp;recently topped out&nbsp; the topping out of The Albertine, with completion expected in 2026.

To find out more about the generous furniture offer with MCM House, enquire below.

[smartcode_project_cta:default project_id=138659]

Mirvac unveils The Albertine display, offering up to $50k in MCM House furniture

Since the pandemic hit Australia, there’s arguably not been a suburb anywhere in the country more popular than Palm Beach. Data from Apartments.com.au showed that from 2020 to 2021, enquiry spiked by 130 per cent, driven predominantly by local and interstate purchasers snapping up luxury beachfront apartments.

While enquiry levels returned to early (though not pre-pandemic) levels in 2022, the appetite for living in the coastal enclave didn’t fade. The dip in enquiry was due simply to supply running out; every development was selling out in record time. Search traffic, one of the clearest indicators of buyer interest that reflects demand beyond available supply, remained as high as when enquiries peaked.

Developers responded quickly. They were snapping up sites left, right, and centre, racing to bring projects to market to meet the ongoing demand. Many of those who benefited from the COVID-induced boom are now back in the suburb again.

<a href="https://www.apartments.com.au/developers/sherpa-property-group">Sherpa Property Group</a> is one such developer. Having perfectly timed its entry into the Palm Beach market, Sherpa launched Perspective Two Sea and Perspective 488 at the height of the boom. Perspective 488 sold out in three months, impressive in itself, before the developer went on to sell out Perspective Two Sea, just nine full-floor apartments, in a matter of weeks, with prices ranging between $3.5 million and $4.75 million.

Sherpa has since completed Perspective Nexus, which sold out prior to its recent construction completion, and has just commenced work on <a href="https://www.apartments.com.au/new-apartments/amargo-6-12-sixth-avenue-palm-beach-qld-4221">Amargo</a> on Sixth Avenue, the first project under its new Flourish brand, designed to offer more price-accessible apartments. Already, 85 per cent of Amargo’s apartments have sold, starting from under $600,000, and Sherpa has secured three more sites in the suburb for future projects.

[smartcode_project:default project_id=146527 project_image_fid=306037]

<a href="https://www.apartments.com.au/developers/ignite-projects">Ignite Projects</a>, led by Josh Foote, followed a similar trajectory. Foote delivered Periscope in 2019, then rode the post-COVID boom, selling out Cabana Palm Beach, 30 apartments, in just eight weeks. It was one of the fastest-selling projects on the Gold Coast at the time, with prices ranging from $1.775 million to over $5.5 million.

Foote has now re-entered the Palm Beach market with <a href="https://www.apartments.com.au/new-apartments/retreat-palm-beach-188-jefferson-lane-palm-beach-qld-4221">Retreat Palm Beach</a>, a 56-apartment development on Jefferson Lane, featuring two- and three-bedroom residences, most with butler’s pantries, private outdoor spaces, and curated interior finishes. Prices range from $1.35 million to $3.95 million. Ignite will soon commence construction, having recently brought building capability in-house.

[smartcode_project:default project_id=134965 project_image_fid=1851]

Foote says Palm Beach has transformed dramatically in the last six years. “The buildings we knocked down for Periscope had needles and all sorts falling out of the walls. The units themselves literally had junkies and prostitutes living in them,” Foote recalls. “In many ways, the development in Palm Beach has obviously done the suburb a huge benefit. I feel the planning department could be a little loose now though, and there will be regrets later as it changes so rapidly.”

&nbsp;

[smartcode_project:default project_id=134965 project_image_fid=1845]

It’s been a little longer between projects for Brisbane-based <a href="https://www.apartments.com.au/developers/bpg-developments">BPG Developments</a>, which completed Sable Palm Beach in 2019, shortly before the COVID boom. The developer is now returning with plans for a 14-storey tower featuring 68 apartments and three double-storey townhouses facing Jefferson Lane.

BPG Director Glen Williams, who runs the company alongside Nick Parr, says the duo only develop in locations they love. “I’ve been a part of the Currumbin Surf Club for the last two decades,” Williams says. “We love the southern end of the Gold Coast and are looking forward to bringing more apartments to the area.”

The appeal of Palm Beach has also drawn interstate developers. Sydney-based <a href="https://www.apartments.com.au/developers/abadeen-group">Abadeen</a> selected the suburb for its Gold Coast debut, securing a site on Mawarra Street near Palm Beach State High School. The developer is nearing completion of <a href="https://www.apartments.com.au/new-apartments/villea-palm-beach-26-mawarra-street-palm-beach-qld-4221">Villea</a>, a 69-apartment project that will sit above an activated ground plane. Abadeen Founder and Chairman Justin Brown says Palm Beach was a natural choice.

“We recognised an opportunity to introduce our prestigious brand into a location that is absolutely thrumming with demand for high-end living,” Brown says. “Palm Beach is widely regarded as the embodiment of coastal idyll and one of the Gold Coast’s premium lifestyle locations, and we intend to honour that with a collection of contemporary residences that accentuate the area’s appeal.”

[smartcode_project:default project_id=106840 project_image_fid=336441]

Also nearing completion is <a href="https://www.apartments.com.au/new-apartments/elevaire-palm-beach-1409-1411-gold-coast-highway-palm-beach-qld-4221">Elevaire</a>, a 40-apartment project at the northern end of Palm Beach on the Gold Coast Highway. The building includes hot and cold magnesium plunge pools, with remaining apartments starting from just under $1.4 million.

SRQ Projects Director Nicholas Clydsdale, who is marketing both Villea and Elevaire, says Palm Beach continues to top the list for buyers for a number of reasons. “It’s the most accessible beachfront suburb on the southern Gold Coast,” Clydsdale says. “It’s also got the most beautiful beach, bookended by two of Queensland’s most stunning headlands — Currumbin and Burleigh.”

[smartcode_project:default project_id=112941 project_image_fid=216015]

Also joining the Palm Beach boom are Gold Coast locals Tim Gordon and Bruce Mathieson, the duo behind the ultra-luxury Mantaray Residences and Marina at Main Beach’s The Spit. Their project, Elle on Jefferson, designed by Cottee Parker, comprises 58 apartments and a suite of wellness amenities, including a 15-metre lap pool, hot and cold plunge pools, private cabanas, a sauna, steam rooms, and a holistic gym offering cardio, weights, yoga, and Pilates.

[smartcode_project:default project_id=147111 project_image_fid=356658]

Having developed Lyra Hope Island, Sydney and Gold Coast developer Changfa found an affordable pocket for their recently launched new development Corallo, where one-bed apartments start from just $845,000.

The $200 million mixed-use project on the corner of the Gold Coast Highway and Palm Beach Avenue includes ground floor dining and retail and is considered so valuable its developer,&nbsp;<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=805]

<a href="https://www.apartments.com.au/project-marketer/colliers">Colliers</a>&nbsp;International, Director, David Higgins, said the development’s location, just metres from the beach,&nbsp;influenced the sculptural design by the acclaimed&nbsp;<a href="https://www.apartments.com.au/architects/plus-architecture" target="">Plus Architecture</a>&nbsp;studio.

“<a href="https://www.apartments.com.au/developments/palm-beach-qld-4221">Palm Beach</a>&nbsp;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.

[smartcode_project:default project_id=112194 project_image_fid=799]

“The orientation of the apartments captures views of the coastline from&nbsp;<a href="https://www.apartments.com.au/developments/surfers-paradise-qld-4217" target="">Surfers Paradise</a>&nbsp;to&nbsp;<a href="https://www.apartments.com.au/developments/currumbin-qld-4223" target="">Currumbin</a>, 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."

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No slowing down Palm Beach as new apartment market takes centre stage, again

Plans have been revealed for the third and final stage of <a href="https://www.apartments.com.au/developers/billbergia">Billbergia</a>’s $3 billion Rhodes Central masterplan, bringing the iconic new town centre closer to completion.&nbsp;

The final tower, <a href="https://www.apartments.com.au/new-apartments/cascade-23-25-marquet-street-rhodes-nsw-2138">Cascade</a>, at&nbsp;23-25 Marquet Street in Sydney’s inner west, will comprise 361 new dwellings, a mix of critically needed affordable housing and multi-generational apartments.&nbsp;

Vibrant retail, interactive public space, an upscale food and beverage offering and an alfresco dining plaza will also be delivered alongside Cascade tower as part of the final stage, which comes off the back of&nbsp;the masterplan’s successful first two stages.&nbsp;

Stage one saw 568 apartments delivered along with the national award-winning Rhodes Central shopping centre, while stage two has delivered a further 673 apartments atop the $85 million Rhodes Recreation Centre.&nbsp;

Officially opened in November 2025 by Mayor Michael Megna, the Recreation Centre was delivered under a Voluntary Planning Agreement with City of Canada Bay Council. It features essential community facilities including a gym, early childhood learning centre, indoor sports courts, and a gymnastics area as well as commercial tenancies and amenities.

Once complete, the five-tower Rhodes Central masterplan will deliver a combined total of over 1,600 new homes for about 3,500 people, along with community infrastructure, retail, dining, and an expansive new public domain and plaza along Marquet Street. A new basement and podium rooftop will connect all five buildings and allow residents to share amenities.

<img alt="$3 billion Rhodes Town Centre vision comes to life with final stage" data-entity-type="file" data-entity-uuid="973ae3a2-58e6-4994-8965-ed9332a57e8a" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Masterplanaerialimage.jpg?VersionId=Mj.mjUQyfh334xG71LQr7wCFu3mmDxnj" />

“We’re now a step closer to realising our vision for Rhodes Central,"&nbsp;said Saul Moran, Development Director – Planning and Design at Billbergia..

"With brand new retail and more public open space, this final stage embodies our commitment to creating connected communities and delivering housing diversity amid Sydney’s housing crisis. It also completes the landmark town centre precinct that has been almost 20 years in the making."

The project sets a benchmark for Transport Orientated Development. It brings life to Billbergia’s vision for a future-focused, liveable urban environment that prioritises amenity, not just density. &nbsp;Overall, it will deliver more than 25,000 sqm in publicly accessible amenity, including Rhodes Central Shopping Centre, Rhodes Recreation Centre, commercial office space and a further 1,200 square metres of retail space in stage three.

“Rhodes has evolved over two decades from a former industrial site into a connected, thriving community," said John Pradel, Partner and Master Plan Lead at SJB.

"Each stage has built on the last, adding not just housing, but the civic and social spaces that make a place truly liveable and allow the community to flourish."

<img alt="$3 billion Rhodes Town Centre vision comes to life with final stage" data-entity-type="file" data-entity-uuid="7e96de93-e50a-424f-9de8-7b3d9c2c0f12" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/BLBG0900_RCSGIII_R02%20Retail%20Laneway%20copy.jpg?VersionId=3TksNisT5iwyBCGhGUvHDtR9aIca9_OQ" />

Ideally positioned adjacent to the 13,000 sqm Rhodes Central shopping centre, stage three will boast an additional 10 per cent of retail space, an upmarket restaurant offering, an open-air dining plaza and an expansive 2,000-square-metre addition to the public domain extending into the retail forecourt.&nbsp;

This new realm will enhance pedestrian connectivity while showcasing an interactive water feature and engaging public art. It has been designed as an active community space and will also feature pop-up civic infrastructure, including a community stage and kiosk for placemaking events.

The residential tower Cascade will comprise 361 apartments over 39-levels, including 72 affordable dwellings. Apartments will be available in a range of floorplans from one to four-bedroom configurations, with a luxe two-storey “skyhouse” spanning the top two levels. Communal viewing decks and gardens with BBQ facilities will crown Cascade’s rooftop, offering expansive views of the Blue Mountains to the West and Brays Bay and Sydney CBD to the East.&nbsp;

<img alt="$3 billion Rhodes Town Centre vision comes to life with final stage" data-entity-type="file" data-entity-uuid="814da600-5368-49d3-8fec-025521a4d0e2" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/BLBG0900_RCSGIII_IN01%20Apt%2037.04%20Livingy%20copy.jpg?VersionId=.xA6cpRQLx4kJiQayt3OrydVQ9ReGmXP" />

High-profile architecture firm <a href="https://www.apartments.com.au/architects/sjb-architects">SJB</a> will design the final stage after winning a design excellence competition in collaboration with Land and Form in September 2024. The Rhodes Central masterplan was originally conceived by SJB in 2005, with the firm subsequently delivering the design for Stages One and Two.&nbsp;

Cascade has a striking design with a slender tower grounded by a four-storey podium. The tower is divided into three forms, with a distinctive silhouette that resembles three fingers. The design optimises amenity and privacy while maximising views towards both Sydney CBD and Homebush Bay.&nbsp;

According to SJB, the project’s design aims to deliver a range of dwelling types, including multi-generational floorplans, catering to emerging needs of the growing population.

Emily Wombwell, Director and Design Lead at SJB, said their concept encompasses a broader site vision that integrates this site with Rhodes Town Centre through a new iconic building and generous public domain.

"Cascade’s design offers a variety of living typologies that cater to a diverse range of existing and emerging demographics. The proposal aims to improve social and environmental connections by creating a safe and welcoming landscape for existing and future communities of Rhodes."

Billbergia has filed a&nbsp;State Significant Development Application (SSDA) for the final stage. Demolition has been completed on site, early works including excavation will begin early 2026, with completion estimated in 2030.

[smartcode_project_cta:default project_id=135080]

Billbergia unveils new Cascade apartment tower with final stage of $3 billion Rhodes Town Centre

<a href="https://www.apartments.com.au/new-apartments/veue-grand-at-the-orchards-norwest-15-19-spurway-drive-norwest-nsw-2153">Veue Grand</a>, one of the latest stages to launch within Sekisui House Australia’s $1 billion The Orchards masterplan, is uniquely positioned at the literal and conceptual centre of Norwest’s growing residential precinct.&nbsp;

Surrounded by the evolving green corridors, community amenities and transport links that define this landmark development, Veue Grand stands as a pivotal piece in the masterplan’s broader vision of lifestyle-driven urban renewal.

Comprising 217 apartments spread across two mid-rise buildings of 11 and 18 levels, Veue Grand is the final release in Stage 4 of The Orchards. This centrally located release offers direct access to the project’s expansive parklands, kilometres of cycling and walking paths, and a soon-to-be-thriving village ecosystem. Buyers will also benefit from proximity to Norwest Metro Station, which places Sydney’s Martin Place within a 45-minute journey.

[smartcode_project:default project_id=149249 project_image_fid=333202]

Sales momentum has been immediate. Over $65 million in transactions were secured at launch, including a record-setting four-bedroom penthouse that sold for over $4 million, the highest recorded sale in Norwest to date.&nbsp;

According to David Lee, Sales Manager at <a href="https://www.apartments.com.au/developers/sekisui-house-australia">Sekisui House Australia</a>, this level of demand underscores both the trust in the developer and the appeal of the apartments’ design and positioning.&nbsp;

“We have witnessed strong demand across all apartment types… [and] achieved a record sale, which speaks volumes about both the quality of the product and confidence buyers have in the brand,” he said.

[smartcode_project:default project_id=149249 project_image_fid=333212]

At Veue Grand, layout diversity plays a central role in meeting buyer expectations. One, two, three and four-bedroom apartments have been designed with natural light and open-plan living in mind, with a notable focus on introducing efficient, entry-point two-bedroom, one-bathroom homes. This new typology accounted for nearly a quarter of all initial sales, a clear signal that the project is successfully addressing affordability pressures while maintaining quality standards.

Each residence benefits from full-height glazing, generous balconies, and the surrounding views of landscaped water features, parklands and bushland.&nbsp;

The buildings’ form, designed by <a href="https://www.apartments.com.au/architects/crone-architects">Crone Architects</a>, draws on organic geometry and a muted natural palette, aligning with The Orchards’ broader design language and sustainability goals.

[smartcode_project:default project_id=149249 project_image_fid=333205]

Resident amenity is a key feature of the Veue Grand offering. A dedicated indoor pool, spa, gym, and communal function spaces will be complemented by access to The Orchards’ future community centre and outdoor cinema. These facilities are embedded within an expansive green setting that includes 1.4 hectares of landscaped public space, including a natural creek and dense native planting.

Buyers are not only responding to architecture and amenity but to the promise of lifestyle continuity. Downsizers from within a 10-kilometre radius have shown strong interest in the larger apartments and penthouses, while first home buyers and investors are leveraging recent interest rate shifts to secure stock in one of the Hills District’s most connected neighbourhoods.

With construction already underway and tracking ahead of schedule, Veue Grand is slated for completion in late 2026.

[smartcode_project_cta:default project_id=49249]

Staff Writer

Veue Grand takes centre stage at The Orchards, Norwest masterplan

Consumer Affairs

<html><body>
George J Nowak, of the Charterhill Group, has filed for bankruptcy after the Federal Court in Adelaide froze his assets and those of his wife back in February.
At the time, the <a href="/news/federal-court-freezes-assets-of-charterhills-george-nowak">court had ordered the surrender of their passports, and restricted their travel outside of the country</a>, while ASIC investigated the collapse of the Charterhill Group.
The Charterhill Group specialized in assisting clients to invest in property with their SMSFs. This left nearly $6 million of super at risk.
Macks Advisory’s Peter Ivan Macks has been appointed as Nowak’s trustee, and he has advised that the bankruptcy came following an appointment of liquidators to companies within the Charterhill Group Lending Solutions International Pty Ltd and Nova Real Estate Pty Ltd.
Nowak, who lodged a statement of affairs with the trustee, listed 31 companies he was director and/or shareholder of.
The statement of affairs was signed and dated 30 June 2014, and lodged with the Debtor's Petition on the same day. The Debtor's Petition was accepted on 2 July 2014.
It is noted that unsecured creditors totals approximately $7 million. This includes a claim in his estate, brought by Nova Real Estate’s liquidators – of approximately $6 million.
Investigations are underway, but return to creditors at this stage is unlikely.
The following companies in the Charterhill Group were placed under external control in February:
•    Lending Solutions International Pty Ltd – liquidators appointed (Andrew Heard and Anthony Phillips of Heard Phillips)
•    Nova Real Estate Pty Ltd – external administrators appointed (Andrew Heard and Anthony Phillips of Heard Phillips)
•    EJ Property Developments Pty Ltd – receivers and managers appointed (Michael Basedow and Leigh Prior of Pitcher Partners)
•    Financial Wellness Pty Ltd – receivers and managers appointed (Michael Basedow and Leigh Prior of Pitcher Partners).
YOU MAY ALSO WANT TO READ
Investor update: <a href="/news/investor-update-charterhill-issues-clients-apology-after-closure">Charterhill issues clients apology after closure</a>
</body></html>

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Charterhill's George Nowak files for bankruptcy following liquidation of companies

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Just as COVID-19 hit, inspectors from Consumer Affairs Victoria indicated will be checking more estate agent trust accounts, more often, for discrepancies.  
Victorian estate agents held 5,188 trust accounts worth $2.43 billion at the end of 2019. 
Inspectors were conducting random desktop inspections of estate agents’ trust accounts, searching for inconsistencies that may point to misuse of trust money, in addition to their usual on-site inspections.  
These desktop checks will significantly increase the amount of trust account inspections undertaken each year.  
During 2018-19, Consumer Affairs Victoria conducted 425 trust account inspections for compliance with relevant laws and processed more than 4,300 trust account audits.  
Increasing the number of trust account inspections will allow Consumer Affairs Victoria to act faster to identify estate agents who have broken the law.  
Estate agents will be required to produce documents to prove trust money is being handled appropriately, with inspections conducted on top of the yearly trust account audits. 
There are strict laws surrounding how estate agents should keep and file money they receive.  
Advance funds must be deposited into an estate agent’s trust account, and records must be kept showing details of each trust money transaction.  
Acting Director of Consumer Affairs Victoria Michelle Osborne said failing to handle trust account money appropriately may result in the delay or failure of property purchases, causing emotional and financial stress for those involved.  
“Consumer Affairs Victoria takes the misuse of trust account money seriously and has zero tolerance for estate agents who do so,” said Ms Osborne.  
“Good agents who have done nothing wrong have nothing to fear from the new approach.”  
Failing to appropriately manage trust money is a significant offence, with estate agents facing fines of up to $82,000, or 10 years’ imprisonment. 
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Consumer Affairs Victoria increasing the number of trust account inspections

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Consumer Affairs Victoria has commenced criminal action against Thomas Aloysius, 47, of Hallam, for alleged breaches of the Estate Agents Act 1980 (the Act) and its Regulations. 
It is alleged that, while working as an estate agent’s representative between May and June 2017, Mr Aloysius: 
<ul>
<li>advised a vendor that he had received an offer of $600,000 to purchase the vendor’s property, when the offer made by the purchaser was $620,000, and</li>
<li>accepted a $20,000 partial deposit from the purchaser into his personal bank account, instead of the required trust account. </li>
</ul>
Mr Aloysius faces six charges: 
<ul>
<li>Three relate to his alleged misuse of the $20,000, in breach of the Act. </li>
<li>Three relate to alleged breaches of the Estate Agents (Professional Conduct) Regulations 2008; these include that Mr Aloysius:
<ul>
<li>did not act in his principal’s best interests; and </li>
<li>engaged in conduct detrimental to the industry’s interests and reputation. </li>
</ul>
</li>
</ul>
The matter was brought to our attention through a consumer complaint. 
Estate agents or agent’s representatives who misuse trust funds can face penalties including fines, or jail for more serious breaches under the Act. 
The matter will be heard in the Dandenong Magistrates’ Court.
 
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Consumer Affairs Victoria commences criminal action against Thomas Aloysius over alleged missing $20,000 partial deposit

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<div>Consumer Affairs Victoria has launched a disciplinary inquiry at VCAT into estate agent Tsun Ngai Lee.</div>
<div> </div>
<div>Mr Lee, 60, of Caroline Springs, trades under the business name Ably Realtor Worldwide Agency.  </div>
<div> </div>
<div>CAV allege that Mr Lee breached his duties under Victoria’s estate agent laws by:  </div>
<ul>
<li>not complying with an existing condition on his estate agent’s licence </li>
<li>not always acting fairly and honestly in his work as an estate agent, and </li>
<li>engaging in conduct detrimental to the estate agent industry’s reputation or interests. </li>
</ul>
<div>It is also alleged that Mr Lee:  </div>
<ul>
<li>did not meet his trust account audit obligations for the 2018-19 financial year, and  </li>
<li>is not a fit and proper person to hold an estate agent’s licence.  </li>
</ul>
<div>The action against Mr Lee follows an investigation as part of our estate agent compliance monitoring program.  </div>
<div>VCAT will hear the matter at a date to be set.  </div>
<div> </div>
<div>CAV have previously taken action against Mr Lee in 2019.</div>
<div>
The estate agent trading as Ably Realtor Worldwide Agency was reprimanded, and had a condition placed on his licence, after breaching his duties under the Estate Agents Act 1980 and its regulations. 
Tsun Ngai Lee, then 59, of Caroline Springs, agreed that, among other things, he did not: 
<ul>
<li>record required information in:
<ul>
<li>a register of trust cheques</li>
<li>a trust account cash receipts journal; and </li>
<li>trust ledger accounts </li>
</ul>
</li>
</ul>
<ul>
<li>have his trust accounts audited within the required timeframe </li>
<li>keep money in the trust account until it was paid to the person entitled to it </li>
<li>at all times act fairly and honestly in his capacity as an estate agent.</li>
</ul>
Mr Lee also agreed that he had engaged in conduct detrimental to the estate agent industry.
Our staff identified the breaches during inspections at Ably Realtor Worldwide Agency. 
The matter was heard at the Victorian Civil and Administrative Tribunal.  
The tribunal ordered that a condition be placed on Mr Lee’s licence prohibiting him from handling trust monies or operating an estate agency trust account until he: 
<ul>
<li>completes two Real Estate Institute of Victoria training courses, and </li>
<li>arranges for a qualified professional to develop a compliance program, to ensure he understands and complies with his legal obligations.</li>
</ul>
</div>
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Consumer Affairs Victoria launch disciplinary inquiry into estate agent Tsun Ngai Lee

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Customer Affairs Victoria has started legal action against Hans Richmond, 69, of Officer.
Customer Affairs Victoria alleges Mr Richmond breached Victoria's conveyancing laws by:
<ul>
<li>working as a conveyancer when he was not licensed, and</li>
<li>leading four consumers to believe he was licensed or authorised to run a conveyancing business. </li>
</ul>
<div>Customer Affairs Victoria alleges that Mr Richmond's offences took place between June 2016 and March 2018.</div>
<div> </div>
<div>The Business Licensing Authority cancelled Mr Richmond's licence in 2013. This was after he was found guilty of a disqualifying offence.</div>
<div> </div>
<div>The court action follows an earlier investigation, based on consumer complaints we received.</div>
<div> </div>
<div>The penalties for unlicensed conveyancing include up to two years’ jail or a fine of more than $39,000.</div>
<div> </div>
<div>The same consumers also allege Mr Richmond obtained more than $79,000 by deception from them. Customer Affairs Victoria referred these matters to Victoria Police, who are taking action against Mr Richmond in relation to them.</div>
<div> </div>
<div>The Dandenong Magistrates' Court will hear both matters.</div>
<div> </div>
<div>You can check a licensee’s current status on <a href="https://www.consumer.vic.gov.au/licensing-and-registration/conveyancers/public-register">Public register of licensed conveyancers page</a>. </div>
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Consumer Affairs Victoria starts legal action against Hans Richmond over conveyancing licence

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GUEST OBSERVATION
More than A$340 million was reported lost by Australian victims of fraud schemes in 2017, up A$40 million on the previous year. So says the latest Targeting scams report released this week by the Australian Competition and Consumer Commission (ACCC).
It is difficult to know whether there are simply more people who have become victims of fraud, or whether there is an increased willingness of victims to report it. Given that fraud is known to have low reporting rates, any baseline is difficult to establish.
But this is the second year the ACCC’s report has included statistics from a range of bodies, including its own Scamwatch, the Australian Cybercrime Online Reporting Network, and the Australian Tax Office. Having more reporting mechanisms available is likely to increase the number of people who are able to report, particularly when using a self-reporting online tool.
For example, the report says that Scamwatch received 161,528 scam reports in 2017, up 4% on 2016, with reported losses of A$90.9 million, up 8.8% on the previous year.
Trends in victimisation
Investment fraud has taken over as the category with the highest amount of financial losses, with victims reporting more than A$64 million in losses across all agencies. Reports of investment scams to the ACCC alone increased from A$23.6 million in 2016 to A$31.3 million in 2017, a 33% increase.
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Of interest, there were no new methods or techniques associated with the increase in investment fraud. Offenders are using the same methods (such as cold calling) to successfully defraud their targets.
Romance fraud was the second-highest category of fraud victimisation, with losses estimated at A$42 million across all agencies, consistent with 2016 (although losses reported to the ACCC declined). They continue to devastate the lives of many, although for the first time, more contacts were initiated via social networking than through other contact methods (such as online dating websites).
Who are the victims?
The data provided in the report shows how all demographics can be targeted and vulnerable to different types of fraud. Investment scams cut across all ages, and this was the highest category of loss across young, middle-aged and older Australians.
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It’s interesting to note (below) that young people were successfully targeted by approaches that used threats, dispelling the myth that such fraud only affects mainly older people.
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The use of threats can target a person’s physical safety (in the case of kidnapping or assault); their freedom (in the case of arrest or deportation); or their reputation (in the case of extortion/blackmail of intimate images).
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Both men and women were vulnerable to fraud, but men reported greater incidents of investment fraud victimisation (reporting A$22.8 million in losses to the ACCC) compared to a higher number of women succumbing to romance fraud (reporting A$12.7 million in losses to the ACCC).
The report also details that A$1.6 million was lost by Indigenous Australians, representing a 12% increase from 2016.
It is important to note that not all victims are individuals. Businesses were also targeted in scams, with A$22.1 million losses reported across all agencies. This occurs when offenders use malware, phishing or other social engineering techniques to intercept business communications and persuade an employee to pay an invoice to a criminal account.
This continues to prove lucrative for offenders, and highlights deficiencies in the governance processes of some organisations.
Targeting victims
While 42% of contacts were via email, social media, mobile apps or the internet, 40% of approaches were still made using the telephone. This reminds us that despite the increase in web enabled communication, more traditional methods are still successful.
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The payment methods also change to reflect an evolution in society. The use of iTunes vouchers was still prevalent, despite a large amount of awareness to warn people against this. Clearly this is still an area that needs improvement.
Unsurprisingly, requests for victims to pay using cryptocurrencies were also noted. It is likely that this will continue into the future, as these payment methods gain more momentum and legitimacy with users. There were also a number of scams based on offerings of fake cryptocurrencies. In total, A$2.1 million in loss was associated with cryptocurrencies.
Prosecution and prevention
Prosecution of fraud offences, particularly those perpetrated online, is fraught with many difficulties for law enforcement globally. In the majority of instances, it is unlikely that victims will get a criminal justice outcome. Further, the money sent is almost always gone and unrecoverable.
The prevention of fraud requires a multifaceted approach. For example, there has been a large amount of media surrounding the use of iTunes vouchers by offenders, and warnings were added to the cards themselves. But this continues to derive success, with A$1.2 million lost by victims paying through iTunes vouchers.
The ACCC has detailed disruption efforts it has been involved in with some of the intermediaries, whose services and platforms are used by offenders to perpetrate fraud.
This included financial institutions, online classifieds and social media platforms. This is a positive step and one that has the potential to make a real difference to victimisation.
In contrast, the ACCC also detailed the end of its Scams Disruption Project, which was proactively targeting potential fraud victims to warn them of likely victimisation.
Over a three year period more than 10,000 warning letters were sent to potential scam victims. About 70% of those who received the letters stopped sending money overseas within six weeks.
While this project was arguably resource intensive, the available statistics demonstrated positive benefits to this approach, and it is disappointing to see that it is no longer in operation. There is merit in investigating alternative ways to implement this into the future.
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Can we stop the fraud?
Sadly, there does not appear to be any reprieve on the horizon. The ACCC has already detailed fraud losses in 2018 so far of more than A$38 million.
This latest ACCC report reminds us of our vulnerability to fraud and while we think it will never happen to us, in all honesty, it could.
Offenders are highly skilled and tech-savvy, and expert in what they do. They can easily identify a weakness and subsequently manipulate and exploit a person, resulting in often devastating financial and non-financial losses.
But there are steps that we can take to reduce the likelihood that we will become their next victim. We should not be afraid to walk away from a situation and seek advice from others if we have our suspicions. We should not be afraid to hang up the phone, or hit the delete key on an email, if we feel unsure of something.
<img src="https://counter.theconversation.com/content/96912/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1">It is time that we started to acknowledge the gravity of fraud and the true costs to individuals and society that result from its victimisation. This report shows us that there are more than 340 million reasons why we need do better in combating fraud.
Cassandra Cross, Senior Lecturer in Criminology, Queensland University of Technology
This article was originally published on <a href="http://theconversation.com" target="_blank">The Conversation</a>. Read the <a href="https://theconversation.com/a-record-340-million-lost-to-fraud-in-australia-says-latest-accc-report-96912" target="_blank">original article</a>.
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A record $340 million lost to fraud in Australia, says latest ACCC report

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GUEST OBSERVATION
A warning about a “new” international scam targeting Chinese students in Australia <a href="https://www.afp.gov.au/news-media/media-releases/scam-warning-fake-%E2%80%98virtual-kidnapping%E2%80%99-scam-targets-chinese-australians" target="_blank">was issued by the Australian Federal Police</a> on May 14, 2018.
In a typical scenario, students are contacted by someone pretending to be from the Chinese Embassy or Consulate telling them that they have been implicated in a serious crime in China or Taiwan, and asking them to collaborate with investigations.
The target is told to hide themselves for a few days and cut off all contact, including with family members in China or Taiwan. The families then receive calls telling them their child studying in Australia has been kidnapped, and a ransom demand is made.
International scams of this nature are hard to investigate, but there are things you can do to avoid falling victim to them.
The evolution of a scam
Chinese and Taiwanese people have been victims of telecommunication scams like this for decades.
Crime syndicates would provide notes to their members, teaching them how to mask their caller IDs and what to say. The criminals usually collect personal information such as the student’s name, birthday, university attended and where they are originally from. This information, though basic, is essential to build trust with the victims.
The scam starts in Taiwan
The first generation of the kidnapping scam started in Taiwan in the late 1990s.
Organised crime syndicates would call parents and tell them that their child had been kidnapped and demand a ransom. During the call there would be sounds in the background of someone crying and screaming, saying “Help me, Mum/Dad!” Sometimes they might have the name of name of the child and, occasionally, will have researched the background of the family. Lots of Taiwanese were caught in the scam and paid the ransom.
Since the sim cards in use at the time were usually pre-paid cards, and the mobile phones usually cloned, criminal investigation was difficult. This pushed Taiwanese Government to tighten the rules on purchasing pre-paid cards.
And then moves to China
Before too long organised crime syndicates with members from both Taiwan and China started to use this method to scam people in China.
Criminals set up their crime base on Kinmen Island (an island belonging to Taiwan located close to the Chinese mainland). From there they could connect to the signals provided by a Chinese service provider and scam people in China. Conversely, crime bases were set up in Xiamen, the China territory opposite Kinmen, using signals provided by Taiwanese service providers to conduct scams on Taiwanese people.
In both situations they could avoid being arrested as there was limited collaboration between Taiwan and China on criminal investigations. Collaboration between the two jurisdictions only began when the Chinese government realised the seriousness of the scam.
The scam comes to Australia
With the commencement of cooperation between Taiwan and China against the telecommunication scam, a number of cases were successfully cleared and suspects were repatriated between Taiwan and China for prosecution. To minimise the risk of prosecution, organised crime syndicates then moved to their operations to Eastern Europe, East Africa or Southeast Asia (including Australia, Cambodia, Indonesia, Kenya, Thailand and the Philippines) in the past few years.
Moving the call centre to a third country not only made it more difficult to investigate the crime, it also made a successful prosecution more difficult.
Old scam, new tech
What is innovative in the recent scam compared with the earlier ones is that they have chosen to target international students from China and Taiwan who are away from their family. International students are more likely to be a successful target since it’s harder for parents based overseas to check whether the event is real.
With the advance of technology, people are now putting more information online. At the same time, student data is a popular target for hackers and a hot product on the online black market. Criminals are able to target parents, build trust with them and persuade them the scam is real using the detailed information they have about the family and the “kidnapped” child.
In the reported cases, the students followed the instructions of the criminal syndicates and hid themselves. When concerned parents cannot get in touch with their child, they tend to believe the scam is real and pay the ransom.
Criminal investigation is difficult
The transnational character of the crime has made investigation difficult. The victims – students and parents – are in different countries and, to make progress on an investigation, the Australian authorities need cooperation with Taiwanese or Chinese authorities. As the victims are not resident in the country where the syndicate is based and from where the scam is conducted, the police in the third country are usually reluctant to collaborate.
Furthermore, members of the crime syndicates are highly mobile and it is often too late to secure evidence and arrest criminals by the time the police in Australia have received and actioned a request for investigation assistance. Or it might turn out that the call centre is not in Australia but in a third country.
What students and families can do
With scams like this it is important to encourage reporting to the police and to raise public awareness. In this case, the Australian Federal Police, and the Chinese Embassy and the Taiwan Cultural and Economic Office in Canberra have all issued an alert to students about the scam.
Students and parents should have diverse ways of making contact with each other. For example, students could share with their parents the contact information of their close friends so that the parents have another way to contact their children. They also should have a special way or code to indicate to each other when they really are in danger.
<img src="https://counter.theconversation.com/content/96910/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1">Finally, everyone should be vigilant about securing personal data. This includes: schools securing their systems to avoid leaks of student information; students being careful not to put too much personal information online; and all parties being alert when adding new friends on social media.
Lennon Y.C. Chang, Senior Lecturer in Criminology, Monash University
This article was originally published on <a href="http://theconversation.com" target="_blank">The Conversation</a>. Read the <a href="https://theconversation.com/new-virtual-kidnapping-scam-targeting-chinese-students-makes-use-of-data-shared-online-96910" target="_blank">original article</a>.
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New 'virtual kidnapping' scam targeting international Chinese students makes use of data shared online

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GUEST OBSERVER
The irresponsible (if not predatory) lending and the selling of “junk” financial products highlighted by the Financial Services Royal Commission should raise concerns for regulators, educators and parents interested in financial literacy.
Research shows a strong correlation between financial literacy and literacy and numeracy skills. Literacy and numeracy are critical for, among other things, making sense of product disclosure statements and understanding the impact of loan terms and interest rates on the total amount to be repaid.
But teaching financial literacy requires going beyond these skills, by cultivating a healthy scepticism of financial institutions and the capabilities and confidence to make informed financial decisions.
There is a strong relationship between a low socioeconomic background and low financial literacy in both adolescents and adults.
It’s not just disadvantaged and vulnerable groups that struggle with financial decision-making. People who are highly educated in finance also make poor decisions – for instance, by focusing too much on growing their assets and ignoring risks.
But studies show that when regulation is effective and the financial system can be trusted, even consumers with limited financial knowledge and information-processing capabilities have the potential to deal with complex financial decisions.
For example, when considering mortgage protection insurance, applicants stand to benefit from knowing the actual risk of events like serious illness or injury that can affect their ability to meet monthly loan repayments.
<h2>Building financial capability</h2>
One way to develop better financial literacy is through simulating real-world risks, rewards and decisions in safe and supportive environments. For instance, families can play games like Monopoly and The Game of Life.
Secondary school students also have access to more sophisticated online simulations, such as the ESSI Money Game and the ASX Sharemarket Game.
Hypothetical scenarios like these provide opportunities for role play, where students can practise drawing on evidence and using it to think and reason about situations.
A recent survey of teachers of Year 7-10 commerce students revealed that more could also be done to teach students how to compare and choose between banks and financial products and services, what to do in the case of a financial scam, and how to escalate an unresolved complaint.
But we also need to take a look at the role banks play in financial education. Programs like the Commonwealth Bank’s Dollarmites Club and Westpac’s Solve to Save teach children about money on the banks’ terms.
A key call to action in these programs is often to open a bank account and activate a savings plan. In the Solve to Save program, parents pay a $10 weekly subscription, which is “automatically refunded” to their child’s nominated Westpac account every week they complete three mathematics exercises.
Late last year, in response to criticism by the consumer advocacy group Choice, the Commonwealth Bank stopped kickback payments to schools related to its longstanding Dollarmites scheme.
While the banks may be proud of their investment in these education programs, they serve to position the banks as experts in money matters while cultivating trust and brand loyalty.
<h2>What does it really mean to be smart with money?</h2>
Misguided trust has exposed vulnerable individuals to the moral hazard of the banks – and underscores the importance of improved financial regulation and education moving forward.
Given that borrowing decisions are complex, multidimensional and often emotional, it’s important to consider any lender’s motives, or “What’s in it for them?” Banks are profit-driven. This means an important question to ask oneself is: “Where can I get information and support that is independent, comprehensive and easy to understand?”
In the current climate, teaching capabilities for a healthy scepticism and personal agency is the way forward.
We also need to change the public perception of what it means to be financially literate. The conventional focus on individual responsibility and wealth accumulation is flawed.
Arguably, this focus has contributed to the need for a Financial Services Royal Commission. Whether you are a bank, a mortgage broker or a consumer, the impact of your decisions on others must be carefully considered.
<img src="https://counter.theconversation.com/content/93489/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1">While education can contribute to preparing all Australians for informed financial participation, the task is challenging.
Carly Sawatzki, Assistant Professor, University of Canberra 
Levon Ellen Blue, Lecturer, Queensland University of Technology
This article was originally published on <a href="http://theconversation.com" target="_blank">The Conversation</a>. Read the <a href="https://theconversation.com/consumers-need-critical-thinking-to-fend-off-banks-bad-behaviour-93489" target="_blank">original article</a>.
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Consumers need critical thinking to fend off banks' bad behaviour

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Consumer Affairs Victoria has received reports of a possible hacking scam targeting the email accounts of estate agents.
The scam sees home buyers deposit money into wrong bank accounts. 
The new hacking scam targeting Victorian home buyers and real estate agents has seen reported losses in excess of $200,000.
In most cases, the home buyer was sent an email from the selling agent with the contract of sale and trust account details for payment of the deposit. Shortly afterwards, they received a second email from the same email address, advising them of an 'error’ in the first email, and to deposit their money into a different account. 
While it looks legitimate, the second email is possibly a hack - and money paid goes to an account not related to the selling agent.
If you have purchased a home and receive an email from the estate agent with trust account details to make payment, call the agent or visit them in person to verify that the email is legitimate. Be very suspicious if you receive a second email telling you to make payment into another account, even if it is from the same email address. 
CAV strongly encourage estate agents, and all businesses, to regularly review and secure their online systems. Follow these tips to help keep email accounts safe: 
<ul>
<li>consider setting up a two-step verification process with your email accounts. This requires a user to provide more than one type of proof that they are authorised before they can access an account</li>
<li>change your passwords and other verification details regularly</li>
<li>delete spam messages without opening them</li>
<li>do not share your email address online unless you need to. Consider setting up a separate email just for online transactions, and another for communicating privately with clients and customers.</li>
</ul>
If you are an estate agent sending account details for customers to make payment via email, the department encourage you to advise them to: 
<ul>
<li>be very wary if they receive a second email telling them to pay into another account, even if the email comes from the same address</li>
<li>call your office to check the email’s legitimacy.  </li>
</ul>
Any business or individual who believes they have been tricked into paying money into an incorrect account, should contact their bank immediately.
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Victorian home sellers warned of deposit hacking scam

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Middle Park estate agent Peter Maxwell Simmons, 66, trading as Peter Simmons Real Estate, has been banned from holding a licence, or acting as an agent’s representative, after Consumer Affairs Victoria was notified that more than $5,000 in trust account money was missing. 
CAV were notified of the deficiency through an audit report in 2015; subsequent investigations found further deficiencies which have not been advised.
CAV then applied for an inquiry into Mr Simmons’ conduct at the Victorian Civil and Administrative Tribunal (VCAT). 
The tribunal found that Peter Simmons contravened the Estate Agents Act 1980 by causing a deficiency of money held in trust for tenants and landlords, over a period of four and a half months.  VCAT also found that Mr Simmons was guilty of conduct that made him unfit to hold an estate agents licence.
VCAT ordered that Mr Simmons is ineligible to hold a licence or be an agent’s representative before 1 March, 2018. 
Mr Simmons was made bankrupt and his licence was automatically cancelled on 24 October 2016, as required under section 22 of the Act.
Peter has been the President of the Port Phillip Men’s Shed Association.
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