Malaysian developer <a href="https://www.apartments.com.au/developers/s-p-setia">SP Setia</a> is the latest to jump into St Leonards booming Transport Oriented Development precinct.

The developer, which has previously delivered Sapphire by the Gardens apartment development in Melbourne, identified the Atchison Street site in 2023. It filed a Scoping Report around 12 months ago, and now has revealed the designs for the new&nbsp;40-storey mixed-use tower.

The State Significant Development Application covers <a href="https://next-portal.urban.com.au/projects/14650/summary">20-22 Atchison Street</a>, a 1,374 sqm site positioned between St Leonards Station and the new Crows Nest Metro station.

Designed by <a href="https://www.apartments.com.au/architects/cox-architecture">COX Architecture</a>, the project would deliver 181 apartments, above a four-storey commercial podium, five basement levels, and new public domain works along Mitchell Street. The apartment mix comprises 35 one-bedroom apartments, 39 one-bedroom-plus-study apartments, 85 two-bedroom apartments, and 22 three-bedroom residences.

The proposal has been lodged as a shop-top housing development under the NSW Government’s TOD planning pathway, which allows increased density around key transport infrastructure. The site sits within the recently rezoned Crows Nest Accelerated TOD Precinct.

<img alt="First look: SP Setia targets St Leonards skyline with 40-storey TOD tower" data-entity-type="file" data-entity-uuid="b799673d-48e2-46b0-801a-0e33a9330100" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/atchinson%20site.png?VersionId=dPh0UfwfaHpbFL1R7H1cbZNbIW0CHbCC" />

SP Setia acquired the Atchison Street site as part of its continued expansion into the Australian apartment market. In comments made to City &amp; Country (The Edge Malaysia) in 2023, SP Setia President and CEO Datuk Choong Kai Wai described the acquisition as “a strategic move” aligned with the group’s post-pandemic market recovery strategy.

“Our target for this exceptional development is local and overseas buyers, including first-home buyers, downsizers and investors,” Choong said.

The tower has been designed as a slender vertical form rising from a mixed-use podium, with COX Architecture positioning the development as a response to the evolving St Leonards and Crows Nest skyline.

“The purpose of the project is to facilitate the delivery of high-quality housing at a strategically located site and deliver a built tower outcome that is consistent with the desired future character of St Leonards and aligns with the TOD controls,” the design report stated.

<img alt="First look: SP Setia targets St Leonards skyline with 40-storey TOD tower" data-entity-type="file" data-entity-uuid="b1a85eee-76f7-436c-a6da-73ba827b9b13" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/atchinson%20entry.png?VersionId=dA9jHGPMcm.dDbwk4QfxqWiY5bfh3UVt" />

The podium would incorporate retail uses fronting Atchison Street, commercial tenancies, landscaped communal areas, and pedestrian improvements along Mitchell Street. Vehicle access and loading would be consolidated via Atchison Lane.

Residents would have access to more than 665 sqm of communal indoor and outdoor spaces, while the development proposes 96 parking spaces across five basement levels.

The proposal also includes a commitment for 10 per cent of residential floor space to be allocated toward affordable housing through a monetary contribution.

COX said the tower form responds directly to the emerging high-density character of the precinct while seeking to maximise solar access, cross ventilation, and outlook from apartments.

<img alt="First look: SP Setia targets St Leonards skyline with 40-storey TOD tower" data-entity-type="file" data-entity-uuid="2163f85c-f63b-4be3-aafa-f8763976cec5" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Article%20Feature%20Image%20%28Grid%29_5.png?VersionId=WiAmtIKJ6.ZQ41EtYEQ1fol7AeorKBlL" />

“The building is orientated towards north,” the Apartment Design Guide compliance report noted, adding that the tower’s slim form was driven by the constrained inner-urban site dimensions.

The design also incorporates landscaped setbacks and communal open space at podium level, intended to soften the interface with surrounding streets and improve pedestrian amenity.

The project adds to a growing wave of redevelopment proposals reshaping St Leonards and Crows Nest following the opening of the Sydney Metro City line and the NSW Government’s push for higher-density housing around major transport nodes.

Last week Stockland filed plans just down the road. They want to build a <a href="https://www.apartments.com.au/new-apartments/601-pacific-highway-st-leonards-nsw-2065">52-storey tower on Pacific Highway</a>.

Read more:&nbsp;<a href="https://www.apartments.com.au/news/nsw/first-look-stockland-plans-52-storey-538-apartment-st-leonards-tower">First look: Stockland plans 52-storey, 538-apartment St Leonards tower&nbsp;</a>

Joel Robinson

First look: SP Setia targets St Leonards skyline with 40-storey TOD tower

<a href="https://www.apartments.com.au/developers/urban-property-group">Urban Property Group</a> has revealed plans for a new mixed-use tower at 10 Dangar Street, Wickham, advancing a proposal that would reshape the southern gateway to Newcastle’s city centre with one of the city’s tallest residential buildings.

The State Significant Development proposal, now on exhibition, seeks approval for a <a href="https://www.apartments.com.au/new-apartments/bowline-10-dangar-street-wickham-nsw-2293">43-storey tower</a> immediately adjacent to the Newcastle Interchange. The project would deliver around 200 apartments, including 42 affordable housing dwellings, alongside 99 co-living units, a 171-room hotel, retail space, and new public domain integrated through the site.

The scheme marks a significant escalation of plans previously approved for the site. Urban Property Group took over the prominent 2,904 sqm parcel, where excavation and demolition had already commenced under an earlier consent for a 14-storey mixed-use development.

<img alt="First look: Urban Property Group unveils Newcastle’s next supertower at Wickham interchange" data-entity-type="file" data-entity-uuid="58a96dd9-407f-4d20-86b4-94e4bfeef74b" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/wickham%20podium.png?VersionId=LGlf08pdFGAZDzvx_CXC4XakHNZRuEE0" />

Designed by <a href="https://www.apartments.com.au/architects/sjb-architects">SJB</a>, the tower has been conceived as a landmark transit-oriented development anchored to the Newcastle Interchange precinct. The proposal includes 245 build-to-sell apartments across a mix of one, two, and three-bedroom residences, as well as two penthouses. Fifteen apartments and one operational unit are earmarked for NDIS housing. The co-living component would add a further 99 units, while the podium would accommodate retail uses and hotel facilities.

SJB said the site presents “a valuable opportunity to anchor the precinct by setting the standard for design, active ground planes and character at the key southern gateway.”

The architecture responds directly to the site’s position beside major transport infrastructure and within one of Newcastle’s fastest-evolving urban renewal precincts. The tower form sits above a sculpted podium designed to frame new public spaces, including a through-site pedestrian link connecting Station Street to Hannell Street, landscaped plazas, and activated retail edges.

<img alt="First look: Urban Property Group unveils Newcastle’s next supertower at Wickham interchange" data-entity-type="file" data-entity-uuid="a7bd6ff0-f7db-4ce8-a6dc-ea56e72c6149" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/wickham%20lanne.png?VersionId=xzf39VADyhj7zBQY2I9fx9vI62u2tuSb" />

The design report describes the project as part of the broader transition of Wickham into “a vibrant, high-quality mixed-use urban precinct” that leverages proximity to the station, open space, and regional connectivity.

A detailed public art strategy has also been prepared for the development. The strategy positions the project as “a transit-oriented development of state significance at the gateway to Newcastle’s city centre” and outlines a series of integrated artworks responding to Newcastle’s industrial and transport heritage.

Creative Road’s curatorial framework for the project, titled Unveil, draws on “stratified surfaces, carved volumes, and light-filled apertures” while referencing Newcastle’s transformation from an industrial city into a contemporary education and technology hub.

<img alt="First look: Urban Property Group unveils Newcastle’s next supertower at Wickham interchange" data-entity-type="file" data-entity-uuid="77a882bb-14b1-4d28-99ff-9438e39508c0" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/wickham%20site.png?VersionId=cevgo_vN0eKPK78P8YcEu3mKPLkpFqE7" />

The proposal is being advanced through the NSW Housing Delivery Authority pathway after being declared State Significant Development in June 2025. The accompanying scoping report states the development aims to “maximise the site’s proximity to the Newcastle Interchange by delivering transit-oriented development” while increasing housing supply and affordable housing provision within the Newcastle LGA.

Urban Property Group’s plans align with the long-term strategic vision established under the Wickham Master Plan, which identified the interchange precinct as suitable for substantial uplift in height and density. The current proposal would significantly intensify that vision, positioning the tower among the tallest developments proposed for Newcastle.

The site sits immediately north of the Newcastle Interchange, bounded by Dangar Street, Hannell Street, and Charles Street. It is surrounded by a rapidly growing cluster of residential towers and mixed-use projects that have emerged following the completion of the light rail and transport interchange.

First look: Urban Property Group unveils Newcastle’s latest tower at Wickham interchange

Bottega House has completed settlement of a landmark riverfront site in Macquarie Street, St Lucia, representing its first major Brisbane development.&nbsp;

Positioned on the banks of the Brisbane River, the <a href="https://www.apartments.com.au/new-apartments/180-macquarie-street-st-lucia-qld-4067">premium site at 180 Macquarie Street</a> features uninterrupted river frontage in one of Brisbane’s most tightly held residential precincts.&nbsp;

The proposed development, currently under assessment with Brisbane City Council, has been designed by <a href="https://www.apartments.com.au/architects/plus-studio">Plus Studio</a> with interiors by <a href="https://www.apartments.com.au/interior-designers/mim-design">Mim Design</a> and will deliver a boutique collection of premium residences positioned specifically for owner occupiers and downsizers.&nbsp;

The residences are set to redefine luxury apartment living in the area, with a focus on architectural quality, refined finishes, landscape integration and elevated amenities including curated wellness facilities, resort-style pools and recreation spaces rarely seen in the local market.&nbsp;

Exclusive sales for the project will be led by Keenan &amp; Byrne, ahead of an anticipated launch later this year.&nbsp;

Bottega House Managing Director Nick Malloch said the project reflects the group’s ambition to deliver a highly curated residential offering within one of Brisbane’s most tightly held precincts.&nbsp;

“This is an incredibly rare riverfront opportunity and one we have approached with a long-term perspective,” Malloch said.&nbsp;

“Our vision from the outset was to create a boutique collection of residences that feel more like private homes than traditional apartments, with generous proportions, refined finishes and exceptional amenity throughout."

Malloch says there is a&nbsp;lack of premium owner-occupier stock of this quality in the market, particularly for downsizers wanting space, privacy and a true lifestyle offering without compromise.&nbsp;

"Demand is expected to be strong given the scarcity of premium riverfront opportunities of this nature within Brisbane’s inner-west."&nbsp;

Bottega House secures landmark riverfront site in St Lucia 

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The arrival of the first piling rig officially marks the commencement of construction at SIERA’s new beachside apartment development, Exhale, in Northcliffe.

<a href="https://www.apartments.com.au/new-apartments/exhale-surfers-paradise-8-enderley-avenue-surfers-paradise-qld-4217">Exhale</a>, a glass-encased tower featuring 54 large-scale apartments at 8 Enderley Avenue, is SIERA’s third Gold Coast development. It follows the recently completed PIPIS Bilinga beachfront project, which achieved suburb-record prices, and the soon-to-be-completed Chevron Island development, Tapestry.

[smartcode_project:default project_id=112661 project_image_fid=359603]

<a href="https://www.apartments.com.au/developers/siera">SIERA</a> Founder and Managing Director Brent Thompson said the arrival of the piling rig represented a significant milestone for the development, which is scheduled for completion in late 2028.

Over the next month, around 260 piles are expected to be installed as work progresses on the basement structure. The building is anticipated to rise above ground level early next year, before unveiling its sculptural glass curtain wall, developed in collaboration with specialist façade engineers.

“The façade was designed to maximise panoramic coastal views while creating a distinctive architectural identity,” Thompson said.

[smartcode_project:default project_id=112661 project_image_fid=355935]

Designed by BDA Architecture, Exhale will comprise just 54 two- and three-bedroom residences across 26 levels, a level of low-density living rarely delivered in this beachside pocket between Surfers Paradise and Broadbeach.

The project has been conceived as a resident-only building, with no short-stay accommodation permitted. SIERA says the model is intended to appeal to long-term owner-occupiers rather than transient holiday demand.

[smartcode_project:default project_id=112661 project_image_fid=361052]

Residences have been designed with large-format layouts and expansive glazing, with most apartments featuring more than 30 metres of glass frontage to maximise natural light and ocean views.

The amenity offering spans two levels and centres on wellness and lifestyle, including a heated magnesium pool, sauna, yoga and Pilates studio, gymnasium, private dining facilities, cinema lounge, and dedicated surfcraft storage.

[smartcode_project:default project_id=112661 project_image_fid=359607]

More than half of the apartments have already sold. SIERA has also opened a sales gallery for Exhale at its Chevron Island commercial premises, near its Tapestry tower and the site of its second Chevron Island apartment development, which is slated to launch in early 2027.
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[smartcode_project_cta:default project_id=112661]

SIERA kicks off construction at Northcliffe tower Exhale

Local Little Bay residents, along with buyers from premium postcodes across Sydney’s affluent Eastern Suburbs, have dominated purchases in developer-builder Urban Property Group’s first Eastern Suburbs apartment development, <a href="https://www.apartments.com.au/new-apartments/este-little-bay-jennifer-street-little-bay-nsw-2036">ESTE Little Bay</a>.

The $250 million coastal project, one of the first new developments in the area in several years, has proven particularly popular with downsizers, especially those from Coogee and Bondi. One Double Bay downsizer paid $4.7 million for a four-bedroom penthouse, setting a new local apartment price record in the process.

Buyers have been attracted to the combination of coastal tranquillity, premium design and amenity-rich neighbourhood living. The walkable village setting, along with proximity to three of Sydney’s leading golf courses, New South Wales Golf Club, St Michael’s Golf Club and The Coast Golf Club, has also been a key drawcard.

[smartcode_project:default project_id=112343 project_image_fid=352689]

Built across two low-rise buildings designed by <a href="https://www.apartments.com.au/architects/hill-thalis-architecture-urban-projects-pty-ltd">Hill Thalis</a> and set along a lush, landscaped green spine, designed by leading landscape architect <a href="https://www.apartments.com.au/landscape-architect/arcadia-landscape-architecture">Arcadia</a>, ESTE Little Bay offers a collection of one, two, three and four-bedroom residences with interiors by Richards Stanisich.

<a href="https://www.apartments.com.au/developers/urban-property-group">Urban Property Group</a> Sales Director, Tom McIvor said the response to ESTE has been "nothing short of extraordinary."

“Buyers have been quick to recognise ESTE as a rare opportunity to invest in a coastal sanctuary that offers both seclusion and connectivity to the heart of Sydney,” McIvor said.

[smartcode_project:default project_id=112343 project_image_fid=352687]

<a href="https://www.apartments.com.au/project-marketer/srm-residential">SRM Residential</a> Senior Director, <a href="https://www.apartments.com.au/project-marketer/srm-residential">Clayton Ross</a> said the local market has responded incredibly well, driven by ESTE’s exceptional location and the rarity it offers.

“We’ve seen strong interest from a variety of buyer groups, all of whom are drawn to the exclusivity and quality of the build and construction by the 4.5-star iCIRT-rated builder / developer, Urban Property Group. There’s truly nothing else like it along Sydney’s coastline.”

[smartcode_project:default project_id=112343 project_image_fid=352690]

The project also includes robust buyer protections, including Resilience Insurance’s Latent Defects Insurance, providing 10 years of structural cover, and an independent iCIRT-rating of the developer.

“The iCIRT-rating adds another layer of confidence,” Ross added. “Buyers see it as a safeguard for their investment and their lifestyle.” A highlight of ESTE’s offering is its exclusive wellness amenities, including a heated rooftop infinity pool and outdoor heated spa, a state-of-the-art Technogym fitness centre, and a sauna.

<a href="https://www.apartments.com.au/new-apartments/este-little-bay-jennifer-street-little-bay-nsw-2036">ESTE Little Bay</a> is topped out and is on track to complete towards the end of 2026, with residents moving in before Christmas.

[smartcode_project_cta:default project_id=112343]

Eastern Suburbs buyers snap up ESTE Little Bay apartments

Financial Results

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Mirvac has advised its default rate among its apartment buyers remains below 2 percent.
The group noted defaults were tracking below 2 percent which is in line with where they were at the group's first half financial results advised in February.
Its chief executive Susan Lloyd-Hurwitz said the company's strong performance had been driven largely by a "strategic overweight" position in Sydney and Melbourne.
“We believe we will continue to bene t from the densi cation of these cities in the years to come, through our urban asset creation and mixed-use capabilities."
Residential conditions continue to be mixed nationally, it noted.
"Price growth in the Sydney and Melbourne established markets increased materially, following a strong spring and summer season.
"Recent moves by regulators and lenders will likely see price growth ease, however demand is expected to remain sound. Increasing urban population growth, support from low interest rates and demand for quality dwellings in attractive locations is expected to continue.
"In Brisbane, price growth for apartments has moderated with more solid growth for housing and semi-detached dwellings, while Perth has seen signs of improved demand, particularly among rst home buyers, with support from government incentives. 
"We have seen a solid amount of sales activity, up 18 per cent on the prior corresponding period, and we remain on track to achieve a full-year return on invested capital of more than 15 percent," she said in a statement releasing the group's third-quarter update.
"We also expect to settle approximately 3,300 residential lots in FY17."
“With housing affordability becoming an increasingly concerning issue in Sydney, Mirvac launched its The Right Start initiative during the quarter to assist rst time home buyers in securing their own home.
"The Right Start gave over 50 first home buyers the opportunity to purchase at our Sydney Olympic Park development, and we will continue to look at how we can address housing affordability in Sydney.” 
The major apartment project highlights were the settlement of the group's The Moreton project at Bondi which is now 68 percent settled.
Ebsworth at Green Square, Sydney is now 74 percent settled.
Its launch of new projects and continued sales momentum at existing projects, included Olivine, Melbourne where 100 percent of released lots pre-sold; Woodlea, Melbourne: 100 percent of released lots pre-sold; Pavilions, Sydney Olympic Park, Sydney: 67 percent of released lots pre-sold; and Marrick &amp; Co, Sydney: 69 percent of released lots pre-sold.
Mirvac Group recently announce the appointment of Stuart Penklis as head of residential.
Since joining Mirvac in 2002, Stuart has played a lead role in securing and delivering a diverse set of the Group’s large-scale residential and industrial development projects, such as Harold Park, The Moreton, Hoxton Distribution Park and Calibre in Sydney.
Stuart brings more than 20 years of experience in the property industry, including a number of senior roles in his 15 years with Mirvac, across investment and development in multiple sectors.
Most recently, he led the industrial business as group executive, industrial.
Stuart will commence his role as head of residential on 1 May 2017. 
Mirvac posted a 7 percent rise in profit for its first half ended December 31, capitalising on a record $3.1 billion of residential pre-sales, with CEO Susan Lloyd-Hurwitz going to bat for a taskforce to tackle housing affordability.
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Mixed conditions nationally but Mirvac says apartment default rate below 2 percent

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Japan-based developer Sekisui House said turnover for its Australian operations for the 2016 financial year grew 52 percent over the previous year to more than $554 million, helped by a robust residential property market.
It settled more than 1,300 properties settled during this period in New South Wales and Queensland. 
The strong performance was driven by active residential property markets and the company’s diversified product offering which currently includes apartments, land subdivisions, integrated land and housing packages, and completed home products. 
Sekisui House Australia’s CEO Toru Abe said the 52 percent growth in turnover was helped by “extremely favourable” conditions for property development in Australia in recent years. The developer entered the Australian market in 2009. 
The company, which has built over 2.3 million homes across the world, said 2016 FY turnover from its global operations came in at ¥2.026 trillion (equivalent to $23.5 billion as at 31/01/17), up 9 per cent on the previous year.
“Collaboration on research and technology between Australia and Japan has helped contribute to our market penetration in Australia,” said Abe.
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2017/03/14/Sekisuismall.jpg" alt="">
Sekisui House, which is listed on the Tokyo Stock Exchange, said it has delivered more than 8,000 homes in Australia and its pipeline is more than $14 billion with nearly 15,000 properties to deliver over the next decade.   
In 2016, the company invested $570 million on two new sites totalling 17.5 hectares in New South Wales. The Orchards in north west Sydney’s Hills Shire district is a $1 billion masterplanned community comprising 1,300 apartments. The Roads and Maritime Services’ ‘urban activation precinct’ in Wentworth Point will be a $1.6 billion community with 2,000 apartments. 
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2017/03/14/Sekisui1.jpg" alt=""> 
Abe said the company is diversifying into commercial and retail sectors over the coming years.
Turnover from its international operations in China, USA, Singapore and Australia increased by more than ¥182 billion (equivalent to $2.1 billion), or 103 per cent from the 2015FY.
Sekisui House sold 90 percent of a tranche of SHAWOOD homes within the first week of release at The Hermitage, at Gledswood Hills.
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Sekisui says Australian turnover grew to $554 million on strong residential sales

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Listed property group Lendlease Corporation Limited said half-yearly profit after tax rose 12 percent to $394.8 million from a year earlier, helped by a boost in construction earnings.
Revenue in the six months to December 2016 was up 8 percent to $7,945 million over the comparable period the previous year.
The company said remaining end development pipeline grew 5 percent to $49 billion, of which $35 billion comprised urbanisation projects. It said the development segment “continues to maintain a strong residential pre-sales position, closing the period at $5.7 billion.”
Its EBITDA mix comprised a 38 percent growth in development earnings, while investments generated 40 percent.
<img src="https://www.urban.com.au/images/2017/02/27/FEB27LendleaseEBITDA.png" alt="">
Lendlease Group chief executive and managing director Steve McCann said commercial development, in particular the Australian office sector, was a highlight of the first half result. 
“At Barangaroo South, Tower 1 reached practical completion with all three office towers now operational,” said McCann. 
“We had success in converting our pipeline into delivery with the forward sale of three office buildings, in addition to the creation of a capital solution for the Circular Quay Tower.”
Lendlease said it secured new tenants across the commercial development pipeline. New leasing agreements were secured across approximately 85,000 sqm of commercial space in the period, predominantly in Australia. 
The company declared an interim unfranked dividend of 33 cents per stapled security.
Residential settlements included apartments at Victoria Harbour in Melbourne. Its offshore pipeline includes projects in Singapore, London and the Americas.
<ul>
<li>In Singapore, construction at the Paya Lebar Quarter is progressing well and during the period management secured two anchor tenants for the retail component of the development. The project remains on track for completion in FY19. </li>
<li>In Europe, apartment settlements were achieved at the Glasshouse Gardens at International Quarter London and South Gardens at Elephant and Castle in London. </li>
<li>In the Americas, work has commenced at Riverline in Chicago, Clippership Wharf in Boston and 281 Fifth Avenue in New York. These projects are all in the residential sector, representing a mix of multi-family and condominium product. </li>
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It said communities settlements were down compared to the prior corresponding period due to project timing.
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Lendlease posts double-digit rise in profit on construction boost

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Mortgage broker Australian Finance Group (ASX: AFG) reported a rise in half-yearly profit of 14% from the same period in the previous year, helped by the strong performance of its AFG Home Loans division.
AFG’s loan book now sits at $127 billion, with the overall residential loan book growing to $120.7 billion from $114.7 billion to in the six months to December 2016. 
It said although start to the year was slow, the lending market in Australia is now picking up and mortgage brokers are winning market share. 
The company expects the mortgage broker market penetration to grow as “an increasing number of consumers recognise that a mortgage broker is in the unique position of being able to provide a comprehensive view of the alternatives available across lenders and products”. 
AFG managing director Brett McKeon said the results reflect the broker’s focus on maintaining a strong core broking business. 
“Consistent growth in our distribution network has assisted in generating a strong result for our own branded AFG Home Loans business. Total AFGHL settlements were $1.24 billion, up 34% from the same period last year and represented 7.2% of AFG’s total residential settlements for the period,” he said.
“Importantly our AFGHL book now stands at $4.6 billion which together with strong settlements has helped deliver a profit before tax for the AFG Home Loans business of $4.8 million up 97% from HY16.”
The company said its net profit after tax was $13.4 million for the six months ending December 31, 2016.
It also announced an interim dividend of 4.2 cents per share, an increase of 40% on the prior period.
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Mortgage broker AFG says profit up 14% as credit market picking up

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Residential developer Devine Limited (ASX: DVN) reported a loss of $38 million for the full year ending December 31, and said it was in talks with ANZ to extend its banking facility with the lender.
The directors’ report said the 2016 results were hurt as a result of trades’ procurement in an over-heated residential construction market in Queensland, while “major weather events” in Victoria and South Australia caused production delays.
The developer had a debt of $22 million (including bank guarantees) as of December 31, 2016, under the ANZ Multi Option Facility , which is due to mature on March 31, 2017. 
The directors’ report noted that they “do not expect the group to be compliant with the covenants of the ANZ MOF when the debt matures. 
“Under the terms of the ANZ MOF Agreement, a breach of a financial covenant entitles ANZ to request repayment of the facility on demand. In such an event, the Group currently does not have the immediate capacity to repay the facility in full nor does it currently have readily available alternate sources of liquidity,” said the report.
Owing to that, the report expressed doubts about whether the developer can continue as a going concern.
It said the developer and its major shareholder CIMIC Group Ltd were working closely with ANZ Bank to come to a solution. 
The company has said it is winding up operations in the medium density home building market, and completed more than 90% of its medium density projects.
The directors’ report noted it had sold three sites and its stake in two joint ventures.
Total revenue from continuing operations rose to $194.2 million from $190.2 million in the previous year. Operating loss before tax widened to $38.3 million from $33.1 million previously.
The group, established in 1983, became a leading brand in the residential property sector and has operations in Queensland, Victoria and South Australia. It listed on the ASX in 1993.
The company said as at December 31, 2016, its residential development pipeline included the equivalent of nearly 6,400 future homes.
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Developer Devine's yearly loss widens to $38 million, says in talks with lender ANZ 

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Genworth Mortgage Insurance Australia has reported a statutory net profit after tax (NPAT) of $203.1 million for FY16.
Underlying NPAT was $212.2 million following adjustment for the after-tax mark-to-market move in the investment portfolio of $9.1 million.
<a href="https://www.propertyobserver.com.au/images/2017/02/08/Screen%20Shot%202017-02-08%20at%2010.57.42%20AM.png" target="_blank">Click to enlarge</a>
<img src="https://www.urban.com.au/images/2017/02/08/Screen%20Shot%202017-02-08%20at%2010.57.42%20AM.png" alt="">
According to the Investor Report released today the results show lower sales (Gross Written Premium) and lower revenue (Net Earned Premium).
The report said GWP declined 24.8 percent compared with the previous corresponding period due to a number of factors including reduced high loan-to-value (LVR) penetration in the market and a lower LVR mix of business.
"Net Earned Premium decreased 3.6 percent reflecting lower earned premium from current and prior book years," it said.
"Net claims incurred increased due to an increase in the number of delinquent loans relative to a year ago and a higher average claim amount.
"The overall portfolio continues to be supported by strong performance in New South Wales and Victoria. However, the performance in Queensland and Western Australia is challenging, reflecting increased delinquencies, particularly in regions exposed to the slowdown in the resources sector.
"Genworth continues its engagement with policymakers, rating agencies and other industry participants to promote legislative and regulatory policies that support home ownership and continued responsible credit growth.
"Throughout 2016, Genworth has focused on working with APRA to develop and propose suitable capital requirements for the residential mortgage industry. Genworth is leading industry efforts to develop solutions with policy makers and regulators that emphasise the importance of LMI to the Australian mortgage market and stability of the wider financial system, especially its value as a loss absorption and capital management tool for risk management purposes. 
"The figure below shows the evolution of Genworth’s 3 month+ delinquencies (Flow only) by residential mortgage loan book year from the point of policy issuance. 
<a href="https://www.propertyobserver.com.au/images/2017/02/08/Screen%20Shot%202017-02-08%20at%2012.25.45%20PM.png" target="_blank">Click to enlarge</a>
<img src="https://www.urban.com.au/images/2017/02/08/Screen%20Shot%202017-02-08%20at%2012.25.45%20PM.png" alt="">
"Each line below illustrates the level of 3 month+ delinquencies relative to the number of months an LMI policy has been in-force for policies issued within a specific year.
<a href="https://www.propertyobserver.com.au/images/2017/02/08/Screen%20Shot%202017-02-08%20at%2012.40.20%20PM.png" target="_blank">Click to enlarge</a>
<img src="https://www.urban.com.au/images/2017/02/08/Screen%20Shot%202017-02-08%20at%2012.40.20%20PM.png" alt="">
"The 2008 Book Year was affected by the economic downturn in Australia and heightened stress experienced among self-employed borrowers, particularly in Queensland, which was exacerbated by the floods in 2011.
"The post-GFC book years are seasoning at lower levels as a result of credit tightening, however, accelerated increases for 2012-14 books have been predominantly driven by regional parts of Queensland and Western Australia that are continuing to face challenges as a result of the downturn in the mining sector."
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Resources sector slowdown noted in Genworth FY16 financials

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Bank Australia’s 2016 financial results released today show strong profitable growth with a net profit after tax of $22.6 million.
It came with overall asset growth of 13 percent taking the bank’s assets to more than $4 billion with a trend toward younger customers.
“We’ve also had significant growth in new customers, particularly from our target market of socially aware consumers and we have decreased the average age of customers by attracting younger customers to the bank,” the managing director Damien Walsh said.
He advised the bank’s decision to forgo a portion of profit this year to focus on investing in the bank’s brand and technology had delivered strong business growth.
“We achieved deposit and loan growth both well above system which is pleasing in the current low interest rate and competitive environment,” Walsh said.
Customer deposits grew by 12 percent and customer loans by 21 percent.
“Our profit sees the bank grow customer owned reserves by $24 million to $435.9 million; and with a very strong capital adequacy ratio of 18.66 percent we are well positioned to grow and provide customers with highly competitive prices, products and services in the years to come.
“The result represents a return on assets of 0.59 percent, which is healthy particularly given that we’ve made some significant investments in our technology, people and brand over the past year,” Walsh said.
Each year Bank Australia commissions CANSTAR to compare its pricing (rates and fees) on deposit and loan products with the average advertised rates of the four major banks. Over and above the $22.6 million of after tax profit, the bank returned pricing benefits in the amount of $33.2 million to customers.
Highlights of Bank Australia’s 2015-16 financial performance
<ul>
<li>Full year net profit after tax of $22.6 million is a strong result given the pressure on net interest margin and the ongoing investment in the bank’s brand, service delivery and technology.</li>
<li>Net interest margin declined due to competitive pressures across the market.</li>
<li>Customer owned reserves grew to $435.9 million strengthening our overall capital position.</li>
<li>Capital adequacy at 18.66% remains very strong.</li>
<li>Loan funding of $1,084 million (21% annual growth) was 46% greater than 2015. Importantly, a large proportion of growth continues to come via online and broker channels delivering customer convenience and extending the geographic presence of the bank.</li>
<li>Responsible credit assessment criteria were maintained while achieving growth.</li>
<li>Deposits grew by 12% reflecting confidence in the bank’s responsible approach to banking and price competitiveness.</li>
<li>The bank’s investment grade credit rating with Standard &amp; Poor’s remains BBB+/Stable/A-2.</li>
</ul>
Summary of Bank Australia’s 2015-16 financial performance:
<table class="x_MsoTableGrid8" style="width: 100%;" border="1" cellspacing="0" cellpadding="0"><tbody>
<tr>
<td valign="top" nowrap width="34%">
 
</td>
<td valign="top" nowrap width="8%">
 
</td>
<td valign="top" width="14%">
Jun-15
</td>
<td valign="top" width="14%">
Jun-16
</td>
<td valign="top" nowrap width="14%">
Change
</td>
<td valign="top" nowrap width="14%">
% Change*
</td>
</tr>
<tr>
<td valign="top" nowrap width="34%">
Net Profit After Tax
</td>
<td valign="top" nowrap width="8%">
$m
</td>
<td valign="top" width="14%">
23.96
</td>
<td valign="top" width="14%">
22.59
</td>
<td valign="top" nowrap width="14%">
(1.37)
</td>
<td valign="top" nowrap width="14%">
(5.72%)
</td>
</tr>
<tr>
<td valign="top" nowrap width="34%">
Net Interest Revenue
</td>
<td valign="top" nowrap width="8%">
$m
</td>
<td valign="top" width="14%">
75.61
</td>
<td valign="top" width="14%">
80.48
</td>
<td valign="top" nowrap width="14%">
4.87
</td>
<td valign="top" nowrap width="14%">
6.44%
</td>
</tr>
<tr>
<td valign="top" nowrap width="34%">
Net Interest Margin
</td>
<td valign="top" nowrap width="8%">
%
</td>
<td valign="top" width="14%">
2.22%
</td>
<td valign="top" width="14%">
2.11%
</td>
<td valign="top" nowrap width="14%">
(0.11%)
</td>
<td valign="top" nowrap width="14%">
(4.95%)
</td>
</tr>
<tr>
<td valign="top" nowrap width="34%">
Cost to Income
</td>
<td valign="top" nowrap width="8%">
%
</td>
<td valign="top" width="14%">
64.30%
</td>
<td valign="top" width="14%">
66.95%
</td>
<td valign="top" nowrap width="14%">
2.65%
</td>
<td valign="top" nowrap width="14%">
4.12%
</td>
</tr>
<tr>
<td valign="top" nowrap width="34%">
Return on Assets
</td>
<td valign="top" nowrap width="8%">
%
</td>
<td valign="top" width="14%">
0.70%
</td>
<td valign="top" width="14%">
0.59%
</td>
<td valign="top" nowrap width="14%">
(0.11%)
</td>
<td valign="top" nowrap width="14%">
(15.71%)
</td>
</tr>
<tr>
<td valign="top" nowrap width="34%">
Assets
</td>
<td valign="top" nowrap width="8%">
$b
</td>
<td valign="top" width="14%">
3.58
</td>
<td valign="top" width="14%">
4.04
</td>
<td valign="top" nowrap width="14%">
0.46
</td>
<td valign="top" nowrap width="14%">
12.85%
</td>
</tr>
<tr>
<td valign="top" nowrap width="34%">
Customer Deposits
</td>
<td valign="top" nowrap width="8%">
$b
</td>
<td valign="top" width="14%">
3.03
</td>
<td valign="top" width="14%">
3.40
</td>
<td valign="top" nowrap width="14%">
0.37
</td>
<td valign="top" nowrap width="14%">
12.46%
</td>
</tr>
<tr>
<td valign="top" nowrap width="34%">
Gross Loans
</td>
<td valign="top" nowrap width="8%">
$b
</td>
<td valign="top" width="14%">
2.66
</td>
<td valign="top" width="14%">
3.22
</td>
<td valign="top" nowrap width="14%">
0.56
</td>
<td valign="top" nowrap width="14%">
20.98%
</td>
</tr>
<tr>
<td valign="top" nowrap width="34%">
Loans Funded
</td>
<td valign="top" nowrap width="8%">
$m
</td>
<td valign="top" width="14%">
742.87
</td>
<td valign="top" width="14%">
1,084.08
</td>
<td valign="top" nowrap width="14%">
341.21
</td>
<td valign="top" nowrap width="14%">
45.93%
</td>
</tr>
<tr>
<td valign="top" nowrap width="34%">
Reserves
</td>
<td valign="top" nowrap width="8%">
$m
</td>
<td valign="top" width="14%">
412.00
</td>
<td valign="top" width="14%">
435.95
</td>
<td valign="top" nowrap width="14%">
23.95
</td>
<td valign="top" nowrap width="14%">
5.81%
</td>
</tr>
<tr>
<td valign="top" nowrap width="34%">
Capital Adequacy
</td>
<td valign="top" nowrap width="8%">
%
</td>
<td valign="top" width="14%">
19.74%
</td>
<td valign="top" width="14%">
18.66%
</td>
<td valign="top" nowrap width="14%">
(1.08%)
</td>
<td valign="top" nowrap width="14%">
(5.47%)
</td>
</tr>
</tbody></table>
* The % change calculation is based on the actual full figure
</body></html>

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