<p>ASX-listed developer Cedar Woods is progressing its plans for its Southbank arts precinct site.&nbsp;</p>

<p>The developer has filed plans, which are now with the&nbsp;Department of Transport and Planning, for a new 20-level tower at&nbsp;<a href="https://www.apartments.com.au/new-apartments/141-151-sturt-street-southbank-vic-3006">141–151 Sturt Street</a>, a 2,718 sqm block opposite the Habitat Filter sculpture.</p>

<p>The proposal seeks to demolish the two-level&nbsp;commercial building, including a small supermarket and medical tenancies, and create a new building with 180 apartments and a focus on an&nbsp;active public realm and arts integration.</p>

<p>&nbsp;</p>

<p><img alt="Southbank site" data-entity-type="file" data-entity-uuid="76a72db6-91ef-43ae-827d-a9cfa72893d2" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Site.png?VersionId=DZgtB4K6BswVh0QtCs3iLjXaLp0CbcEb" /></p>

<p>&nbsp;</p>

<p>There will be a full mix of apartment configurations, including 28 studio apartments, 16 one-bedroom, 104 two-bedroom, and 32 three-bedroom units.</p>

<p>Retail, creative arts, and residential amenity functions are integrated across the lower levels. A food and drink tenancy is planned to front Dodds Street, while a retail tenancy fronting Sturt Street will be accessed via an elevated walkway. The first floor includes a substantial 734 sqm creative arts space, envisioned to support Melbourne’s growing cultural and digital industries.</p>

<p>Architecture firm <a href="https://www.apartments.com.au/architects/rothelowman">Rothelowman</a> has put together the plans. In their&nbsp;Urban Design Report they highlighted the project’s ambition to embed itself within Southbank’s evolving cultural fabric.</p>

<p>A central feature of the design is a through-block link connecting Sturt and Dodds Streets, landscaped with native plantings and embedded with universal access ramps.</p>

<p>“The ramp has been thoughtfully integrated as the primary access point, ensuring universal accessibility for all users,” the report noted, with the link offering “a direct response to the urban planning scheme of creating more green spaces within our communities”.</p>

<p><img alt="Southbank podium" data-entity-type="file" data-entity-uuid="4d24b1b2-d69c-4a11-a11d-ec6df432221c" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/podium.png?VersionId=geWoJyZDmPSLODZ_.PNJ0LvpOmyyCdpo" /></p>

<p>The building’s podium form responds to the mandatory height limits along Dodds Street and maintains a fine-grain interface to adjoining developments. Above the podium, the tower is articulated with recessed balconies and a focus on views toward the CBD and surrounding arts institutions. A communal rooftop recreation deck and indoor lounge are positioned on level four, adjoining seven apartments and providing over 900 sqm of resident amenity space.</p>

<p>Vehicle access and loading will be provided via Dodds Street, with 155 resident car spaces located across two basement levels and the first three above-ground floors. Bicycle storage is more generous, with 226 spaces distributed across resident, staff and visitor needs.</p>

<p>Rothelowman describes the architecture as “humanist,” with ground-level interfaces designed to encourage social interaction and provide a dignified entry for both residents and passers-by. “All street interfaces are crafted to invite and nurture human connections,” the design report states. “The façade transitions to a human scale, providing an approachable and engaging streetscape”.</p>

<p>Cedar Woods, while well-known for its large communities it develops outside of Australia's capital cities, they have recently developed in Melbourne's inner-ring before. They are approaching completion at <a href="https://www.apartments.com.au/new-townhouses/88-leveson-north-melbourne-88-leveson-street-north-melbourne-vic-3051">88 Leveson</a>, just 15 townhouses in the heart of North Melbourne.</p>


Joel Robinson

Cedar Woods progresses with new apartment plans in Southbank arts precinct

<p>Brisbane developers Core Property Partners and Vector Property Australia has teamed up for Brisbane's newest apartment development.</p>

<p>The duo identified <a href="https://www.apartments.com.au/developments/east-brisbane-qld-4169">East Brisbane</a> as their preferred suburb, on the fringe of the Gabba Precinct, where they've just revealed BANKSII, 72 apartments opposite Raymond Park.</p>

<p>[smartcode_project:default project_id=136432 project_image_fid=5481]</p>

<p>The one-, two-, and three-bedroom apartments will sit in a glass-wrapped building that will also feature a rooftop with an&nbsp;infinity-edge pool, a BBQ area and alfresco dining spaces, sun lounges, and a sauna, as well as a resident-only gym and a ground-floor cafe.</p>

<p>Rhett Williams, Director of Vector Property Australia, said the project will lift the quality of the East Brisbane community and set a new benchmark.</p>

<p>"In Brisbane’s current property landscape, <a href="https://www.apartments.com.au/new-apartments/banksii-east-brisbane-169-wellington-road-east-brisbane-qld-4169">BANKSII</a> stands out through its emphasis on lifestyle-oriented living, connectivity and sophisticated design," Williams says.</p>

<p>[smartcode_project:default project_id=136432 project_image_fid=5479]</p>

<p>The 10-level building has been designed by MAS Architecture. Their designs were inspired by the native Banksia flower, with the architecture and interiors reflecting the organic symmetry of its namesake flora. MAS has interpreted this throughout the building’s curved form, façade detailing and interior palette.&nbsp;</p>

<p>The building’s flowing geometry and natural tones are complemented by large balconies and floor-to-ceiling glazing, maximising cross-breezes, daylight and views over the city, parklands and river.</p>

<p>“Having a strong narrative for a building helps us architecturally,” MAS noted. "We can choose colours that come off that species of flowers. The trunk and the trees and the flower elements all are now visible in our joinery on the inside and in our architectural finishes on the outside."</p>

<p>[smartcode_project:default project_id=136432 project_image_fid=5485]</p>

<p>Apartments will feature timber floors, soft porcelain tiles, brushed bronze fittings, and stone benchtops with warm veining.&nbsp;</p>

<p>Kitchens feature premium SMEG appliances and generous storage, while bathrooms have been designed as calming retreats with curved cabinetry and twin sinks in the master ensuites.</p>

<p>The building will feature a suite of rooftop and wellness amenities. Residents will have access to an infinity-edge pool, BBQ and alfresco dining areas, sun lounges and a rooftop sauna.&nbsp;</p>

<p>A residents-only gym will be located on the podium level, while a ground-floor café and landscaped laneway will further activate the site and improve neighbourhood connectivity.</p>

<p>[smartcode_project:default project_id=136432 project_image_fid=5488]</p>

<p>BANKSII will rise from a prime Wellington Road site, with the building oriented to overlook the adjacent Raymond Park and take in extensive city views. It is also on the doorstep of key&nbsp;lifestyle infrastructure, including the future Kangaroo Point Green Bridge, The Gabba stadium, and the planned Brisbane Live arena.&nbsp;</p>

<p>Public transport options, including ferry, bus and rail - including the future Cross River Rail Woolloongabba station - are all nearby, supporting a car-optional lifestyle just minutes from the CBD.</p>

<p>Williams said the team spent over a year searching for the ideal site before securing this location.</p>

<p>"We were attracted to <a href="https://www.apartments.com.au/developments/east-brisbane-qld-4169">East Brisbane</a> as it is a vibrant and growing community that offers a perfect balance of urban convenience and natural beauty with the parklands and river on our doorstep.”</p>

<p>The project is part of the broader Woolloongabba Games precinct, which is undergoing significant investment in the lead-up to the 2032 Brisbane Olympics. This urban renewal, coupled with infrastructure upgrades, is expected to enhance long-term liveability and capital growth in the area.</p>

<p>Given the wide max of configurations, BANKSII is expected to suit everyone from first home buyers and investors to families and downsizers.</p>

<p>[smartcode_project_cta:default project_id=136432]</p>


BANKSII sales launch in booming East Brisbane apartment market

<p>The Minns Labor Government will deliver Sydney’s first new heavy rail station in more than a decade – enabling up to 10,000 new homes by rezoning land around Woollahra and Edgecliff stations, right next to the CBD, to tackle the housing crisis and rebalance growth across the city.</p>

<p>Recent reports by the NSW Productivity Commission have warned that Sydney is losing twice as many young people as it is gaining, while also finding that Woollahra is the most feasible Local Government Area (LGA) in New South Wales to build new housing.</p>

<p>Despite this, housing approvals in Woollahra consistently lag well behind other LGAs, and the population has declined by 11 per cent over the past 50 years while Greater Sydney as a whole has grown by 74 per cent.</p>

<p>The new station that will be an eight-minute trip from Sydney CBD, will be located on the Eastern Suburbs train line in Woollahra, where a station build was started in the 1970s but never completed.</p>

<p>To enable the delivery of new homes the NSW Government will lead a rezoning of Woollahra and Edgecliff stations similar to other state led rezonings to allow additional homes to be built around the stations.</p>

<p>Affordable housing will also make up a proportion of development on the site with the final amount of affordable housing required, to be determined as part of the rezoning process.</p>

<p>The area surrounding the new station is within walking distance of major green and recreational space including Cooper, Trumper, Rushcutters Bay and Centennial Parks.</p>

<p>The Eastern Suburbs train line between Bondi Junction and Sydney CBD also has the lowest passenger usage rates during the AM peak of any line on the Sydney network, with only 43 per cent of operating capacity during the AM peak currently being utilised by passengers.</p>

<p>Sydney Water and Infrastructure NSW have confirmed there is capacity in the water and wastewater systems to accommodate the proposed 10,000 dwellings without major upgrades.</p>

<p>The rezoning is expected to take around two years and will further support the Government’s housing targets that rebalance the delivery of new homes around existing infrastructure.</p>

<p>&nbsp;</p>

<p>&nbsp;</p>


Next stop Woollahra train station - delivering up to 10,000 new homes in the heart of Sydney

<section data-element_type="section" data-id="b086848">
<p>Fresh off completing its mixed-use Malvern project Malvern Collective, Kokoda Property Group has acquired a prime site on Richmond's Bridge Road.</p>

<p>They are planning a mid-rise residential development with&nbsp;integrated wellness amenities and a vibrant ground-floor retail and dining offering.</p>

<p>The site, at&nbsp;487–495 Bridge Road, spans&nbsp;1,650 sqm with 50 metres of dual frontage across Bridge Road and Palmer Street. It is currently leased to Adairs, and has a large retail building and 20 onsite car parks.</p>
</section>

<section data-element_type="section" data-id="534a164">
<p>Kokoda Property Group’s acquisition forms part of a broader phase of growth in Melbourne, building on momentum from the completion of Malvern Collective and the recent purchase of a Burnley Street site for the developer’s first commercial project.&nbsp;</p>

<p>Mark Stevens, Kokoda Property Group’s Founder and Managing Director, said that the company’s Bridge Road site acquisition signals confidence in a city that is re-accelerating.</p>

<p>“Melbourne is regaining momentum,"&nbsp;Stevens said.</p>

<p>"After a cautious period post-COVID, we’re seeing buyer sentiment stabilise and capital leaning back into well-located, quality projects. Victoria now benefits from deep builder capacity and competitive delivery pricing, creating a rare opportunity to bring design-led inner-city developments to market without compromising on craftsmanship.</p>

<p>“Richmond ticks all the boxes for us – connectivity, culture and everyday amenity – making Bridge Road the perfect address for an amenity-rich, multi-use development."</p>

<p><img alt="Kokoda" data-entity-type="file" data-entity-uuid="9a8de51d-8092-480a-8b7e-e081816692c2" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202025-08-29%20at%208.54.27%E2%80%AFAM.png?VersionId=VRHpV5.6beOu2cieKHWrw3ErMPuVOAuj" /></p>

<p>Envisioned as an “urban lantern” the building will bring a distinctive new presence to Bridge Road with a sculptural retail frontage, designed to honour the street’s heritage character while contributing to its renewal.</p>

<p>Stevens said the acquisition reflects the developer’s commitment to design-led addresses in Melbourne’s inner city.</p>

<p>“Drawing on Richmond’s rich heritage and dynamic character, we’ve envisioned a contemporary building that respects the past while elevating the way people live today. With dual frontages, curated ground-floor spaces, and a focus on wellness, this project will contribute to the neighbourhood’s evolution, appealing to both downsizers and a new generation of professionals.”</p>

<p>Kokoda Property will now progress concept design ahead of a future planning process.</p>
</section>


Mark Stevens, Kokoda Property Group’s Founder and Managing Director, said that the company’s Bridge Road site acquisition signals confidence in a city that is re-accelerating

First look: Kokoda secures Richmond site for new apartment development

<p data-end="445" data-start="321">Gold Coast developer Drew Group is fast approaching sell-out at its Main Beach apartment development, Lagoon Main Beach.</p>

<p data-end="675" data-start="447">In the last nine months, Drew Group and sales partner Pezet Matheson have secured 31 sales totalling over $75 million, as the two-tower development advances towards completion under the expert eye of Hutchinson Builders.</p>

<p data-end="772" data-start="677">“Today's buyers are more discerning than ever," Drew Group Managing Director Jon Drew says.</p>

<p data-end="901" data-start="774">"It's essential to provide something truly unique that sets a development apart, and we believe Lagoon has achieved just that."</p>

<p data-end="973" data-start="903">[smartcode_project:default project_id=108747 project_image_fid=193023]</p>

<p data-end="1158" data-start="975">Just over 50 per cent of recent&nbsp;sales have been to local buyers, reflecting the deep trust and connection within the Gold Coast community that Drew Group has developed over the years.</p>

<p data-end="1397" data-start="1160">Demand has been particularly robust at the top end, with two of the three exclusive penthouses already sold, alongside five sub-penthouses. Only seven apartments remain in Lagoon's Signature Series — one&nbsp;penthouse and six sub-penthouses.</p>

<p data-end="1469" data-start="1399">[smartcode_project:default project_id=108747 project_image_fid=284864]</p>

<p data-end="1786" data-start="1471">Drew Group has also removed the much-maligned sunset clause from all contracts at Lagoon. The sunset clause — although rarely invoked, yet on occasion known to have been — allows developers to take back contracts on apartments should the building not be completed within the timeframe specified in the contract.</p>

<p data-end="1952" data-start="1788">Pezet Matheson Co-Director Jayde Pezet says the fact Lagoon is&nbsp;within a year of completion, and has no sunset clause in contracts, provides certainty to buyers.</p>

<p data-end="2008" data-start="1954">"This is paramount in the current market," Pezet says.</p>

<p data-end="2279" data-start="2010">Drew Group has committed to providing the highest level of security inclusions — none more impressive than the Ubiquity Access Control System, a cutting-edge facial recognition technology that is one of the most state-of-the-art keyless entry systems on the market.</p>

<p data-end="2351" data-start="2281">[smartcode_project:default project_id=108747 project_image_fid=190743]</p>

<p data-end="2428" data-start="2353">One of the biggest drawcards to Lagoon has been the size of the apartments.</p>

<p data-end="2567" data-start="2430">"It is unlikely that any future new development in Main Beach will be able to offer such spacious living at this price point," Drew says.</p>

<p data-end="2850" data-start="2569">"Today's buyers are more discerning than ever, carefully evaluating amenities like gyms, spas, workspaces, and beach lockers, along with quality finishes. It's essential to provide something truly unique that sets a development apart, and we believe Lagoon has achieved just that."</p>

<p data-end="2907" data-start="2852">Lagoon is set to complete construction in mid-2026.</p>

<p data-end="2958" data-start="2909">[smartcode_project_cta:default project_id=108747]</p>


Lagoon Main Beach approaches sell-out as local buyers drive $75m in sales

Firb

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<div><span>EXPERT OBSERVATION</span></div>
<div><span> </span></div>
<div><span>The Foreign Investment Review Board (FIRB) released its Annual Report for the 2017 financial year, and as expected it showed that investment in new apartments from mainland Chinese investors has been annihilated by a combination of fee charges and tighter capital controls.</span></div>
<div><span> </span></div>
<div>
<span>There's much more to the Annual Report than just the residential real estate investment aspect, of course, but this is a blog not an Encyclopaedia Britannica so let's crack straight into it.</span><span><br></span>
</div>
<div><span> </span></div>
<div><span>Although the impact on total foreign investment was played down in the report, the reality is that the number of residential approvals have been smoked, down by 67 per cent from the prior year. </span></div>
<p> </p>
<div class="separator"><a href="https://2.bp.blogspot.com/-UMTpeaTHMM4/WwyhL22FvEI/AAAAAAAAqP0/8gaf_QtZb183rLkVwdH45jQUDJNGnkdRQCLcBGAs/s1600/FIRB1.jpg"><img src="https://2.bp.blogspot.com/-UMTpeaTHMM4/WwyhL22FvEI/AAAAAAAAqP0/8gaf_QtZb183rLkVwdH45jQUDJNGnkdRQCLcBGAs/s640/FIRB1.jpg" width="640" height="372" data-original-height="780" data-original-width="1337"></a></div>
<div>Similarly the value of residential approvals crashed 65 per cent lower from $72.4 billion to $25.2 billion. </div>
<p> </p>
<div class="separator"><a href="https://2.bp.blogspot.com/-eeKkUWK9UlM/WwyhMNmDdLI/AAAAAAAAqP4/8tL55X2DYeMHxJaDttmNpm2Z3WPJ1uxcQCLcBGAs/s1600/FIRB2.jpg"><img src="https://2.bp.blogspot.com/-eeKkUWK9UlM/WwyhMNmDdLI/AAAAAAAAqP4/8tL55X2DYeMHxJaDttmNpm2Z3WPJ1uxcQCLcBGAs/s640/FIRB2.jpg" width="640" height="372" data-original-height="801" data-original-width="1376"></a></div>
<p> </p>
<div>The bulk of new approvals through this unprecedented cycle have been for new dwelling exemption certificates, mainly for Chinese investors.</div>
<div> </div>
<div>Looking at these numbers it's not hard to understand how Sydney now has more apartments approved but not yet commenced than at any time in its history, as <a href="http://petewargent.blogspot.com.au/2018/04/bust-looms-for-sydneys-apartment" target="_blank">detailed here previously</a>.</div>
<div> </div>
<div>The offshore buyers have dried up, demand from domestic investors has been stymied, and the demand from owner-occupiers is insufficient to get new development project finance across the line. </div>
<p> </p>
<div class="separator"><a href="https://2.bp.blogspot.com/-NB_Pr0ox8ag/WwyhMFmGT_I/AAAAAAAAqP8/QW3ddVDDvDsLNYRsM8ydj3RaFs_WdVtqQCLcBGAs/s1600/FIRB3.jpg"><img src="https://2.bp.blogspot.com/-NB_Pr0ox8ag/WwyhMFmGT_I/AAAAAAAAqP8/QW3ddVDDvDsLNYRsM8ydj3RaFs_WdVtqQCLcBGAs/s640/FIRB3.jpg" width="640" height="376" data-original-height="798" data-original-width="1354"></a></div>
<p> </p>
<div>Statistically it appears to be a certainty that Sydney will experience the greatest number of failed apartment projects as these trends flow through. </div>
<p> </p>
<div class="separator"><a href="https://4.bp.blogspot.com/-oB--8HHlBVI/WwyhNNBYK4I/AAAAAAAAqQA/jcgvA_iBayUyUp_smd7mvblQxlk_NFajQCLcBGAs/s1600/FIRB4.jpg"><img src="https://4.bp.blogspot.com/-oB--8HHlBVI/WwyhNNBYK4I/AAAAAAAAqQA/jcgvA_iBayUyUp_smd7mvblQxlk_NFajQCLcBGAs/s640/FIRB4.jpg" width="640" height="378" data-original-height="801" data-original-width="1355"></a></div>
<p> </p>
<div>I expect to see plenty of apartment projects stalling, and increasing signs of discounting on new Sydney apartments.<br><br>Perhaps this was an inevitable end-game for this cycle, where development has been too much skewed towards apartments for investors, and too little towards the types of medium-density dwellings that people want to reside in.</div>
<div> </div>
<div><strong><span style="text-decoration: underline;">The wrap</span></strong></div>
<div> </div>
<div>As noted, there is much more to foreign investment than just new apartment purchases, with total investment of $168 billion only 4 per cent below the level seen in the prior year. </div>
<div> </div>
<div>And indeed, investment in manufacturing, agriculture, ports, other commercial real estate, and resources has catapulted China to become by far and away the greatest investor in Australia at $38.9 billion in FY2017, miles ahead of the United States in second place at $26.5 billion.</div>
<div> </div>
<div>Nevertheless, these figures will have some significant impacts on the new apartment sector, construction trends, and the broader economy - and especially so in Sydney.</div>
<div> </div>
<div>
<span>PETE WARGENT is the co-founder of AllenWargent property buyers (London, Sydney) and a best-selling author and </span><a href="https://petewargent.blogspot.com/" target="_blank">blogger</a><span>.</span>
</div>
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pwargent-M4siyDbqQY

Local demand insufficient to get projects across the line as offshore apartment buyers dry up: Pete Wargent

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<div>The Real Estate Institute of Australia (REIA) has fronted a Senate Economics Committee to give evidence on the Foreign Acquisitions and Takeovers Fees Imposition Amendment Bill 2020. </div>
<div> </div>
<div>REIA President Adrian Kelly has said that fees should be structured to reflect the cost of undertaking the assessment and administration by the Australian Government, instead of imposing unnecessary impediments on foreign investors in the residential property market.</div>
<div> </div>
<div>“Foreign investment in the residential property market is the lowest it has been since 2015 – 2016,” he told the committee.</div>
<div> </div>
<div>“We understand from our agents working in this area the cumulative impact of Commonwealth and State government fees has contributed to decreased demand from foreign investors.</div>
<div> </div>
<div>“It has been our proposal to Treasury, and now this Committee, that fees should be equitable and simply reflect the cost of assessment and processing by FIRB.”</div>
<div> </div>
<div>The Property Council of Australia has also condemned the new proposed fee amounts, that are not set out in the legislation but by way of FIRB fee regulations.</div>
<div>
<div class="page" title="Page 1">
<div class="layoutArea">
<div class="column">
<p><span>It noted the cost of applying for FIRB approval for the average developed commercial property transaction under this draft fee regime is set to increase from $26,700 to $66,000 </span><span>– </span><span>an increase of almost 2.5 times. For investments valued at just below $1b, the proposed fee increase would be more than </span><span>nine times </span><span>the current level.</span></p>
<p><span>"These very large cost increases for investment in commercial real estate </span><span>– </span><span>a very vanilla investment class from a security perspective </span><span>– </span><span>is not justifiable by any policy basis," the PCA advised.</span></p>
<p><span>"These proposed increases go far beyond administrative cost recovery and would put Australia at a material investment disadvantage to other countries," it noted.</span></p>
</div>
</div>
</div>
</div>
<div>The Treasury claimed updates to the fee framework will ensure that the cost of administering the foreign investment review framework is borne by foreign investors, as well as making the fee framework simpler and fairer.</div>
<div> </div>
<div>"While some investors will pay more, they will be the investors proposing to undertake the highest value investments," Treasury advised.</div>
<div> </div>
<div>"The reforms ensure that more of the costs of administering the framework are borne by larger investors and investors that currently pay a disproportionately smaller fee for their investment.</div>
<div> </div>
<div>"In general, fees represent a small proportion of the costs associated with an investment, and this will continue to be the case.</div>
<div> </div>
<div>"The maximum fee for a commercial transaction over $50 million will not be higher than 0.03 per cent of the consideration. For agricultural land over $2 million, it will not be higher than 0.66 per cent."</div>
<div> </div>
<div>Mr Kelly said while CV-19 had attracted a welcome and wide-spread commitment from all levels of Australian governments to deregulate and be more business and investment-friendly, the REIA was concerned the fee-setting framework within the Bill did not meet these best practice policy aspirations.</div>
<div> </div>
<div>“This is not just across the board but for each category of fees,” he said.</div>
<div> </div>
<div>“That is, residential property applications should not be offsetting or subsidising the cost of administration other categories.</div>
<div> </div>
<div>“The proposed fee structure within the ‘Fees’ Bill this Committee is tasked to inquire on ignores all of the above.</div>
<div> </div>
<div>“In short, unnecessary impediments should be removed for foreign investors looking to invest in Australia’s residential property market.”</div>
<div> </div>
<div>“We respect all national security considerations but fees should ultimately reflect the cost of undertaking the assessment and administration.”</div>
<div> </div>
<div> </div>
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jchancellor-FAypfDUnLy

REIA seeks FIRB fee overall given decease in demand

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<div>
<p>Three NSW farms put on the market by the Kahlbetzer family have been sold for more than $115 million in total.</p>
<p>The Lachlan River frontage properties were the first to be offered to the market subject to Australia's new foreign investment selling rules to ensure opportunity for local investors and farmers.</p>
<p>But all three were sold to buyers from offshore - to buyers from the United States and the Netherlands.</p>
<p data-gtm-vis-first-on-screen-7770372_137="4444" data-gtm-vis-total-visible-time-7770372_137="4000" data-gtm-vis-has-fired-7770372_137="1">The properties, Jemalong Station and Jemalong Citrus at Forbes and Merrowie at Hillston, were held by the Kahlbetzers' Twynam Agricultural Group.</p>
<p data-gtm-vis-first-on-screen-7770372_137="4444" data-gtm-vis-total-visible-time-7770372_137="4000" data-gtm-vis-has-fired-7770372_137="1">The selling agents had more than 50 inquiries with more than 20 parties making inspections</p>
</div>
<div>"In all cases, the accepted offer was the highest offer received for the land and water components of the respective properties," Twynam said in a company statement.</div>
<div>
<p>The properties were brokered by Gary Johnston of Johnston Rural Group Forbes and Bruce Gunning of Ray White Rural International Sydney.</p>
<p data-gtm-vis-first-on-screen-7770372_137="19422" data-gtm-vis-total-visible-time-7770372_137="4000" data-gtm-vis-has-fired-7770372_137="1">Optifarm, a Netherland-based group, bought the two Jemalong properties.</p>
<p data-gtm-vis-first-on-screen-7770372_137="19422" data-gtm-vis-total-visible-time-7770372_137="4000" data-gtm-vis-has-fired-7770372_137="1">The US-based group, MERS Global Investments LLC, bought Merrowie though its vehicle MRA Merrowie.</p>
<p>​Optifarm has already been active in the Australian market, buying Uri Park, a mixed farm near Darlington Point in the NSW Riverina last August.</p>
<p>The properties, which include Jemalong Station, Jemalong Citrus at Forbes and Merrowie at Hillston, cover 46,000 hectares.</p>
<p>The Kahlbetzer family, whose wealth is estimated by the ailing Financial Review Rich List at $840 million, has sold around 40 properties over the past decade.</p>
</div>
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Kahlbetzers' sell three NSW farms to overseas buyers

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<p>The Kahlbetzer's Twynam Agricultural Group has publicly listed three of its Lachlan River frontage properties for sale by expression of interest campaign closing March 12.</p>
<p>The properties, which include <a href="https://www.raywhite.com/nsw/jemalong/1825448/" target="_blank">Jemalong Station, Jemalong Citrus at Forbes and Merrowie at Hillston</a>, cover 46,000 hectares.</p>
<p>They were being quietly offered for sale, but under new FIRB rules from February 1 they have to be publicly advertised for at least 30 days in order to be sold to foreigners.</p>
<p>The Kahlbetzer family's wealth has been estimated by the Financial Review at $841 million. The farm offerings could total $100 million plus.</p>
<p>Below, the cotton at Merrowie.</p>
<p><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/2018/2/7/cotton.jpg" alt=""></p>
<p>Johnny Kahlbetzer confirmed the bush chatter adding that there were plenty of buyers. </p>
<p>It pioneered cotton properties in the Riverina starting with the purchase of Merrowie in 1991.</p>
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<p>Twynam has appointed Gary Johnston of Johnston Rural Group Forbes and Bruce Gunning of Ray White Rural International Sydney.</p>
<div>Jemalong Station, located 35km west of Forbes, comprises 13,387ha with 2,384ha of irrigation development an 8,885 ML JIL Water (Jemalong Irrigation Licence), 3,107 ML Groundwater.</div>
<div> </div>
<div>Adjoining Jemalong Station is Jemalong Citrus on 360.84ha. It has access to 1000 ML Groundwater and 750 ML JIL Water. The property comprises about 170,000 orange trees, mostly winter juicing varieties.</div>
<div> </div>
<div>The other property being offered for sale is Merrowie which is situated 15km west of town of Hillston. It is approx. 32,730ha with 9,906ha of developed irrigation and has available approx. 6,689 ML of General Security Lachlan River Water Entitlements as well as 10,528 ML of Groundwater Licence and approx. 16,000 ML above ground water storage.</div>
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j.ballantyne1990-6AQqhLzZaK

Kahlbetzer's Twynam selling three farms - but not off market

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<p>The federal government has imposed tighter foreign investment restrictions on the off-market sale of agricultural land worth $15 million or more.</p>
<p>Treasurer Scott Morrison announced any rural vendor wishing to sell to a foreign investor will need to publicly market the offering to locals for 30 days.</p>
<p>It was designed to stop land being put up for foreign sale without Australians knowing about it.</p>
<p>The responsibility will be on the applicant to demonstrate how they became aware that the property was advertised for sale and whether the acquisition was subject to an open and transparent sale process.</p>
<p><a href="https://twitter.com/ScottMorrisonMP?ref_src=twsrc%5Egoogle%7Ctwcamp%5Eserp%7Ctwgr%5Eauthor" target="_blank">Scott Morrison issued a tweet</a> saying it was about 'putting Australians first."</p>
<p><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/2018/2/5/morrison.jpg" alt=""></p>
<p>Foreign buyers will need to demonstrate that land "has been part of a public sales process and marketed widely to potential Australian bidders for a minimum of 30 days, and Australian bidders have had an opportunity to participate in the sale process".</p>
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<div>"All acquisitions of agricultural land by foreign investors for residential development will also be subject to standard development conditions requiring development to commence within a five year period to prevent land banking. This condition already applies to acquisitions of vacant land," Mr Morrison said.</div>
<div> </div>
<div>He said the new restrictions on agricultural land were motivated by the national interest.</div>
<div class="cq-article-content-paras section">
<p>Previously, the Coalition government has reduced from $252 million to $15 million the threshold at which the Foreign Investment Review Board becomes involved in purchasing land. Similarly, it has lowered the scrutiny thresholds for agribusiness.</p>
<p>"Concerns around the ability of Australians to participate in the sale process of agricultural land acquisitions have been a factor in my previous foreign investment decisions, including approval of the sale of S. Kidman &amp; Co Limited," Scott Morrison advised.</p>
<p>The FIRB gave three examples:</p>
<div>
<p>Example 1</p>
<p>Michele is a foreign person and wishes to acquire Joe’s farm. She first saw Joe’s farm advertised in a local newspaper and spoke to the realtor who has had the property listed for the last two months.</p>
<p>Michele confirms with the realtor that the property has been advertised through multiple channels for a period of at least 30 days, including online, through rural real estate brokers, and via advertisements in local and national media. If Michele applies to the Foreign Investment Review Board to acquire Joe’s farm, the sale process is unlikely to raise national interest issues.</p>
</div>
<div>
<p>Example 2</p>
<p>Susan has been directly approached by a foreign investor seeking to buy her farm. Susan’s farm is not on the market for sale, however, it was advertised for sale five months ago but was taken off the market as it was not sold (either no offers were received or the offers received were not accepted).</p>
<p>The foreign investor, Green Forestry Co, approached Susan because they have significant holdings of land near Susan’s farm for their forestry business and now have the capital available to expand their business.</p>
<p>Green Forestry Co applies to the Foreign Investment Review Board to acquire the property. This acquisition would satisfy the requirement for an open sale process as the property was advertised in the last 6 months.</p>
</div>
<div>
<p>Example 3</p>
<p>Therese wishes to buy a large parcel of agricultural land that is currently used for crop farming and includes an incidental established residential dwelling.</p>
<p>Therese saw the property advertised in an Australian national newspaper and viewed further information about the property on a real estate agent’s website.</p>
<p>Numerous parties, both foreign and Australian, were given the opportunity to bid or make offers for the property.</p>
<p>If Therese lodges a Foreign Investment Review Board application for the acquisition, it is unlikely that national interest issues will be raised regarding the opportunity for Australians to purchase the land.</p>
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<p> </p>
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Offmarket rural FIRB sales banned by Treasurer Scott Morrison

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<p>Chinese investors dominated the list of foreign investment approvals for the financial year 2015-2016, with much of it in residential real estate, data from the Foreign Investment Review Board annual report shows.</p>
<p>Of the total $47.3 billion pledged by Chinese investors in Australia, real estate accounted for more than $31.9 billion, FIRB data showed.</p>
<p>The total investment figure is similar to the previous year’s $46.6 billion in approvals.</p>
<p>The value of approved investment rose to around $248 billion, an increase of over $55 billion on 2014-15, driven predominantly by increased investment in the real estate sector, the FIRB noted.</p>
<p>Chinese investment commitments were far higher than the second-placed US at nearly $31 billion, of which $8.2 billion was into real estate. The FIRB data comes at a time when the government has announced measures to crack down on overseas property investors to cool the hot property market, mainly in the east coast.</p>
<p>Investment in development assets, such as new dwellings, vacant land and redevelopment of existing residential property that increases the housing stock was 85.4 per cent of all residential approvals, the FIRB said.</p>
<p>Most of these were in NSW and Victoria, or more specifically Sydney and Melbourne. </p>
<p>Residential real estate also accounted for the maximum number of foreign approvals by sector. In 2015-16, there were 40,149 approvals compared with 36,841 in 2014-15, FIRB data showed. Residential attracted commitments of $72.4 billion in the last financial year.</p>
<p>Approvals to buy established dwellings have fallen 36 per cent from 2014-15, after the Treasury cracked down on illegally owned properties by foreigners and forced many to sell.</p>
<p>These statistics, as well as an analysis from Treasury last year, show that foreign investment approvals and investments in residential property do not push up the price of housing.</p>
<p>"While Melbourne received more foreign investment approvals than Sydney, price growth in Sydney was much stronger than in Melbourne," the FIRB report says.</p>
<p>"Every Chinese dollar invested landed in the pocket of an Australian somewhere. Chinese investment translates directly into jobs, tax revenue, economic growth and new housing construction. There's nothing about it that any reasonable person can object to. Frankly, China has been a godsend for Australia these past 10 years," Chinese property group Juwai.com’s chief executive Charles Pittar was cited as saying by the Australian Financial Review.</p>
<p>High value commercial property approvals increased by more than $10 billion.</p>
<p>For the third year in a row, China was the largest source of approved investments and while the US was second, it was the largest investor in non-real estate sectors.</p>
<p>There were foreign interests in 13.6 per cent of agricultural land by area as at June 30 last year. The two biggest investors in agricultural assets are the UK and the US.</p>
<p>Among agricultural assets, Federal Treasurer Scott Morrison approved the sale of the Kidman cattle empire for around $380 million to the syndicate of mining magnate Gina Rinehart and a Chinese company after refusing earlier attempts by a majority Chinese consortium.</p>
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jonathanchancellor-7SQnKwU6yx

Chinese continue to dominate foreign investment in real estate: FIRB data

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<p>Treasurer Scott Morrison has forced the sale of 15 more illegally bought residential properties held by foreigners, taking the total number of forced sales to 61.</p>
<p>The 15 latest properties are in Victoria and Queensland, with a combined purchase price of more than $14 million and are held by investors from China, India, Indonesia, Iran, Malaysia, the United Kingdom and Germany.</p>
<p>Of the 15, six were owned by Chinese while three were from the UK. The highest divestment was a $5.9 million property in Melbourne’s Rockbank, owned by an Indian national.</p>
<p>In all, the combined value of the 61 properties is $107 million, according to a press release on the Treasury department’s website.</p>
<p>The foreign nationals in the latest group of forced disposals purchased their properties without Foreign Investment Review Board (FIRB) approval and in some cases held multiple established properties in breach of the rules. The ATO identified these breaches through data matching programs as well as using information provided by the public.</p>
<p><img src="https://www.urban.com.au/images/2017/02/13/IlegalProperties.png" alt=""></p>
<p>Another 36 foreigners have sold properties during the course of ATO investigations, underscoring improved compliance with the rules, it said.</p>
<p>So far, the taxation office has found more than 570 foreigners who have breached property rules. </p>
<p>Foreigners are not allowed to buy established dwellings and can only buy new property and have to get their applications approved by the FIRB.</p>
<p>Failure to meet these conditions could result in civil penalties or criminal prosecution.</p>
<p>The Turnbull government has increased stamp duty and other taxes for foreigners applying to buy property in Australia with a view to check the rapid rise in dwelling prices.</p>
<p>Since introducing the new fees on 1 December 2015 more than $140 million has been collected, the release said.</p>
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Government forces foreign owners of 15 illegally bought properties to sell

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<p>The Treasurer, Scott Morrison, has made changes under the foreign investment framework to allow foreign buyers to purchase an off-the-plan dwelling when another foreign buyer has failed to reach settlement.</p>
<p>The Turnbull Government advised last November it was set to implement changes under the foreign investment framework to allow foreign buyers to purchase an off-the-plan dwelling when another foreign buyer has failed to reach settlement.</p>
<p>"This change addresses industry concerns, and means property developers won’t be left in the lurch when a foreign buyer pulls out on an off-the-plan purchase," the Federal Treasurer Scott Morrison advised.</p>
<p>"This action will ensure that markets will not be impacted negatively by an increased amount of off-the-plan sales, particularly from foreign purchasers, not being completed."</p>
<p>He said it was common sense that an apartment or house that has just been built, or is still under construction and for which the title has never changed hands, is not considered an established dwelling.</p>
<p>In the event of a failure to complete settlement, the dwelling should revert to its previous status – that is, a new dwelling.</p>
<p>For individual applications made by potential purchasers this policy change will be implemented immediately.</p>
<p>Foreign persons who apply to purchase a dwelling that is considered established, only due to a failed settlement, will be assessed as if it was a new dwelling.</p>
<p>These issues also affect the current New Dwelling Exemption Certificates, which act as a pre-approval mechanism for foreign persons purchasing new apartments in a specific development.</p>
<p>A regulation change will be made at the next opportunity to enable developers to acquire a certificate that covers foreign persons purchasing a dwelling that is considered established only due to a failed settlement.</p>
<p>The Commissioner of Taxation has advised no compliance action will be pursued against persons who, if not for a failed settlement preceding their purchase, would otherwise have been covered by an existing New Dwelling Exemption Certificate until the regulations are changed.</p>
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Off the plan FIRB rule change by Scott Morrison

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<p><span>The Department of Treasury's Working Paper into perceived links between </span>foreign investment and residential property price growth has been released with statistics finding the driver of the majority of recent price growth could not be attributable to increased foreign demand.</p>
<p>The study found the majority of foreign residential purchases are of the new property, not existing and foreign demand has accounted for only a small proportion of the increase in property prices over recent years.</p>
<p>The release said other factors such as interest rates, financial deregulation, incomes, demographics [population growth] and the prices of alternative investments, such as equities, have played a role.</p>
<p>"Given that in the short run the supply of residential property is relatively fixed so any increase in demand, whether domestic or foreign, should result in higher prices," it said.</p>
<p>"Indeed, there have been many other significant domestic drivers of property prices over the period examined.</p>
<p>"The majority of foreign investment approvals are for new as opposed to established dwellings.</p>
<p>"This provides some indication that, in the longer-term, foreign demand is increasing property supply consistent with Australia’s foreign investment framework."</p>
<p>Charles Pittar, chief executive officer of Chinese international property website Juwai.com said the Parliamentary Inquiry into foreign investment found the same thing three years ago, although without the impressive statistics.</p>
<p>"The results are no surprise and they confirm what we have said for years," he said.</p>
<p>"Offshore buyers drive huge benefits for the Australian real estate market and economy, as well as billions of dollars of job growth and physical investment in new housing.<br><br>"I'm not sure how many minds it will change. For most people, it's just too easy to blame an easily identifiable group like offshore buyers when prices get hot.<br><br>"It sounds a bit harsh for the <span id="0.7301426047924906" class="highlight">FIRB</span> to say Australian property buyers have a 'herd mentality,' but we certainly love our real estate."<br><br>"Most experts believe Sydney and Melbourne are heading for price slowdowns. If we want to keep adding new homes to the supply despite that, then we need to encourage foreign buyers - rather than push them away."</p>
<p>The report can be downloaded <a href="https://treasury.gov.au/PublicationsAndMedia/Publications/2016/Foreign-Investment-and-Residential-Property-Price-Growth" target="_blank">here</a>.</p>
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