Repeat buyers are one of the strongest measures of confidence in any apartment development.

At <a href="https://www.apartments.com.au/new-apartments/era-newcastle-west-124-126-bull-street-newcastle-west-nsw-2302">ERA</a> in Newcastle West, some purchasers are returning to <a href="https://www.apartments.com.au/developers/gwh">GWH</a> after living at the developer's One Apartments. Their decision to purchase again was driven by the quality of life they found after moving into their first GWH home.

Keith Wilton had spent years living in a house in East Maitland before deciding it was time for a change. Apartment living had always been on his radar, but he was selective about what he wanted.

<iframe allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" allowfullscreen="" frameborder="0" height="315" referrerpolicy="strict-origin-when-cross-origin" src="https://www.youtube.com/embed/FH_1EzB-1vs?si=XScVlP1ERsTDJoME" title="YouTube video player" width="560"></iframe>

"I had some boxes I wanted to tick," he says.

Keith points to the open-plan design, generous outdoor areas and considered inclusions as key reasons One Apartments worked for him.

“One of those things was a nice indoor open plan area, but also I wanted a nice outdoor open area that I could entertain on in summer or Christmases or birthdays,” he says.

He also found value in the smaller details, from integrated appliances to shared resident spaces including the pool, cinema and rooftop areas.

[smartcode_project:default project_id=135096 project_image_fid=356818]

After comparing several developments, he chose One Apartments because of GWH's longstanding local reputation and his own experience working with the developer on a commercial project more than a decade earlier.

"I knew that they were local, that the quality of the build was going to be up there. I'd looked at other apartment complexes around and close by, and I just knew that here was a better decision location wise."

Today, Keith says the move has completely changed how he experiences Newcastle.

"I enjoy living in this location because it's more of a lifestyle change. That Newcastle city living where you can walk to restaurants and bars and even beaches and parks and even shopping across the road."

[smartcode_project:default project_id=135096 project_image_fid=356828]

Beyond the location, he says it's the sense of community that has surprised him most.

"Everyone loves living here because they chose to live here, but everyone looks out for each other. It's a real great community feel here."

For Aimee and Lyle Goodman, the journey started almost by chance.

<iframe allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" allowfullscreen="" frameborder="0" height="315" referrerpolicy="strict-origin-when-cross-origin" src="https://www.youtube.com/embed/tsioMLcnjas?si=zq-ys3JuWpfa5hFv" title="YouTube video player" width="560"></iframe>

The couple happened to be having coffee in Newcastle when they noticed the site where One Apartments was about to begin construction.

"We were aware GWH was planning a development," Aimee says. "We made one phone call and things moved pretty quickly after that."

As busy business owners, they initially thought apartment living would simply reduce the maintenance that came with larger homes. Instead, it fundamentally changed how they spent time together.

"We actually catch up more as a family now," Aimee says.

"We've had homes with big yards and lots of space, but everyone ended up in different rooms. Here we'll have dinner together, the kids can play, and we spend far more quality time together."

[smartcode_project:default project_id=135096 project_image_fid=356829]

Lyle says their confidence came from GWH's reputation within Newcastle's building industry.

"I know people who've worked across different apartment projects, and whenever GWH came up the feedback was always the same. They're rock solid. They're quality."

That confidence only grew throughout the buying process.

"One of the things that really impressed us with GWH was the whole process, was the communication," Lyle says. "It was consistent, it was regular, there was no problem if we had some weird questions, there was no problems in getting answers."

[smartcode_project:default project_id=135096 project_image_fid=351104]

Aimee says one moment stood out.

"The project actually finished on time. We realised we needed to hurry up and sell our house because everything was happening exactly when they said it would."

The positive experience at One Apartments ultimately gave all three buyers the confidence to purchase again with GWH, this time at ERA.

Their confidence reflects what many buyers are seeking in today's apartment market. Location remains important, but so too does certainty around delivery, quality and long-term liveability.

[smartcode_project:default project_id=135096 project_image_fid=356822]

ERA builds on those foundations with 280 one, two and three-bedroom apartments across two landmark towers in <a href="https://www.apartments.com.au/developments/newcastle-west-nsw-2302">Newcastle West</a>.&nbsp;

Designed by <a href="https://www.apartments.com.au/architects/fk-australia">Fender Katsalidis</a>, the project will include more than 2,000 square metres of resident amenities, including a resort-style pool, gym, sauna, private cinema and rooftop entertaining spaces overlooking the harbour and coastline.&nbsp;

The development is also within walking distance of the Newcastle Interchange, Honeysuckle, Darby Street, the harbour foreshore, restaurants, retail and the city’s beaches, continuing the walkable lifestyle that existing GWH buyers say has transformed how they live.

[smartcode_project:default project_id=135096 project_image_fid=356826]

For Keith, the appeal remains straightforward.

"You feel at home even before you've moved into your home."

For Aimee, the change is measured in time.

“I just felt like I had more time,” she says.

[smartcode_project:default project_id=135096 project_image_fid=351102]

Construction at ERA is now underway, with more than half of the residences already sold and limited two and three-bedroom apartments remaining in the East Tower release. Priced from $980,000 for two-bedroom residences and $1.46 million for three-bedroom residences, buyers can secure an apartment with a 10 per cent deposit, with premium homes offering ocean views from Level 8 and harbour views from Level 10.

ERA is also backed by Resilience Insurance's 10-year Latent Defects Insurance policy, providing protection against structural or waterproofing defects for 10 years after completion. The project is anticipated to be completed in early 2028.

[smartcode_project_cta:default project_id=135096]

Joel Robinson

From ONE to ERA: Why buyers are choosing GWH again in Newcastle West

Virgate Property Group is preparing to commence construction of Verdé, its new apartment development in Melbourne's Arts Precinct at Southbank, following a strong run of sales that has seen more than half of the project's 173 apartments secured.

Verdé has attracted a broad mix of first home buyers, owner-occupiers upgrading from nearby inner-city suburbs and investors, with younger owner-occupier couples aged between 28 and 45 accounting for the strongest enquiry. Many are already living in Southbank, South Melbourne, Albert Park, Port Melbourne, South Yarra and the CBD.

"Verdé is located in one of the most desirable pockets of southern Melbourne," Blair Property Group Director Darren Blair, who is managing sales at Verdé, said.

"It's within walking distance of the Arts Centre, Royal Botanic Gardens, Albert Park Lake, and Southbank's restaurants and retail. It's a great lifestyle location with strong amenity and liveability, which made it a very attractive choice for the project."

[smartcode_project:default project_id=4661 project_image_fid=372549]

Virgate was already familiar with the precinct, having previously delivered the successful Domain House development in neighbouring South Melbourne. That experience gave the developer confidence to acquire the Coventry Street site and continue expanding its presence in Melbourne's inner south.

"We had been keeping an eye on the site and the broader precinct for a few months before deciding to move forward with the acquisition," Virgate said.

The project was ultimately secured in 2020 following feasibility studies, planning assessments and due diligence, with the brief centred on delivering "a high-quality, considered design that feels both refined and fit for purpose."

[smartcode_project:default project_id=4661 project_image_fid=314259]

Designed by <a href="https://www.apartments.com.au/architects/bruce-henderson-architects">Bruce Henderson Architects</a>, Verdé comprises 173 one, two and three-bedroom apartments priced from $599,000. The architecture is distinguished by a faceted glass façade that responds to both the site's outlook and Melbourne's changing light conditions.

According to Bruce Henderson Architects, the coloured glazing gives the building a distinctive identity while also providing privacy and solar shading, with residences oriented to capture views across the bay, city skyline and surrounding parklands.

Inside, <a href="https://www.apartments.com.au/interior-designers/designoffice">DesignOffice</a> has created interiors focused on natural light, efficient planning and enduring materials. Apartments feature engineered oak flooring, natural stone benchtops, floor-to-ceiling glazing and SMEG appliances, while a restrained material palette aims to complement the expansive outlooks rather than compete with them.

[smartcode_project:default project_id=4661 project_image_fid=372550]

Resident amenity has also been designed around everyday functionality rather than occasional use. Facilities include a concierge-serviced lobby, residents' lounge with fireplace, library and co-working space, gym, terrace garden with barbecue facilities, ground-floor café, and package delivery management.

The project's location continues to be one of its strongest drawcards. Positioned on Coventry Street, Verdé sits within walking distance of the National Gallery of Victoria, Arts Centre Melbourne, Royal Botanic Gardens and Albert Park Lake, while Southbank's dining precinct, Sturt Street trams and the new ANZAC Station are all nearby. The surrounding education catchment also includes Melbourne Grammar, Melbourne Girls Grammar, Mac.Robertson Girls' High School and several major university campuses.

The sales team says buyers have responded particularly well to the combination of location, design quality and long-term liveability.

"They're responding really positively to the quality of the design, premium resident amenities and the uninterrupted views. Many also appreciate the location and how connected it is to everything they need."

The ability to secure stamp duty savings before completion has also been a key factor for purchasers, alongside the opportunity to personalise finishes ahead of settlement.

With construction set to commence soon and more than half the apartments already sold, Verdé enters its next phase as one of the Arts Precinct's more established apartment developments, offering remaining buyers an opportunity to secure a residence before construction advances further. Expected completion is scheduled for late 2027.

[smartcode_project_cta:default project_id=4661]

Virgate's Verdé Southbank moves toward construction as sales fly past halfway stage

Downsizer-focused apartment development Kooyongkoot in Hawthorn has been recognised at the 2026 Better Future Melbourne Design Awards, taking home Gold and Silver awards in two categories.

<a href="https://www.apartments.com.au/new-apartments/kooyongkoot-hawthorn-1-kooyongkoot-road-hawthorn-vic-3122">Kooyongkoot</a>, currently being delivered by developer PQD and designed by Cera Stribley, received Gold in the Interior Design – Proposed category and Silver in the Architecture – Proposed category.

The dual recognition reflects the design approach behind the boutique development on prestigious Kooyongkoot Road, where the focus has been on creating homes for downsizers seeking the space, quality and functionality of a detached house within a low-rise apartment building.

Rather than maximising apartment numbers, <a href="https://www.apartments.com.au/developers/pqd">PQD</a> and <a href="https://www.apartments.com.au/architects/cera-stribley-architects">Cera Stribley</a> limited the development to just 18 residences, allowing for larger floorplans, greater privacy, generous landscaping and expansive communal spaces.&nbsp;The majority of the apartments also benefit from corner aspects, allowing for dual sources of natural light.

Now around 70 per cent complete and on track for completion in November 2026, Kooyongkoot will comprise a mix of garden residences, ter​race apartments, sub-penthouses, and is crowned by two half-floor penthouses with direct lift access and private rooftop terraces.

[smartcode_project:default project_id=102717 project_image_fid=355297]

The Silver Award for Architecture recognised the way the building responds to its prominent corner position at the ent​rance to Hawthorn's Scotch Hill precinct, one of Melbourne's most established residential neighbourhoods.

Rather than competing with the grand homes that line Kooyongkoot Road, the architectural approach focused on restraint and longevity, using curved brickwork, generous landscaping and carefully considered proportions to integrate with the existing streetscape.

"The form feels fluid and timeless, as though shaped by the landscape itself – architecture that belongs, rather than competes," said Chris Stribley, Co-Founder and Managing Principal of Cera Stribley.

The judging submission also highlighted practical innovations throughout the building, including lift cores servicing only nine homes each, a central landscaped lightcourt designed to bring daylight and ventilation into the building, and fully enclosed private storage rooms with lighting, power and shelving to better accommodate residents transitioning from larger family homes.

[smartcode_project:default project_id=102717 project_image_fid=355293]

The Gold Award for Interior Design recognised the project's focus on long-term liveability rather than display-home aesthetics.

According to the awards submission, the interiors were designed from the inside out, prioritising how homes would function over decades of daily use through generous proportions, practical storage, durable natural materials and flexible layouts.

The specification includes natural stone throughout, upgraded acoustic glazing, V-ZUG appliances and fully enclosed storage rooms, alongside an amenity offering focused on wellness, entertainment and everyday convenience.&nbsp;

Residents will have access to a gym and yoga studio, a wellness centre featuring traditional and infrared saunas, a cold therapy shower and treatment room, as well as a residents' lounge and golf simulator/cinema room for entertainment.&nbsp;Kooyongkoot has also considered the everyday convenience of its residents by offering a private carwash and pet wash facilities on site as well as dedicated parcel lockers and oversized fully enclosed storage rooms.&nbsp;

[smartcode_project:default project_id=102717 project_image_fid=355303]

The project's attention to detail has already resonated with buyers. Earlier this year, Kooyongkoot recorded one of Boroondara's highest apartment sales when an $8 million penthouse was purchased by a Melbourne CEO downsizing from a nearby family home.

"Every detail feels deliberate, from the overall design down to the smallest touches," the purchaser said.

"The level of quality and refinement is exceptional, but what really sold it was how liveable it felt... It felt like a place where everything had been considered, not just a luxury building."

[smartcode_project:default project_id=102717 project_image_fid=355304]

Sustainability also formed a key part of both award submissions. Kooyongkoot is targeting a minimum 7.5-star NatHERS rating across all residences, supported by passive design principles, high-performance glazing, EV charging infrastructure, water reuse systems and a wellness model focused on lower-energy dry facilities rather than pools and large wet areas.

Located within walking distance of Scotch College, Methodist Ladies' College, Koo​yong Lawn Tennis Club, Aubur​n Village and Camberwell Junction, Kooyongkoot continues to target owner-occupiers looking to remain in Melbourne's inner east without compromising on space or quality. A limited selection of two, three and four-bedroom residences remains available, with prices starting from $1.9 million.

[smartcode_project_cta:default project_id=102717]

Kooyongkoot wins Gold and Silver at Better Future Melbourne Design Awards

New apartment supply has become increasingly constrained across <a href="https://www.apartments.com.au/developments/parramatta-nsw-2150">Parramatta</a> in recent years, with fewer projects progressing through to completion as development conditions have become more challenging.

It makes <a href="https://www.apartments.com.au/developers/novm">NOVM</a>'s 2021-completed <a href="https://www.apartments.com.au/buildings/the-lennox-parramatta-12-phillip-street-parramatta-nsw-2150">The Lennox</a> one of the most recently completed residential towers on the Parramatta River, and among the newest apartment developments in Sydney's second CBD.

With the project largely completed before the sharp escalation in construction costs and inflation following the pandemic, The Lennox is now offering pricing that would be difficult to replicate in a comparable new development in Parramatta today, or across much of Western Sydney.

The majority of the 413 apartments at The Lennox sold before and shortly after completion. A limited release of the remaining apartments has recently been brought to market by capital partner <a href="https://www.apartments.com.au/project-marketer/equitifund-group">Equitifund</a>, with entry-level pricing from $700,000 and two-bedroom apartments available from under $1 million.

Rising above the Parramatta River at 12 Phillip Street, The Lennox comprises one, two, three and four-bedroom apartments, appealing to first home buyers, young professionals, families, downsizers and interstate investors seeking a completed apartment in one of Australia's fastest-growing economic centres.

[smartcode_project:default project_id=5743 project_image_fid=372394]

Rather than positioning Parramatta as an alternative to Sydney's CBD, Equitifund believes the city has reached a point where it stands on its own merits.

"Parramatta is no longer simply an alternative to Sydney CBD, it's becoming a destination in its own right," Equitifund Executive Chairman Greg Huxley said.

"The Lennox captures that evolution with a level of quality and amenity that's difficult to match at its price point."

[smartcode_project:default project_id=5743 project_image_fid=953]

Designed by <a href="https://www.apartments.com.au/architects/marchese-partners">Marchese Partners</a>, the tower responds directly to its riverfront setting through expansive glazing and open-plan layouts that maximise views across the Parramatta River and city skyline. Interiors feature engineered timber flooring, stone benchtops, stainless steel appliances and floor-to-ceiling glazing, while generous balconies extend the living spaces outdoors.

Marchese Partners says the project was conceived to balance high-quality apartment living with practical, long-term functionality, pairing larger, efficient floorplans with amenities more commonly associated with five-star hotels.

That emphasis continues through the resident facilities, which include a 20-metre rooftop swimming pool, fully equipped gym and wellness spaces, full-time concierge, a residents' lounge, function room, private lifts, secure basement parking and rooftop communal areas overlooking the Parramatta River. Ground-floor boardwalk retail and dining further activate the riverfront and integrate the building into the surrounding public realm.

[smartcode_project:default project_id=5743 project_image_fid=925]

Australian housing and finance group Equitifund has secured the remaining apartments, believing there are few completed apartment opportunities in Parramatta that offer the same combination of location, amenity and pricing.

Equitifund National Sales Director Ben Hamblett says buyers are increasingly recognising that premium apartment living no longer needs to come with Sydney CBD pricing.

"The Lennox is where aspirational living becomes attainable," Hamblett said.

"Wake to river and mountain views, step into Sydney's Second CBD, and arrive home to resort-calibre amenities, all without the harbour price tag."

Hamblett says owner-occupiers are also attracted by the convenience of having Westfield Parramatta, Church Street's dining precinct, Parramatta Park, Riverside Theatres, Western Sydney University and major transport connections all within walking distance.

"At The Lennox, lifestyle is not an afterthought, it is the foundation."

[smartcode_project:default project_id=5743 project_image_fid=5374]

The Lennox places residents within walking distance of Parramatta Square, Westfield Parramatta, Church Street Eat Street, Parramatta Station, the ferry wharf, Light Rail, the future Sydney Metro West, Parramatta Park and CommBank Stadium, reinforcing Parramatta's position as one of Australia's most connected metropolitan centres outside Sydney's CBD.

Equitifund says buyers visiting the display suite consistently comment on the quality of the finishes, generous floorplans, river and skyline views, and the walkability of the location. The project has attracted a broad mix of local professionals, upsizers, downsizers, buyers relocating from Sydney's inner suburbs and interstate investors seeking long-term growth opportunities.

That demand aligns with Parramatta's continued evolution as an economic powerhouse. Equitifund Research and Market Insights specialist John Bekiaris says sustained population growth, infrastructure investment and expanding employment opportunities continue to support long-term housing demand across the city.

"Parramatta has evolved from a satellite city into one of Australia's most important economic centres. Population growth, infrastructure investment and employment are all supporting sustained long-term housing demand."

[smartcode_project_cta:default project_id=5743]

The apartment price gap drawing Sydney buyers west

A luxury beachfront apartment at Rainbow Bay has more than doubled in value since it sold off the plan six years ago, setting a new local apartment record in the process.

The three-bedroom apartment in the Flow development on Petrie Street, the first of four new projects locally by Paul Gedoun's S&amp;S Projects, has sold for $7.4 million, after originally selling for $3.27 million when the project launched in 2020.

The seventh-floor apartment, comprising 187 sqm of internal living space and a 54 sqm balcony overlooking Froggies Beach and Snapper Rocks, was purchased by a local family.

The transaction was negotiated by Pezet Matheson director Kerry Pezet and equates to more than $30,000 per sqm.

Pezet said the sale reflected the limited opportunities to buy into the boutique beachfront development.

"The sale highlights the rarity of opportunities within the boutique beachfront development, where residences seldom become available," Pezet said.

"Flow is one of the Gold Coast's most tightly held buildings. Buyers from our database move quickly when residences become available, and achieving an off-market sale at $7.4 million demonstrates the depth of demand for property of this calibre."

<img alt="Flow" data-entity-type="file" data-entity-uuid="c585b206-2130-4eee-a50c-3f27c51a7c70" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-07-06%20at%208.33.25%E2%80%AFPM.png?VersionId=m3pHRDV62Y3fvN.XQuQHq.52ilTWpRLf" />

Flow was the first of four luxury apartment developments delivered by Paul Gedoun's S&amp;S Projects at Rainbow Bay and was completed in 2023.

Positioned on the beachfront overlooking Snapper Rocks, the residence includes three bedrooms, three bathrooms, a powder room and views stretching north along the coastline towards Surfers Paradise.

Pezet Matheson Residential principal Mitchell Lambert said buyers continued to prioritise quality beachfront apartments in tightly held locations.

"Flow Residences offers a rare combination of elevated beachfront positioning, architectural excellence, comprehensive resident amenity and premium finishes, which is exactly what discerning purchasers are seeking," Lambert said.

"The transaction further reinforces Rainbow Bay's reputation as one of Australia's premier coastal lifestyle destinations, where limited supply and growing demand continue to support strong market performance."

Pezet Matheson originally marketed and sold out Flow off the plan, making the latest transaction a return to one of the project's original buyers.

Paul Gedoun is selling his third project, <a href="https://www.apartments.com.au/new-apartments/radia-rainbow-bay-271-boundary-street-coolangatta-qld-4225">Radia Rainbow Bay</a>, after recently completing, and selling out, <a href="https://www.apartments.com.au/buildings/esprit-217-227-boundary-street-coolangatta-qld-4225">Esprit</a>. He has plans for a <a href="https://www.apartments.com.au/news/qld/first-look-s-s-projects-proposes-88-apartment-wellness-tower-at-coolangattas-boundary-street">fourth building</a>, 88 apartments on <a href="https://www.apartments.com.au/new-apartments/209-213-boundary-street-coolangatta-qld-4225">Boundary Street</a>.

Rainbow Bay apartment doubles in price since off the plan sale during pandemic

Smsfs

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SME owners are likely to accelerate existing plans to gear their business premises through their self-managed super funds after renewed debate about whether to bar future superannuation gearing, say advisers to SMSFs and small-medium businesses.
Business owners are among the biggest supporters of self-managed super with superannuation gearing to acquire business premises becoming an increasingly popular strategy.
The recent <a href="https://fsi.gov.au/files/2014/07/FSI_Report_Final_Reduced20140715.pdf" target="_blank">interim report</a> of the Australian government’s current inquiry into the financial system, chaired by David Murray, is calling for views about whether superannuation gearing should be prospectively prohibited.
“If allowed to continue, growth in direct leverage by superannuation funds, although embryonic, may create vulnerabilities for the superannuation and financial systems,” the inquiry observes.
The inquiry’s final report is scheduled to be delivered to the Treasurer by November 14, although it is not known how long the government may take to react to its final recommendations.
SMSF specialist adviser Peter Crump says: “Where there is a hint that an investment opportunity may be closing, people who have been thinking about it should stop vacillating and make a decision – one way or the other.”
Crump, superannuation strategist for financial advice company ipac South Australia, believes that the financial inquiry’s call for views about the possible future barring of super gearing may prompt SME owners who have already been considering gearing their premises to focus their attention.
And Crump says good advisers have a responsibility to alert clients who had been discussing the gearing strategy with them about the possible impact of the financial inquiry.
“I think as advisers, we have a responsibility to keep our clients fully aware; otherwise we have let them down,” he adds. Crump is chairman of the SMSF Professionals’ Association of Australia (SPAA).
SMSF auditor Martin Murden believes the raising of the possible removal of superannuation gearing is a “potential trigger” for SME owners who had been examining whether to gear their business premises through their SMSFs to reach a decision.
Murden, a director of SMSF consulting and auditing with the Partners Wealth Group and author of How to invest in property through your self managed super fund, says the financial inquiry provides something of a deadline for SMEs to make up their minds.
And Naree Brooks, a partner at PwC Private Clients, makes a similar comment: “If SMEs had been thinking about gearing their premises through their SMSFs, the Murray inquiry may bring forward the decision making.”
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Sue Prestney, a partner at PwC Private Clients, says the majority of her medium-sized business clients up to August 1999 had acquired their business premises through their SMSFs, using geared trusts associated with the members. (The law had changed at that date, making such trusts so-called in-house assets of the funds and effectively ending the future gearing of SMSFs in that way.)
Prestney estimates that at least 30% of SMEs who have become her clients since 1999 now hold their business premises in their SMSFs with some of their SMSFs gearing through limited recourse loans, permitted under strict conditions for the past seven years.
“SMEs generally have their resources tied up in their businesses,” Prestney adds, “and usually the only way they can buy their business premises is through their super funds.”
Depending upon the circumstances, the holding business premises in a business owner’s SMSF can provide tax, asset protection, estate planning and business succession benefits.
Since September 2007, super funds have been permitted to borrow to invest – as an exemption to the general bar on borrowing – using limited recourse borrowing arrangements. Geared asset must be held in a holding trust until the loan is repaid.
SMEs owners who hold their business premises in their SMSF must pay an arm’s length rent to the fund, which pays concessional tax on the rental income.
Business property is one the few types of assets that SMSFs are allowed to acquire from their members and other related parties. As well, business property is one of the few types of assets that funds can lease to related parties, including the members’ businesses – without being limited by the in-house asset rules in superannuation law.
The ATO’s latest <a href="https://www.ato.gov.au/Super/Self-managed-super-funds/In-detail/Statistics/Quarterly-reports/Self-managed-super-fund-statistical-report---March-2014/">self-managed super fund statistical report</a> shows SMSFs owed $2.72 billion in limited resource loans in March, up from $497 million in June 2009. These loans represent half a percent of total SMSF assets. The value of commercial property held by SMSFs is three times greater than the value of their residential property.
PwC’s Brooks says the gearing of businesses premises through SMSFs is increasingly popular among SME owners. Brooks believes a “second wave” of business owners are following the strategy, having progressively built-up their super balances under the more restrictive contribution caps. Further, limited recourse loans are more competitively priced.
Surveys by Investment Trends suggest that 38,000 SMSFs hold geared investments and that one of the main reasons why members of large super funds say they intend to setup an SMSF in the future is to invest in property.
This article first appeared on <a href="https://www.smartcompany.com.au/" target="_blank">SmartCompany</a>.
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mlaurence-vhAHaLZT8y

Small business owners pushing for self-managed super gearing of business premises

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Three Charterhill entities owe creditors a combined $11.5 million, according to the latest presentation of accounts.
The Adelaide-based group offered a range of services including SMSF advice, mortgage broking, real estate marketing, property management along with contract negotiation.
Charterhill Group entered insolvency in January, with many clients now caught in the wreckage of chartered accountant George Nowak’s empire.
Some related Charterhill entities are among the unsecured creditors, with about 110 clients having been caught up in the collapse having paid deposits for property purchases, previous reports suggested.
The three of the Charterhill companies have collected just the $25,000 in payments, according to their six-month presentation of accounts, The Advisor said.
The companies are under the control of the receiver, Michael Basedow of Pitcher Partners or under the control of the liquidator, Andrew Heard of Heard Phillips. 
The Charterhill Group operated as a “one-stop shop”, providing advice to clients on the establishment of self-managed superannuation funds, rollover of existing super funds into an SMSF, sourcing and purchase of investment properties, property management, insurance and taxation.
It companies included, Nova Real Estate — in administration; Lending Solutions International — in liquidation; EJ Property Developments (EJPD) (formerly known as Charterhill Group and Bentley Capital) — in receivership and Financial Wellness (trading as EZ Residential) — in receivership.
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jchancellor-FAypfDUnLy

Charterhill owes $11.5 million to creditors

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GUEST OBSERVATION
Those of us in the SMSF sector who hoped that property spruikers would be driven out of the industry, and thankfully it’s the vast majority, have been sorely disappointed.
When the spruikers first realised that the combination of leverage and SMSFs were an ideal vehicle for pushing residential sales in a bullish property market, irrespective of the merits of the asset or how it fitted into a trustee’s portfolio, the anticipation was that the regulators would step in and end this questionable behaviour.
I am the first to admit the regulators have issued warning after warning about the practice, and the media has given it wide coverage, but it has had little or no effect. There still seems to be more spruikers than you find at a country fair.
I have had my own first-hand experience dealing with spruikers several years ago when I was asked to assist a Gold Coast property group with a series of workshops where my role was to explain the compliance requirements in running an SMSF.
That was my specific brief – trustee education. But it soon became evident that was not what the property group had in mind. They were there to sell property, by fair means or foul, to the trustees, with my role to give the sordid little sales pitch a semblance of respectability as an SMSF specialist. The moment I saw there were no qualified financial planners there to give holistic advice on any purchase, I realised our values were not aligned and took my leave. But not before giving the organisers a piece of my mind!
It is practices such as this that are bringing into question the legitimacy of SMSFs to use leverage – limited recourse borrowing arrangements (LRBAs) to be technical – as part of their investment strategy. There is no better evidence of this than the fact the Financial System Inquiry has firmly put it on the agenda in its draft report by posing the following policy option – “restore the general prohibition on direct leverage of superannuation funds on a prospective basis” – for further discussion. In the view of many in the industry, a ban on leverage is a lay-down misère. 
In my opinion leverage does have a role to play in an SMSF. Considering less than 1% of assets in their portfolios are LRBAs, it’s hard to argue that trustees have been borrowing with their ears pinned back, although their use is undoubtedly increasing.
What needs to happen is for lenders to get a statement of advice about using a LRBA, or, at the very least, some evidence that they have sought appropriate financial advice before pursuing this strategy.
There are any number of items trustees need to consider, such as anticipated time to retirement, fund liquidity and the ability for the fund to pay a pension to its members, and life insurance – so that the fund can pay out death benefit payments without the need to sell the property.
LRBAs are complicated investments and need to be treated with caution. As a rule of thumb, recognising there can and will be exceptions, it’s not a strategy I endorse for those in the pension phase when the name of the game for most trustees is capital preservation.
Like everyone else in the industry I will be waiting with bated breath to see what the FSI recommends. Even if it does suggest an outright ban, the final decision will rest with the federal government that promised no adverse changes to superannuation in this parliamentary term.
Whatever the outcome, what remains deeply frustrating for all professional advisors is how a rogue minority continues to wag the industry’s tail on this issue.
Olivia Long is CEO of <a href="https://www.superguardian.com.au/" target="_blank">SuperGuardian</a> and <a href="https://www.xpresssuper.com.au/" target="_blank">Xpress Super</a>.
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Property spruikers cast a long shadow over the SMSF industry

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Property investors are increasingly using self-managed super funds (SMSF) as low cost investment vehicles.  
But recent moves by the Australian Securities and Investments Commission (ASIC) serve as a helpful reminder to SMSF investors that nothing comes for free.  
ASIC issued three infringement notices to Esuperfund Pty Ltd for false or misleading online advertising. The online SMSF establishment and administration service provider has paid $30,600 in penalties after it ran advertisements and articles that misrepresented the costs and benefits of using its services or SMSFs.  The three statements ran between 31 January 2014 and 8 May 2014.
ASIC was concerned that one advertisement implied that Esuperfund clients would not pay any fees or costs when establishing a SMSF in 2014, while another article, entitled '9 Benefits of Setting Up A Self Managed Super Fund' misrepresented the costs associated with SMSFs in comparison to retail and industry superannuation funds.  
According to ASIC, a third advertisement falsely claimed that ASIC reviewed Esuperfund's operations yearly to make sure it was complying with its legal obligations.  
Esuperfund has now removed the statements from its website.  
Another SMSF service provider, Your Super Accountant, paid $2,040 after receiving an infringement notice for making potentially misleading statements about the costs of setting up a SMSF when using their services.  
Despite publishing claims on their website homepage that it was free to set up a SMSF with Your Super Accountant, investors were required to pay $200 upfront (20% of the annual administration fee) in order to be eligible for the "free" set up. The website homepage did not disclose that condition, or any others, when advertising the "free" service.  
ASIC noted that using a corporate trustee to set up a fund is never free.   According to ASIC deputy chairman Peter Kell, consumers should be on the lookout for services that advertise themselves as "free".
  "Some terms and phrases – such as "free" – have such a strong connotation for consumers that particular care should be taken so that investors are not misled," said Kell.  
"Setting up an SMSF is an extremely important financial decision and consumers should clearly understand the set up costs involved. ASIC has a particular focus on misleading claims that a financial product or service is 'free', as this may lead consumers to make inappropriate financial decisions," he said.  
Your Super Account has now amended the content on its website.
 
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Nothing is free: Two SMSF services fined by ASIC for misleading claims

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Nyko Property director Bill Nikolouzakis has attributed his company's 90% increase in sales in Melbourne in the 2014 financial year to buoyant property market conditions.
However, they sell through 228 intermediaries, with 73% in the financial services industry. This includes mortgage brokers, accountants and financial planners, with the other 27% being a mix of local and offshore estate agents.
“In particular, we had a very busy second half of the year (January-June) following the 46% increase in sales in the 2013 financial year, with demand from the SMSF sector playing a key role,” said Nikolouzakis.
Of their sales, 69% were made by the financial services sector. These were predominantly sales of townhouses and small apartment complexes in Melbourne’s suburbs.
The increase in demand from those selling property in the financial services is down to two points, he says.
This includes the financial services industry increasingly embracing direct property as an investment option, and SMSF trustees becoming more attracted to residential property.
A drop in SMSF investment, to 28% in 2014 financial year compared to 36% in the 2013 financial year, does not have impacted their overall positive views of the market.
“SMSF property investment is being driven by clients of accountancy and financial advisory firms and will continue to be a strong growth area for Nyko Property, despite the slight 8% drop in sales,” he said.
“While we might not see such a high increase in SMSF property investment as we did in 2013, we expect it to continue to be about 30% of our business,” he said.
“One in seven Australians invest in property so financial planners, accountants and mortgage brokers are starting to understand their SMSF clients are investing in property – with or without their advice.
“For those advisors who can value add for their clients by ensuring they are giving strategic advice both in terms of the property acquisition itself, as well as how it dovetails with the client’s investment portfolio, will benefit from growing investor interest in residential property,” he said.
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Financial services industry increasingly selling property, SMSFs playing a key role: Nyko Property

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The SMSF Professionals Association of Australia has released a set of best practice guidelines on advice and lending practices for limited recourse borrowing arrangements (LRBAs) following criticism of the loans in the Financial System Inquiry.
National Australia Bank has agreed to adhere to the guidelines and SPAA is working with other lenders in the sector to try to win their support.
“We believe that by publishing these guidelines, and with NAB signing on and other major lenders in the pipeline (the major banks are estimated to have more than 85% of this market), the government and regulators can have a high degree of confidence that LRBAs are being used appropriately,” said SPAA chief executive Andrea Slattery.
LBRAs are loans that self-managed superannuation fund trustees can use to buy property and other assets through their funds.
The Reserve Bank of Australia warned in its submission to the Financial System Inquiry that increased borrowing through SMSFs warranted close monitoring due to the potential risks it posed to the financial system and individuals’ retirement incomes.
There were $2.72 billion worth of limited recourse borrowing arrangements in place at December 2013, the Australian Taxation Office reported. That was up from $515 million five years earlier.
The FSI interim report observed that if allowed to continue, growth in direct leverage by superannuation funds may create vulnerabilities for the superannuation and financial systems.
Slattery said a “tiny rogue minority” had been spruiking the borrowing facilities to SMSF trustees and that best practice guidelines were needed to ensure lenders and advisers took a responsible approach to the borrowing arrangements.
The lenders’ guidelines are intended to complement individual LRBA credit policy and practices. They require lenders to provide information to trustees about LBRAs and recommend they seek professional advice before entering into the arrangements, although they stop short of forcing trustees to seek advice.
The advice guidelines lists a series of topics advisers should cover in conversations with SMSF trustees about LRBAs, including risks, tax and what can and can’t be done with the property that secures the loan.
Slattery said the guidelines were intended to encourage self-regulation in the SMSF lending sector.
Six tips for staying out of trouble with LBRAs
<ol>
<li>Seek advice from an appropriately qualified and licensed SMSF specialist, accountant or financial adviser as to whether a LRBA is appropriate for you and how it would fit with your investment strategy</li>
<li>Seek legal advice on how to structure the loan and what is involved</li>
<li>Ensure the advisers and/or lawyers you speak to are independent of any property company that is advising you on a sale to minimise the chance of receiving biased advice</li>
<li>Understand your responsibilities in relation to the LRBA as distinct from the responsibilities of the lender and/or any adviser</li>
<li>Understand the rules about what you can and can’t do with a property bought with a LBRA</li>
<li>Understand the implications of the investment for your fund including factors such as tax, risk, diversification and time frames.</li>
</ol>
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Six tips for staying out of trouble with limited recourse borrowing arrangements

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The SMSF Professionals’ Association of Australia has developed best practice guidelines for self-managed super fund limited recourse borrowing arrangements (LRBA).
This week SPAA announced NAB has agreed to adhere to the two separate guidelines.
NAB is the first lender to sign up to the guidelines for <a href="https://www.smartcompany.com.au/finance/superannuation/22072-20110922-borrowing-smsf-cash-for-property-repairs-the-do-s-and-don-ts" target="_blank">LRBA</a> with the SPAA saying sign up from the other major banks is in progress.
Andrea Slattery, chief executive of the SPAA, said in a statement the association has been “very conscious” of concerns expressed about LRBAs and in particular about a “tiny rogue minority” spruiking this borrowing facility.
“We believe that by publishing these guidelines, and with NAB signing on and other major lenders in the pipeline (the major banks are estimated to have more than 85% of this market), the government and regulators can have a high degree of confidence that LRBAs are being used appropriately and that the industry has best practice guidelines for lending and advice in place,” she says. 
The two guidelines are LRBA lenders’ best practice guidelines and LRBA advice best practice guidelines.
Slattery says adherence to the guidelines by the banking and financial advice industry will ensure LRBAs are being used appropriately by SMSF trustees, and encourages self-regulation in the SMSF lending sector by lenders and advisers.
Jeff Bresnahan, chairman of SuperRatings, told SmartCompany there is a need for restrictions like this in the SMSF sector. 
“If SMSFs are going to come under scrutiny and there is going to be failures, there is a high chance it will be in the property area. There will always be the temptation for unscrupulous behavior in that sector,” he says.   
“The property spruikers are back and are targeting SMSF members so these guidelines can offer protection.”
Bresnahan says he is not concerned that some SMSFs may miss out on loans under the guidelines. 
“If the guidelines are well thought out then there should be an appropriate level of gearing, if people miss out because they were going to do something highly leveraged then that is not a bad thing,” he says.
“That is a positive move to protect people.”
Bresnahan warns the industry, valued at half a trillion dollars, has its risks.
“SMSFs are great for a lot of Australians, but there are a lot of SMSFs out there that have been sold probably inappropriately to people who should not have them and they have to be protected from their own greed and lack of financial literacy,” he says.    
Bresnahan says in mainstream super funds investors are protected by the Australian Prudential Regulation Authority in the event of default but SMSFs don’t have that protection.
“The more restrictions that are put in place the better I believe,” he says.
This article first appeared on <a href="https://www.SmartCompany.com.au" target="_blank">SmartCompany</a>.
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Banks to impose restrictions on SMSF borrowing

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GUEST OBSERVATION
Having led the world in the 1990s in embracing defined contribution retirement plans, Australia now is rightly reviewing whether the design of its retirement income system is meeting the needs of Australians living in retirement.
David Murray’s interim report into Australia’s financial systems noted the particular strengths of this three-pillar system, which comprises the age pension, compulsory superannuation guarantee and voluntary private savings. With more than A$1.8 trillion of assets under management, Australia now has the fourth largest private pension pool in the world. The questions, as the Murray report identified, are around the complexity, efficiency and efficacy of the system.
The fact is Australians are not only living longer, they are seeking greater choice and control in managing their retirement arrangements and need cost-effective products that meet their income needs over many decades after stopping full-time work.
The problems with the current system, as I see it, are two-fold: One is around the lack of meaningful information given to consumers and the other is around the stated lump sum goal of most superannuation plans. Unlike the old employer-sponsored defined benefit plans, the defined contribution (DC) plans that dominate in Australia and in the US market transfer the investment and other risks from companies to employees.
My view is that putting relatively complex decisions in the hands of individuals with little or no financial expertise is problematic. While some say the answer is increased financial literacy, it is simply unrealistic to expect people to make decisions about strategies that challenge even seasoned investment professionals. To use an analogy, when we service our cars, the mechanic does not expect us to be able to understand how the fuel injection system works. Most of us just want a vehicle that gets us safely and reliably to our desired destination.
It’s the same with our retirement plans. It really makes no sense to ask individuals to make complex choices about risk exposures and asset allocation, for instance.
The second problem is the goal itself. The language around DC investment is about asset value. People are trained to see the key metric as the size of their fund pool, when what really matters to them is whether they will have sufficient income in retirement to live the lives they want to live.
If an individual’s pension savings are invested to maximise capital value at time of retirement and her personal goal is to achieve a reasonable level of retirement income, there is a clear mismatch involved.
In the view of the superannuation fund, the relevant risk is portfolio value. But the risk for the individual is uncertainty around retirement income. How do we solve this dilemma? The answer is to adopt a liability-driven investment strategy that is equivalent to how an insurer hedges an annuity contract or how pension funds hedge their liabilities for future retirement payments to members. Nearly a quarter of a century since Australia moved to compulsory super, the financial technology now exists to invest individual super contributions this way. Each fund member would still get a pot of money at retirement and would still have the same choice over their savings they have under current DC arrangements. The difference is the value of the pot would be obtained through a strategy meant to maximise the likelihood of achieving the desired income stream.
Moving to this income-focused strategy would require changes not only to the way super plans actually invest their members’ money but also to how they engage and communicate with savers.
Instead of being asked complex (and meaningless) questions about asset allocation, members would be asked three simple questions – their retirement income goal, how much they can contribute from current income and how long they plan to work. Of course, the asset allocation is important, but this only a factor for achieving success. It is not a meaningful input for the choices the consumer actually makes. Once these variables are known, the fund need only regularly communicate to the member the probability of reaching her goal. To increase that probability, the fund member has only three choices – save more, work longer or take more risk. There are no other ways.
The gap between what exists and what Australians need was highlighted by the Murray inquiry interim report, which noted that the current focus on lump sum balances in the superannuation system is evident in the absence of retirement income projections from annual statements to members.
“For many people, income projections, while difficult to calculate, would be far more useful than total accrued balances,” Murray said.
As someone who has spent much of his professional life researching this issue, I can only agree. Ultimately, what Australia needs is an approach to superannuation that uses smarter products rather than trying to make consumers smarter about finance.
Robert C. Merton is Nobel Laureate, Professor of Finance, School of Management at <a href="https://theconversation.com/institutions/massachusetts-institute-of-technology">Massachusetts Institute of Technology</a>.<img src="https://counter.theconversation.edu.au/content/29547/count.gif" alt="The Conversation" width="1" height="1" style="line-height: 1.3em;">
Alongside his academic positions at MIT and Harvard, Professor Merton holds the post of resident scientist with global asset management firm Dimensional Fund Advisors. This article is drawn partly from his recent essay in the Harvard Business Review on the retirement planning challenge.
This article was originally published on <a href="https://theconversation.com">The Conversation</a>.
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po-LsXgBTHBmX

Superannuation: make income the outcome

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The Australian Tax Office has sent caution letters to the operators of 2,000 SMSFs about illegal ‘divided washing’ practices, as trustees are again being told to take heed of warnings or risk facing tough new penalties.
The advice follows a string of <a href="https://www.smartcompany.com.au/finance/investment/42864-smsf-trustees-warned-not-to-take-financial-advice-from-real-estate-agents">recent warnings about SMSF trustee obligations</a> and the introduction of <a href="https://www.smartcompany.com.au/finance/superannuation/42422-eight-things-you-need-to-know-to-get-your-smsf-ready-for-the-end-of-the-financial-year">weighty new penalties brought in</a> at the start of this month.
In a <a href="https://www.ato.gov.au/Media-centre/Speeches/Other/Update-from-the-ATO-on-recent-compliance-activity,-areas-of-concern-with-SMSFs-and-the-ATOs-future-priorities/">speech</a> given at the CPA Conference yesterday, ATO assistant commissioner Matt Bambrick revealed the tax office had sent around 2,000 self-amendment letters to SMSFs it identified as having potentially implemented a share trading strategy known as dividend washing.
The warning cautioned SMSF trustees that such a practice was a breach of tax rules.
Crowe Horwath tax director Tim Holloway told SmartCompany dividend washing, which is based on a specific tax ruling, is a strategy to gain double franking credits on shares.
“It occurs where you have any type of entity that owns shares in a company, which then sells those shares ex-dividend,” says Holloway.
“Which means, when the shares go to a new owner, the new owner does not have the entitlement to get the franking credits. Even though they’re selling the shares, the previous owner still has an entitlement to the franking credits.”
Holloway explains that when an entity then buys the same number of shares in the same company, on what is called “special market”, which trades on a different basis to the normal market, they are effectively buying shares that still have an entitlement to the franking credit and therefore doubling their credits, despite owning the exact same amount of shares.
“They have the credits attaching to the shares they sold, and they have managed to actually get credits because they bought on this special market,” says Holloway.
“The ATO holds the view that the only reason you’ve done this, is to get that benefit of the double franking credits, because if you didn’t get that benefit the transactions would not be commercial,” he says.
Holloway says while it is hard to tell how common the practice is, the fact the ATO sent out 2,000+ letters implies it has seen incidences of dividend washing, or what look to be dividend washing.
“Clearly they are a few of these incidences and the ATO are acting upon it,” says Holloway.
Holloway says the penalty the ATO might impose on an SMSF found to be dividend washing would depend on whether the actions were found to be done on purpose.
“If they feel that it’s deliberate, then you can get hit with pretty significant penalties,” says Holloway.
In his speech, Bambrick highlighted additional “emerging risks” for SMSFs to be aware of, including: the potential to contravene purposes tests by attending overseas SMSF conferences; dividend stripping, where a company distributes retained earnings to a member just as they retire; and illegal early release of super benefits.
Bambrick said the new penalty regimes allowed the ATO to impose penalties that were more in line with a breach than it previously could.
“The accuracy and independence of SMSF auditors has always been critical to our compliance monitoring but now we’ll be relying even more on these auditors to identify and rectify minor breaches,” said Bambrick.
“In dealing with non-compliance by SMSF trustees, we may take one or several courses of action, depending on the seriousness of the contravention and the circumstances involved.”
This article first appeared on <a href="https://www.smartcompany.com.au/" target="_blank">SmartCompany</a>.
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ATO cracks down on dirty SMSFs, warning against ‘dividend washing’ 

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Trustees of self-managed super funds are being warned about the legal implications of accepting advice from real estate agents when investing their funds in property.
The warning comes as <a href="https://www.smartcompany.com.au/finance/superannuation/42422-eight-things-you-need-to-know-to-get-your-smsf-ready-for-the-end-of-the-financial-year" target="_blank">hefty new penalty regimes that punish trustees misusing their SMSFs</a> came into place at the start of July.
Australian Securities and Investments Commission commissioner, Greg Tanzer, raised the issue yesterday when he spoke at the annual CPA Australia Self-Managed Super Funds Conference.
“ASIC is aware that there has been a sharp rise in promoters recommending that investors either set up or use an existing SMSF to invest in property,” Tanzer said in his <a href="https://www.asic.gov.au/asic/pdflib.nsf/LookupByFileName/Regulators-perspective-on-the-regulation-of-SMSFs--speech.pdf/%24file/Regulators-perspective-on-the-regulation-of-SMSFs--speech.pdf" target="_blank">speech</a>. “These promoters may not be complying with the law.”
Tanzer said ASIC was concerned that, with the increased popularity of SMSFs and property investment, real estate agents and property advisers may not have realised they may be providing financial product advice and may need an Australian Financial Services (AFS) licence, or authorisation under an AFS licence.
“Specifically, we are concerned about advertisements claiming that consumers can use their superannuation to purchase a property using the NRAS and receive ‘$100,000 tax free’,” said Tanzer.
“These advertisements do not provide a balanced message about the features, benefits and risks of investing in NRAS property through an SMSF,” he said.
Graeme Colley, director of technical and professional standards at the SMSF Professionals’ Association of Australia, told SmartCompany a trustee cannot seek advice which is regarded as financial product advice from anyone without an Australian financial service licence or authorisation of one.
“If you seek advice, make sure it is from are a licenced financial planner,” says Colley.
Colley says it is likely that most real estate agents are unaware that what they are doing could be illegal. He says agents frequently give advice about investing in personal property, but should be aware that there are different laws concerning SMSFs.
“The same rules don’t apply as investing in personal property,” says Colley, who says even a ‘barbecue conversation’ regarding where money should be invested is considered financial advice.
Colley and the SMSF Professionals’ Association of Australia are calling for legislation to be put in place to give ASIC further control over the type of advice given and by whom.
He warns SMSF trustees to “get a second opinion” if advised to roll over their superannuation to set up a SMSF fund and invest in property.
Colley also warns anyone nearing retirement age about the potential danger of investing their SMSF in property. He says for those near retirement who invest in real estate – and who then find that they can’t get a tenant or need cash flow – contribution age rules may stop them from putting money back into the fund.
“The older you are the more careful you need to be,” he says.
This article first appeared on <a href="https://www.SmartCompany.com.au" target="_blank">SmartCompany</a>.
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