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Real Estate and Finance Trend: AUCTION... AUCTION ...AUCTION - 154 KING GEORGES ...: Back to Search Results Retire Property No. 120212233 154 King Georges Road Wiley Park NSW 2195 Show Page Visits ...

AUCTION... AUCTION ...AUCTION - 154 KING GEORGES ROAD WILEY PARK NSW 2195

2015-07-12T19:55:00.003-07:00

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Property No. 120212233

154 King Georges Road Wiley Park NSW 2195

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Auction: Sat 08-Aug-15 11:30AM Save to Calendar

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Luke Knapton

Lee Knapton

Knapton & Co Pty Limited - Lakemba

46 The Boulevarde
Lakemba, NSW 2195

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Sat 18 Jul 11:00AM - 11:30AM Save to Calendar Sat 25 Jul 11:00AM - 11:30AM Save to Calendar Sat 1 Aug 11:00AM - 11:30AM Save to Calendar Sat 8 Aug 11:00AM - 11:30AM Save to Calendar

154 King Georges Road Wiley Park

AFFORDABLE - 4 bedrooms - 2 bathrooms.

Located close to Wiley Park Nature Reserve and Roselands Shopping Centre is a spacious 4 bedroom family home with 2 bathrooms. The home has a spacious lounge room with internal access to the LOCK UP GARAGE and a separate formal dining area. Adjoining the dining area is a spacious Tasmanian Oak solid timber kitchen with a leafy outlook. Up stairs is 4 good size bedrooms, all with built-in-robes and the main bathroom. Enter the easy care backyard via the laundry and 2nd bathroom. There is a single drive through LOCK UP GARAGE potentially allowing parking for up to 4 cars. Will suit the large family with a limited budget. Located close to Wiley Park Railway Station.
LAND AREA: 233.7sqm, Zoned: R3 Medium Density Residential, Extended Settlement available.
Special features: Ducted air conditioning, alarm, double glazed windows, security shutters, gas connected including new Gas Hot Water Service.

View all our properties on www.knapton.com.au with our complete Inspection List displayed on the right hand side of the home page. For your convenience, Knapton Property Agents has a mobile web site.

Property No. 120212233
Page Visits: 44

General Features
Property Type:House
Bedrooms:4
Bathrooms:2
Land Size:233 m² (approx)

Indoor Features
Toilets:2
Alarm System
Air Conditioning

Outdoor Features
Secure Parking
Garage Spaces:1
Open Car Spaces:1

Other Features
Built-In Wardrobes,Close to Schools,Close to Shops,Close to Transport,Garden, Alarm

Floorplans & Interactive Tours

Details not provided

Nearby schools

Lakemba Public School
PrimaryGovernment
0.24 km
Wiley Park Public School
PrimaryGovernment
0.27 km
Wiley Park Girls High School
SecondaryGovernment
0.43 km
Holy Spirit Catholic College
SecondaryCatholic
0.67 km
Al Hikma College
PrimaryIndependent
0.97 km
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The data [or parts of the data] used in this publication are sourced from ACARA

The data [or parts of the data] used in this publication are sourced from the Australian Curriculum, Assessment and Reporting Authority (ACARA) and are available from ACARA in accordance with its Data Access Protocols. The distance displayed is indicative and is based upon a straight line calculation from the school to the property.

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Biggest auction day on record as buying frenzy sets new property highs Print Increase Text Size Decrease Text Size 10 Nov, 2013 03:00 AM TOBY JOHNSTONE

2013-11-09T23:38:00.000-08:00

Biggest auction day on record as buying frenzy sets new property highs

10 Nov, 2013 03:00 AM

TOBY JOHNSTONE

"This is the strongest market I've seen in my real estate career and this is the 10th year we've been in business": Auctioneer Damien Cooley.

Experts are calling it the spring that will never be repeated. A property heatwave has gripped Sydney this selling season, with almost all of the city's boom-time records smashed: record listing numbers, record sales volumes, record house prices and, as of Saturday, the busiest auction day on record.

''This is a one-in-100 year perfect storm of auction conditions - I don't think it will ever be repeated,'' said Andrew Wilson, senior economist at Australian Property Monitors.

In October, $2.23 billion worth of property sold via auction campaign. Over the same month last year, just $1.12 billion changed hands, APM figures show.

''October broke the record for the all-time number of properties sold by auction in any month in Sydney's history,'' Dr Wilson said. ''November will smash that record.''

There were 784 properties scheduled for auction on Saturday - beating the previous record set on March 27, this year, when 749 were listed.

Auctioneer Damien Cooley had 16 auctions scheduled for the big day.

''If six hadn't sold prior, I would have been a very busy boy,'' he said.

''This is the strongest market I've seen in my real estate career and this is the 10th year we've been in business. Our market has wanted to grow for the past six years but there just hasn't been enough confidence in the global economy, and in our economy, to permit it. But, with a new government and low interest rates, people have a reason to compete for property again.''

McGrath's chief auctioneer, Scott Kennedy-Green, has also noticed the surge. The McGrath network had 170 auctions scheduled for the Saturday, nine of which were conducted by Mr Kennedy-Green.

''Our network auction bookings for November are up 45 per cent on last year,'' Mr Kennedy-Green said.

''There is an emerging auction culture in Sydney. In a market like this, it is becoming a preferred method of sale.''

While buyers have been active all year, sellers have now joined the party with 6364 properties listed for auction so far this spring. That is an increase of 35 per cent on the same time last year, when 4724 properties were listed.

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Realestate Record auctions predicted for Spring Nathan Mawby Melbourne property reporter News Limited Network September 03, 2013 10:14AM

2013-09-03T19:00:00.000-07:00

Last Updated: September 04, 2013

Weather: Melbourne 15°C - 26°C . Mostly sunny.

Realestate

Record auctions predicted for Spring

Nathan Mawby Melbourne property reporter
News Limited Network
September 03, 2013 10:14AM

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Melbourne Sales Results Sept 1

<div class="iframe-alt">(Frame content direct link: <a href="https://www.google.com/fusiontables/embedviz?q=select col0 from 1yvEpjdZnOAyXb_REfiaXkzMizMRNeRjNJr0EMII&amp;viz=MAP&amp;h=false&amp;lat=-37.870990789284654&amp;lng=144.94919303837187&amp;t=1&amp;z=11&amp;l=col0&amp;y=2&amp;tmplt=2&amp;hml=GEOCODABLE">https://www.google.com/fusiontables/embedviz?q=select col0 from 1yvEpjdZnOAyXb_REfiaXkzMizMRNeRjNJr0EMII&amp;viz=MAP&amp;h=false&amp;lat=-37.870990789284654&amp;lng=144.94919303837187&amp;t=1&amp;z=11&amp;l=col0&amp;y=2&amp;tmplt=2&amp;hml=GEOCODABLE</a>.)</div>

A SURGE in auction numbers after the election will officially kickstart what promises to be a strong spring property market for Melbourne.

The combination of the federal election and the AFL Grand Final have pushed almost 2000 homeowners to list their property for auction in the two weeks between the two big events.
The Real Estate Institute of Victoria is expecting up to 1000 auctions in a Super Saturday event on the weekend immediately after the poll. A further 900 are anticipated the following week.
Its predictions come after RP Data recorded a preliminary clearance rate of 73 per cent in Melbourne last weekend. According to RP Data, the clearance trend in Melbourne for auctions is 72 per cent.
The winter selling market was the strongest in recent years, but according to RP Data analyst, Cameron Kusher, there is further room for improvement.
"Given the strong winter season there's definitely potential for the market to go back up to the 80 per cent clearance rate," Mr Kusher said. "It's been a long time since we have seen those levels - but it's a real possibility."
But even strong sales won't result in the same massive price growth for property of 12 to 13 per cent a year seen in 2010, according to Mr Kusher.
RP Data figures indicate about 22 per cent of properties in Melbourne are selling via auctions, but that ratio is expected to grow after the election.
"A lot of real estate agents around the country seem to see a lot of people holding off going to market until after the elections, and buyers may have a bit more confidence after the election as well.
Buyers advocate Monique Wakelin, Wakelin Property Advisory director, echoed the sentiment and said it was possible a "honeymoon period" may lend strength to the market in the two weeks following the polls.
But the real strength of the market would only be revealed in October when pent up demand from the winter months cleared.
"We have the football finals and now we have the election and it wouldn't surprise me to see significant fluctuation in the clearance rate," Ms Wakelin said.
"But the acid test will be into October ... if we still see clearance rates in the high 70s and into the 80s it will be a sign the market has turned."
Check out last week's sales results in our interactive map below. Zoom on the location to see details of properties that sold.

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Realestate Auctions take off out west By Tim McIntryre The Daily Telegraph June 10, 2013 8:10AM

2013-06-10T20:34:00.000-07:00

Realestate

Auctions take off out west

By Tim McIntryre
The Daily Telegraph
June 10, 2013 8:10AM

A general shortage of available stock in Sydney's west is pushing prices up / File

SYDNEY'S severe property supply shortage has spread to the outer western suburbs, where frustrated buyers are paying up to $80,000 above the price guide for average family homes at auction.

Houses in Penrith and surrounding suburbs are going under the hammer as agents convince vendors to cash in on a market where desperate buyers are prepared to do what it takes to put a roof over their heads.
"Five years ago, there were no auctions in Penrith,'' Paul Wallace of Property Central said.
"It was a 'city' thing. In the last two years, we've taken around 125 properties to auction, 60 per cent of which have sold above reserve.''
Two big recent results were in Emu Plains, where one house with a guide of $399,000-plus sold for $480,000, while another at $499,000-plus sold for $530,000.
In both cases, the price was pushed up by competitive bidders.
"The price guide is the most important thing,'' Mr Wallace said.
"If people see value, it generates competition and we see a good end result.''
Ray Fayad, of Laing + Simmons Granville, sold a house at Pendle Hill for $626,000 - more than $50,000 above reserve.
"A year ago I would have put a guide of $530,000 on that property,'' Mr Fayad said.
"In this market, sales and rentals are both strong, rather than just one or the other. First-home buyers and investors want to secure something now, because they think prices will rise again.''
Experts said a general shortage of available stock was pushing prices up.
"There are certainly more buyers and less listings in the west than 12 months ago,'' SQM Research managing director Louis Christopher said.
"In April, there were 8856 houses listed in Sydney's west. The April before, there were 9587,'' he said.
"In August 2008, when the Sydney market was in downturn, there were 16,800 properties listed. That is twice as many as now, with a fraction of the potential buyers.''
Auctioneer Charles Baynie, of Real Success Group, said big government spending on western corridor infrastructure projects, such as widening of the M4 and M2 freeways and the $45 million western Sydney parklands development, was also a factor.
"There's so much happening in the area and people are moving there,'' he said.
David and Dani Coghlan decided to take their South Penrith house to auction. They advertised their property for a June 19 auction and have been "inundated with offers''.
"People are just getting used to auctions out our way; it's not like the inner west or the city. They generate plenty of buzz,'' Mr Coghlan said.
Shane Cook recently bought a house in Emu Plains at auction with his wife, Elaine.
"I had a figure in mind and ended up going above that, but at the end of the day, we needed a house,'' Mr Cook said.
"I was surprised at how much competition there was on the day.''

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Traders Watch List – General Growth Properties Inc (NYSE:GGP), Northstar Realty Finance Corp. (NYSE:NRF) Submitted By Fast Moving Stock on June 05, 2013 - 02:13 PM

2013-06-05T23:22:00.003-07:00

Traders Watch List – General Growth Properties Inc (NYSE:GGP), Northstar Realty Finance Corp. (NYSE:NRF)

Submitted By Fast Moving Stock on June 05, 2013 - 02:13 PM NEW YORK, June 5, 2013 — (Tech Sonian) — FastMovingStock.com is engaged in providing valuable ideas and news information on U.S. stocks on a regular basis. FastMovingStock.com provides detailed research guides on small cap and large cap stocks, helping investors in making wise stock market investment decisions through its free e-newsletter to subscribers. Have a look at today’s picks – General Growth Properties Inc (NYSE:GGP), Northstar Realty Finance Corp. (NYSE:NRF)
REIT Retail industry of the Financial Sector is in the news. General Growth Properties Inc (NYSE:GGP) remained a high volume stock in its industry and showing bearish movement during the last trading session, also Northstar Realty Finance Corp. (NYSE:NRF) gained attention of investors, and both stocks were showing superb trends during previous trade.
General Growth Properties Inc (NYSE:GGP) reported that, in Chicago, Illinois, the CEO of the company, Sandeep Mathrani and CFO, Michael Berman, will present at REITWeek 2013 NAREIT’s Investor Forum, on Thursday, June 6, 2013 at 11:45 a.m. Central Time.
Can GGP Show a Strong Recovery? Find out in This Research Report
Financial sector stock showing negative movement during previous trade, General Growth Properties Inc (NYSE:GGP) remained among the day decliners and traded with volume of 4,286,500 shares in the last trading session, as compared to average volume of 4.10 million shares.
The stock on Tuesday decreased -1.71% and finished the day at $20.07. GGP was a loser in the 5 days activities and slipped about -6.82%. The 52 week range of the stock remained $15.85 – $23.33. The one month performance of the stock was negative and it fell more than -12%.
Northstar Realty Finance Corp. (NYSE:NRF) unveiled that, in Chicago, IL, the President of the company, Al Tylis and CFO, Debra Hess, will present, at the REITWeek 2013 Investor Forum, on Thursday, June 6, 2013, at 8:45 a.m. Central Time, at the Hilton Chicago.
Should NRF be a Buy or Sell Now? Find Out Here
Northstar Realty Finance was moving upward during the previous trading session. Northstar Realty Finance Corp. (NYSE:NRF) traded with an upsurge of 2.89% and closed at $8.54, after gaining total volume of 4,051,400 shares, Its opening price was $8.32.
If we look at the previous six month’s performance of the stock, it remained optimistic with the gain of 28.42%. In its last one month’s trade it plunged -13.74%. Northstar Realty Finance’s earnings per share is $-1.91, while its beta value stands at 1.85 times. NRF has total market capitalization of $1.83 billion, with a total of 214.73 million outstanding shares.
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Playing up to the market By Nathan Mawby Herald Sun April 01, 2013 9:10AM

2013-04-02T07:54:00.000-07:00

Selling

Playing up to the market

By Nathan Mawby
Herald Sun
April 01, 2013 9:10AM

Lyn Raward had a pizza party at her home in Brisbane for prospective buyers. Pic Peter Wallis.

IT'S getting harder to make properties stand out when it comes time to sell.

In a heavily digitised world, a click of a button brings up dozens of properties with the same attributes and amenities.
But rather than rely on luck, a handful of enterprising vendors and agents are finding new ways to stand out from the crowd.
Realestate has explored some of the more unusual and often effective methods that may end up changing the face of selling property.
CROWD PLEASING
Thousands of Melbourne properties go under the hammer each month, so just getting buyers to your auction can be a battle, and it's often difficult for the auctioneer to coax hands out of pockets.
Coffee vans trawl auction sites to warm up bidders in the winter months and ice cream trucks are among the summer sweeteners luring bidders.
But with real estate running second to the AFL as a weekend Melbourne pastime, some agents have turned to the sport to help them kick goals.
Richmond midfielder Brett Deledio managed only the one disposal at an Ormond auction earlier this year, but after signing the football before handing it off to the first bidder to break the $800,000 mark, it was an effective touch, according to Buxton auctioneer Craig Williamson.
"It got the numbers up - we had called $840,000 on it ahead of the auction, but it went for $915,000 . . . and a football,'' he said.
Ray White auctioneer Andris Crawford, faced with the challenge of an AFL Grand Final day auction last year, held a raffle immediately afterwards to give away a ticket to the game - bringing in a hefty crowd for the event.
COMMUNITY INVOLVEMENT
The next best thing to bidders at an auction, is a crowd, says Mr Williamson.
"There's certainly a correlation between a big crowd and a positive atmosphere and the premium prices being paid for properties,'' he said.
Mr Williamson has used local musicians, face-painting, sausage sizzles and balloons to bring out the local community for auctions.
"A lot of local residents have a general interest in real estate anyway - they like to see what's happening in their suburb out of interest - (but) this was like a carnival. From down the street, you could hear the live music and (people) were drawn to it,'' he said.
A Warwick St, Bentleigh East, auction with the treatment sold for $627,000 - $37,000 over its reserve price - while a townhouse in Smith St, Hampton, went for $1.59 million, far above the $1.4 million expected. Both attracted about 200 people.
SELLING SUBURBS
The local community and lifestyle are a major factor in residential sales.
But Hall and Hall director John Richards has furthered the concept, using video interviews with local businesses to let local personality make it seem more like home.
"(It shows) why you would want to live in the suburb, and then you are on your way to selling them a property in the area or nearby,'' he said.
"The location would be, say, 70 per cent and the bricks and mortar would be 30 per cent . . . once you have them settled on an area, you start talking to them about their range.''
In theory, the process increases the buyer base for a suburb and buyers get a feel for the locals.
MAKE IT MEMORABLE
Good photography or a video of a property can help it stick in the mind of potential buyers.
Even baking some cookies or making some coffee just before an inspection can help make your home stand out.
But a recently listed Italianate manse on Phillip Island is offering prospective buyers a literal taste of the property, with each receiving a hamper of home-grown cucumbers, lavender, lettuce, rhubarb and zucchini. There's even a pot of home-made raspberry jam and bottle of olive oil made on site at Villa Fortuna in Cowes.
The four-bedroom villa is tempting buyers in the $4.5 million range and needed an edge, says Mr Richards.
"The idea is that it keeps the memory alive and they go home and they are cooking and they use the olive oil and they see Villa Fortuna on it,'' he said.
He believes similar approaches will soon be more common for properties with price tags north of $1 million.
Andrew Thomson, whose Benalla home has been on the market for more than a year, has tried a different tactic and recently offered to fly Queensland flood victims to it.
"I'm hoping to fly a successful bidder down - last time there were bad floods in Queensland, my real estate agent said he was inundated with people looking to move down to Victoria,'' Mr Thomson said.
He's also targeting city-slickers intimidated by the extensive lawn, offering to include a full year of lawn-mowing services for the 93 Grant Drive property.
Tell us your story
If you have seen or used an unusual approach to selling real estate send an email to: nathan.mawby@news.com.au

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New review rights when councils block spot rezonings Aaron Gadiel, Director, Sydney Anthony Whealy, Partner, Sydney 31/10/2012

2012-10-31T23:18:00.001-07:00

New review rights when councils block spot rezonings

Aaron Gadiel, Director, Sydney

Anthony Whealy, Partner, Sydney

31/10/2012

From 2 November 2012, developers and landowners will be able to formally apply for a review when a local council blocks a spot rezoning.

The new regime is based on proposals that were released in draft form in April this year and could amount to a significant change in the way the NSW planning system works.

Background
The existing planning system has not traditionally recognised any right for a property owner or developer to apply for land to be rezoned – despite the fact that almost all spot rezonings come about as a result of a request by a property owner or developer.

The lack of any formal rights has led to an inconsistent and ad-hoc decision-making process by local councils and the state government. Gadens frequently works with developers and property owners whose requests for spot rezoning of land are ignored, arbitrarily rejected or delayed without any good reason.

The new system
The new system is essentially a government policy, not legislation. This means that proponents of spot rezonings will still lack the strong rights enjoyed by, say, those who are applying for development consent.

The system will not give developers or property owners a right to have a hearing in the Land and Environment Court on its merits. Instead, the system will be based on reviews by the Department of Planning and Infrastructure, joint regional planning panels and the Planning Assessment Commission.

However, by documenting a system of reviews, even in the absence of legislated rights, the government is giving development proponents a more robust process. There is also a potential for aspects of the new policy to be enforced by the courts if councils or the Department ignore it.

Pre-gateway reviews
If a proponent (eg. developer, landowner) has requested that a council prepare a planning proposal (for a change to a local environmental plan or a state environmental planning policy) it may ask for a pre-Gateway review if:

the council has notified the proponent that the request to prepare a planning proposal is not supported; or
the council has not indicated its support 90 days after the proponent submitted a request (if the request was accompanied by the required information).

If the council notifies the proponent that the changes are not supported, the proponent has 40 days to request a review of the council’s decision.

Subject to the Department being satisfied that the application is eligible (in a basic sense) it will give the council concerned 21 days to explain why the original request was not progressed.

This will be followed by a “Department assessment”. Essentially, the Department will decide whether or not it supports the proposed change to planning controls. If it does not, the matter will proceed no further. If it supports the proposal, it will be referred to the relevant joint regional planning panel (and in the City of Sydney, the Planning Assessment Commission), for a review.

The panel/Commission will then consider the merits of the proposal and make a recommendation to “the Minister” (although in practice this may also mean the Department) as to whether the planning proposal should receive a gateway determination.

The Minister, or a Departmental official acting on behalf of the Minister, will consider the recommendation and make a decision as to whether the proposal proceeds, and if it does proceed, on what the next stages of the process will be.

Worryingly, if the Minister (or Departmental official) supports the proposal it may simply be referred back to the relevant council with a ‘request’ that a planning proposal be submitted within 40 days. There is not a good history of councils complying with such requests (particularly when they are hostile to the rezoning).

Alternatively, the Minister (or Departmental official) may ‘consult’ with the council’s general manager to ‘discuss’ the possibility of re-assigning responsibility for progressing the matter from the council, to the Department. This would mean that the Department itself would sign-off on the planning proposal and submit it for a ‘gateway determination’.

Neither of these steps sound particularly hard-hitting. Perhaps this is simply a diplomatic way of saying that if council does not co-operate the government will strip them of their role and give it to the Department.

In any event, if the planning proposal is then signed-off – either by the council or the Department – it will proceed through the existing ‘gateway determination’ process, which typically results in public exhibition, consideration of submissions and a final decision on the matter.

Existing matters
If a proponent made a request in writing for council to prepare a planning proposal prior to November 2012, the proponent may seek a review under the new regime if the information accompanying the request is still less than two years old.

Fees
A proponent requesting a review must pay $5,000 up-front, and if the Department supports the application and refers it to a joint regional planning panel or the Planning Assessment Commission, a further $15,000 will be payable.

Where the council is stripped of its role in signing-off on the planning proposal, a further fee of $25,000 or more will be payable to cover the Department’s anticipated costs.

Review of gateway determinations
A new capacity for a council or a proponent to seek a review of gateway determinations made by the Department has also been created. This might be necessary, for example, if a planning proposal is supported by a local council, but rejected by the Department. (The process is not available if the Minister is the one who rejects the planning proposal.)

If the gateway determination is either to not allow a planning proposal to proceed, or to resubmit the planning proposal, the council or proponent has 40 days to request a review.

If the gateway determination is to proceed but with conditions that the council or proponent considers inappropriate, the council or proponent has just 14 days to indicate their intent to request a review.

Again, where the proponent has made the request, the council have 21 days to provide a response. The Department will prepare a report, and then the matter will be referred to the Planning Assessment Commission.

The Commission’s advice will be provided to the Minister (or a Departmental official acting on the Minister’s behalf) who will make the final decision. This may involve a new gateway determination decision being made, or may simply be to support the existing decision.

There is no ability to seek a review if no gateway determination has been made (i.e. no ‘deemed refusal’).

Timelines
Benchmark timeframes have been set for the following types of local environmental plan changes where they are consistent with the state’s strategic planning framework:

administrative changes and errors - 3 months;
minor spot rezoning - 6 months;
major land release and urban renewal - 12-18 months; and
principal LEPs - 24 months

The policy document does not actually say when this period is to be measured from and to. We suspect that the Department intends that this timeframe is to be measured from the grant of a gateway determination, to the publication of the local environmental plan changes.

A gap
There is an obvious gap in the new system of reviews.

A council will be able to avoid any of the reviews set out in the new regime by initially supporting a planning proposal, allowing it to receive a favorable gateway determination, placing the proposal on exhibition for community comment and then rejecting the proposal once the public submissions have been considered.

In those circumstances, the new regime does not allow the proponent to seek any independent reviews of the matter.

We hope that this apparent oversight will be promptly rectified.

Other changes
As part of these changes, councils will now be given greater authority to finalise a wide range of rezonings (that have received Departmental support in a gateway determination) without formal reference back to the Department.

This may raise hopes of a slightly faster process for finalising rezonings, but it may raise concerns about whether the final terms of changes to a local environmental plan are the same as the one originally supported by the property owner or developer. Hopefully the Department will deal with this by placing limits around each council’s ability to subtly vary proposals when it makes its gateway determination.

Our view
We have seen some slippage in the timetable for the wholesale replacement of the Environmental Planning and Assessment Act.

For this reason, it’s pleasing to see that the reform agenda is not ‘in suspension’ while the broader planning review continues.

This is a significant, but far from perfect, change to the way spot rezonings are dealt with in the planning system.

We predict that some proponents, whose proposals have strong planning merit, will benefit from the new system of reviews. On other hand, we also anticipate the other proponents, with an equally strong planning case, will be frustrated by the fact that all elements of the new system are not legally binding. In particular, there are still several key points in the system where there is potential for council opposition to defeat an otherwise sensible proposal.

Can we help?
If this new regime affects you, please feel free to contact us here at Gadens if you would like to know more.

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By business editor Peter Ryan | ABC – 6 hours ago Email Print European banks could be forced to sell as much as $US4.5 trillion in assets if the sovereign debt crisis escalates. The International Monetary Fund says time is running out for European policy makers to implement a single supervisory system to firewall the already fragile banking sector. According to the , the $US4.5 trillion asset contraction is up 18 per cent on an earlier estimate in April of $US3.8 trillion in a "weak policies scenario". A failure to introduce fiscal tightening or a single regulatory system for banks could affect 58 banks across the EU from small institutions to giants like Deutsche Bank. Even without a worst case scenario - a fracturing of the eurozone that could see the redenomination of currencies - the IMF is predicting a reduction of bank assets of US$2.8 trillion, provided governments follow up on their current commitments. The IMF has estimated that in the year to June, European banks deleveraged by more than $US600 billion. The IMF's financial counsellor and director Jose Vinals warns the forces of financial and economic fragmentation have widened. "The stakes are high. Confidence is still very fragile and risks have increased when compared to the last report in April," Mr Vinals said. "Actions taken by the European Central Bank have helped remove investors' worst fears, but these policies will need to be further built upon at both the national and euro area level." The IMF's warning comes just a day after . While emerging markets have weathered the fallout from Europe so far, the IMF warned that many countries in eastern Europe were vulnerable. The IMF says emerging Asian nations also need to be on guard to avoid any European spillover. You can follow Peter Ryan on Twitter or on his . @y7finance on Twitter SPONSORED LINKS The 2012 Crash is Coming www.Fool.com.au Read This Before the Stock Market Crashes! $1 Australia Domain Name www.CrazyDomains.com.au Why pay more? Get your .COM.AU today - Australia #1 Registrar Dividend Share www.australianstockreport.com.au Valuable Stock Market Tips & Ideas, Free Trial. Register Online Today! Expert Investment Info EurekaReport.com.au/Investment Insights For Independent Investors With Eureka Report. Sign Up Today! TOP STORIES » Australia's rents rise in all capitals AAP Australia's rental prices have risen in every state capital over the past quarter, with weekly rents spiking in … Echo open to development opportunitiesAAP Outrage at banks justified: Bendigo bossAAP Toyota to recall 300,000 cars in AustraliaAAP AUSTRALIA'S MONEY CONFIDENCE SURVEY Your chance to win Tell us how you feel about your money and you could win $10,000. Conditions apply. MARKET DATA Currencies Currencies Name Price Change % Chg AUD / USD 1.0229 0.00 +0.22% AUD / GBP 0.6392 0.00 +0.21% AUD / EUR 0.7958 0.00 +0.43% Go To Currency Converter » Commodities Commodities DOWNLOAD OUR IPAD APP! Introducing MarketDash iPad users now have anytime access to their portfolios and stocks through MarketDash. Download Yahoo!7 Finance's MarketDash now. TWEETS FROM YAHOO!7 FINANCE Power bills giving you a shock? We reveal why Australians are paying too much for electricity -http://t.co/ISvpQASf 9 hrs ago Reply Retweet Favorite Are Australians paying too much for power? http://t.co/o00YJvMM 9 hrs ago Reply Retweet Favorite LIKE US ON FACEBOOK! Yahoo!7 Finance on Facebook For all the Finance news you can use, check out our brand new Facebook page.

2012-10-10T03:03:00.000-07:00

IMF says European banks face asset sell-off

By business editor Peter Ryan | ABC – 6 hours ago

European banks could be forced to sell as much as $US4.5 trillion in assets if the sovereign debt crisis escalates.

The International Monetary Fund says time is running out for European policy makers to implement a single supervisory system to firewall the already fragile banking sector.

According to the , the $US4.5 trillion asset contraction is up 18 per cent on an earlier estimate in April of $US3.8 trillion in a "weak policies scenario".

A failure to introduce fiscal tightening or a single regulatory system for banks could affect 58 banks across the EU from small institutions to giants like Deutsche Bank.

Even without a worst case scenario - a fracturing of the eurozone that could see the redenomination of currencies - the IMF is predicting a reduction of bank assets of US$2.8 trillion, provided governments follow up on their current commitments.

The IMF has estimated that in the year to June, European banks deleveraged by more than $US600 billion.

The IMF's financial counsellor and director Jose Vinals warns the forces of financial and economic fragmentation have widened.

"The stakes are high.

Confidence is still very fragile and risks have increased when compared to the last report in April," Mr Vinals said.

"Actions taken by the European Central Bank have helped remove investors' worst fears, but these policies will need to be further built upon at both the national and euro area level." The IMF's warning comes just a day after .

While emerging markets have weathered the fallout from Europe so far, the IMF warned that many countries in eastern Europe were vulnerable.

The IMF says emerging Asian nations also need to be on guard to avoid any European spillover.

You can follow Peter Ryan on Twitter or on his .

@y7finance on Twitter

Currencies
Name	Price	% Chg
AUD / USD	1.0229	+0.22%
AUD / GBP	0.6392	+0.21%
AUD / EUR	0.7958	+0.43%

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Westpac, the Commonwealth Bank and National Australia Bank have cut their variable home loan rates but failed to match that of the Reserve Bank, citing the high costs of deposits.

2012-10-06T17:03:00.001-07:00

Westpac, the Commonwealth Bank and National Australia Bank have cut their variable home loan rates but failed to match that of the Reserve Bank, citing the high costs of deposits.

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The central bank cut the cash rate by 25 basis points to 3.25 per cent on Tuesday, sparking calls from politicians, interest groups and retailers for the major banks to pass on the reduction in full to mortgage customers.

NAB was the first major bank to move its interest rates, announcing early on Friday afternoon that it would cut its interest rates by 20 basis points.

Its standard variable interest rate will fall to 6.58 per cent from Monday, saving customers with a $300,000 mortgage an average $50 a month.

Rival CBA followed less than an hour later, matching NAB's cut, which will see its variable rate on home loans trimmed to 6.6 per cent on October 12.

Westpac moved next but its standard variable rate will only fall by 18 basis points to 6.71 per cent on October 15.

ANZ will review its lending rates at its regular monthly meeting on October 12.

Treasurer Wayne Swan said the banks' mortgage customers would be disappointed their lenders had decided against passing on in full the Reserve Bank's cut to the cash rate.

Earlier this week Australian Chamber of Commerce and Industry (ACCI) director of economics and industry policy Greg Evans said as the funding pressure for banks had significantly eased they no longer had a reason to hold back on rate cuts.

But Westpac, CBA and NAB all claimed that increased competition for deposits meant they were still facing significant funding pressures.

NAB's executive of personal banking Lisa Gray said while the bank was still committed to offering the lowest variable rate of the four majors, it also had an obligation to ensure Australian banks were safe and secure.

"Banks obtain funds for lending from deposits and from wholesale funding markets," she said in a statement.

"Around the world, banking regulators require banks to hold more stable forms of funding, like deposits, to reduce risk in the banking sector.

"The increased competition for deposits is pushing up costs, making it more expensive to fund our lending."

The CBA said it needed to balance the needs of its 1.8 million mortgage holders with those of its 11 million deposit holders and shareholders.

"One significant factor impacting this balancing of needs has been the increase in the cost of deposits noted in the Reserve Bank of Australia's most recent Financial Stability Review," CBA said in a statement.

"This increase, benefiting depositors, has resulted from increased competition for deposits, as Australian banks reduce their reliance on wholesale funding."

Westpac said while its headline variable rate was 6.71 per cent, it offered packaged discounts which would see most of its customers pay no more than 6.01 per cent.

Group executive retail and business banking Jason Yetton said while wholesale funding pressures had eased, the bank's overall costs, including the price of deposits, remained historically high.

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Our experts name two top dividend stocks you can buy now By Bruce Jackson with Cat Baab-Muguira |Friday, October 5, 2012

2012-10-04T23:44:00.001-07:00

Our experts name two top dividend stocks you can buy now

By Bruce Jackson with Cat Baab-Muguira |Friday, October 5, 2012

Dear Fellow Share Market Investor,
"Shares rise for 6th straight day", screams The Australian Financial Review, the longest rally in 10 months. It puts the S&P/ASX 200 index at 14-month highs.
Over in the US, the S&P 500 is on the cusp of a five year high. Although most Australians probably wouldn't realise it, the leading US index has jumped 16% so far in 2012.
Who said high unemployment and a slow economic recovery is bad for the share market?
Earlier this week, we boldly predicted the death of the term deposit. Based on the response to our message, with investors like you jumping on boardMotley Fool Share Advisor, our premium subscription-only best-of-the-beststock picking service, some of you at least are taking action now.
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You’ve seen the headlines: this week, interest rates sank to lows not seen since 2009. Worse, they’re likely to sink even further. The days of 5% interest rates are well and truly numbered, if not virtually already gone.
According to The Australian Financial Review, the futures market indicates that “the cash rate could drop to a record low of 2.25 to 2.5 per cent over the next 12 months.”
Worse, BT Investment Management's Vimal Gor said in same newspaper he's long Australian government bonds "on a prediction the cash rate will bottom out in 2014 at between 1% and 1.5%..."
Holy term deposit...
Fortunately, there’s a better spot for your money. In the face of crashing intertest rates, by comparison, solid, dividend-paying shares have arguablynever looked more appealing.
With that theme in mind, we asked Motley Fool Investment Analysts Scott Phillips and Mike King to each name one of their favourite dividend-paying stocks you can buy now.
Many of you may already know Scott from his popular columns in The Sydney Morning Herald and The Age, and his regular appearances on Sky Business and CNBC. In fact, just yesterday, he appeared on both channels, although not simultaneously, you might be pleased to know.
Pick #1: Boasting a 5.8% yield and with shares trading at a discount…
Investment analyst Scott Phillips’ pick is one that should be familiar to subscribers of our market-thumping Motley Fool Share Advisor member-only newsletter.
This company is a strong operator in a wonderful business -- one that is justly famous for being asset light, and for the operating leverage and fat profit margins inherent in the model. In fact, Scott’s pick is an absolute cash-flow monster!
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Here’s the lowdown…
Platinum Asset Management (ASX: PTM) has managed mutual funds and hedge funds for nearly 20 years, but recently fund flows have been hit hard with the overall pullback in the share market. At the same time, some of Platinum’s funds have performed poorly.
For savvy investors, this spells opportunity. Scott is confident that Platinum is set to bounce back.
“Economic and investment cycles have always been with us,” he says, “and there’s nothing to suggest that ‘this time is different.’ The same is likely true of Platinum’s investment performance, making the company an attractive investment at this point in the cycle.”
Sound good? Read on for another promising dividend play...
Pick #2: Telecom company with fat yield
Motley Fool investment analyst Mike King has picked a Melbourne-based telecom company that’s trading at a cheap multiple relative to its sector.
As you may know, the telecom business is attractive based on its recurring-revenue model and runway of growth ahead. But you’d only want to own the best operators.
Mike’s pick is certainly a strong contender. This company has been expanding margins and growing earnings per share for ten years straight. What’s more, this company just raised its dividend by 28% in the last year!
Here’s the story…
M2 Telecommunications (ASX: MTU) supplies telecom, land-line and data services to small businesses and to residences. With a forward price-to-earnings ratio of 9.5 -- against a sector average of 12.6 -- M2 Telecommunications is well positioned for share price appreciation.
And while you’re waiting, collect the fat 5% yield -- as good as the rates we all once enjoyed on our term deposits.
Keep in mind, these two picks are really just the beginning.
Here at The Motley Fool, we’re constantly on the lookout for the very best investments for your hard-earned dollars...like the companies Scott Phillipspublicly named in January in The Sydney Morning Herald as his Top 4 Blue Chips For 2012.
As of earlier this week, including dividends, Scott’s “top stock portfolio” had returned 23.7% in 2012, well ahead of the All Ordinaries index dividend adjusted return of 11.3%.
Dividends to enrich a generation
The two companies highlighted above are worthy of consideration for any dividend-paying portfolio, as are the 8 ASX companies Motley Fool Share Advisor currently rates as a buy. It's no coincidence that all but one of those companies pays a dividend, the two highest yielding stocks currently trading on trailing yields of 7.7% and 6.6% respectively.
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It might be seemingly easy for the Reserve Bank of Australia to kill term deposits, but it can't touch dividends. A mainstay of investing returns for well over a century, dividends are likely to continue to enrich this generation, and many more generations to come.
Until next time, as ever, we wish you happy, profitable investing.
Foolish Best,

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Motley Fool Australia

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Retirees can sleep easy owning shares

By Scott Phillips with Dan Caplinger

It's almost an unquestioned axiom of retirement planning: As you grow older, you should cut back on your risk. It sounds simple, but is it the right move?
That's the question Rob Arnott of Research Affiliates asked recently. After studying actual historical results over the past 140 years, Arnott came to what many would deem a highly unexpected answer: Owning shares later in life yields better overall results.
The basics of asset allocation
The idea behind what Arnott calls the "glidepath" approach to retirement is pretty simple. Early in life, you can afford to take a lot of risk with your investments, because you have plenty of time before you'll need to use the money. As a result, most financial advisors recommend high allocations to risky assets like shares for young investors.
Later, though, as you approach retirement, your time horizon shrinks. Typical asset allocation plans call for you to scale back on risk by replacing shares with fixed interest investments.
As intuitively appealing as the glidepath approach may be, Arnott found that it doesn't produce optimal results. Doing the exact opposite of the glidepath approach -- that is, investing conservatively early in life and then taking more risk as you get closer to retirement -- actually produced far better results in terms of higher account balances at retirement age and more favourable distributions.
Arnott's results may seem backward, but when you think about them for a while, they make more sense. Maximising returns early in life doesn't do much good because you have very little investment capital built up, so those returns apply only to a very small portfolio. Later in life is when you have the most assets at your disposal, and therefore you stand to gain the most by investing more aggressively to maximise returns.
A simpler message
Unfortunately, Arnott doesn't test another scenario: simply keeping a high allocation to shares throughout life. But a 2008 Hartford Investment Management study looked at the issue in a simpler way, comparing various asset allocations held for varying numbers of years.
The US study found that after just eight years, an 80% shares/20% bond portfolio beat out a 50% shares/40% bond/10% cash portfolio, even when you considered returns in the poorest 5% of the historical distribution.
In other words, even in nearly worst-case scenarios, the more aggressive portfolio outperformed the "safer" alternative -- and when things went well, the shares-heavy strategy did much better.
How to sleep at night
With those higher returns, though, often comes the nervousness of higher volatility. For those nearing retirement, an aggressive portfolio might maximise returns, but it may also come with plenty of sleepless nights.
That's why it's important to come up with your own strategy to smooth out your returns.
For some, hybrid securities can bring the prospect of better returns than fixed interest. For others, low-volatility, higher dividend shares can help boost returns.
The established nature of Telstra’s (ASX: TLS) business model, for example, while not entirely forgoing growth, gives a measure of security to risk-averse investors seeking better returns than are available from bonds or cash investments.
Don't give up on shares
Of course, it's far easier to depend on shares after a long bull market. The same high-equity approach got many target retirement funds in trouble back in 2008 and 2009, when their returns suffered. The key determinant still remains ensuring you don’t need your capital in the next 5 years before committing it to an investment in shares.
As important as it is to start investing early, your pre-retirement years will be the time when you have the most to gain or lose from your investment strategy. Take the time to tailor a strategy that matches up with your needs, and you'll be much happier with the overall outcome.

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Mark Bouris speaks to Sky News Business about why now is the time to ref...

2012-09-23T01:56:00.001-07:00

Versace hotel to sell for $68.5 million Date September 20, 2012 - 5:56PM 2 reading nowRead later Carolyn Cummins

2012-09-20T19:43:00.001-07:00

Versace hotel to sell for $68.5 million

Date: September 20, 2012 - 5:56PM

2 reading now

Carolyn Cummins

Commercial Property Editor

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Sunland Group has entered into a deal to sell the Palazzo Versace Hotel on the Gold Coast to private investors for $68.5 million.

Having flagged the sale in April, it was initially priced closer to $80 million.

While not disclosing any names, the sale is conditional on approval from the Foreign Investment Review Board and the House of Versace, which still owns the brand name.

Real estate agents have said two Chinese-based investors are the likely buyers.

Sunland Group, built and opened he Palazzo Versace 12 years ago but says it wants to focus on its core residential and commercial properties and leave the hotel to another operator.

Of the funds generated, Sunland will use $27.4 million to repay the hotel’s borrowings.

Having opened amid much fanfare in September 2000 with James Packer as a guest, the Palazzo Versace Hotel is still seen as the main five-star hotel on the Gold Coast.

In fact Mr Packer was so enamoured that he bought a 13.5 per cent stake in Sunland and became a board member. He sold out and resigned from the group in 2009.

Palazzo Versace was one of the first fashion-branded five star hotels in the world and triggered an array of similar properties, such as the Bulgari hotel in Bali, amongst many others.

It was the brainchild of Sunland’s chairman Soheil Abedian and the late fashion designer Gianni Versace.

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Savvy business owners keep their distance Date July 15, 2012 Read later

2012-08-27T06:30:00.002-07:00

11:28PM Monday Aug 27, 2012
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Savvy business owners keep their distance

Date: July 15, 2012

Mark Bouris

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ONE of the problems I see in business is the owners' failure to separate themselves from the business entity.

This problem affects financial performance as much as mental health. It hurts the business owner who becomes so absorbed in their business, they no longer know how much they're earning from it; the business owner who doesn't know what their equity in the business is worth; and the business owners who work harder than their employees and pay themselves less.

Sound familiar?

The process of starting and running an enterprise is a profound change from a life of employment, and the way many business owners adjust is to totally absorb themselves into the business. This is understandable and I have fallen into this trap myself. However, it isn't the most profitable way to own a business.

In reality, business owners are at their most efficient when they create and maintain a sort of critical distance from their business, so the issues that pertain mostly to the enterprise can be acted upon with a clear head, and personal issues can be dealt with from the correct perspective.

Keeping this distance enables business owners to make better business decisions, have healthier lives, more fulfilling family time, and also to maintain a sense of reward for all their hard work.

Here are a few tips on how to achieve this:

Goals When starting or buying a business, write down why you are doing it, what you want to get out of it and what will define ''success''. Whatever those reasons, you have to know what they are.

Structure Separating the person from the business starts with corporate/personal structuring. Are you a company, a sole trader, a partnership, a trust? It may not mean much to you now, which is why you need to engage a solicitor and accountant before starting a business. You need to have the ramifications spelt out to you in terms of tax, equity, liability law, business sale, superannuation and a host of compliance issues. You must get this right.

Exit Business owners put a lot of time and energy into their enterprise, and the smart ones have a capital gain to walk away with when they sell. But ensuring you have something to sell depends on things such as intellectual property, a business name/logo, client lists, and having a structure that allows the owner to exit efficiently. It also depends on having a …

System The separation of business and business owner often comes down to the creation of systems - a system for creating revenues, as opposed to simply having a hard-working owner at the helm. This not only makes your business more valuable to buyers and more reliable in the eyes of the banks, it helps you become a more successful business owner. With a systemised management structure, financial reporting, sales functions, client contracts and so forth, you have the opportunity to work on the business rather than simply in it. This makes you a better business person and also a happier one. Knowing a workplace can keep ticking over if you're not there for a few days gives you the breathing room to ensure your family and personal needs are met.

Liability Separating yourself from the business requires correct structuring so the legal/financial liabilities of the business are not sitting on the shoulders of you and your family.

Protection You need the right insurance, not only for the business but for you, the person. A lot of insurance for business owners is complex and requires some customisation, so I suggest you see an insurance broker. You need to think about yourself not only as the breadwinner at home but the rainmaker in your business. So you need insurance cover for your family should something happen to you, and also for your business. If you have staff, they have responsibilities too, and some sort of key-person or business-continuance cover is essential to ensure they are looked after. Just remember, life insurance is only one part of it. If you are incapacitated, the same amount of damage could be done to the earning potential of the business.

Experts The best way to ensure a business owner has a sense of distance from the business is to engage the right experts at the right time. External professionals focus on the issue and chase results, which gives you - the owner - the chance to see the business through clear eyes, untainted by history, personalities or emotions. The typical experts are solicitors, accountants, finance brokers, insurance brokers and marketing consultants. Don't be the business owner who will happily spend on a mechanic or plumber but won't hire an accountant or IT consultant.

What's in it for me? You're the one who works like a maniac, who loses their weekends, who goes over the spreadsheets late into the night, who misses an afternoon at the beach. You must have your own reward to keep you motivated. Whether you structure this as a salary, bonus or a dividend, you - the person - must be rewarded by the business.

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Recovering house prices across most Australian capitals buck the typically weak June trend: Christopher Joye By Christopher Joye Monday, 02 July 2012

2012-08-27T06:27:00.000-07:00

Recovering house prices across most Australian capitals buck the typically weak June trend: Christopher Joye

By Christopher Joye
Monday, 02 July 2012

Guess what? Contrary to the silly claims of some, Australian house prices are not falling through the floor. In fact, Aussie dwelling prices surged back by a surprisingly strong 1% in the month of June assisted by a tail-wind in the form of the RBA’s generous rate cuts over the preceding 60 days. And these gains (not losses) were experienced by around 90% of the nation’s capital city owners.

Over the entire month of June, RP Data-Rismark’s “daily” hedonic index, which RBA remarks imply is its preferred benchmark, documented healthy capital growth in Sydney (+1%), Melbourne (+1%), Brisbane and the Gold Coast (+1%), Perth (+2%), Hobart (+2.7%), and Canberra (+2%). Only Adelaide (-1.1%) and Darwin (-0.7%) suffered losses.

The first chart below illustrates the change in the value of homes situated in the major east coast cities while the second includes the remaining conurbations. As I correctly anticipated in this column two weeks ago, it would appear that the RBA’s 75 basis points worth of rate cuts over May and June, which have translated into about 55 basis points worth of variable lending rate reductions, has had a rapid impact on housing conditions. Indeed, the commonality in the recovery in home values across most cities since the end of May is arresting.

Click to enlarge

Whereas at the end of May the year-to-date change in Australian dwelling values was estimated to be -2.2%, this has now fallen to just -1.2% as at June 30. It is entirely conceivable that the Australian housing market could end the year in the black.

Rismark’s quantitative forecasting models, which are used by banks, insurers and various government agencies, imply that national dwelling values will be flat over the next 12 months, which would be a materially better outcome than the 3.8% nominal loss experienced in 2011 (according to RP Data-Rismark’s eight capital city index).

One of the most significant insights from the June data release was the exceedingly sharp improvement in Melbourne conditions. Melbourne home values have jumped 1.7% since June 11 alone (refer to the back line in the first chart above). Regular readers will recall that Melbourne dwelling values appreciated by a remarkable 35% between January 2009 and December 2010. Yet the indigestion caused by this boom – and Melbourne’s unusually low rental yields – arguably contributed to a circa 8% correction in the period since.

The June data offer the first preliminary signs that the RBA’s preparedness to slash rates may have helped break the back of Melbourne’s housing malaise. And the sensational auction results garnered by Channel 9’s The Block show last night do nothing to dispel this possibility.

RP Data-Rismark’s June findings are also impressive because their daily index numbers represent actual changes in dwelling values; that is to say, there has been no “seasonal adjustment”. We know that the winter months of May through August, and June and July especially, are typically very weak. So in “seasonally adjusted” terms, the capital gains recorded in June would have been larger again.

Dispassionate analysis reveals that Australian housing market’s fundamentals look increasingly benign. The national dwelling price-to-income ratio is at its lowest level since March 2003. (In fact, applying Rismark’s hedonic adjustments, disposable household incomes have grown more quickly than house prices for the past nine years.) As the RBA’s Dr Guy Debelle pointed out last week, mortgage arrears remain low, and there is no evidence of overbuilding. Indeed, most credible experts, such as the government’s independent National Housing Supply Council, have concluded that there is a structural housing shortage. The labour market is purportedly close to being fully employed, while wages have been expanding at a healthy clip. Finally, all-important mortgage rates are way below their long-term averages. Banks are offering discounted variable rates and three-year fixed rates today as low as 5.62% and 5.75% per annum, respectively.

It will be fascinating to see how the Sydney and Melbourne broadsheets cover the June house price results given their predilection for peddling gloom in favour of more sober analysis. This persistent bias in popular reporting has led RBA governor Glenn Stevens and other senior media commentators, such as Ross Gittins, to argue that some in the media are misleading the community as to the true state of our economy. This may help explain why many confidence surveys depart so dramatically from the real economic data.

Christopher Joye is a leading financial economist and a director ofYellow Brick Road Funds Management and Rismark. The author may have an economic interest in any of the items discussed in this article. These are the author’s personal views and do not represent the opinions of any other individual or institution. This material is not intended to provide, and should not be relied upon for, investment advice or recommendations.

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Perth nudges out Sydney as the capital with the highest-priced land per square metre: Cameron Kusher

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BHP's Olympic failure leaves $50bn hole Date August 23, 2012 Read later Peter Ker and Clancy Yeates

2012-08-24T03:56:00.000-07:00

BHP's Olympic failure leaves $50bn hole

Date: August 23, 2012

Peter Ker and Clancy Yeates

Political punch-up as Olympic Dam stalls

Are the Government's carbon and mining taxes to blame for BHP slow down?

AUSTRALIA'S biggest resources companies have revealed that more than $50 billion worth of expansion projects have been mothballed, in an ominous sign that the peak of Australia's resources boom has passed.

In one of the biggest corporate decisions of the year, BHP Billiton has confirmed that plans for a $30 billion expansion of its Olympic Dam mine in South Australia and a $20 billion expansion of Western Australia's Port Hedland will not proceed.

BHP's bombshells came on the same day that Woodside Petroleum indicated that a long-held plan to spend $5 billion doubling the size of its Pluto gas project was on hold due to a failure to find enough gas off the WA coast.

BHP Billiton's iron ore loading facility in Port Hedland will not be expanded. Photo: Reuters

While the three massive proposals have not been permanently axed, all appear unlikely to ever be developed, as slowing rates of growth in China drag commodity prices down from recent historic peaks.

BHP had been due to finalise approval for both projects before Christmas, but said yesterday that neither would be approved in the next 12 months, and that more time would be taken to investigate cheaper ways of developing them.

The Olympic Dam decision is a major milestone in the decline of the resources boom, as the project - seven years in the planning - would have been the biggest open cut mine in the world.

BHP chief executive Marius Kloppers blamed several factors for making the giant copper, gold, silver and uranium project less financially attractive: soaring construction costs, the high Australian dollar, sliding copper prices and the depressed outlook for uranium in the wake of the Fukushima disaster.

''It is the concept that we have been developing which is not viable given the current set of circumstance, particularly the capital cost of construction,'' he said.

The decision reignited debate in Canberra over the merits of the Gillard government's taxes on mining and carbon, both of which have been criticised by the resources industry. Olympic Dam's minerals are not affected by the mining tax - which is levied on profits from iron ore and coal sales - but opposition leader Tony Abbott said the new taxes were a factor in BHP's decision because they had trimmed the profits the company had available for new projects.

Mr Abbott last night admitted that he had not read yesterday's statements from BHP when laying some of the blame at the government's feet.

''The carbon tax and the mining tax mean there is no level playing field in Australia vis-a-vis elsewhere,'' he had said earlier.

Mr Abbott also blamed ''industrial militancy'' in the mining sector for making Australia a less inviting place to invest.

The attacks were not supported by Mr Kloppers, who stressed that the Federal and South Australian governments had given ''absolutely fantastic'' support to the Olympic Dam proposal in recent years.

Resources Minister Martin Ferguson said the government was disappointed at the decision, but he rejected links to the mining and carbon taxes.

''There's nothing more the South Australian and Australian governments could have done,'' Mr Ferguson said.

''Everything BHP Billiton wanted was given to BHP Billiton by the two governments over 12 months ago.''

Mr Ferguson has regularly claimed that Australia was poised to enjoy an ''investment pipeline'' of $270 billion worth of new resources projects, and he insisted he was confident in that claim despite yesterday's events.

The decision is a major blow to the South Australian economy, which had expected the Olympic Dam expansion to deliver a huge boost in jobs and a royalty stream of about $350 million per year for decades to come.

SA Premier Jay Weatherill said it was a ''major disappointment'' for BHP to again overlook the project.

Mr Kloppers expressed faith that the Chinese economy - which is increasingly the most important for the world and BHP - would show signs of improvement in the next six months.

With HENRIETTA COOK

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BHP's Olympic failure leaves $50bn hole Date August 23, 2012 Read later Peter Ker and Clancy Yeates

2012-08-24T03:52:00.001-07:00

BHP's Olympic failure leaves $50bn hole

Date: August 23, 2012