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Becoming a landlord while still renting? ‘Rentvesting’ promises a foot on the property ladder, but watch your step

<div class="theconversation-article-body"><a href="https://theconversation.com/profiles/james-graham-1264059">James Graham</a>, <a href="https://theconversation.com/institutions/university-of-sydney-841">University of Sydney</a> As home ownership moves further out of reach for many Australians, “rentvesting” is being touted as a lifesaver. Rentvesting is the practice of renting one property to live in yourself, while simultaneously purchasing an investment property somewhere cheaper and leasing it out. Ideally, “rentvestors” get to enjoy the capital gains on an investment property while living where they actually want to live, allowing them to cash in and upsize to their dream home later. It might seem like a savvy way to game the property market. But what are the risks of such an investment strategy? And how might broad adoption of this behaviour affect housing affordability in Australia? <h2>A rising tide lifts all boats differently</h2> The aim of the rentvesting game is to buy cheap property now, ride the expected capital gains, and move into a more desirable home down the track. The hope is that by climbing the first rung of the property ladder early, the whole thing won’t be pulled up out of reach. The first problem with this strategy, however, is that capital gains on housing are not always and everywhere equal. Generally, the cheapest properties available to rentvestors will be houses in the regions or apartments in the city. But both regional housing and apartment properties <a href="https://www.abc.net.au/news/2024-02-20/house-apartment-price-gap-widens-record-high-property-market/103484076">tend to appreciate more slowly</a> than the inner-city houses rentvestors might hope to live in one day. They might get a foot on the property ladder, but the rungs themselves are slowly drifting apart. Would-be rentvestors should also be aware that investments by “out-of-town” buyers tend to generate <a href="https://academic.oup.com/rfs/article-abstract/29/2/486/1902789">much lower returns</a> – both capital gains and rental yields – than investments by locals. Out-of-towners don’t know the local market trends, don’t know which neighbourhoods to avoid, and aren’t able to monitor their investments as effectively from afar. Avoiding the regions by investing in city apartments presents its own difficulties. Large, unexpected maintenance bills and poor strata management are <a href="https://www.abc.net.au/news/2024-03-21/a-world-of-hidden-charges:-strata-company-insiders/103617944">common complaints</a>. <h2>Different costs lead to different returns</h2> Perhaps the potential rentvestor should invest in something more straightforward instead, like stocks. After all, the return on equities in Australia has <a href="https://academic.oup.com/qje/article/134/3/1225/5435538">outperformed housing</a> in recent decades. However, it is much easier to borrow to invest in property than it is to borrow to invest in the stock market. And leverage is the investor’s secret weapon. For example, if house prices were to appreciate at 10% per year, then using a mortgage and a A$100,000 deposit on a $1 million property would earn you a 100% return on equity before costs. But while both investors and homeowners would earn that same basic return, their costs could be very different. For starters, property investors face capital gains tax on the proceeds of property sales, <a href="https://www.ato.gov.au/individuals-and-families/investments-and-assets/capital-gains-tax/property-and-capital-gains-tax/your-main-residence-home/eligibility-for-main-residence-exemption">unlike those selling their primary residence</a>. Banks also typically charge <a href="https://www.rba.gov.au/chart-pack/interest-rates.html">higher interest rates</a> on mortgages to investors than to homeowners. At times, the Australian Prudential Regulation Authority has also imposed caps on bank lending against investment properties, making it more difficult to find mortgage financing in the first place. Highly leveraged properties require mortgage insurance, too. Investors may need to take out larger insurance policies against the properties themselves, reflecting the higher risks associated with investment properties. Then, you also have to throw in property management fees, council rates, strata management fees and regular and unexpected maintenance costs. <h2>Negative gearing offers little benefit</h2> What about negative gearing? Property investors that generate losses on their property can deduct these costs against the tax bill on their other income. But negative gearing disproportionately benefits high-income earners with large tax bills. The <a href="https://www.abs.gov.au/statistics/labour/earnings-and-working-conditions/personal-income-australia/latest-release">median Australian individual income</a> is around $55,00, which generates a tax bill of about $8,000 – not a lot from which investment property losses can be deducted. The bigger picture is that while negative gearing helps defray the regular costs of managing a property, it doesn’t do anything to change expected capital gains. At the end of the spreadsheet tally, an investment property could end up earning rentvestors significantly less than they could have gained by simply buying their first home. <h2>Effects on housing affordability</h2> Rentvesting is new enough that its prevalence and influence awaits formal academic study. But economists might speculate about its implications for the housing market more broadly. The simplest analysis suggests that a rentvestor occupies one rental property while supplying an additional rental property to the market. If, instead, they had bought a home, they would vacate a rental property while removing another property from the market. In this case, even rentvesting en masse would have zero net effect on the housing market. But a more nuanced perspective might consider where rentvestors are renting and where they are investing. Perhaps they are most likely to rent properties in the already-crowded inner city, but purchase investment properties in regional areas where other first home buyers would like to live. This would increase demand for rentals in the city and reduce the supply of owner-occupier properties in the regions, worsening the affordability of both. Of course, if these rentvestors all eventually move up the property ladder – selling in the region and purchasing in the city – this effect would be reversed. From that longer-term perspective, rentvestors would ultimately have little effect. <h2>We still need more houses</h2> Rentvesting is not a panacea for Australia’s housing market woes. Potential investors should weigh the benefits of property investment against its substantial costs and risks. Additionally, they need to carefully consider the obvious alternative: simply buying their first home up-front. We have good reason to be wary of yet another get-rich-quick scheme involving the housing market. But initial considerations suggest that for the market overall, rentvestor behaviour is no worse than someone simply buying their first home, which we would otherwise encourage. Rather than criticising those seeking a way though our housing market morass, we might instead redouble our efforts to increase the supply of housing.<img style="border: none !important; box-shadow: none !important; margin: 0 !important; max-height: 1px !important; max-width: 1px !important; min-height: 1px !important; min-width: 1px !important; opacity: 0 !important; outline: none !important; padding: 0 !important;" src="https://counter.theconversation.com/content/229116/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1" /> <a href="https://theconversation.com/profiles/james-graham-1264059">James Graham</a>, Lecturer in Economics, <a href="https://theconversation.com/institutions/university-of-sydney-841">University of Sydney</a> Image credits: Getty Images This article is republished from <a href="https://theconversation.com">The Conversation</a> under a Creative Commons license. Read the <a href="https://theconversation.com/becoming-a-landlord-while-still-renting-rentvesting-promises-a-foot-on-the-property-ladder-but-watch-your-step-229116">original article</a>. </div>

Money & Banking

When is it a good idea to get a property appraisal?

In the fast-paced world of real estate, finding a space that truly reflects your essence and aspirations can feel like searching for a needle in a haystack. Enter <a href="https://go.linkby.com/PXROBQFZ" target="_blank" rel="noopener">Atlas by LJ Hooker</a>. At the heart of Atlas lies a profound understanding that a home is not merely a structure; it's a canvas upon which individuals paint their dreams and express their identities. This ethos is beautifully encapsulated in their brand message: "We understand that a home is so much more than real estate; it's a place to truly express yourself, to live the life you envision." What sets Atlas apart is its unwavering commitment to personalised service – especially when it comes to <a href="https://go.linkby.com/PXROBQFZ" target="_blank" rel="noopener">free property appraisals</a>. Unlike traditional real estate agencies, Atlas doesn't believe in a one-size-fits-all approach. Instead, they empower sellers to curate their own narrative, choosing elements of the brand that resonate with their unique lifestyle. Whether it's a sleek urban penthouse or a sprawling countryside estate, Atlas offers highly tailored marketing strategies that serve as a personal reflection of the property and its inherent allure. For those ready to embark on the journey of <a href="https://go.linkby.com/PXROBQFZ" target="_blank" rel="noopener">having their property appraised</a> – whether you're contemplating a sale, gauging investment opportunities, or simply curious about your net worth – Atlas offers a seamless pathway to success, as well as comprehensive advice on the potential benefits. At the core of any property appraisal lies a quest for insight into the local property market's heartbeat. Has your neighbourhood witnessed fluctuations in property values? Have recent renovations added significant value to your home? Are you considering upsizing, downsizing, or entering the investment realm? Or perhaps you're merely eager to unveil the hidden potential nestled within your property's walls. From the size of your property to the nuances of its structure and condition, every facet contributes to the appraisal process. Agents meticulously scrutinise elements such as property size, bedroom configurations, fixtures and fittings, offering valuable insights into your property's market positioning. Beyond tangible attributes, location exerts a profound influence on property values. Agents dissect the neighbourhood fabric, examining proximity to amenities, school catchments and transport accessibility. Additionally, factors like building structure, overall presentation and ease of access shape the appraisal narrative, underscoring the intricate interplay between tangible and intangible elements. The crucial distinction: Valuations vs. Appraisals It's imperative to <a href="https://go.linkby.com/PXROBQFZ/understanding-property-appraisals/" target="_blank" rel="noopener">discern between property valuations and appraisals</a>. While valuations offer an independent assessment of a property's value by certified valuers, appraisals provide a nuanced perspective shaped by local market dynamics and agent expertise. Embarking on the path to a property appraisal is easy. Simply <a href="https://go.linkby.com/PXROBQFZ" target="_blank" rel="noopener">book a consultation</a>, relax as they navigate through the intricacies of your property, and await their expert assessment. Armed with the insights garnered from your property appraisal, you're now equipped to chart your next course of action. Whether it's embarking on home improvements, contemplating a sale or recalibrating your financial portfolio, the appraisal serves as your guiding light. In a landscape defined by constant flux, the value of knowledge cannot be overstated. A property appraisal isn't merely a transactional ritual; it's a journey towards financial empowerment and informed decision-making. So, whether you're contemplating a sale or simply curious about your property's worth, take that pivotal step towards unlocking the true value of your home. After all, in the realm of real estate, knowledge is indeed power. For more information or to book your own <a href="https://go.linkby.com/PXROBQFZ" target="_blank" rel="noopener">free property appraisal, click here</a>.

Real Estate

Police release new images in search for church rioters

The images of 12 men who were allegedly involved in the violent riot outside The Good Shepherd Church in Wakeley have been released by NSW Police. Three men have been charged over their alleged involvement in the riot last Monday, shortly after bishop Mar Mari Emmanuel was stabbed during a service that was being live-streamed. A 16-year-old boy has been <a href="https://www.oversixty.com.au/finance/legal/teenage-boy-in-custody-after-stabbing-at-sydney-church" target="_blank" rel="noopener">arrested</a> over the stabbing incident, with police describing it as a "terror incident". Now, Strike Force Dribs have been established to investigate the violent incidents, and they have released the images of the men they would like to speak to. Acting Assistant Commissioner Andrew Holland said that around 2,000 people were at the scene but up to 50 were there "to start problems". "We know that there's groups of families involved that have gone there to support their parishioners, and we're not looking for those people," he said. "We're looking to speak with them if they can provide us information about the people involved." In the immediate aftermath of the incident, dozens of police were injured, their cars vandalised, and some officers and paramedics were forced to take shelter inside the church. One police officer had their jaw broken, while another suffered facial and knee injuries. Superintendent Andrew Evans said that the images of the men have been released "due to the violent and aggressive nature of their actions". "We are doing everything we can to identify these men and are now appealing for public assistance," he said in a statement. "Someone in the community knows who they are." One man — known as Person A — had his face covered but was filmed jumping on top of police cars. He has a large tattoo of Jesus Christ on his stomach, and others on his left arm. Another — known as Person C — was described as being of Mediterranean or Middle Eastern appearance with short black hair and a beard. A full list of all the people police believed were involved in the riots were released on their <a href="https://www.police.nsw.gov.au/news/news?sq_content_src=%2BdXJsPWh0dHBzJTNBJTJGJTJGZWJpenByZC5wb2xpY2UubnN3Lmdvdi5hdSUyRm1lZGlhJTJGMTExNTU0Lmh0bWwmYWxsPTE%3D" target="_blank" rel="noopener">website</a>, with descriptions of their features and the clothes they were wearing. Investigators are also collecting evidence including mobile phone and CCTV footage to identify those involved. Over the weekend, Issa Haddad, 28, was charged and granted bail for over the public disorder incident. Two others, Dani Mansour, 19, and Sam Haddad, 45, have also been charged and granted bail. Images: NSW Police/ SBS News

Legal

World's most expensive house up for sale

A French chateau, once owned by a member of the Rothschild family and, later on, the King of Morocco, has gone up for sale with a £363 million (AU$699) price tag. Chateau d’Armainvilliers located at Seine-et-Marne, 48km east of the Eiffel Tower, is the world's most expensive home. Built upon the foundations of a 12th century castle, the sprawling mansion boasts 1,000 hectares of land, 100 rooms across 2,500 square metres of living space, a private lake, and plenty of sequoia trees - the largest trees in the world. Ignace Meuwissen, a self-acclaimed "real estate advisor to the global elite" described the property as a display of "opulence and grandeur". "It is the most expensive castle in France and perhaps in the world. The price of €425million is justified by the property itself but also by the 1,000 hectare land which offers numerous possibilities," he told Paris Match magazine. "An investor could build thousands of apartments there if he wanted." The chateau was first bought by the Rothschild banking empird in the late 19th century, before King Hassan II of Morocco bought it in the 1980s. He then made the chateau more fit for a king, adding a hammam spa, a beauty and hairdressing salon, and a fully-equipped medical and dental facility. The Moroccan King also added a basement level, which has a network of tunnels, kitchens, cold rooms, storage spaces and staff quarters. The lucky owner will also find Moroccan mosaics and wall tiles decorating the home, and for any avid equestrians, the home also has a stable big enough for 50 horses. However, some luxury property agents have expressed their doubts on whether the property would sell with its nine-figure sum, with one saying it was an "unrealistic" price tag. "It doesn’t make sense, it’s absurd Properties of this type could sell for 20-25 million, or even 30 million if we really fall in love with them. I’m not even sure that Vaux-le-Vicomte (a Baroque French château), which has no marketing plans, would sell at this price," one agent told French real estate publication Le Figaro Immobilier. Others were unsure whether the changes made by the King in the 1980s would suit modern tastes. Images: Whisper Auctions

Real Estate

Why is the Sydney church stabbing an act of terrorism, but the Bondi tragedy isn’t?

<div class="theconversation-article-body"><a href="https://theconversation.com/profiles/greg-barton-10990">Greg Barton</a>, <a href="https://theconversation.com/institutions/deakin-university-757">Deakin University</a> Just days after the deadly <a href="https://www.abc.net.au/news/2024-04-14/several-killed-in-mass-stabbing-at-westfield-bondi-junction/103705354">Westfield Bondi attacks</a>, a <a href="https://www.abc.net.au/news/2024-04-16/albanese-says-there-is-no-place-for-violence-in-our-community/10372830">second knife attack</a> in Sydney has generated widespread shock and grief. This time, a 16-year-old entered an Assyrian church and rushed forward to stab the popular bishop presiding over a service, together with a priest who rushed to his defence. The shocking events were captured on the church’s video stream, and the news quickly reached thousands of members of Sydney’s large Assyrian community. While both priests were injured, thankfully the knife blows were not fatal. Parishioners immobilised the attacker, and police and paramedics swarmed the church. Police moved quickly to identify the assailant and analyse his apparent motivation before announcing they were treating the attack as a <a href="https://www.bbc.com/news/world-australia-68823240">terrorist incident</a> early this morning. Public knife attacks are rare in Australia, and for Sydney to experience two in quick succession has rightfully alarmed many and, understandably, led to comparisons between the two. A lot of the discussion is around why the Bondi Junction shopping mall attack in which six were killed wasn’t considered terrorism, but this shocking, but non-lethal, attack was. So what do we know about the church attack, and what important distinctions can be made between it and the awful events at Bondi? <h2>What happened at the church?</h2> Bishop Mar Mari Emmanuel has developed a large following, not just in Australia but in the Assyrian diaspora <a href="https://www.abc.net.au/news/2024-04-16/who-is-bishop-mar-mari-emmanuel-wakeley-church-attack/103728808">around the world</a>, with his live-streamed sermons. Shortly after seven o'clock on Monday night, the video feed of the Christ The Good Shepherd Church in Sydney’s outer west went dead, but not before it captured the shocking attack and parishioners rushing forward to help. Almost immediately, crowds gathered outside the church. We don’t yet know the motivations of the people who turned up, but it can be assumed they were there because they either saw or heard of what had happened and rushed over out of concern. Tragically, at some point the dynamics of the fast-swelling crowd took a dark turn. Instead of letting the large police and ambulance presence continue to handle the situation, some emotional onlookers turned on the authorities. Multiple police officers and paramedics were injured and vehicles were heavily damaged. It’s likely the fact the attack was captured on video, and therefore able to be shared and watched over and over again, added to the combustibility of an already volatile situation. It would appear the attack was deliberately planned to provoke an angry response. But what exactly happened in the crowd is the subject of one police investigation. <h2>Why is it considered a terrorist act?</h2> The other investigation is an anti-terrorism one. This is because while the teenager acted alone, it’s very likely they had received encouragement and backing from others. <a href="https://www.fbi.gov/history/famous-cases/unabomber">The Unabomber</a> is one of the very few documented cases of someone committing violence for ideological reasons truly in isolation. This lone actor attack in Sydney is reminiscent of the <a href="https://www.abc.net.au/news/2015-10-03/nsw-police-headquarters-gunman-was-radicalised-youth/6825028">2015 murder</a> of police accountant Curtis Cheng. He was shot dead by a 15-year-old who had been radicalised by supporters of Islamic State. It later came out <a href="https://www.abc.net.au/news/2019-03-14/curtis-cheng-murder-surveillance-man-guilty-of-terror-plan/10900982">in court</a> the attack had been planned by three other people, who also supplied him with the gun. Police were quick to pronounce the knife attack on Monday to be an act of terrorism. Having identified the attacker, they would have been studying his social connections and examining his digital footprint. The police assessment would have also given attention to the particulars of the church targeted. <a href="https://www.britannica.com/topic/Assyrian">Assyrians</a> (people from northwest Iraq, northeast Syria and southeast Turkey) are almost exclusively Christian, belonging to one of the oldest churches in existence, living in precisely that part of the world in which the Islamic State established its brutal caliphate. It’s telling that before the caliphate was established, Assyrians made up just 3% of the Iraqi population. But in the wake of Islamic State sweeping across northern Syria and Iraq, Assyrians soon made up <a href="https://www.sbs.com.au/news/article/assyrian-australians-plead-for-second-special-refugee-settlement-deal/x7ej8ix2y">40%</a> of Iraqi refugees. The trauma of those years is <a href="https://theconversation.com/diversity-and-religious-pluralism-are-disappearing-amid-iraqs-crisis-29832">recent history</a>, fresh in the minds of many. The recent Islamic State claim of responsibility for the <a href="https://edition.cnn.com/2024/03/27/europe/missing-people-russia-moscow-concert-hall-attack-intl/index.html">recent deadly attacks in Moscow</a>, is a reminder the group remains a live and growing threat. For these reasons police will be looking for any evidence Islamic State might have played a role in inspiring this attack. <h2>Terrorism or not terrorism?</h2> Events at the church have been under a bigger spotlight given the events of the days preceding it. Despite <a href="https://www.theguardian.com/australia-news/2024/apr/15/false-claims-started-spreading-about-the-bondi-junction-stabbing-attack-as-soon-as-it-happened">early misinformation</a>, police said thathey believe the Bondi killer, Joel Cauchi, was not motivated by a larger political cause – that is, a terrorist motivation. Instead, they say he lashed out violently because of anger control issues related to <a href="https://www.theguardian.com/australia-news/2024/apr/14/joel-cauchi-who-was-the-queensland-man-who-carried-out-the-bondi-junction-mass-stabbing">mental ill-health</a>. But of the <a href="https://www.theguardian.com/australia-news/2024/apr/14/bondi-junction-mass-stabbing-attack-who-are-the-six-victims">six people</a> he killed, five were women. Women also make up the majority of those injured. The one man who lost his life, security guard Faraz Tahir, a Muslim refugee from Pakistan, was attacked because he bravely <a href="https://www.1news.co.nz/2024/04/16/friend-of-bondi-security-guard-says-his-last-moments-were-brave/">rushed towards</a> danger in an attempt to try to stop Cauchi. NSW Police Commissioner Karen Webb said Cauchi <a href="https://www.abc.net.au/news/2024-04-15/westfield-bondi-attack-stabbing-investigation/103706698">deliberately targeted women</a>. So if someone is targeting a specific group of people, isn’t that terrorism? Why does it matter if they were killing based on gender or religion? Is misogyny not terrorism? Put simply, the defining characteristic of terrorism is perpetuating violence in the name of a higher, broader cause. Terrorists have a belief in a collective goal, and see themselves as being backed by people who share that belief. Misogyny can be an element of their motivation and justification of hatred, but it’s part of a larger political project. Basically, it boils down to whether these violent actors think they’re part of a political or religious movement that’s going to <a href="https://theconversation.com/social-inclusion-is-important-in-aotearoa-new-zealand-but-so-is-speaking-honestly-about-terrorism-167429">change the system</a>, or whether they are simply angry men projecting loathing and driven by personal demons. The two, of course, are <a href="https://www.smh.com.au/national/nsw/not-since-the-lindt-siege-has-sydney-known-grief-like-this-20240414-p5fjnl.html">not mutually exclusive</a>. This is not to undermine the damage that angry men can, and do, inflict. Domestic violence is a bigger threat to Australians than terrorism. Calling something a terrorist act doesn’t make it more or less serious than anything else, rather the categorisation is to provide conceptual clarity for the sake of the ensuing investigation. Events at Westfield Bondi Junction and the Assyrian Christ The Good Shepherd Church are both awful, but while they share some similarities, they are different sorts of crimes with different drivers and enablers. As police investigations continue, we’ll come to better understand the nature of both.<img style="border: none !important; box-shadow: none !important; margin: 0 !important; max-height: 1px !important; max-width: 1px !important; min-height: 1px !important; min-width: 1px !important; opacity: 0 !important; outline: none !important; padding: 0 !important;" src="https://counter.theconversation.com/content/227997/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1" /> <a href="https://theconversation.com/profiles/greg-barton-10990">Greg Barton</a>, Chair in Global Islamic Politics, Alfred Deakin Institute for Citizenship and Globalisation, <a href="https://theconversation.com/institutions/deakin-university-757">Deakin University</a> Image credit: Getty Images This article is republished from <a href="https://theconversation.com">The Conversation</a> under a Creative Commons license. Read the <a href="https://theconversation.com/why-is-the-sydney-church-stabbing-an-act-of-terrorism-but-the-bondi-tragedy-isnt-227997">original article</a>. </div>

Caring

Teenage boy in custody after stabbing at Sydney church

A 15-year-old boy has been arrested after he stormed a church service in Western Sydney and stabbed a bishop and a priest. The Orthodox Christian church service was being live-streamed from the suburb of Wakeley on Monday night and captured the moment Bishop Mar Mari Emmanuel's sermon was interrupted by the teen, who allegedly stabbed him several times. Father Isaac Royel was also stabbed, with two parishioners also sustaining injuries as they subdued the teenager until police arrived. The bishop and priest were both taken to hospital with non-life threatening injuries. Acting Assistant Commissioner Andrew Holland said the churchgoers did a "fantastic job" trying to calm the scene, but outside the church, an emotional crowd quickly built. NSW Premier Chris Minns chaired an urgent crisis control meeting with leaders from multiple faiths, all agreeing to a call for calm. When police arrived on the scene, the riot officers attempted to forcibly move the crowd away from the church, which led to violence against the officers. Police cars were smashed and two officers were taken to hospital after being injured by members of the crowd who broke into “a number of houses to gain weapons to throw at the police”. The 15-year-old, who was known to police, was arrested once officers gained access to the church and was taken to an undisclosed location for his own safety. Premier Minns later confirmed that the attack is being treated as a terror event, saying Police Commissioner Karen Webb had designated the stabbing a "terror incident" just prior to 2am. Chris Minns urged the community to keep calm and not perpetuate further violence, saying he and religious leaders “endorsed and supported a unanimous condemnation of violence in any form, called for the community to follow first responder and police instructions and called for calm in the community”. “We’re calling on everyone to act with kindness and respect for each other,” he said. The church said Bishop Emmanuel and a senior priest were in a stable condition and also appealed for calm. “We ask for your prayers at this time,” the church said in a statement posted on social media. Image credits: Facebook / Nine News

Legal

If you squat in a vacant property, does the law give you the house for free? Well, sort of

<a href="https://theconversation.com/profiles/cathy-sherry-466">Cathy Sherry</a>, <a href="https://theconversation.com/institutions/macquarie-university-1174">Macquarie University</a> Nothing excites law students like the idea of a free house. Or alternatively, enrages them. It depends on their politics. As a result, academics condemned to teaching property law find it hard to resist the “<a href="https://classic.austlii.edu.au/au/journals/MelbULawRw/2011/28.html">doctrine of adverse possession</a>”. The fact that a person can change the locks on someone else’s house, wait 12 years, and claim it as their own, makes students light up in a way that the Strata Schemes Management Act never will. The idea of “squatters’ rights” has received a lot of media attention recently amid the grim reality of the Australian housing market. It fuels commentators such as Jordan van den Berg, who <a href="https://www.instagram.com/purplepingers/">critiques bad landlords</a> on social media. Casting back to his days as a law student, <a href="https://www.sbs.com.au/news/the-feed/article/jordan-was-fed-up-with-australias-empty-houses-his-proposal-has-led-to-death-threats/stx6rv6fl">he’s promoting</a> the doctrine of adverse possession as a way of making use of vacant properties. As interesting as the doctrine is, it has little relevance in modern Australia. While it is necessary to limit the time someone has to bring legal proceedings to recover land – typically 12 or 15 years, depending on which state you’re in – most people don’t need that long to notice someone else is living in their house. If a family member is occupying a home that someone else has inherited or a tenant refuses to vacate at the end of a lease, owners tend to bring actions to recover their land pronto. So where did this doctrine come from, and what has it meant in practice? <h2>Free house fetching millions</h2> In unusual circumstances, people can lose track of their own land. Just before the second world war, Henry Downie moved out of his house in the Sydney suburb of Ashbury. Downie died a decade later, but his will was never administered. At the time of his death, a Mrs Grimes rented the house and did so for a further 50 years. Downie’s next of kin did not realise they had inherited the house or that they were Grimes’s landlord. Grimes died in 1998 and Bill Gertos, a property developer, saw the house was vacant. He changed the locks, did some repairs, then leased the house and paid the rates for the next 17 years. He then made an application under <a href="https://classic.austlii.edu.au/au/legis/nsw/consol_act/rpa1900178/s45d.html">NSW property laws</a> to become the registered proprietor. At this point, Downie’s next of kin became aware they may have been entitled to the property and disputed Gertos’s claim. The <a href="https://www8.austlii.edu.au/cgi-bin/viewdoc/au/cases/nsw/NSWSC/2018/1629.html">court held</a> Gertos had been “in possession” of the property since the late 1990s. The next of kin had a legal right to eject him, but they had failed to do so within the statutory time limit of 12 years. Gertos had the best claim to the house. He <a href="https://www.domain.com.au/6-malleny-street-ashbury-nsw-2193-2015821514">promptly sold it</a> for A$1.4 million. Outrageous as this may seem, the law encourages caring for land. If you fail to take responsibility for your land, and someone else does, you can lose it. <h2>An old English tradition</h2> Gertos’s jackpot was unusual, and adverse possession has always been more relevant in a country like England. First, for much of English history, many people did not have documentary title (deeds) to their land. People were illiterate, parchment was expensive, and documents could disappear in a puff of smoke in a house fire. The law often had to rely on people’s physical possession of land as proof of ownership. Second, as a result of feudalism, vast swathes of England were owned by the aristocracy. They and their 20th-century successors in title, often local councils, had a habit of forgetting they owned five suburbs in London. In the post second world war housing crisis, thousands of families, and later young people and students, <a href="https://www.bbc.co.uk/sounds/play/b017cfv4">squatted in vacant houses</a> owned by public and private landlords who lacked the means or motivation to maintain them. <h2>A sign of the times</h2> In contrast, in Australia, for most of our settler history, governments of all political persuasions actively prevented the emergence of a landed class. But now, courtesy of tax policies that <a href="https://www.quarterlyessay.com.au/essay/2023/11/the-great-divide">encourage investment</a> in residential real estate, we have a landlord class of Baby Boomer and Gen X investors. That has caused housing market stress as younger people cannot make the natural transition from being renters to homeowners. They are outbid by older, wealthier buyers whose tax benefits from negative gearing increase with every dollar they borrow to buy an investment property. Money flowing into the market then means that landlords’ greatest benefit is capital gain rather than income, and thanks to John Howard, investors pay <a href="https://theconversation.com/stranger-than-fiction-who-labors-capital-gains-tax-changes-will-really-hurt-109657">no tax</a> on half of that gain. Finally, an almost exclusive reliance by government on the <a href="https://australiainstitute.org.au/post/for-more-affordable-housing-we-need-more-public-housing/">private sector</a> to provide new homes – which it will only do if it is making a profit – has left many people in deep housing stress. While squatters in Australia are likely to find themselves swiftly subject to court orders for ejection, van den Berg’s rallying cry indicates just how inequitable the housing market has become. Baby Boomers and Gen X should be on notice – young people want their housing back. <img style="border: none !important; box-shadow: none !important; margin: 0 !important; max-height: 1px !important; max-width: 1px !important; min-height: 1px !important; min-width: 1px !important; opacity: 0 !important; outline: none !important; padding: 0 !important;" src="https://counter.theconversation.com/content/227556/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1" /> <a href="https://theconversation.com/profiles/cathy-sherry-466">Cathy Sherry</a>, Professor in Law, <a href="https://theconversation.com/institutions/macquarie-university-1174">Macquarie University</a> Image credits: Shutterstock This article is republished from <a href="https://theconversation.com">The Conversation</a> under a Creative Commons license. Read the <a href="https://theconversation.com/if-you-squat-in-a-vacant-property-does-the-law-give-you-the-house-for-free-well-sort-of-227556">original article</a>.

Legal

Property tycoon sentenced to death over $27 billion fraud

A Vietnamese billionaire was sentenced to death on Thursday in one of the biggest corruption cases in history, an estimated $27 billion in damages - a figure equivalent to six percent of the country’s 2023 GDP. Truong My Lan, chair of major developer Van Thinh Phat, was found guilty of embezzlement, after looting from one of the country's biggest banks, Saigon Commercial Bank (SCB) for over a decade. “The defendant’s actions... eroded people’s trust in the leadership of the (Communist) Party and state,” the verdict read at the trial in Ho Chi Minh City. After a five-week trial, 85 others were also charged for their involvement in the fraud, with charges ranging from from bribery and abuse of power to appropriation and violations of banking law. Four were given life imprisonment, while others received jail terms ranging between 20 years and three years suspended. Lan's husband was Hong Kong billionaire Eric Chu Nap Kee, was sentenced to nine years in prison. Lan and the others were arrested as part of a national corruption crackdown. Lan was initially believed to have embezzled $12.5 billion, but on Thursday prosecutors have said that the total damages caused by the fraud now amounted to $27 billion. The property tycoon was convicted of taking out $44bn in loans from the bank, according to the BBC, with prosecutors saying that $27 billion of this may never be recovered. The court ordered Lan to to pay almost the entire damages sum in compensation. It is also <a href="https://www.bbc.com/news/world-asia-68778636" target="_blank" rel="noopener">reported</a> that she is one of very few women in Vietnam to be sentenced to death for a white collar crime. “In my desperation, I thought of death,” Lan said in her final remarks to the court, according to state media. “I am so angry that I was stupid enough to get involved in this very fierce business environment -- the banking sector -- which I have little knowledge of.” Police have identified around 42,000 victims of the scam, and many of them were unhappy with the verdict. One 67-year-old Hanoi resident told the AFP that she had hoped Lan would receive a life sentence so she could fully witness the devastating impact of her actions. “Many people worked hard to deposit money into the bank, but now she’s received the death sentence and that’s it for her,” they said. “She can’t see the suffering of the people.” The resident has so far been unable to retrieve the $120,000 she invested with SCB. Police have said that many of the victims are SCB bondholders, who cannot withdraw their money and have not received interest or principal payments since Lan’s arrest. Authorities have also reportedly seized over 1000 properties belonging to Lan. Image: Twitter

Legal

"Out-of-touch" Project stars slammed over clash with renter advocate

Social media users have slammed The Project hosts, following their recent interview with a renter advocate who encourages Aussies struggling with the housing crisis to squat in empty homes. Jordan van den Berg, founder of the S*** Rentals website shared a video over the weekend outside a rundown house in Chadstone, Melbourne, saying: “Are you sick of rich people hoarding empty houses during a housing crisis? I know I am." “Here’s how you can do something about it.” He then encouraged people to submit information on empty homes in their suburbs via a form on his website, which he plans to promote on his socials so those struggling to find a home could squat in them. “Fun fact – squatting in Australia is not necessarily illegal, which is the best type of legal, especially if the front door doesn’t actually lock," he said. On Monday, he appeared on The Project to talk about his controversial plans, and was grilled by the show's hosts. “I know we’re in a pretty serious housing crisis, but do you really think encouraging people to squat in private properties is the way to fix it?" asked co-host Sarah Harris. “Let me answer your question by asking you a question. Do you think it’s right we have thousands of vacant, abandoned homes while we have people living on the street?” van de Berg replied. Harris said she didn’t and asked whether the solving the housing crisis should be focused on policy instead. Later in the interview, panellist Steve Price casted his doubts on whether there actually were a lot of vacant homes, but van de Berg replied that he'd received over 300 submissions from Aussies about empty homes in their suburbs. van de Berg also said that desperate people are even squatting in abandoned properties, and added: “If someone needs a house, they can reach out to me and I’ll send them [details about] an empty home." Harris was shocked that people would “basically camp out in abandoned houses with no power" which van den Berg argued that “camping out inside” was likely better than sleeping on the streets or in a park. Co-host Waleed Aly then asked whether van de Berg was encouraging people to break the law, but he pointed out that squatting – done properly – isn’t technically illegal. The interview has been slammed on social media, with Writer and comedian John Delmenico posting on X: “Watching the rich out-of-touch panel on the Project realise in real time that not everyone is rich is so bizarre. "Especially the part where Pingers has to explain that being in a house is safer than sleeping on the street. How do they host the news with no connection to reality?” Others agreed mocking the panellists’ shock that “shelter without electricity is better than no shelter with no electricity”. “She was laughing at the fact that ppl would camp out in abandoned houses with no power/water, until he put her in her place by reminding her they’re better off camping under shelter than outside. Mic drop moment," one wrote. “Homelessness exists … it’s quite a big problem actually," another added. However, a few others agreed with the Project hosts. “Encouraging people to squat, who does he think he is?" one wrote. “He thinks he’s doing a good thing, but he’s given absolutely no critical thought to the implications of encouraging people to take over ‘empty homes’," another added. Leo Patterson Ross, chief executive of the Tenants Union of NSW, said that van den Berg was “drawing attention to issues that government should be acting on”. “In the middle of a housing crisis with growing levels of homelessness, we should be looking to ensure homes are not left vacant,” Patterson Ross said. “If a person leaves a property unattended and empty for 12 years, then I think many of us would agree it seems fair that the community can reclaim usage to provide a home, whether that be individuals or government.” Image: The Project

Legal

Inside the alleged hide out of Samantha Murphy's accused killer

The Scotsburn property where Samantha Murphy's <a href="https://www.oversixty.com.au/finance/legal/everything-we-know-about-samantha-murphy-s-accused-killer" target="_blank" rel="noopener">accused killer</a> allegedly hid in is up for sale with a $1million-plus price tag. Patrick Orren Stephenson was staying at the property when he arrested on March 6, after police stormed in with a search warrant. The 5.46 hectare property is located about 18km away from central Ballarat, where Stephenson was believed to have been partying the night before he was accused of murdering Murphy. Stephenson is believed to have been living between this property and another one located less than 100m away on Yendon No 2 Road with his girlfriend prior to his arrest. The Daily Mail reported that a for sale sign was recently spotted at the property, which has four bedrooms and is advertised as featuring "a renovated galley-style kitchen, a generous lounge room with plenty of natural light, two living areas including a family/rumpus room for shared moments." "A school bus passing the front door adds to the convenience for families," the ad read. The property is also described as practically off-grid, with solar power and an underground bore water supply. It remains unknown how long Stephenson had lived at the home. Images: McGrath Ballarat/ InsideLook- Real Estate Media

Legal

West Side Story returns to Handa Opera on Sydney Harbour

Get ready to snap your fingers, tap your toes and experience the magic of Broadway in Sydney as Opera Australia presents the electrifying musical extravaganza West Side Story – making its triumphant return to the Handa Opera on Sydney Harbour stage in 2024. The 2019 production of West Side Story, if you were fortunate enough to grab seats, was an absolute smash hit. With record-breaking ticket sales and rave reviews, it's no wonder this show stole the hearts of over 65,000 theatre and musical buffs. Directed by the incomparable Francesca Zambello, West Side Story promises to once again whisk audiences away to the bustling streets of New York City, complete with iconic songs, heart-pounding dance numbers, and enough drama to fill the harbour twice over. Leonard Bernstein and Stephen Sondheim's musical masterpiece will once again take centre stage, accompanied by Jerome Robbins' legendary choreography – and this year, we were fortunate enough to be able to pose a few pre-performance questions to none other than Guy Simpson, the show’s musical director, and the all-singing, all-dancing Wayne Scott Kermond, who is playing “Doc” onstage. Let’s raise the curtain and see what they have to say! <img src="https://oversixtydev.blob.core.windows.net/media/2024/03/Guy-Simpson.jpg" alt="" width="1280" height="720" /> Guy Simpson Guy Simpson, a seasoned musical director with nearly 45 years of experience, boasts an illustrious career spanning global productions. Notably, his involvement with iconic shows like Miss Saigon and The Phantom of the Opera has taken him across continents, from Australia to Asia and beyond. Simpson's extensive repertoire includes serving as Musical Supervisor and Director for Opera Australia's acclaimed productions such as Evita, My Fair Lady, and of course West Side Story. Additionally, his contributions as an orchestrator and producer of cast recordings further solidify his stature in the musical theatre realm. With credits ranging from beloved classics like Les Misérables to contemporary hits like Muriel's Wedding, Simpson's versatile talent continues to enrich the world of musical theatre on an international scale. OverSixty: What memories do you have of your first time working on West Side Story – when was it and what was the experience like? Guy: “I was a rehearsal pianist for the 1983 production of West Side Story. The conductor was Dobbs Franks, who came from the US to conduct the first production of the show in 1960. So I was lucky to learn the show from him. I wasn’t in the orchestra and had tickets to watch opening night but during the afternoon of that day I received a call to play in the orchestra that night because the pianist was unwell. I’ll never forget that! Since then I have conducted three seasons of the show and learn more and more about it each time.” OverSixty: What were Bernstein’s influences and what impact did Bernstein’s score have when the musical first premiered? And why do you think it remains so recognised today? Guy: “Bernstein was influenced by many things. There is an <a href="https://www.wrti.org/arts-desk/2018-08-23/the-surprising-backstory-to-west-side-story" target="_blank" rel="noopener">excellent article by Debra Lew Harder</a> that outlines these influences. I love the combination of Jewish themes, Puerto Rican rhythm, Mexican dance music and of course American jazz. His classical roots also come in here – especially the music of Aaron Copland and George Gershwin. The genius is Bernstein's ability to blend all this into a score that tells the story so brilliantly." OverSixty: What’s your favourite moment in the music that audiences might not always notice but could listen out for? Guy: I like what is known as ‘THE BALCONY SCENE’. Most people will know it as the iconic love duet ‘TONIGHT’. In the show this scene moves between spoken dialogue (with underscoring), into the song and back into dialogue in a wonderfully cohesive way. It is so well crafted and is quite a challenge for the conductor to fit the music with the dialogue in a seamless way. I also love the scene in the bridal shop that includes the song ‘ONE HAND ONE HEART’. <img src="https://oversixtydev.blob.core.windows.net/media/2024/03/Wayne-Scott-Kermond-as-Doc.jpg" alt="" width="1280" height="720" /> Wayne Scott Kermond Wayne Scott Kermond, hailing from a rich lineage of Australian Vaudeville performers, epitomises the essence of musical theatre, comedy and cabaret. With a repertoire spanning from Anything Goes to Hairspray, including acclaimed performances in several productions of West Side Story, Kermond's versatility shines through. Additionally, he's showcased his creative prowess as the creator and star of captivating cabaret shows such as Candy Man and Jive Junkys. Beyond the stage, Kermond's talents extend to film, where he's contributed to projects like Happy Feet 1 & 2, and as a respected scriptwriter and director for various musicals, cabarets and corporate events. With accolades including a Green Room Award and Mo Award, alongside nominations for Helpmann Awards, Kermond's exceptional abilities and esteemed showbiz heritage solidify his status as an extraordinary Australian talent. OverSixty: You and Guy first worked on this musical 40 years ago, how does it feel to be coming back together on the Handa Opera version? Wayne: “I first performed in West Side Story at the old Her Majesty’s Theatre (Sydney), 40 years ago playing the youngest member of the Jets gang, ‘Baby John’, and then again in another fabulous production touring Australia / New Zealand in the mid-nineties playing Arab. And so it was lovely to be reminded by Guy on the first day of rehearsals for this season how special it is to us both, here we are, doing it again, just a little greyer." “We shared a few laughs about ‘where did that time go?’, and how ‘young’ we still look after all these years. It’s so great to work with Guy again, I think the last show we did together was Chicago, back in the late nineties. So with Guy's huge amount of expertise and experience at the helm as our Musical Director the show is in great hands. Wait till you hear the amazing Orchestra.” OverSixty: What about this musical’s story, lyrics, etc resonate with you and why do you think it keeps being seen on stage? Can it appeal to all ages? Wayne: “West Side Story is as iconic to music theatre as Swan Lake is to ballet. All great musicals such as West Side have to have a great love story; West Side certainly has that. And to add to that, also an incredible score, dynamic original choreography and a beautifully written book makes it a triple threat. That's why it stands the test of time – it's an inter-generational piece, whose story and message still stands today, which is the reason why I’m now getting the opportunity to play an adult character ‘Doc’ in this OA production 40 years later, as it will be for another artist, in another 40 years' time.” OverSixty: What’s your favourite moment in the show and why? Wayne: It is very difficult to say there is a favourite moment as there are so many. The whole journey of the show is something everyone who loves theatre should experience. The Prologue, Dance at the Gym, America, Cool, Tonight, Something's Comin, and not forgetting the Quintet powerhouse... Every part of this show is special, whether you're seeing the show for the first time or for the tenth time, it’s exhilarating, poignant and moving." “It’s especially wonderful for me to have been given the opportunity to revisit the show, after all these years later as a performer. And it’s very exciting to watch another generation of performers being given the opportunity to experience such an exceptional piece of theatre.” So, mark your calendars, Sydney-siders, because Handa Opera on Sydney Harbour is about to serve up a theatrical experience like no other. With world-class performances, breathtaking views of the harbour, and enough fireworks to make New Year's Eve jealous, this is one event you won't want to miss. So grab your tickets, grab your friends, and get ready to experience the magic of West Side Story like never before. See you at the opera! For more information and ticket sales, check out <a href="https://opera.org.au/productions/west-side-story-on-sydney-harbour/" target="_blank" rel="noopener">opera.org.au/harbour</a> All images: Supplied

Domestic Travel

Elevating tradition: La Traviata at the Sydney Opera House

Opera Australia is set to enchant audiences as it opens its highly anticipated 2024 season with the Sydney premiere of Sarah Giles’ acclaimed production of Verdi’s timeless masterpiece, La Traviata. The curtains will rise on January 2nd at the iconic Joan Sutherland Theatre in the Sydney Opera House, promising an unforgettable journey into the world of love, sacrifice and redemption. Hailed as "an absolute triumph" by The AU Review and described as "audaciously new" by InReview, this co-production by Opera Queensland, State Opera South Australia and West Australian Opera promises to deliver the quintessential glamour of La Traviata while offering a fresh, female perspective. Director Sarah Giles skilfully brings the inner turmoil of Violetta to the forefront, shedding light on the harsh realities and heartaches of her life as a courtesan. Enhancing the narrative, Charles Davis' masterful set design delves into Violetta's public and private spheres, while his costumes brilliantly capture the opulent world of lavish parties and extravagance synonymous with La Traviata. For the first time, the award-winning conductor Jessica Cottis will take the baton, leading the Opera Australia Orchestra and the celebrated Opera Australia Chorus through Verdi's emotionally stirring score. Audiences can anticipate spine-tingling renditions of iconic pieces such as the lively "Brindisi" and the achingly beautiful "Sempre libera". Taking centre stage as Violetta, Australian soprano Samantha Clarke, fresh from a string of successful debuts in prestigious venues worldwide, including Carnegie Hall and the Sydney Symphony Orchestra, is set to mesmerise audiences with her poignant portrayal. Joining her are the talented Australian-Chinese tenor Kang Wang, reprising the role of Alfredo, and New Zealand baritone Phillip Rhodes, making his Opera Australia debut as Giorgio Germont. As the season progresses, rising Australian soprano Sophie Salvesani will step into the shoes of Violetta, a role she previously captivated audiences with in 2022. Alongside her, Australian tenor Tomas Dalton returns as Alfredo, while baritone Luke Gabbedy, fresh from his acclaimed performance in OA's five-star production of the Ring Cycle in Brisbane, graces the stage as Giorgio Germont. Prepare to be swept away by the passion, drama, and timeless melodies of La Traviata, as Opera Australia invites you to experience this unforgettable journey of love and sacrifice, reimagined for a new era. Don't miss your chance to witness this exquisite production at the Sydney Opera House, from January 2nd to March 16th, 2024. For more information, <a href="https://www.sydneyoperahouse.com/opera-australia/2024-season/la-traviata" target="_blank" rel="noopener">click here</a>.

Art

"Unfair" parking fines could soon be a thing of the past

In recent years, road users in one Australian state have found themselves at the receiving end of unwelcome surprises in their mailboxes. An experimental parking fine process, initiated with the aim of streamlining administrative procedures, has instead garnered significant backlash from unsuspecting motorists. However, relief seems to be on the horizon as the New South Wales Government steps in to rectify the situation. The issue revolves around the introduction of ticketless parking fines, a system that was implemented with the intention of simplifying the issuance of penalties for parking violations. Under this scheme, parking officers could send details of fines directly to Revenue NSW, which would then dispatch infringement notices either by post or through the Service NSW app. However, what was meant to be a simple and streamlined modernisation effort has led to a surge in revenue from fines and a subsequent erosion of trust in the system. Concerns about the fairness and transparency of ticketless fines have been mounting, prompting action from the NSW government. Reports indicate that Finance Minister Courtney Houssos has written to all 128 local councils in the state, urging them to halt further adoption of the ticketless parking fine system. Instead, councils have been instructed to revert to traditional ticketing methods and ensure that drivers are promptly made aware of fines at the time of the offence. The move comes in response to a range of issues highlighted by critics of the ticketless system. One major concern is the lack of immediate notification, which diminishes the deterrent effect of fines and makes it difficult for motorists to contest them effectively. Without receiving timely notification, drivers may struggle to gather evidence or address issues such as inadequate signage, hidden signs, or other circumstances that could warrant a review of the fine. Organisations like the National Roads and Motorists' Association (NRMA) have been vocal opponents of the ticketless scheme, labelling it as "unfair" and criticising its impact on transparency. According to NRMA spokesperson Peter Khoury, the system reduces the ability of drivers to contest fines, thereby undermining their rights and contributing to a loss of community trust in the administration of fines. The NSW government's intervention signals a recognition of these concerns and a commitment to restoring confidence in the fines system. By prioritising immediate notification for drivers, authorities aim to address the shortcomings of the ticketless parking fine process. The decision to reverse the experimental system comes amid staggering revenue figures, with nearly $140 million generated from ticketless fines in 2023 alone. While the financial gains may be substantial, they come at the expense of public trust and fairness, prompting a much-needed course correction. As Minister Houssos asserts, providing immediate notification to drivers is not only the right thing to do but also a crucial step towards rebuilding community trust. By ensuring that drivers are promptly informed of fines and have the opportunity to contest them, authorities can strike a balance between effective enforcement and procedural fairness in managing parking violations. As road users await the reinstatement of traditional ticketing methods, they can take solace in the prospect of a fairer and more transparent fines system in the future. Images: City of Sydney

Legal

Mission: Impossible Sydney mansion sells for eye-watering price

One of Sydney's most iconic properties, known as the Boomerang in Elizabeth Bay, has sold for $80 million. The mansion is featured in the second instalment in the Mission: Impossible franchise, with the 2000 movie starring Tom Cruise being set and filmed in Sydney. It was the first house to officially sell for above $1 million in 1978, before setting another record in 2002 when it fetched $20.7 million. Now, multiple sources have confirmed it has been snapped up by a purchaser, originally from Asia, for four times what it last sold for. The property has long been rated as one of Sydney’s Top 50 homes, and has been in the name of Katrina Fox, the daughter of Melbourne-based billionaire trucking magnate Lindsay Fox, since 2005. The impressive home was put up for sale by Ray White in 2017 with hopes of selling for $60 million and then again with Brad Pillinger of Pillinger for $80 million in 2021 — the last agent to have it listed. Pillinger couldn’t be contacted ahead of publication, but other sources have confirmed the property has sold for the $80m asking price, while speculation from other sources that the result was $105 million have been dismissed. Boomerang sits on 4233 square metres of waterfront land, and features 25 rooms including a private cinema modelled on the State Theatre. Image credits: realestate.com.au / Paramount Pictures

Real Estate

Burial plot up for sale for $100,000

It turns out Australia's housing crisis extends beyond the grave, as it's now equally expensive to die in Sydney as it is to live. A graveyard in Sydney has wait lines longer than that of an Eastern Suburbs rental property, with plots at the exclusive Waverley Cemetery now up for sale for up to $100,000. Eyebrows were raised online when the plot at the cemetery was advertised for sale on Facebook Marketplace, with the ad reading that the plot is “used – like new” and is available “in perpetuity”. To sweeten the deal, the burial site’s owner states it has “ocean views” and is in a “quiet neighbourhood,” which is no doubt what one must take into consideration your forever home. Other plots in the same cemetery are also up for sale for a lesser $50,000 and $70,000. Talking to <a title="9now.nine.com.au" href="https://9now.nine.com.au/a-current-affair/sydneys-cemetery-crisis-exposed-as-100k-grave-listed-on-facebook-marketplace/fc2311a8-3591-4625-84f2-340de78d9f98" target="_blank" rel="noopener">A Current Affair</a>, Ben Kelly from the Australasian Cemeteries and Crematoria Association, said cost of living pressures, or perhaps cost of dying pressures, were a factor even in the graveyard industry, given the rising cost of cemetery maintenance. “Waverley Cemetery is a beautiful, historic cemetery with extremely limited capacity left,” Mr Kelly said. “As the population grows these cemeteries are filling up and they are creating new ones but they are further and further away. “So when the spots do come available they are obviously of a premium.” A place in Waverley Cemetery has long been highly sought after, with the heritage listed site boasting impressive Victorian and Edwardian monuments and memorials, as well as ocean views that are... to die for. While there are definitely some people prepared to fork out the expensive sum for their prime spot in the ground, others weren't so sure. “It sounds disgraceful to be honest,” one passer-by told ACA, when told of the price of a plot at the graveyard. “I think that’s ridiculous”. Competition to get into Waverley Cemetery is so fierce that new plots with perpetual rights are no longer available, with the graveyard instead offering renewable internment rights. This allows for the burial of human rights for a minimum initial term of 25 years which then has to be renewed, and even then, there's an extensive waitlist. The extortionate prices after reflected in a 2020 report by the NSW Government, which found some of Sydney’s largest and most well-known public cemeteries were in there “final years” of being able to accommodate new burials and will likely be full by 2032. Image credits: Facebook / A Current Affair

Money & Banking

Better Homes and Gardens star's dream rural property up for grabs

Better Homes and Gardens star Charlie Albone and his wife interior designer Juliet Love, have listed their dream Ourimbah home. The 2.07ha property located on the Central Coast has been listed by McGrath Gosford agents Peter Morris and Nate Waters with a $3m to $3.2m price guidance. The four-bedroom, three-bathroom home sits deep behind a gated entry, which ensures privacy and is surrounded by plenty of greenery with its garden alcoves, a stunning wisteria-covered arbour, fruit trees, and a few garden beds for vegetables. There is also a feature dry-stone wall fire pit built by Scottish stonemason Callum Grey, that's perfect for winter and colder nights. The English cottage-style home comes with a separate self-contained unit that includes a bedroom and kitchenette. The home is every animal lovers' dream with five paddocks that come with animal shelters, plumbed water troughs and a three-stall stable. For those hot summer days, whoever the new owners are can dip into the saltwater pool located on the property. The property is equipped with 100,000-litre tanks and has town water. Albone and his family bought the property in 2012 for $840,000 which means that if it was sold at the price guide then it's almost four times the original price they bought it at. The top acreage sale at Ourimbah currently sits at $3,725,000 for a 13.93ha Dog Trap Rd six-bedroom house, which sold in 2021. Images: news.com.au

Real Estate

Pink denied entry to Sydney hotspot

Global superstar Pink, known for her chart-topping hits and gravity-defying aerial stunts, faced an unexpected hurdle during her recent visit to a Sydney hotspot. Reports have emerged detailing how the 44-year-old singer, with her entourage of eight, was turned away at the door of the Manly Skiff Club on Monday evening, sending waves of disbelief through the entertainment world. Eyewitness Mark Eymes recounted the cringe-worthy encounter to <a href="https://manlyobserver.com.au/surf-and-turf-how-manly-snubbed-both-pnk-and-a-kardashian-this-week/" target="_blank" rel="noopener">The Manly Observer</a>, highlighting Pink's valiant yet futile attempts to gain entry. "I overheard her saying that she had a booking, but when they asked her to provide her ID, she said she didn’t have any on her," Eymes disclosed, echoing the sentiments of many who witnessed the debacle unfold. Despite Pink's earnest explanation that she had already secured her booking with a deposit, the club's staunch adherence to the Registered Clubs Act 1976, mandating the presentation of identification for temporary membership, left the pop icon out in the cold harbour breeze. "Next thing, I saw Pink and her group walking away. They just turfed her out," Eymes recounted, painting a picture of celebrity rejection that would make even the most stoic of us cringe. In a valiant effort to come to Pink's rescue, Eymes, akin to a knight in a polo shirt, attempted to summon the Skiff Club directors and floor manager to rectify the situation. Alas, his efforts were in vain, as Pink and her posse were unceremoniously ushered away, leaving behind a cloud of disappointment and a faint echo of "Get the Party Started". However, amid the chaos and the flustered apologies from the Skiff Club's Secretary Manager, Matt Hazell, Pink maintained her composure, displaying a level of grace and decorum belying her superstar status. Witnesses attested that not once did she resort to diva antics, despite the palpable sting of rejection. "Not once did she throw her weight around. She was really pleasant despite being a little upset that she couldn’t come in," Eymes reported. As Pink continues her Summer Carnival stadium tour, captivating audiences with her electrifying performances and trademark aerial acrobatics, one can't help but wonder if this unfortunate incident will serve as inspiration for her next chart-topping hit. Will we soon find ourselves belting out lyrics about the perils of forgetting one's ID at the club? Only time will tell. Images: Instagram / Manly Skiff Club

Travel Trouble

Pete Evans gives up his wellness retreat

Former My Kitchen Rules chef Pete Evans and his wellness advocate wife Nicola Evans are selling their Northern Rivers wellness retreat. The couple have been renovating the property - located 66km northwest of Byron Bay - since 2020, after initially purchasing the Byrrill Creek rainforest property for $1m. The seven newly renovated cabins now run as a space for Evans' cooking retreat, Evolve Sanctuary, which costs $1650-a-weekend. "Our weekend cooking retreats offer our guests to learn the fundamentals of a paleo and keto lifestyle,” the Evolve Sanctuary website reads. Recent events at the sanctuary include fasting retreats with Pete in a five-day juice, water and broth fast, costing $2250 per person. In addition to cooking courses, it also offers ice baths, red light treatment, a float tank and an infra-red sauna. JET Real Estate agents Tania Sheppard and Elizabeth Hickey have listed the 7.9ha property as “a leader in wellness tourism with a strong cashflow”. The vendors are offering a leaseback, as this is the first property for sale in Byrrill Creek in the last 12 months. This comes after Evans and Robinson sold their longtime 10ha Tweed Shire hinterland property in 2021 for $3.15m. They also previously sold two Malabar homes for a combined $6m when they were heading north. Images: Realestate.com.au

Money & Banking

Zimmerman founder sets new price record for Bondi home

Simone Zimmerman has set a new home price record for Bondi, and she didn't even need to take out a mortgage. The fashion guru and founder of Zimmermann has splurged $30 million for her four-bedroom, three-bathroom home just moments away from the iconic Bondi Beach. “This ocean front executive residence is tucked away in a quiet street only moments to the iconic Bondi Beach and all it has to offer,” the listing for the beachside home read. According to property records, the home - which is located just behind the popular Bondi to Bronte walk - last sold for $5.75m in June 2008. The fashion mogul is reported to have bypassed local real estate agents, purchasing the home directly from a local investor. No major changes have been made to the home since, but prior to Zimmerman's purchase it was being rented out at $4,400 per week. According to PropTrack the median house price for Bondi is around $3.75m, which went up by 4.7 per cent over the past year. The stunning home features 4 double bedrooms, all with large built-in wardrobes and a separate study perfect for the business-woman. It also has a gourmet kitchen with a stainless-steel benchtop and large open dining room. The lounge room opens onto a large deck with beautiful ocean views and plenty of natural lighting. This comes after the luxury womenswear label sold a majority stake in its company to private equity investors in August last year. Sisters Simone and Nicky Zimmerman are founders of the brand, which initially began as a stall in Sydney’s Paddington market, before the sisters opened their first local shop in Darlinghurst. It now operates across 58 global destinations in the USA, UK, Europe and China, with the sisters now having an estimated net worth of around $1bn each. Images: Realestate.com.au

Money & Banking

Pink spotted at Bondi ahead of national tour

In a dazzling spectacle of beach vibes and sun-soaked fun, pop sensation Pink has graced the shores of Bondi Beach ahead of her highly anticipated Australian tour. The iconic singer, known for her powerhouse performances and unapologetic personality, was spotted basking in the Aussie sun with her adorable children, making waves Down Under. The excitement was palpable as Pink, with her trademark pink hair, took to social media to express her joy at being back on Australian soil. "Bondi Beach, it's been too long!!!!!!! Bills was delicious, too. ️Soooooooo happy to be back on this side of the world! Thank you beautiful Australia for being our home away from home. Kids are stoked," she gushed alongside some envy-inducing beach pictures. It seems Bills, a popular eatery in Sydney, left quite the impression on the star. If Pink says it's delicious, it's practically a culinary endorsement for the ages. (Move over food critics; Pink's tastebuds have spoken.) But this isn't Pink's first love letter to the Land Down Under. The singer has long expressed her admiration for Australia and has been a staunch supporter during challenging times. In 2020, she pledged a generous $500,000 donation to the country's fire services during the devastating Black Summer bushfires, proving she not only rocks the stage but also has a heart of gold. As Pink gears up for her stadium tour in Australia, aptly named the Summer Carnival tour, fans are eagerly anticipating a spectacle that will undoubtedly leave them smiling and singing until their cheeks hurt. Kicking off at Sydney's Allianz Stadium on February 9, the tour will then take Pink and her musical carnival to various cities, including Newcastle, Brisbane, Gold Coast, Melbourne, Adelaide and Perth. It's been nearly six years since Pink's 2018 tour, Beautiful Trauma, which wowed almost 560,000 Australian and New Zealand fans. Eager to share the joy once again, Pink expressed her excitement, saying, "I can't wait to bring the Summer Carnival tour to my home away from home and smile and sing together until our cheeks hurt. Summer 2024 can't come soon enough!" The tour is not just a celebration of Pink's electrifying stage presence but also a nod to her ninth album, Trustfall, released in February the previous year. The anticipation is building, and fans can't wait to witness the magic unfold live on stage. Adding a touch of whimsy to the excitement, Pink <a href="https://www.oversixty.com.au/entertainment/music/my-home-away-from-home-pink-s-dream-down-under" target="_blank" rel="noopener">teased the possibility</a> of making Australia her permanent home last year. In an interview with 60 Minutes, she revealed, "Last year, I was thinking about applying for citizenship; I am not even joking. I was like, 'If we're going somewhere Carey, [Australia] is where we're going'." Australia, get ready to welcome Pink with open arms – she might just become our newest citizen! So, as Pink readies to paint Australia with her musical colours and contagious energy, fans are counting down the days until the Summer Carnival kicks off, promising a tour de force that will linger in their memories long after the final note fades away. Bondi Beach, Bills, and a Summer Carnival – it's a Pink party, and everyone's invited. Images: Instagram

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