Kyabram

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The 110 hectare Goulburn Valley farming property, Allans at 766 Palmer Road Kyabram, has been listed for sale.
It is to be auctioned by Rodwells Ruralco Property on September 28 bringing an end to five generations of ownership by members of the Allan family.
John Allan (1866-1936) was the 20th Premier of Victoria serving for two and a half years from March 1924 and as a local activist in the Country Party.
He also played a formative role in the VFU.
Constituents came to the property to raise their issues with the Premier when he was at home.
The property at 766 Palmers Road is seven minutes west of the Kyabram township.
For many decades, it was operated successfully as a family dairy farm.
When the local Murray Goulburn factory closed some time ago the family ceased dairying and in recent years have grazed their own cattle on the holding as well as agisted livestock owned by other local farmers.
The property has access to two Goulburn Murray Water channels.
The property has highly productive pastures with the majority of the holding having been laser levelled for flood irrigation with two recycling dams included in the new paddock layout.
On the property is an older style four bedroom, two bathroom timber homestead.
Pat Allan, the matriarch of the family, says that she has owned the property for the last 64 years.
She says her great grandfather added purchases of any neighbouring blocks that came on to the market.
One of these was a former small block that housed the long closed Wyuna South school where the building was removed and the title consolidated.
Rodwells Ruralco Property Echuca based branch manager Andrew Miller is marketing the property.
“I am anticipating an auction result in the $700,000 range."
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2018/8/21/RURALCO%20766%20PALMERS%20ROAD%20IRRIGATION.jpg" alt="">
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Auction set to end Allan family's five generation Kyabram farm ownership

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The Federal Court of Australia has ordered that Patrick John Godfrey, the former managing director of Banksia Securities Limited (In Liquidation) (Receivers and Managers Appointed) pay a pecuniary penalty of $25,000 and be disqualified from managing corporations for a period of five years.   
The Court was satisfied on an agreed statement of facts between ASIC and Mr Godfrey, and declared, that Mr Godfrey contravened section 344(1) of the Corporations Act, in that:
<ol>
<li>Banksia’s financial reports for the financial years ending 30 June 2011 and 30 June 2012, and its half-year financial report for the half year ending 31 December 2011, did not comply with the relevant accounting standards, nor did they give a true and fair view of the financial position and performance of Banksia given the amount disclosed for the provision of bad and doubtful debts was inadequate.</li>
<li>Mr Godfrey failed to have or obtain a sufficient understanding of the requirements of the relevant accounting standard, AASB 139 Financial Instruments: Recognition and Measurement (AASB 139) for the recognition and assessment of the impairment of mortgage investments made by Banksia.</li>
<li>Mr Godfrey's recommendations as to the appropriate amount of provision for bad and doubtful debts resulted in Banksia’s financial reports failing to give a true and fair view of Banksia’s financial position.</li>
<li>Mr Godfrey failed to take all reasonable steps to secure compliance by Banksia with AASB 139.</li>
</ol>
In imposing the disqualification order (which is not to commence until 1 February 2018 at 4:30pm) and the penalty, Justice Moshinsky found the penalty and disqualification order that ASIC and Mr Godfrey had jointly submitted were appropriate and should be made.
ASIC Commissioner John Price said the importance of ensuring that the financial accounts of a company are reported in accordance with the law by complying with  the correct accounting standards  is essential to provide assurance and market confidence. 
"Mr Godfrey fell short of the standards required of him in this case," Mr Price advised.
Banksia was a Kyabram-based unlisted public company involved in raising money from the public by issuing debentures and lending the funds raised to borrowers for property investment and development purposes.
As a non-bank lender, Banksia grew out of a network of solicitors' mortgage investment companies, or SMICs. 
Banksia's predecessor business was started by Patrick Godfrey in 1968, called Kyabram Housing Investments.
<a href="https://www.urban.com.au/news/19166-banksia-securities-collapses" target="_blank">It collapsed in 2012</a>.
As at October 2012, Banksia had raised approximately $663 million from 15,622 investors.
On 25 October 2012, Tony McGrath, Joseph Hayes, Matthew Caddy and Robert Kirman of McGrathNicol were appointed as receivers and managers to Banksia by The Trust Company (Nominees) Limited, the trustee for debenture holders.
On 11 June 2014, ASIC accepted an enforceable undertaking from Mr Warren John Sinnott, the former auditor of Banksia, under which he is prevented from practising as a registered auditor until 10 June 2019.
On 24 June 2014, John Lindholm and Peter McCluskey of Ferrier Hodgson were appointed as Official Liquidators to Banksia by an order of the Supreme Court of Victoria.
On 23 June 2017, ASIC commenced civil penalty proceedings in the Federal Court against Mr Godfrey
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Banksia mortgage lender boss Patrick Godfrey disqualified from managing corporations

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Kyabram units take the longest time in Victoria to sell, according to Investar’s latest report.
The property investment firm says that Kyabram units take 673 days to sell.
This is followed by Portland with 643 and Hamilton with 621.
<table style="width: 437px;" border="1" cellspacing="0" cellpadding="0"><tbody>
<tr>
<td valign="top" width="85">
Suburb
</td>
<td valign="top" width="85">
Postcode
</td>
<td valign="top" width="85">
Bedrooms
</td>
<td valign="top" width="96">
Days on market
</td>
<td valign="top" width="85">
Median price
</td>
</tr>
<tr>
<td valign="top" width="85">
Kyabram
</td>
<td valign="top" width="85">
3620
</td>
<td valign="top" width="85">
2
</td>
<td valign="top" width="96">
673
</td>
<td valign="top" width="85">
$187,000
</td>
</tr>
<tr>
<td valign="top" width="85">
Portland
</td>
<td valign="top" width="85">
3305
</td>
<td valign="top" width="85">
2
</td>
<td valign="top" width="96">
643
</td>
<td valign="top" width="85">
$165,000
</td>
</tr>
<tr>
<td valign="top" width="85">
Hamilton
</td>
<td valign="top" width="85">
3300
</td>
<td valign="top" width="85">
2
</td>
<td valign="top" width="96">
621
</td>
<td valign="top" width="85">
$180,000
</td>
</tr>
<tr>
<td valign="top" width="85">
Bairnsdale
</td>
<td valign="top" width="85">
3875
</td>
<td valign="top" width="85">
2
</td>
<td valign="top" width="96">
616
</td>
<td valign="top" width="85">
$205,000
</td>
</tr>
<tr>
<td valign="top" width="85">
Kilmore
</td>
<td valign="top" width="85">
3764
</td>
<td valign="top" width="85">
3
</td>
<td valign="top" width="96">
559
</td>
<td valign="top" width="85">
$275,000
</td>
</tr>
<tr>
<td valign="top" width="85">
Springvale
</td>
<td valign="top" width="85">
3171
</td>
<td valign="top" width="85">
Studio and 1
</td>
<td valign="top" width="96">
547
</td>
<td valign="top" width="85">
$270,000
</td>
</tr>
</tbody></table>
A two bedroom unit at <a href="https://www.realestate.com.au/property-unit-vic-kyabram-124477898" target="_blank">5/8 Beech Street</a>, Kyabram (above) has been listed for $156,500, having last traded for $125,000 in 2004.
Similarly a two bedroom unit at <a href="https://www.realestate.com.au/property-unit-vic-kyabram-115263323" target="_blank">2/27 Julia Street</a>, Kyabram (below) has been listed for $158,000. It last sold for $123,000 in 2006.
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2017/02/24/2_27%20Julia%20Street.jpg" alt="">
A two bedroom unit at <a href="https://www.realestate.com.au/sold/property-unit-vic-kyabram-122786810" target="_blank">1/10 Munro Crescent</a>, Kyabram (below) was sold for $192,500 having last traded for $154,000 in 2006.
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2017/02/24/1_10%20Munro%20Crescent.jpg" alt="">
Similarly a two bedroom unit at <a href="https://www.realestate.com.au/sold/property-unit-vic-kyabram-121753938" target="_blank">5/12 McCormick Road</a>, Kyabram (below) was sold for $150,000. It last traded for $138,000 in 2013.
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2017/02/24/5_12%20McCormick%20Road.jpg" alt="">
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Kyabram

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