Warnambool

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ASIC has cancelled the Australian financial services (AFS) licence of Warrnambool-based, Southern Mortgages Ltd (SML), for failure to comply with financial services laws.
The licence cancellation was effective from 24 September 2019.
SML had not complied with a number of important financial services laws over a significant period of time. It did not maintain sufficient financial resources. It failed to lodge its financial statements and audit reports for consecutive years since 30 June 2015.
SML had also not complied with its obligation to hold membership of a dispute resolution system.
"A responsible entity must carry on their duties with reasonable care and diligence. This includes actively monitoring each scheme and, where necessary, winding up a scheme that is no longer viable in a timely manner."
"ASIC took action to cancel the licence of SML because we formed the view it was not completing the wind up of the Scheme in a timely manner, nor continuing to comply with their core duties as a licensee," said ASIC Commissioner Danielle Press.
Under the terms of the licence cancellation, SML can continue limited operations until 24 March 2020 to facilitate the winding up.
SML held an AFS licence number Since 31 January 2004.
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ASIC cancel Southern Mortgages Ltd's AFS licence

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Round the Twist creator Paul Jennings and his actor partner Mary-Anne Fahey have sold their Allansford home on the outskirts of Warrnambool.
The family are set to relocate locally in the main part of town.
The children’s author and his actor wife had an $1.35 million price on <a href="https://www.realestate.com.au/sold/property-house-vic-warrnambool-129593494" target="_blank">the home</a>. It was initially listed with a $1.485 million upper expectation.
<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/2019/1/8/Jen1.jpg" alt="">
Homeseeka Real Estate Warrnambool’s Paul Jellie told the Herald Sun the 21 hectare property sold for close to its initially advertised range.
"The couple have applied their skills not only to the production of imaginative books and television programs but also to the creation of a home that is unique and inspiring," he said.
<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/2019/1/8/Jen3.jpg" alt="">
It comes with extensive bushland within 50m of the ocean.
There is a four-bedroom 1999-built home plus a separate barn currently used as a studio and garage.
The property was briefly listed in 2014 with $1.4 million plus hopes.
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Round the Twist creator Paul Jennings sells coastal 21 ha Warrnambool home

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Warrnambool is Victoria's largest coastal city outside Port Phillip Bay and East Warrnambool in particular is starting to feel the effects of gentrification, according to property valuation firm Herron Todd White.
In their property clock for March 2016 -- a simple broad brush means to indicate the state of the market -- the valuation firm also dealt with the issue of gentrification in detail, including a section on Warrnambool.
East Warrnambool is an established residential area of Warrnambool, with development consisting of 1950s to 1980s built homes. 
"This area is starting to become more popular and heading towards a gentrification era, with the key driving factors being the relatively affordable nature of the suburb and its proximity to the CBD, beach and Hopkins River," said HTW. 
Most purchasers looking at an East Warrnambool location want to be able to buy at an affordable level and spend the money on either renovations or small developments, as there is no land in this area for larger residential developments. 
The five-year outlook for this area of Warrnambool is strong with purchasers hopefully being able to increase their capital in time, say HTW.
The median house price in Warrnambool was $322,500, while for units it was $260,000, according to recent <a href="https://www.urban.com.au/property-observer" target="_blank">RP Data</a>.
As an example, a three-bedroom house at <a href="https://www.realestate.com.au/property-house-vic-warrnambool-122762490" target="_blank">1 Selby Road, Warrnambool, Vic 3280</a> (above) traded hands for $327,000, around the median price.
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